"Tidbits from TNT" Sunday PM 10-3-2021

Oct 3

TNT:

Tishwash: Al-Rafidain issues a directive regarding opening accounts for citizens to deposit their money

On Saturday, Al-Rafidain Bank directed all its branches in Baghdad and the provinces to continue receiving customers wishing to open accounts of all kinds.

The media office of the bank stated, in a statement that Mawazine News received a copy of it, that "many citizens have a great desire to open accounts for the purpose of depositing their money in the bank and obtaining interest."

The bank called on its employees to “the necessity of providing the necessary facilities for those who want to deposit their money in the banking system and benefit from the services provided by the bank through those deposits.” link

Tishwash: A British institute expects Iraq's GDP to grow by 1.7%

The Institute of Chartered Accountants in England and Wales ICAEW expected that Iraq will record 1.7% as a growth rate in real GDP for 2021.

The institute mentioned in a report on economic developments in the Middle East during 2021, which was reviewed by Shafak News Agency; It is "expected that the real GDP of Iraq will grow by 1.7 percent during 2021," noting that "the highest growth rate of GDP in the Middle East will be witnessed by Iran, at 2.8 percent, followed by Kuwait by 2.5 percent, followed by Qatar 2.4 percent, and then Saudi Arabia 2.3 percent." The most recent is the UAE, 1.6 percent.

He explained that "the growth of Lebanon's gross domestic product will witness a decline of 5.8 percent, and that the country will not recover before 15 years."

In its report, the institute added that "the future prospects for the Middle East have improved in the past few months, with the pace of recovery accelerating in the third quarter, supported by advances in vaccines, the easing of virus-related restrictions and increased oil production," expecting that "regional GDP for the Middle East will grow by 2.6%." This year".

He pointed out that “the demand for oil is trending upwards globally amid the decline in Corona virus infections, high vaccination rates, and the easing of closure restrictions, and at the same time, the OPEC + group moves oil supply trends to gradually increase production every month until December 2022, finally.” Stressing that "high oil production should provide a boost to Iraq's economy and financial resources." link

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Tishwash: Warning of a new rise in dollar prices.. Exchange offices hold the Iraqi Central responsible

Some owners of exchange offices in the Iraqi capital, Baghdad, warned on Sunday of a new rise in the exchange rates of the US dollar, blaming the Central Bank of Iraq for this rise due to the "new instructions" issued by it recently.

The owner of the "Al-Mas" exchange office in the capital, Baghdad, told Shafak News Agency, "The new instructions and pledges announced by the Central Bank a few days ago to sell the dollar to banks raised exchange rates during the past two days," noting that "the banks will find it difficult to implement and implement these instructions."

He added that "these instructions, which will be applied on October 17, will push banks and merchants to the local market to obtain the dollar instead of obtaining it from the central bank through auction," expecting "the dollar exchange rates to rise more in the coming days."

In turn, the "Al-Fahd" exchange office in Baghdad told Shafaq News Agency, "The banks will find it difficult to implement the instructions regarding the purchase of dollars for foreign remittances to finance merchants for their imports," noting that "this money constitutes more than 80% of the purchases that take place." at the bank auction.

He pointed out that "these instructions will put great pressure on the local markets, as the merchant will go to these markets to obtain the dollar to compensate for the shortage."

It is noteworthy that the Central Bank issued on September 26 new instructions for buying and selling foreign currency to licensed banks and mediation companies, which will be applied as of October 17.

In a statement, the bank indicated that the goal behind this is to maintain the stability of currency exchange rates and to abide by the requirements of the Anti-Money Laundering and Terrorist Financing Law. link

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