Experts: The absence of guarantees paid by {40} trillion dinars outside the banks


Establishment of a company to secure the deposits of citizens
Baghdad / Huda al-Azzawi
The Central Bank of Iraq resorted to the issuance of the system of guarantee bank deposits, including the bank to grant a license to practice a guarantee for a joint stock company established in accordance with the provisions of the Companies Law, a system that was welcomed by the economic circles because of the weakness in the mobilization of funds and deposit with banks to take their way to various investment channels, Especially after the large losses caused by the financial crises in the state budget.

The participation of banks is mandatory
The Director General of the Legal Department of the Central Bank, Mustafa Ghaleb, told the "morning": "The Central Bank is currently working according to the feasibility study of technical and economic and legal establishment of the Iraqi Company to ensure deposits with a mixed contribution of government and private banks with the Department of registration of companies in the Ministry of Commerce ,

According to the provisions of the Companies Law No. 21 of 1997, "noting that" this institution aims to achieve the public interest of the community and protect the funds of depositors and increase their confidence in the banking sector existing in the State, away from profit. "

He explained that the proposed capital of the company, amounting to 100 billion dinars, 55 percent of its nominal capital of the contribution of public and private banks and branches of foreign banks, including the minimum required for the contribution of the state of 25 percent, while the remaining 45 percent will be put to public subscription on the basis of the provisions of Article 39 of the companies mentioned law ,

"pointing out that" the participation of Iraqi banks , which is compulsory to ensure the continued existence of sufficient balance within the fund and use it to provide financial cover to ensure that the assets of depositors in banks licensed by the Central Bank of Iraq within the country. "

compensation according to the circumstances

"The company’s money can be invested in the field of deposits with banks, such as fixed deposits and the purchase of government securities such as treasury bills and bonds, and remittances issued by the Central Bank of Iraq, which is purchased from the secondary market, and can be invested in borrowing from banks or issue bonds A loan to support its capital and its own resources, "stressing that" the company will pay compensation for deposits with banks according to amounts and depending on the economic conditions of the country. "

He concluded by saying that "the company’s certificate of incorporation will be announced by the Ministry of Commerce after the Central Bank completes all the requirements for incorporation with the registration and public subscription department in accordance with the Companies Law referred to."

Doubts and concerns of depositors

Regarding the culture of dealing with the banking system, the financial adviser to the Prime Minister Dr. Mohammed Saleh said to the morning that dealing depends on the awareness of the Iraqi financial system, considering private sector projects and the availability of job opportunities that can contribute to reducing unemployment rates.

The system of deposits adopted by the Central Bank has been approved by the Council of Ministers for more than two years, which is expected to see the year 2018 achievement, aims to encourage citizens to save in banks rather than compactness, "noting that the percentage of cash out of banks up to 80 percent , So as to attract them to Government and private banks, must provide real guarantees that encourage depositors to save.

Offering Contracting Parties

For his part, professor of monetary at the University of Mustansiriya Dr. Faleh al-Zubaidi told the "morning" that the banking system to clarify the nature of work on how to invest the funds of unemployed citizens and operate transparently, without any ambiguity or ambiguity, within the legal contracts that preserve the rights of contracting parties through The company offered its shares to the public,

with the aim of seeking to increase its capital and contribute to attract financing for the sale of its shares or issue new shares to support the current capital.

Explaining that some of the amount of money outside the banking system and estimated at 40 trillion dinars, a normal situation because Iraq from developing countries known to increase the proportion of currency in circulation outside the banking system,

"pointing out that" the investment of this huge amount of money by the banking system or Companies will employ money will contribute to the revitalization of the Iraqi economy and provide job opportunities to reduce the high unemployment rates rampant in the country. "

Increasing supervision and supervision
In terms of the most important steps taken by the Central Bank to withdraw funds Almknzah to financial institutions and banking, the Director of Payments in the Central Bank, Subhi Abdul Karim Mohammed, "Sabah" that the project of localization of salaries,

which will contribute to raising awareness of banking and saving and reliance on technical methods in The transfer of funds and not rely on cash, will work to determine the conversion rate from the dinar to the dollar in cards issued locally,

"noting that the card is used outside Iraq to be a catalyst for citizens to be used in any place where it is resolved as well as the inside of Best services ", adding that the financial inclusion strategy , which will soon be launched by the bank aims to access financial and banking services for every citizen in line with their needs."

The payments manager is expected to contribute to the establishment of strategic projects in the country with the financial and banking institutions.

Baghdad ( The Central Bank of Iraq (CBI) currency auction on March 18 registered $200,041,909 in sales, a -0.03% volume decline from the US $200,110,472 sold by Iraqi Dinar, credit and transfer at the previous auction held on March 15. The latest auction was attended by 45 banks …

TRIPOLI, March 17 (Xinhua) — The Central Bank of Libya is studying adjusting the local dinar's exchange rate after the rise of foreign currency exchange rate in the parallel market, a Bank official said on Saturday. "We have reached important results formulated as proposals to address the financial and …

They said soaring import bills widened the current account deficit and weakened the Tunisian dinar, causing a rise in prices while the country's foreign currency reserves were shrinking. The Central Bank said the inflation rate was 7.1% year-on-year in February, compared to 4.6% in February 2017 and …

Iraqi cash reserves rise to $ 50 billion

The Committee on Economy and Investment parliamentary, on Saturday, exceeded the cash reserve with the Central Bank of Iraq to about $ 50 billion, due to the high global oil prices and the completion of military operations against the organization, "Daash" criminal.

" The cash reserve with the Central Bank of Iraq exceeded 50 billion dollars after a decline lasted for several years because of the decline in oil prices and economic loss after the invasion of gangs and urged several provinces in 2014," said a member of the committee Najeeb Najib .

"The rise in oil prices and the completion of military operations against the criminal advocate raised the cash reserve in the central bank," adding that "the rise in Iraqi cash reserves will contribute to increase the confidence of foreign investors and increase the profits of the bank from the sale of the dollar."

Najib explained that "the cash reserve decreased last year to about 45 billion dollars, while in 2016 to about 43 billion dollars after the government withdrew amounts to pay the deficit in the budget,"…-%D9%85%D9%84/

Barzani Party: Oil files, budget and Article 140 has not been resolved with Baghdad

The Kurdistan Democratic Party, headed by Massoud Barzani, Saturday, the most outstanding issues between Baghdad and Erbil, despite the declaration of agreements on the opening of airports and ports, indicating that the agreement on managing the oil file and the application of Article 140 and determine the proportions of Kurdistan, the most prominent of these issues.

"The files of oil management and determine the federal gross product in Kurdistan and the application of Article 140 of the Constitution on the disputed areas and the proportion of the region of the budget is still stuck until after the elections despite the agreements," MP Najeeb Najib said in an interview with local media. Declared ".

"The agreement on the opening of airports and the delivery of border crossings entered into force after the arrival of federal officials from the departments of passports, customs, taxes and security to airports and ports."

She said that "Baghdad deposited about 400 billion dinars in the central bank in Arbil as a provision of salaries to employees of the region, but it needs exclusive approval from Prime Minister Haider Abadi to spend in the coming days."…%D8%A9-%D9%88/

Electronic Banking .. Opportunities and Challenges


Dr.. In the name of Brahimi,
it is no secret to anyone that the world is evolving more rapidly than we thought until recently, and catching up with this development is one of the major challenges facing producers and consumers alike.

In contrast, modern innovations offer opportunities that can be used to change rules Competition and the form of contenders constantly making the life cycle of the most active products
very short .

In turn, the financial technology has been subject to the same rules, as statistics from the Bank for International Settlements that the amounts invested in startups specialized in financial technology amounted to about 40 billion dollars and a huge growth rate of (1600%) during the period (2010-2016), was more than one third These companies work in the area of ​​payment and financial adjustments, while about a quarter work in the field of computers and electronic protection systems.

Some observers believe that the important developments in this area exceeded the subject of financial services provided electronically (online) to operations that will change the balance of banking fully in the next few years, as some companies are now offering themselves a substitute for the traditional bank, as well as the introduction of means Social networking on the line of competition after Facebook announced that it will offer its subscribers the service of using their pages to raise money for their own projects, and in the same direction is preparing (Watsab) to launch payment service using special technology.

In order to keep abreast of these developments, the Central Bank of Iraq has prepared an important program that is now being implemented in order to modernize the electronic structure of Iraqi banks. Certainly, the speed of response differs from one bank to another, and the speed of response of beneficiaries is different from one customer to another.

Whether from banks or customers is still not too excited to enter the modern banking world.

As for the banks, they realize the importance of this shift, but their reluctance is due to the large amounts they need for this change. As for the customers, the reluctance in automation comes because of lack of knowledge. In turn, the Central Bank realized these obstacles and is working to solve them by pressing banks to modernize their systems. ,

As well as the implementation of an educational program for citizens at all levels, and I think the positive results of this will appear

Baghdad ( The Central Bank of Iraq (CBI) currency auction on March 15 registered $200,110,472 in sales, a 0.39% volume increase from the US $199,335,352 sold by Iraqi Dinar, credit and transfer at the previous auction held on March 14. The latest auction was attended by 45 banks …

The Central Bank is expanding its Salary Settlement Department


For its role in providing capital to the banking system
Baghdad / Hussein Thugb

The advancement of payments is the most important steps to develop financial systems in Iraq and catch up with the developments in the payment systems in the developed world, where the Iraqi Central Bank takes serious steps to move to make payment systems in the public and private sectors managed

Director General of Payments at the Central Bank of Iraq, said: "The desire of the Central Bank of Iraq to develop electronic payment mechanisms and in tune with global developments, where we work to spread advanced payment technologies in all regions of Iraq without exception, and include all transactions to the public and private sectors.

The importance of the move pointed out that "the past few days have witnessed the organization of a workshop in the province of Maysan addressed the importance of moving to a system of payments developed, as well as the activation of points of sale targeted various segments of the community and employees of the province and some of its departments, as well as traders and owners of large markets (Malls), restaurants, hotels and others to activate Point of sale and in cooperation with the province of Maysan.

" She pointed out that "the attendees listened to a detailed explanation on the importance of resettlement and the mechanism set by the Central Bank to implement the decisions of the Council of Ministers No. 313 of 2016 and 281 of 2017.

Freedom of choice
The governor of Maysan Ali Douai stressed during his speech at the opening of the workshop on "the importance of this step to be followed by a review of the status of the province in the settlement of salaries of employees," asserting "the freedom of the employee to choose according to his wishes based on the benefits provided by each bank and during the next week Each employee will choose the bank that he sees fulfilling his wishes to be followed by agreement with those banks and start settling salaries, declaring that he is the first to settle his salary in banks.


All banks submitted their offers to the staff of the Diwan and other departments associated with the governorate and other departments. The Director General of Payments at the Central Bank, Subhi Abdul Karim, said:

"Catching up with the global development is inevitable, especially the financial sector, which has become dependent on advanced systems benefiting from technological developments in the world, because it is commensurate with the requirements of the implementation of work, which cut time and effort much more than the previous .

large proportion added, " the transformation of salaries and disbursed through electronic payment is an important turning positive to achieve great feasibility of the national economy and maintains a large proportion of liquidity in the banking system , " pointing out that "work is going to make the mechanics of electronic payments are made through the bank Central Iraq , Noting the existence of some previous attempts, but outside the central misleading.

" Completion of operations

Director of Training and Management in the Association of Private Banks Ahmed Al Hashemi stressed "the importance of the direction of banks towards electronic banking and information technology, and be dealt with in a precise manner that leads to the completion of financial operations according to the requirements of the customer different, and thus we have to offer products compete that offer regionally
and internationally" .

He stressed that "global companies and the requirements of reconstruction require sophisticated technology, and Iraq is able to possess technology to produce sophisticated products, especially after the victories on the" calling "terrorist and the trend to develop the private sector technology in the detailed
human resources

BUDAPEST/BELGRADE, March 14 (Reuters) – The dinar eased on Wednesday as Serbia's central bank (SRB) cut its benchmark rate to help economic growth after data showed a retreat in inflation in most of Central Europe. The 25 basis point reduction leaves its benchmark interest rate, now 3.25 …