An Iraqi bank is giving good news about converting the dollar at the official rate
An Iraqi bank announced, on Sunday, good news regarding the conversion of the dollar at the official rate.
And the World Bank stated in a statement, that it "announces an initiative to transfer more than (200) countries in the world through (Western Union) at the price (1320) and up to a maximum of $7000 for all citizens and merchants throughout the week."
He added, "This comes to relieve the citizen's burden and in line with the government and the Iraqi Central Bank's plan to reduce the exchange rate."
Transfers and credits in Chinese Yuan
from the International Islamic Bank
☐ 6070
urgent The Council of Ministers approves the draft budget law for three years
The Council of Ministers approved the draft federal budget law for the fiscal years 2023, 2024 and 2025.
Today, Monday, the Council held its regular session on the budget, headed by Prime Minister Muhammad Shia'a Al-Sudani.
The Council of Ministers referred the draft budget law for the three consecutive years to the House of Representatives for discussion and approval.
Al-Sudani will head tomorrow to the Kurdistan region and will discuss a number of files, most notably the budget, the oil and gas law, and the rest of the contentious files and issues between Baghdad and Erbil.
urgent His advisor to Al-Furat News: Al-Sudani will announce the details of the budget at a press conference
The Prime Minister, Muhammad Shia'a Al-Sudani, will hold a press conference on the draft financial budget law for the next three years.
Adviser to the Prime Minister Diaa al-Nasseri said in a brief statement to the agency {Euphrates News}, that: "The prime minister will hold a press conference explaining the details of the budget."
The Council of Ministers had approved the draft federal budget law for the fiscal years 2023, 2024 and 2025, in its regular session held today under the chairmanship of Prime Minister Muhammad Shia Al-Sudani, and referred it to the House of Representatives.
The Council of Ministers approves the draft budget law and refers it to Parliament
Today, Monday, the Council of Ministers announced its approval of the draft budget law for the fiscal years 2023, 2024 and 2025 and its referral to Parliament.
The media office of the Prime Minister stated, in a statement received by (Baghdad Today), that "the Council of Ministers approved the draft federal budget law for the fiscal years 2023, 2024 and 2025, in its regular session held under the chairmanship of Prime Minister Muhammad Shia' al-Sudani and refers it to the House of Representatives."
This morning, the Council of Ministers held its regular session, headed by Al-Sudani.
Al-Sudani's media office stated, in a statement received by (Baghdad Today), that "the cabinet held its regular session, headed by Prime Minister Muhammad Shia'a Al-Sudani, which includes discussing the draft federal budget law."
And the Minister of Finance, Taif Sami, announced yesterday, Sunday, the completion of the draft federal budget law for the year 2023 and sending it to the Council of Ministers for the purpose of discussing and voting on it.
Sudanese financial advisor: Iraq's financial deposits are preserved in the 'US' Federal Reserve Bank
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Sudanese visit the Kurdistan Region
The Iraqi Prime Minister, Muhammad Shia'a Al-Sudani, will visit Kurdistan Region tomorrow, Tuesday, to meet with Kurdish officials.
A member of the Kurdistan Democratic Party, Wafaa Muhammad, told Shafaq News agency, that Al-Sudani will meet in Erbil with the Kurdish leader Masoud Barzani, the President of the region, Nechirvan Barzani, and the Prime Minister of the region, Masrour Barzani, provided that he will go to Sulaymaniyah later to participate in the American University forum.
He added that the visit will include discussions about the political situation and the relationship of the regional government with the federal government, especially the issue of oil and gas, and the visit of Kurdish delegations to Baghdad.
Adviser to the Prime Minister: Iraq does not have financial deposits with the US Silicon Valley Bank
Today, Monday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq's financial deposits are with the Federal Reserve Bank (the American Bank), while he indicated that Iraq does not have financial deposits with the American Silicon Valley Bank.
Saleh said, to the Iraqi News Agency (INA), that "the issue of the collapse of the Bank (Silicon Valley) in America is due to two main reasons. Debts or loans have reached a rate that exceeds the safe barrier that equity should be formed, which is a high risk indicator.
He explained, "These debts consist of securities whose value decreased with the rise in US interest, at a time when safety indicators began to show that the bank also needed additional capital to support its potential losses, which means that there is an accelerated capital depletion resulting from a loss, as well as a cessation of Its investments in a portfolio of financial assets that it manages for its own benefit to achieve its profits, which made the capital adequacy ratio more than 16 percent instead of the required minimum of 10.5 percent, which is the ratio of regulatory capital to risk-weighted assets, which means that the bank is looking for liquidity without investing to face liquidity risks or risk of bankruptcy.
He pointed out, "The bank has been paying high interest on short-term deposits due to the strict monetary policy of the US Federal Reserve Bank, which today approached 5 percent, while the bank's portfolio is mostly from remittances and US Treasury bonds, with periods ranging from one year to 30 years." That "investing in them has become very losing, as the value of financial investments as assets or assets began to deplete with the rise in interest rates, in addition to discounting them at high rates in order to liquidate them to face the withdrawals of the losing technological companies that resorted to withdrawing their current deposits with the Silicon Valley Bank itself to face its financial hardship due to the recession." inflation in the US economy.
He added, “This matter led the bank to conduct discount operations with high rates of discount or loss for its portfolio of government bond assets, and the reason for accelerating the discount is to provide sufficient liquidity to confront the public or companies withdrawing their deposits from the bank within a state called: (traditional bank panic), Noting that "the Silicon Valley Bank has no choice but to deduct more transfers and liquidate them at a loss, and this has increased the cases of bond discounting syndrome at a loss on the one hand, in exchange for the continuous withdrawal of deposits by depositors on the other hand."
He stated that "the United States Banking Supervision Authority placed guardianship over the aforementioned bank, which declared bankruptcy, in addition to the Federal Deposit Insurance Authority taking measures to protect the deposits of small depositors for ceilings that are said to not exceed 250,000 dollars at least."
Regarding the risks of the impact of the bankruptcy of the American bank on Iraq, Salih said, "Iraq does not have deposits in the aforementioned bank," noting that "Iraq's sovereign dollar deposits are deposited with the Federal Reserve Bank (the American bank)."
He continued, "Iraqi deposits are carefully invested within a tight short-term investment portfolio by the Central Bank of Iraq and according to standard investment evidence that avoids various risks.
Iraq and Iran sign a joint document to develop economic relations
Minister of Trade, Atheer Daoud Al-Ghariri, announced, on Monday, the details of the meeting of the fifth session of the joint Iraqi-Iranian committee, while referring to the signing of a joint minutes to develop economic relations.
Al-Ghurairy said in a joint press conference with the Minister of Economy and Financial Affairs, Ihsan Khandozi, that "the meeting of the fifth session of the Iraqi-Iranian committee witnessed the signing of a joint record that included agreement on many matters and understandings that would develop the economic relationship between the two sides and increase economic understandings that serve the two peoples." Noting that "there are many understandings included in the minutes, including the investment side, the free zones side in the field of trade, economic exchange, increasing this exchange, establishing industrial zones, cooperation in the field of railway connectivity, cooperation in the field of water and common borders, cooperation in the field of electricity and oil, and the financial and banking aspect."
He continued, "The meeting also included the maturation of memorandums of understanding and activating what is under study," explaining that "this will be followed up by the Iraqi Minister of Trade and the Minister of Economy and Financial Affairs."
Al-Ghurairy stated that "what was signed was in a positive atmosphere and a great spirit of cooperation for the benefit of the two countries, as the Iraqi committee and its representatives sponsored the government's direction through its governmental program and the Prime Minister's directive with special sponsorship for the private sector and facilitating matters in front of the Iraqi side's exports and the trade balance of the two countries so that there is a constructive trade exchange and interest in industries and commodities." comparative advantage for both parties.
And he indicated that "this interest aims to develop and develop the relationship in a way that serves both parties and not from one party," pointing out that "the government curriculum or government program, which we have begun to implement effectively, is to establish and develop the best relations with all countries of the world, especially neighboring countries," explaining that "Iraq has A positive role in international understandings, especially with neighboring countries, specifically the Republic of Iran.”
Al-Sudani: The budget that was voted on will be repeated for three years
The Council of Ministers holds its eleventh regular session under the chairmanship of the Prime Minister, Mr. Mohamed Shia’a Al-Sudani, and votes on the draft budget law
••••••••••
Today, Monday, the Prime Minister, Mr. Mohamed Shia'a Al-Sudani, chaired the eleventh regular session of the Council of Ministers.
The session witnessed the approval of the draft general federal budget law for the years; 2023, 2024, 2025, and referring it to Parliament.
At the outset of the session, the Prime Minister affirmed the government's keenness for the budget to be a mirror reflection of the government program voted on by Parliament.
His Excellency indicated that this budget will be repeated for three years, in accordance with Financial Management Law No. 6 of 2019, which authorized the Council of Ministers to submit a budget for three years, stressing that the Ministries of Finance and Planning can make amendments and with the approval of the House of Representatives in the event of changes in numbers, oil prices or quantities. .
The Prime Minister stated that these steps have been taken by the government based on its confidence in the vision and the approach that it carries, and that it has defined its goals in advance and drawn up this budget in its details. Then another chapter begins until the new budget is approved.
The Council of Ministers also considered the files and issues on its agenda, and took the necessary decisions in this regard.
With the anniversary of the tragedy of Halabja approaching, the Council of Ministers approved a bill to create the Halabja Governorate in the Republic of Iraq, and to refer it to the House of Representatives, in fairness to this city, and in honor of its martyrs.
The Council of Ministers also agreed to finance the Ministry of Finance, amounting to 5 billion dinars, to the Sunni Endowment Office for the purposes of supporting societal reconciliation, from the actual expenditure of the Endowment Office for the previous year.
In the field of construction and infrastructure, the Council of Ministers agreed to assign a public company affiliated to the Ministry of Construction, Housing, Municipalities and Public Works, to implement the Daquq Bridge project, as an exception to the contracting methods stipulated in the instructions in force.
•••••
Media Office of the Prime Minister
13-March-2023
Sudanese visit Washington next week
to solve outstanding problems
An informed source said today, Saturday, that the Sudanese Prime Minister, Muhammad Shia'a, is preparing to visit the US capital, Washington, during the next few days, before the start of Ramadan.
The source told "Baghdad Today" that "Al-Sudani is accompanied by a high-ranking Iraqi delegation visiting the United States of America before the month of Ramadan to solve most of the outstanding problems between Iraq and Washington."
He added, "The invitation came after Al-Sudani proved his seriousness in resolving differences with Washington."
This visit comes about a month after the visit of a high-ranking Iraqi delegation headed by Foreign Minister Fuad Hussein to Washington last February, but the visit and its results were overshadowed by ambiguity, while observers described it as having yielded nothing, and the delegation did not succeed in persuading Washington to postpone or ease restrictions on The electronic platform.
Video about the banks
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