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6ly410

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  1. International Development Bank opens a branch in the UAE international development bank logo https://economy-news.net/content.php?id=27116 banks Economy News - Baghdad The International Development Bank announced that it had obtained a license from the UAE Central Bank to open a branch in Dubai. The bank said in a press statement, "The International Development Bank obtained a license from the UAE Central Bank to open a regional branch in the Emirate of Dubai and under the umbrella of the Central Bank of Iraq, which is the first private bank in the United Arab Emirates to be a center and a starting point for strengthening joint cooperation between the two countries and stimulating financial and commercial exchange." To serve the Iraqi economy in its public and private sectors. Views 175 Date Added 01/14/2022
  2. 01/14/2022 11:34 Al-Kazemi’s government: Iraq is witnessing financial space and the ability to pay debts https://almasalah.com/ar/news/221089/حكومة-الكاظمي-العراق-يشهد-فسحة-مالية-وقدرة-على-تسديد-الديون Baghdad / Obelisk: The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, Friday, January 14, 2022, that lifting Iraq from the list of high risks encourages the entry of capital into the country, while noting that Iraq's financial rating is high and has the ability to pay off debts and confront them. Saleh said, in a press statement, that the external debt situation is comfortable and decreasing, and there is a financial space in Iraq at the present time, indicating that the amount to be paid does not exceed 20 billion dollars, and this has allocations in the budget. He added that Iraq's rating is high, and this rating did not come from a vacuum and we have the ability to pay off debts and confront them, noting that the neo-liberalism in the world has liberated the economies of the world, including Iraq, so liberating the economy and financial transfer in the world daily is about 5 trillion dollars, and these exchanges include problems economic crimes, money laundering, and others. He pointed out that Iraq was infected with suspicions of money laundering due to the occupation of ISIS, which is a terrorist force and has external financing, and after its expulsion, the liquidation of its tails and the regulation of the atmosphere, the international community and, before it, the European Union, wanted reassurance that Iraq is free of money laundering. He stressed that Iraq has proven that it is free of money laundering and has been raised from the list of high risks to natural, and this is a very important matter that gives freedom and liberalism to banks to work in global environments, the ability to immunize, interest and low cost, which encourages the entry of capital into the country without problems, and this is positive for the benefit of Iraq. And the Ministry of Foreign Affairs announced, last Monday, that the European Union removed the name of Iraq from the list of countries with risks regarding the fight against terrorism and money laundering
  3. Al-Kadhimi’s Advisor: Iraq currently has a fiscal space Today, 13:03 Baghdad-INA The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, that removing Iraq from the list of high risks for money encourages capital entry into the country, while noting that Iraq's financial rating is high and has the ability to pay off debts. The external debt situation is good and decreasing, and there is a fiscal space in Iraq at present time, noting that the amount to be paid does not exceed 20 billion dollars, and has allocations in the budget, Salih told the Iraqi News Agency (INA). He added that "Iraq's rating is high, as we have the ability to pay off debts," noting that "the neo-liberalism in the world liberated the world's economies, including Iraq, so liberating the economy and financial transfer in the world daily is about 5 trillion dollars, and such exchanges include financial problems, economic crimes, money laundering, and others.” Salih also stressed that "Iraq has proven that it is free of money laundering and has been removed from the list of high risks, and this is a an essential matter that gives freedom and liberalism to banks to work in global environments, the ability to immunization, attention and low cost, which encourages the entry of capital into the country without problems, and this is positive step for Iraq.
  4. ERBIL, Kurdistan Region - Iraq has been taken off the European Union’s list of countries at high risk of money laundering and financing terrorism, the EU’s ambassador to Baghdad said on Sunday, noting that the move will pave the way for further cooperation and investment. During a meeting with the Iraqi Prime Minister Mustafa al-Kadhimi, the EU Ambassador to Iraq Ville Varjola told the premier that Iraq has made it off the list of countries at high risk of money laundering and financing terrorism, a move later confirmed by a statement from Kadhimi’s office. Varjola then took to Twitter to share the news, saying that it will "pave the way for deepening cooperation and investment." Bringing the good news today to HE Prime Minister Mustafa al-Kadhimi that Iraq has been taken off the list of countries at high risk of money laundering by the EU. Will pave the way for deepening financial cooperation and investment. pic.twitter.com/zoBYRKfqh1 — Ville Varjola 🇪🇺 🇮🇶 (@EUAmbIraq) January 9, 2022 Iraqi Prime Minister Mustafa al-Kadhimi welcomed the EU's decision in a tweet on Monday, saying that "the decision of the EU to delist Iraq from the list of high risk countries on AML/CTF is a manifestation of our effective diplomatic efforts." Kurdistan Region Prime Minister Masrour Barzani also welcomed the decision. "In recent years, the KRG [Kurdistan regional Government] and the federal government in Baghdad have worked together with our partners in the international community to target the financing of terrorism and criminal networks, including illegal currency auctions and informal money service businesses," Barzani said on Monday evening. Iraq was added to the list in 2016. In 2019, the EU named Iraq on the list of 23 countries that “have strategic deficiencies” in their anti-money laundering and counter-terrorist financing laws. The aim of the list was to protect the EU's financial systems by “better preventing money laundering and terrorists financial risks,” the statement by the European Union commission read alongside the list. Iraqi Prime Minister Mustafa al-Kadhimi had previously called on EU member states to remove Iraq from the list, which can restrict the transfer of finances between countries and hinder private enterprises. On a trip to Brussels in July, Kadhimi met with the president of the European Commission, Ursula von der Leyen, telling her that Iraq was seeking European support to be removed from the Commission's list of high-risk countries. The prime minister’s efforts followed the decision of his cabinet in October 2020 to introduce its White Paper, a series of economic reforms which include financial, economic and institutional changes to the country’s oil, electricity, agriculture, and education sectors, as well as tackling waste and corruption. "We will continue working diligently to serve our national interests, and achieve Iraq's deserved status," the prime minister added. The move from the EU came after the UK removed Iraq in April from the list of countries at high risk of money laundering. The Iraqi Central Bank at the time welcomed the decision saying that it "positively reflected in facilitating business and entering companies between the two countries, as well as supporting financial operations between the Iraqi banking sector and the United Kingdom." Corruption is rife in Iraq and an estimated $150 billion has been taken out of the country since 2003. Updated at 7:57 pm
  5. The Central Bank of Iraq takes a decision to improve the performance of banks that are not committed to its reform plan https://cbi.iq/news/view/1908 The Board of Directors of the Central Bank of Iraq hosted, during its session on 12/29/2021, the President of the Association of Iraqi Private Banks and his two deputies. His Excellency the Governor, Mr. Mustafa Ghaleb, presented the conditions of the banking sector in light of the reform plan adopted by the Central Bank in early 2021 to reform the sector and the directions of the Board of Directors to take corrective administrative measures for the purpose of compliance by some banks with the controls and instructions before proceeding with legal procedures against them. The attendees supported this approach to ensure that the banks improve their financial conditions and avoid the effects resulting from their negative performance and its reflection on the reputation of the banking sector, despite granting them sufficient periods to improve their conditions and perform their obligations. The Board decided to stop all banking operations and activities of these banks, while giving them a deadline of three months to improve their performance and secure the necessary liquidity to fulfill their obligations and increase their capital to the required limits. It was stated in the Board of Directors’ decision that banks that are unable to secure what is required of them must merge with other banks, and in the event that the above is not met, the license will be withdrawn and legal measures will be taken against it. Central Bank of Iraq information Office 2021/12/29
  6. 12/21/2021 16:31 https://almasalah.com/ar/news/220168/البنك-المركزي-يعلن-رسميا-استكمال-دفع-تعويضات-الكويت The Central Bank officially announces the completion of the payment of compensation to Kuwait Baghdad / Obelisk: The Central Bank of Iraq announced, on Tuesday, December 21, 2021, the completion of the payment of compensation for the State of Kuwait. The Central Bank said in a statement received by Al-Masala that the last remaining installment of Kuwait’s compensation amounting to 44 million dollars has been completed, and thus Iraq has completed the full payment of the compensation amounts approved by the United Nations Compensation Committee of the UN Security Council under Resolution No. 687 of 1991, A total of 52.4 billion US dollars for the State of Kuwait. It is hoped that ending the payment of compensation, according to the statement, will contribute to removing Iraq from Chapter VII, as well as its impact on re-integrating the Iraqi banking system with the global banking system and benefiting from the financial abundance that will be achieved. The UN Compensation Committee was formed in 1991, obligated Baghdad to pay $ 52.4 billion in compensation to individuals, companies, governmental organizations and others who incurred losses resulting directly from the invasion of Kuwait. Iraq stopped making payments in 2014 during the war on ISIS, which took control of large parts of the country, but resumed payments in 2018.
  7. Iraq announces the final closure of the Kuwaiti compensation page 3https://shafaq.com/ar/اقتصـاد/العراق-يعلن-طي-صفحة-تعويضات-الكويت-نها-يا Shafaq News/ The Central Bank of Iraq announced, on Tuesday, the completion of the last remaining installment of Kuwait's compensation, amounting to 44 million dollars. The bank said in a statement received by Shafak News Agency, "The payment of the last remaining installment of the State of Kuwait's compensation amounting to $44 million has been completed." He continued by saying, "With this, Iraq will have completed the full payment of the compensation amounts approved by the United Nations Compensation Committee of the UN Security Council under Resolution (687) for the year 1991, with a total of (52.4) billion US dollars for the State of Kuwait." He added, "It is hoped that ending the payment of compensation will contribute to removing Iraq from Chapter VII, as well as its impact on reintegrating the Iraqi banking system into the global banking system and benefiting from the financial abundance that will be achieved." In 1991, a UN Compensation Committee was formed, obligating Baghdad to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others, who incurred losses resulting directly from the invasion and occupation of Kuwait. Iraq had stopped making payments between 2015 and 2017 during the war against ISIS, which controlled a third of the country, but it resumed in 2018. Iraq was paying the amount of compensation to a UN fund established under the name of the United Nations Compensation Fund, through a percentage of oil sales.
  8. The Central Bank announces the completion of Kuwait's compensation Posted 1 minute ago Add a comment news source / Iraqi media news agency "conscious""Baghdad / h. g https://iraqakhbar.com/3416170 Today, Tuesday, the Central Bank of Iraq announced the completion of the payment of compensation for the State of Kuwait. And the Central Bank said in a statement received by (Iraqi Media News Agency /) that “the payment of the last remaining installment of the State of Kuwait’s compensation amounting to (44) million US dollars has been completed, and thus Iraq has completed the payment of the full compensation amounts approved by the United Nations Compensation Committee of the Security Council.” International Resolution No. (687) for the year 1991, with a total of (52.4) billion US dollars for the State of Kuwait
  9. The Central Bank announces the preparation of a study of the currency structure project and warns against changing the exchange rate https://iraqakhbar.com/3408042 Baghdad / h. g Today, Tuesday, the Central Bank of Iraq announced that it had prepared a draft currency structure study, while determining the negative effects when the dollar was re-exchanged to 1200 dinars. And the bank said in a statement that it was followed by (the Iraqi Information News Agency /) that “the Central Bank has completed the preparation of a draft currency structure study,” noting that “the timing of the implementation of the project depends on the bank’s policy and the political and economic conditions of the country.” He added, "The bank has no intention of issuing new denominations of the currency," noting that "continuing to provide new banknotes to compensate for the damaged banknotes." And about the negative effects caused by re-exchange of the dollar to 1200 dinars in the event that the next House of Representatives issues a decision to do so, the bank confirmed that “this will affect negatively and will lead to the exchange rate in the parallel (local) market getting out of control and consequently sharp fluctuations in the exchange rate that lead to to harm the interests of citizens and projects,” noting that “this will cause a destabilization of confidence in the stability of the financial system in Iraq, and such a decision will lead to the exit of local investment and production projects from competition, and thus exacerbate the unemployment crisis as a result of those projects stopping work.” He continued, "The increase in the exchange rate led to an increase in the competitiveness of the local product and thus an increase in its market share, as well as a reduction in expenditure pressure on the Ministry of Finance by 23%, which enabled the Ministry of Finance to overcome the crisis resulting from the drop in global oil prices during 2020 and the first months of 2021." He explained that "this also led to an increase in the flexibility of public finances to carry out the necessary structural reforms to achieve financial sustainability in Iraq." And on the central bank’s foreign currency reserves, the bank stated that “the volume of the total foreign reserves during the month of December 2021 amounted to 63.793 billion dollars,” noting that “the volume of net foreign reserves during the current month reached 59.980 billion dollars.”
  10. Mon 13-12-2021 18:27 PM CBUAE, Iraq sign MoU to enhance joint cooperation in banking supervision https://www.wam.ae/en/details/1395303002675 ABU DHABI, 13th December, 2021 (WAM) -- The Central Bank of the UAE (CBUAE) and the Central Bank of Iraq (CBI) has signed a Memorandum of Understanding (MoU) on 12th December, to enhance cooperation on banking supervision matters. The MoU covers three main areas, including control and supervisory issues, the exchange of supervisory information, and strengthening bilateral co-operation on training workers and upgrading the professional skills of both parties, in addition to technical assistance and knowledge exchanges. The MoU was signed by Khaled Mohamed Balama, Governor of the CBUAE, and Mustafa Ghaleb Mukheef, Governor of the CBI. Under this agreement, the Central Bank of the UAE and Iraq will exchange information and communications during licensing processes and on-going supervision of banks and other financial institutions operating in both countries, in an effort to ensure effective cross-border supervision, while maintaining the complete information confidentiality. Commenting on the MoU signing, Balama, Governor of the CBUAE, said, "At the CBUAE, we are keen to strengthen co-operation with our counterparts in the CBI to achieve common goals in enhancing banking supervision, and exchange the necessary information to advance the interests of both parties to protect our financial systems." Mustafa Ghaleb Mukheef, Governor of the CBI, said, "We believe that the time has come to raise the level of financial and banking relations between the two countries in proportion to the volume of trade and investments between us, as well as to enhance joint co-operation to address the challenges facing the banking sector." WAM/Amjad Saleh
  11. Iraq, UAE sign MoU on Banking Supervision 14th December 2021 in Iraq Banking & Finance News https://www.iraq-businessnews.com/2021/12/14/iraq-uae-sign-mou-on-banking-supervision/ The Central Bank of the UAE (CBUAE) and the Central Bank of Iraq (CBI) have signed a Memorandum of Understanding (MoU) on 12th December, to enhance cooperation on banking supervision matters. The MoU covers three main areas, including control and supervisory issues, the exchange of supervisory information, and strengthening bilateral co-operation on training workers and upgrading the professional skills of both parties, in addition to technical assistance and knowledge exchanges. The MoU was signed by Khaled Mohamed Balama, Governor of the CBUAE, and Mustafa Ghaleb Mukheef, Governor of the CBI. Under this agreement, the Central Bank of the UAE and Iraq will exchange information and communications during licensing processes and on-going supervision of banks and other financial institutions operating in both countries, in an effort to ensure effective cross-border supervision, while maintaining the complete information confidentiality. Commenting on the MoU signing, Balama, Governor of the CBUAE, said: "At the CBUAE, we are keen to strengthen co-operation with our counterparts in the CBI to achieve common goals in enhancing banking supervision, and exchange the necessary information to advance the interests of both parties to protect our financial systems." Mustafa Ghaleb Mukheef, Governor of the CBI, said: "We believe that the time has come to raise the level of financial and banking relations between the two countries in proportion to the volume of trade and investments between us, as well as to enhance joint co-operation to address the challenges facing the banking sector."
  12. Central Bank: Iraq has become attractive to investment Monday 13th December 2021 Baghdad: morning https://alsabaah.iq/58821/البنك-المركزي-العراق-أصبح-جاذبا-للاستثمار The Governor of the Central Bank of Iraq, Mustafa Ghaleb, said that all indicators of the Iraqi banking sector are on the rise, indicating that Iraq has become an attractive arena for investment. A statement by the Central Bank, received by {Al-Sabah}, stated that the Governor of the Central Bank of Iraq, Mustafa Ghaleb, “opened the activities of the Iraqi banking week in the Iraq Pavilion at Expo Dubai 2020, in the presence of the head of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, and the head of the Association of Iraqi Private Banks, Wadih Al-Handal, and a number of managers.” The two years in the Central Bank and the heads of the banks’ boards}. The Governor of the Central Bank said: {The launch of the activities of the Banking Week in the Iraq Pavilion contributes greatly to the openness of the Iraqi banking sector to the Arab and international world}, indicating that {the supervision of the Central Bank contributed significantly to the development of the banking sector.} He added, "There are many Iraqi banks that have begun to expand outside Iraq, and this is what made them obtain good ratings by the competent financial institutions," noting that "Iraq today has become an attractive arena for investments and requires an effective banking sector to keep pace with these investments." He pointed out that {all indicators of the Iraqi banking sector are on the rise, and this is a good indicator for the outside world, of the need to open up prospects for cooperation with the Iraqi banking sector}. On the other hand, the head of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, praised the central bank's policy that contributed to the development of the banking sector. Al-Hamidi said, "The Governor of the Central Bank of Iraq and the Chairman of the Board of Governors of the Arab Monetary Fund, Mustafa Ghaleb, are now working to ensure the openness of the Iraqi banking sector to Arab and foreign banks," noting that we "praise the measures taken by the Central Bank of Iraq." The head of the Association of Iraqi Private Banks, Wadih Al-Handal, also confirmed that “the event of the Iraqi Banks Week in the Dubai Expo represents an important sign and a very strong beginning to revitalize banking relations with the outside world,” noting that “the banking sector today represents a major point in the development of the economy. Country}. And he indicated that {the participation of banks and electronic payment companies in the activities of the Banking Week represents a strong and clear message to the world}, explaining that {Iraq is witnessing an openness carried out by the private sector, and the state must protect it and facilitate its tasks}. It is noteworthy that the Iraqi Banks Week, at Expo Dubai 2020 includes many banking activities, informing the public about the banking services provided by banks, as well as holding bilateral meetings between Iraqi banks and banks operating in the United Arab Emirates.
  13. ERBIL, Kurdistan Region - Iraq’s foreign currency reserves have risen by more than $10 billion as a result of higher oil prices, an official source told the state-owned newspaper on Monday. The Iraqi central bank’s reserves have increased from $51.9 to $64 billion "due to a rise in the oil markets," an anonymous source from the bank told al-Sabah newspaper. Record low oil prices during the pandemic last year contributed to a financial crisis in Iraq, but a recent boost in the oil market and the central bank’s decision in December to devalue the dinar have eased the crisis as the Iraqi government depends on oil revenues to cover its costs and pay the salaries of its civil servants. Iraq exported over 98 million barrels of crude oil last month, bringing in $7.590 billion, the oil ministry said in its monthly report. In October, it increased exports by more than four million compared to the month before. Iraq is one of the most corrupt countries in the world. In April, Prime Minister Mustafa al-Kadhimi said the government has “succeed in stopping the waste of money and corruption in the notorious central bank auction.” Last year, the government announced a series of economic reforms titled the White Paper which includes financial, economic and institutional reforms. The White Paper makes it clear that the causes of Iraq’s economic and financial woes date back several decades, providing a detailed outline of the factors that have distorted the country’s economy and its failure to keep pace with the economic developments the world has witnessed.
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