Iraq Economic News and Points to Ponder Wednesday Evening 3-27-24
Iraq Economic News and Points to Ponder Wednesday Evening 3-27-24
Tlm724 Administrator Bondlady’s Corner
The National Bank Of Iraq Continues Its Digital Transformation By Launching Its New Banking System And Mobile Application
Economy News – Baghdad Recognizing the importance of technology in enhancing the efficiency of operations and providing exceptional digital banking experiences to customers, the National Bank of Iraq announced its success in launching its new banking system based on the international Temenos company’s systems (Temenos – T24), which is considered the most important banking systems, in addition to launching its developed application on phones. Mobile Banking.
The National Bank of Iraq has begun implementing its operational operations based on its new banking system as of the beginning of this year. This system will contribute to improving the efficiency of operations, which reduces the time and effort expended in completing transactions and enhances their accuracy.
The system allows customers to carry out various banking transactions via... The Internet or through a mobile application, such as transferring money, paying bills, and requesting banking products.
The system will also contribute to enhancing compliance with international standards and the requirements of the Central Bank of Iraq, which enhances transparency and security in banking operations.
On the other hand, the new mobile application, which features an easy-to-use interface, is one of the most important components of the National Bank of Iraq’s digital transformation journey, as it provides customers with a wide range of banking services, such as:
account management in terms of viewing their account balances, transactions, and transferring funds, Paying bills, knowing their loan deductions, in addition to the possibility of linking the account to credit cards, while many services will soon be available, most notably; Opening accounts through the application and the ability to transfer via Western Union, in addition to many various digital services.
This step will consolidate the position of the National Bank of Iraq as a major player in the Iraqi banking sector, thanks to enabling it to provide unprecedented digital banking services and solutions that meet the advanced and growing needs of its individual and corporate clients, of various sectors and sizes, whether large companies or small and medium companies, which gives them added value.
The authorized director of the National Bank of Iraq, Ayman Abu Dhaim, confirmed that this project is consistent with the vision of the Central Bank of Iraq in supporting the banking sector and making it modern and efficient, indicating that the bank’s investment in advanced technology not only ensures compliance with the regulations of the Central Bank of Iraq, but also paves the way for the future.
Innovation and digital excellence.”, pointing to the unprecedented demand for the mobile application, which was downloaded by 40,000 customers in the first two days of its launch.
Abu Dhaim thanked the technical team that implemented the project in record time, and expressed his appreciation to Temenos International, the international supplier.
The T24 core banking system, and ITSS, a leader in the field of information technology, specializes in providing an integrated software package to meet the multiple needs of all types and sizes of companies.
In turn, the Chief Operating Officer of the National Bank of Iraq, Aqeel Ezz Al-Din, pointed out the positive impact of the new system on the bank’s performance, Stressing that the bank is working to keep pace with development and technology and establish new standards in the Iraqi banking market.
The National Bank of Iraq - headquartered in the Iraqi capital, Baghdad - was established in 1995 as a public joint stock company, and in 2005 Capital Bank / Jordan acquired the majority shares in the bank (61.85%), which enabled it to develop its products and services, and strengthen its foothold. Globally, and enhancing financial inclusion at the country level.
Thanks to this acquisition, Capital Bank - which owns a wide network of correspondent banks - provided the National Bank of Iraq with a gateway to global economies, as it facilitated sending and receiving internal and external transfers, granting credit facilities, and providing trade financing services.
The bank can also trade for the benefit of its clients in the Jordanian market and in... Global markets through Capital Investments, the investment arm of Capital Bank.
The National Bank of Iraq - with a capital of 300 billion Iraqi dinars (or the equivalent of 229 million US dollars) - topped the list of banks and banks operating in the Iraqi market at various levels.
It is considered the best private bank in Iraq in terms of growth (assets, facilities and deposits), and has won multiple international and local awards for its role in supporting and encouraging investment in Iraq, and as the fastest growing in the field of retail trade and localization of salaries for the public and private sectors, and it is the best commercial bank in Iraq.
It won the Iraqi Stock Exchange Award for its role in supporting and encouraging investment in Iraq 2021. It was also rated by the largest international financial institutions Capital Intelligence (BB) and by Moody's (B3) and rated by the Central Bank of Iraq (very good).
It should be noted that the bank’s total assets approached $2.8 billion, supported by a growth in customer deposits of about 91%, while the bank has a growing customer base that today has reached about 200,000 customers who are served through more than 1,000 employees, 30 branches, and 200 ATMs in all major Iraqi cities. In addition to a branch in the Kingdom of Saudi Arabia.
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Oil Prices Decline As US Crude Inventories Rise
3/27/2024 Mawazine News – Baghdad Oil prices fell for the second day in a row, on Wednesday, after a report on rising crude inventories in the United States, the world's largest oil consumer, and indications that major producers are unlikely to change production policy at a technical meeting scheduled for next week.
Brent crude futures for May fell 69 cents, or 0.8 percent, to $85.56 a barrel by 01:50 GMT. The May contract is scheduled to expire tomorrow, Thursday, and the most widely traded June contract fell 60 cents, or 0.7 percent, to $85.03.
US West Texas Intermediate crude futures for May delivery fell by 55 cents, or 0.7 percent, to $81.07.
US crude oil inventories rose by 9.3 million barrels in the week ending March 22, according to market sources, citing figures from the American Petroleum Institute on Tuesday. Distillate stocks also increased by 531 thousand barrels. But gasoline stocks fell by 4.4 million barrels.
The Foreign Minister Discusses With His American Counterpart Arrangements For The Sudanese Visit To Washington
Foreign Minister Fouad Hussein met with his US counterpart, Anthony Blinken, in Washington.
During the meeting, arrangements were discussed for the visit of Prime Minister Muhammad Shia al-Sudani to Washington during next April, and arrangements for holding a meeting of the Supreme Coordination Committee (HCC) and other committees emanating from the strategic framework agreement were discussed.
The two sides discussed, according to a statement by the Ministry of Foreign Affairs, the overall bilateral relations between the two countries and ways to enhance their areas in light of the strategic framework agreement, the role of the international coalition to fight ISIS, the assessment of the situation in Syria, dealing with Al-Hawl camp, and the importance of continuing the work of the Supreme Military Committee (HMC) with... Emphasizing the importance of joint efforts to combat ISIS and build the capabilities of Iraqi forces.
They also stressed the importance of continuing the dialogue between the federal government and the Kurdistan Regional Government on relevant issues, including budget and economic issues, addressing the issue of the oil export pipeline through Turkey, the importance of implementing the Sinjar Agreement to normalize the situation in the city, and addressing the issues of Yazidis, male and female, kidnapped by the terrorist organization.
The meeting discussed the work of the United Nations Assistance Mission for Iraq (UNAMI) and its vital role in vital files, as well as discussing developments in Iraqi relations with the Gulf states, especially Iraqi-Kuwaiti relations, and the importance of maintaining distinguished relations between the two countries.
The two ministers touched on the partnership between the two countries in the fields of economics, energy, security and combating terrorism, and exchanged views on the most prominent regional issues and crises and the efforts made to ease those tensions. Arrangements for holding a meeting of the Supreme Coordination Committee (HCC) and other committees emanating from the strategic framework agreement were also discussed, and arrangements for the visit of the President of the Republic. The ministers are heading to Washington to meet with US President Joe Biden next April.
Blinken expressed his aspiration for the visit of Prime Minister Muhammad Shiaa Al-Sudani to Washington to meet with President Biden in the coming weeks, and for holding a meeting of the Supreme Coordination Committee, which is an important part of the strategic framework agreement that directs the comprehensive relationship between the two countries, stressing: “Iraq is an important and extremely important partner for the stability of the region.” He
stated: “The terrorist ISIS still poses a real threat,” noting: “The attack that occurred in Moscow a few days ago reminds us that this organization is still a potentially effective force that we must continue to deal with.” https://www.radionawa.com/all-detail.aspx?jimare=37782
Al-Ziyadi: The “Automation” File Will Support The Government Economically
Iraq Wednesday, March 27, 2024 6:06 PM Exclusive / National News Center Member of the Parliamentary Investment Committee, Muhammad Al-Zayadi, confirmed today, Wednesday, that the file of automating border crossings will support the government economically.
Al-Ziyadi said in an interview with the National News Center: “The government has resorted to automating the Ports Authority, and we hope to provide all means of success for this project so that it can be implemented on the ground.”
He added, “This file will support the government and the country’s economy and will be a tributary, like oil, and depositing huge funds in the Ministry of Finance in order to support the services government,” indicating that “the success of this project depends on the solidity of the implementation of this file.”
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