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Sunday, May 6, 2018

DINAR IRAQ & DONG VIETNAM UPDATE, 6 MAY

Rafidain Bank opens a new branch in Baghdad to provide financial facilities Shafaq News / Rafidain Bank announced the opening of a branch in the Husseiniya area east of Baghdad to provide banking services to citizens. The bank’s information office said in a statement today that the bank’s general manager Khawla Taleb Jabbar had opened a new branch in the Husseiniya area east of the capital, which would contribute “significantly” to revive the economic movement of the judiciary and ease the burden of employees and retirees in receiving salaries. Banking provides citizens with “the best” financial services to them. The statement revealed the existence of a plan for the bank to open a number of branches in the coming days.
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International Monetary Fund supports Iran’s move to unify the exchange rate of the riyal 4th May, 2018 The Iranian government will need to speed up economic reforms, including plans to reform its entire banking system, if US President Donald Trump withdraws from the international nuclear deal Iran signed with international powers 2015 “The prospect of a US withdrawal from the nuclear deal will increase uncertainty, and uncertainty will require some measures to ensure market stability,” said Jihad Azour, director of the Middle East and Central Asia Department at the International Monetary Fund in an interview with Bloomberg.

 More recently, speculation about the US withdrawal from the nuclear deal has added mounting pressure on Iran’s economy, which has pushed the price of the Iranian riyal to record lows According to Azour, policy makers in Iran need to solve the problems of the banking system in the country, which imposes difficulties on loans to small and medium enterprises. The fund consistently urges the Iranian authorities to recapitalize and structure Iranian banks Azour said earlier that Iran’s decision last month to unify the currency exchange rate in both the official and free markets to support the riyal was “a step in the right direction.”

 The riyal has lost almost half of its value since September, partly because of fears that the United States will emerge from the nuclear deal Iranian authorities said last month they were consolidating the official exchange rate of the riyal and its price in the free market for a flat rate of 42 thousand riyals against the US dollar. Azour believes that this unification “helps to eliminate distortion and improve the competitiveness of the economy.
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National Bank announces the completion of the electronic system for the completion of transactions The head of the National Retirement Authority, Ahmed Abdul Jalil, announced the completion of the electronic system for the completion of the pension transactions, indicating that the system, which was under examination for 3 months before completion will contribute to the end of the paper transaction and electronic management, which develops the work significantly and provides effort and time and accuracy in the process Transactions. 

Abdul Jalil said in a statement the success of the experimental phase of that system and that the next stage will see the deployment of the system to the state departments so that the latter to send pension transactions to the retirement services, which in turn completed and send salaries to banks electronically. He said that the system will provide a complete database of retirees, which prevents the loss or damage to the transactions of retirees.

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