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The foreign reserves of the Central Bank of Iraq are growing in 2019
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The foreign reserves of the Central Bank of Iraq are growing in 2019
The foreign reserves of the Central Bank of Iraq are growing in 2019
02/20/2020
On the level of investment portfolios, their value achieved a net growth of 18.4% compared to 2018, accompanied by a growth in returns to investment portfolios by 59%.
The statement pointed out that the gold reserves had achieved 18.8% growth, and Iraq ranked 38 globally and 5 Arabs, with a total balance of 96.3 tons.
The annual report for 2019 also confirmed that the growth rates achieved in foreign reserves were in line with the central bank's plan to enhance returns and build capacity in the field of self-management of reserves. Therefore, during the year 2019, the bank established international banking relations and entered into agreements and memoranda of understanding with international banks classified and institutions Solid finance, the International Bank for Reconstruction and Development, the Arab Monetary Fund and international institutions concerned with investment management.
This has had a great impact on achieving economic resilience and, consequently, the financial victory in complex circumstances that have continued over the past five years.
The follower and the specialist are well aware that access to these rates of foreign reserves is due to the central bank adopting safe investment policies, which strengthened the credit position internationally and restored confidence in the Iraqi economy and its international banking relationships.
In addition, what the Central Bank accomplished in 2019 confirms the integrity and success of its strategy for the years (2016-2020). And achieved from the achievements in the financing activity and activating its initiative to finance small and medium projects and raising the loan ceiling to one billion dinars for each project within the initiative’s goals in stimulating the economic cycle and supporting the implementation of the objectives of the desired economic reform and strengthening the economy and achieving the goal of banks as a development lever.
Therefore, the bank is currently working on direct Islamic financing for government and private banks. In addition to that, the implementation of societal initiatives is expanded from the Fund for Empowering National Effective Experience in integrating the banking sector with society and achieving the goal of social, economic and humanitarian banks.
The clear evidence that can never be covered is the continuation and perpetuation of the stability of the exchange rate over a period of two years and maintaining the inflation rate of less than 2%. Thus, the Central Bank, with its distinguished and national work team, was able to achieve its goals set out in its Law 56 of 2004, which is to build foreign reserves, reduce inflation and maintain The stability of the exchange rate. The Central Bank is currently actively and aggressively achieving the goals of strengthening the economy and banks for development.
02/20/2020
Samir Al-Nassery
The Central Bank of Iraq issued a press release on the annual report on the performance of foreign reserves for 2019 in line with the strategy and the principle of disclosure and transparency that the Central Bank is working on in international banking transactions. As the annual report shows that foreign reserves achieved a growth of 5.52% compared to 2018.
On the level of investment portfolios, their value achieved a net growth of 18.4% compared to 2018, accompanied by a growth in returns to investment portfolios by 59%.
The statement pointed out that the gold reserves had achieved 18.8% growth, and Iraq ranked 38 globally and 5 Arabs, with a total balance of 96.3 tons.
The annual report for 2019 also confirmed that the growth rates achieved in foreign reserves were in line with the central bank's plan to enhance returns and build capacity in the field of self-management of reserves. Therefore, during the year 2019, the bank established international banking relations and entered into agreements and memoranda of understanding with international banks classified and institutions Solid finance, the International Bank for Reconstruction and Development, the Arab Monetary Fund and international institutions concerned with investment management.
This has had a great impact on achieving economic resilience and, consequently, the financial victory in complex circumstances that have continued over the past five years.
The follower and the specialist are well aware that access to these rates of foreign reserves is due to the central bank adopting safe investment policies, which strengthened the credit position internationally and restored confidence in the Iraqi economy and its international banking relationships.
In addition, what the Central Bank accomplished in 2019 confirms the integrity and success of its strategy for the years (2016-2020). And achieved from the achievements in the financing activity and activating its initiative to finance small and medium projects and raising the loan ceiling to one billion dinars for each project within the initiative’s goals in stimulating the economic cycle and supporting the implementation of the objectives of the desired economic reform and strengthening the economy and achieving the goal of banks as a development lever.
Therefore, the bank is currently working on direct Islamic financing for government and private banks. In addition to that, the implementation of societal initiatives is expanded from the Fund for Empowering National Effective Experience in integrating the banking sector with society and achieving the goal of social, economic and humanitarian banks.
The clear evidence that can never be covered is the continuation and perpetuation of the stability of the exchange rate over a period of two years and maintaining the inflation rate of less than 2%. Thus, the Central Bank, with its distinguished and national work team, was able to achieve its goals set out in its Law 56 of 2004, which is to build foreign reserves, reduce inflation and maintain The stability of the exchange rate. The Central Bank is currently actively and aggressively achieving the goals of strengthening the economy and banks for development.
http://economy-news.net/content.php?id=19106
claud39- Elite Member
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Join date : 2018-11-04
Press release about the foreign reserves performance report for 2019
Press release about the foreign reserves performance report for 2019
February 20, 2020
The data of the annual report of foreign reserves showed a positive performance in 2019 compared to 2018, as these reserves grew by 5.52% in 2019 from what they were in 2018, as a result of the increase witnessed by the central bank purchases from the US dollar from the Ministry of Finance compared to its sales through a sale window Currency, in addition to the profits accrued from the returns of the investment portfolio in its various classes.
On the level of investment portfolios, the value of these portfolios achieved net growth in 2019 by 18.4% compared to 2018, accompanied by a growth in returns on these portfolios in 2019 by 59% compared to 2018, and the proportion of these returns to investment portfolios in 2018 was approximately Almost 1.7%, while the rate of returns to investment portfolios increased in 2019, to approximately 2.3%.
As for the gold segment, it grew in 2019 by 18.8% compared to 2018, despite the fact that this bank has not increased its investment in this asset during this year, but the increase in the value of these holdings came as a result of the significant increase in the price of gold globally. Iraq is ranked 38th in the world with its gold holdings, and 5th in the Arab world, with a total of 96.3 tons.
As part of this bank’s plan to enhance returns on reserves and build capacity in the field of reserves self-management, this bank established during the year 2019 many international banking relationships and entered into agreements and memoranda of understanding with a number of international banks and major financial institutions, such as the International Bank for Reconstruction and Development and the Arab Monetary Fund, As well as international institutions concerned with investment management.
The Central Bank of Iraq
information Office
20/20/2020
https://cbi.iq/news/view/1431
claud39- Elite Member
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Central Bank: Foreign reserves increased during the year 2019
Central Bank: Foreign reserves increased during the year 2019
02/19/2020
02/19/2020
Economy News _ Baghdad
The data of the annual report of the Central Bank of Iraq, on foreign reserves, showed a positive performance in 2019 compared to 2018.
"A copy of it," the central bank said in a statement received by Al-Iqtisad News, "that foreign reserves grew by 5.52% in 2019 compared to 2018, as a result of the increase witnessed by the bank's purchases of the US dollar from the Ministry of Finance compared to its sales through the currency sale window, as well as The profits accrued from the returns of the investment portfolio in its various segments.
The statement added, "On the level of investment portfolios, the value of this portfolio achieved net growth in 2019 of 18.4% compared to 2018, accompanied by a growth of returns on these portfolios in 2019 by 59% compared to 2018."
And he explained that "the gold segment has grown in 2019 by 18.8% compared to 2018," noting that although the bank's investment in this asset has not increased during this year, the increase in the value of these holdings came as a result of the significant increase witnessed by the price of gold globally .
http://economy-news.net/content.php?id=19100
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Trade Bank of Iraq reports 68% Jump in Net Profit
Trade Bank of Iraq reports 68% Jump in Net Profit
20th February 2020
20th February 2020 in Iraq Banking & Finance News
20th February 2020
20th February 2020 in Iraq Banking & Finance News
By John Lee.
The Trade Bank of Iraq (TBI) has reported that it has achieved a “robust growth” in revenues and in key financial areas during 2019, for another consecutive year with its consistent performance, preliminary report released by the bank for the financial year during 31/12/2019.
In a statement, the bank said it posted a net profit of USD 556 million in 2019, an increase of 68% from 2018, on revenues of USD 673 million, which grew by 12% over the previous year.
It continued:
“Financial unaudited statements for the year ending 31st December 2019 reveal enhanced financial strength of TBI as a consequence of incessant improvements throughout the year in key sectors, including gross revenue and total assets.
“The total assets of TBI grew to USD 29 billion in 2019 thereby recording an increase of 27% As a preliminary comparison to 2018.
“Primary results the resilient earnings and improved asset base have earned TBI multiple awards at the recently held The Banker Awards 2019 in London.
“The bank granted loans during 2019 to the tune of USD 434 million, the 2019 bank’s efforts made to lift the Iraqi economy and social development during the year through loans aggregating USD 1.9 billion for various Iraqi governmental and public sector projects in energy, industrial, agricultural and commercial sectors, assisting them in achieving further growth of the Iraqi economy
“TBI is currently working on expanding its network domestically & Internationally to diversify the sources of revenue from retail banking in Iraq to international operations in order to achieve a 30% compounded annual growth rate envisaged in the bank’s business plan for 2020-23.
“The bank opened its first branch outside Iraq last year in Riyadh, KSA and plans to upgrade its representative office in Abu Dhabi Global Market to enable it to conduct investment management and advisory activities.“
Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, said:
“Last year has been a good period for TBI and we have continued to support businesses and financial institutions to facilitate growth and expansion across many sectors.
“We have achieved this success through prudent risk management and our aggressive technology-supported expansion strategy.
“We will continue to thrust our technology-driven customer service initiatives in order to ensure more efficient and diverse services to our customers, reduce costs, and improve productivity.
“As part of our strategic plan, we are aiming for bigger retail and international business to achieve a growth rate of 30% of our total revenues, year on year basis, in the next three years through new technology-driven, need-based product offerings and international expansion.
“As TBI moves forward with its 2020-23 strategic plan that will take the bank higher, it will continue to play a pivotal and influential role in Iraq’s ongoing recovery.”
(Source: TBI)
https://www.iraq-businessnews.com/2020/02/20/trade-bank-of-iraq-reports-68-jump-in-net-profit/
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Rafidain Bank announces the opening of documentary credits to ministries, traders and private sector companies
Rafidain Bank announces the opening of documentary credits to ministries, traders and private sector companies
- 02/20/2020
(Baghdad: Al Furat News) The Rafidain Bank announced the opening of documentary credits to state ministries, merchants and private sector companies with soft commissions.
The bank’s media office said in a statement that the Al Furat News Agency received a copy of it, “The bank is ready to receive requests to open documentary credits for traders, the public and private sectors in financing foreign trade.”
He pointed out, "Opening the documentary credit for the merchants who carry out the import and export of their goods and shipping them and taking them out in the event that they meet the legal conditions are easy in the bank because the Rafidain Bank is a government agency and therefore the completion of the documentary opening letter of credit is according to quick procedures that differ from other banks."
Ammar Al-Masoudi
https://alforatnews.com/news/%D9%85%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8%B1%D8%A7%D9%81%D8%AF%D9%8A%D9%86-%D9%8A%D8%B9%D9%84%D9%86%C2%A0%D9%81%D8%AA%D8%AD-%D8%A7%D9%84%D8%A7%D8%B9%D8%AA%D9%85%D8%A7%D8%AF%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D9%86%D8%AF%D9%8A%D8%A9-%D9%84%D9%84%D9%88%D8%B2%D8%A7%D8%B1%D8%A7%D8%AA%C2%A0%D9%88%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%C2%A0%D9%88%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D9%82%D8%B7%D8%A7%D8%B9%C2%A0%D8%A7%D9%84%D8%AE%D8%A7%D8%B5
He pointed out, "Opening the documentary credit for the merchants who carry out the import and export of their goods and shipping them and taking them out in the event that they meet the legal conditions are easy in the bank because the Rafidain Bank is a government agency and therefore the completion of the documentary opening letter of credit is according to quick procedures that differ from other banks."
Ammar Al-Masoudi
https://alforatnews.com/news/%D9%85%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8%B1%D8%A7%D9%81%D8%AF%D9%8A%D9%86-%D9%8A%D8%B9%D9%84%D9%86%C2%A0%D9%81%D8%AA%D8%AD-%D8%A7%D9%84%D8%A7%D8%B9%D8%AA%D9%85%D8%A7%D8%AF%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D9%86%D8%AF%D9%8A%D8%A9-%D9%84%D9%84%D9%88%D8%B2%D8%A7%D8%B1%D8%A7%D8%AA%C2%A0%D9%88%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%C2%A0%D9%88%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D9%82%D8%B7%D8%A7%D8%B9%C2%A0%D8%A7%D9%84%D8%AE%D8%A7%D8%B5
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Join date : 2018-11-04
Al-Rafidain announces the opening of documentary credits for ministries, traders and private sector companies
[size=36]Al-Rafidain announces the opening of documentary credits for ministries, traders and private sector companies[/size]
20/2020
Baghdad - Mawazine News
, Al-Rafidain Bank announced, on Thursday, that it will open documentary credits for state ministries, merchants and private sector companies with soft commissions.
"The bank is ready to receive requests to open documentary credits for merchants and the public and private sectors in financing foreign trade," the bank’s media office said in a statement received by Mawazine News.
He pointed out, "Opening the documentary credit for the merchants who carry out the operations of importing and exporting their goods and shipping them and taking them out if they conform to the legal conditions in an easy way at the bank because the Rafidain Bank is a government agency and therefore the completion of the documentary opening letter of credit is according to quick procedures that differ from other banks." End 29 A43
https://www.mawazin.net/Details.aspx?jimare=86890
claud39- Elite Member
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Join date : 2018-11-04
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
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