Visa and Central Bank of Iraq Focus on Driving Inclusion Culture


Sadr calls the winning lists in the elections to dialogue to form a government of technocrats


Release date: 2018/5/16 16:22 • 318 times read
Sadr’s leader, Moqtada al-Sadr, called the winning lists in the elections to dialogue to form a government of technocrats in the country.
“Despite our differences, let’s look for our participants and without compromising our constants, so let’s talk,” Sadr said in a tweet on his personal account at the social networking site Twitter.
“I call on the leaders of the new alliances to meet, my mouth open and my hands outstretched to build our Iraq and form a government of honest and patriarchal technocrats,” Sadr said.

Vietnam Wins Rating Upgrade From Fitch


 Updated on 
  • Rating raised one level to BB, 2nd-highest speculative grade
  • Fitch forecasts GDP growth of 6.7% in 2018, driven by FDI

Vietnam won a sovereign rating upgrade from Fitch Ratings on rising foreign-exchange reserves and strong economic growth, putting the nation closer to investment grade. Bonds and stocks rose.

The rating on the nation’s long-term, foreign currency-denominated debt was raised one level to BB, with a stable outlook, Fitch said in a statement on Tuesday. The upgrade puts Vietnam at the second-highest speculative grade and on par with Costa Rica.

Vietnam’s communist government has transformed the nation into one of the most rapidly-growing economies in the world with Fitch forecasting expansion of 6.7 percent in 2018. The government is focusing on containing debt and reforming its state-owned enterprises, boosting its track record of policy making at a time when emerging markets face pressure from rising U.S. interest rates.

 Reserves are forecast to climb to about $66 billion by the end of this year from $49 billion in 2017, while general government debt is likely to decline to below 50 percent of gross domestic product by 2019, according to Fitch calculations. The budget deficit is estimated to narrow to about 4.6 percent of GDP in 2018 from about 4.7 percent in 2017, Fitch said.

The yield on Vietnam’s 4.8 percent dollar notes due November 2024 fell five basis points to 4.63 percent on Tuesday, according to data compiled by Bloomberg. Those of similar-maturity debt from the Philippines was at 3.65 percent. Fitch rates the Philippines at BBB, three levels above Vietnam.

The benchmark VN Index of shares rose 0.8 percent, while the currency was little changed.

Here are other comments from Fitch:

  • Vietnam’s banking sector remains structurally weak and weighs heavily on the sovereign rating
    • Non-performing loans remain under-reported and true asset quality is likely to be weaker than stated
  • A sustained rapid credit growth poses a risk to financial stability in the medium-term
  • Government guarantees for state-owned entities and potential banking sector recapitalization costs continue to weigh on Vietnam’s public finances

— With assistance by Nguyen Dieu Tu Uyen, and Lilian Karunungan


Dana Gas gets $ 22.7 million from Pearl Petroleum in the Kurdistan region of Iraq

Dana Gas logo

Economy News Baghdad:

Dana Gas has announced that it has received a cash payment of US $ 22.75 million, equivalent to AED 83.5 million, from Pearl Petroleum Limited in the Kurdistan Region of Iraq after the end of the first quarter of 2018 .

“The total cash payments that the company has received since the beginning of the year from Pearl Co. Ltd. in the Kurdistan region of Iraq amount to $ 36.7 million,” it said in a press release.



The Central Bank of Iraq, branch of Basra held the financial inclusion fair


The Central Bank of Iraq, branch of Basra held the financial inclusion fair

Under the sponsorship of the Central Bank of Iraq, Branch of Basra, Government and Private Banks in Basra held the financial inclusion fair in Basra’s Time Square mall for two days to highlight the importance and principles of financial inclusion in Iraq. The fair included opening accounts to citizens and introducing all banking services provided by banks as well as ways to use ATM and ATM Electronic payment.


Al-Rafidain announces its continuation by issuing the Master Card for citizens

Date Added 05/14/2018


Economy News _ Baghdad

Al-Rafidain Bank announced on Monday that it will continue to issue an international payment tool for employees, citizens and other segments of society.
The bank’s information office said in a statement obtained by “Economy News” that “the branches of the bank continue to issue (mastercard), which are used inside and outside Iraq and are acceptable in all ATMs connected to the network (MasterCard) in addition to points of sale.”
The statement added that “advances and loans granted to employees are through these cards as well as settling their salaries electronically.”