Minggu, Juli 15, 2007

Iraqi dinar appreciates following IMF recommendations

Dr. Khalid Ali, of the Center of Studies and Economic Researches, said, "The most important development this year is the continuing decline in the value of the dollar against the dinar, to its lowest level, 1250 to the dollar, from 1500 dinars a year a ago. The reason for this is the firm policy of the government in implementation of recommendations by the International Monetary Fund in return for extinguishing of Iraqi debt."

Referring to the government's decision on July 1 to raise the current price of fuel following the recommendations of the International Monetary Fund, he said, "One of the necessary ways to counter the negative impact of rising fuel prices is lower interest rates and increased economic growth, allowing citizens to borrow money from banks for construction of housing units or to buy real estate." (Source)Brian Hall

Kamis, Juli 12, 2007

The minister licensed 50 construction projects with investments estimated at 24.160 billion Iraqi dinars. $1 equals to 1260 Iraqi dinar

Iraqi Industry Ministry granted 160 licenses to establish industrial projects for different industrial sectors in Iraq last June, a ministry statement said on Tuesday.

"The ministry has granted 160 licenses to establish a number of industrial projects fell under sectors of food, textile, construction, chemical, and mineral industries," the ministry said in a statement.(Source)VoiceOfIraq

Iraq economic & strategic outlook banking sector

This is due to the fact that bank branches are currently executing only limited transactions. Reforms in the sector are and will not only be limited to establishing new banks but also to restructure, revive and privatize already existing banks. Moreover, payment systems, trade finance and retail banking are going to be overhauled. Restructuring the sector is seen as a major objective of the authorities as it plays an important role in the development of the Iraqi economy.

According to latest data from CBI, the banking sector consists of the Central Bank of Iraq and 28 banks, seven of which are state owned. Generally, the banking system centers around two large state-owned commercial banks (Al Rasheed and Rafidian). Other five specialized public banks serve the agriculture, industry, real estate, trade and social sectors. The banking system in the country has a total of 542 branches, 381 of which are operated by the public sector banks.

The banking sector has been reformed through the new banking law. The law allows foreign banks to enter Iraq as branches, subsidiaries, representative offices or through joint ventures with already existing local banks. The law also allows an unlimited number of foreign banks to enter Iraq through the purchase of up to 50% of a local bank. Within this plan, CBI extended licenses to three foreign banks to operate in 2004 namely; HSBC and Standard Chartered from United Kingdom and National Bank of Kuwait (NBK). These were the first such licenses to be granted in 40 years.

On the balance sheet front, CBI data on Commercial banks’ consolidated balance sheet reported total assets had grown by more than 200% CAGR during the period 2001-05. Total assets increased from Iraqi dinar 2,339.5bn in 2001 to stand at Iraqi dinar 206,757bn in 2005. On annual basis, total assets reported 25% annual growth in 2005. As for gross credit extended by commercial banks, it continued to grow over the period 2001-05 at a CAGR of 62.9%. Gross credit has increased from Iraqi dinar 243.8bn in 2001 to surpass the Iraqi dinar trillion landmark standing at ID1,717.5bn in 2005. Generally, extended credit grew at an average of 26% for 2002 and 2003. However, extended credit increased rapidly starting 2003, and more than doubled growing at 112.9% and 108.3% for 2004 and 2005 respectively.

Historically, private sector accounted for major share of the total credit extended by commercial banks. However, high growth for 2005 was mainly due to increased credit to public institutions that grew by 231.7%. Credit to public institutions stood at a new high of Iraqi dinar 631.4bn in 2005 as compared with Iraqi dinar 190.3bn reported the previous year. Credit extended to central government grew more than eight folds to Iraqi dinar 135.8bn up from Iraqi dinar 14.1bn reported for 2004. Such growth in credit to both public institutions and central governments has increased their total contribution to 36.8% and 7.9% of total credit in 2005. Finally credit extended to Private sector maintained the largest share of 55.3% in 2005.

Demand for dollar, exchange rate stable in daily iraqi dinar auction

In its daily statement the bank said it had covered all bids, including $15.725 million in cash and $49.370 in foreign transfers, at an exchange rate of 1,249 dinars per dollar, the same as yesterday.

None of the banks that participated in Wednesday's auction offered to dollars.

Ali al-Yasseri, a trader,said that stability in the auction for the third session in a row is due to stability in the exchange rate, which has made banks act in an ordinary way.

The Iraqi Central Bank runs a daily auction from Sunday to Thursday. (Source)VoiceOfIraq

MULAI HARI JUM'AT TANGGAL 14 NOV 2008, KAMI MEMBUKA LAYANAN PEMBELIAN DINAR IRAQ

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