A government bank announces an increase in the industrial growth rate due to the rise in the price of the dollar

Economie| 08:37 – 29/05/202

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Baghdad – Mawazine News
The Industrial Bank revealed, today, Sunday, an increase in the rate of industrial growth in the country due to the high exchange rates of the dollar, while stressing that the opening of new branches in the provinces needs a financial allocation within the budget.
The Director of the Bank, Bilal Sabah Al-Hamdani, said, “The Central Bank’s initiative is excellent for medium and large projects, and its duration is 15 years, and the average interest is 2%, and for large projects 3,” noting that “we have started working on the initiative, but Iraq needs thousands of factories and we are trying to provide loans.” hundreds of factories.
He pointed out that “the Industrial Bank is self-financing and has capital to lend to customers, but there is an increase in the size of the national industry and the demand significantly,” noting that “the previous years, the request for loans came for projects under establishment and new, with limits of 100-150, and currently the demand reaches thousands, and this Because of the exchange rate change, which led to the importer being expensive and the local product being cheaper than the importer, which made businessmen, traders and importers think about setting up factories inside Iraq.
He added, “The bank has detection committees before and after granting the loan and we give documentary credits that we import to the production line or if they are raw materials and in construction loans, it is done according to the stages of construction and completion,” noting that “the delay in payment is usually from the owner of the plant and some of them are due to regional issues.” Like the edible oil factory that used to import the raw material from Ukraine, and today the import has been stopped, and the factory is resorting to other countries where the raw materials are more expensive, and this is beyond our control, and there is also mismanagement, but we in the bank are in control of the issue.”
He added, “Most of the factories began to rise at the rate of growth for industry, but the average number of factories is few and we need thousands of factories. We are now in the process of establishing hundreds only. With time, and if the budget is approved and an amount is allocated to the bank, some branches can be opened in some provinces because it does not have branches in all provinces.” And this is one of the suffering,” explaining that “the Industrial Bank owns branches in Baghdad, Karbala, Babylon and Basra only, and the opening of new branches that need allocations and sums of money within the budget.” Ended 29 / h

 https://www.mawazin.net/Details.aspx?jimare=194840

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Adviser to the Prime Minister warns of financial austerity and considers the white paper “almost inoperative”

  • Time: 05/29/2022 20:43:39
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Adviser to the Prime Minister warns of financial austerity and considers the white paper "almost inoperative"

  {Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, warned of financial austerity in the event that the emergency support law for food security and development proposed by the House of Representatives is not approved.

Saleh said in a press statement this evening: “We need to strengthen the ration card because the financial management law is not sufficient to meet the needs of the card, as well as the allocations of farmers,” stressing that “the legislation of the law is for truly urgent needs, because Iraq is in a food emergency.”

He explained that “the cost of oil derivatives has risen in prices, and this increase must be compensated, and there is a significant restriction due to the inflation of these commodities and the value of financing, and there is no luxury in the law.

He warned that “the country is going through a state of austerity and inflation that creates stagflation, and we enter into a dangerous economic cycle that will appear in the last quarter of the year in case the law is not passed,” noting that “the law is a rescue spending package to achieve economic stability and avoid risks.”

Saleh pointed out, “The prices of imported fuel and gas have increased by about 40%, and the rate of poverty has increased, and there is no authority for the government to dispose of the cash reserve, and the Ministry of Finance does not have to borrow except with a budget, and there will be an implementation deficit in exchange for financial surpluses that can be used.”

He continued, “The white paper is almost suspended due to the high support for the ration card, derivatives and allocations to farmers, and it must be amended and extended to 10 years instead of 3 years and to be refined. Iraq needs an economic reform constitution.”

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The Kurdistan Regional Government allocates 356 billion dinars for water projects in Kurdistan


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KurdistanKurdistan Regional GovernmentKurdistan Water Projects

 2022-05-29 15:57A-AA+

Shafaq News/ The Prime Minister of Kurdistan Regional Government, Masrour Barzani, agreed today, Sunday, to allocate an amount of 356 billion dinars for water projects in all governorates and independent administrations in the region.

A statement by the Media and Information Department of the Kurdistan Regional Government received by Shafaq News said that within the framework of the ninth formation of the regional government paying attention to projects and services and in light of delivering services to citizens, reducing the risks of spreading diseases, protecting groundwater and reducing the drinking water distribution system by tanks, the Prime Minister agreed. Masrour Barzani for allocating and disbursing 356 billion and 674 million and 144 thousand dinars in cash and in stages to the investment budget of the Ministry of Municipalities and Tourism in order to implement its projects for the year 2022.

The statement indicated that the projects include repairing potable water transmission lines in (Erbil, Sulaymaniyah, Dohuk, Kalijah, Soran, Sulaymaniyah suburbs, Garmian suburbs, Koysanjak, Zayar, Dohuk suburbs, Zakho and Aqrah), as well as repairing water and sewage projects tanks in Erbil, Soran, Sulaymaniyah, Sulaymaniyah suburbs, Halabja, and Karmian suburbs. Dohuk and the suburbs of Dohuk, Zakho and Aqrah).

The projects also included the design and development of the advanced SCADA system and the start of strategic projects for the water treatment plant (Erbil, Soran, Erbil suburbs, Sulaymaniyah, Sulaymaniyah suburbs, Garmian suburbs, Koysanjak, Rabrin, Dohuk, Dohuk suburbs, Kalar and Zakho).

The projects also included the provision of supplies to repair projects for each of (water and sewage in Erbil, the suburbs of Erbil, Soran, the suburbs of Sulaymaniyah, Koysanjak, Rabrin, the suburbs of Dohuk, Kalar and Aqrah).

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The Iraqi judiciary issues a verdict against Alia Nassif (Documents)

politicsIraqi judiciaryHigh NassifSupreme Judicial Council

 2022-05-29 14:48A-AA+

Shafaq News/ On Sunday, the Iraqi Supreme Judicial Council issued a ruling against the defendant, the current member of Parliament, Aley Nassif Jassem.

And the judiciary, according to a document issued by it and received by Shafaq News Agency, obligated Alia Nassif, to “compensate (the plaintiff) legal advisor Jamal Taher Al-Asadi, with a sum of money, for the value of the moral damage, for it was proven that she verbally assaulted him, while performing his answers and tasks in accordance with the rules.”

Nassif had previously issued a decision against her that “acquired a peremptory degree” on December 28, 2021, obligating her to compensate the Assistant Inspector General in the Iraqi Ministry of Interior (Hussein Yousef Al-Tamimi), with a sum of money as a result of her immoral verbal assault, while carrying out the official duty of throwing Her nephew was arrested red-handed for receiving a bribe in flagrante delicto.

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Iraq’s foreign remittances from the dollar increased by more than 90%

economyExternal remittancesCentral Bank of Iraq

 2022-05-29 06:42A-AA+

Shafaq News/ Foreign remittances from the dollar at the expense of cash sales increased by more than 90%, on Sunday, at the opening of the Central Bank of Iraq auction.

Shafak News Agency correspondent stated that the Central Bank sold today, during its auction for buying and selling US dollars, 211 million and 575 thousand and 844 US dollars, which were covered by the bank at a base exchange rate of 1460 dinars per dollar.

Our correspondent added that 9.05% of these sales went to enhance balances abroad in the form of remittances and credits, which amounted to 191 million and 975 thousand and 844 dollars, while the rest went in the form of cash sales, which amounted to 19 million and 600 thousand dollars.

He pointed out that 33 banks have fulfilled requests to enhance balances abroad, and 13 banks have responded to cash requests, in addition to 140 mediation companies.

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The Iraqi Stock Exchange is trading shares worth 5 billion dinars in a week

economyIraqi Stock ExchangeTrading stocks

 2022-05-29 06:36A-AA+

Shafaq News/ The Iraq Stock Exchange announced, on Sunday, that shares were traded with a value of more than five billion dinars during the past week.

The market said in a report seen by Shafak News Agency, “The number of companies whose shares were traded during the past week amounted to 46 joint-stock companies, while the shares of 43 companies were not traded due to the lack of convergence of purchase orders prices with sales orders, while 14 companies continue to be suspended for not providing disclosure out of 103 companies listed on the market. “

And that “the number of shares traded amounted to three billion and 854 million and 139 thousand shares a financial value of five billion and 550 million and 141 thousand dinars through the implementation of the 1902 deal,” he said, adding that “the price index traded ISX60 closed at 566.85 points, registering a decline of 1.22 percent to close in the previous session. “

He pointed out that “the number of shares purchased from non-Iraqi investors for the past week amounted to 169 million shares, with a financial value of 637 million dinars, through the implementation of 25 deals, while the number of shares sold from non-Iraqi investors reached 146 million shares, with a financial value of 373 million dinars, through the implementation of 106 deals.

It is noteworthy that the Iraq Stock Exchange organizes five trading sessions a week from Sunday to Thursday, and includes 103 Iraqi joint stock companies representing the sectors of banking, telecommunications, industry, agriculture, insurance, financial investment, tourism and hotels.

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More than 6.69 million active accounts in Iraqi private banks for the past year

economyprivate banksActive accounts

 2022-05-29 06:34A-AA+

Shafaq News/ The Association of Iraqi Private Banks announced, on Sunday, that the number of effective bank accounts exceeded 6.69 million accounts until the end of the year 2021, noting that the growth rate during the past year only compared to the previous year amounted to 9.75%.

The Executive Director of the Association, Ali Tariq, said, in a statement received by Shafak News Agency, that “the effective bank accounts reached six million and 696 thousand and 657 accounts until the end of last year, divided into three million and 915 thousand and 175 savings accounts, two million and 16 thousand and 322 current accounts, and 573 thousand 205 corporate accounts, and 191,955 fixed deposit accounts.

He added that “the total growth achieved in bank accounts during the years 2017-2021 amounted to 392 percent, and this is due to facilitating the procedures for opening bank accounts by banks, increasing services, and the salary settlement project launched by the Central Bank in coordination with the government, and increasing the number of bank branches.” .

He stressed that “during the past five years, the highest growth rate was in fixed deposit accounts, due to the gradual increase in confidence in the banking sector and the diversity of banking services,” noting that “the savings account ranked second in terms of growth, and then the corporate account and the current account.”

Tariq pointed out that the growth rate during the year 2021 compared to the year 2020 amounted to 22% in the corporate account, 12% in the savings account, 3% in the fixed deposit account, and 2% in the current account.

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