The National Bank signs a contract with the World Bank to provide financial facilities of $ 10 million
11/13/2018

The Iraqi National Bank signed a contract with the World Bank to grant financial facilities by 10 million dollars, while the Central Bank said that the partnership with international institutions will strengthen the banking system not only, but to provide technical support to them.


"The Iraqi National Bank signed a contract with the World Bank, represented by its financial arm, the International Finance Corporation (IFC) by granting financial and credit facilities of 10 million dollars to cover its commercial needs," Sami al-Araji, chairman of the National Investment Authority, told Alsumaria News.


"Such contracts are outside the traditional financial guarantees and will give Iraq an international view through such partnerships," Araji said.


For his part, the governor of the Central Bank of Iraq on the sidelines of the signing of the contract that "this relationship and partnership between the National Bank and the World Bank is an important starting point to reflect the development and progress to form its international relations and stabilize its position with the outside is a vital issue for the banking sector."


He added that "any bank without foreign arms can not progress and fulfill its banking services to the citizen," stressing that "when the relations with banks with important international institutions such as the World Bank, which not only express their capabilities financial support, but also provides important technical support, And the foundation of the institution, which can give the banking sector significant additions. "


He added that ""


The National Bank of Iraq was established in 1995 as a public shareholding company in the private sector, offering a full range of banking services.


The bank’s capital has been increased from 400 million Iraqi dinars at the time of incorporation to 250 billion Iraqi dinars (215 million US dollars) in December 2013.


The Bank has received a rating of "BB" "By the agency Capital Intelligence has also been rated "Good" by the Central Bank of Iraq at the Iraqi National Bank currently 12 branches spread across all major Iraqi cities.

https://www.alsumaria.tv/news/252561…D9%87%D9%8A/ar

The central bank prevents electronic payment companies from lending to anyone
11/13/2018

The Central Bank of Iraq decided on Tuesday to prevent electronic payment companies authorized to lend to anyone.


The bank said in a statement received by Alsumaria News that "it was decided not to allow authorized electronic payment companies to lend to any person, whether natural or moral, and not to borrow from shareholders in the company or from banks only after obtaining the approval of the Central Bank."


The bank added that "this will be allowed after providing reasons for the justification and clear the reason for borrowing, similar to all banks approved in Iraq and companies to mediate the sale and purchase of foreign currencies."


The Central Bank of Iraq was established as an independent bank under its law of 6 March 2004 as an independent body responsible for maintaining price stability and implementing monetary policy.

It supervises 10 commercial banks, 26 private banks and 16 Islamic banks, as well as 19 foreign banks. 6 financial institutions and 31 financial transfer companies.

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International economic growth expected to rise in Iraq in 2019
11/13/2018


The economic growth in Iraq and other oil countries will reach 0.9% next year, warning at the same time of fluctuations in oil prices.

The GCC economy in general will return to growth in 2018 after shrinking in some of its countries but remains vulnerable to oil price volatility, the IMF said in a report released today.

He pointed out that the rise in oil prices after the significant decline until 2016 will allow the Gulf economy to grow by 2.4% this year and 3% in 2019, after shrinking by 0.4% in 2017.

The six Gulf states – Saudi Arabia, the United Arab Emirates, Bahrain, Oman, Kuwait and Qatar – produce 17 million barrels of oil a day and their budgets are heavily dependent on crude revenues.

With the oil market unstable and volatile, the IMF warned that "the growth prospects of the oil-exporting countries are affected by serious doubts about the course of oil prices in the future."

Oil prices lost about 20 percent of their value last month after rising recently, due to oversupply and indications of the limited impact of US sanctions on Iran.

The IMF said growth in the oil-producing countries outside the Gulf – Iraq, Iran, Algeria and Libya – is expected to reach 0.3 percent in 2018, up from 3 percent a year earlier, before rising to 0.9 percent in 2019.

"This is a significant reflection of the re-imposition of US sanctions on Iran, which will likely reduce Iran’s production and exports over the next two years," he said.

He predicted that the Iranian economy will shrink by 1.6% this year and by 3.6% next year

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Iraq hands over three tons of property and archives to Kuwait
11/12/2018


Iraqi President Barham Salih said that his country is interested in its relations with the Gulf states and that Saudi Arabia is an important country in the region and there is a forthcoming visit close to him.

Saleh said at a press conference on Sunday at his residence in Kuwait’s Bayan Palace that the Custodian of the Two Holy Mosques had telephoned him after taking office as president of the republic and affirmed Saudi Arabia’s keenness to stabilize Iraq.

Saleh added that his talks with the Amir of Kuwait Sabah Al-Ahmad in Kuwait included future projects such as railways, facilitating the movement of capital and the establishment of joint economic zones, pointing to a meeting between the two foreign ministers on compensation to end this file.

He pointed out that Kuwait had handed over property and a three-tonne Kuwaiti archive as a first installment.

Saleh said that the talks also touched on the projects expected in southern Iraq, especially the Basra region, stressing that Iraq does not want a competitive equation but the common interest, adding that Iraq has ambitious projects in Basra.

On the position of Iraq against US sanctions against Iran, he said that this subject is important and sensitive because of the Iraqi-Iranian relationship and the 1,400-kilometer border between them.

"We are in a real dialogue with America." He denied that Iraq was playing the role of mediator between Iran and America.

As for the depth of Iranian intervention in Iraqi affairs, in addition to the extent of the Iraqi state’s control of the popular mobilization forces, Saleh said that "Iran is a neighbor and our interest lies in stable relations with it.

" He pointed out that the military organizations in Iraq are within the state and subject to them.

The Iraqi President Barham Salih arrived in Kuwait today at the start of a Gulf tour including the UAE.

https://www.sotaliraq.com/2018/11/12…4%D9%85%D9%85/

Iraq’s public budget lacks support for local industries
11/12/2018

governor of the Central Bank Ali Alalak, on Monday, that the public balances of Iraq are free of support for Iraqi industries.

Al-Alak said during his attendance at the parliament session today, that "the public attributes of Iraq are free of support for Iraqi industries."

He added that "the central bank weighed between the financial options," noting that "despite pressure and impossible targets, but the central bank maintained the exchange rate."

And on the "damage" 12 billion dinars in Rafidain Bank , said Alalak that it happened "before receiving (the post of governor of the Central Bank)," noting that the funds "draws because of damage suffered by Rafidain Bank."

"The Central Bank received the damaged papers and compensated and imposed a fine on the bank, and the management of the bank said it (an accident of 12 billion dinars) in the district and asked for a reduction of the fine, and was reduced because it is a government bank.

It is noteworthy that the House of Representatives held, earlier in the day, Monday, its 13 chaired by Mohammed Halbusi , and includes the meeting hosting the Governor of the Central Bank on the differences to discuss the status of his name and the signature of the currency, and the sale of currency and the reduction of reserves, and 12 billion Iraqis, Central Bank of Iraq.

https://www.alsumaria.tv/news/252476…D9%85%D9%86/ar

The central bank obligates banks and financial institutions to list the embargo on Iran
11/12/2018

The Central Bank, Monday, the banks and financial institutions on the list of the embargo on Iran to be a basis in the regulation of banking and financial relations.

"In order to avoid risks to Iraqi banks and non-banking financial institutions because of the international sanctions imposed on the Islamic Republic of Iran, you have decided to abide by its embargo list," the bank said in a statement.


"The embargo list will be mainly in the regulation of banking and financial relations with Iran," the bank said.

Among the sanctions cited by the central bank: the
sanctions imposed on the purchase or acquisition of the US dollar by the Iranian government.

Iran’s sanctions on gold and gold jewelery.

Direct and indirect sanctions on the purchase, supply or transportation of crude, aluminum, coal and steel to and from Iran.

And sanctions on port operators, ships and shipbuilding.

And penalties dealt with by foreign financial institutions with the Central Bank of Iran.

And sanctions on the energy sector.

The United States imposed its second ban on Iran on Nov. 5, which was described as the strongest after the first ban on August 8, 2018.

https://www.alsumaria.tv/news/252459…D8%AD%D8%B8/ar

The signing of a strategic partnership between the Iraqi National Bank and the International Finance Corporation to support the Iraqi commercial sector
11/12/2018

The Iraqi National Bank and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a commercial financing agreement to facilitate the access of Iraqi National Bank customers from the corporate sector to the international markets, in order to boost trade and stimulate economic growth.

IFC supports the National Bank of Iraq in corporate governance. The agreement and the memorandum of understanding were signed at a special ceremony held under the patronage of His Excellency Mr. Ali Mohsen Al Alaq, Governor of the Central Bank of Iraq.


The agreement and memorandum of understanding were signed by Ayman Abu Dheim, CEO of the National Bank of Iraq, and Dalia Wahba, Director of the International Finance Corporation for the Levant region.

The signing ceremony was attended by a number of representatives of the official Iraqi financial institutions, as well as clients of the bank from the corporate sector and members of its Board of Directors and members of its executive management.

According to the agreement, IFC will include the Iraqi National Bank as part of the International Business Operations Program, which will enable the Bank to provide indirect trade facilities with a total value of US $ 10 million for the corporate sector in the Iraqi market and IFC bailout.

Thus, the Iraqi National Bank is the only Iraqi banking institution affiliated to the program.

"We view this partnership as a strategic step that reflects the confidence of the World Bank, a representative of the International Finance Corporation (IFC) in the National Bank of Iraq in particular and the Iraqi banking sector in general," said Bassem Al Salem, Deputy Chairman of the National Bank of Iraq.

The partnership will enable the National Bank of Iraq to offer a competitive range of banking services to its corporate clients, helping them grow their businesses, import basic materials to Iraq and access global markets, which will play a pivotal role in boosting economic growth. "

He added: "The Iraqi National Bank has been able to open up to the outside world during the past years, which enabled it to obtain ceilings to finance trade from a number of correspondent banks, which reflected positively on the volume of appropriations issued, which rose to more than 700 million dollars in 2017

"The bank’s strategic partner, Capital Bank, which has about 62% of the capital of the National Bank of Iraq, has been commended for providing all forms of support since its participation in the Bank in 2005."

For her part, Ms. Dalia Wahba said: "Cross- Positive impact on the local economy as well A contribute to raising the level of the banking sector.

" "IFC will enable the NCB to expand its network of correspondents and support its business diversification strategy, which is important and sustainable in the long term."

This initiative comes within the framework of the Global Finance Finance Program implemented by the International Finance Corporation with a budget of US $ 5 billion. The program works with more than 600 partner banks around the world, providing partial or full guarantees as well as covering potential risks.

Finance plays an important role in facilitating cross-border trade, filling gaps in the market between importers and exporters by providing guarantees to banks, and supporting the creation of new jobs and reducing poverty.

The agreement is part of IFC’s strategy to support the economies of developing countries affected by conflicts and help them recover from years of economic downturn.

As for the MoU, IFC provides support to the National Bank of Iraq in strengthening the corporate governance system to ensure that best practices are applied in this area and to strengthen governance and governance frameworks.

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