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Establishing New Islamic Banks to Increase Investment: Finance Committee

Establishing New Islamic Banks to Increase Investment: Finance Committee

On Monday, the Iraqi Parliamentary Economic and Investment Commission issued a statement that the establishing new banks would improve the investment process in Iraq. Point to be noted that the Iraqi government is ready to allow anyone who needs to establish an Islamic bank. A member of the Parliamentary Economic and Investment Commission Najiba Najib issued a press statement that increasing the number of Islamic banks would help in financing major and large-scale projects. It would also give assurance to…

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Iraqi Government Not to Interfere in the Work of CBI: Saleh

Iraqi Government Not to Interfere in the Work of CBI: Saleh

The Economic Adviser to the Iraqi Prime Minister Muhammad Saleh issued a statement that the Iraqi Central Bank has taken a number of steps to stabilize the Iraqi dinar exchange rate and to maintain the hard cash reserves with positive steps and it is called as non-interference in the work of the Iraqi Central Bank and to maintain the independency of CBI. Muhammad Saleh further said in his press statement that the Article 50 of the Iraqi budget law 2015…

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CBI Approved for Adding 14 Excluded Banks for Foreign Currency Auction

CBI Approved for Adding 14 Excluded Banks for Foreign Currency Auction

On Thursday, the Iraqi Banks Association issued a press statement that the Iraqi Central Bank has approved to bring in all 14 banks which were left out in cold for currency auction. The statement also indicated that the Central Bank of Iraq has implemented most strict terms and conditions. The Executive Director of the Association Dr. Tariq issued a press statement that the Central Bank of Iraq has taken a decision about few days ago and stopped the 14 Iraqi…

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Rasheed Bank Announced to Cover Imports for Companies and Individuals

Rasheed Bank Announced to Cover Imports for Companies and Individuals

On Wednesday, Rasheed Bank announced that the launching of imports identifies individuals and companies dealing in foreign currency service. The General Director of Rasheed Bank Abdel Wahab Abdul said in his press statement that this major step has been taken to provide support for our economy by managing the commercial activities of the traders. The Rasheed bank is looking to pay the value of imported goods from foreign countries and their currencies. Rasheed bank’s General Director Abdel Wahab further added…

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Launching Liquidity to Maintain U.S Dollar Exchange Rate: PM Adviser

Launching Liquidity to Maintain U.S Dollar Exchange Rate: PM Adviser

The Economic Adviser to the Iraqi Prime Minister Muhammad Saleh issued a press statement that Iraqi government needs instability of the U.S dollar exchange rates in the Iraqi domestic market, and to stabilize the Iraqi dinar exchange rate against major currencies. He also added that the high rise of the U.S dollar in the Iraqi local market was due to maximum daily auction sales limit of 75 million dollars, lower oil prices and smuggling problems. The Iraqi Central Bank announced…

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New Iraqi Bank Notes Will Reduce Demand of U.S Dollar: Finance Committee

New Iraqi Bank Notes Will Reduce Demand of U.S Dollar: Finance Committee

A member of the Iraqi Parliamentary Finance Committee Jabbar Al Abadi credited to the Iraqi Central Bank regarding currency strength of characters in the categories of 50 thousand and 100 thousand Iraqi dinars, to decrease the demand of the U.S dollars. Jabbar said in his press statement that the Iraqi Central Bank would issue new Iraqi dinar currency of large categories of 50 thousand and 100 thousand Iraqi dinars to cut back the demand of U.S dollars and foreign currencies,…

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Iraq Decided to Impose Taxes on All Outlets: PM Adviser

Iraq Decided to Impose Taxes on All Outlets: PM Adviser

The Economic Adviser to the Iraqi Prime Minister Muhammad Saleh issued a statement that the Cabinet recently made a decision to impose taxes from the month of August. He pointed out that Iraqi government has an opportunity for reorganizing its own affairs regarding unity of taxes on its all crossing points on the Iraqi border. Saleh also added in his statement that there are a number of problems in the customs, and the most important is about the existing custom…

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Major Steps To Support Iraqi Private Banks

Major Steps To Support Iraqi Private Banks

On Saturday, the Parliamentary Economic Commission that Iraqi private banks experiencing financial shortage problem and the Iraqi government should support in order to manage this problem. A committee member Ahmed Salim said that there are a number of opportunities that can be explored to facilitate for private banking sector, including investment because we are modifying the Law No. 13 in order to bring foreign investment in the country. The country is directly linked with its economical situation. He further said…

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