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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.
  14. (The Central Bank of Iraq announces the suspension of the automatic deduction of Kuwait’s compensation) December 09, 2021 https://cbi.iq/news/view/1891
  15. Iraq announces the suspension of the automatic deduction for Kuwait's compensation Posted 2 hours ago 06:25 – 09/12/2021 https://iraqakhbar.com/3401970 Baghdad - Mawazine News , the Central Bank of Iraq announced the suspension of the automatic deduction of Kuwait's compensation. And the bank stated in a statement received by Mawazine News, a copy of it, that it “announces the termination of all necessary banking arrangements with the US Federal Reserve to stop the automatic deduction of Kuwait’s compensation from Iraqi crude oil export revenues .” He stressed the possibility of paying the entire remaining amount of compensation before the end of the current year 2021 to end this file. Ended 29 / h
  16. https://al-iraqinews.com/archives/204012 Conscious / an economist reveals the date of launching the budget next year December 6, 2021 9 Views Conscious / Baghdad / g. NS The economic expert, Wissam Al-Tamimi, said today, Monday, that the exchange rate of the dollar against the Iraqi dinar will remain at the number currently circulating during the next year, warning against taking advantage of some weak-minded people to go towards raising the price of fuel and the power of electricity. Al-Tamimi said in an interview carried by (the Iraqi Media News Agency / INA) , that "the general budget for the next year will not see the light before the formation of the new government, which will take approximately six months to be born after the approval of the election results." He added, "The current government, which prepared the 2022 budget, has not developed any plans to reduce the exchange rate after the benefits it achieved from raising it at the end of last year, and therefore the exchange rate will remain unchanged without any change in the next year's budget." And he indicated that "the inflation rate for the current year rose by only 7.4%, after raising the exchange rate of the dollar, but it will rise significantly and quickly also in the event that the government raises fuel prices, in addition to the generator owners raising the price of amps, taking advantage of the lack of control over their work." .
  17. The Governor of the Central Bank discusses with the British Ambassador banking cooperation Posted 4 minutes ago news source noon agency https://iraqakhbar.com/3397737 On Monday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokheb, discussed banking relations and ways to develop them, with British Ambassador to Baghdad Mark Bryson. A statement by the bank, which was received by Noon news agency, stated that "he met the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, the British ambassador in Baghdad, and they discussed banking relations and ways to develop them." He added, "The governor welcomed the opening of branches of British banks in Iraq and the opening of opposite accounts to facilitate trade exchange between the two countries." For his part, the ambassador stressed, according to the statement, "the necessity of banking cooperation and providing technical assistance to the Central Bank of Iraq, especially in the field of financial digitization." The statement continued, "The ambassador also touched on the white paper document, economic reform, and the priorities for implementing this plan, as the governor emphasized the implementation of reforms regarding the automation of border crossings, customs and taxes." The statement concluded, "The ambassador praised the new building of the Central Bank, as the governor invited him to attend the opening ceremony of the building upon its completion."
  18. Sadr claims largest bloc, promises nationalist government 7 hours ago Dilan Sirwan https://www.rudaw.net/english/middleeast/iraq/12102021-amp?__twitter_impression=true ERBIL, Kurdistan Region - Shiite cleric Muqtada al-Sadr on Monday claimed victory in Iraq’s parliamentary election and, striking a nationalist tone, warned foreign countries not to interfere in the process of forming the government. “Thank God who has blessed his largest bloc with reform, a bloc that is neither Eastern nor Western, but Iraqi,” Sadr said in a televised address on Monday night. Preliminary results showed Sadr’s movement leading by a large margin, securing over 70 seats in the parliament. The election was marred by a record-low turnout as voters and parties boycotted, citing concerns of fraud and disillusionment with the political system and politicians seen as corrupt. Sadr sent strong messages to the international community and Iranian-backed militias that operate outside of government control. “All embassies are welcomed as long as they do not interfere in Iraqi affairs and the formation of the government. If they interfere we will have a diplomatic response or even a popular response,” he said. The United States and Iran compete for strategic influence in Iraq. For years Sadr has been on the frontlines, calling on Western powers to leave Iraq. He has also now turned his eye towards Iranian-backed militias opposed to Western and especially American presence in the country. “From now on, all arms should be in the hands of the state, and its use outside of that should be forbidden, even for those who call themselves the resistance,” he said, referring to the militias. The populist cleric, who earlier this year withdrew from the election, throwing the whole process into doubt until he was enticed back into the race, will now be the main force in the formation of the government and has started giving out promises to the people. “All corrupt people will be punished wherever they are,” Sadr said. Members of his bloc, however, have been linked to corruption and ineptitude. Former health minister Hassan al-Tamimi was forced to resign after deadly hospital fires in Baghdad and Nasiriyah earlier this year, blamed on the ministry’s negligence. Sadr also promised to fix some of Iraq’s financial problems. “We will work on increasing the value of the Iraqi dinar against the value of international currencies,” he said. He had previously expressed his concern over the parliamentary decision in December to devalue the dinar. “The Central Bank and all other banks are prisoners of corruption and the corrupt. The government and parliament must seek specialized methods to end this and liberalize it immediately,” he tweeted at the time. Sadr led the largest bloc in the outgoing parliament. In the 2018 election, his Sairoon alliance, a coalition of Sadrists, the communist party, and some smaller groups, secured 54 seats.
  19. Iraq's Govt Interventions Prompt Improvement in Forex Reserves 8th October 2021 in Iraq Banking & Finance News By Olivia Bridge. https://www.iraq-businessnews.com/2021/10/08/iraqs-govt-interventions-prompt-improvement-in-forex-reserves/ Despite recent tumultuous times and a weakening economy in Iraq, government is said to be implementing reforms that are aimed at reviving its ailing currency. Forex trading in Iraq While forex trading in Iraq is still a relatively new concept, it is gradually being embraced by nationals. Reports on the matter suggest that more and more people in the country are starting to open up to the financial markets and explore alternative investment options. Given the widespread interest in forex trading across the globe, it is no surprise that citizens now have more access to trading resources, analytical tools and platforms. Naturally, before getting involved in forex trading, one needs to do the necessary research on trading currencies and American Dollars; the latter is particularly beneficial because the USD forms part of all major currency pairs and is the basis of the majority of international trading activity. The steps to follow to get started with forex trading are quite universal, however, in Iraq, there are some additional considerations worth noting. For example, industry insiders advise working with an international broker that is registered with a recognised foreign currency authority. The other common steps include opening a trading account after selecting a broker; downloading your trading software as some brokers require third-party software; funding your account through linking it to your bank account of choice; and then lastly, making your first trade. It is worth noting, though, that it may take a few days for the funds to reflect in your trading account. Thereafter, one need only closely monitor the markets and trade using a chosen strategy from the wide selection of strategies that are available and advised by those in the field. Government intervention and its impact Known to many is that forex and currencies are heavily impacted by global economic and political conditions, amongst other factors, and the same applies to Iraq and its trading activities. In recent times, the fluctuations in oil prices and the conditions of 2020 exacerbated the country's ailing economy and weakened the Iraqi Dinar in the financial markets. This put pressure on the government to implement certain policies and reforms to give it a fighting chance on the global markets. Over and above the economic policies to steer the country's finances in the right direction, the government also introduced reforms against corruption which, according to reports, are proving to be quite beneficial to the country's foreign reserves. The measures being taken against the alleged corruption and wastage in the country has given Iraq a fighting chance and, more importantly, has increased investor confidence in Iraq to an extent, although it is still reeling from recent events and global developments. In early 2021, it was reported that the crackdown on corruption helped to boost the country's forex reserves to approximately $60 billion. Moreover, the crude oil price fluctuations have also had an impact on how the Iraqi Dinar is performing on the global markets, particularly relative to some of the strongest currencies on the markets, such as the USD, CAD, EUR and JPY. Given that Iraq relies on oil to fund nearly all of its state budget, according to reports, the country remains invested in the demand for it and its pricing, as it could either make or break all the efforts and initiatives that are currently being implemented to strengthen and revive the country's economy and currency.
  20. SULAIMANI — A source from Kurdistan Regional Government’s (KRG) Ministry of Finance told NRT that Iraq’s federal government has transferred a stipend of 200 billion Iraqi dinars ($137 million) to the KRG. The source spoke on condition of anonymity because the announcement has not yet been made public by the KRG. On Sunday, KRG Spokesperson Jotiyar Adil said that the stipend had not yet been sent because of technical issues. The stipend is not a part of the 2021 Federal Budget Law, which has not been fully implemented because of persistent disagreements between Erbil and Baghdad over oil and customs income. Rather, it is based on side deal between the KRG and Prime Minister Mustafa al-Kadhimi that went into effect in July. The KRG has said that it is only able to pay full public sector salaries because of the stipend. It had been either missing monthly salary payments entirely or cutting them by nearly a quarter between March 2020 and July 2021. Public servants at some ministries have not yet been paid the September salary disbursement, which was supposed to be given out to employees starting on September 25. Ensuring that public servants are paid is critical to the electoral campaigns of the ruling parties in the Kurdistan Region. Voters go to the polls on October 10 to elect members of the Council of Representatives. (NRT Digital Media)
  21. Kurdistan Region announces receiving 200 billion dinars from the federal government in Baghdad Posted 2 hours ago Add a comment news source / Source of the news / Sky Press Sky Press /https://iraqakhbar.com/3318709 Today, Monday, the Ministry of Finance in the Kurdistan Region announced that it had received 200 billion dinars from the federal government in Baghdad. The ministry said in a statement, that within the framework of the existing agreement between the Kurdistan Regional Government and the federal government, an amount of 200 billion Iraqi dinars arrived in the region today. According to the ministry’s statement, “the agreement concluded between Baghdad and Erbil stipulates that the federal government will send an amount of 200 billion dinars until the end of this year as an advance until the completion of the audit of the region’s imports by the Federal Oversight Committee.”
  22. Central Bank of Iraq @cbiraq · Sep 26 The Central Bank of Iraq offered the first issuance of (Binaa) bonds of two categories (500,000) dinars (five hundred thousand dinars) with annual interest (6%) for two years, and (1,000,000) dinars (one million dinars) with annual interest (7%) for four years. The Central Bank confirmed that the purchase of these bonds will be through authorized banks
  23. exchange rate Monday 27 September 2021 198 Mustafa Mohamed Ibrahim https://alsabaah.iq/55099/سعر-الصرف There is talk at the present time, whether in the academic, professional or market circles, that the exchange rate will return to what it was, i.e. to 1200 dinars per dollar, after the end of the elections period or after the approval of the budget for the year 2022 by the next Legislative Council (Parliament) However, these propaganda have two impacts on the economic situation in the country. First, the citizen will be greatly affected when this news is promoted through his income and how his money will be used in the future, so waiting is the decision taken by the government. Kiss. The second is the economic stagnation that occurs in the market as a result of news like this, the goals of which are known to most citizens, especially about two weeks away from holding the parliamentary elections, after which the issue of the exchange rate is closed in a manner Final. The budget for the year 2022, which is in the corridors of the Ministry of Finance, initially, so far, confirms that the exchange rate is 1450 dinars per dollar, which indicates that there is complete independence of monetary policy, which means that monetary policy continues to achieve its development goals to control the market, and that any amendment In the exchange rate again and in a close time, it will lead to an unfavorable economic situation its aftermath. Despite all this, pressure continues on the Central Bank of Iraq and continues to bear public financial lapses, and this builds on the continuation of the economic crises of this country, which has not stabilized and improved economically since a year 2003. The first objective of monetary policy is to achieve exchange rate stability, and this is what monetary policy achieved during the previous and current periods, in order to stabilize the market and maximize foreign reserves, so monetary policy turned to development goals through the housing initiative and support the health sector in light of the global epidemic as well as supporting developments and technologies Electronic banking work through the financial inclusion program, as well as financial and banking services provided to the customer to complete financial transactions as soon as possible Maybe. In conclusion, the only determinant and controller of the exchange rate remains monetary policy, because it is the supreme goal of the Central Bank of Iraq, which achieves price stability in the market. Personal, and does not want to reform the economic situation in the future, which is awaited by future generations, in an economically prosperous Iraq that achieves sustainable development goals through the modern banking industry and keeps pace with global technological developments that characterize international banks.
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