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The Central Bank: The new 20,000 dinars currency will be introduced at the end of 2023


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An Arab initiative to pay the salaries of retirees through Buna

December 09, 2022

Central Bank of Iraq | An Arab initiative to pay the salaries of retirees through Buna (cbi.iq)

An Arab initiative to pay the salaries of retirees through Buna

The Arab Monetary Fund (AMF), the Central Bank of Iraq (CBI), the Central Bank of Jordan (CBJ), the Central Bank of Egypt (CBE) and Buna (Buna) have announced a joint Arab initiative to launch a service to pay the salaries of retirees residing in Arab countries using this platform. His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Makhif, said that Iraq is keen to provide the best financial services to its citizens, and that this initiative will provide distinguished financial services and solutions to Iraqi retirees residing in brotherly countries, Jordan and Egypt, upon receiving their monthly dues directly through bank accounts transparently, at a moderate cost and in a fast manner. "The initiative comes within the framework of our continuous efforts to employ financial technology and provide the banking sector with the best modern and secure solutions in the payments and financial inclusion sector, in a way that enhances joint Arab economic cooperation," he added.

As a first phase, the initiative seeks to include Iraqi retirees residing in the Hashemite Kingdom of Jordan and Egypt from receiving their monthly salaries more quickly and effectively, by opening a bank account for each Iraqi retiree who wishes to benefit from this service in any of the banks participating in the initiative that have completed the technical readiness requirements to join Buna. Buna is a payments system operated by the Arab Monetary Fund-owned Arab Clearing and Settlement Corporation (ARCT), an integrated system specialized in providing clearing and settling payments in Arab and international currencies, which aims to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive inter-bank payments across the Arab region and beyond in a secure, reliable, cost-effective and efficient manner.

 

Central Bank of Iraq
Media
Office December 8, 2022

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Iraq News Now  Urgent

Central Bank Governor: Economic recovery in the country starts from the private sector

Doc-P-440774-638062576929037508-810x455.
 

 

He said in a speech during the celebration of the establishment of the Central Bank of Iraq on its 75th anniversary that "the Central Bank has worked to establish balanced relations with international banking and financial institutions," noting that "the performance of the Central Bank of Iraq has been characterized for more than seven decades that it is always at a sufficient distance from politics and its repercussions, powers and fluctuations.

 

 

He added, “The financial management of the state still believes that the Central Bank of Iraq is the bond and backer for it and other state institutions,” noting, “After 2003, the new central bank law was issued, as its independence was clearly established.”

 

"We now have a system to supervise the banking sector, based on the legal provisions contained in the Central Bank and Banking Laws. Since 2004, we have started planning to establish advanced payment systems and gradually shift to digitization," Makhaif explained.

 

And he continued, “Central banks represent the largest repositories of financial and banking expertise, and consulting centers for their governments,” noting that “we decided to postpone the collection of loans granted from the funds of our initiative on industrial and agricultural projects until the end of 2024.”

 

The Governor of the Central Bank stated, “We believe that priority strategic projects such as roads and railways are the keys to success in development,” adding that “relying on state agencies to repair existing roads or construct new ones is unrealistic, and we suggest that investors be resorted to in exchange for traffic fees that do not burden each other.” its users.”

 

And between, “We see that development takes place by stimulating targeting the less developed regions and groups and to reduce pressure on government jobs, which requires expediting the adoption of social security laws,” stressing that “the economic recovery in the country begins with the private sector.”

 

He concluded by saying, "We see the importance of strengthening non-oil resources through automating the customs and tax sector and unifying border crossings."

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The Central Bank: Postponing the collection of loans for industrial and agricultural projects for two years, and a new proposal to invest in traffic roads

The Central Bank: Postponing the collection of loans for industrial and agricultural projects for two years, and a new proposal to invest in traffic roads (ninanews-com.translate.goog)

1019477-14142c4f-3d1c-4a7e-98b7-6922351e
Baghdad / NINA / - The Central Bank decided to postpone the collection of loans granted from the funds of its initiative on industrial and agricultural projects until the end of 2024.


The Governor of the Bank, Mustafa Ghaleb Al-Jubouri, said, during the celebration of the 75th anniversary of the founding of the Central Bank, which was held today, Saturday, in the capital, Baghdad. "The state's financial administration still believes that the Central Bank of Iraq is the backing and backing for it and other state institutions."

He explained, "After 2003, the new Central Bank Law was issued, and its independence was clearly established."

He added, "We have now a system to supervise the banking sector, based on the legal texts mentioned in the Central Bank and Banking Laws."

He continued, "Since 2004, we began planning to establish advanced payment systems and gradually shift to digitization," adding that "central banks represent the largest repositories of financial and banking expertise, and consulting centers for their governments."


He added, "The performance of the Central Bank of Iraq has been distinguished for more than seven decades by standing at a sufficient distance from politics and its repercussions, powers and fluctuations," noting that "priority strategic projects such as roads and railways are the keys to success in development."


And the governor of the Central Bank believed that "relying on state agencies to repair current roads or construct new ones is unrealistic," suggesting that investors be resorted to in exchange for traffic fees that do not burden their users.

Ghaleb said, "In order to reduce the pressure on government jobs, it is necessary to speed up the adoption of social security laws," stressing that "the economic recovery in the country begins with the private sector," pointing to the importance of strengthening non-oil resources through automating the customs and tax sector and unifying border crossings. / finished5
1019477-f3493dfc-0b02-4d25-8751-ef75e883
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CBE postpones interest payment of loans granted until the end of 2024
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Economy News-Baghdad

Central Bank Governor Mustafa Ghaleb Makhif confirmed on Saturday that the economic recovery in the country starts from the private sector, indicating that the bank decided to postpone the payment of loans granted to industrial and agricultural projects until the end of 2024.

He said in a speech during the celebration of the establishment of the Central Bank of Iraq in its 75th anniversary that "the Central Bank has worked to establish balanced relations with international banking and financial institutions," noting that "the performance of the Central Bank of Iraq has been characterized for more than seven decades that it is always at a sufficient distance from politics and its repercussions, powers and fluctuations."

He added, "The financial management of the state is still believing that the Central Bank of Iraq is the support and backer for it and other state institutions," noting, "After 2003, the new Central Bank Law was issued, as its independence was clearly enshrined."

"We have a system to supervise the banking sector based on the legal texts contained in the Central Bank and Banking Laws, and since 2004 we have started planning to establish advanced payment systems and gradually shift to digitization," Makhif explained.

He added that "central banks represent the largest repositories of financial and banking expertise, and advisory centers for their governments," pointing out that "we decided to postpone the payment of loans granted from the funds of our initiative on industrial and agricultural projects until the end of 2024."

"We believe that priority strategic projects such as roads and railways are the keys to successful development," the central bank governor said, adding that "relying on state agencies to repair existing roads or construct new roads is unrealistic and we suggest that investors be resorted to in exchange for traffic fees that do not burden their users."

"We believe that development should be done by stimulating the targeting of less developed regions and groups and to reduce the pressure on government jobs, which requires speeding up the adoption of social security laws," he said, stressing that "economic recovery in the country starts from the private sector."

"We see the importance of enhancing non-oil resources by automating the customs and tax sector and unifying border crossings," Makhif concluded.


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Added 2022/12/10 - 12:03 PM
Update 2022/12/10 - 6:10 PM
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Central Bank of Iraq: Adoption of social security laws will ease pressure on the government

1670677538120.jpg

 

 

Shafaq News / stressed The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, on Saturday, stressed the need to speed up the adoption of laws for social security, in order to relieve pressure on government jobs

 
 

 

Scary said, in Speech during the celebration of the 75th anniversary of the founding of the Central Bank of Iraq, attended by the Agency Shafaq News, "The performance of the Central Bank has been distinguished for more than seven decades by always be at a sufficient distance from politics and its repercussions, powers and fluctuations."

He added that "The financial management of the State is still believing that the Central Bank of Iraq is the bond and the Dahir for her and other state institutions," he said, adding: "After 2003 The new central bank law has clearly enshrined its independence."

He continued: "Today we have a text-based banking sector supervision system. the legal contained in the laws of the Central Bank and banks," he said, noting that "Since 2004 planning to establish advanced payment systems and gradually shift to digitalization".

He explained frighteningly, that "Central banks represent the largest repositories of financial and banking expertise, and centers Consulting their governments, so it was decided to postpone the payment of loans granted from our initiative funds on industrial and agricultural projects until the end of 2024."

Governor confirmed The Central Bank, that "strategic projects are a priority such as roads and railways are the keys to successful development, relying on state agencies to repair existing roads or establish New ways are unrealistic," suggesting that "investors are resorted to for a fee Traffic that does not burden its users."

Frightening felt, that "Development is achieved by stimulating the targeting of less developed regions and groups, and for To ease the pressure on government jobs, it requires speeding up the passage of security laws social".

He pointed out that "The country's economic recovery starts with the private sector, so it needs to be strengthened. Non-oil resources through automation of the customs and tax sector and unification of ports border".

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CBE Governor stresses the importance of automating the customs and tax sector and unifying ports

Central Bank of Iraq

Central Bank Governor Mustafa Ghaleb Makhif confirmed on Saturday that the Central Bank decided to postpone the payment of loans granted for industrial and agricultural projects until the end of 2024.

The Governor of the Central Bank, Mustafa Ghaleb Makhif, said in a speech during the celebration of the establishment of the Central Bank of Iraq in its 75th anniversary, followed by (Al-Oula News): "The Central Bank has worked to establish balanced relations with international banking and financial institutions."

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Central Bank of Iraq celebrates its Diamond Jubilee

  
 December 10, 2022
Central Bank of Iraq celebrates its Diamond Jubilee

Today, Saturday, the Central Bank of Iraq held its central celebration on the occasion of the seventy-fifth anniversary (Diamond Jubilee) of its founding at the Babylon Hotel in the capital, Baghdad, with the participation of a number of personalities and the banking sector. His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Makhif, said in a speech on the occasion: In such days seven and a half decades ago, this institution was established, which you are proud of today, stressing that the Central Bank of Iraq has a long march in establishing a solid monetary system in Iraq, and contributed to strengthening the economic system and walked hand in hand with the financial authority to assign it as an adviser to the government, and stand behind it in times of adversity.

He added: The performance of the Central Bank of Iraq for more than seven decades has been characterized by being always at a sufficient distance from politics and its repercussions, powers and fluctuations, so we have established authentic work traditions that were completely politically neutral from what our country went through from the fluctuations and known circumstances, pointing to the financial management of the state, was and still is, believing that the Central Bank of Iraq is the support and backer for it and other state institutions. He explained that after 2003, the new Central Bank Law was issued, as its independence was clearly enshrined, and its powers and position in the pyramid of the economic system in Iraq were consolidated. Its distinctive supervisory powers were also manifested.

His Excellency stressed that our banknotes were issued with the highest quality and security features available in the techniques of printing banknotes globally through contracting with the best international printing companies, and we have a system of control over the banking sector based on the legal texts contained in the laws of the Central Bank and banks and related laws, all of which guarantee the existence of a solid banking system despite the technical and security challenges that beset this complex environment. The ceremony reviewed the history of the Central Bank of Iraq since its establishment, as well as organizing dialogue sessions on monetary policy, the new roles of central banks, and the role of women in the Central Bank of Iraq.
 

Central Bank of Iraq

Media Office

10-Dec-2022

 


 

 
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The Central Bank launches an electronic platform for buying and selling the dollar next month

  • Time: 12/11/2022 22:15:14
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The Central Bank launches an electronic platform for buying and selling the dollar next month

  {Economic: Al Furat News} An economist revealed the readiness of the Central Bank of Iraq to launch an electronic platform for buying and selling the dollar.

Ahmed Abd Rabbo said to the “Unannounced” program broadcast by Al-Furat satellite channel this evening: “The Central Bank will launch in December next an electronic platform for those who buy and sell dollars.”
He added that the bank “directed banks to be more scrutiny of dollar customers, which led to a rise in the currency, but it was slight and took more than its range,” expecting that “the central bank will control the price of the dollar in the next two weeks.”
Abed Rabbo pointed out that “the central bank has cash reserves that exceed 90 billion dollars, and the Iraqi economy is better than many countries,” he said.
And between “there was a rush to sell the dollar, which led to a drop in the exchange rate a month ago, and what happened today is that the Central Bank withheld dealing with a number of banks because of the instructions of the US Federal Bank, which stopped dealing with them due to money laundering, which created a gap in the local market between supply and demand for the dollar.” .
Abed Rabbo noted that “the fears of citizens and traders prompted more demand for the currency market, and we must send messages of reassurance,” stressing that “the central bank is in control of the situation.”
He continued, “The central bank is working in a difficult economic situation and cannot stop selling the currency in a country that imports everything, and the government is supposed to know the identity of importers who have large bills.”
And he stressed, “The central bank’s measures to control the market contributed to raising the price of the dollar and the Iraqi economy is proceeding in a way that warns of the next in the event of a drop in oil prices,” noting that “the lack of sales of the central bank affected the imbalance and high prices of the local market.”
He stressed that “the US federal monitors the dollar in all countries of the world and the Iraqi Central Bank has no ability to do so, and today there are indications of the recovery of the Iraqi economy.”

 

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The Central Bank receives the remaining amount from the Kuwait Compensation Fund

1019838-52198f4c-52fe-461c-aaf8-acc8e5a3
Baghdad / NINA / - Today, Monday, the Central Bank of Iraq announced that it had received the remaining amount in the Kuwait Compensation Fund.

And a statement by the Central Bank of Iraq stated, “The bank has received the remaining amount in the Compensation Fund, amounting to (7,946,316) US dollars, after paying the compensation for Kuwait in full.”

The statement added, "The amount was returned after auditing the accounts according to Security Council Resolution No. (2621) for the year (2022) concerned with ending the file of compensation resulting from the invasion of the former Iraqi regime into the State of Kuwait." / Ended 8
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Central Bank receives the remaining amount from the Kuwait Compensation Fund

Mawadda Ahmad8 hours ago
 Less than a minute
Central Bank of Iraq

The Central Bank of Iraq announced on Monday the receipt of the remaining amount in the Kuwait Compensation Fund.

A statement by the Central Bank of Iraq, received by (Al-Oula News), said that "the bank received the remaining amount in the compensation fund, amounting to (7,946,316) US dollars, after paying the full compensation for the State of Kuwait."

The statement added that "the amount was returned after auditing the accounts under Security Council Resolution No. (2621) of (2022) on ending the file of compensation resulting from the invasion of the former Iraqi regime of the State of Kuwait."

It is noteworthy that Iraq revealed in 2021 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, after paying the full amount of the remaining compensation.

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The Central Bank announces the termination of Kuwait's financial compensation file

The Central Bank announces the termination of Kuwait's financial compensation file
Last Updated: December 12, 2022 - 1:51 PM

Baghdad / Iraq News Network - The Central Bank of Iraq announced on Monday the receipt of the remaining amount in the Kuwait Compensation Fund.A statement by the bank stated that "the bank received the remaining amount in the compensation fund, amounting to (7,946,316) US dollars, after paying the full compensation for the State of Kuwait.

 
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Rashid stresses the importance of diversifying sources of Iraqi national income

Rashid stresses the importance of diversifying sources of Iraqi national income
Last Updated: December 12, 2022 - 1:57 PM

Baghdad / Iraq News Network - President of the Republic Abdul Latif Jamal Rashid stressed on Monday the importance of diversifying the sources of Iraqi national income, while pointing to the need to control borders, close illegal border crossings and organize customs imports to be added to the state budget. The media office stated that "the President of the Republic, Abdul Latif Jamal Rashid, received today, at Baghdad Palace, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif," noting that "during the meeting, they discussed the importance of the role of the Central Bank in the process of stabilizing the financial and economic system in the country, achieving sustainable development goals, and adopting sober financial policies to overcome the challenges facing the Iraqi economy." He pointed to "the importance of encouraging and attracting investments by supporting the private sector and meeting the legal and legislative requirements for this and legislating social security and retirement laws for this important sector that enhances job opportunities, noting that the stable security situation in the country enhances this aspect." about investment imports," according to the statement.

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24 minutes ago, 6ly410 said:

The Central Bank announces the termination of Kuwait's financial compensation file

The Central Bank announces the termination of Kuwait's financial compensation file
Last Updated: December 12, 2022 - 1:51 PM

Baghdad / Iraq News Network - The Central Bank of Iraq announced on Monday the receipt of the remaining amount in the Kuwait Compensation Fund.A statement by the bank stated that "the bank received the remaining amount in the compensation fund, amounting to (7,946,316) US dollars, after paying the full compensation for the State of Kuwait.

 

Very interesting timing.  

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The President of the Republic receives the Governor of the Central Bank and stresses the importance of diversifying the sources of Iraqi national income / expanded

1019868-3fe04699-d73b-4e34-9e4a-18ade1a4
Baghdad / NINA / - The President of the Republic, Abdul Latif Jamal Rashid, received today, Monday, at the Baghdad Palace, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif.

During the meeting, according to a presidential statement, they discussed the role of the Central Bank in the process of stabilizing the financial and economic system in the country, achieving the goals of sustainable development, and adopting sober financial policies to overcome the challenges facing the Iraqi economy.

The President stressed the importance of diversifying the sources of Iraqi national income, pointing to the need to control borders, close illegal border crossings, and organize customs imports to be added to the state budget.

President Abdul Latif Jamal Rashid pointed out the importance of encouraging and attracting investments by supporting the private sector, meeting the legal and legislative requirements for that, and enacting social and retirement security laws for this important sector that enhances job opportunities, noting that the stable security situation in the country enhances this aspect.

The president also pointed out the importance of enhancing tourism imports in the country, encouraging religious and archaeological tourism and setting the required controls for it, as it generates financial revenues to the state budget that are no less than investment revenues./ End
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President Rashid stresses the importance of diversifying sources of national income and encouraging investment

| Policy Today, 13:47 | 

    

President Rashid stresses the importance of diversifying sources of national income and encouraging investment » Baghdad Today News Agency

+A-A

Baghdad Today - Baghdad

President of the Republic Abdul Latif Jamal Rashid stressed on Monday the importance of diversifying the sources of Iraqi national income, while pointing to the need to control borders, close illegal border crossings and organize customs imports to be added to the state budget.

The media office stated that "the President of the Republic, Abdul Latif Jamal Rashid, received today, at Baghdad Palace, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif," noting that "during the meeting, they discussed the importance of the role of the Central Bank in the process of stabilizing the financial and economic system in the country, achieving sustainable development goals, and adopting sober financial policies to overcome the challenges facing the Iraqi economy."

According to the statement, Rashid stressed "the importance of diversifying the sources of Iraqi national income," pointing to "the need to control borders, close illegal border crossings and organize customs imports to be added to the state budget."

He pointed to "the importance of encouraging and attracting investments by supporting the private sector and meeting the legal and legislative requirements for this and legislating social security and retirement laws for this important sector that enhances job opportunities, noting that the stable security situation in the country enhances this aspect."

The president stressed "the importance of promoting tourism imports in the country, encouraging religious and archaeological tourism and setting the required controls for it, as it generates financial imports to the state budget that are not less than investment imports," according to a statement received by Baghdad Today.

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Implementing international trade exchange for the Middle East turns Iraq into an "electronic financial exchange center"

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Baghdad Today - Translation

The Korean company (Fintech) announced on Monday the launch of the first service provided to the Middle East for international multiple currency transfers and cross-border trade conflicts through Iraq.

It confirmed that it has obtained the approval of the Central Bank of Iraq to be the first entity authorized to deal with international digital trade in the Middle East.

The company said through statements reported by the economic network (Newsfile) and translated by (Baghdad Today), that "the company, in cooperation with Ishtar Gate, launched the international financial cards service, which will enable Iraqi citizens to use the cards for international commercial trading of all kinds, in addition to transferring foreign currencies in real time through direct electronic dealing within the card services."

The company said that the service is "unprecedented in the Middle East," announcing that Iraq is the leading country in the region in the application of electronic exchange and financial transfer technology through cards and for citizens in general, explaining that it plans to launch the project at a later time in both Saudi Arabia and the UAE based on the Iraqi Center.

"The leading services will provide new horizons for the Iraqi market in ten foreign currencies, including the US dollar and the Iraqi dinar," she said.

The company indicated that it will open the door to foreign investment at the individual level as well, while also explaining that cooperation with the Chinese company (UnionPay) will also provide the possibility of financial transfer in local currencies and easily between the Iraqi and Chinese markets and fully electronically.

She added that "regional banks and banks, especially in Saudi Arabia and the UAE, will start next year 2023 to rely on the Iraqi market for electronic financial transfer, as it is the only "leading" market currently in the field, which provides unprecedented financial services in the Middle East."

 

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POSTED ON 2022-12-12 BY SOTALIRAQ

Initiative allows Iraqi retirees to receive their salaries in Egypt and Jordan

Voice of Iraq | Initiative allows Iraqi retirees to receive their salaries in Egypt and Jordan (sotaliraq.com)

Baghdad
Ahmed Eid
957557826.jpeg
Facilities for Retirees (Getty)

The Central Bank of Iraq (CBI) has unveiled a joint Arab initiative, in cooperation with the Arab Monetary Fund, the Central Bank of Jordan and the Central Bank of Egypt, to provide a service to pay the salaries of Iraqi retirees residing in Arab countries using Buna.

He pointed out that this initiative will provide distinguished financial services and solutions to Iraqi retirees residing in Jordan and Egypt to receive their monthly dues directly by opening bank accounts in those countries.

Arab
Initiative This initiative includes as a first stage the category of Iraqi retirees residing in Jordan and Egypt, so that they can receive their monthly salaries more quickly and effectively, by opening a bank account for each Iraqi retiree who wishes to benefit from this service in any of the banks participating in the initiative, which has completed the technical readiness requirements to join Buna.
The Governor of the Central Bank of Iraq, Mustafa Ghalib, said that the initiative comes within the framework of continuous efforts to employ financial technology and provide the banking sector with the best modern and secure solutions in the payments and financial inclusion sector, in a way that enhances joint Arab economic cooperation.
In a statement, the Arab Monetary Fund (AMF) announced the start of salary transfers at the end of each month, with the participation of active banks in the Iraqi, Jordanian and Egyptian markets that have completed the activation of the Jordanian Dinar, Egyptian Pound and Iraqi Dinar on Buna.

Buna Platform

Buna is a specialized system for providing clearing and settling payments in Arab and international currencies, which aims to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive inter-bank payments across the Arab region and beyond in a secure, reliable, cost-effective and efficient manner.

Economic researcher Omar Al-Halbousi said that this platform is a cross-border payments system within the Arab region, established by the Arab Monetary Fund in 2018 to enable financial institutions in the Arab region and abroad to send and receive payments in Arab and international currencies reliably, securely and at appropriate costs.

Al-Halbousi explained that the feasibility of this initiative lies in enhancing opportunities for financial and economic integration and supporting investment in Arab countries with global partners.

He pointed out that the existence of the Buna platform has become necessary to support and strengthen the Arab financial and banking system, and the beneficiaries are all Arab banks participating in it, as it provides optimal solutions for modern payment that comply with international standards in the fields of information security and protection from the risks of financial crimes.

The risks of the initiative The general coordinator of the Iraqi Economists Network, Bariq Shubbar, downplays the importance of the Arab Monetary Fund's initiative
to provide the salaries of Iraqi retirees abroad through Buna. He told Al-Araby Al-Jadeed that he does not see any benefit from this platform for the Iraqi economy, despite the fact that it represents a service to Iraqi retirees abroad.

He pointed out that the movement of Iraqi retirees abroad, especially the competencies that served the Iraqi state for a long time, is a great loss to the Iraqi economy in many aspects, foremost of which is the loss of accumulated knowledge of this segment, and the lack of use of it in Iraqi universities and research centers.

Shuber stressed that the use of this platform pushes the exit of funds in hard currency in large quantities, which is a drain on the foreign currency reserves of the Central Bank of Iraq.

He criticized the policy of the Arab Monetary Fund and the central banks of Iraq, Jordan and Egypt in this direction, stressing the importance of these banks launching initiatives to finance joint investment projects for the private sector from the three countries, instead of this initiative that does not help development in Iraq in any way.

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On 12/11/2022 at 2:40 AM, 6ly410 said:

Central Bank of Iraq: Adoption of social security laws will ease pressure on the government

1670677538120.jpg

 

 

Shafaq News / stressed The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, on Saturday, stressed the need to speed up the adoption of laws for social security, in order to relieve pressure on government jobs

 
 

 

Scary said, in Speech during the celebration of the 75th anniversary of the founding of the Central Bank of Iraq, attended by the Agency Shafaq News, "The performance of the Central Bank has been distinguished for more than seven decades by always be at a sufficient distance from politics and its repercussions, powers and fluctuations."

He added that "The financial management of the State is still believing that the Central Bank of Iraq is the bond and the Dahir for her and other state institutions," he said, adding: "After 2003 The new central bank law has clearly enshrined its independence."

He continued: "Today we have a text-based banking sector supervision system. the legal contained in the laws of the Central Bank and banks," he said, noting that "Since 2004 planning to establish advanced payment systems and gradually shift to digitalization".

He explained frighteningly, that "Central banks represent the largest repositories of financial and banking expertise, and centers Consulting their governments, so it was decided to postpone the payment of loans granted from our initiative funds on industrial and agricultural projects until the end of 2024."

Governor confirmed The Central Bank, that "strategic projects are a priority such as roads and railways are the keys to successful development, relying on state agencies to repair existing roads or establish New ways are unrealistic," suggesting that "investors are resorted to for a fee Traffic that does not burden its users."

Frightening felt, that "Development is achieved by stimulating the targeting of less developed regions and groups, and for To ease the pressure on government jobs, it requires speeding up the passage of security laws social".

He pointed out that "The country's economic recovery starts with the private sector, so it needs to be strengthened. Non-oil resources through automation of the customs and tax sector and unification of ports border".

Social security law has already been passed…just activate 

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Iraq looks forward to a development leap after turning the page on Kuwait's compensation
7292.jpg
   
 

Economy News-Baghdad

The Central Bank of Iraq announced on Monday, December 12, the receipt of the remaining amount in the Kuwait Compensation Fund, worth seven million and 946 thousand and 316 US dollars, and returned after paying full compensation.

A statement by the bank quoted an authorized source as saying that "the amount was returned after auditing the accounts under Security Council Resolution No. (2621) of (2022) concerned with ending the file of compensation resulting from the invasion of the State of Kuwait by the former Iraqi regime."

The statement pointed out that "Iraq revealed in 2021 that it has terminated all necessary banking arrangements with the US Federal Reserve to stop the automatic deduction of Kuwait's compensation from Iraqi crude oil export revenues, after paying the full amount of the remaining compensation."

In February 2022, Mesopotamia paid the last payment of compensation related to its invasion of Kuwait during the rule of former President Saddam Hussein in 1990.

Iraqi governments paid a total of $52 billion in compensation to individuals, companies and governments who were able to prove they suffered damage from the invasion, according to the U.N. Compensation Commission, which oversaw the process.

In addition to the state budget

Iraqi specialists pointed out that the compensation file was costing the country between six to seven million dollars a day, and that with the end of this harsh chapter, the value of these funds from Iraq's current exports, which amount to more than two billion dollars annually, will be added to the country's budget and fill a section of expenditures sufficient to build an electricity network system that will revive Iraq for many years.

Professor of international economics, Nawar Al-Saadi, says that "this reckless war is borne by the people of Iraq, and the closure of the file of Kuwait's compensation is a new page in the country's economic history, but we hope as Iraqis that these funds that were deducted from the Iraqi budget will go to development, especially investment projects that occupy the workforce and produced, but so far there is no serious vision in that, despite the fact that the government's directions last year are to establish a sovereign fund in which the three percent that It used to go to Kuwait, to invest it at home and abroad and to be a kind of buffer against the international crises that befall Iraq as a rentier state, but unfortunately this did not happen."

He added, "We were expecting a resolution from the UN Security Council at the beginning of this year to get Iraq out of the problems of Chapter VII of the Charter of the United Nations and get rid of more than 40 resolutions imposed on it because of the Kuwait war, which completely restricted its economy for decades until the present, but I am surprised by the Council's behavior, so far it has not taken the issue seriously, although getting rid of Article VII opens up great opportunities for Iraq to integrate into the global economy."

"The isolation of the Iraqi economy is very large, and the world's planes still arrive at Baghdad airport only from some neighboring countries, which is part of the blockade that still considers Iraq a war zone with all the costs of insurance and shipping, and delays the transfer of technology and dealing with economic progress," he said.

New Relationships

Iraqi researcher Saleh Lafta said that "handing over the remaining amount of Kuwait's compensation closes a dark page in Iraq's history caused by Saddam Hussein's regime, plunging the country into losing wars and adventures that bear the consequences of the people, just as the State of Kuwait endured the unjust invasion on its territory."

He continued, "Kuwait was supposed to drop those debts, Iraq as a state and as a people has no hand in those adventures, and after the fall of the former regime that caused the destruction, Kuwait could have expressed its forgetfulness of the past and initiated in good faith not to claim those compensations, but Iraq continued to pay the money that it needed greatly to employ it in reconstruction," adding, "In any case, he paid full compensation and the two countries must move forward in new relations based on good neighborliness and common ties between them." Just as Kuwait was damaged by the invasion, Iraq was doubly damaged by those policies."

Financing investment projects

For his part, economic researcher, Bassam Raad, explained that with the completion of the audit and the receipt of the Central Bank of Iraq the remaining amount in the Second Gulf War Compensation Fund, all belongings are liquidated to the account of the United Nations Compensation Commission and the financial aspect of this fund is permanently closed.

He continued, "A dark economic page has been turned, and it began after the issuance of Security Council Resolution No. 986 in 1995, where 30 percent of the value of each barrel of Iraqi oil exported under the oil-for-food program was deducted, but this percentage was reduced to five percent after 2003, and then to three percent in 2020 until the compensation file was finally closed after the issuance of Security Council Resolution No. 2621 of 2022."

Raad demanded that this percentage of deductions after returning to the Iraqi economic cycle go towards financing income-generating investment projects in order to maximize their added value.


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Added 2022/12/13 - 12:34 PM
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Parliamentarian gives central bank a week to confront "corruption" of currency auction

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2022-12-13 05:16
 

 

Shafaq News / MP for the "National Sindh" bloc, Aziz Sharif Al-Mayahi, on Tuesday, called on the Central Bank of Iraq to clarify its measures to reduce cases of "corruption" in the file of selling remittances to private banks, pointing to the subsequent clear rise in the prices of food commodities and medicines in the local market.

Al-Mayahi stressed in a press statement received by the Shafaq News Agency, the need to find alternative urgent ways to control the exchange rate, warning of parliamentary measures within a maximum period of a week in the event of continued confusion and indifference in the work of the Central Bank.

 

 

Al-Mayahi said in his statement, "The selling price of the Central Bank of remittances to banks is 1460 dinars, but those banks sell those remittances at 1533 dinars with a profit margin of up to 73 points per transfer, meaning a profit of 70 million Iraqi dinars per million dollars," noting that "this obscene profit and clear corruption was the victim of the simple citizen through the high prices of food commodities, medicines and other basic life necessities, as it does not go to the state treasury, but to the pockets of the influential."

Al-Mayahi added, "The Central Bank's continued spectator and silence about this corruption and waste of public money, despite the fact that it is an important part of its duties, makes it in a position of responsibility before the legislative authority in terms of control, and makes us obligated to give the Central Bank and its administration a week to address this confusion before going to other options within the dome of Parliament to defend the money of the Iraqi people and the wealth of the country."

Al-Mayahi called on the Integrity Commission and the supervisory committees to "take urgent and immediate action to stop the chaos that is happening in the currency auction paid for by the poor classes of citizens and to take the harshest measures against price manipulators."

Al-Mayahi also called on the Prime Minister to "open the file of currency auction, exchange rate and chaos in the markets within the agenda of the next cabinet meeting and take immediate and urgent measures to address this file, which has become an intolerable door from the doors of corruption and waste of public money."

 

 

 

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13-Dec-2022

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CENTRAL BANK RESERVES EXCEEDED $90 BILLION (FACEBOOK)

 

Ultra Iraq - Editorial Team

On Tuesday, December 13, 2022, the Central Bank of Iraq announced that the volume of currency reserves had reached its highest level in Iraq's history.

Central Bank adviser Ihsan Shamran al-Yasiri told the official agency and his follower, "Ultra Iraq", that "the reserves of the Central Bank have reached their highest levels in the history of the Iraqi state and exceeded 90 billion dollars," noting that "what we rely on is not the reserve of the Central Bank, but the performance of public finances, which are now blessed with a very sufficient abundance of funds."

"The central bank is a monetary policy department and intervention to fix problems related to the exchange rate and others," he said, noting that "the bank's reserves are still abundant and our measures are rational."

He stressed the need for "public finances to be disciplined and direct public spending to real priorities instead of dispersing them," pointing out that "public finances have an opportunity to compensate all the disadvantaged during previous years from vulnerable classes, social benefits and low-paid retirees, as these classes need subsidies for them."

"Controlling the performance of customs and tax collection departments, oil revenues will be a secondary source of financing the public budget," al-Yasiri said.

 

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Central Bank: Public finances are abundant enough and have a chance to compensate all the disadvantaged

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The Central Bank of Iraq announced today, Tuesday, the volume of currency reserves to the highest levels in the history of Iraq, while pointing out that the public finances have an opportunity to compensate all the disadvantaged and low-salary retirees.

Central Bank adviser Ihsan Shamran al-Yasiri told the official agency (First News): "The reserves of the Central Bank have reached their highest levels in the history of the Iraqi state and exceeded 90 billion dollars," noting that "what we count on is not the reserve of the Central Bank, but the performance of public finances, which are now blessed with a very sufficient abundance of funds."

"The central bank is a department of monetary policy and intervention to fix problems related to the exchange rate and others," he said, noting that "the bank's reserves are still abundant and our measures are rational."

He stressed the need for "public finances to be disciplined and direct public spending to real priorities instead of dispersing them," pointing out that "public finances have an opportunity to compensate all the disadvantaged during previous years from vulnerable classes, social benefits and those with low salaries of retirees, as these classes need subsidies for them."

"Controlling the performance of customs and tax collection departments, oil revenues will be a secondary source of financing the public budget," al-Yasiri said.

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