A statement from the Central Bank regarding the campaign to support the dinar
Today, Sunday, the Deputy Governor of the Central Bank, Ammar Khalaf, announced the success of the campaign to support the dinar, and while confirming the application of controls that helped stabilize the exchange rate, he pointed out that there is no problem with the amount of foreign currency supply.
Khalaf said in a statement to the official agency, followed by "NAS", (July 16, 2023), that "the central bank has supported the stability of the exchange rate with a series of procedures, instructions and controls since the beginning of this year that included a wide range of transactions to import goods and services by entering the electronic platform."
He added, "This was a key point to include the largest possible number of merchants and individuals who are allowed to obtain foreign currency," explaining that "accelerating procedures was an additional factor in improving confidence in the electronic platform."
He continued, "There is no problem with supply, but rather with demand, as supply exists, and it is intended for the purpose of financing foreign trade through the Central Bank; therefore, I think it is a problem with demand," explaining that "the Central Bank is trying to address problems to facilitate obtaining foreign currency to import goods." Providing services to citizens and travelers for the purpose of treatment in hospitals abroad.
He stated that "the campaign to support the dinar succeeded, as evidenced by the fact that there are many goods and services that are now priced in dinars instead of dollars, especially electrical and electronic devices." The private sector that prices the price of the services it provides in Iraqi dinars instead of dollars.
And he continued, "Activating electronic payment in all sectors and commercial stores takes some time, and there is a great demand and willingness by public sector companies as well as the private sector," explaining that "there are great preparations and continuous meetings that the Central Bank holds with all concerned parties, as the current period is a phase." Preparing arrangements for the purpose of starting electronic collection by public and private sector companies.
Parliamentary Committee: The oil and gas law will see the light soon
link 7/15
The Committee on Oil, Gas and Natural Resources confirmed, on Saturday, Parliament's intention to legislate the oil and gas law during the current session, while noting that the adoption of the law will contribute to resolving the problems between Baghdad and Erbil.
Committee member Alaa Al-Haidari said in an interview with Al-Maalouma agency, "According to the government program and what was agreed upon by the state administration coalition, the oil and gas law will be legislated soon."
He added, "The legislation of such a law is an urgent necessity, as it regulates the method of extracting oil and minerals throughout Iraq, including the Kurdistan region, as well as regulating oil revenues."
He pointed out that "the oil and gas draft law is of economic importance, and it is obligatory to deliver oil revenues through the Federal Oil Marketing Company, as well as knowing the quantities exported."
He pointed out that "there is an agreement between Baghdad and Erbil to legislate the federal oil and gas law," stressing that "the House of Representatives will work to legislate it during the next stage."
The rapporteur of the Patriotic Union of Kurdistan parliamentary bloc, Karwan Ali Yarouis, revealed earlier that there was a political agreement to pass the oil and gas law in Parliament, stressing that "discussions regarding it will start after the end of the legislative recess.
Kurdistan's dealmaker in Britain talks about "big changes" taking place far from America's sight
The American Forbes magazine reported an interview it conducted today, Friday, with what it described as "the deal maker of the Kurdistan region of Iraq," the High Representative of the Kurdistan government in Britain, Karawan Jamal Taher, stressing, quoting him, that the "region's alliances" are changing as a result of the "absence of the American role."
And the Kurdish official stated, according to the interview that I translated (Baghdad Today), that "the times we live in today are very interesting.
He continued, "This is not the Middle East that was in the days of our fathers. China made a deal between Iran and Saudi Arabia. Russia invaded Ukraine and Azerbaijan defeated Armenia in another regional conflict, amid a very clear absence of the continuously diminishing American role in the region," stressing that "Kurdistan has a lot to offer." provide it to Western governments.
The Kurdish official's statements come hours after an interview he had with British diplomats in London, during which he stressed the importance of the "partnership" between the United Kingdom and the Iraqi Kurdistan government without revealing details of what took place during the meeting, which the magazine said was held inside the private travelers' club in the British capital.
The magazine indicated that the Kurdish official's statements show a desire of the Iraqi Kurdistan government to replace the American partnership with another with the British government, given the diminishing interest of the United States in the Middle East region, and its focus on the current conflict in Europe.
The United States: The agreement to swap Iraqi oil for Iranian gas violates sanctions
Three former US officials said that bartering Iranian natural gas for Iraqi oil under the agreement announced by Iraqi Prime Minister Mohammed Shia al-Sudani earlier this week would constitute a violation of US sanctions imposed on Tehran unless the United States issued an exception allowing it.
Al-Sudani said on Tuesday that Iraq would start bartering crude oil for Iranian gas to end repeated delays in payments due to Tehran due to the need to obtain US approval for such transactions.
Al-Sudani added that Iran had cut its gas exports to Iraq by more than half until the first of July due to Baghdad's inability to obtain US approval to pay dues, but Tehran agreed to resume pumping gas exports in exchange for crude oil.
Few details were announced about the possible barter agreement that would contribute to defusing a political problem faced by Al-Sudani due to power outages during the sweltering summer in Iraq, when temperatures exceed 50 degrees Celsius.
But three former US officials said the quid pro quo would likely run counter to US sanctions.
"Making this kind of trade-off with Iran would be a violation of US sanctions unless a US national security exception is issued," said Richard Goldberg of the Foundation for Defense of Democracies think tank.
"This would be prohibited by the Iran Freedom and Nuclear Non-Proliferation Act, which prohibits any energy-related transactions with Iran," said Goldberg, who served on the National Security Council staff under former US President Donald Trump's administration.
A US State Department official said Secretary of State Antony Blinken issued an exception on March 21 for a period of 120 days allowing Iraq to pay Iran only for electricity imports, not for natural gas used to generate electricity in Iraq.
"The March 2023 exception granted by the foreign minister allows Iraq to buy electricity from Iran. Nothing else," the official added, on condition of anonymity. The State Department announced the exception on March 31.
There is speculation that the exception may be modified to allow barter, a matter the official refused to discuss.
"We are not in a position to review any future decisions related to the exception. We have no comment at this time regarding reports regarding barter arrangements between Iraq and Iran," the official said.
The Iraqi Embassy in Washington did not immediately respond to a request for comment.
Former US officials said the Treasury Department, which oversees most US sanctions against Iran, defines the term "transaction" broadly, possibly including barter.
"What's important here is whether the transaction is 'impact'. It doesn't matter if it's going to be in one currency or another or if ... it's a swap," said a former senior Treasury official, speaking on condition of anonymity.
The former official added that this may provide "enough room for maneuver ... for the United States to turn a blind eye, but it is a political decision, not a legal issue."
And he added, "From a purely legal point of view, it (the barter) definitely violates US sanctions."
Parliament resumes its sessions today and dozens of laws await approval
Today, Saturday, Parliament will hold its first session within its new legislative term, after the end of its legislative recess, which began after voting on the budget law.
“The current budget is the largest in the history of Iraq, and it has been distributed among the ministries and state institutions,” said member of the House of Representatives, Kazem Al-Touki, in an interview followed by Al-Maalouma Agency.
Al-Touki added, "Through the council's committees, spending and project implementation will be monitored, and the council will work on oil development and gas extraction."
He pointed out, "Monitoring the implementation of the budget may be more important than the budget, through the specialized committees, in addition to continuing to pass important laws."
He pointed out that there are "hundreds of draft laws that have been suspended for more than two years, the most important of which are oil and gas, the amendment of the retirement law, the amendment of the salary scale, and the law of slums .”
SOMO: Iraq's production may be affected by the oil-for-gas agreement
A source from the state oil marketing company, SOMO, said that Iraq's oil production may be affected by an agreement to pay for Iranian gas imports by bartering fuel oil and crude oil from Baghdad, even as the second largest oil producer in OPEC is struggling with the continued suspension of oil. North.
Iraqi Prime Minister Muhammad al-Sudani said in a live press conference on July 11 that Iraq and Iran signed an agreement to swap crude oil and fuel from Baghdad for gas and electricity imported from Tehran due to difficulties in paying the country under US sanctions.
He said SOMO would handle sales of crude oil and fuel to the nominated companies from Iran.
And according to Standard & Poor's Global, quoting a source in SOMO, in a report seen by Shafaq News Agency, although the implementation of the oil and gas barter deal will take time, Iraq will likely try to increase production from its huge southern fields to compensate for the loss of production and the continuation of Suspension of exports through the Turkish port of Ceyhan.
The source said that SOMO has not yet received details about the start of the barter deal, the amount of crude oil and fuel oil that will be exported to Iran, or the crude grades that will be sold.
Besides the suspension of oil exports from the north, the rampant power outages in the Federal District due to reduced Iranian gas supplies have plunged large swathes of the country into darkness, the source said, affecting oil production.
The source said production at the giant Zubair fields in the south, operated by Eni, and Rumaila, operated by BP, was affected by the power outage that began at the end of June.
Once Iran's gas supplies are fully restored, the source said, the power outages will likely stop and help restore production in the southern fields to normal levels.
Iraq pumped 3.985 million bpd in June, less than the 4.22 million bpd of OPEC+ quotas.
This is slightly higher than the 3.955 million bpd it pumped in May, when Iraq joined several OPEC+ countries in implementing a total of 1.66 million bpd of voluntary cuts that will continue through the end of 2024.
These voluntary cuts come on top of the 2 million bpd OPEC+ restrictions that began in November and will continue through the end of 2024.
Three former US officials told Reuters that swapping Iranian natural gas for Iraqi oil under the deal announced by Iraqi Prime Minister Mohammed Shia al-Sudani earlier this week would violate US sanctions against Tehran unless the United States issues a waiver to do so.
The Central Bank of Iraq participates in the opening of the Sixth Annual Conference on Finance and Banking Services
The Deputy Governor, Dr. Ammar Khalaf, in his speech during the opening ceremony, emphasized the role of the Central Bank of Iraq in achieving financial and economic stability in the country, stressing the existence of changes in the various monetary policy tools in line with the challenges of the stage.
The deputy noted an increase in electronic payment tools in the period between 2017-2022, as today the number of different cards has reached 16 million, with the number of payment devices increasing from 918 devices to more than 10 thousand devices, in addition to the increase in the number of ATMs from 656 devices. To more than 2000 devices, and it is subject to increase during the coming period.
Accompanied by the invitees, Mr. Representative toured the corridors of the exhibition, which ends on the 17th of this month, and was briefed on the latest services and benefits offered by banks to the public.
Media Office,
July 15, 2023
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Parliamentary Finance: Tomorrow you will witness the release of conservative allocations within the budget
A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, confirmed the launch of the governorates' allocations, tomorrow, Sunday.
Al-Kazemi said, in a televised interview followed by Al-Maalouma, that "the allocations of ministries and provinces from the budget are scheduled to be released tomorrow, Sunday."
He added, "The budget is being implemented, with the exception of some materials for which the state order was issued, and it was frozen until the final decision is issued."
Al-Kadhimi indicated that "the Parliament Presidency assigned the Parliamentary Legal Committee to cooperate with the Finance Committee to provide the necessary clarifications to the Federal Court regarding the state decision."
Sources.. Washington informs Al-Sudani of its concern about the oil-for-gas deal
Political sources in Baghdad revealed secret messages that the Iraqi government received from Washington through its embassy in Baghdad includes a set of questions about the black oil-for-gas deal that was reached between Iraq and Iran over the past few days.
The sources told Akhbar Al-Khaleej that Washington wants to know the daily quantities of Iraqi oil that will reach Iran. And the mechanism of his arrival, and the role of the militias linked to Iran in this deal.
Washington doubts that the armed factions will invest the agreement to obtain large quantities of oil to finance their activities in the region Iraq, Syria and Lebanon through the expansion of the terms of the agreement between the two countries.
On the other hand, the United States welcomed Iraq's completion of the unprecedented integrated gas growth project deal between Iraq and Company French Total Energies.
The same sources said that Washington views the huge deal that was signed recently as a major step Towards achieving energy self-sufficiency in Iraq.
It showed that Washington was closely following the negotiations between Baghdad and Tehran on the black oil-for-gas deal I knew that Iraqi oil would be transported to Iran through convoys of trucks crossing the border loaded with oil Lions, and that these convoys will be monitored by American satellites.
Iraqi oil experts see great difficulty in implementing the agreement in its entirety, because the process of laying pipelines between the two countries is not feasible, and transporting very large quantities of Iraqi oil by truck to Iran will take a long time. US sanctions affected Iranian oil shipments on the high seas, making Tehran's oil production exceed its exports Which flow to buyers at lower prices than global markets.
. Baghdad attributes its resort to the oil-for-gas deal with Tehran to Iraq's inability to pay sums In dollars due to the US sanctions imposed on Iran, and that the amount of gas imports from Iran is still deposited in the US The Central Bank of Iraq, however, US supervision prevents transferring it to Iran.
The window of Iran and the door of Iraq
The sectarian system established by the Americans in Iraq will always need a man sick of sectarianism like Nuri al-Maliki.
Nouri al-Maliki, the former Iraqi prime minister, looks funny when he talks about history. He confuses facts and combines the imaginary with the real in narratives that do not hide their sectarian goals, foremost among which is the tearing of the social fabric in Iraq, isolating the Iraqi people from their Arab and Islamic surroundings, and keeping the only door open to Iran. And if Iraq's problems are suspended on the Iranian rope, the Iranian solution will be convincing, no matter how bad it is. There is no other solution. There is no other solution. And if it is not a solution, then the Iraqis should not turn to any other side. All the doors that their governments open are fake, because those governments only do so for the sake of throwing ashes in the eyes, as they say. Iran even controls the air that enters Iraq through its nets.
For example, there is no electricity in Iraq except through Iran. As for the talk about the international electricity companies and the connection with the Kingdom of Saudi Arabia, it is nothing but the talk of councils whose effectiveness ends when those councils are lifted. Iran's arrears in hard currency cannot be paid in a year or two. Iraq will have to pay its debt to Iran. It is an endless debt, and no one can ask in the language of numbers when it will end. This is because one of the beginnings of the political process in Iraq is that there will be Iranian debts owed by the Iraqi state.
Realistically, Iraq is spending on Iran. Makes up for its budget deficit. And because Iran is spending on its militias in the region, led by the (Lebanese) Hezbollah, it has found a savior in Iraq in terms of its willingness to spend without being subjected to legal accountability due to the sanctions imposed on Iran. It is not difficult to circumvent these penalties. There is no electricity in Iraq unless it pays its debts, the value of which goes to the militias. After forty years, the Islamic Resistance gained experience in smuggling and money laundering. There are tunnels that remain always open, despite all that is said about the American strictness in implementing sanctions. The Iraqi door remained open to Iran.
Nouri al-Maliki is more like a double agent, an American and an Iranian, as he is a site of trust for both parties. The United States saw him when the security agreement was signed with it by its man in Iraq, and when he handed over parts of Iraq to the organization to the terrorist “ISIS”. Iran embraced him as its man after he had pumped tens of billions of dollars into the Iranian treasury. In both cases, the two parties were equally satisfied with it. When Iran saved him from facing responsibility for the collapse of the Iraqi army in front of ISIS, the United States did not say a word, and it was the one that protected the rest of the Iraqi lands.
It will always be said that the worst thing the United States did was that it chose a man like Nouri al-Maliki to lead Iraq after the interim period. Eight years of rule gave him a golden opportunity to build his state on the ruins of the Iraqi state, which was prevented from seeing the light until this moment. Perhaps the Americans admired al-Maliki's personality because he possesses unlimited cunning and malice, and they did not care at all that the man was a poisoned sectarian mine. They will not lie to themselves. The sectarian system they established in Iraq will always need a man sick of sectarianism like al-Maliki.
Let that mine explode at any time. Neither the United States nor Iran is interested in it or its victims. He did his job well. He knew how to make trivialities a material for conflict between ignorant people. While others of his kind ran the machine of poverty, ignorance, sorcery and superstition in the service of his state, through which the empire of their corruption expanded. Al-Maliki served everyone, Shiites, Sunnis and Kurds, on the condition that they work to keep the door of Iraq open to Iran, which was not necessary for him except in order for him not to leave the area of the American-Iranian settlement.
All of this was not done by al-Maliki himself, as he is an ignorant man who has only read part of the literature of Sayyid Qutb. Al-Maliki is an American find before he was an Iranian discovery. He will not hesitate to lie and fabricate knowing that his masters used him in a moment of misunderstanding. A mistake here or there does not hurt as long as sectarian rhetoric plays its role in igniting discord. Al-Maliki destroyed things dear to Iraq, including the state and the army, and he is still the head of sedition. Iran's window and Iraq's door is Nuri al-Maliki.
Parliamentary fortunes depend on passing the oil law on political consensus
Amember of the Oil, Gas and Natural Resources Committee, Sabah Sobhi, pledged today, Sunday, to passing the oil law, to achieving consensus and removing many obstacles.
Sobhi said in an interview with Al-Maalouma Agency, "The oil and gas law must be submitted to parliament because of its economic importance and its impact on the nature of the political relationship, according to the agreement concluded between the political parties that formed the government."
He added, "The draft law is still with the government due to the outstanding political differences regarding the law," noting that "the law needs political consensus among all parties without exception."
And he continued, "Seeking to create a suitable environment to solve some of the accumulated problems to proceed with the legislation of the law during the current parliamentary session," pointing to "the continuation of work to solve all problems on the law and put it on the parliament table for the purpose of discussion."
Al-Asadi clarifies the legality of bartering Iraqi oil for Iranian gas and Washington's position and sanctions
Today, Sunday, legal expert Jamal Al-Asadi clarified the legality of the Iraqi oil-for-Iranian gas swap agreement concluded by Baghdad and Tehran last week.
Al-Asadi said in an exclusive interview with Al- Jarida , “First, we have to understand that there is a long history of sanctions against Iran from the international community, or specifically the United States and its allies, and since the end of the seventies of the previous century after the Shah fled to the United States of America, and these sanctions have extended until now. From the United States and in periods of the Security Council and after 2014 also the United States and some of its allied countries adopted sanctions against Iran after these sanctions included a slight easing after 2006 as they prevent Iranian financial institutions from directly accessing the American financial system, but they were allowed to do so in an unfair way Directly through banks in other countries. In September 2006, the US government imposed sanctions on Bank Saderat Iran, preventing it from doing business with US financial institutions.
He added, “After the United States exited the nuclear agreement with Iran on May 8, 2018, US sanctions against Iran gradually returned after they were lifted in accordance with the nuclear agreement, which was reached in 2015. On November 5, 2018, the “most severe” sanctions were applied.
Al-Asadi said, "These sanctions include oil exports, shipping, banking, and all basic sectors of the economy, and the Trump administration has reactivated all sanctions."
And he continued, “The most influential and dangerous sanctions are the second package that was issued during the Trump era and related to the oil sector, which entered into force, on 11/5/2020, and includes imposing restrictions on transactions related to the oil sector, permanently, as well as restrictions on financial transfers between institutions.” Foreign Finance and the Central Bank of Iran”.
What is the legal position?
Al-Asadi says, “According to the sanctions decisions issued by the United States against Iran, the US sanctions include various economic, financial and industrial sectors, on top of which is the oil sector, which is the main source of income for the hard currencies that Iran needs. My agencies:
* Iranian government purchases of US cash (dollars)
* Iran's trade in gold and other precious metals
* Graphite minerals, aluminum, iron and coal as well as computer programs used in industry
* Financial transfers in Iranian riyals
* Activities related to any financial procedures to raise funds related to Iranian sovereign debt.
* Automotive sector in Iran
* Operators of Iranian ports, energy, maritime transport and shipbuilding sectors.
* Financial transfers related to Iranian oil.
* Transfers and financial transactions of foreign institutions with the Central Bank of Iran.
He explained that "more than 8 countries were granted temporary exceptions, including Iraq, Italy, India, Japan, South Korea, Turkey and China," noting that "the exception that included Iraq is to buy gas in order to operate electric stations."
And he continued, “In light of this exception, Iraq continued to buy gas from Iran, and the problem of money transfers in dollars remained due to the ban on money transfers to the Central Bank of Iran.” He finds a legal or practical solution to the existing crisis, on the contrary, it is among the taboos that the United States warned about previously in the dealings of countries or companies with Iran, and this will make Iraq subject to American sanctions soon if it does not abandon this method, in addition to the fact that the barter between black oil and gas is practical It would cost Iraq more than if the ongoing debts were paid in dollars or in a non-currency, and the country should have put more pressure on the United States to allow it to continue the exception and pay the debts incurred by it instead of finding alternatives that the United States would pressure it to determine after a short period.
The Central Bank reveals Iraq's cash reserves of hard currency
The Central Bank announced an increase in cash reserves of hard currency to 113 billion dollars, confirming the serious trend towards strengthening the electronic payment project, at a time when the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, believes that Iraq is witnessing transformations and developments in the financial sector and banking services.
Yesterday, Saturday, the activities of the sixth annual exhibition and conference for finance and banking services kicked off, with the wide participation of public and private banks, and was attended by Al-Sabah. Representative Muhammad Nuri delivered the speech of the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, during the conference, in which he stated that “The Sixth Conference on Finance and Banking Services in Iraq is a prominent event that brings together academic, banking and specialists minds, and comes at an important time when the country is witnessing transformations and developments in the financial sector and services.” banking and contribute to sustainable development.
Al-Mandalawi added, "Financial and banking services play an important role in the Iraqi economy, and we realize the importance of sectors in supporting the economy," pointing out that "providing financing and credit for small and medium-sized companies and large projects contributes to the development of the business sector and the creation of new opportunities, which enhances economic growth and reduces Unemployment, in addition to the fact that the banking sector plays an important role in improving the lives of citizens and providing banking services that are widely spread.
And he continued, "We have to focus on important issues that you provide, from providing financial and banking services to enhancing financial stability and combating corruption by enhancing transparency and improving the financial and banking system."
He pointed out that "the conference is an important opportunity to promote the development of banking and financial services, and we in the legislative authority are working to strengthen the banking and financial infrastructure and develop modern and innovative means to serve citizens."
The Director of Al-Rashid Bank, Muhammad Samir, also delivered the speech of the Minister of Finance, Taif Sami, in which he stated that “convening the conference is important, as it provided an opportunity to announce our steps in the Ministry of Finance to support the government program through a well-studied approach that pushes the wheel of economic advancement and provides opportunities for sustainable development, which will be reflected in To provide the best services to citizens through the banking sector, as it is one of the pillars supporting any stable and vital economy, and plays a pivotal and major role in supporting the economic industrial renaissance process by providing absolute support to the productive sectors of the owners of small and medium local projects.
For his part, the Deputy Governor of the Central Bank of Iraq, Ammar Khalaf, said that the bank's hard currency reserves rose to $113 billion, describing it as a positive and reassuring matter.
During the conference, he said: "We focused on the importance of moving towards electronic payment, and we saw today that electronic payment tools were owned by the public and private sectors, and this is very important," pointing out that "the number of electronic cards increased from 6 to 16 million cards, while electronic wallets have touched 3 million wallets, and the Central Bank is serious about possessing the appropriate monetary policy tools.
Chairman of the Securities Commission, Faisal Al-Haimus, confirmed that the conference is an opportunity to discuss the financial reality in the country while reviewing the Commission's development plan for the next three years, as work is underway to create an ideal investment environment and to adopt electronic systems in line with the goals of financial inclusion.
In turn, the director of the Iraq Gate Company organizing the exhibition, Ahmed Al-Jader, explained that the exhibition comes to keep pace with global developments in the financial sector, and to expand the dissemination of the culture of financial inclusion.
He said: "During the past period, we have seen the seriousness and great desire of the banking system in all its aspects, including banks and companies specialized in the financial sector, to participate in this conference to discuss banking affairs closely, and to discuss mechanisms for advancing the reality of electronic payment and a serious shift towards the cashless stage, which represents the government's goal for the next stage." ".
Financial expert Hassan Ali Abd said: "The money houses represent the starting point for achieving economic development, and in Iraq we have money houses that need to be developed more than they are now, as it is necessary today to reactivate the central initiatives after they stopped, as well as opening bank branches in all regions." The country so that everyone can obtain credit, which is part of the financial inclusion that provides financial services to the largest number of citizens.
The representative of the Global Smart Card Company, Ghazi Al-Kinani, stressed "the need for us to work to attract electronic payment technologies that carry advantages that help achieve a benefit for the citizen to be fully convinced of the shift towards electronic transactions," as we realize that the citizen has begun to interact with electronic payment products, and this facilitates the Duties of those in charge of the banking system.
Al-Alaq directs the Iraqi Trade and Industrial Bank to focus their credit and lending policies
The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, directs the Iraqi Trade and Industrial Bank to focus their credit and lending policies towards expanding and diversifying the productive base
A statement from his office, received {Euphrates News} a copy of it, said: "Al-Alaq paid a field visit to the Iraqi Trade Bank (TBI) and the Industrial Bank, and he met on the sidelines of the visit with the advanced staff of the two banks, listening to the most prominent problems and challenges facing the two banks."
Al-Alaq directed "the necessity of harmonizing banking plans and directives with the program and objectives of the government and the Central Bank of Iraq," stressing work to reform and develop the Iraqi banking sector.
He also urged the Trade Bank of Iraq (TBI) on "the need to open a permanent and advanced center for conducting commercial transfers to provide its services with speed and accuracy that contribute to the implementation of the largest number of such transfers at low wages, thus contributing to encouraging the entry of merchants into the external transfer system and achieving market stability and the exchange rate."
Al-Alaq directed the two banks (the Iraqi Trade and Industrial Bank) to "focus their credit and lending policy towards expanding and diversifying the productive base, and supporting the private sector with small and medium enterprise initiatives, due to its impact on economic growth and reducing unemployment among large segments of society."
At the end of the meeting, he stressed the need to improve the level of customer services and invest in modern financial technologies to develop banking services and attract the public to achieve financial inclusion and enhance capabilities to finance various economic activities.
Governor of the Central Bank of Iraq visits the Iraqi Trade and Industrial Bank
On the sidelines of the visit, His Excellency met with the advanced staff of the two banks, listening to the most prominent problems and challenges facing the two banks, directing the necessity of harmonizing banking plans and directives with the program and objectives of the government and the Central Bank of Iraq, stressing work to reform and develop the Iraqi banking sector.
His Excellency the Governor, Trade Bank of Iraq (TBI) urged the need to open a permanent and advanced center for conducting commercial transfers to provide its services with speed and accuracy that contribute to the implementation of the largest number of such transfers at low wages, thus contributing to encouraging the entry of merchants into the external transfer system and achieving stability in the market and the exchange rate.
The Governor directed the two banks (Iraqi Trade and Industrial) to focus their credit and lending policies towards expanding and diversifying the productive base, and supporting the private sector with small and medium enterprises initiatives, due to its impact on economic growth and reducing unemployment among large segments of society.
His Excellency Mr. Al-Alaq stressed the need to raise the level of customer services and invest in modern financial technologies to develop banking services and attract the public to achieve financial inclusion and enhance capabilities to finance various economic activities.
Media Office,
July 16, 2023
The American Green eludes the 150,000.. The Iraqi Central Bank confirms the "success" of supporting the dinar against the dollar
Today, Sunday (July 16, 2023), the Central Bank of Iraq announced the “success” of the campaign to support the Iraqi dinar against the dollar, although the US currency is recording an increase in the local (parallel) markets, reaching 1492 dinars.
"We announce the success of the campaign to support the dinar," Ammar Khalaf, deputy governor of the Central Bank, said in a press statement, denying "the existence of" a problem with the amount of foreign currency supply.
And he stressed, "The central bank has supported the stability of the exchange rate with a series of procedures, instructions and controls since the beginning of this year," explaining that "the bank is trying to address problems to facilitate obtaining foreign currency."
He pointed out, "There are many goods and services that are now priced in dinars instead of dollars," noting that "activating electronic payment in all sectors and shops takes some time."
It is noteworthy that the local markets are witnessing an increase in goods and commodities due to the dollar crisis and speculation operations that take place in the local market and the inability to obtain the US currency at the official rate, which forces traders to resort to the black market at a price ranging between 1460 and 1490 dinars per dollar, while its official price is 1302. .
The rise of the dollar was reflected in local prices and sales, which caused a state of increasing stagnation with the lack of construction and the scarcity of investment projects that stopped years ago, in the hope that they will be initiated after the implementation of the largest financial budget law in the history of the country.
Dealers complain of the difficulty of obtaining dollars in light of the control of what they described as "influential people" over the currency market and the outlets for purchasing it from the currency sale window at the Central Bank of Iraq, which forces them to buy dollars from the parallel market at prices that finally reached 149 thousand dinars per 100 dollars, in While the official price set by the state is 132 thousand dinars.
Economists say that: "Reducing the rise in prices is linked to preserving the value of the Iraqi dinar against foreign currencies, the stability of the exchange rate, the elimination of currency speculation, and the reduction of crises that drain the Iraqi economy and cause a lot of money to leave the country."
Al-Sudani: The doors of Iraq are open for investment
link from kurdish news
After the barter and visit to Damascus... Warnings of Washington's moves to obstruct the Sudanese government
Political analyst Hazem al-Bawi warned, on Monday, of an American reaction through Washington moving its tools to obstruct the Iraqi government headed by Muhammad Shia al-Sudani, after bartering Baghdad and Tehran and thwarting the American blockade of Iraq through electricity, and al-Sudani’s visit to Damascus.
Al-Bawi said in an interview with Al-Maalouma, "The government, after it succeeded in absorbing the electricity crisis fabricated by the American side, and its direction towards exchanging Iraqi black oil for Iranian gas to solve the electricity crisis, and then the prime minister's visit to Damascus and the conversation that took place there, it does not appeal to the American side." Clearly and massively.
He added, "Al-Sudani's talk in his press conference with Syrian President Bashar al-Assad about the impossibility of Iraq adopting a position of neutrality regarding the developments taking place in Syria will certainly arouse the ire of the American side."
Al-Bawi ruled out the silence of the White House administration on all these accelerating Iraqi moves politically, economically and commercially, without moving its tools to obstruct the course of the Iraqi government, as it did in 2019 and toppled that government.
Iraq, Iran Oil-Gas Swap to Continue to End-2023
link ok now we get some details
Iran has resumed the supply of natural gas to Iraq nearly two weeks after it had cut down its exports to the neighboring country by half, following a deal that was signed between the two sides which will see Baghdad paying for Tehran’s gas using its oil until the end of the year.
The agreement was signed on Tuesday between Ihsan Yassin al-Awadi, director of the Iraqi prime minister’s office, and Mohammad Kazem Al-e Sadeq, Iran's ambassador to Baghdad, after days of negotiations.
“After negotiations with the Iranian side, which have had a delegation here since Saturday, continuous meetings were held which ended on an agreement on a document and the document has been sent to the Council of Ministers. We have made a decision to conduct a like-kind exchange, meaning we will give them crude or black oil in return for Iranian gas,” Iraqi Prime Minister Mohammed Shia’ al-Sudani said in a televised speech on Tuesday.
The agreement aims to restore the amount of gas Iran supplies to Iraq back to 45 million cubic meters a day, so that the country can operate its power grid, after it was cut down to 20 million in recent days.
Nahro Rawanduzi, deputy head of the Iraqi parliament's oil and gas committee, told Rudaw that, according to the agreement, Iraq will give Iran black oil from its refinery extracts in return for the gas.
“Iraq cannot give crude oil to Iran because Tehran is already unable to sell all of its own oil at the moment,” he said.
Amanj Harki, a member of the Iraqi parliament’s electricity and energy committee, told Rudaw that the two countries will continue to swap the assets up until the end of 2023, adding that, according to the agreement, Iran will utilize the oil for local use.
Iraq’s State Oil Marketing Organization (SOMO) receives over 60 thousand tons of black oil from the refineries on a daily basis, ten thousand of which is which is used locally while the rest is given to the highest bidding companies who will export them.
Baghdad has transferred $10 billion to an account at the Trade Bank of Iraq (TBI) to pay off its gas debts to Tehran. However, Iran has been unable to access the funds due to US sanctions, leading to the recent limiting of its gas supply to the neighboring country.
Iraq currently produces between 20 thousand to 21 thousand megawatts of power, while it needs an estimated 34 thousand to 35 thousand megawatts to bring an end to the electricity crisis, especially during summertime.
Despite its large oil and gas reserves, Iraq suffers from chronic electricity shortages, especially felt when summer temperatures reach over 50 degrees Celsius. The country has for years been dependent on gas imports from Iran to run its power generation plants.
The oil and gas law is in the "final touches"...and the Democrat asserts: We will not compromise this time
Today, Sunday (July 16, 2023), a member of the Kurdistan Democratic Party, Wafaa Muhammad Karim, revealed that the “final touches” to the “controversial” oil and gas bill have been stalled for years due to political differences over it.
Karim told "Baghdad Today" that "Prime Minister Muhammad Shia'a al-Sudani showed full commitment to approving the oil and gas law during the coming period," noting that "the approval of the law in the House of Representatives will not take long, and there is continuous communication between al-Sudani and the President of the Kurdistan Regional Government, pleased Barzani, to put the finishing touches on it.
Karim Ali stressed, "The Democratic Party will not compromise this time on adding amendments and mixing political papers with a technical law," noting that "approving the law will contribute to resolving most of the outstanding disputes between Baghdad and Erbil for years, and we believe that the Sudanese is serious about approving the law despite political pressures." .
It is noteworthy that one of the issues that raised controversy between Erbil and Baghdad for many years is the ratification of the oil and gas law, but it was agreed to approve the draft law between the two parties within the framework of a political agreement that led to the formation of the current government.
The ministerial curriculum of the Sudanese government includes a paragraph stipulating the legislation of the oil and gas law, within a period not exceeding 6 months from the start of its work, which has been delayed for several months now.
The Kurdish blocs in the parliament are seeking to pass the draft oil and gas law by approving it in accordance with Article 112 of the Iraqi constitution, and according to the government platform, the project must be submitted to parliament during the current government period.
The Sudanese Prime Minister has previously considered this law the only way to resolve the outstanding differences and problems with the Kurdistan Regional Government.
It is long overdue.. The oil and gas law is about to be passed in agreement between Baghdad and Erbil
The lack of commitment of the Kurdistan Regional Government to oil exports and the quantities specified for export abroad, in addition to the loss of revenues and the lack of knowledge of the real numbers, prompted Baghdad in the last period to hold a meeting with Erbil in order to agree on specific mechanisms to ensure that oil is not smuggled and the real revenues reach the capital.
Strengthening this agreement comes by proceeding with the legislation of the oil and gas law in order to bind the region to its paragraphs and punish it in the event of breach or export in a manner contrary to the law, which is expected to see the light during the next few period.
A member of the Oil and Gas Committee, Sabah Sobhi, told Al-Maalouma, "The draft oil and gas law is still with the government due to the outstanding political differences regarding the law, as it needs political consensus between all parties without exception."
Sobhi added, "There is an effort to create a suitable environment to solve some of the accumulated problems to proceed with the legislation of the law during the current parliamentary session."
He pointed to "the continuation of work to solve problems with the law and put it on the parliament table for the purpose of discussion."
Representative Alaa Al-Haidari from the same committee confirms, during his interview with Al-Maalouma, that "the government program, and according to what was agreed upon by the State Administration Coalition, the oil and gas law will be legislated soon."
Al-Haidari added, "The legislation of such a law is an urgent necessity, as it regulates the method of extracting oil and minerals throughout Iraq, including the Kurdistan region, as well as regulating oil revenues."
He continued, "This project is of economic importance and is bound to deliver oil revenues through the Federal Oil Marketing Company, as well as knowing the quantities exported, especially since there is an agreement between Baghdad and Erbil to legislate the law, and therefore the House of Representatives will work to legislate it during the next stage."
On the other hand, a member of the Al-Fateh Alliance, Aed Al-Hilali, told Al-Maalouma, that "passing the oil and gas law from the House of Representatives will contribute to resuming the region's oil exports to Turkey by resolving all outstanding internal problems with Kurdistan."
Al-Hilali pointed out that "there is a serious effort by the committees set up by the government to negotiate with the Turkish side to resume oil exports."
Despite the economic importance of the Iraqi Oil and Gas Law, which has been awaiting legislation in Parliament since 2005, which stipulates that the responsibility for managing the country’s oil fields must be entrusted to a national oil company, which is exclusively supervised by Baghdad, the dispute is over the issue of managing the oil fields of the Kurdistan Region of Iraq. It was prevented from being voted on for many years.
Al-Maliki's coalition describes the talk about passing the oil and gas law as a "media aura"
On Monday, the deputy of the State of Law coalition, Alia Nassif, described the talk about the legislation of the oil and gas law as a media halo, calling on the political forces to expedite the legislation of the oil and gas law in the House of Representatives.
Nassif said in an interview with Al-Maalouma agency, "Some people's talk about the legislation of the oil and gas law are mere claims, auctions, and media statements."
She added, "The legislation of the oil and gas law will contribute significantly to making the wealth return to all the Iraqi people fairly."
Nassif pointed out that "the executive and legislative authorities must approve a law and gas during the current parliamentary session," stressing that "the legislation of the oil and gas law has become binding on all political parties."
A member of the Oil, Gas and Natural Resources Committee, Sabah Sobhi, pledged passing the oil law to achieving consensus and removing many obstacles.
The Central Bank is following up on the field the banking reform strategy
During these days, the Central Bank followed up with field tours of our governmental and private banks, which began last week in Erbil with a specialized and expanded meeting in the presence of banks operating in the province and the Association of Iraqi Private Banks. Field follow-ups continued today to the two governmental Iraqi Trade and Industrial Banks.
One of the most prominent things mentioned and confirmed by the Governor of the Central Bank as a main goal is the role of the Central Bank and the banking sector in implementing paragraph (7) of Article (12) of the government program (financial and banking reform), which stipulates (reforming the banking system in Iraq to provide a real base And effective to advance the Iraqi economy and stimulate investment through restructuring and mechanization of government banks, reviewing their work, stimulating private banks and enabling them to be able to support investment and development in a real way.
Where the Central Bank implements its plan for this year to build clear foundations for market stability and maintain the stability of the exchange rate of the Iraqi dinar according to the official target price and support its purchasing power and continue the campaign to support the Iraqi dinar at all levels. Therefore, the directives of the Governor of the Central Bank to private banks in Erbil were to carry the directions The same for government banks in Baghdad. And from our follow-up and analysis of the results of field visits, the focus has been focused on as obligatory goals, which are as follows: -
First - raising the level of accuracy and speed in executing foreign commercial transfers and overcoming delays in them through in-depth negotiations with the US Federal Reserve and
agreement with an auditing company specialized in
auditing remittances instead. From the US Federal Reserve, and this contributed to the success of the project by 80%, and the allocation of a permanent and developed center to conduct these transfers and ensure the stability of the exchange rate.
Second - Supporting the productive private sector, financing and developing small and medium enterprises, in a way that contributes to reducing unemployment, revitalizing the economic cycle and stimulating the economy.
Third - Enabling the banking sector to contribute to development and investment, as stated in the government program, and suggesting that banks finance the project of paving a commercial road between Baghdad and Erbil, which achieves an important strategic goal that serves trade, transport, investment, and rapid hospitalization, and is considered one of the pillars of sustainable development projects.
Fourth - Improving the level of services provided to customers and investing in modern financial and banking technologies.
Parliament is preparing to pass important laws in its second legislative term
During its current session, the House of Representatives is preparing to enact important laws affecting the life of the citizen, as well as hosting some ministers on important files such as the water file and the black oil barter agreement with Iran.
Member of the House of Representatives, Ahmed Al-Sharmani, stated in an interview with “Al-Sabah” that “the subject of the salary scale for employees is in the prime minister’s court, and the draft has been completed and recommendations have been submitted to the Prime Minister by the Ministry of Planning, the Ministry of Finance and the General Secretariat of the Council of Ministers,” indicating that Parliament is waiting A decision by the Prime Minister in this regard, which includes financial consequences, but social justice is an important detail for the sustainability of the political process and security, economic and social stability.
Regarding the legislation of laws, Al-Sharmani explained that "Parliament in this chapter has important files to discuss, including the water and energy file and the recent agreement between the Iraqi and Iranian sides regarding gas supplies, so we will seek to host the relevant ministers for the purpose of identifying the imbalances and addressing them." In accordance with the constitutional frameworks,” noting that “any official who violates his moral, national and constitutional obligations and exploits the position for his personal purposes, and is negligent in delivering the services that the Iraqi street needs, Parliament will have a firm position with him.”
Al-Sharmani added, "The previous legislative chapter witnessed the adoption of an important law, which is the retirement and social security law, so it seeks to approve laws of this size and importance, such as the (oil and gas) law and the consolidation of social justice, through important laws that can be approved in this chapter, as well as Matters affecting the Iraqi family.
The Finance Committee is likely to launch the implementation of the budget law tomorrow
The Parliamentary Finance Committee ruled out, on Monday, the impact of the Iraqi government's appeals on articles of the general budget law in the continuation of the law, suggesting that the implementation of its articles will start from tomorrow.
Committee member, Representative Jamal Koujar told Shafaq News agency, "The appeals submitted by the government against articles and paragraphs of the budget law are the ones that stop, not the budget law."
Cougar suggested that the cabinet session tomorrow, Tuesday, would be the beginning of the launch, and the implementation of the budget law in ministries and state institutions.
Cougar stressed that the Ministry of Finance should be ready to implement the budget law, and we do not know the reasons for the delay in implementing the law.
On the third of July, the head of the federal government, Muhammad al-Sudani, submitted an appeal to the Federal Supreme Court against a number of paragraphs of the budget law, with a request to the court to issue a (state order) to stop the implementation of these articles after the law entered into force until the court decided to challenge the constitutionality of these articles.
On June 12, the Iraqi parliament voted on the financial budget for the three years (2023-2024-2025), with a value of 198.9 trillion Iraqi dinars ($153 billion) for each year.
I was able to translate the writing over the 1000 dinar note is our dinar is our economy
I know the videos are in Arabic but you can still see things hahaha
I would love to know what is in that booklet
To discuss the exchange rate.. Parliamentary Finance decides to host the Governor of the Central Bank
link we don't want to maintain it hahaha
The Parliamentary Finance Committee announced, on Monday, that it decided to host the Governor of the Central Bank, Ali Al-Alaq, next week.
The deputy head of the committee, Ahmed Mazhar Al-Jubouri, said in a statement to the official agency, followed by “NAS” (July 17, 2023), that “after approving the budget and fixing the exchange rate of the dollar at 1,320 dinars, there will be hosting for the governor of the Central Bank and his advanced staff next week in the Finance Committee to discuss the issue exchange rate".
He added, "The committee will discuss with the governor the bank's plan to maintain the exchange rate."
The secrets of Al-Sudani’s visit.. Iraqi mediation with America to withdraw the “SDF” from Syria
Today, Monday, political observer Nawal al-Musawi revealed the secrets of Prime Minister Muhammad Shia' al-Sudani's visit to Syria, referring to Iraqi mediation in agreement with Washington aimed at withdrawing the Syrian Democratic Forces (SDF) from Syria.
Al-Moussawi said in an exclusive interview with “ Al-Jarida ” that “the situation is complicated despite the attempts of the Sudanese government, the sister neighbor Syria, and the regional countries to dismantle the complexities that line the political, security and even humanitarian scene of Syria, and to restore Syria to what was before 2011 with full sovereignty over its lands and to defeat all organizations.” Extremism extending between Iraq and Syria.
She added, "Al-Sudani's visit, at the invitation of Bashar Al-Assad, seeks to mobilize a political opinion that supports the idea of the withdrawal of the Kurdish forces (SDF) through mediation led by Iraq with the United States, as well as an attempt to spare the forces holding the land from the axis of resistance the risks of continuous and escalating targeting after the noticeable military movement by the forces." American.
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