World Bank: Iraq is witnessing a strong recovery
The World Bank confirmed today, Monday, that Iraq is witnessing a strong recovery after years of turmoil.
And the Regional Director of the Middle East Department at the World Bank, Jean-Christophe Carré, said in a statement received by the Iraqi News Agency (INA), that "Iraq is witnessing a strong recovery after many years of turmoil."
Carre added, "It is necessary to take measures to accelerate the move towards diversification of economic activity."
He continued, "The importance of reforming the banking sector and promoting digital financial services in order to increase financial intermediation activities and enhance financial inclusion."
The increase of US forces and the ambassador's visit to the clans are on the agenda of the Iraqi parliament
A member of the Parliamentary Security and Defense Committee, Waad Qaddo, confirmed today, Friday, (July 28, 2023), that the United States of America seeks to undermine the sovereignty of Iraq, indicating that Parliament will discuss the file of sending American forces to the country.
Qaddo said in an interview with "Baghdad Today", that "the government has no need for the presence of US forces, which is a reinforcement of their occupation," noting that "the US ambassador's visit to the clans is a dangerous precedent and a blatant interference in internal affairs."
He added, "America began to feel the danger of the stability of the situation in Iraq, so it sent new forces to undermine the security situation, and this is what we do not allow as a people, government, and parliament," explaining that "we do not need to perpetuate the occupation and return to square one. The government is working well to implement strategic projects within three years."
Qaddo continued, "Although there is hope for the progress of the service and economic situation, we find America seeking to undermine sovereignty in Iraq," pointing out that "Parliament will open the file in a session on Monday and will discuss the increase of US forces in Iraq."
He pointed out that "the Iraqi government wants to control the airspace controlled by the US occupation," stressing that "the increase of US forces in Iraq is unacceptable."
Kuwaiti Foreign Minister is on an official visit to Iraq
Kuwaiti Foreign Minister Salem Abdullah Al-Jaber Al-Sabah will conduct an official visit to Iraq tomorrow, Sunday.
The Iraqi Foreign Ministry spokesman, Ahmed Al-Sahhaf, said in a brief statement: Al-Sabah will arrive tomorrow in Baghdad on an official visit.
Al-Sabah will meet his Iraqi counterpart, Fuad Hussein, in addition to the three presidencies, and he will discuss with them a number of bilateral issues of common interest, including the issue of redrawing the borders between the two countries, according to information received by Shafaq News agency.
Iran: importing 100,000 barrels of oil per day in exchange for sending gas to Iraq
The head of the Association of Petroleum Products Exporters in Iran confirmed that the agreement reached by Tehran with Iraq, according to which it will receive 100,000 barrels per day in exchange for sending gas to Iraq.
Hamid Hosseini said during an interview with ISNA news agency about the exchange of Iranian gas for Iraqi crude oil: "The course of the gas and oil contract between Iran and Iraq is clear, as the total gas and electricity exports from Iran to Iraq are estimated at between 10 and 15 million dollars per day."
He added, "Based on the statements of the Iraqi foreign minister, 18 billion dollars or 11 billion dollars (according to the Central Bank of Iran) are still in our bank accounts in Iraq and we are unable to meet them."
Hosseini said that "the decline in Iran's exports of gas and electricity, which coincided with the rise in temperatures in Iraq, created some resentment in this country, which prompted his government to think of quick solutions."
The Iranian official stressed that "Iraq will return to the same agreement, according to which it was decided that Iran will receive 30,000 barrels of crude oil and about 70,000 barrels of fuel oil per day, which means that Iran will get 100,000 barrels per day, which can cover part of the domestic demand."
Al-Sudani accuses America of "fabricating" the dollar crisis: a big conspiracy against the government
Today, Saturday, a member of the House of Representatives, Muhammad Saadoun al-Sudani, accused the United States of America of “fabricating” the crisis of the rise in dollar prices in the Iraqi markets, and while confirming the existence of a “big conspiracy”, he sent a warning message to violators of the government’s instructions.
Al-Sudani said in an interview with Al-Maalouma agency, "The crisis of the dollar's high exchange rates in the Iraqi markets is fabricated by America," pointing out that "Washington is trying to exert many pressures on the current government."
He added, "The Prime Minister, when he made the decision to return the exchange rates of the dollar and not exceed 132 thousand dinars for every 100 dollars, he tried to control the increasing rise, and this rise remains in the markets, indicating the existence of a large conspiracy in this regard."
Regarding dealing with dollar prices, Al-Sudani vowed to violators of the government's instructions, "deterrent measures and accountability, as a result of their involvement in the crisis of high exchange rates in the local markets."
Earlier, the economist, Abdul Rahman al-Mashhadani, criticized the policy of the United States of America in the economic file towards Iraq, while stressing that it deals with duplicity by allowing the Gulf countries to pass foreign trade in US dollars with penalized countries and preventing Iraq from doing so.
And the US Treasury decided, during the past week, to stop 14 Iraqi banks from trading and selling hard currency, which caused a rise in the exchange rates of the dollar in the local markets.
Al-Maliki: America continues to destabilize the situation and create crises
Maliki, a member of the State of Law Coalition, accused today, Saturday, the United States of disrupting the electricity file inside Iraq in order to continue blackmailing the government with the onset of summer, while stressing that it continues to destabilize the situation and create crises in order to embarrass the government in front of the people.
Al-Maliki said, in an interview with Al-Maalouma Agency, that "the American administration seeks to prevent the stability of the country by finding justifications to ignite discord within society and provoke it," noting that "Washington is shifting in the economic, social, cultural and political files in which it targets Iraq with time periods and plans that were prepared in advance. "
And he continued, "America can impose the release of water quotas from Turkey, but it encourages crises in order to weaken the country on the external and internal levels," noting that "Washington has suspended all projects that sought to reform the electricity sector radically by investing in associated gas."
And he added, "The United States of America continues to destabilize the situation in order to embarrass the government in front of the people," adding that it "has disrupted all projects that sought to radically reform the electricity sector by investing in associated gas."
Regarding America's continued blackmail of Iraq, Al-Maliki said: "Washington continues to disrupt the Iraqi electricity file in order to continue blackmailing the government with the onset of the summer season and the crisis reaching its climax."
Iraq suffers from several files, most notably the rise in dollar exchange rates due to US sanctions on banks, and the electricity crisis to prevent Iraq from paying gas fees and bringing in effective foreign companies.
Rumors manipulate the exchange rate." Media outlets are "accused" of raising dollar prices and inflicting losses on Iraqis
Today, Saturday (July 29, 2023), the Parliamentary Committee on Culture and Information accused some media outlets of contributing to raising the price of the dollar and declining the dinar through “rumors.”
Committee member Rafiq al-Salihi told "Baghdad Today" that "the economic situation is greatly affected by rumors that are spread in the media as well as social networking sites, and there are rumors that have been published that have had an impact on the issue of raising the price of the dollar and decreasing the Iraqi dinar."
And Al-Salihi stated that "some rumors are deliberately published in order to influence the internal economic situation for political or other reasons," noting that "therefore, there is strict control by the Media and Communications Commission on what is published in the media regarding the economic situation so as not to influence it with rumors." Incorrect information, which affects the market in general.
The Media and Communications Commission had directed the media in Iraq to refrain from publishing any misleading and inaccurate news about the national currency and the economic sector, or containing false or inaccurate information with the aim of harming the reputation of people or companies or harming the national economy.
Observers point out the existence of media outlets, whether channels or agencies, that invade attempts at economic analysis, which has had negative results on the national economy due to the fallacies and errors committed by the media regarding the sector and economic information.
The Iraqi Trade Bank decides to expand the scope of the external financial transfer
Today, Saturday, the Iraqi Trade Bank decided to expand the scope of the external financial transfer.
A statement of the bank, received by Earth News, stated, “Based on the directives of the Presidency of the Council of Ministers and the Central Bank of Iraq to limit the rise in the exchange rate of the dollar against the dinar in the local markets, and to support the import process in accordance with the legal frameworks and correct and sound contexts to ensure the safety of financial transfer operations, which reflects positively on Individual merchants and shop owners, the Iraqi Trade Bank (TBI) decided to take the initiative to expand the scope of the external financial transfer process by allowing the aforementioned groups to import consumer goods at the exchange rate of the Central Bank of Iraq 1320 dinars per one dollar, provided that the value of the external transfer for each individual merchant per month does not exceed (One hundred thousand dollars)".
And the statement continued, “Work in this matter will start in the bank’s branches in the capital, Baghdad, and work will be expanded in other branches outside Baghdad soon, according to the instructions of the Trade Bank of Iraq.”
He added, “Below are the requirements for opening an account for individual merchants and shop owners.” My agency:
1- Identification documents (identification documents): civil status identity, Iraqi nationality certificate or unified national card, housing card, an Iraqi passport or a pledge to provide us with the passport once it is issued.
2- Submitting what shows the deposited sources of income (sale receipts or contracts for periods not exceeding 6 preceding six months) or any other documents that show that.
3- Submit proof of work address (lease contract or real estate deed).
4- Fill in the Know Your Customer (KYC) form.
5- A valid Chamber of Commerce ID (if any).
6- Provide evidence of the merchant's activity.
7- Submitting an undertaking that the individual trader will not own a company registered now or in the future.
Iraqi Trade Bank: Financing small traders in dollars will not be through the Central Bank platform
The Iraqi Trade Bank, TBI, confirmed today, Sunday, that the process of financing dollar purchase requests from small merchants (shop owners) will not be through the electronic platform of the Central Bank, but rather through the bank directly, and while clarifying the process of transferring money abroad, it indicated that facilitating The access of this category to the dollar will contribute to a clear decline in the exchange rate.
"According to the bank's recent decision, small merchants can now obtain dollars in an easy way, at the official price of 1,320 dinars, and with a monthly transfer ceiling of up to 100,000 dollars," said the media expert at the Iraqi Trade Bank, Aqil Al-Shuwaili, to Al-Iraqiya News, and was followed by the Iraqi News Agency (INA).
He added, "The financial transfer for the purpose of foreign trade by small merchants takes place by opening an account in the Iraqi Trade Bank, from which the money is transferred to a second account outside Iraq, and money is not disbursed to the merchant by hand, but rather the process will be a financial transfer for the purpose of purchase."
And he continued, "The financing process will take place outside the electronic platform of the Central Bank, which requires the presence of a registrar of companies, and financing takes place directly from the Iraqi Trade Bank, and the purpose of this procedure is to facilitate small merchants' access to dollars, especially since they make up 60% of those in the market, and we expect that this will contribute to a significant decline in the exchange rate." Notable because these traders will not have to buy dollars from the market.”
He pointed out that "the process of receiving small merchants wishing to buy will start tomorrow, and what is meant by small merchants are shop owners and individuals wishing to finance commercial purchases from abroad."
Monday
The budget without instructions and criticism extends to the financial
Nearly 50 days after approving the country’s budget for the years 2023, 2024, and 2025, most government departments are still awaiting implementation instructions issued by the Ministry of Finance in light of a wide debate about the reasons for the delay. into force, but the departments are not able to act on its clauses, except after approving the implementation instructions by the Ministry of Finance. Representative Mustafa Al-Karawi suggested, in an interview with Al-Sabah, that the current week would be a date for launching the instructions for implementing the budget by the Ministry of Finance, indicating that the articles Contested by the government, it will not affect the budget, but rather it was limited to some paragraphs that do not affect the entirety. In turn, economist Nabil Al-Tamimi said in an interview: The delay in issuing instructions for the current year's budget indicates the existence of a government failure represented by the Ministry of Finance.
Al-Tamimi criticized the delay in issuing these instructions, although they do not need major updates and changes, expressing his surprise that the Ministry of Finance did not benefit from the time during the preparation and discussion of the budget by Parliament.
Finance Minister Taif Sami had reported earlier that the ministry had intensified its efforts to expedite the issuance of procedures for reviewing the instructions for implementing the federal general budget for the years 2023, 2024 and 2025 No. 13 of 2023, which was recently approved by Parliament.
A government meeting to support the Iraqi dinar and address manipulation and speculation
Today, Monday, the Supreme Judicial Council announced the holding of a meeting to support the Iraqi dinar and confront manipulation and speculation.
The council said, in a statement received by the Iraqi News Agency (INA), that "a meeting was held at the headquarters of the Supreme Judicial Council today, within the framework of supporting national efforts to support the Iraqi dinar and to address manipulation and speculation by some speculators in violation of the law."
He added, "The meeting included the head of the Public Prosecution Service, the head of the Judicial Oversight Authority, the first investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and the Undersecretary of the Interior Minister for Intelligence Affairs." "During the meeting, they discussed the best ways and mechanisms to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in a way that ensures limiting it and prosecuting those involved in it in accordance with the laws in force."
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Parliamentary Transportation: Soon the flag of Iraq will be raised on ships operating in international trade
The head of the Parliamentary Transportation and Communications Committee, Zahra Al-Bajari, revealed today, Monday, that the Iraqi flag will soon be raised on ships operating in international trade.
And Al-Bajari said in a statement, "The parliament included two international maritime agreements in its agenda during its session today, indicating that" the first agreement will concern maritime safety, while the second will concern the environmental field.
And she added, "The SAR agreement, or "Search and Rescue", is one of the important agreements to protect and save the lives of workers at sea, especially since Iraqi ports are included in the list of ports of countries in which dangers exist and issued by the Federation of Insurance Bodies in London.
She indicated that "the next session will include a discussion of the 1997 Protocol on Pollution from Ships' Exhaust, annexed to the Pollution from Ships Convention of 1973, as amended in 1978."
And she continued, "Iraq's accession to this protocol will pave the way for the re-raising of the Iraqi flag on ships operating in international trade and sailing on the high seas.
Vice expects a reverse return in the exchange rate and talks about three negatives
Representative Baqir Al-Saadi expected, on Monday, that the dollar exchange rate against the dinar will continue to decline in the coming days.
Al-Saadi said, in an interview with Al-Maalouma, that "common external-internal factors were behind the rise in the exchange rates of the dollar in the parallel market in Iraq in recent weeks, in a way that raised public concern."
He added, "The rise carries with it three direct negatives, most notably the reduction in the value of government salaries and the rise in prices of basic materials in light of the existence of the principle of speculation, not to mention its harsh impact on segments below the poverty line."
He pointed out that "there is a series of measures taken by the Sudanese government in coordination with the Central Bank in recent days that will lead to reassurance of the markets and push the exchange rates of the dollar to reverse again," stressing that "the decline actually started since yesterday and we expect it to continue."
The dollar exchange markets have witnessed a steady rise in recent days, especially with Washington imposing sanctions against 14 Iraqi private banks.
The US ambassador in Baghdad announces the success of her mediation between the Iraqi Central Bank and the US Treasury
The US Ambassador to Iraq, Alina Romansky, announced that the US Treasury will not impose sanctions on Iraqi banks due to money laundering fears.
"Yesterday, I participated in a call between the Treasury Department and the Central Bank of Iraq (CBI) about the recent US measures to restrict 14 Iraqi banks from dollar services after money laundering concerns," the ambassador wrote in a tweet on Twitter.
She added, "CBI took appropriate and prompt measures. No sanctions were imposed on any Iraqi banks. We will continue our work to improve compliance with AML/CFT regulations and digitize the Iraqi economy with our CBI partners."
On Wednesday, July 19, the US Treasury Department imposed sanctions on 14 Iraqi banks in a crackdown on Iran's dollar transactions.
Expectations of the issuance of a package of changes affecting general managers in the Central Bank
Today, Sunday, political writer Halim Salman expected the issuance of a package of changes affecting two general managers in the Central Bank of Iraq, after the significant rise in dollar exchange rates.
Salman said in an interview that “in light of the current data, and the failure of those in charge of drawing and implementing monetary policy, formal and informal discussions are taking place in this regard, the outcome of which is changing a number of relevant departments in the central bank.”
Salman expected that “a package will be issued to change a number of general managers, especially the supervisors of the currency auction, and under the guidance of Prime Minister Muhammad Shia’a al-Sudani during the next few days.”
Sunday
More than 126 trillion dinars.. The increase in the value of deposits in Iraqi commercial banks
The value of total deposits in Iraqi commercial banks increased to more than 126 billion dinars in May 2023, according to what was announced by the "Iraq Future" Foundation for Economic Studies and Consultations, today, Sunday.
The institution said in a report published today, that the value of deposits amounted to 2023 126.6 trillion Iraqi dinars, an annual increase of 28%, and a monthly increase of 2.78%.
The report added that private sector deposits occupied the largest percentage of deposits, with a value of 53.2 trillion Iraqi dinars, an annual increase of 18.2%, and a monthly decline of 0.7%.
Commercial deposits occupied the largest percentage of the nature of deposits, with an acquisition rate of 78.8%, amounting to 99.78 trillion dinars of total deposits, an annual growth rate of 42%, and a monthly growth rate of 3.39%, then savings deposits, which represented 13.1% of the total deposits, with a value of 16.6 trillion Iraqi dinars. With an annual growth rate of 4% and a monthly growth rate of 0.6%, fixed deposits accounted for only 8% of the total deposits, according to the report, which included a detailed table published by Shafaq News Agency:
The value of total deposits in Iraqi commercial banks is rising.. An economist reveals this in numbers
The value of total deposits in Iraqi commercial banks increased to reach 126.6 trillion Iraqi dinars in May 2023, according to economist Manar Al-Obeidi.
He added, "Current deposits occupied the largest percentage of the nature of deposits, with an acquisition rate of 78.8%, amounting to 99.78 trillion dinars of total deposits, with an annual growth rate of 42%, and a monthly growth rate of 3.39%, then savings deposits, which represented 13.1% of total deposits, with a value of 16.6%." One trillion Iraqi dinars, with an annual growth rate of 4% and a monthly growth rate of 0.
Sudanese advisor: The government funds small traders at the official exchange rate
On Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced the provision of soft financing operations for small businesses at the official exchange rate.
Saleh said, in a statement to the official news agency, that "the foreign trade of small merchants constitutes the highest number in the activity of the import commercial market, and its rate may reach 60 percent of the needs of the local market for imported goods."
He added, "With the aim of dismantling the monopolistic financing trade ring to finance foreign trade and the entirety of external transfer operations resulting as dangerous mediating forces that carry a lot of colored noise between the small trader and the financing of trade in foreign currency, whether in the position of international compliance or the disposal of foreign currency outside the stability controls, in addition to its danger in spreading A dangerous pricing pattern based on floating the prices of goods and services at the parallel market exchange rate, which leads to a dangerous transfer of inflation from the exchange market to the general level of prices and endless price disturbances. Therefore, the Iraqi Trade Bank works with direct openness in providing soft financing operations for small importers and at the official exchange rate outside the loop. the monopolist".
He pointed out, "This matter will lead to providing a flexible commodity supply and help to stabilize stability in the parallel exchange market, as well as removing the forces of commercial monopoly from the most dangerous mediation process between small traders and the exchange market, in a manner that achieves stable competitiveness in which the parallel exchange rate matches the official exchange rate." gradually"
Among them is the use of the Sudanese Monetary Fund. It issues new directives regarding the implementation of the development path
Prime Minister Muhammad Shia Al-Sudani chaired today, Sunday, the second meeting of the Supreme Committee for the implementation of the Development Road Project.
A statement from his office, a copy of which {Euphrates News} received, stated that: "During the meeting, the latest steps taken in the course of advancing the project were reviewed by the concerned authorities, each according to his responsibility, and the progress of the procedures taken with countries wishing to participate and contribute to the project was followed up."
Al-Sudani directed, during the meeting, to "involve the Roads and Bridges Department in the Ministry of Construction, Housing, Municipalities and Public Works, in the process of supervising the route of the road, as well as the creation of specialized departments in the Ministries of Transport, and Construction and Housing, to find a specialized cadre that contributes to follow-up and implementation."
Al-Sudani also stressed "the necessity of resolving conflicts with existing projects, and careful coordination in this field."
The statement continued, "The meeting discussed the appointment of an economic consultant for the project, communication with interested international companies specialized in sub-projects and industrial city projects, in addition to reviewing the World Bank's proposals regarding the implementation stages and investment files."
An Iraqi-Singaporean memorandum of understanding for the development of Iraqi ports.. Advanced handling and storage mechanisms
Today, Monday (July 31, 2023), the Iraqi Ministry of Transport, the General Company for Iraqi Ports, signed a protocol of joint cooperation with the CEO of the Singaporean Allied Company, one of the companies working with Singaporean ports in the field of handling, container storage, management and electronic monitoring.
The Director General of Ports, Farhan Al-Fartousi, said in a statement received by "Baghdad Today", that "according to the directives of the Minister of Transport, Razzaq Muhaibis Al-Saadawi, we signed a joint cooperation report with the CEO of the Singaporean Allied Company, one of the companies working with Singaporean ports in the field of handling and storage of containers, management and electronic monitoring."
He explained, "The minutes included cooperation in training Iraqi port employees in Singapore ports to use the single window and control the handling of goods inside the port, in addition to developing our staff in the field of transforming our ports to work within the single window, and cooperation in the field of developing logistical work inside Iraqi ports."
A bank that opens commercial transactions in Chinese yuan to merchants
Al Janoob Islamic Bank opened new transactions for traders in the Chinese yuan, and is also preparing to start dealing in the euro currency, in an effort to facilitate commercial exchanges and ease pressure on withdrawing the dollar from the market.
The authorized director of the bank, Uday Saadi Ibrahim, told Al-Sabah that the bank opened dealings in the Chinese yuan currency to facilitate the affairs of merchants and their dealings, given the volume of extensive trade exchange with China.
He added that there is a tendency to work in the euro currency as well during the coming period in an effort to provide a basket for the rest of the currencies in front of traders and not to limit the process to dollars.
Ibrahim stated that the bank's management took a decision to more than double its capital to 510 billion dinars, as the first private bank to have such a capital.
Ibrahim stressed that the shift to electronic payment has many positives, especially for merchants, as the bank has imported POS devices in large quantities, in addition to the fact that teams from the bank have made this group aware of the importance of shifting to work with electronic systems, as we have a plan to deploy dozens of devices throughout the country.
He explained that one of the most important objectives of the bank's strategic plan is digital transformation through the provision of banking services through electronic payment systems, as we have invested large sums in this aspect by deploying exchange machines in most areas and issuing cards that contain many privileges, in addition to investing in cash points. Electronic payment through POS devices, which is part of the current government approach.
He pointed out the importance of intensifying citizens' awareness of the importance of electronic payment, as we formed teams to visit all commercial areas to educate the benefits of using it.
Ibrahim pointed out that the bank signed a large investment contract with the Ministry of Construction and Public Municipalities to implement the project for collecting water fees electronically, as we started implementing it in many governorates, including Kirkuk, Nineveh, Karbala and Diyala.
He added that the bank purchases special smart meters and does not cost the state anything, and the bills are paid through electronic cards or systems on the bank's mobile phones, and thus the state guarantees their full rights.
Ibrahim added that the project comes within the framework of electronic payment plans to guarantee the rights of all parties, indicating that the project is a first stage and will be followed later by another stage of collection from the owners of commercial plots in an effort to develop the government collection system.
For his part, the deputy managing director of the bank, Ali Shaker, told Al-Sabah that, from the beginning of this year until the end of last June, the bank opened 112 bank credits in the amount of one billion, 239 million and 936 thousand dollars.
He added that the bank granted loans amounting to 116 billion dinars, while its cash assets amounted to one trillion and 461 billion dinars.
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