Henig:  Launching the electronic application for advances for employees and retirees

2023-03-07 20:40

Shafaq News / The “Rafidain” government bank announced, on Wednesday, the launch of the electronic application for advances for employees and retirees.

The bank’s media office said in a statement, reported to Shafaq News Agency, “In line with the government’s directions in activating electronic automation and moving from paperwork to electronic work in providing banking services to customers, Rafidain Bank announces the launch of the electronic application for advances for employees and retirees via the electronic card.”

He stressed that “applying for advances is by entering the Rafidain Bank electronic application on mobile devices or visiting one of the bank’s branches to apply electronically for the advance.”

He pointed out that “the amount of the advance starts from five million to 25 million,” adding that “this measure comes within the plan drawn up by the bank’s management to contribute to simplifying procedures and overcoming routine obstacles that would hinder the completion of transactions, eliminate bureaucracy, nepotism, forgery, manipulation, corruption, reduce time, cut off the way for the weak souls and overcome excess administrative circles, which contributes to upgrading the level of services, alleviating the burdens of customers and completing their transactions as soon as possible.”  LINK

Clare:  Al-Nusairi: The return of the exchange rate to its target rates is achieved through government support for the Central Bank’s measures and stimulating and reforming the economy 


Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, confirmed today, Wednesday, that the return of stability in the exchange rate to its target rates from the central bank is achieved with the support of the concerned authorities in the government and the assignment of the banking, commercial and productive private sector with its unions and professional organizations to the procedures of the central bank, revitalization and reform of the economy and drawing clear financial policies and coordination With the monetary policy and its applications and tools currently approved  and overcoming the challenges of achieving economic stability.

Al-Nusairi said in an interview with “Al-Iqtisad News“, that achieving stability in the financial system and the monetary system is not only the duty of the Central Bank alone, but rather it is a basic duty for fiscal policy and the government’s methodology in managing the economy, activating non-oil sources of national income, supporting, protecting and encouraging local production and generalizing dealing in dinars. Iraqi in all internal cash trading activities and expansion by using electronic payment methods whenever possible.

Al-Nusairi explained that entering the money market with a new challenge of monetary policy in the last month of 2022 is the rise in the exchange rate of the dinar against the US dollar from the previous price specified and targeted by the Central Bank, which is 1470 dinars for sale to the public, merchants, businessmen and importers due to international and local requirements and standards that led to The decrease in the daily rates of foreign currency sales in the window, and the exploitation of speculators and the yellow media by trying to benefit personally and harm the relative stability that was achieved during 2022.

He pointed out that the expectations of the Central Bank and the specialists for the return of the exchange rate to a state of stability needs time, which we hope will not be long, despite the daily and new measures that the Central Bank adopts in launching the first and second packages of facilities and opening up to all segments that need the US dollar in daily transactions and adjusting the exchange rate to 1,300 dinars for finance, 1,310 dinars for banks, and 1,320 dinars for the public, and the issuance of foreign transfer instructions for the year 2023

After holding a series of negotiations and agreements with the US Treasury, the US Federal Reserve, and some international correspondent banks to regulate foreign trade with China. And adherence to the standards of international banking transactions, as well as the preparations and preparations currently underway to receive the Financial Action Task Force (FATF) team on 3/31/2023 to assess the extent of implementation of Iraq’s obligations to the group’s commandments as far as it pertains to combating money laundering and terrorist financing.

He noted that the criterion approved and confirmed by the Central Bank and the specialists in achieving this is the availability of cash reserves of foreign currency exceeding 100 billion dollars and the continued flow of dollar revenues from oil sales on a daily basis according to the quantities planned to be marketed in 2023 and at the prices of the product and expected to continue at their current limits or as expected by energy experts. That prices exceed $100 due to the recovery of the Chinese economy.

Al-Nusairi believes, through economic analysis, that the decisive solution to control the money market is to find immediate and strategic solutions to the complex and accumulated challenges and repercussions that the Iraqi economy suffers from, for systematic and structural economic reasons, and for the government agencies concerned to stimulate and activate the productive economic sectors, which official data indicate that the percentage of the contribution of the agricultural sector

The industry in the gross domestic product does not exceed 4.77% and 1.67%, respectively, which are very weak percentages, just as the 2023 budget has not had its features and indicators clear yet, and we expect that it will not be approved before the end of April of this year.

And the statistics announced by the Ministry of Planning on the numbers of the population and their classifications, especially the youth group within the working age, which constitutes up to 60% of the total population, and the high poverty rate at a rate of 25% and exceeded 40% in some southern governorates such as Nasiriyah, Maysan and Muthanna, and the high unemployment rate at an average rate exceeding 31% of Those who are able to work with a clear deficit in the balance of payments and the rise in the inflation rate to more than 7%, which led to a state of stagnation and economic contraction, is considered one of the most prominent greetings of monetary policy and requires support and support for the plans and procedures of the Central Bank, clarity of financial policies and continuous coordination with monetary policy.

 Al-Nusairi concluded his speech by saying that the methodology of advancing and reforming the Iraqi economy and achieving economic growth and stability in 2023 requires exceptional efforts, programs, mechanisms and governmental procedures in partnership with the private sector and specialized national competencies, and the most important thing is sincere and real intentions for change towards the desired economic advancement. With an emphasis on supporting, developing and classifying the banking sector as the first basic link in the economy.LINK


Courtesy of Dinar Guru

Walkingstick  [via Frank26]  The article that is about to come out will deal with depictions [Of the new small category notes]…visual aids.  They will also give them descriptions – security features, size, the number of notes to be released, denominations, the category of the denominations, colors.  Everything that they put on these new small category notes is all about Iraqi history…They will explain to them how to do the exchange from the large 3-zero notes to the new small category notes and coins/fils…They will talk about how this will affect the market place.   [Post 1 of 2….stay tuned]

Walkingstick   [via Frank26]  They will explain to them in detail…purchasing power…and how to use it in their markets. The pricing in the markets will have to be adjusted and will be explained…They will be made aware of the time frame to exchange from the higher notes to the lower notes and any co-existing of currency…The wiring of currency outside of their country to wherever they want will be explained to them in details…BTW All of this is going to be in that article in the coming days…Anything on the banking services there will be a slew of articles coming very soon…All of this monetary reform education is for the citizens of Iraq and not for the investors… [Post 2 of 2]

March 8, 2023

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