Setting a date for the dissolution of the Iraqi-Kuwaiti Compensation Committee
Setting a date for the dissolution of the Iraqi-Kuwaiti Compensation Committee
The United Nations committee charged with overseeing the process of Iraq’s payment of compensation to Kuwait has \\\\ after 30 years of its formation and paid $52.4 billion, while the Security Council in New York is scheduled to approve on February 22 the dissolution of the committee.
The committee was established in May 1991 under Resolution No. 692 of the UN Security Council, and was responsible for managing financial compensation for Iraq, which is deducted at a rate of 5% imposed on sales of oil and petroleum products from Iraq.
During its mandate, the committee decided about 2.7 million compensation requests, of which $52.4 billion was paid out of about $352 billion claimed, the last of which was on January 13, at a value of about $630 million, according to the committee’s report.
The final report confirmed that “this amount represents” the end of the commission’s mandate after more than 30 years, and while this period of time appears to be long, it is important to note that the settlement of 2.7 million applications, with a total amount estimated at $352 billion during this period, is unconstitutional. Prefixed "for this type of action".
The financial advisor talks to “Nas” about the imminent end of the “Chapter Seven” era
Mazhar Muhammad Salih, the financial advisor to the Prime Minister, confirmed on Wednesday that the Kuwait war compensation file is about to be closed completely, and a new page of relations begins, commenting on the imminent approval of the Security Council to end the United Nations committee charged with overseeing the payment process.
Saleh said in a statement to "Nass" (February 9, 2022): "Iraq has fulfilled its full obligations regarding the compensation for the Kuwait war, and its consequences, as Iraq has paid during the past 3 decades 52.4 billion US dollars."
He added that "the compensation was paid at the level of 3 segments represented by "individuals - governments - companies," noting that "the last installment was for the Kuwaiti government."
Saleh added, "It is assumed that the last stages of Chapter VII imposed by the United Nations will be closed, and Iraq is working hard to end this file and restore relations normally by a decision of the UN Security Council."
The financial advisor to the Prime Minister indicated that "the matters will be resolved at the bilateral level, and the Iraqi diplomacy is working in this direction, and the general atmosphere seems comfortable with positive directions to solve this problem, which is more than 30 years old," stressing "the need to turn the page of the past."
The United Nations committee charged with overseeing the process of Iraq paying compensation to Kuwait ended its mandate after 30 years of its formation and paid $52.4 billion, while the Security Council in New York is scheduled to approve on February 22 the dissolution of the committee.
The Committee was established in May 1991 under Resolution No. 692 of the UN Security Council, and was responsible for managing financial compensation to Iraq, which is deducted at a rate of 5% imposed on sales of oil and petroleum products from Iraq.
During its mandate, the committee decided about 2.7 million compensation requests, of which $52.4 billion was paid out of about $352 billion claimed, the last of which was on January 13, with a value of about $630 million, according to the committee’s report.
The final report confirmed that “this amount represents” the end of the commission’s mandate after more than 30 years, and while this period of time appears to be long, it is important to note that the settlement of 2.7 million applications, with a total amount estimated at $352 billion during this period, is unconstitutional. Prefixed "for this type of action".
In the document.. a parliamentary question for the governor of the Central Bank regarding raising the price of the dollar
this is a translation I got I'd love to see the CBI's answer
What are the reasons for raising the exchange rate of the dollar against the Iraqi dinar, and has the economic feasibility been studied and the effects of this matter on the salaries of retirees and other classes of people with limited income and the transfer of the increase in the high income of the citizen to the high cost of food? Will the dollar exchange rate continue in its current form in the federal general budget for the year 2022 and in the monetary policy pursued by the Central Bank? For your kind review and our answer within (15) days from the date of receipt of the above date based on Article (15/Second) of Parliament Law and its formations F13 of 2018.
for oversight purposes and based on the provisions of Paragraphs (Seventh / A) and (Eighth / E) of Article (61) of the Constitution and Article (29) of the Law of the House of Representatives and its formations No. (13) of Parliament (Parliament 50) of Article 1018 and Article No. On Islam the following parliamentarians: We give you our best regards... What are the reasons for raising the exchange rate of the dollar against the Iraqi dinar, and has the economic feasibility been studied and the effects of this matter on the salaries of retirees and other classes of people with low incomes in Iraq, and the transfer of the increase in food prices to the citizen.
The federal government sets the date for considering the case against Zebari's candidacy for the presidency
Close to him: Al-Sadr is ready to postpone the majority government for years, provided that Al-Maliki participates in it
A close associate of the leader of the Sadrist movement, Muqtada al-Sadr, revealed on Wednesday that the decision to exclude the leader of the State of Law coalition, Nuri al-Maliki in the new government, "will not be retracted" regardless of Iranian pressures.
Al-Sadr seeks to form a national majority government by excluding some forces from it, led by the State of Law coalition led by former Prime Minister Nuri al-Maliki, unlike the rest of the Shiite forces within the coordination framework that demand a consensual government in which all political forces in Parliament participate, similar to previous sessions.
Al-Sadr blames Al-Maliki, who headed the government for two consecutive terms (2006-2014), for rampant corruption and acts of violence, in addition to the ISIS invasion of a third of Iraq in the summer of 2014.
A close associate of al-Sadr told Shafaq News Agency, "The leader of the Sadrist movement is ready to postpone his own project to form a majority government, which he is working on with the Kurdistan Democratic Party, the Sovereignty Alliance and other independent deputies for another four years, provided that the leader of the State of Law coalition, Nuri al-Maliki, is involved in the government." This decision is completely irreversible.”
And he indicated that "political and Iranian pressures are being exerted on al-Sadr, in order to abandon the majority government and form a government in which all Shiite political forces participate, including al-Maliki and his coalition, but this is what al-Sadr rejects." Al-Hanana in this, as Al-Sadr confirmed that he is ready to go to the opposition, in exchange for not forming any government other than the government of the majority.”
Yesterday, Tuesday, an informed political source revealed to Shafaq News Agency the content of the meeting that brought together Muqtada al-Sadr with the commander of the Quds Force in the Iranian Revolutionary Guard, Ismail Qaani, in Al-Hanana in Najaf.
He said that Qaani handed al-Sadr a message from Iranian Supreme Leader Ali Khamenei, in which he stressed the need to unify the Shiite political house with all its forces, and stress the sanctity of dismantling this house, under any circumstances.
The source added, that al-Sadr informed Qaani, by conveying a message to Khamenei that he is proceeding with the majority government project, with the participation of parties from the coordination framework, not the entire framework, and specifically the rejection of the leader of the State of Law coalition, Nuri al-Maliki, who Khamenei confirms on his participation or not the framework will go with the government. new".
After his meeting with Qaani, al-Sadr confirmed his adherence to the formation of a majority government through a tweet in which he wrote, "No Eastern, not Western... a national majority government."
The Sadrist bloc topped the October 10 elections, with 73 seats, followed by the Progress Alliance with 37, the State of Law coalition with 33, and the Kurdistan Democratic Party with 31.
Feb 8 22
New details about Al-Sadr’s meeting with Qaani, and suggestions that two “framers” will join the chest bloc
Sources familiar with the negotiating movement in Al-Hanana, the residence of the leader of the Sadrist movement Muqtada al-Sadr, revealed this evening, Tuesday, new information about what happened between al-Sadr and Qaani, while the source suggested that parties from the coordination framework joined the Sadrist bloc.
The sources told Shafaq News Agency, "The visit of the official of the Iranian-Iraqi security file, Ismail Qaani, in Al-Hanana aims to end the dispute between the coordination framework and Al-Sadr, in a new attempt to unite the Shiite house."
She added, "The visit also included informing al-Sadr of the necessity for the parties that will form the government to ensure that Iraq is not a source of danger to Iran and that its airspace becomes a launching pad for bombing its nuclear facilities by any party that opposes the Iranian nuclear file."
The sources indicated that "Al-Sadr assured Qaani that Iraq will not be a source of concern or danger to any neighboring or regional country."
On the other hand, a source in the coordination framework confirmed to Shafaq News Agency, "Things have become clear and it seems that part of the framework will join the Sadrist bloc to form the largest Shiite bloc, and it seems that there is no way to resolve the current political crisis otherwise."
Earlier today, an informed political source revealed the content of the meeting that brought together the leader of the Sadrist movement, Muqtada al-Sadr, with the commander of the Quds Force in the Iranian Revolutionary Guard, Ismail Qaani, in Al-Hanana in Najaf.
The source told Shafaq News Agency, on condition of anonymity, that "Qaani handed al-Sadr a message from the Iranian guide Ali Khamenei, in which he stressed the need to unify the Shiite political house with all its forces, and stress the sanctity of dismantling this house, under any circumstances."
The source added, "Al-Sadr informed Qaani, by conveying a message to Khamenei that he is proceeding with the majority government project, with the participation of parties from the coordination framework, not all of the framework, and specifically the rejection of the leader of the State of Law coalition, Nuri al-Maliki, who Khamenei confirms on his participation or not the framework will go with The new government," according to the source.
After his meeting with Qaani, al-Sadr confirmed his adherence to the formation of a majority government through a tweet in which he wrote, "No Eastern, not Western... a national majority government."
This is Qaani's third visit to Iraq since last month, in an effort to bridge the gap between Shiite forces over the formation of the next government.
Basem Khashan: I will appeal to the Federal Court against AlHalbousi's decision to reopen the candidacy for the presidency of Iraq
The independent deputy, Basem Khashan, confirmed, on Tuesday, February 8, 2022, that he will appeal to the Federal Court, the decision of the Presidency of Parliament regarding opening the door for .candidacy for the position of President of the Republic Khashan said in a statement followed by the obelisk, that "an electoral cycle began with chaos and successive violations of the constitution! The Speaker of the Council does not take a decision by himself, nor in agreement with his two deputies, because all decisions of the Council are taken by a simple majority, unless otherwise ”.stipulated, and this is the rule of Article (59/second) of the constitution
He added, "This decision violates the constitution, and violates the law of the provisions of the nomination for the "!post of President of the Republic, and this makes the violation complex
Khashan continued, "It is not acceptable for the highest legislative authority to be the most in violation of the constitution, so I will appeal this decision and ask the Federal Court to issue a state order to stop all procedures "!that arise from it
The Presidency of the House of Representatives opened the door for nomination for the Presidency of the Republic after the failure to hold a session to elect the President of the Republic in accordance with Article 70 of the .Constitution A constitutional document reveals that Parliament Speaker Muhammad al-Halbousi committed an explicit legal and constitutional violation by opening the door for nomination for the position of President of the Republic again, while legal experts said that there are conditions for nomination to the presidency, whether in the constitution in .Article 68 or in the Nomination Law for the position of President of the Republic No. 8 for the year 2012 Experts told Al-Masala that what is happening is an explicit and public violation of Law No. 8 of 2012, which .defines the conditions and mechanism for candidacy, sorting and announcing the names of candidates The violation is manifested in the fact that the eighth paragraph - Article Two talks about re-election within a .period not exceeding three days from the election of the Speaker of Parliament
Electricity: We are preparing to pass next summer successfully.. Britain is offering an initiative to develop Iraq's energy
A statement from the ministry stated that, "During the meeting, the British ambassador reviewed a number of important projects that the United Kingdom is working on, due to its enormous potential in the energy industry."
And the British ambassador indicated that "his country is following with great interest Iraq's projects in the regional electrical interconnection, which is an advanced step to encourage the Gulf side to offer competitive prices, and it will help Iraq in this regard."
For his part, the Minister in charge of Electricity clarified the serious steps for the Ministry to proceed with the issue of electrical interconnection, stressing “the necessity of completing the connection and the number of related projects in their specified times, and reviewed the tariff presented and the need to be suitable for the Ministry and compare it with Gulf prices, and we are keen on the necessity of competitive prices and subject to differentiation.” concluding his explanation.
The meeting also dealt with the important measures of the Ministry regarding the combined cycles in production stations, the installation of cooling systems, the issue of fuel operating at the stations, and the progress of the ongoing negotiations with the Iranian side to resume pumping the supplied gas, as the British ambassador inquired about the nature of the burning gas, and the Minister in charge answered the inquiry He explained: We are looking forward to successfully passing next summer, and we are preparing well, but we need gas, hoping that the Ministry of Oil will keep pace with the need for electricity, noting that the current government and ministry have worked very seriously on investing in gas fields.
The British ambassador responded that the British Embassy and its specialized industrial companies are ready to cooperate in rehabilitating gas fields and providing the necessary advice, and they can obtain loans for Iraq to develop the energy sector, including solar energy projects and participate in their development. Inside Iraq.
Karim summarized the distribution sector’s obstacles with an increase in demand, while the treatment revolves around the experience of smart metrics and electronic collection, and the ministry is currently studying the possibility of correcting the investment path in a way that does not negatively affect citizens, by organizing loads, and transforming irregular consumers into fundamental subscribers to reduce losses.
Political source: The next few hours will witness the resolution of the presidential file
A member of the Wisdom Movement, Ahmed Al-Issawi, said that it is expected that the political parties will reach an agreement on the election of the President of the Republic, in the coming hours.
Al-Issawi stressed that the Wisdom Movement supports the understanding of the political parties and all the political parties to hold the parliamentary session and elect the President of the Republic smoothly.
A member of the Wisdom Movement clarified that "the session was not postponed to another time, but was raised for deliberation," noting that "it is possible that the deliberation will remain open."
Al-Issawi pointed out that if the blocs do not reach an understanding and an agreement occurs between the coordination framework, the Sadrist movement and the Kurds, or that Massoud Barzani intervenes again to bring the Kurds and the movement and the framework closer, the situation will go to a real political blockage and constitutional vacuum, noting that “we need the Federal Court to intervene again.” .
Al-Issawi indicated that initiatives were taken by the Wisdom Movement and Masoud Barzani to resolve the issue, but the dispute has not yet resolved, adding that "we expect the political parties to reach an agreement regarding the election of the President of the Republic in the coming hours."
A member of the Wisdom Movement explained that "the constitution did not provide for the reopening of candidacy for the presidency of the republic," noting that "we have 24 candidates competing for the position, and whoever is agreed upon by the Kurdistan Democratic Party is the one who will get the parliament's vote and win the presidency," stressing: "The consensus must be Kurdish - Kurdish present" to elect the person of the president.
A member of the Wisdom Movement drew attention to the movement's warning of divisions since the first day, pointing to the desire of the Wisdom Movement to unite ranks among the Kurds, Sunnis and Shiites, to form the government "smoothly."
He said: "If the president of the republic is not elected, we will not go to form a government, and the Kurds and the Kurdistan Democratic Party have the upper hand in electing the president of Iraq," adding: "There are ongoing negotiations between the Kurdistan Democratic Party and the coordinating framework
Inviting disagreement about the Iraqi president's choice of "oil-rich Kirkuk"
A press report indicated, on Tuesday, that the dispute that is hindering the selection of a president for Iraq hides a fierce competition between the Patriotic Union of Kurdistan and the Kurdistan Democratic Party, over other gains, titled Kirkuk, which is rich in oil.
According to the report published by the British Middle East Eye website, and its independent follower, the parliament, in the Iraqi capital, failed yesterday, Monday, to elect a new president for Iraq, while the Kurdistan Democratic Party led by Massoud Barzani and the Patriotic Union of Kurdistan led by Bafel Talabani are engaged in a frantic competition. On the position, which can only be taken by a Kurd.
Another kind of struggle
Meanwhile, Kurdish political leaders revealed to the British site that controlling the northern oil center in Kirkuk is the final, unannounced prize that the opponents are competing for.
Since 2005, a power-sharing agreement has seen the Patriotic Union of Kurdistan assume the presidency of Iraq, the Kurdistan Democratic Party appointing the president of the Kurdistan region, and exercising power from the city of Erbil, but for the second time, the KDP ignores this consensus, and begins to compete seriously for the federal presidency.
This time, the KDP allied itself with Muqtada al-Sadr, the influential Shiite man whose movement emerged with a clear victory in the October 2021 elections.
It now appears that the KDP has a serious chance of grabbing the presidency, while the PUK's position appears to be getting weaker.
Political leaders close to Barzani have said that the party leadership is not actually interested in the position of the federal president more than anything; Rather, its real goal is to regain control of the disputed region of Kirkuk.
A senior KDP leader who is close to Barzani stated, “We are not actually interested in getting a federal president. Our competition for this position is a tactical move to pressure the PUK.”
As the party official said: “We have specific demands. And if the Patriotic Union of Kurdistan pledges to implement it, we will withdraw our candidates and leave them the position,” adding: “Who cares about the position of president? The position of the governor of Kirkuk is more important to us than the positions of the President of the Republic and the Speaker of Parliament.”
disputed Kirkuk
Kirkuk Governorate, home to the world's fifth largest oil reserves, is the most important and largest disputed area between the federal government in Baghdad and the Kurdistan Regional Government.
After 2014, the Kurdish authorities took advantage of the chaos of the ISIS invasion and the collapse of the federal security forces to consolidate their control over the province.
But subsequent Kurdish attempts to secede from Iraq, culminating in the September 2017 referendum, angered Baghdad and prompted Haider al-Abadi, then Iraq's prime minister, to lead a major military campaign to retake the province and other nearby disputed areas. The Kurdish forces were again returned to their constitutionally agreed borders.
Kirkuk is important to the Kurds, as one of the leaders of the Kurdistan Democratic Party told the British website: “The Kirkuk oil fields are important, but there is something more important than them. Kirkuk is one of the most important keys to securing Erbil.”
He added, “Erbil is currently at the mercy of Shiite militias, ISIS and Iran. It is surrounded on three sides: Iran from the east, and militias and ISIS from the south and north.”
Erbil, the capital of the Kurdistan Region, was attacked by missiles and drones at least four times during 2021, the most prominent of which was in February, when a missile attack targeted a US military base at Erbil Airport; As a result, a civilian contractor was killed and nine Americans were injured.
A second KDP leader said: “We do not currently know what is happening in Kirkuk and we have no control over it. It has become a hotbed for militias and drug smuggling gangs, and this represents a real threat to Erbil’s security and stability.”
He explained their goal of competing for the presidency by saying: "The Patriotic Union of Kurdistan has informed us of the need to give us a written pledge that guarantees us obtaining the position of Kirkuk governor and activating Article 140, and in return we will give them the position of president."
Article 140 of the Iraqi constitution guarantees Kurdish participation in managing the disputed areas between Baghdad and the Kurdistan Regional Government until their final status is settled, according to the British website Middle East Eye.
Iraq Is Preparing To Hold An Exhibition "ATEX" For Digital Transformation
The Ministry of Communications is preparing to hold an exhibition (ATEX) on digital transformation of e-government next Thursday on the grounds of the Baghdad International Fair with wide international and Arab participation.
The Director of Relations and Media at the General Company for Communications and Informatics at the ministry, Natiq Ahmed Ibrahim, said in a statement seen by "The Information", that "the exhibition continues until the 18th of this month, and comes within the government's directions for digital transformation of state institutions and the promotion of the use of modern technology in this regard," noting that “The exhibition is the first of its kind in the country and is being held within its first session. There are invitations to the ministries of communications in the Arab countries, and it is hoped that it will witness a good international presence.”
Ibrahim added that “the exhibition will be held under the slogan (Iraq is moving towards digital transformation and the accelerated adoption of the future of artificial intelligence, as it will witness the participation of more than 10 government institutions, more than 100 companies affiliated with the private sector and some international companies), noting that “the exhibition will shed light on the main trends.” And updates in the field of information and communication technology around the world, in addition to introducing the country’s e-government services and future projects in this field.”
He pointed out that “focusing on the most important sectors that have been affected by the digital revolution, such as health, tourism, banking, finance, mining and education. It also includes holding workshops and specialized lectures, signing a number of agreements and memoranda of understanding with the ministries of communications in the participating Arab countries, and there will be a marketing aspect of e-government services and encouragement of transformation.” Digital in various fields and sectors and the exchange of expertise and experiences between various institutions and companies using technologies and innovations, as well as attracting technical investments from inside and outside the country.
The Economic Reform Committee completes its tasks and makes many recommendations
Today, Monday, the Economic Reform Committee of the National Sovereignty Initiative completed its tasks and submitted its report to the Minister of Finance, while making several recommendations.
The committee stated in a statement received by Earth News Agency, "Under the chairmanship of Hassan Latif Al-Zubaidi, Executive Director of Al-Rafidain Center for Dialogue RCD, and the membership of a distinguished elite of Iraqi academic economists, the task of studying the form of reform for the economic sector in Iraq has been completed, and a practical plan has been developed to implement an integrated program that begins with legal legislation and runs Sober and radical measures aimed at extricating this sector from its deteriorating reality.”
The committee made “many recommendations, top of which is changing some articles of the constitution to determine the form of the relationship between oil and the Iraqi national economy, regulating the relationship with the region, restructuring some public institutions, activating and supporting the private sector, expanding the activity of private banks, fighting financial corruption, and other steps to be taken.” To overcome crises and evaluate the performance of the economic reality in Iraq.
Minister of Finance Ali Abdul-Amir Allawi, while honoring the chairman and members of the committee, referred to "the obstacles facing the economic sector, especially in the field of energy and oil," praising at the same time "the efforts of the Bahr al-Ulum Forum and the initiative of national sovereignty that adopted the composition of the committee, and in the presence of the initiative's sponsor, Dr. Ibrahim Bahr al-Ulum."
A Record Rise In The Rate Of “Domestic Cash” Outside Iraqi Banks In 2021
The economic expert, Manar Al-Obaidi, revealed, on Monday, the high proportion of the local monetary mass outside the scope of Iraqi banks at the end of last year.
Al-Obaidi said, in a Facebook post followed by / the information, that “the local cash outside the banking system has increased by 50% since the beginning of 2020 to reach more than 70 trillion dinars at the end of 2021, after it was 47 trillion dinars at the beginning of 2020.”
He attributed this to "the weak banking culture and the lack of confidence in the banking system, which kept many from dealing with local banks."
The expert explained that “deposits with Iraqi banks increased by 15% to reach 93 trillion dinars, after it was at the beginning of 2020 81 trillion Iraqi dinars,” noting that “the ratio of cash outside the banking system to the volume of deposits is about 75%, which is a high percentage. Very much compared to other countries.
He pointed out that “the private sector deposits constitute 45% of the total deposits, while government institutions’ deposits amount to 27%, while the central government’s deposits with banks amount to 28%, in contrast, the contribution of the banking and insurance sector to the GDP is less than 1.5%.”
He called for "the adoption of banking policies that increase confidence in the banking sector, as well as the adoption of stricter policies in monetary transactions outside the banking system that would increase the value of deposits and reduce the cash outside the banking system, which would lead to an increase in the banking sector's contribution to the domestic product, which would create job opportunities. Reality in a country where the unemployment rate is more than 30%.”
Al-Obaidi considered that “Iraq is among the countries with a low banking mass, where there is a bank for every 32 thousand people, while the global average is 10 thousand people for each bank, and Iraq needs to open 3 times the number of banks and their branches that currently exist, and many of the existing banks are weak banks that depend on an auction Work on the sustainability of its work.”
Iraqi expert: America is targeting Iraq's economy
Iraqi political analyst Kazem al-Hajj stressed, on Sunday, that the role of the United States of America in Iraq, especially in the economic aspect, is an attempt to distort the country's economy and drag it toward the subversive American economic dependence.
Al-Hajj said, "Washington is working to distort the Iraqi economy and drag it towards subversive economic dependence by obstructing all attempts to advance the country's economic reality," noting that "any orientation of all Iraqi economic institutions outside the American direction is opposed."
He added, "The Iraqi government does not have the options and the real will that qualifies it to stand against the subversive American will," noting that "some political forces want Iraq to go towards the American axis to serve their political interests."
He explained that "the compass of the American will opposes all service agreements, starting with the Iraqi-Chinese agreement, the energy file, the agreement with the German company Siemens, which specializes in electrical affairs, and other files that confirm this subversive trend."
Al-Hajj held "the Iraqi people and the new parliament responsible for liberating Iraq from American hegemony and its economic occupation, and going towards what is in the country's economic interest
Ali Tariq: “The Central Bank of Iraq” succeeded in stopping the faltering of some banks
The Executive Director of the Iraqi Banks Association , Ali Tariq, confirmed in an interview with Al-Araby Al-Jadeed that the association is currently working to contribute to restoring bridges of confidence between the banking sector and the street, noting that the Central Bank has succeeded in stopping the failure of some banks.
He added that the issue of banking interests is subject to monetary supply and demand, in addition to the risks faced by banks towards lending, and there are very few banks that request high interests, and the interests in general are within the area of rational numbers.
The following is the text of the interview:
- Iraqi banks are facing great challenges during the recent period. What is the role of the Association of Banks in order to support and develop them?
The Association has been working for years to strengthen the banking sector and make it a contributor to the development of the economy, in addition to supporting the business sector and motivating banks to support small and medium enterprises, by providing financing, improving electronic payment, reducing bureaucracy, providing services, including loans and facilitating the process of opening bank accounts. .
- But despite all that, there is still a loss of confidence in a large part of the street with the banking sector, especially in light of the failure to provide services in line with the needs of citizens and the failure of some banks, according to many Iraqis, so what do you think?
Recently, the field of banking services has been expanded, as there has been an increase in the quantity and quality of services provided by private banks, especially with the increase in reliance on services related to information technology. He pushed the Iraqis earlier to keep their money on hand in anticipation of any emergency
The Central Bank of Iraq was able to stop the stumbling that hit some banks, which caused a decline in Iraqis' confidence in the banking sector.
- Regarding the recent criticism regarding the interest rates of loans offered by Iraqi banks to citizens, what is your response to these objections?
The issue of interest is subject to monetary supply and demand, in addition to the risks faced by banks towards lending, and there are very few banks that demand high interest, and the interest is generally within the rationale.
And the Central Bank’s initiative to finance small, medium and large projects and the housing sector, all of which are subject to low interest rates compared to the benefits imposed by other countries. Interests are only 2% for the purchase of housing units. As for the interests on individual loans, it is an administrative commission estimated at 5% of the loan amount and paid once. In addition to project loans ranging from 3 to 4 percent only, which are suitable in general.
- Please shed light on the external expansion plans of Iraqi banks, especially in the Gulf countries?
Some Iraqi banks have opened branches abroad for the first time in the Arab Gulf countries, such as the National Bank of Iraq, the Trade Bank of Iraq and the Development Bank, which is an indicator that confirms the increased confidence from the environment towards the national banking sector, and the extent of Iraq's commitment to regulations related to compliance with the laws of money laundering and terrorist financing The Iraqi economic openness to the ocean and the increase of trade exchange.
Bank administrations are fully responsible for opening their branches outside Iraq, but the association is working to communicate the situation of Iraqi banks to the ocean and the numbers of this sector periodically, and works alongside the Central Bank to ensure that the process of transferring funds to all countries with which Iraq deals commercially through channels The official one is the banking sector.
We never seek remittances through shadow institutions, thus protecting remittances and businesses by properly transferring their funds.
- What about the initiative of the Central Bank of Iraq, which had allocated a trillion dinars to the private banking sector to finance projects?
The banks have fully exhausted the amount, and the Central Bank has allocated another trillion Iraqi dinars, to finance the purchase of housing units for citizens and small and medium enterprises, and that part of this amount is to empower women, by providing products specific to women, or increasing the lending rates for productive women, and we have noticed an increase in These percentages, but they are still below the ambition we seek to reach.
- Earlier, the association had announced an increase in the traded shares of banks by 131 percent during 2021 compared to 2020, so what are the reasons?
This recovery came as a result of the increase in profitability of the banks listed in the market, as a result of the increase in products and services, which was clearly reflected in the stock price, in addition to some fundamental events such as the merger of some banks and the acquisition of others.
Not to mention the strengthening of existing banks in the market, the increase in imports resulting from the lending portfolios, electronic payment and the settlement of employee salaries, and the banking sector now constitutes 95 percent of the volume of trading in the Iraqi Stock Exchange.
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