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RJG
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Saleh: Sudanese’s visit to Washington is an “important transition” on the economic and investment levels
Economical 04/24/2024
The financial advisor to the Prime Minister, Mazhar Muhammad, considered Al-Sudani’s visit to the United States of America an “important transition” in the level of economic and investment relations between the two countries.
Saleh told Al-Sabah: “This visit encouraged major technology companies in America to take on their vital role in the fields of reconstruction and building productive economic partnerships with the activities of the branches of the national economy, especially the private sector.”
He added, "This visit is in the interest of strengthening the fabric of bilateral relations between the two countries, the starting point and objective basis of which remains the strategic framework agreement signed between Iraq and America since 2008," noting that it is "a basic introduction to activating the investment climate and paths of economic cooperation in vital and important areas, foremost of which is energy." science and technology.”
Saleh explained that “financial and banking cooperation will form an important pillar in supporting America’s efforts to support and strengthen the financial and banking market in Iraq,” noting that “the launch of a project to protect and maintain the investment environment in our country and improve government services for foreign investors, especially the investor sector from America, represents the launch of solid official directions.” “In building strong pledges that support the stability of foreign investment activity.”
The financial advisor stated, “This trend is an indication of providing opportunities for success for the work of investors, which requires providing a smooth and easy climate free of inherited bureaucratic obstacles that in the past delayed investment activity in our country and led to adding high and exceptional burdens and costs to the accounts of investment projects, which in the literature has been called the cost of Iraq.” Which means the cost of investment risks outside global measurements. He believes that "the Prime Minister's pledge means that the executive authority will become the direct supervisor of the work of American investors in the selected investment fields in our country.
https://alsabaah.iq/95540-.html-
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The Ministry of Finance specifies steps that must be taken before canceling the currency selling window in Iraq
2024-04-20 07:54ShareFontShafaq News/ The Parliamentary Finance Committee confirmed, on Saturday, that the Central Bank of Iraq had taken a decision to cancel the currency sale window, indicating the necessity of taking steps prior to implementing this decision.
Member of the Parliamentary Finance Committee, Hussein Moanis, told Shafaq News Agency, “There is a decision issued by the Central Bank to cancel the window for buying and selling foreign currency in the year 2024, but it did not specify the exact time to start the decision.”
He explained that "canceling the currency selling window is linked to the reliance of private banks on correspondence with international banks and the method of currency conversion."
This comes after the Central Bank of Iraq gave up its status as a “correspondent” and granted it to several foreign banks, a step with unclear definitions and results, and some observers have warned against it.
In November 2023, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the start of importing dollars into the country through Iraqi bank accounts abroad.
Munis asserts that "this step must be preceded by an increase in the classification of Iraqi banks, and this is what qualifies them to deal with international banks, but the real problem that we face is that Iraqi banks do not have a correspondent and are not accredited outside the country."
The member of Parliamentary Finance pointed out that “the government and the Central Bank are seeking to strengthen and increase the classification of private banks,” indicating “an intention by the banks to engage in correspondence and external transfers.”
https://shafaq.com/ar/اقتصـاد/المالية-تحدد-خطوات-يتعين-اتخاذها-قبل-الغا-نافذة-بيع-العملة-في-العراق
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9 minutes ago, screwball said:
dont be surprised if china and Taiwan kicks of shortly..
I believe this will happen too.
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After 21 years of the dollar auction... Iraq is close to closing the window amid reassurances and warnings
- Time: 04/16/2024 14:08:28
- Read: 19,682 times
Iraq is approaching the end of the closure of the dollar selling window at the Central Bank - which has been controversial - over the past two decades.
The Central Bank's management plans to gradually cancel the dollar auction during the year 2024, leading to its complete cancellation by the end of the year, and to maintain it for audit and statistical purposes, in an effort to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full commitment. According to international standards and requirements.
Iraq relies on the platform for selling currency directly to local banks and companies, which was previously known as the daily dollar auction, as one of the mechanisms for preserving the value of the Iraqi dinar and combating speculative operations in the parallel market.
The visit of Prime Minister Muhammad Shia Al-Sudani to Washington provided a strong impetus in closing the Central Bank window and moving towards direct commercial banking transactions.
According to the joint statement of the Iraqi-American discussions headed by Al-Sudani and President Joe Biden, the latter “discussed Iraq’s advanced efforts to reform the financial and banking sectors, which help link Iraq to the international economy and increase trade while protecting the Iraqi people from the harmful effects of corruption and money laundering, and what was achieved during the years 2023 and 2024.” “With banks in Iraq expanding (correspondent relationships) with international financial institutions to enable trade financing.”
The statement notes that "the majority of trade financing operations are now carried out through these channels."
Iraq and the United States pledged their commitment to "strengthen their cooperation to achieve greater transparency and cooperation against money laundering, terrorist financing, fraud, corruption, and sanctioned activities that could undermine the integrity of the financial systems in both countries."
The two countries expressed their commitment "to support the Central Bank of Iraq in ending the electronic auction platform for international financial transfers by the end of 2024, through direct dealing between licensed banks in Iraq and approved global correspondent banks, to achieve this transformation that will connect Iraqis and Iraqi companies to the international economic system."
In this regard, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed to {Al-Furat News} that the agreement of Iraq and the United States to end the electronic platform of the Central Bank of Iraq for selling the dollar at the official price means the cancellation and end of the foreign currency window that was established since 2003.
Saleh said, “It is not One of the functions of central banks in the world is to carry out financing operations for foreign trade in their countries. Central banks are banks that work on monetary stability as they are banks that issue the national currency, as well as the function of supervising banking activity and ensuring its safety and stability.
He added, "But Iraq's rentier conditions, and because of the foreign cash flows entering the country through which foreign exchange reserves originating from oil export revenues are created, such a necessity was imposed in financing foreign trade for the private sector through the establishment of the foreign currency window (auction) a month ago." October 2003, during which this window played a dual role in the work of the Central Bank of Iraq’s monetary policy, both in controlling local liquidity levels (monetary sterilization) and the so-called open market process, which requires exchanging the dinar for the dollar for the purposes of external transfer related to financing domestic trade. In addition to achieving the goal of controlling the stability of the Iraqi dinar exchange rate at the same time.”
Saleh noted that, “In order to return to the principles of financing trade through the commercial banks themselves directly by opening documentary credits with correspondent banks abroad, their external accounts opened with their correspondents from foreign banks will be fed with their requests for foreign currency through the Central Bank of Iraq in order to enable them to... Opening documentary credits to finance foreign trade to the private sector in a more transparent manner and at the same time subject to international compliance rules through the role that these international banks with high credit ratings will play.”
He explained, "What practically means canceling the auction or the foreign currency window that was established in October 2003 and its expected lifespan was two years, but unfortunately it continued for more than twenty years!"
He continued, "Based on the above, the efficiency of using foreign currency will undoubtedly increase through continued control of local liquidity levels and the imposition of stability in the Iraqi dinar exchange rate, but in a different way that is consistent with the new banking applications fully approved in the year 2024."
On the other hand, specialists warn against stopping the platform for selling the dollar, especially with the continuing delay in Iraqi banking systems and the failure to activate Iraqi commercial banks’ dealings with international banks, because this will lead to a monetary disaster that will ravage the Iraqi market.
But Abdul Rahman Al-Mashhadani, the economic expert, downplayed the seriousness of these warnings.
He told {Al-Furat News}, "The subject of the agreement with the American side does not mean that the currency auction will end, but rather it will return to work according to the old mechanism for enhancing balances. However, the Iraqi banks that will be entitled to external transfer must be linked to solid correspondent banks."
He stated, "The mechanism will not change. Rather, the Iraqi Bank will be transformed into a correspondent bank, and its balance will be enhanced by the Central Bank."
Al-Mashhadani ruled out, "The exchange rates in the markets were affected because they are not directly related to these matters. Rather, the decline and rise are due to trade with the sanctioned countries, for which there are no solutions because they are financed from the parallel market, and without solving them, there cannot be stability in exchange rates."
Another economic expert believes it is necessary to tighten control to prevent the "leakage" of the dollar.
Bassem Jamil Antoine told {Al-Furat News}, “When the dollar crisis is addressed scientifically, economically, and financially, there will be a floatation of the currency through supply and demand, so that the citizen will obtain the quantities of dollars to the extent he wants, as the scarcity is now in the dinar and not in the dollar from which it is received.” On a daily basis, no less than 300 to 400 million dollars.”
He stated, "This process goes to the financial stability of the country, as the import is through correspondent banks that transfer money amounts, and this process requires follow-up, time, and knowing the fate of the money."
Antoine explained that "the process of floating the currency must be under conditions, and Iraq differs from other countries because its financial imports in dollars are very large, and there must be control over the process, stopping the leakage of the dollar, and not leaving it floating under the freedom of speculators. There will be difficulty in achieving balance, and this matter needs a rule." Productivity away from imports, creating job opportunities and ending unemployment, and this process requires more time and strict oversight to stop the currency auction, which has greatly destroyed the country,” he said.Share if you like-
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Parliamentary Finance calls for “confining the dinar in the hands of the state”
2024-04-17 08:36ShareFontShafaq News/ The Parliamentary Finance Committee pointed out, on Wednesday, the problem of the lack of cash “Iraqi dinar,” calling for “confining the dinar to the state.”
Committee member Hussein Moanis told Shafaq News Agency, “The House of Representatives voted on the tripartite budget law and required the government to send the schedules for approval,” indicating that “the delay in sending the schedules to Parliament did not affect the operational budget.”
He pointed out that "there is no specific date for approving the budget schedules in the Council of Ministers and sending them to the House of Representatives," indicating "a real problem with the lack of cash (the Iraqi dinar)."
He pointed out that "the Parliamentary Finance Committee is working to develop specific methods to process and provide cash and confine it to the state through adopting the electronic card, strengthening the work of banks, and presenting documents to achieve cash abundance in the market."
Mu'nis concluded by saying, "There is no trust between the banking system and the citizen, and the lack of trust has caused the cash currency (the Iraqi dinar) to be stored in the homes of citizens, which has caused it to be lost and not naturally available in the market."
A member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, said on March 27, 2024, that the Iraqi government raised the total amount of the budget law from 199 trillion dinars to 228 trillion dinars in the 2024 budget.
While a member of the Parliamentary Finance Committee, Mustafa Al-Karaawi, said in an interview with Shafaq News Agency on February 27, 2024, that Finance Minister Taif Sami informed the members of the committee during her hosting, yesterday, Monday, of the imminent sending of the budget law schedules to the House of Representatives.
https://shafaq.com/ar/سیاسة/المالية-النيابية-تدعو-لـ-حصر-الدينار-بيد-الدولة
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Meetings in the American Chamber of Commerce between the Iraqi private sector and the American banking sector
Baghdad ( NINA ) - On the sidelines of the visit of Prime Minister Muhammad Shia al-Sudani to the United States of America, meetings were held in Washington at the American Chamber of Commerce between the Iraqi private sector and the American banking sector to support long-term projects in Iraq.
This is the first time that the Iraqi government supports the private sector with bonds to qualify it to negotiate with the American side./End-
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Finance Committee: Great satisfaction with the results of the Prime Minister’s discussions in Washington
Political Yesterday, 12:24
Baghdad - INA
The Parliamentary Finance Committee announced today, Wednesday, its great satisfaction with the results of the Prime Minister’s discussions in Washington.
The head of the Parliamentary Finance Committee, Atwan Al-Atwani, said in a statement received by the Iraqi News Agency (INA):
“We are following with great satisfaction the results of the discussions of the Iraqi delegation currently visiting Washington, headed by Prime Minister Muhammad Shiaa Al-Sudani.” Al-Atwani affirmed his
"full support for the positive understandings that resulted from the Sudanese meeting with the American President within the framework of the shift in the relationship between the two countries from the security and military aspects to the areas of development, reconstruction, economy and investment." Al-Atwani welcomed
"the US President’s announcement of the United States’ commitment to supporting Iraq to reform and develop its financial and banking system and paving the way for Iraqi banks licensed to deal directly with approved international correspondent banks, in a way that contributes to linking Iraq to the international economic system." Al-Atwani pointed out,
"We are all confident and proud of the Iraqi negotiating delegation," expressing his hope that "these discussions will be a new beginning to achieve a true partnership between the two countries in various political, security, and economic fields in a way that achieves well-being, prosperity, and stability for our country."
https://www.ina.iq/207013--.html-
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Israel will be fine. I believe God will cut off the leadership of Iran. That is what Pastor Hank Kunneman said Sunday the 7th. Those who bless Israel will be blessed, and those who curse Israel will be cursed. Don't touch Israel, they are the apple of God's eye.
https://www.youtube.com/watch?v=NkTXQh0E_Cg&t=229s
Go to the 7 minute mark if you want to see the word about Iran. Enjoy!
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The Sudanese arrive in Washington on an official visit.
2024/04/14 00:12:21
- Read: 351 times
{Policy:Euphrates News} Prime Minister Mohammed Shiaa Al-Sudani arrived in the US capital Washington on an official visit.
A statement from his office, a copy of which was received by {Euphrates News}, said: “Prime Minister Mohammed Shia Al-Sudani arrives in Washington, D.C., on an official visit at the invitation of US President Joe Biden.”
https://alforatnews.iq/news/السوداني-يصل-الى-واشنطن-في-زيارة-رسمية
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Install 1,000 ATMs in cities in the Kurdistan Region by the end of 2024
4/5/2024
The process of registering employees in the Kurdistan Region continues with the “Hasbi” project, which is a digital financial payment system. Employee registration has reached 260,000 people, and 153,000 cards have been issued to those registered.
The regional government said in a statement today, Friday, that by the end of 2024, about 1,000 ATMs will be installed in all governorates, districts and regions of Kurdistan, so that employees can easily receive their salaries.
According to the statement, the number of banks participating in the project is constantly increasing, and so far they are (BBAC - NBI - RT - Cihan - IIB), all of which have been recognized and accredited by the Central Bank of Iraq.
Since last year, as a pilot, Erbil Maternity Hospital employees have received their salaries through the “My Account” banking system.
At the end of last year, the faculties of arts, agriculture, and science at Saladin University received their salaries through the same system.
https://shafaq.com/ar/كوردســتانيات/نصب-1000-جهاز-صراف-لي-في-مدن-قليم-كردستان-بحلول-نهاية-2024
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What are the sanctioned banks waiting for?
Economical 04/07/2024
Yasser Al-Metwally
The attention of the Iraqi banks as a whole, whether sanctioned or sanctioned, or deprived of foreign dealing in dollars, or rather, is turning the banking sector as a whole to what will be contained in Al-Sudani’s bag prepared for New York.
I mean the upcoming visit of the Prime Minister to America to meet its president, who invited him to this visit.
This is because Al-Sudani’s agenda includes presenting the problem of banks deprived by the Federal Reserve, which has become a real dilemma.
Noting that no one understood the objective reasons for these sanctions, which appear to be violations of standards and instructions, and their essence is purely political, and the observer among us in fact did not understand the reasons for these sanctions, which appear for the first time in the world of banking transactions, as no country’s banks in the world have been subjected to collective sanctions of this magnitude. One of the collective penalties that has disrupted the work of the rest of the banks, which express their fears of being included in the sanctions.
This comes at a time when banks enjoy the satisfaction of international financial institutions and that Iraq's evaluation is still at a good stage for them, and from here a state of astonishment emerges among everyone.
Just as a reminder, it must be noted that the Prime Minister directed the formation of a committee concerned with the affairs of sanctioned or deprived banks since last February, and this committee has submitted its recommendations to the Ministerial Economic Council, but no notification has been issued regarding it regarding whether these recommendations were approved or not, as it is assumed that To submit a briefing to the President, so that he may discuss it
perhaps with the American side.
Perhaps it is useful to point out that there are some countries that supposedly have some violations, but we have not heard of sanctions being imposed on their banks, and from here emerge signs of astonishment and astonishment that make us doubt the matter of these sanctions. Are they due to violations or for political reasons?
Then, the fact-finding committee formed for this purpose submitted its recommendations to the Economic Ministerial Council, and the latter did not disclose its decisions regarding the recommendations. Therefore, we said at the beginning of our presentation of the subject that the attention of the banking sector is directed and awaiting the Sudanese visit to Washington and hopes for the best in resolving its dilemma.!-
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World Bank: Al-Faw Port put Iraq on the path to global trade
Today 12:10
1 Shares
Information / Baghdad...
The Director of the World Bank’s Transport Sector in the Middle East and North Africa region, Ibrahim Dajani, confirmed today, Friday, that
Al-Faw Port has placed Iraq on the path of global trade between the Middle East and Europe. Dajani wrote, in a blog post on social media platforms, that
“once the Al-Faw port is occupied, Iraq will be placed on the path of global trade between the East and Europe, which will provide
opportunities for investment in logistical centers and industrial and commercial activities, as it will provide
job opportunities for young women and men.” He added:
"I am happy with the Iraqi government's decision to enter into a partnership with the World Bank to achieve this important endeavor." Ended/25
https://almaalomah.me/news/60876/economy/البنك-الدولي:-ميناء-الفاو-وضع-العراق-على-طريق-التجارة-العالم-
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The failure of monetary policy...a road map that explains the side effects of the Iraqi economic illness
Economy |Yesterday, 22:40 |
+A-ABaghdad today - Baghdad
Today, Saturday (April 6, 2024), Professor of International Economics, Nawar Al-Saadi, revealed the reasons for the failure of monetary policy in Iraq, indicating who bears responsibility for this failure.
Al-Saadi told "Baghdad Today", "There are several reasons for the failure of monetary policy, including large inflation in government spending, as government spending exceeds available revenues, so monetary policy was affected by increased spending on infrastructure and public services without the availability of sufficient funding sources."
He stated, “The second reason is the heavy reliance on oil revenues, which makes the Iraqi economy vulnerable to fluctuations in oil prices, which negatively affects the government’s ability to implement effective monetary policies. In addition to the weak financial infrastructure, the banking and financial system in Iraq suffers from a traditional system that lacks Modernity in providing advanced financial services, which makes it difficult for the central bank to implement effective monetary policies to ensure economic stability.”
He added, "In the case of Iraq, the country's central bank is the body responsible for setting and implementing monetary policy, including setting the interest rate and managing the money supply. However, the government also has a role in determining general economic policies that may affect monetary policy." Such as government spending, foreign trade policies, etc.
He continued, "The most prominent negatives, errors, and problems of monetary policy in Iraq is that Iraq is now suffering from hyperinflation. There is a large increase in monetary supply and demand in hyperinflation, which negatively affects the purchasing power of citizens and weakens economic stability, not to mention the budget deficit occurring as a result of the disparity." Spending and revenues, Iraq faces a budget deficit that requires additional funding from the central bank or external borrowing, as happened in previous years, especially the periods of low oil and the wars with ISIS, and of course also the exchange rate fluctuations in the last two years played a major role in instability in the financial markets and a negative impact on Investment and foreign trade.
The professor of international economics concluded by saying, “I think it is difficult to accurately determine the losses due to the multiplicity of factors, the discrepancy in estimates, and also the conflicting numbers from the concerned parties, but the losses could include a loss of confidence in the currency, unstable trading, a slowdown in economic growth, and an increase in public debt as a result of the budget deficit.” "Inflation will increase, and these losses could reach billions of dollars annually, which makes the need for serious reforms in monetary policy urgent in Iraq
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An official at the Development Bank in Maysan embezzles about 10 billion dinars
April 5, 2024
Baghdad/Al-Masala Al-Hadath: The Federal Integrity Commission announced that its staff in Maysan Governorate were able to implement the arrest warrant issued against the Assistant Director of the International Development Bank branch in the governorate and two employees there on charges of embezzling more than three and a quarter billion dinars.
The Authority’s Government Information and Communications Office, speaking about the operation that took place according to a judicial memorandum, reported that a team from the Authority’s investigation office in Maysan Governorate was able to execute the arrest warrant against the Assistant Director of the International Development Bank - Maysan Branch and two employees working as “treasurer” in The branch, as a result of their attempt to withdraw (3,385,000,000) three billion Iraqi dinars from the fortified storeroom therein, in addition to seizing the bank’s surveillance cameras.
The Information Office added, warning that the accused committed the crime of embezzling the amount in cooperation and collusion with the director of the International Development Bank, Maysan branch, explaining that they handed over the embezzled amount to unidentified persons traveling in two cars, and without the knowledge and approval of the main bank in Baghdad, whose legal representative requested a complaint against them, noting the organization A formal report of the operation was presented with the accused to the competent investigating judge, who decided to detain them pending investigation. Based on the provisions of Article (315) of the Penal Code.
In the same context, the Information Office indicated that the Commission’s investigation office in Maysan had formed a working team; To investigate and verify information received by him, including that the Director of the International Development Bank, Maysan Branch, embezzled an amount of (6,771,010,000) six billion Iraqi dinars from the bank in conjunction with the strong employee of the storyteller in it, pointing out that the team, after conducting investigation and investigation operations, seized The priorities related to the case, and the preparation of a formal report and its presentation before the competent investigating judge, who issued an arrest and investigation order against the branch director and the female storyteller, in accordance with the provisions of Article (315) of the Penal Code.
He added that the team moved in a third operation to the Maysan Investment Authority, and seized the dispatch orders for the director of the administration department, on which the Ministry of Finance report showed that the stamps and signatures written on them were incorrect, noting that the team was able, after obtaining the judicial decision, to implement the arrest warrant issued against the department director in accordance with the provisions of Article (316) of the Penal Code, noting that the competent investigating judge decided to detain him pending investigation.
https://almasalah.com/archives/87658-
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Customs announces the completion of 90% of the work of the first phase of port automation
Economy News - BaghdadThe General Authority of Customs announced, on Thursday, the completion of 90% of the work of the first phase of its project to automate border crossings.
The director of the Customs Automation and Modernization Project at the Authority, Firas Al-Obaidi, said in a statement reported by the official news agency, and seen by Al-Eqtisad News, that “the project is the result of an agreement between the Ministry of Finance and the United Nations Conference on Trade and Development,” pointing out that “the agreement document lasted seven years.” Years in stages.
He added, "The Customs Authority is still in the first stage and has supervised the end of the stage, which will be completed next June," noting that "the system is about creating an integrated database for customs and creating a statistical system to preserve public money through electronic payment."
He stated, "This system helps facilitate trade and Iraq's entry into the World Trade Organization and the World Customs Organization."
He pointed out, "The first step in implementing this system was in the Air Cargo Directorate, then Baghdad International Airport, the dry port for medicines and medical supplies, and finally in the Great Welcome Square in Umm Qasr."
He pointed out that "the completion rate within the first phase currently reaches 90 percent."
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Advisor to the Association of Private Banks: Al-Sudani will discuss the sanctions file on 28 banks in Washington
Economy News - BaghdadAdvisor to the Association of Private Banks, Samir Al-Nusairi, announced that the US sanctions on 28 banks constitute one of the important files on the agenda of Prime Minister Muhammad Shiaa Al-Sudani during his visit to Washington.
Al-Nusairi said in an interview followed by “Al-Iqtisad News” that “Al-Sudanese will discuss during his visit to Washington, which he will be accompanied by a delegation from the Central Bank and the banking sector, “the sanctions and restrictions imposed by the United States on the 28 banks, which deprived them of dealing in the American dollar.”
He believed that these sanctions and restrictions constitute “one of the important files that the Prime Minister carries with him to Washington,” indicating that the file “falls within the financial and banking reform stipulated in the Prime Minister’s government program.”
Views 89Added 04/05/2024 - 10:41 AM
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More than (6) billion dinars in fuel revenues for the month of March through electronic payment in Karbala
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WEDNESDAY, 04-03-2024, PM 1:48
- TAYSEER AL-ASADI
The Petroleum Products Distribution Branch in the Holy Governorate of Karbala announced that it had achieved more than six billion dinars in revenues from the sale of petroleum products through the application of the electronic payment mechanism at gas stations and other distribution outlets such as generators, factories, and others.
The branch director, Engineer Ali Abdul Latif Al-Moussawi, said in a statement to Noon News Agency, “Our relevant departments recorded significant jumps in the amounts collected through the electronic payment system, reaching (6) billion and (300) million Iraqi dinars for the month of March 2024, compared to (500) million.” One dinar only for the first month of implementing the mechanism, and the reasons for this boom are related to the cooperation of the media and the awareness of the citizen who seeks to develop and contribute to the success of acquiring cards and abandoning the cash payment method.”
Al-Mousawi added, “The application of the electronic payment mechanism included all owners of generators and the private sector, such as government and private fuel filling stations, agricultural pumps, heavy equipment, brick factories, asphalt factories, and oil and gas sales yards, after dealing was limited to electronic cards issued by companies approved by The Central Bank of Iraq," stressing that "dealing with the electronic payment system also included all mobile oil agents, and we have now begun to complete the application of the entire mechanism to liquid gas agents according to a well-studied plan in a way that does not affect the smooth flow of distribution to citizens, as we issued an order to appoint a specialized staff from the branch’s employees.” To supervise the electronic payment mechanism.
https://non14.net/public/165743-
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WEDNESDAY, 04-03-2024, PM 1:48
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The Central Bank is moving to lift the ban on 28 Iraqi banks
Economy | 11:54 - 04/03/2024
Mawazine News - Baghdad
The Parliamentary Investment and Development Committee revealed, today, Wednesday, steps by the Central Bank to lift the ban on 28 banks, while indicating that the private sector will participate with the public sector in many strategic projects.
The head of the Parliamentary Investment and Development Committee, Hassan Al-Khafaji, said in a statement followed by Mawazine News: “The committee proposed to the Governor of the Central Bank, Ali Al-Alaq, to support private private banks and involve them in loans,” explaining that “the governor confirmed his support after lifting minor violations against some banks.” ".
He pointed out that "the governor of the Central Bank promised to submit a report to the US Treasury to lift the ban on Iraqi banks, which number 28 private banks," expecting "the ban on those banks to be lifted during the coming period."-
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Sudanese Advisor: The World Bank plays a positive and supportive role for the Iraqi economy
Economy | 05:45 - 04/03/2024
Mawazine News - Baghdad,
the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Wednesday, that the World Bank plays a positive and supportive role for the Iraqi economy, and its team in Baghdad represents the advisory arm for the government program.
Saleh said, “The World Bank Group in Iraq launched its new relationship with our country in accordance with what was stipulated in UN Security Council Resolution 1483 in May 2003, and it is undertaking the task of mobilizing financial and technical assistance to support Iraq’s efforts to restore confidence in the economy, build its foundations, and reduce the burden of its debt in cooperation with the Fund.” International Monetary.
He added, "After years of wars and conflicts that affected the country's infrastructure since the 1980s and Iraq's severance and isolation from the world and multilateral international organizations, the bank contributed by taking its active role after the year 2003, especially in managing a number of development financing funds for the benefit of our country's economy."
He continued, "This was done by managing the funds provided by donor countries to Iraq under the Madrid Donors Conference held in October 2003, or by contributing to supporting the private sector through the role assumed by the International Finance Agency (IFC) as one of the arms of the World Bank Group active with the private sector." As well as through the Bank’s role in supporting some aspects of development and facilitating ways of stabilizing our economy, including providing soft loans provided by the World Bank to support the national economy on various occasions during the last twenty years, specifically during the dual financial and security crisis to confront the ISIS terrorist gangs and the decline in oil prices after... The year 2014.”
He added, "The World Bank also played a role in improving the governance of economic life and rebuilding the requirements of a more powerful and modern digital and development era for the benefit of our country in many areas, in addition to contributing to rebuilding livelihoods by enabling social welfare programs and providing them with plans and programs that address issues of combating poverty."
He pointed out, "The World Bank works closely with international partners to support economic reforms, specifically in the financial, banking, and public finance sectors."
Saleh continued, “The World Bank today is not only a financing institution, but rather a bank that provides knowledge and its tools based on its accumulated experience that has reached nearly eighty years. Since its founding in 1945, Iraq was at the forefront of the founding countries of the World Bank Group and the International Monetary Fund, and this is how the bank is viewed.” The International Bank is currently considered an “information and knowledge bank.”-
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The "Central Bank" warns against closing Iraq's account with the US Federal Reserve: it will put our money at risk (documents)
2024-04-01 13:24ShareFontShafaq News/ On Monday, the Central Bank of Iraq revealed the legal basis for depositing oil revenues in the US Federal Reserve.
According to documents issued by the bank and viewed by Shafaq News Agency, “The legal basis for depositing oil revenues in the Federal Reserve Bank of New York in the IRAQ2 account alternative to the DFI account is the expiration of the extension of the Executive Order issued by the US President No. 13303 issued in March 2003.” According to which immunity was granted to the Iraqi funds deposited in the Iraqi Development Account (DFI) at the time, and the end of the United Nations protection over Iraqi funds that was granted to it under UN Security Council Resolution No. 1483 of 2003 after the issuance of UN Resolution 1956 at the end of 2010.
The documents added, "Accordingly, an IRAQ2 account was opened, which is used to deposit funds from Iraqi crude oil exports, and they are transferred to the account of the Central Bank of Iraq at the Federal Reserve Bank within 24 hours of receiving these amounts to ensure that they are not exposed to the claims of creditors, as they are funds belonging to the Iraqi government derived from the export of crude oil." This mechanism was organized through a (memorandum of understanding) signed between the Iraqi Ministry of Finance and the Central Bank of Iraq on 6/2/2014 for the purpose of organizing the work of the IRAQ2 alternative account for the Development Fund for Iraq, and this memorandum is the legal basis for establishing the aforementioned account.
She continued, "The immunity granted in accordance with these two documents includes sovereign funds only and does not include funds used for commercial purposes."
The documents explained, “With regard to the answer to the third paragraph, foreign reserves may be deposited with several external parties, central banks and financial institutions, and not only in the Federal Reserve Bank, and interest rates vary according to the investment segment, the duration of the investment, and the institution with which the investment is made, in addition to the fact that the transport company is Orient is the company contracted by this bank to transport dollar shipments from the Federal Reserve Bank to Baghdad International Airport, with an insurance amount of (414,000) US dollars (four hundred and fourteen thousand US dollars per shipment, and transportation fees of (216,310) US dollars (two hundred and sixteen thousand three hundred and ten US dollars, Department of Parliamentary Affairs, Department of Parliamentary Oversight.”
She continued, "It is not possible to transfer the revenues from the sale of oil to the interior due to the impossibility of carrying out financial operations for Iraq if the funds are at home, and closing our account with the Federal Reserve Bank could expose Iraq to the risk of international claims, in addition to the inability to settle our payments in US dollars without the presence of... An account at the Federal Reserve Bank or other U.S. commercial bank.
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Adviser to the Prime Minister: Budget schedules will be decided in the middle of this month
- Time: 04/02/2024 02:07:17
- Read: 2,795 times
{Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, expected that the approval of the budget schedules would be decided in the middle of this month of April.Saleh said, in a press statement, that “the issue of budget schedules is expected to be decided, most likely, in mid-April.”
He added, "The tripartite federal general budget included in Law No. 13 of 2024, a medium-term financial plan, was not devoid of the principle of its annuality in the issue of preparing annual schedules and submitting them to the House of Representatives for approval, specifically for the two years (2024, 2025)."
He stressed, "The law approving the tripartite budget constitutes an expression of mutual trust between the legislative and executive authorities to manage public financial affairs in our country in a way that ensures the continued implementation of investment projects and the communication of adopting new projects in an integrated, planned manner."
Saleh continued, “Annual government spending constitutes approximately 50% of the value of the gross domestic product directly, and exceeds 80% indirectly by influencing the business cycle and general market activities and building its positive expectations and stability.”
He stated that "the three-year budget was the first experiment that was approved in the country's financial history and was adopted based on an explicit legal text stated in the amended Federal Financial Management Law No. 6 of 2019. Therefore, it has become necessary to document this financial experiment, which is rich in its economic implications, and to evaluate its results and the requirements for its implementation in the future." When proceeding with its adoption again, including a proposal to study making an appropriate amendment to some provisions of that Financial Management Law in light of what emerged from the experience of implementing the Tripartite Federal General Budget Law.”
A few days ago, the Council of Ministers received the budget schedules from the Ministry of Finance, and began working on them to sign them and send them later to the House of Representatives.
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The Minister of Finance and the World Bank are discussing support for the economic and financial reform program
- Time: 04/01/2024 21:54:02
- Read: 806 times
{Local: Al-Furat News} Finance Minister Taif Sami discussed, today, Monday, with the Regional Director for the Middle East at the World Bank, Jean-Christophe Carré, support for the economic and financial reform program.A useful summary of important news can be found on the Al-Furat News channel on Telegram. To subscribe, click here
A statement from the Finance Ministry, a copy of which {Al-Furat News} received, stated that: “During the meeting, priorities for development projects and ways to support the World Bank to strengthen the financial and business sectors and improve the investment environment were discussed, and emphasis was placed on continuing bilateral coordination to promote sustainable development, in addition to discussing the Bank’s support for the government program.” For economic reform in Iraq.
Sami referred to the Ministry's efforts and plans towards accelerating the pace of financial and banking reforms in line with the Iraqi government's vision aimed at consolidating the foundations of the national economy, creating economic balance, and correcting the course of financial policy in Iraq.
For his part, the bank representative pointed out "the continuation of serious and fruitful cooperation with the Iraqi government, in everything related to providing the necessary support in terms of expertise for development projects and reforms related to the financial and business sector."
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The government spokesman reveals through "Baghdad Today" new details about Al-Sudani's visit to Washington
Politics |Today,
Baghdad today - BaghdadToday, Monday (April 1, 2024), government spokesman Bassem Al-Awadi revealed new details related to the visit of Prime Minister Muhammad Shiaa Al-Sudani to the United States of America, in what he described as historic, and its broader title is activating the Strategic Framework Agreement.Al-Awadi said in an interview with “Baghdad Today” that “the date of Prime Minister Muhammad Shiaa Al-Sudani’s visit to the United States of America is still fixed and as previously specified, and he will go with a high-ranking ministerial delegation to Washington to meet with US President Joe Biden and a group of important figures.”Al-Awadi added, “Al-Sudani has not visited Washington since the formation of the government, and the last visit was made by the former president in 2022, and we are talking here about long years in which there were no visits or meetings between the White House and Iraqi prime ministers,” stressing that “these meetings will result in something important and practical, and this visit will be.” "It is important and historic, and its broader title is activating the Strategic Framework Agreement."He continued: “In previous periods, we formed a committee between the international coalition and the Iraqi party to complete its mission in the country, and in the future a timetable will be set to officially end the coalition’s mission, and this requires us to move to bilateral relations between Iraq and America. What these relations require is the transfer of our alliance with Washington from the security and military side.” We are moving towards a strategic framework agreement that includes cooperation in the field of energy, education, investment, agriculture and all other aspects that were not done in the correct manner.”Regarding the security dialogue with Washington, Al-Awadi confirmed that “it began through the bilateral committee between Iraq, America, Britain, Spain and other countries representing the international coalition, and this mission is to set security agreements on a professional basis,” noting that “the security dialogue is part of the Sudanese visit to Washington and we may also witness Signing memorandums of understanding and cooperation through the ministerial team with the Prime Minister and opening broader areas that have not been applied since the beginning of the Strategic Framework Agreement until today.”On March 22, 2024, the Prime Minister’s Media Office announced the details of Sudanese’s visit to the American capital, Washington, on April 15 .The office indicated in a statement, “Al-Sudani and Biden will discuss the future relationship prospects in the post-international coalition to fight ISIS, and the best ways to move to a comprehensive partnership between Iraq and the United States of America, in light of the strategic framework agreement between the two countries in the political, economic, financial, cultural, and educational fields.” And security .”For its part, the White House announced earlier that Iraqi Prime Minister Muhammad Shia al-Sudani will be a guest of the White House and US President Joe Biden to discuss 6 files .A statement by White House Press Secretary Karine Jean-Pierre, translated by “Baghdad Today,” said: “The leaders will reaffirm their commitment to the Strategic Framework Agreement and will work to deepen their shared vision for a secure, sovereign, and prosperous Iraq fully integrated into the broader region .”The statement added, "Biden and Al-Sudani will discuss a range of issues during the visit, including our shared commitment to the permanent defeat of ISIS and the evolution of the military mission nearly ten years after the formation of the successful global coalition to defeat ISIS. They will also discuss ongoing Iraqi financial reforms to promote economic development and progress toward independence." Iraq in the field of energy and its modernization .”-
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Al-Shammari reveals the most prominent files of Sudanese’s visit to Washington and the government’s ambition regarding the dollar {expanded}
- Time: 03/28/2024 01:14:57
- Read: 3,809 times
{Politics: Al-Furat News} The political advisor to the Prime Minister, Fadi Al-Shammari, revealed the most prominent files that will be discussed in the visit of Prime Minister Muhammad Shia Al-Sudani scheduled to Washington in the middle of next month, pointing to “the strong relationship between Al-Sudani and the leaders of the coordination framework.”Al-Shammari said to the program (Before Suhoor) broadcast by Al-Furat satellite channel:
The Sudanese is a fierce follower and enters into details from multiple sections for the sake of achievement, not interference. Working with him is no comfort, but there is the pleasure of production.
The Sudanese follows up on many projects daily and resolves any obstacle or routine
Sudanese advisors are assigned tasks and work like a beehive. Some of their files are in the completion stages, and some of them will be closed after some of them had been idle for 15 years.
Al-Sudani listens well to his advisors and refers files to specialists, despite having experience, in order to mature decisions and ideas
Al-Sudani's visit to Washington will be practical and will not be for taking pictures
The visit will discuss sensitive and basic files, including the identity of the relationship between Iraq and the United States and the incomprehensible interference in it, and we want to clarify it
The ambitions for the visit are very high, and we want to clarify Iraq’s relations with major countries, including the United States
The financial file will be present and strong, as will the trade file
The Iraqi delegation will ask the American side about the reasons for their decisions to impose sanctions on Iraqi banks
Our expectations are that the visit will be very successful, and this matter is based on our data, taking into account the changes in the world, and there are signs that will emerge from the Prime Minister’s mouth.
There is great exaggeration in the attempt to portray that the Sudanese are in a valley and the coordination framework is in a valley, but the reality is otherwise because there is participation in decision-making and the Sudanese is part of the leaders of the framework.
There is a balanced relationship between the chief executive officer (the Sudanese) and the framework leadersThe Sudanese government's title is service and the opening of 9 hospitals in Baghdad this year
Revealing multiple networks led by security leaders who have electronic armies to bring down military figures and incite public opinion against personalities.
Measures were taken against 16 soldiers involved in extortion networks
Blackmail networks include media figures whose goal is to bring down government and military figures
Investigations will reveal the facts, and no one can pressure the investigative committees
Some parties are close to Sudanese, but the Prime Minister does not show courtesy at the expense of the people
The decline in the dollar exchange rate is a cumulative indicator of the actions and monetary policy of the central bank and the government
The decline after narrowing the space for currency smuggling and the black market is subject to supply and demand mechanisms
The dollar is on its way down and will be subject to supply and demand areas
The government is planning to reduce the dollar to the official rate. This is certain, but it takes time
10% of merchants used to go to the electronic platform, and today the percentage has risen to 70%
The path of development is proceeding at a stronger pace than it was when it was announced, and the Basra-Nasiriyah section is ready for work.
The Sudanese did not put pressure on the resistance factions to stop their attacks against the American bases. Rather, there was a constructive dialogue based on the interests of Iraq and with the cover of the majority of the forces of the coordination framework.
Talking about early elections is a “media show” and the Prime Minister believes that it is too early to talk about elections, and his time is now devoted to the success of the government.
The Central Bank of Information: US restrictions on Iraqi banks will be lifted soon
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The Central Bank of Information: US restrictions on Iraqi banks will be lifted soon
Information / Baghdad..
The Central Bank of Iraq announced today, Saturday, the imminent lifting of US restrictions on some Iraqi banks.
Member of the Board of Directors of the Central Bank, Ahmed Barihi, told Al-Maalouma, “The discussions held by Prime Minister Muhammad Shiaa Al-Sudani in Washington with the American financial and banking authorities were successful.”
He added, "The American side promised to lift banking restrictions on some Iraqi banks and end work on the platform at the end of this year. This matter will make the central bank return to the currency selling window as it was before."
He added, "The results of the discussions between the Sudanese and the Governor of the Central Bank, Ali Al-Alaq, with the American side were good, in which it was agreed that the Central Bank would return to the currency selling window as it was before."
He explained, "If we return to buying and selling the dollar, conditions will improve greatly, and currencies will be traded, which will facilitate trade and banking relations and reflect positively on the market directly," stressing, "The American side was understanding of what the Iraqi delegation proposed and promised to lift work on the platform and lift all restrictions on banks at the end." This year.”
Prime Minister Muhammad Shiaa Al-Sudani is at the head of a high-ranking Iraqi delegation in America, to finalize the security and economic files with the American side, including the currency file. Ended
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