The Dinar Support Committee is reassured about the dollar crisis: it will decrease after our step
The Iraqi Dinar Support Committee intends to take new measures to limit the dollar's rise in the markets.
A member of the committee, Omar Al-Sudani, said in a statement followed by “Earth News”, that “the committee, headed by the advisor to the Prime Minister, Qassem Al-Dalimi, recently took a decision to open accounts for merchants in the (TBI) Bank who hold the identity of the Baghdad Chamber of Commerce from the category of individuals,” noting that “ This decision allows them to transfer $100,000 a month.”
US Ambassador Romanowski talks about the return of dollar stability
The US Ambassador to Baghdad, Alina Romansky, commented on the reason for her recent tour of Iraqi politicians, and declared that Washington was ready to help Baghdad in the water file with the upstream countries, and indicated that Iraq's adoption of the legitimate banking system would guarantee the stability of the dollar's exchange rates.
Romansky stated in a press interview, that "there are several reasons that cause the dollar to fluctuate against the dinar, including the existence of a parallel financial system, the presence of smugglers and money launderers, which leads to an increase in the price of the dollar," adding that "the return to the legitimate banking system can create stability for the exchange rate.
" "I think there is a misunderstanding about the 14 banks, as no sanctions were imposed on them, but these banks are not allowed at the present time to deal in dollars."
Announcing the review schedule for Baghdad journalists receiving Master Cards
The Iraqi Journalists Syndicate announced, on Friday evening (August 18, 2023), the schedule for reviewing journalists from Baghdad Governorate to receive Master Cards at the Syndicate’s headquarters / general center, for the purpose of receiving the incentive grant.
The Syndicate set the dates for the journalists' review according to the letters of the alphabet distributed over the days of the week, starting from Saturday, August 19.
On Thursday, August 17, the Ministry of Culture, Tourism and Antiquities launched the grant for writers, artists and journalists for the year 2022, at an amount of 317 thousand dinars per person, according to the actual receipt lists for the year 2021.
However, the ministry clarified in another statement that the 2023 grant amounts to one million dinars.
Develop a love for rupiah as symbol of sovereignty: BI
Governor of Bank Indonesia (BI) Perry Warjiyo when met after participating in the activity of the Indonesia Sovereign Rupiah Festival (Ferbi) in Jakarta on Friday (August 18, 2023). (ANTARA/Imamatul Silfia)
"We hold Ferbi with the objective of interpreting rupiah as the symbol of sovereignty of Indonesia. Therefore, we organize it (the festival) on every occasion of the commemoration of Indonesia's Independence Day anniversary," BI Governor Perry Warjiyo stated at the festival in Jakarta on Friday.
Warjiyo elaborated that the national currency depicts elements of the sovereignty of the country, such as through the images of national heroes as well as Indonesia's cultural wealth.
He urged the people to learn to develop a better understanding of the rupiah, increase their love for the currency, and learn how to use it wisely.
According to Warjiyo, the status of the rupiah, as a symbol of sovereignty, is also reflected in its function as a means of payment in three forms: conventional banknotes and coins, card-based payment instruments, and digital payment instruments.
The government has devised the Quick Response Code Indonesian Standard (QRIS) as a national standard for digital payment methods based on QR codes.
Moreover, BI further developed the QRIS by launching QRIS TUNTAS on Thursday (August 17) to coincide with the 78th anniversary of Indonesia's Independence Day.
QRIS TUNTAS provides convenience to people not having access to banking accounts, including those living in the disadvantaged, frontier, and outermost (3T) regions, so they can participate in various financial activities, such as cash withdrawals, transfers, and deposits.
The government expects QRIS TUNTAS to drive its efforts in expanding digital payment access to reach all elements of society in the hopes of increasing financial inclusiveness in the country.
The BI governor noted that the service fees of QRIS TUNTAS are quite affordable: Rp5,000 (US$0.32) for cash withdrawal, Rp6,500 (US$0.42) for cash deposit, Rp2,500 (US$0.16) for transfer with the amount below Rp100 thousand, and Rp2,000 (US$0.13) for transfer above Rp100 thousand.
"Hence, we strive to raise the spirit of Indonesian sovereignty. Let us love rupiah not only as a banknote but also as a symbol of sovereignty," he pointed out.
New directives from the Iraqi Central Bank to regulate the movement of funds inside the country.. Document
link this is definitely big news today they really want the citizens to see this
The Central Bank of Iraq issued, on Saturday, directives to all banks to take new controls regarding prepaid cards for the purpose of regulating financial movements that take place inside Iraq.
A document obtained by Shafaq News Agency showed that the directives included, "The ceiling for withdrawals for local financial movements (inside Iraq) that are made through ATMs for prepaid cards shall be 2,000,000 (two million Iraqi dinars) per day instead of (395,000) Iraqi dinars." ".
The Central also recommended, “raising the ceiling of the purchase movement through points of sale inside Iraq to be 10,000,000 (ten million Iraqi dinars) with a commitment not to exceed the monthly limit for charging the card, which amounts to (10 million),” with “reducing the ceiling of electronic purchase to be (750). US dollars per day.
He stressed that banks should work "to expand your agent network by contracting with entities that are allowed to sell and market this type of card."
He stressed, "The local financial movements on prepaid cards are excluded with the commitment contained in Paragraph (5) of the above circulars related to merchant category codes (MCC), provided that they are within the legitimate purposes of purchase and payment."
translated texts
to all banks
Electronic payment service providers such as prepaid cards
good greeting ..
Proceeding from the strategy of this bank to move towards the use of electronic payment tools and adopt them instead of cash in financial transactions, and further to our Circular No. 14/1042 on 21/5/2023, and for the purpose of regulating financial movements that take place inside Iraq, we would like
Statement of the following:
1 The withdrawal limit for local financial transactions made through automated teller machines (ATMs) is for prepaid cards
Payment (2,000,000 Iraqi dinars per day. The limits of purchases for local financial transactions that are made through point-of-sale (POS) devices are within the ceiling
The card’s monthly payment specified in paragraphs (1) and (2) of the above instructions. The limits and ceilings mentioned in paragraph (3) of our circular above apply to electronic financial movements that take place outside Iraq.
It is your responsibility to work on expanding the network of your clan through contracting with entities that are allowed to sell. of cards and their marketing, taking into account that the time specified in paragraph (4) of the above circular has been extended to this type.
e Excluding local financial transactions on prepaid cards from the obligation contained in Paragraph (5) of the circular above related to Merchant Class Codes (MCC), provided that they are within the legitimate purposes of purchase and payment. - Compliance with all other paragraphs mentioned in our notice above, and for all prepaid cards for local and international movements.
To work accordingly..with appreciation.
In the document..the Iraqi Central Bank instructs all banks to take new controls regarding payment cards
this is from kurdish news
Al-Sudani's advisor talks about an expected assault that will affect the senior corrupt
link he's talking big talk...
oday, Saturday, Sabhan Mulla Jiyad, the political advisor to the Prime Minister, revealed an upcoming attack that will affect the senior corrupt, indicating that their parties will disavow them.
"The pace of work of the Integrity Commission is clearly escalating, and it publishes daily the discovery of one or more cases of corruption, with prison sentences issued here and there," Sabhan told Earth News.
He added, “So far, work is underway with the follow-up of the prime minister, and it gives rise to optimism, although the work of integrity focuses on the small and medium-sized corrupt, but the nature of the judicial work wants to stand before the court and make its confessions and the parties behind their corruption, because therefore the small corrupt come to the average, and the latter recognizes the big whales that are covered with a lot of camouflage.” ".
Mulla Jiyad continued, "We will witness in the coming days the overthrow of major corrupt people, because there is seriousness in the Sudanese approach, and this is one of the priorities of his government program and with the approval of all political blocs."
He pointed out, “We will witness that many political blocs will disavow the corrupt affiliated with them in order to avoid any embarrassment that you may find behind their actions.
In general, I am optimistic that things are going well.”
And he added, “Al-Sudani is faithful to his promises and his program, which he promised to the Iraqi people and political allies in general.”
The central bank in Sulaymaniyah soon: dollars at the official rate, loans and advances
The results of a parliamentary meeting with the relationship
A deputy for the Patriotic Union of Kurdistan said, on Saturday, that the governor of the Central Bank of Iraq, Ali Al-Alaq, pledged to open a branch of the bank in Sulaymaniyah to sell dollars and provide loans.
Dr.. Briar Rashid - deputy of the Patriotic Union of Kurdistan:
We met with the governor of the Central Bank and he promised to open a branch in Sulaymaniyah as soon as possible.
The opening of a branch of the Central Bank in Sulaymaniyah will provide the dollar to businessmen at the official exchange rate (1320), and it will provide small loans and advances, and the people of Sulaymaniyah will benefit from the offers that the bank constantly announces.
Economist: Kurdistan has turned into a cash dollar exchange
The economist, Dr. Mahmoud Dagher, announced that the recent fluctuation in the exchange rate inside Iraq is due to speculation and the state of uncertainty that hit the market.
Dagher said during a session organized by the liberal platform, via the Internet, about the fluctuation of the exchange rate in the Iraqi dinar, which was attended by "Al-Iqtisad News", that "from 2004 until the end of 2020, the exchange rate of the dollar was fixed, at 1282 dinars per dollar, but the value of the dinar changed." To 1,450 dinars, and then to 1,300 dinars,” noting that “there is no document other than the white paper calling for a reduction in the exchange rate.”
He stressed that every person who wants to solve his political and financial problems goes directly to the exchange rate, while the economic problems represented in customs, tax, corruption and others must be solved, indicating that the new transfer system of the Central Bank has become unable to finance trade with any country or entity prohibited from dealing in dollars.
Dagher pointed out that Iraq's problem is represented by trade with Iran, which exceeds 12 billion dollars, and needs 35 million dollars daily, which has become a great pressure on the cash dollar to cover imports.
He noted that the merchants who import through the platform have great freedom in selling goods at the official price, which contributed to reducing inflation, stressing that the Kurdistan region has turned into the cash dollar exchange, and any black transfer that goes from Kurdistan to Turkey, Iran and Syria is the source of the region.
An expert proposes solutions to control the parallel exchange rate
The economist, Manaf Al-Sayegh, proposed a set of solutions to control the parallel exchange rate and undermine the dollar, pointing out that the existence of two different exchange rates could confuse the local market and lead to a kind of imbalance in economic performance, while he praised the measures aimed at limiting the currency’s appreciation. Green in the parallel market, he called for "liberalizing the exchange rate" according to the levels of supply and demand and foreign trade activity, as well as working to change the pattern of the balance of payments and the trade balance.
According to specialists in economic affairs, the Central Bank succeeded in controlling the exchange rate of the parallel dollar, and put an end to the booms that that currency witnessed in previous times, indicating that the packages of decisions issued by the monetary authority led to strengthening confidence in the national currency, stressing at the same time, The fluctuation of the exchange rate is no longer an influencing factor in the prices of goods and materials that are now imported at the official rate of the Central Bank.
Al-Sayegh said in a statement to the official newspaper, followed by “Nass” (August 19, 2023), that “the existence of two different exchange rates leads to a negative impact on economic performance, especially if it is linked to the pattern of consumption activity and thus will undermine government efforts aimed at strengthening its ability to provide quality services.” Stressing the need to "establish development paths that diversify economic activity in line with the urgent requirements of society, such as continuous energy, efficient education, health institutions, as well as the provision of high-quality services," indicating that these steps are sufficient to achieve an active and flexible economy capable of constantly diversifying while creating development opportunities. sustainable and diversified and renewable job opportunities within the requirements of economic performance and its local and international obligations.
In order to find remedies for the economic effects of the existence of two different exchange rates for the local currency, the jeweler believes that the exchange rate must be liberalized in a flexible manner, according to the levels of supply and demand, as well as the levels of commercial activity of foreign trade, in addition to the need to work to change the pattern of the balance of payments and the trade balance in a way that leads to its transformation Gradually from negative to positive.
Al-Sayegh also stressed the importance of changing the spending pattern in the budget towards the productive investment that leads to serious development paths, taking into account the change in foreign trade patterns from consumer goods to productive goods linked to a specific economic activity, as well as the trend towards making a fundamental change in the pattern of performance and activity. Finance for public and private banks, enhancing the efficiency of government programs aimed at pushing development projects that support economic activity in general, and expanding small and medium entrepreneurial projects among young people.
KDP: The problem of non-oil revenues has been resolved with Baghdad
A member of the Kurdistan Democratic Party, Haitham Al-Mayahi, announced today, Saturday, that the problem of non-oil revenues with Baghdad has been zero.
Al-Mayahi told Earth News Agency, "Any delay in oil exports, whether by the region or others, causes an economic deficit that would disrupt the work of all state ministries because we are a rentier state, relying exclusively on oil and its imports."
Al-Mayahi added, "We hope that all outstanding problems between the region and the center will be resolved, especially after visiting the Office of Financial Supervision and showing them all the incoming and non-oil numbers and amounts, as they were identical to what they had, and the problem has been zeroed out, even with regard to the number of employees."
The American ambassador launches the hashtag “The Comprehensive American-Iraqi Partnership”
Is the hashtag a new message for Iraqi-American cooperation?
In a remarkable and important development in Iraq's relations with the United States, the US Ambassador to Baghdad, Elena Romansky, adopted and launched a new hashtag on social media entitled "The Comprehensive US-Iraqi Partnership." This hashtag aroused wide interest in the political and media circles in Iraq and abroad.
The new direction in relations:
This step from Ambassador Romansky comes after a series of tweets in which she used the hashtag “the comprehensive US-Iraqi partnership.” Through this hashtag, it seems that she wants to emphasize the existence of a new direction in the relations between the two countries, which aims to renew the American desire to enhance cooperation and consolidate partnership in a comprehensive manner in various fields, including security, economy, development, education, and culture.
Ambassador Romansky believes that a comprehensive US-Iraqi partnership is essential to achieving security and stability in Iraq and the region. She said in one of her tweets: "Iraq is an important partner for the United States, and we are committed to supporting the people of Iraq in building a better future."
On the other hand, it is not yet clear to determine the position of the political forces close to Iran that they will accept this new approach by the United States. On the one hand, these powers could see the comprehensive US-Iraqi partnership as a threat to their influence in Iraq.
On the other hand, these powers can see that the comprehensive US-Iraqi partnership can be beneficial to them, if they can benefit from it in obtaining US support on other issues, such as combating terrorism or economic development.
The position of the US government:
It is not yet known whether this approach represents an official position of the US government or is it a personal initiative by Ambassador Romansky. However, it could indicate a clear interest on the part of the US in strengthening its relations with Iraq in this sensitive period.
The launch of the hashtag “US-Iraqi Comprehensive Partnership” could indicate that the US wants to advance its relationship with Iraq to a higher level. This hashtag is seen as an expression of the American political will to build a strategic partnership with Iraq, based on joint cooperation in facing challenges and achieving economic and social development.
Activity of Ambassador Romansky:
The US Ambassador to Iraq, Elena Romansky, is considered one of the most active and interactive US ambassadors in the Iraqi diplomatic arena. She drew attention with her repeated tweets that carried the same hashtag, which raised questions about the significance and objectives of this new trend.
Since launching the hashtag, the ambassador has retweeted more than 50 tweets talking about the partnership between the United States and Iraq. These tweets addressed a wide range of topics, including security, the economy, development, health and education.
The future of bilateral relations:
While the situation is still ambiguous, this new approach could pave the way for a new phase of cooperation and partnership between Iraq and the United States. This hashtag could carry deeper meanings, including the commitment of both sides to promoting stability in the region, supporting reconstruction efforts, and promoting sustainable development.
The tweets published by the ambassador indicate that the United States wants to establish a strategic partnership with Iraq, based on joint cooperation in facing challenges and achieving economic and social development. The tweets also indicate that the United States is ready to support Iraq in achieving its goals and building a better future for its people.
Response of the government and political forces:
It is important to follow how the Iraqi government and the various political forces will respond to this new trend. This response may include consultations and discussions with Ambassador Romansky and the American side to better understand the content and objectives of this partnership.
The important question is whether this new step by the US ambassador to Iraq reflects a remarkable shift in the relations between the two countries, and carries multiple promises and challenges. Is it expected that the coming time will witness more developments and details about this partnership and the extent of its impact on bilateral relations and the future of Iraq?
The US ambassador to Iraq, Elena Romansky, had launched the hashtag "The Comprehensive US-Iraqi Partnership" on her Twitter account. And she wrote in her first tweet: “Today, I launched the hashtag # The Comprehensive_American_Iraq_
Al-Mandalawi stresses the need to improve the service reality in Baghdad and the provinces, according to budget allocations
First Deputy Speaker of Parliament Mohsen Al-Mandalawi stressed today, Saturday, the need to improve the service reality in Baghdad and the provinces, according to what has been allocated in the budget.
The media office of the First Deputy Speaker of Parliament stated, in a statement, that "Al-Mandalawi conducted a new field tour in the Karkh side, specifically in the Kafaat al-Sayyidiyah area, accompanied by the Governor of Baghdad, Muhammad Jaber al-Atta, and the Director General of the Second Karkh Education, Qais al-Kalabi."
During his tour, Al-Mandalawi was briefed on the "stages of work progress in the region," noting that "the process of covering the roads, completing the rehabilitation of sewage networks, and developing infrastructure services for the competencies of Sayyidiyah continues, especially with the launch of financial allocations in the budget to improve the service reality in Baghdad and the rest of the governorates of our dear country."
The statement added, "Al-Mandalawi met with the people of the Kafaat Al-Sayyidiyah area to listen to their requests and needs, and promised to deliver them to the concerned authorities to ensure their implementation." While he stressed, "It was agreed to allocate a plot of land in the area to build a school, and that coordination is continuing with the competent government agencies for the purpose of Providing all the services the region needs.”
Did the Sudanese succeed in removing the country from American-Iranian hegemony?
Today, Saturday (August 19, 2023), the Parliamentary Foreign Relations Committee commented on what it called the success of Prime Minister Muhammad Shia’ al-Sudani in removing Iraq from American-Iranian hegemony.
Committee member Muthanna Amin told "Baghdad Today" that "Prime Minister Muhammad Shia' al-Sudani has been working since assuming the duties of heading the Iraqi government to balance regional and international relations, and he has succeeded in doing so so far, and declared Iraq's permanent position in its refusal to be part of the policy of axes." ".
Amin stated that "Al-Sudani is definitely working to remove Iraq from any international or regional hegemony, but at the same time there is difficulty in achieving this matter, especially since this hegemony is not born today, but rather it has been present in Iraq for years and we need time and a lot of effort." Decisions and political support to remove the country from any regional and international hegemony.
Since its birth, the government of Muhammad Shia al-Sudani has worked, according to observers, to adopt and pursue a policy of external openness for Iraq towards regional and global countries with the aim of gaining international support for the new government, which was formed after difficult labor and a political crisis that lasted for more than a year.
Iraq seeks balance
Al-Sudani asserts on several occasions that Iraq has adopted the principle of balance in foreign relations, in a way that enhances its stability and achieves the interests of its people and the security of the region, with reference to the government's desire to expand the horizons of bilateral cooperation in various sectors.
Sudanese learned the lesson
It seems that Muhammad Shia al-Sudani was well aware of the failures of previous governments and began conducting a series of messages, signals, and meetings with Arab and foreign politicians and diplomats from different countries, which included positive tendencies to achieve more openness in Iraq's relations with its neighbors, its regional environment, and the international space, in a way that enhances its position, enshrines its sovereignty and expands interests, as well as making it a meeting point and an arena for understanding and dialogue between the parties.
Western Union did not stop in Erbil, but the service was limited to two accounts
An exchange and money transfer company denied what was circulated by some social media pages about stopping the “Western Union” service in Erbil, stressing that transfers are continuing, but they are confined to institutions that are not covered by US sanctions.
One of the financial transfer companies on the Erbil Stock Exchange:
The “Western Union” service has not stopped in Erbil, and all customers can send or receive remittances normally.
Most of the companies that deal with Western Union relied on an intermediary Iraqi bank, and when it was subjected to the US sanctions recently, their work slowed down, but there are outlets that depend on professional banks and they did not stop.
Citizens can send or receive money transfers through the “Western Union” service through the Kurdistan Bank and the Commercial Region “RT” because their names are not included in the US sanctions list.
Al-Mandalawi stresses the development of services and the improvement of infrastructure in Baghdad, according to the budget budget
New measures to reduce the rise in the dollar
The Iraqi Dinar Support Committee intends to take new measures to limit the dollar's rise in the markets.
A member of the committee, Omar Al-Sudani, said in an interview with "Al-Sabah": "The committee, headed by the advisor to the Prime Minister, Qassem Al-Zalmi, recently took a decision to open accounts for merchants in the (TBI) Bank who hold the identity of the Baghdad Chamber of Commerce from the category of individuals," noting that "this The decision allows them to transfer $100,000 a month.”
He added, "Merchants resorted to this measure, hoping that it will be a solution to the crisis, and limit the rise of the dollar in the black markets." The decline in the price of the dollar in the market.
Parliamentary Committee: The rise in the dollar is local and will not affect the investment side
A member of the Parliamentary Investment Committee, Muhammad Al-Ziyadi, confirmed today, Saturday, that the rise in dollar exchange rates does not affect the investment side in the country, but rather it is a local rise.
Al-Ziyadi said, in an interview with {Euphrates News}, that "any investor who has investment licenses and papers can obtain the dollar currency at the official price of 132 thousand dinars per hundred dollars, and in the quantities he needs, and therefore its rise will not affect the market."
He added, "The issue of high exchange rates is temporary, and it will end, because the government is able to end the black market file," but he pointed to "some complexity in the process because it does not concern Iraq only, but is a global issue."
Al-Ziyadi continued, "The issue of the blockade or the failure of the dollar to reach the countries of the region affected this file, and it is certain that it will end in the coming period.
Will the application of the budget reduce the exchange rates of the dollar .. A parliamentarian answers?
Today, Saturday, a member of the House of Representatives, Muhammad Al-Ziyadi, ruled out the decline in the dollar exchange rate after applying the general budget in the ministries and governorates, while stressing that proceeding with the official procedures and the laws in force will reduce the rise in exchange rates.
Al-Ziyadi said, in an interview with Al-Maalouma Agency, that "the liquidity of the budget will return to the Iraqi dinar and has nothing to do with the US dollar," noting that "one of the most prominent reasons for the depreciation of the dinar, as for the dollar, is dollar speculators and shadow workers."
And he continued, "We rule out the decline in the dollar exchange rate after applying the general budget in the ministries and governorates," pointing out that "there is no defect in the measures taken by the Central Bank regarding reducing dollar prices, but the problem lies in its application."
Al-Ziyadi concluded his speech: "The Central Bank did not specify the value of the sums that merchants need, provided that they follow the legal and official matters that were announced in the previous period."
Member of Parliament Kazem Al-Touki said, in an interview with Al-Information Agency, that "the measures taken by the Central Bank did not withstand the decisions of the US Treasury regarding the dollar, while he stressed that the sanctions that the US Treasury continues to impose will not allow the stability of the exchange rates of the dollar in the local markets."
ATTENTION****
Do you own a business that remained open during Covid19?
80% of small businesses qualify for a covid disruption refund but most don't know they qualify.
Click below or just go to YourERCHere.com Get money for your business
Become a Referral Partner with #1 Rated ERC Firm.
Refer a business to our ERC Program and earn up to 5% of each gross ERC refund
International standards for training central bank employees
The Central Bank revealed the adoption of international standards for training employees, and this aims to keep pace with the rapid developments taking place in the financial sector around the world.
The director of human resources at the bank, Falah Salim Faleh, said in an interview with “Al-Sabah” that “the goal of the Central Bank is moving towards achieving an improvement in performance by keeping pace with the rapid developments taking place in the global financial system in all its aspects, by involving human resources working in the Central Bank in all aspects.” The departments are in continuous training courses under the supervision of the best experts.
He stressed, "The continuation of qualifying human resources through a plan prepared for this purpose, as the Central Bank management believes in the importance of continuous education for all specializations, and that stopping education means moving away from the developments taking place in the world."
He pointed out that the Central Bank's strategies that it launched need qualified human resources with a high degree of experience to be able to master advanced technology, as human capital represents the basis in the process of developing performance, especially since the Central Bank differs from other state institutions and ministries and is the backbone of the economy. the National.
He stressed the launch of an advanced training vision that complies with international standards in training and within ISO 10015, and we have worked during the past few years to identify the gap between the desired goal and the one currently available, and we have worked today to bridge the gap through advanced qualitative training and international expertise.
He pointed out that "the good international relations of the Central Bank make the task of achieving the training goals easier than other institutions, as the human resources file receives great attention from the Governor of the Central Bank of Iraq, indicating that the banking sector environment is changing and witnessing rapid technological booms, in order to improve performance as a requirement." international, and this requires permanent training to keep abreast of the developments taking place in the global financial sector.
And he stated that "the human resources working in the Central Bank are highly interactive with the new information that enabled them to improve performance in more than one detail within the Central Bank, and we began to see the positive impact of training within the institution, and this is in line with our goals and aspirations." He urged the banking system to "empower their human resources in the administrative and technical aspects, to develop the performance of this sector to rise to the world in performance, and here it is necessary to preserve the trained employees whose skills were built according to international labor standards," pointing out the need for the training program for all banks to be continuous. And not to be complacent in this important joint.”
As for Rania Al-Amiri, the representative of House of Wisdom for Training and Consulting, she said: "The financial and banking sector needs a lot of internal and external training to develop current competencies and benefit from international experiences in order to invest in human capital and increase effectiveness in applying human resource management methodologies in accordance with international best practices."
And she indicated that "the training courses are continuing under the supervision of solid international expertise that has knowledge and knowledge of the needs of the Iraqi financial market, as work is underway to raise performance levels in all aspects of financial work and enable international standards in our banking sector in accordance with local laws and in a way that achieves benefit." Al-Amiri indicated that "Tamkeen" The human resources working in the Central Bank of Iraq from the advanced technology gives them the opportunity to work in more than one detail within the departments of this institution that supervises the Iraqi money houses and works on evaluating them in a way that achieves the benefit of the country
Specialists: The path of development gives Iraq an important position in international trade
Specialists in economic affairs praised the government's steps aimed at bringing about a development revolution in the country, praising the strategic development path project, which will achieve great economic booms for Iraq, stressing the importance of that project in eliminating a large percentage of unemployment and in providing many materials that are imported from abroad. As well as the financial returns that it will save as a result of converting it into the largest corridor for transporting goods and materials between southern Iraq from the Gulf side and its north from Turkey.
The Prime Minister, Mohamed Shia Al-Sudani, revealed, earlier, the "Development Road" project aimed at linking the great port of Faw with Turkey to reach Europe, in a step that was welcomed by the economic community, which believes that the project represents a basic pillar for development advancement, and a real shift towards reducing Dependence on oil imports.
The project is witnessing the participation of 10 regional countries, namely: Saudi Arabia, Turkey, Syria, Jordan, Kuwait, Bahrain, Qatar, the Emirates, Bahrain and Iran. 1200 km.
Regarding this strategic project, economist Ahmed Al-Rawi says, "The development road represents an ambitious vision if there is seriousness in its implementation, and it will have a practical role in developing the country's infrastructure in the field of transportation and provides large job opportunities that reach 100,000 in its first phase, and up to 250." A thousand job opportunities upon completion of the project, pointing out that Iraq's location is important in international trade lines, as the dry canal will have a role in linking the east with the west through the construction of the great port of Faw, and this requires serious will and creating a stable and safe environment for building the project, whose cost will reach about $17 billion. Of which $10 billion is to build 1,200 km of railways to transport goods and passengers.
Al-Rawi pointed out that the development project compensates for the belt project launched by China, which included modifications made to it that made it not pass through Iraq, and that the development project will make Iraq a dry channel that saves 15-18 days of transportation time compared to the Suez Canal. For his part, the specialist in economic affairs, Dr. Adnan Bahiya, stated that the development project is linked to the completion of the large port of Faw, which is an arm that extends between two main points, the first is the large port of Faw from the southern side, and the second point is the border crossing proposed to be opened with Turkey in the area of Fish Khabour. Bahiya stressed the need to start establishing laboratories and factories that can transform Iraq into an industrial country, especially the manufacturing industries for raw, agricultural and natural materials available in Iraq after an extensive study of them in order to open investment for them, as well as opening industrial and agricultural investment and establishing the infrastructure for the project within controls, conditions and plans. Information development by the Ministry of Planning in coordination with the rest of the ministries.
The Dinar Support Committee is reassured about the dollar crisis: it will decrease after our step
The Iraqi Dinar Support Committee intends to take new measures to limit the dollar's rise in the markets.
A member of the committee, Omar Al-Sudani, said in a statement followed by “Earth News”, that “the committee, headed by the advisor to the Prime Minister, Qassem Al-Dalimi, recently took a decision to open accounts for merchants in the (TBI) Bank who hold the identity of the Baghdad Chamber of Commerce from the category of individuals,” noting that “ This decision allows them to transfer $100,000 a month.”
He added, "Merchants resorted to this measure, hoping that it will be a solution to the crisis, and limit the rise of the dollar in the black markets." The decline in the price of the dollar in the market.
46 trillion dinars of central bank debt owed by the government to support the national economy
In a meeting with the Governor of the Central Bank with journalists last week, he indicated that the government owes 46 trillion dinars, provided by the Central Bank for the purpose of supporting the national economy during the security and financial shocks in 2014.
During the Corona pandemic and the drop in oil prices in 2020 and 2021, where the amount borrowed from the government was 15 trillion dinars during the years 2015-2017, and before that an old amount was about a trillion dinars, so the total would be 16 trillion dinars, and the government did not borrow in the years 2018 and 2019, and the government borrowed 30 trillion dinars In the years 2020 and 2021, the total will be 46 trillion dinars, and through my follow-up on the issue of internal debt owed by the government, which constitutes the amount belonging to the Central Bank by 64% of the total internal debt provided by the Central Bank through the use of monetary policy tools by rediscounting treasury transfers issued by the fiscal to cover the deficit in The general budget, paying the salaries of employees and retirees, social welfare, and saving the economy from rivers in the darkest conditions, which is a positive position that is calculated for the Central Bank, but at the expense of its foreign cash reserves, which decreased during the years 2015-2017 to 45 billion dollars, and in 2020 to 54 billion dollars after thatIt rose in 2018 to $63 billion.
The Russian-Ukrainian war and international economic conditions contributed to the rise in oil prices and the financial abundance that helped rebuild the central bank's cash reserves until they exceeded $113 billion. And 132 tons of gold as a precautionary reserve to face possible crises in the future.
Iraq is the focus of attention of the producing countries in the world
The Assistant General Manager of the Oil Marketing Company, Ali Nizar, stressed the need to use technological development in the oil sector, especially in the marketing sector.
In a statement to "Al-Iqtisad News", Nizar pointed out the importance of balance in oil pricing so that it is a fair price for producers and consumers to preserve the markets, pointing to the need to protect the marketing side from bureaucracy and instructions that may be commensurate with contracts or simple institutional instructions, but may constitute an obstacle to marketing. .
He added that Iraq, in its current situation, is the focus of attention of consumers because the producing countries in the world have reached their peak production and began to decline, while Iraq has many promising reserves, which we have always used this aspect to obtain an advantage in marketing negotiations.
Al-Rafidain warns its customers of "financial fraud
Al-Rafidain Bank warned, today, Sunday, of fraud cases against citizens due to the leaking of bank card information without knowing its owner.
A bank statement, received by Al-Maalouma Agency, stated that "citizens must maintain the confidentiality of the card's information and data and not share it with any party, such as the password."
He pointed out that "this comes in order to avoid the occurrence of cases of fraud and financial fraud for holders of electronic cards."
The crises created 170 laws.. Will Parliament take advantage of the political calm to pass important laws?
Today, Sunday (August 20, 2023), the Parliamentary Strategic Planning Committee commented on what it called the Parliament’s exploitation of political and security calm in favor of passing important laws.
Committee member Souad al-Maliki told "Baghdad Today" that "certainly any political differences and any security tension in the country will have a significant and direct impact on the work of the House of Representatives in terms of enacting laws, as well as affecting government work in various fields."
Al-Maliki stated, "The security and political calm and stability that Iraq is witnessing after the formation of the government of Muhammad Shia'a al-Sudani prompted parliament to legislate important laws and discuss other important ones with the aim of legislating them during the coming period."
And she emphasized: "There is consensus and political agreement to pass laws that directly affect the life of citizens during the current parliamentary session."
The political crises left 170 laws before Parliament, while observers are calling for the exploitation of stability in passing legislation that concerns the lives of the people, not the parties.
The House of Representatives has previously been subjected to many popular criticisms due to the delay in enacting important laws since the previous parliamentary sessions.
The political crises in Iraq over the past two decades have obstructed the enactment of many important laws that touch the concerns of citizens, so they were postponed from one parliamentary session to another, as a result of differences between forces and parties, but with the understandings and political stability that the country is currently witnessing, the Parliamentary Legal Committee announced that 170 laws Waiting for legislation in the current session.
Observers believe that many law proposals need legislation during the next stage, the most important of which are strict penalties, especially with regard to the anti-drug law and the law where did you get this from and the law of illegal gains and other laws that fight the scourge of corruption that poses a real threat to the existence of the Iraqi state.
Trillion dinars, Iraq's revenues in 6 months, and an economist warns of the "Dutch disease"
link why is a health scare warning in an econimic article? hmmmm
The Iraqi Ministry of Finance announced, on Sunday, that the country's revenues during the first six months of the year 2023 amounted to more than 54 trillion dinars, indicating that the contribution of oil to the federal budget rose to 97%, while an expert considered that the country's economy is like a "disease". The Dutchman.
Shafaq News Agency followed the data and tables issued by the Ministry of Finance in August for the semi-annual accounts of the year 2023, which showed that oil is still the main resource for Iraq's general budget, reaching 97%, which indicates that the rentier economy is the basis for Iraq's general budget.
The financial tables indicated that the total revenues for the month of May amounted to 54 trillion and 308 billion and 339 million and 824 thousand and 760 dinars, after excluding the transfer revenues of two trillion and 142 billion and 885 million and 417 thousand dinars, indicating that the total expenditures with advances amounted to 46 trillion and 484 billion and 966 million and 743 Thousand dinars.
According to the financial tables, oil revenues amounted to 35 trillion 887 billion 299 million 711 thousand 339 dinars, which constitute 97% of the general budget, while non-oil revenues amounted to 2 trillion 534 billion 765 million 62 thousand and 152 dinars.
For his part, economist Bassem Jamil Antoine said, in an interview with Shafaq News agency, "The Iraqi economy is a rentier economy, and this economy is neither investment nor productive, and therefore it creates a kind of dependence called (Dutch disease), so we see hundreds of thousands of young people unemployed because The government relies on oil sales to get things going, and this represents a major imbalance in the economy."
And he continued, "In the event of a decline in oil prices, the economy will be in the news," noting that "countries whose rentier economies collapsed over time."
He added, "The revenues that come from the sale of oil should not be distributed entirely on salaries and allocations and tamper with them, but rather create productive projects that operate the industrial and agricultural sectors, provide water and electricity, and provide productive capacities for youth and train them for work and production."
Antoine pointed out that "the state needs broad economic plans to be run by people with economic competencies and experts who have reliable experience, with the elimination of rampant corruption, which has become a scourge in the Iraqi economy."
The "Dutch disease" is a concept that describes an economic phenomenon in which the rapid development of one sector of the economy (particularly natural resources) leads to a decline in other sectors.
The "Dutch disease" is a paradoxical condition in which good news for one sector of the economy, such as the discovery of natural resources, leads to a negative impact on the country's overall economy.
The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed in March 2021, in an interview with Shafaq News agency, that "the reasons for the economy remaining rentier go back to wars and the imposition of economic blockade during the past era, and what we are witnessing today of political conflicts, which led to the dispersal of economic resources ".
The continuation of the Iraqi state’s reliance on oil as the sole source of the general budget puts Iraq in danger from global crises that occur from time to time due to the impact of oil on it, which makes the country tend every time to cover the deficit through borrowing from abroad or internally, and thus indicates the inability to manage State funds effectively, and the inability to find alternative financing solutions.
Al-Sudani: The electronic circulation of funds can address the problems of the exchange rate
The Prime Minister, Muhammad Shia'a Al-Sudani, inaugurated today, Sunday, the National Data Center in the General Secretariat of the Council of Ministers.
A statement issued by the media office of Al-Sudani stated that the latter was briefed on the stages of completing the first phase of the center, using smart screens, and models that embody the stages of installing the national cloud facility, as well as with regard to digital transformation, including the program for canceling a transaction (breast health).
he statement added that Al-Sudani continued the work of the one-stop-shop to provide electronic services, which currently amount to 299 services, which bears the name (Electronic Ur Gate). Electronic tracking of citizens' communications through the guidance service, and the actual use of the vehicle fine platform electronically, as an example of one of the portal's services.
Al-Sudani also indicated that the media should be informed of these services. In order to raise awareness and educate, indicating that this project will support the government's program in combating financial and administrative corruption, which is a serious challenge to all development, reconstruction and services projects.
The Prime Minister urged the importance of these steps being broader and more comprehensive, appreciating all the efforts made to complete this project.
Al-Sudani met with international experts representing the entities supporting the project, namely the United Nations Development Programme, the World Bank, the Center for Digital Services in Britain (GDS), the World Food Programme, the International Development Agency for International Cooperation, the Canadian Foreign Affairs Foundation and IMMAP, and listened to a brief presentation on the digital transformation roadmap. mass in Iraq.
He also chaired a meeting of the advisory team of the e-Government Committee, during which he stressed the importance of collecting data in a way that facilitates the provision of services to citizens, handling poverty and ration card files, and working to reduce time.
The statement quoted Al-Sudani as saying that: electronic trading of funds can address exchange rate problems, remedy differences, and address many other problems that serve the citizen as an ultimate goal, stressing the government's readiness to prepare all financial requirements or in terms of decisions and procedures accompanying digital transformation.
The President of the Republic stresses the importance of strengthening relations between Iraq and China
President Abdul Latif Rashid stressed today, Sunday, during his meeting with the Ambassador of the People's Republic of China to Iraq Cui Wei, the importance of strengthening relations between Iraq and China
And the Presidency of the Republic stated in a statement received byAlsumaria NewsThe President of the RepublicAbdul Latif Jamal RashidHe was received at the Baghdad Palace, the ambassador of the RepublicChinapopular withIraq Cui Wei
"At the outset of the meeting, the president received with appreciation the greetings and wishes of the Chinese president, " the statement addedXi JinpingWhile the president carried the ambassadorCui WeiHis greetings and wishes to the Chinese President and the Chinese leadership, and his wishes to the Chinese people for continued progress and prosperity, as he congratulated the Iraqi and Chinese peoples on the occasion of the sixty-fifth anniversary of the establishment of diplomatic relations between the two countries, pointing out, "IraqInterested in consolidating coordination and cooperation frameworks.
The President of the Republic stressed, "The importance of strengthening the existing relations betweenIraqAndChinaEspecially economic and trade, and in the field of developing infrastructure and services, and expanding the horizons of joint cooperation in areas of mutual interest and in a way that achieves the common interests of the two friendly countries and peoples. The President of the Republic spoke
about “investment opportunities in the country and the need to stimulate Chinese companies to invest and work inIraqIn many areas, stressing that the improvement of services provided to citizens receives the attention of the government's programs and policies.
For his part, the ambassador expressedCui Weiexpressed his thanks and appreciation to the President of the Republic, noting that "ChinaKeen to develop and build excellent relationships withIraqBased on its historical depth and the fruitful results it has achieved, it works inIraqThousands of Chinese workers and engineers as well as Chinese companies that have important projects today inIraq"
The Democrat excludes the adoption of the oil and gas law: the problems lie in the details
The representative of the Kurdistan Democratic Party, Mahma Khalil, ruled out, on Sunday, the approval of the oil and gas law during the current parliamentary session, expecting the emergence of political differences when discussing its details.
Khalil said in a statement to Al-Maalouma, "The adoption of the oil and gas law is one of the most important economic laws that regulate the relationship between the center and the region."
He added, "There is an intention among all political forces to pass the law, but it is difficult to pass it during the current parliamentary session, as some claim."
Khalil pointed out, "The adoption of the law needs careful scrutiny and is in line with technical and political goals," expecting "political differences to emerge when discussing its details."
The oil and gas law, which has been stalled in parliament since its first session until today, is one of the most prominent ruling laws, but disputes between the region and the center prevented the delay in its approval.
The World Bank: The prospects of the Iraqi economy are at risk due to excessive dependence on oil
The World Bank said that the Iraqi economy suffers from stagnation in non-oil GDP, industries, and agricultural activities, which was accompanied by high inflation rates, as Iraq lacks under its current government; for large-scale structural reforms to strengthen its economy away from oil.
The World Bank stated in the report issued on the economy in Iraq and its debts, under the title: (Renewed Pressures: Iraq's Recovery is in Danger), that the annual budget approved by the government authorities is witnessing a significant increase in the volume of public expenditures by 59% over the previous year, which represents 74.3%. % of total spending, which will lead to a large fiscal deficit of 51.6 trillion Iraqi dinars - equivalent to 39.7 billion dollars - which represents 14.3% of the volume of public imports, or more than half of the last record reserves accumulated in the wake of the boom in oil prices.
Regarding the policies of the (central bank) in devaluing the local currency, the World Bank reported that the devaluation of the Iraqi dinar led to an increase in overall and basic inflation. Due to the heavy reliance on imports in light of the weak local production that is not supported by the government authorities, which exposed the country's fragile economy
The World Bank report added that the standards for transactions adopted by the (Central Bank) through currency auctions; It caused the redirection of hard currency to the parallel market, which caused the devaluation of the dinar against the dollar
According to the World Bank, Iraq's lack of diversification of income sources - due to the chaotic policies of successive governments - led to a contraction of the gross domestic product by 1.1% in 2023 and an increase in the country's public debt to reach 58.3%, after it was 53.8% in the previous year, i.e. it will reach 152 billion. dollars, with an increase of $10 billion, while the total external debt amounted to $50 billion, and the internal debt amounted to $102 billion, which means that government authorities borrowed about $60 billion internally in the previous three years, at a rate of $15 billion annually, with annual interest on internal debts amounting to 16 to 17% of the debt volume.
According to the bank, the prospects for the economic future in Iraq are still subject to great risks. Because of the excessive dependence on oil, which makes it vulnerable to shocks in oil markets and global demand, as evidenced by the recent decline in oil prices, in addition to the factors driving fragility that pose basic challenges to the economy, such as widespread corruption, poor service delivery and infrastructure development, and security risks.
The World Bank added that the continuation of government authorities in pursuing these policies will make the country's budget in favor of the political parties that have delayed the wheel of development and made it suffer from major imbalances despite the passage of two decades of allegations of the end of the war.
An economist refutes World Bank figures on Iraq's debt
The economist, Nabil Al-Marsoumi, refuted today, Sunday, the World Bank's figures on Iraq's debts.
Al-Marsoumi said in a post on Facebook, followed by EarthNew: “Incorrect figures for the World Bank about public debt in Iraq, as the total public debt for the year 2023 = 152 billion dollars, external debt = 50 billion dollars, internal debt = 102 billion dollars, and the debt ratio year to GDP = 58.3%.
Al-Marsoumi made several observations:
First: These figures assume that the 2023 budget will be fully implemented, which will result in adding about 31 billion dollars to the total public debt.
Second: The external debt of Iraq, along with the frozen debts of the Gulf, amounts to 61 billion dollars, not 50 billion dollars, and after the implementation of the budget in full, it will become about 70 billion dollars.
Third: The internal debts amount to 70 trillion dinars, and when the budget is implemented, it will become 100 trillion dinars, or about 77 billion dollars, not 102 billion dollars.
Fourth: The total public debt, if the budget is fully implemented, will be $138 billion, not $152 billion, as the World Bank says.
The World Bank: Iraq's economy is "fragile" and its debts have risen to $152 billion
The World Bank announced that the Iraqi economy is fragile, and that the country's debts have increased to 152 billion dollars, noting that the Central Bank auction caused the redirection of hard currency to the parallel market, which led to a decrease in the value of the dinar against the dollar.
The World Bank said in the report issued on the economy in Iraq and its debts, under the title: (Renewed Pressures: Iraq's Recovery is in Danger), that "the Iraqi economy suffers from stagnation in non-oil gross domestic product, industries, and agricultural activities, which was accompanied by high inflation rates, as it lacks Iraq, under its current government, for wide-ranging structural reforms that would strengthen its economy away from oil.
He stated that "the annual budget approved by the government authorities is witnessing a significant increase in the volume of public expenditures by 59% over the previous year, which represents 74.3% of total spending, which will lead to a large fiscal deficit of 51.6 trillion Iraqi dinars - equivalent to 39.7 billion dollars." - Which represents 14.3% of the volume of public imports, more than half of the recent record reserves that were accumulated in the wake of the boom in oil prices.
And regarding the policies of the (central bank) in devaluing the local currency, the World Bank stated that "the devaluation of the Iraqi dinar led to an increase in overall and basic inflation, due to the heavy dependence on import operations in light of weak local production that is not supported by government authorities, which exposed the country's fragile economy." ".
The World Bank report added that "the standards of transactions adopted by the (Central Bank) through auctions for the sale of currency; caused the redirection of hard currency to the parallel market, which caused a decrease in the value of the dinar against the dollar."
According to the World Bank, "Iraq's lack of diversification of income sources due to the chaotic policies of successive governments led to a contraction of the gross domestic product by 1.1% in 2023 and an increase in the country's public debt to reach 58.3%, after it was 53.8% in the previous year, which will reach 152 billion." dollars, an increase of $10 billion, while the total external debt amounted to $50 billion, and the internal debt amounted to $102 billion, which means that government authorities borrowed about $60 billion internally in the previous three years, at a rate of $15 billion annually, with annual interest on internal debts amounting to 16 to 17% of the total debt.
According to the bank, “the prospects for the economic future in Iraq are still exposed to great risks, due to excessive dependence on oil, which makes it vulnerable to shocks in oil markets and global demand, as evidenced by the recent decline in oil prices, in addition to the factors driving fragility that pose fundamental challenges.” economy, such as rampant corruption, poor service provision, infrastructure development, and security risks.
The World Bank added that "the continuation of government authorities in pursuing these policies will make the country's budget in favor of the political parties that have delayed the wheel of development and made it suffer from major imbalances despite the passage of two decades of allegations of the end of the war."
Al-Sudani's advisor reveals an expected attack that will affect the most corrupt people in the country
Sobhan Mulla Jiyad, the political advisor to Prime Minister Muhammad Shia'a Al-Sudani, revealed an expected attack that will affect the senior corrupt in the state.
Jiyad said in a statement: "The work of integrity focuses on the small and medium of the corrupt, but the nature of the judicial work seeks to stand before the court and make confessions and the parties behind corruption and the corrupt, because therefore the small corrupt come to the middle and the last to confess to the big whales covered with a lot of camouflage."
Jiyad added: "In the coming days, we will witness the overthrow of senior corrupt people, because there is seriousness in the Sudanese approach, and this is one of the priorities of his government program and with the approval of all political blocs."
He pointed out, "The political blocs will disavow the corrupt affiliated with them in order to avoid any embarrassment that you may find behind their actions."
Al-Rafidain Bank stresses the necessity of developing the banking system, digital transformation, and leaving paper-based dealings
Director of the Rafidain Bank: The necessity of developing the banking system, digital transformation, and leaving paper dealing
The Deputy Director General of the Rafidain Bank, Mr. Maher Hussein Rashid, presided over the meeting of the internal system committee for government banks at the headquarters of the Ministry of Finance. The meeting witnessed the completion of the discussion of procedures, mechanisms, and special amendments to the draft internal regulations for government banks, and the contents of the proposals and ideas presented by those present at the meeting, in accordance with the directives of the Ministry of Finance and the Central Bank of Iraq.
Media office
of the Rafidain Bank
Iraqi Foreign Ministry: International personalities will visit Baghdad during the next two weeks
Today, Sunday, the Foreign Ministry spokesman, Ahmed Al-Sahhaf, revealed the most important files of the discussions of Turkish Foreign Minister Hakan Gaidan's visit to Baghdad, scheduled for next Wednesday, while indicating that international ministerial figures will visit the capital during the next two weeks.
Al-Sahhaf said in a statement to the official agency, followed by "NAS", (August 20, 2023), that "the Turkish Foreign Minister will make an official visit on Wednesday, August 23, to Baghdad, where he will meet with Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein, and will hold bilateral talks between the two sides on all levels.”
He added, "The most important concerns of the two neighboring countries will be highlighted and common challenges will be reviewed," noting that "the minister will also meet with many Iraqi national political and high-level governmental figures," noting that "this visit comes in the context of strengthening the efforts of bilateral relations between Baghdad and Ankara and discussing The most important files and outstanding issues.
Regarding the presence of close visits by Arab and foreign officials to Iraq, Al-Sahhaf affirmed that "Baghdad will witness during the next two weeks a high-level polarization of ministerial figures to meet with Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein and the three presidencies and a number of Iraqi national political figures."
He added, "These visits will be at a ministerial level, and bilateral talks will be held with a number of countries at the level of undersecretaries of foreign ministries in Baghdad to meet their counterparts at the Iraqi Foreign Ministry."
Al-Sahhaf stressed that "Baghdad is a meeting point and a path to attract positive and effective dialogues with the aim of maximizing response to the government program of Prime Minister Muhammad Shia'a al-Sudani."
Parliamentary Finance hosts central bank officials next week
The Finance Committee in the House of Representatives is seeking to host central bank officials next week, to discuss the delay in distributing funds for the housing initiative that it launched last year.
A member of the committee, Mustafa Al-Karawi, said in an interview with "Al-Sabah": "The banks were very late in releasing initiative sums for citizens to buy real estate or build plots of land that they own as part of a solution to the housing crisis that Iraq suffers from."
Al-Karawi explained, "The initiative is awaited by many citizens who do not have sufficient funds to build their homes," noting that "many citizens obtained interest-free loans from banks in order to purchase housing units, including those in the vertical housing complexes that were established recently."
And that "the grant amounts are provided by the central bank to the banks," pointing out that "the committee will host the governor of the central bank and its officials to inquire about the reason for delaying the release of the amounts to the banks to take appropriate measures to grant them to citizens."
No comments:
Post a Comment