Bondlady’s Corner

Iraqi News Highlights Thursday Afternoon 3-2-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Of Iraq Warns Of Financial Scams Claiming To Send Aid From Humanitarian Organizations

Political | 06:15 – 02/03/2023  Baghdad – Mawazine News, the Central Bank of Iraq warned today, Thursday, of fraud, claiming that aid is being sent to humanitarian organizations.

The bank stated, in a statement, which Mawazine News received a copy of, that it “warns of fraud cases organized by unknown parties claiming to send aid from humanitarian organizations.”

He added, “These authorities ask those they contact to open an account in the Central Bank of Iraq or an Iraqi bank, with the payment of transfer fees for this aid, and then they are informed that the procedures require time from the Central Bank of Iraq, or that the transfer is withheld.”

The bank called on citizens not to deal with such practices that expose them to fraud and fraud. Ended 29

Al-Rafidain Bank Launches The Electronic System To Combat Money Laundering And Terrorist Financing

Political | 03:23 – 02/03/2023   Baghdad – Mawazine News Al  -Rafidain Bank announced, on Thursday, the launch of the electronic system to combat money laundering and terrorist financing.

The bank stated in a statement that Mawazine News received a copy of it, that “in implementation of the directives of the Central Bank of Iraq and in compliance with and application of international standards and requirements and instructions issued by the Office of Combating Money Laundering and Terrorism Financing, and under the auspices and supervision of the Director General of the Rafidain Bank, Ali Karim, the Director General of the bank opened the search and investigation system The electronic anti-money laundering and terrorist financing program, which was completed by a specialized company, with the cooperation and coordination of the Money Laundering Reporting Division in the bank, in accordance with local and international requirements.

He added, “This electronic system, which was implemented for the first time in the bank, can be used to link the local and international ban lists electronically, knowing the names of the banned, and protecting the bank and its financial accounts from people within the ban lists for the purpose of monitoring suspicious financial transactions and reporting them to the Anti-Money Laundering and Terrorist Financing Office, which is concerned with receiving reports.”

And financial data via electronic linkage with all agencies obligated to report, whether local or international, exchange information with law enforcement agencies, and stand on suspicion of money laundering and financing terrorism

In Numbers.. The Weekly Trading Indicators For The Iraq Stock Exchange

political| 03:15 – 02/03/2023   Baghdad – Mawazine News  The Iraq Stock Exchange announced, on Thursday, trading indicators for the last week of last February.

The market said in a statement, which Mawazine News received a copy of, that “during the last week of February 2023, five trading sessions were organized from Sunday, corresponding to 2/26/2023, to Thursday, corresponding to 03/02/2023, and during this week the indicators were achieved Below:

  1. The number of shares traded during this week amounted to more than (2) billion shares
  2. The value of shares traded this week amounted to more than (4) billion dinars
  3. The trading index closed for the first session of the week at (644.26). ) points, while the index closed at the end of the week at (637.14) points, achieving a decrease of (1.12%) from its closing at the beginning of the session

Advisor To The Prime Minister: Consumer Loans Drain The Country’s Wealth

Economie| 11:57 – 02/03/2023  Baghdad – Mawazine News  The Prime Minister’s Advisor for Economic Affairs, Mazhar Muhammad Salih, classified, on Thursday, the loans provided by banks into two types.

Saleh said, “The loans provided by banks, which are called bank cash credit, are classified into two types. The first includes disbursement of the loan on real investment in the areas of production and generates what is called the investment accelerator in the growth of national income by activating the cycle of demand for factors of production, especially the labor force.” capital and related production supplies.

“This will contribute to increasing the annual real economic growth and maximizing the added value in the national economy as a whole, whether in the areas of agricultural activity, digital services, industry, building and construction, and others,” Saleh added, in an interview with the official news agency, followed by Mawazine News.

And he continued, “There are loans of a consumer nature that stimulate the demand for consumer goods and services,” explaining that “the problem of loans related to consumer spending, if it is not linked to the local production of goods and services and leads to activating the derived demand for factors of production through growth, then it will fuel the derived demand as a result of Expenditure resulting from consumer loans in spending on goods and services of foreign or imported origin.

He stressed that “this is what makes this type of loan of a consumer nature that drains the country’s wealth and strengthens growth in other countries,” calling on the banking system to “grant credit or loans to the truly invested and productive forces in the national economy, and at rates that exceed lending for consumption purposes, especially in Our country’s current consumption spending on imported goods and services is very widespread.

The Deputy Speaker Of Parliament Meets The President And Members Of The Association Of Private Banks

First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, received in his office the head of the Iraqi Private Banks Association, Wadih Handal, and a number of members.

Al-Mandalawi said that the House of Representatives is following the procedures of the Central Bank and the government’s decisions seeking to develop and develop the local banking sector. Financial and banking, and combating the dangerous phenomena that threaten the security of the market and the citizen, especially currency smuggling, currency laundering, counterfeit currency, and others.

The first deputy called on local banks to take advantage of the Central Bank’s initiative to support small and medium enterprises in various sectors to create job opportunities for young people, increase national income, and reduce dependence on oil as the sole source of financing the treasury in order to achieve economic stability, which will be an attractive environment for investors.

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