A rise in prices in Iraq by 5% compared to 2012

The Ministry of Planning on Tuesday, report the price increase in Iraq by 5%, while noting that the inflation index also rose during the month of April.

The spokesman of the ministry Abdul-Zahra al-Hindawi said in a statement received by Alsumaria News, a copy of it, “The Central Bureau of Statistics completed the report of the figures for the prices of the property for the month of April 2017, the adoption of 2012 base year of the calculation instead of 2007 as the year that the implementation of the socio-economic survey of the family In Iraq, a year represented by changes in the level of living for the family and the structure of household consumption and economic situation in the country by about a year, “noting that” the survey of prices for the month of April and included for the first time Salah al-Din after a stop since June 2014, while not include the provinces of Anbar and Nineveh Because of the prevailing conditions.”

Al-Hindawi added that “the rise in prices of food and non-alcoholic beverages came as a result of the high prices of bread and cereals by (0.5%) due to the high prices of rice and the increase in the prices of vegetables group by (13%) due to higher prices of tomatoes and higher prices of sugar, sugar and non- (0.1%) each, “adding that” the prices of meat and fish saw a decline in prices ranged between (0.7%) and (1.2%), and the prices of groups of milk, cheese, eggs, oils, fats and fruits and other food products as well as clothing and shoes, (0.7%) and (2.5%)”.

“Prices of housing and tobacco increased by 0.3-0.4 percent. The prices of equipment, furniture, household equipment, health, transport, communication, education and restaurants were also slightly lower in prices by 0.5 percent,” he said. Entertainment, culture, goods and services at their prices.”

He attributed the rise in the annual inflation rate during the month of April compared to the same month of the previous year in 2016 and by 1% to the increase in prices of food and non-alcoholic beverages by 0.6% and the increase in prices of the tobacco section by 6% (2.5%), “pointing out that” the index of consumer prices reached during the month of April (105.1%), reflecting the general price increase rate (5.1%) compared to 2012.”

He pointed out that “the basic inflation rate witnessed a decline during the month of April by (0.2%), and rose by the same percentage compared to April 2016.”

The Central Agency for Statistics and Information Technology announced earlier that it will start using the mechanization in collecting the different prices and at specific times in place of the paper form in force previously, stressing that this will contribute to the speed of collection and accuracy of prices and correct the calculation in case of errors.



Iraqi banks introduce new products

The public and private banks, caused a quantum leap in the world of banking, by offering the best new products and services, to serve the citizen, according to financial expert Thamer al-Azzawi, who found that these steps are consistent with the economic reforms developed by the government.

Al – Azzawi said in his statement to the “morning” that the new banking operations carried out by banks, achieve the aspirations of the public to keep up with the global banking industry, as well as the provision of services that will restore the confidence of the citizen in this vital sector. He urged the concerned authorities to banks in greater support, through laws, legislation and financial facilities, to facilitate their work and achieve the intervention of the economic cycle of the country’s earnings.

The public banks to provide services and products to the public, including loans to state employees through the Rafidain and Rasheed banks, as well as services provided by the Trade Bank of Iraq, housing loans and commercial loans, as well as other banking products. al – Azzawi said that the Iraqi banking sector achieved a good reputation globally and regionally, through several awards for government banks, as well as obtaining a certificate of quality (ISO), at (TBI), which seeks to strengthen Iraqi banks position globally through the sale of government bonds. Trade Bank of Iraq got two awards from “The Banker Middle East” Foundation as the best commercial bank and best management campaign for the launch of the new identity of the bank in the UAE. The Banker Middle East magazine high – level affairs on news of the banking industry in the Middle East, where the awards were handed over in the presence of a number of international companies. al – Azzawi said that new products and services offered by banks and revive the Iraqi economy, gradually to deal with the financial liquidity experienced by the banking sector first, the national economy the second.



Working with 50 banks on the establishment of the Development and Investment Fund

Governor of Bank Central Ali Allaq Wednesday, confirmed that the central bank is working with 50 banks to set up development and investment fund for the granting of loans to citizens.

Allaq in an interview during the seminar, which held on “financing smaller projects” attended by ” Economy News “, that “the central bank’s working hard now with banks to set up development and investment fund through the development framework General Fund, which aims to revitalize the economy through the granting of loans to citizens as well as bring global companies”, referring to “50 banks will be involved the establishment of the fund and each bank shares with 10 million dollars for a period of four years to become the capital of the fund 2 billion dollars.”

He added that “no one else can find a way to stimulate the economy only from through smaller funding despite the problems existing in the environment of Iraq, which insists the central bank to overcome them”, adding that the “refusal of some banks to grant loans from within the initiative of one trillion dinars due to the armed and tribal threat which encountered when required banks to return the money.”

He stressed that “the bank gets a profit of 4% within the initiative of one trillion dinars, while banks in other countries if you got a profit of 1%, they do not overdo”, noting that “agricultural and industrial bankers not giving loans to citizens because of the problems many have EXCLUDE from the initiative of the Central Bank during the current year.”


Economy News Agency

Central Bank of Iraq has announced entire sale of national bonds

The Central Bank of Iraq has announced the entire sale of national bonds. CBI further added that it will be revealed on the acknowledgement of national bonds after the finalization of its printing. The Central Bank said in a statement that it was the finalization of the sale of national bonds on behalf of the Iraqi Finance Ministry and the formal value until 9th May 2017.

The Iraqi Central Bank further added that the finalization of national bond sale brings an entire run out. The CBI also said that it will be finally announced on the delivery of the national bonds after the completion of its printing. Point to be noted that the Bank issued national bonds in the month of April 2017 on behalf of the Iraqi Ministry of Finance of a trillion Iraqi dinars to finance the Iraqi general budget deficit due to massive decline in the global oil prices.

It is important that Iraqi Liberal Bloc blamed that Saudi Arabia is looking to impose an American project supposedly at the countries in the region. The MP of the Bloc, Yasser Al-Husseini said in an interview on Tuesday that the alliance shouldn’t be considered new bringing together United States and Saudi Arabia. They are trying to blend Saudi media and it is nothing, but just an attempt in creating the mobility of a regional direction the policy of Washington in the region. He also expressed distress for the Saudi Arabian position to support United States and Israel. He pointed out that Riyadh has been considered a part of an American project anticipated at Arab-Islamic countries. He also called the Arab League to take urgent step regarding the situation. He stressed that current U.S President Donald Trump is more opinionated than other former U.S Presidents.


iraq123 news

Most of Iraq’s debts are internal and not external

Prime Minister Haider al-Abadi said on Tuesday that most of the debts borne by Iraq is internal and not external, stressing that his government began to extinguish some debts despite the decline in oil prices.

Abadi said during his weekly press conference, which was attended by Alsumaria News, that “the most debt borne by Iraq internal and not external,” pointing out that “the government began to extinguish some of the debt despite the decline in oil prices.”

Abadi added that “Iraq with the continued reduction of oil prices and without this action will collapse prices,” noting that “the volume of spending, despite the reduction is still greater than revenues.”

He added that “the government continues to provide services to citizens despite the lack of exports,” stressing that “it focuses on important projects such as water and sewage allocations than previous years.”



Why Participation of Kurdistan is Essential for Iraq?

The economic adviser to the Iraqi Prime Minister Haider Al-Abadi, Muhammad Saleh has confirmed the oil agreement between Baghdad and Erbil. He added that both sides need a significant amount of understanding in finding handsome solutions. He said that Iraqi sources of oil revenues should be included by the Kurdistan regional government in the Iraqi federal budget. He pointed out that it would secure the Iraqi federal government regarding salaries of State employees and favor of social welfare salaries. Saleh added in his press statement that Kurdistan regional government should provide the account statement from one of the global marketing companies which include oil production in the fields. The volume of export and its financial revenues in preparation should be included in the oil revenues from Iraqi central and southern fields.

Saleh further added that it should be on the basis of calculation amounts of Iraqi federal budget of the State instead of getting budget just on the oil fields from central and southern provinces. He pointed out that it would be beneficial in the financial situation of the State. He added that the salaries of state employees, retirees and other benefits will be covered by the salaries of social protection network. It has been considered one of the priorities of the Iraqi government and State. He added that Iraq has been experiencing most critical and difficult conditions in the country. He also confirmed that current economic and security situation in the country is not critical as it was a couple of years ago. Now, Iraq is moving forward and its financial & economic condition is getting better due to perfect working of Iraqi government. So, there are a large number of foreign and local investors showing their interest. There are a large number of foreign companies participating in various fields in the country.


Iraqi123 News

The Iraqi government achieved a surplus of 1.8 trillion dinars in first quarter of this year

A government document Sunday revealed the Iraqi government spending during the first quarter of this year, 13.5% of the financial budget of 100 trillion dinars, stressing that the government posted a surplus of 1.8 trillion dinars.

A document issued by the Ministry of Finance got “Economy News” a copy of it, “the Iraqi government spent during the first quarter of this year, 13.5 trillion dinars from the current year budget of 100 trillion dinars,” asserting that “the state revenues during the first quarter of 15.3 trillion dinars divided into oil revenues, which amounted to 13.47 trillion dinars and non-oil revenues 1.84 trillion dinars.”

She added that “the government posted a surplus in the first quarter of 1.8 trillion dinars,” indicating that “oil revenues constitute 88%, while non-oil revenues make up 12%.”


Economy News Agency

Rafidain starts activating the e-government for citizens complaints

Rafidain Bank announced the activation of service of the citizen’s electronic government complaints of citizens.

The bank’s media office said in a statement received by the agency of all Iraq [where] a copy of it, that “the bank began activating the citizen’s electronic government complaints of citizens,” noting that “this step comes on the directives of the Secretariat of the Council of Ministers.”

“The complaint form will allow citizens to easily communicate with the bank through e-mail to receive these complaints.

He explained that the complaints will be sent to the relevant sections and answer with a specific time limit and then sent to the citizen by e-mail or telephone number.



International Federation of Arab Bankers honors four Iraqi banks

Association of private banks on Saturday announced the International Federation of Arab Bankers honored four Iraqi banks on the sidelines of participation in the forum “re-financing after Arab transitions”, which was held in the Lebanese capital of Beirut.

The head of the Association Tariq Ali in a statement / information /, “The International Federation of Arab Bankers honored four Iraqi banks different prizes during their participation forum finance reconstruction after the Arab transformations in Beirut,”

Tariq added that “the Bank of Babylon received Best Bank Award in terms of compliance with the standards of anti-money laundering and the financing of terrorism in 2017, while the Islamic National Bank won the Best Islamic Bank in Iraq Award.”

He continued that “the country’s Islamic Bank received the Excellence in Islamic Banking Award, while the International Development Bank received the Banking Excellence Award in Iraq.”


Information Agency

Banks are able to train staff on financial inclusion tools

President of the Association of private banks Wadil Handal, reveal the ability of the Association to train bank employees on the financial inclusion tools.

He said during conference banking technologies in the second day, I followed “Economy News”, “The association of private banks is ready to train bank employees on the latest information technology and the promotion of financial inclusion in the country,” noting that “private banks association is working with the Central Bank the subject of training”.

He stressed that the “Association of private banks will develop a special training program committed to promote financial inclusion tools.”


Economy News Agency