A good investment.” What is the purpose of the Iraqi Central Bank to launch financial bonds with high annual interest?

Banks

   

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Economy News – Baghdad

With inflation rates in Iraq currently reaching 5.5%, and expectations of reaching 6% during the end of the year, the Central Bank announced the launch of financial bonds with the highest annual interest, at 8.5%, as well as deposits in the private banking sector.

According to economist Manar Al-Obeidi, in a post on his Facebook page, the goal of these bonds is to attract and encourage capital outside the banking system through high benefits to enter the banking sector, adding that the annual interest rate announced by the central bank is encouraging for the investor and depositors, for its high content, which is a good return on investment compared to its lack of seriousness.

Al-Obeidi stressed that these bonds are guaranteed by sovereign guarantees for a country that currently has sufficient reserves of money and therefore the risk ratio of these bonds is zero and non-existent, and are purchased through the Iraq Stock Exchange and through market brokers.

Al-Obeidi encouraged buying these bonds and selling them in the future at a higher price, meaning that the investment is not only in the deposit interest but also at the same bond price.

In his publication, Al-Obeidi touched on “the deposit of funds in the private banking sector, explaining that there are 4 to 5 private banks that have the largest share of the market and its financial data, and are considered very excellent and achieve great control in the Iraq market. The decision to choose the bank to place deposits depends on the annual interest rate, the way to benefit from the interest, how to break the deposit, as well as the bank’s financial data and the amount of its presence and spread in Iraq.”

Al-Obeidi concluded his publication by “emphasizing that the success of investment depends on two factors, the first is the amount of profit, the second is the amount of risk, and the owner of the money alone can decide how much is to take in exchange for the profit ratio, stressing that investing in bonds and deposits is a good solution for those who do not want to intervene in the field of investment and its challenges.”

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Added 2024/04/06 – 1:59 PM

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https://economy-news.net/content.php?id=42238

Advisor to the Association of Banks: The success of the negotiations of the banks file in Washington contributes to protecting the Iraqi banking system from collapse

Advisor to the Association of Iraqi Private Banks Samir Al-Nusairi

Banks

   

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Economy News – Baghdad

The adviser to the Association of Iraqi Private Banks, Samir Al-Nusairi, predicted on Saturday that the success of the file of US restrictions negotiations on 28 private banks with the US Treasury in Washington contributes to protecting the Iraqi banking system from damage and collapse.

Al-Nusairi said in an interview with “Economy News”, that “we have been a few days away from the upcoming meeting of the Prime Minister with the US President and the US administration, making it very important in this critical and complex stage that the banking system is going through that the agenda of meetings and negotiations with the leaders of the US administration, the Treasury Department and the US Federal Reserve, that the next and clear paths of bilateral economic relations between the two countries, which have wide relations are linked in all fields, to be determined.”

He explained that “one of the important files that will be included in the discussions with the participation of the Central Bank and the Association of Iraqi Private Banks is the subject of financial and banking reform and protecting the Iraqi banking sector from collapse after the issuance of sanctions and restrictions that deprived 50% of the total private banking sector from dealing in the US dollar, which is the main foreign currency for banking and commercial dealing in Iraq and international banking relations for a long time.”

He pointed out that “the inputs and outputs of this important visit must convince the American side to reconsider the sanctions and restrictions imposed, especially since all affected banks are currently subject to scrutiny by K2 International, and this confirms the good faith of the banks that the reasons for depriving from dealing in US dollars were not serious and intentional mistakes.”

He added that “the importance of reactivating and protecting the private banking system and ensuring the results of its work through the electronic platform for 2023. Which confirmed its safety and transparency.”

Al-Nusairi concluded his speech that “not reaching quick solutions to this file will confuse the commercial and banking market and will affect the supplies of the ration card, which is the main food source of the wide segment of the Iraqi people, weaken the plans and procedures of the Central Bank and the government in financial and banking reform, the lack of control of the stability of the exchange rate for the Iraqi dinar and the damage of the national economy.”

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https://economy-news.net/content.php?id=42247

In the presence of Nijirvan Barzani and Sudanese. The start of the meeting of the coalition of state administration

PoliticsState Administration Coalition

2024-04-06 14:18Font

Shafaq News / The coalition of state administration held an extraordinary meeting on Saturday evening in the presence of the President of the Kurdistan Region of Nichirvan Barzani.

Earlier, the President of the Kurdistan Region, Nechirvan Barzani, confirmed that a preliminary agreement was reached for the oil file, which is one of the most prominent outstanding problems between Baghdad and the region.

Barzani, who is visiting Baghdad, said in an interview with reporters after meeting with Prime Minister Mohammed Shia Al-Sudani: “We thank the Prime Minister for his efforts to solve problems between Baghdad and Kurdistan, and in the same way his efforts in solving the rest of the problems in Iraq, and we note that since taking office to today he has been serving Iraq as a whole, including the Kurdistan region.”

https://shafaq.com/ar/سیاسة/بحضور-نيجيرفان-بارزاني-والسوداني-بد-اجتماع-ا-تلاف-دارة-الدولة

Rafidain Bank announces the launch of the comprehensive banking system in its branches in Baghdad and Karbala

• Time: 2024/04/06 19:22:34
• Read: 715 times

  

{Economic: Euphrates News} Rafidain Bank announced, on Saturday, the launch of the comprehensive banking system in the branches of Waziriya and knowledge of Baghdad and the martyrs in Karbala, the holy.

A media statement, the bank received a copy of it, said: “Thus, it joins the branches in which the comprehensive system was applied, the latest of which was at the border crossings (Zarbatiya – Safwan – Arar – Tripoli) in an important step to leave paperwork and the overall transition towards electronic transformation.”
The bank stressed that “the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the times set to include all branches of the bank by applying the system, especially since one of the priorities and adoptions of the government program is the electronic transformation in financial transactions, reducing the redute links for citizens, and reducing time and effort in completing citizens’ transactions.”

https://alforatnews.iq/news/مصرف-الرافدين-يعلن-إنطلاق-العمل-بالنظام-المصرفي-الشامل-في-فروعه-ببغداد-وكربلاء

Sudanese and Nijirvan Barzani stress the importance of supporting government reform steps and overcoming obstacles

• Time: 2024/04/06 19:50:29
• Read: 234 times

  

{Policy:Euphrates News} Prime Minister Mohammed Shiaa Al-Sudani received, today, Saturday, the President of the Kurdistan Region of Iraq, Nechirvan Barzani, and his accompanying delegation.

The government statement, a copy of which {Euphrates News} received, said: “During the meeting, joint visions in all national files and issues, and the progress of implementation of the government program, were discussed in its multiple tracks.”

Al-Sudani stressed “the government’s keenness to provide services and meet the aspirations of citizens throughout Iraq, and to achieve integration in performance between the federal authorities and authorities in the Kurdistan region of Iraq.”

The government statement continued, “The meeting also witnessed the emphasis on the importance of supporting the government’s reform steps, by other national and political forces; in order to promote the government’s goals, continue to consolidate comprehensive development, and overcome all administrative and executive obstacles that were preventing the upgrading of the service, permishment and economic reality.”

https://alforatnews.iq/news/السوداني-يستقبل-رئيس-إقليم-كردستان-العراق

Ministerial reshuffle and meeting with Biden and Erdogan within the month of Sudan

Reports| 11:49 – 06/04/2024

Mawazine News-Baghdad..
The Iraqi prime minister is preparing for a busy week when US President Joe Biden will meet, mid-April, and when he returns to Baghdad, he will receive Turkish President Recep Tayyip Erdogan on the 22nd of the same month.

Sudanese travel to Washington, at the invitation of the White House, in a complex circumstance locally and regionally, as the government tries to control the truce of factions with US forces, even with the escalation that accompanied the bombing of the Iranian consulate in Syria.

Baghdad hopes to develop relations with Washington during the visit, which a senior Iraqi official said “will discuss the post-international coalition phase.”

The Sudanese needs new understandings with the United States on the status of the international coalition forces, and the agreement on a “security partnership” between the two countries, while the “coordination framework” is trying to obtain American “resilience” regarding sanctions on Iraqi banks and personalities.

The two presidents are also expected to discuss the oil export profile from the Kurdistan region, and the political and legal differences between Baghdad and Erbil.

But the most prominent political challenge facing Sudan is the political movement emerging against him from Shiite allies within the ruling coalition.

Exective leaders in the “coordinating framework” are trying to impose restrictions on Sudanese to prevent his participation in the upcoming elections expected in 2025.

Political sources said that the “coordinating framework” is divided over concerns about the gains that Sudani will make from visiting Washington in his favor, while they need it most, especially in terms of financial sanctions.

A source, who last week attended a session of Sudani with academics and opinion makers that lasted about 3 hours, said that “he does not feel that the early elections pose a danger to his government, if it is dismissed, because he sees such a plan difficult to implement under the current circumstances.”

The source explained that “the Sudanese, as he showed through his speech in that session, is in a better position now because of his focus on the ministerial program that focuses on services and the development of Iraq’s regional and international relations.”

The source pointed out that “the Sudanese realizes that talking about early elections is just media consumption because if the government happens and is removed and turned into a caretaker, this requires the dissolution of the House of Representatives itself, which is unlikely.”

The source went on to say: “When the Sudanese were asked if he wanted to make a ministerial reshuffle, he said that he was on the table, but he is waiting for parliament to resolve the position of his president.”
The coincidences are always better than the dates, and the Sudanese coincidence in that he will have a visit to the United States of America in the middle of this month to meet with US President Joe Biden, and in return to be a visit to Turkish President Recep Tayyip Erdogan to Baghdad on April 22, perhaps not be easily repeated.

An official in the office of Prime Minister Mohammad Shiaa Al-Sudani confirmed the date of Erdogan’s visit, and said that it is on April 22, describing the upcoming talks as important, and historic to the two countries.

If Biden appears to be in a worried electoral situation, Erdogan is visiting Baghdad and has lost Istanbul and Ankara electorally, while only Sudanese will invest the two summits in his favor, according to Iraqi observers.

Iraqi political circles discuss that Biden does not have many conditions to put to the Sudanese, while the latter seeks to activate an agreement that Biden was active in preparing for, on days when a senator was a lot of traveling to Iraq (Biden visited Iraq after 2003 about 28 times).

According to observers, any progress Sudan could make in terms of the 2008 “strategic framework agreement” would be an advanced step that would defuse the tension swaved by armed factions under the pretext of resisting the American presence.

Erdogan, who after his internal losses is betting on external gains, is his eye on the “development path” that the Sudanese launched as soon as he reached office as one of the major strategic projects.

If all the details related to the development path that would revive the Turkish economy are signed, most of the other contentious issues between the two countries, especially the chronic water file and the PKK file, will become subject to better approaches.

https://www.mawazin.net/Details.aspx?jimare=245395 

Globally.. Gold continues to rise for the third week in a row

money and business

   

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Economy News – Follow-up

Gold prices rose over the weekend, hitting a new record high thanks to several factors including U.S. interest rate cuts, speculative buys and central bank purchases, despite strong job growth in the United States in March.

Gold in spot transactions rose about 1.7 percent by the end of Friday, hitting $2,329.75 an ounce, after hitting a record high of $2330.06 earlier in the session. The yellow metal has increased by more than four percent since the start of the week and recorded gains for the third consecutive week.

U.S. gold futures also rose 1.6 percent at settlement to $2345.4.4.

The bank will not rush to cut borrowing costs after it kept the interest rate unchanged in the 5.25 percent to 5.50 percent range last month, U.S. Federal Reserve Chairman Jerome Powell said Wednesday.

Traders currently expect a chance of about 59 percent to cut U.S. interest rates in June.

https://economy-news.net/content.php?id=42240

Advisor to the Association of Private Banks: Sudanese will discuss the file of sanctions on 28 banks in Washington

Banks

   

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Economy News – Baghdad

The adviser to the Association of Private Banks, Samir Al-Nusairi, announced that US sanctions on 28 banks constitute one of the important files in the agenda of Prime Minister Mohammed Shiaa Al-Sudani during his visit to Washington.

Al-Nusairi said in an interview followed by “Economy News,” that “the Sudanese will discuss during his visit to Washington, which is accompanied by a delegation from the central bank and the banking sector, “the sanctions and restrictions imposed by the United States on the 28 banks, which prevented them from dealing in US dollars.”

He considered that these sanctions and restrictions constitute “one of the important files that the Prime Minister carries with him to Washington,” noting that the file “falls within the financial and banking reform stipulated in the government program for the Prime Minister.”

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https://economy-news.net/content.php?id=42219

The head of the Kurdistan region arrives in Baghdad

PoliticsBaghdadBreakingNegervan BarzaniVisit

2024-04-06 05:31Font

Shafaq News/ Kurdistan Region President Nechirvan Barzani arrived in the capital Baghdad on Saturday.

The Presidency of the Region said in a statement today that during his visit, the President of the Kurdistan Region will meet with the President of the Republic of Iraq Abdul Latif Rashid, and the Prime Minister of the Federal Iraqi Council, Mohammed Shiaa Al-Sudani, and will participate in the meeting of the coalition of State Administration and the coordination framework.

The statement added that during his meetings and meetings with Iraqi leaders and senior officials, President Nechirvan Barzani will discuss ways to solve the problems of Erbil and Baghdad, the political situation of Iraq and the Kurdistan Region, and a range of other issues.

A political source familiar with the matter said on Friday that the President of the Kurdistan Region of Nechirvan Barzani will participate today in an extraordinary meeting of the coalition of the State Administration in the presence of the Sudanese and the rest of the leaders.

The source added that the meeting will witness the discussion of political agreements and outstanding files between Baghdad and Kurdistan.

Shafaq News Agency learned from informed sources on Thursday that the President of the Kurdistan Region, Nechirvan Barzani, will visit the capital Baghdad to discuss several files.

In this regard, the official spokesman for the Presidency of the Kurdistan Region of Delshad Chehab told our agency that “President Nechirvan Barzani will meet with Iraqi Prime Minister Mohammed Shiaa Al-Sudani.”

He added that “Barzani will discuss during this visit with Iraqi officials several files such as the budget, salaries, oil and the resumption of its export, in addition to relations between Erbil, Baghdad and others.”

https://shafaq.com/ar/سیاسة/نيجيرفان-بارزاني-يصل-الى-بغداد