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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The Central Bank indicates two challenges with more than 130 trillion dinars facing the Iraqi econom

    Rocky
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    The Central Bank indicates two challenges with more than 130 trillion dinars facing the Iraqi econom Empty The Central Bank indicates two challenges with more than 130 trillion dinars facing the Iraqi econom

    Post by Rocky Sat 15 Jul 2023, 4:48 am

    The Central Bank indicates two challenges with more than 130 trillion dinars facing the Iraqi economy



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    2023-07-15 03:43
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    Shafaq News/ Deputy Governor of the Central Bank, Ammar Hamad considered, on Saturday, that the financial deficit in the budget and the internal debt, which amount to more than 130 trillion dinars, represent two challenges facing the country's economy.
    Hamad said in a speech during the Sixth Annual Conference on Finance and Banking Services, which was attended by the Shafaq News Agency correspondent, that the Central Bank of Iraq has an essential role to cover the economy and financial and economic stability, which this year witnessed many and many changes to contribute towards achieving stability in Iraq.



    He added that there are great opportunities for the economy, including the gross domestic product and the surplus in the budget law and international oil prices, and despite these opportunities, there are challenges, including the approval of the budget law in a very large size, with public expenditures reaching 198 trillion dinars as planned for this year, with a fiscal deficit. It amounted to 64 trillion dinars, and this in itself is a challenge for the economy and the Central Bank of Iraq in particular.
    And Hamad added that there is another challenge, which is the internal debt, which amounted to about 70 trillion dinars. The challenge is facing the monetary authority, as well as the financial mechanism for managing this debt, because it represents great pressure on the various monetary policy tools.
    He also said that in the previous edition of the conference, we mentioned the importance of electronic payment and represented it from an important performance to achieve economic growth, financial inclusion and financial depth, and we mentioned that there must be a compulsion to adopt its tools, as it was achieved this year through the great support of the current Iraqi government and efforts Launched by the Central Bank of Iraq, and as you know many of them, especially forcing public and private institutions to use electronic payment tools.
    And the Deputy Governor of the Central Bank increased by saying: We have recently witnessed a great movement by the public sector as well as the private sector in adopting electronic payment tools, and this is a very important thing for achieving economic growth and financial affairs in Iraq.
    He also pointed out that in this regard, we note that there is an increase and rise in electronic payment tools, various cards, from 6 million cards to 16 million cards, as well as an increase in the number of payment devices from 918 devices to more than 10 thousand devices.
    He noted the increase in the number of automated teller machines (ITMs) from 656 to more than 2,000, which is constantly increasing. Also, there is an increase in the number of open and active electronic wallets from 222,000 to more than 3 million, which represents a real shift for the sector.

    For his part, Representative Muhammad Nuri said in a speech on behalf of the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, during the same conference, “This conference is a prominent event that brings together academic, banking and specialists minds to come at an important time when the country is witnessing transformations and developments in the financial sector and banking services and contributes to development.” sustainable.”
    He added that "financial and banking services play an important role in the Iraqi economy, and we realize the importance of sectors in supporting the economy."
    In his speech, Mandalawi stated that "providing financing and credit for small and medium-sized companies and large projects contributes to the development of the business sector and the creation of new opportunities, which enhances economic growth and reduces unemployment, in addition to the banking sector playing an important role in improving the lives of citizens and providing banking services that are widely spread."
    He continued, saying, "We have to focus on important issues by providing financial and banking services to enhance financial stability and combat corruption by enhancing transparency and improving the financial and banking system," noting that "the conference is an important opportunity to enhance the development of offering banking and financial services, and we in the legislative authority are working to strengthen the infrastructure Banking and finance and developing modern and innovative means to serve citizens.
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