The National Bank of Iraq announces the success of working with the global “Temenos” systems in compliance with the Central Bank
Below here is the video for this blog post
link to the direct temenos website linkhere
The National Bank of Iraq announced, on Wednesday, the success of its new banking system based on the global “Temenos” company’s systems (Temenos - T24), which is considered the most important banking system, in addition to the launch of its developed application on mobile phones (Mobile Banking), pointing out that the system It will contribute to enhancing compliance with international standards and the requirements of the Central Bank of Iraq, which enhances the transparency and security of banking operations.
The bank said in a statement received by Shafaq News Agency, “Our new banking system, which was launched at the beginning of this year, will contribute to improving the efficiency of operations, which reduces the time and effort spent on completing transactions and enhances their accuracy. The system allows customers to carry out various banking transactions via the Internet or Through the mobile application, such as transferring money, paying bills, and requesting banking products,” he pointed out that “the system will also contribute to enhancing compliance with international standards and the requirements of the Central Bank of Iraq, which enhances transparency and security in banking operations.”
On the other hand, the bank explained in its statement, “The new mobile application features an easy-to-use interface, and is considered one of the most important components of the National Bank of Iraq’s digital transformation journey, as it provides customers with a wide range of banking services, such as: account management in terms of viewing their account balances, “And their transactions, transferring money, paying bills, and knowing their loan deductions, in addition to the possibility of linking the account to credit cards, while many services will soon be available, most notably: opening accounts through the application and the ability to transfer via Western Union, in addition to many diverse digital services.”
He explained, "This step will consolidate the position of the National Bank of Iraq as a major player in the Iraqi banking sector, thanks to enabling it to provide unprecedented digital banking services and solutions that meet the advanced and growing needs of its individual and corporate clients, in their various sectors and sizes, whether large companies or small and medium companies, which gives them Added Value".
The authorized director of the National Bank of Iraq, Ayman Abu Dhaim, confirmed that “this project is consistent with the vision of the Central Bank of Iraq in supporting the banking sector and making it modern and efficient,” noting that “the bank’s investment in advanced technology not only ensures compliance with the regulations of the Central Bank of Iraq, but also It also paves the way for the future of innovation and digital excellence.”
Abu Dhaim pointed out the "unprecedented demand for the mobile application, which was downloaded by 40,000 customers in the first two days of its launch."
Abu Dhaim expressed his “thanks to the technical team that implemented the project in record time, and expressed his appreciation to Temenos International, the provider of the T24 basic banking system, and ITSS, a leader in the field of information technology specializing in providing an integrated software package to meet the multiple needs of all types and sizes of companies.” .
In turn, the Chief Operating Officer of the National Bank of Iraq, Aqeel Ezz Al-Din, pointed out the positive impact of the new system on the bank’s performance, stressing that “the bank is working to keep pace with development and technology and establish new standards in the Iraqi banking market.”
It is worth noting that the National Bank of Iraq, with a capital of 300 billion Iraqi dinars, or the equivalent of 229 million US dollars, topped the list of banks operating in the Iraqi market at various levels. It is considered the best private bank in Iraq in terms of growth (assets, facilities and deposits), and has won multiple international and local awards for its role in supporting and encouraging investment in Iraq, and as the fastest growing in the field of retail trade and localization of salaries for the public and private sectors, and it is the best commercial bank in Iraq. It won the Iraqi Stock Exchange Award for its role in supporting and encouraging investment in Iraq 2021. It was also rated by the largest international financial institutions Capital Intelligence (BB) and by Moody's (B3) and rated by the Central Bank of Iraq (very good).
The bank's total assets amount to about $2.8 billion, supported by a growth in customer deposits of about 91%, while the bank has a growing customer base that today has reached about 200,000 customers who are served through more than 1,000 employees, 30 branches, and 200 ATMs in all major Iraqi cities, in addition to Branch in the Kingdom of Saudi Arabia.
Iraq is ninth in the world in natural resource reserves.. Russia is first and America is second
Iraq was ranked among the top ten countries possessing the most valuable natural resource reserves, in terms of total estimated value for the past 3 years.
According to the Statista website, natural resources are the raw inputs used to make everything that is used, from intermediate goods to final products, and these resources are found in the ground among reserves that have not yet been extracted.
According to Statista estimates, Russia came in first place, with the value of its natural resource reserves amounting to $75 trillion. This amount includes coal, oil, natural gas, gold, timber, and rare earth minerals.
The United States came second, and the estimated value of its natural resources is estimated at about 45 trillion dollars, approximately 90% of which is wood and coal.
Iraq ranked ninth, as it possesses $15.9 trillion in natural resources, and its desert terrain contains oil, natural gas, phosphate and sulfur, according to the site.
Iraq is the second largest producer of crude oil in OPEC, ranks fifth in the world in possessing proven crude oil reserves, and relies on the export of crude oil to obtain a large amount of its revenues.
Customs announces the completion of approximately 10,000 containers according to the ASYCUDA system
The General Authority of Customs completed approximately (10) thousand containers according to the Customs Automation and Modernization System (ASYCUDA), which it began implementing in the Grand Welcome Yard in Umm Qasr Port in Basra Governorate.
The authority stated, in a statement received by “Al-Ma’louma”, that “during the week of March 15-21 of this year, (9,545) container transactions were completed and were cleared by importers in the Great Welcome Square in accordance with the ASYCUDA system, which it began implementing on March 3, 2024, and statistics showed a number of Containers that were cleared after completing their transactions according to the ASYCUDA system.
The Authority urged importers and customs clearance agents to join the training courses it holds to train them on working with the ASYCUDA system, which will provide them with more facilities and speed up the process of clearing their goods in record time, as well as saving more time, effort and money away from paper transactions and their negative procedures.
It confirmed that it will continue to implement the system in all its customs centers, and that all goods and commodities imported into Iraq will pass through ASYCUDA soon. This will be significantly reflected in the imports it receives and will provide double revenues that will supply the state’s public treasury.
Iraq and America discuss Iranian financial dues in the Commercial Bank of Iraq
Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, discussed with US Treasury Undersecretary Brian Nelson the Iranian financial receivables in the Commercial Bank of Iraq.
A statement from the Ministry of Foreign Affairs, received by the Iraqi News Agency (INA), said: “Deputy Prime Minister and Foreign Minister Fouad Hussein met with US Treasury Undersecretary Brian Nelson in the United States of America.”
The statement added, “During the meeting, they discussed bilateral, economic and financial relations between the two countries, discussed issues and files of common interest, and stressed the importance of achieving development in order to develop the financial and banking sector and the reforms undertaken by the Central Bank of Iraq, and in another axis, Iranian financial dues were discussed.” Which is located in the Trade Bank of Iraq (TBI), and how to deal with payments in this framework. The situation in the Middle East region and the ongoing war in Gaza and its repercussions on the economic situation of the countries of the region were also discussed, and the importance of stabilizing stability was emphasized.”
Automation and strong internet...a necessity for reforming the banking system
The Finance Committee of the House of Representatives is conducting a very important investigation into the existence of fraudulent deductions from retirees’ salaries by informal associations, while experts in finance and economics unanimously agree on the necessity of a rapid move towards automating banking operations and preparing their infrastructure in terms of strengthening the global network “the Internet.” “As a necessity to reform the banking system.
The Rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, in an interview with Al-Sabah, praised “the steps of the Parliamentary Finance Committee to follow up and monitor the banking system and electronic dealings,” and added, “But I believe that the issue needs other steps to prepare the infrastructure and emphasize restoring confidence.” Citizen in Iraqi banks.
He stressed that "the banking sector in general needs radical reform and restructuring of the large number of unnecessary private banks that are not doing their proper banking work," calling for "keeping the real banks that are doing their work and supporting them and providing facilities to them."
He pointed out that "the other point is the emphasis on the issue of the Internet, because electronic dealing is completely linked to the presence of a strong Internet in order for electronic dealing to take place," stressing that "the citizen - until now - does not trust putting his money in banks, and the process needs to build confidence among the citizen and those... Then raise awareness and work to achieve or implement financial inclusion for the citizen by delivering banking services easily to him, starting with the category of employees, retirees, care salary holders, or others, and then moving to other categories.” He stressed that "the Financial Committee's follow-up of violations and transgressions to steal retirees' funds is a very important step."
As for the expert in the field of anti-corruption, Saeed Yassin Moussa, he said in an interview with “Al-Sabah”: “The system for paying the salaries of employees and retirees needs periodic review, and one of the best ways is to adopt automation and use smart cards to pay and settle salaries, fees, and other financial activities, including commercial ones.” Pointing out that "forgery is expected in paper processes before salaries enter the electronic system. An example of this is what happened in Anbar, the Martyrs Foundation there, and the Retirement Authority departments in the governorates." He explained, “The National Retirement Authority has an excellent experience in preparing the infrastructure for the retirement referral system, which begins electronically from institutions through the presence of the Authority’s teams in ministries and public institutions in preparing pension transactions for employees, with the employee referred for retirement being given a review card to complete the retirement transaction at the Retirement Authority.” the public".
Moussa stated that “in these aforementioned steps, the possibility of forgery operations is very narrow and even non-existent, but the defect lies in the transactions of the wounded and martyrs through the forgery operations that were discovered by the Integrity Commission in cooperation with the Public Retirement Service, and I deem it necessary to subject all those who They were referred to retirement from this category for review and scrutiny, knowing that forgery operations are carried out through multiple mafias with the complicity of some employees in the relevant departments and forging the signatures of other employees.”
He added, "The process of fraud on smart cards remains. Here, it is necessary to protect the electronic system from hacking, review the banking system, and preserve the confidentiality of the retiree (private code), while subjecting the relevant associations to periodic auditing, and deterring those who attempt to seize the funds of employees and retirees in loan and advance operations." And sale in installments.
Last week, the Chairman of the Finance Committee, Atwan Al-Atwani, hosted, along with the committee members, the Director General of Rafidain Bank, Ali Karim, and the Managing Director of the International Smart Card Company, to discuss electronic transactions.
A statement from the committee indicated that “the meeting discussed the issue of dealing with (unlicensed) associations, installment sales operations, and receiving advances, and the emphasis on preventing any tampering in the sales process, verifying the information of the advance applicant, and protecting customers’ money from fraud.
THe 24th
An Iraqi bank recommends inserting the card into point-of-sale devices: leave out contact and side swiping
Today, Monday (March 25, 2024), the Trade Bank of Iraq recommended inserting the card into point-of-sale devices to enjoy a successful electronic payment experience, warning against following contact and side-swipe methods.
In a statement received by Baghdad Today, the bank issued a number of recommendations “with the aim of providing all ways and means to secure electronic payment operations via electronic cards and point-of-sale ( POS ) devices and to ensure that the payment process is completed easily and safely and to avoid cases of card rejection during payment.”
The statement explained, "Please follow the method of inserting the electronic card into point-of-sale ( POS ) devices during the electronic payment process for all needs and stay away from other payment methods such as the contactless method or the method of swiping the card sideways."
He continued, "This measure comes because some point-of-sale ( POS ) devices do not support all electronic payment technologies and methods, which leads to a message appearing on those devices that this card is rejected or not accepted," calling for "to follow the above method to
enjoy a successful electronic payment experience."
The decline of the dollar.. Parliamentary Finance says that the crisis is on its way to ending “finally”
The Finance Committee in the Iraqi Parliament confirmed, today, Sunday (March 24, 2024), that the dollar exchange rates in the parallel market will continue to decline until the official price fixed by the Central Bank of Iraq is reached.
Committee member Moeen Al-Kazemi told “Baghdad Today” that “the dollar is still continuing to decline in the parallel market, and this decline will continue, even if slowly, until the official price fixed by the Central Bank of Iraq is reached,” indicating that “there is significant government control over "The market and this crisis are on their way to being resolved once and for all."
Al-Kadhimi stated, “The visit of Prime Minister Muhammad Shia Al-Sudani to Washington is very important at the level of financial and economic files, and Al-Sudani is discussing with the American side strengthening and strengthening the Iraqi dinar, and lifting obstacles on some banks, as well as providing sufficient cash liquidity from the dollar to Iraq by "The treasury, which is why the visit is considered important and will have positive results on the economic files."
It is hoped that Sudanese will visit Washington in mid-April to discuss several files, most notably the economic and Iraqi measures to combat money laundering and terrorist financing.
Iraqi Speaker of Parliament: There will be no real stability in the region without ending the war in Gaza
Al-Mandalawi’s media office stated - in a statement reported by the Iraqi News Agency (INA) - that Al-Mandalawi received the Iranian ambassador to Iraq, Muhammad Kazem Al-Sadiq, where they discussed a number of topics of common interest, and the challenges that the region is going through as a result of the continued massacres committed by the Israeli occupation against the people. Palestinian.
Al-Mandalawi stressed the need to activate the work of the parliamentary friendship committees and follow up on the implementation of joint agreements and memorandums of understanding in a way that serves the common interests of the two neighboring countries.
Sudanese to the Italian Ambassador: We are keen to remove the obstacles that obstruct the work of companies in Iraq
Prime Minister Muhammad Shiaa Al-Sudani stressed today, Sunday, the government’s keenness to remove all obstacles hindering the work of Italian companies in Iraq.
The Prime Minister’s Media Office said in a statement, “Prime Minister Muhammad Shiaa Al-Sudani received, today, the Italian Ambassador to Iraq, Maurizio Griganti,” indicating that “during the meeting, bilateral relations were discussed, and the prospects for cooperation in various political and economic fields were developed, including It achieves mutual benefit for the two friendly countries.”
Al-Sudani stressed “the government’s keenness to remove all obstacles that obstruct the work of Italian companies in Iraq,” noting “the government’s keenness and interest in supporting investment and paving the way for the work of the local and foreign private sector.”
For his part, Griganti expressed “his country’s government’s interest in developing relations with Iraq,” pointing out that “his country is awaiting a future visit by the Prime Minister to Italy.” In order to raise the level of cooperation and strengthen areas of partnership.”
Delegation from Kurdistan Investment Commission visits Paris for talks on economic cooperation
A delegation from the Kurdistan Investment Commission arrived in Paris on Tuesday for talks with French officials on developing trade and economic cooperation between their governments.
The delegation met with the advisor of the French Prime Minister in Paris, according to a statement from the Commission. The meeting "covered the political, economic, and security situation in the Kurdistan Region, Iraq, and the wider region."
"The delegation expressed gratitude to the Kurdistan government and the French government and people for their continued support for Kurdistan."
"The officials touched on the historic and strategic relationship between Erbil and Paris and agreed to strengthen cooperation in all areas, particularly trade and economic development." The statement concluded.
Minister of Finance to the Czech Ambassador: Iraq has promising investment opportunities
Finance Minister Taif Sami confirmed that Iraq enjoys a more attractive business environment for foreign and local investments.
Sami said during her reception of the Ambassador of the Czech Republic, Peter Štibań, accompanied by Economic Advisor Roman Plivac, in a statement received by Al-Youm News, that “Iraq has a more attractive business environment for foreign and local investments,” explaining that “it has promising investment opportunities based on an advanced infrastructure capable of accommodating Productive projects are in line with the state’s supportive efforts to empower the private sector and increase its contributions to the development process and economic activity, and enhance the capabilities of the Iraqi economy to achieve sustainable growth rates.”
Sami added, “We are keen to enhance cooperation and exchange experiences with the Czech side in various fields, the most important of which are financial and banking policies, and to enhance opportunities for economic and investment cooperation, with the possibility of benefiting from the Czech experience in the infrastructure and reconstruction sectors.”
For his part, Ambassador Štebank affirmed his country's support for Iraq in the next stage, and the deepening of joint cooperation between the two countries, expressing "his country's government's readiness to strengthen the frameworks of cooperation with Iraq at many levels, especially in the field of finance and business."
Sanad: Washington is blackmailing Baghdad with dollars, and the Sudanese government must end the sanctions file
The Iranian rial declines to a record level against the dollar
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The Iranian rial fell to a record low against the dollar on Sunday, recording 613,500 against the dollar, according to the Associated Press, as the country celebrates the Persian New Year.
On Sunday, Iranians tried to exchange riyals for dollars at the main exchange centers on Ferdowsi Street in Tehran, but most of them were closed due to the Nowruz holiday, which lasts from March 20 to April 2.
An employee at an exchange center said that the holiday contributed to the decline in prices.
He added: "This price is not real. The demand for buying dollars is very high, but there are a few exchange shops that are still open."
The Nowruz holiday lasts for two weeks and provides an opportunity to travel abroad, which increases the demand for dollars and euros.
One citizen said that the price of the riyal had fallen by 5 percent compared to the past six days while the entire country was on vacation.
Niloufar, 28, and her husband Behzad, 30, said they had booked a week-long trip in Turkey at a discount, but were now looking to spend the same amount they would on a full-price tour.
The exchange rate strongly affects other markets, including housing and rentals.
The dollar was equivalent to 590,000 riyals on March 18, the last working day before the holiday.
The savings of many Iranians evaporated as the value of the local currency fell.
Today, the value of the Iranian rial is about one-twentieth of what it was in 2015, when Iran signed the nuclear agreement with world powers.
The price of the dollar has fallen from 32 thousand riyals to hundreds of thousands since then.
The Iranian currency reached its lowest levels in February 2023 at 600,000 riyals against the dollar.
Disclosure of a new mechanism for paying Iranian gas dues
Economic expert Nabil Al-Marsoumi confirmed that Iraq and Iran have reached a new agreement to settle Iran’s gas debts to Iraq amounting to $11 billion.
Al-Marsawi said in his Facebook post, “Under the new agreement between the two sides, Iran will nominate companies to load refined products from Iraqi refineries, and when those products are sold, the buyers pay Iran, and the amounts are deducted from Iraq’s debts.”
Al-Marsoumi added, “In exchange for Iranian gas, Iraq sells to companies nominated by the Iranians and licensed by Iran. These companies, in turn, sell the product on behalf of the Iranians, inform the Iranians of the value of the sale, and deduct it from the Iranian gas debts.”
He stated, “It is not clear whether the US government was aware of the new swap deal, which appears to give Iran access to cash without the restrictions imposed by the Iraqi Commercial Bank mechanism.”
He explained, “Iraq imports gas from pipelines that enter the Basra and Diyala governorates, and the gas goes to several power plants. In return, the Iraqi Ministry of Electricity deposited payments into the account of the National Iranian Gas Company (NIGC) in the Trade Bank of Iraq (TBI) - but Iran “She was unable to return that money due to US sanctions.”
He noted that “Iraq deposits funds in these restricted accounts, and then we issue these exemptions that allow the funds in those accounts to be used for humanitarian and other purposes that are not subject to sanctions, but the funds themselves do not actually move from Iraq to Iran.”
He pointed out that “SOMO has signed five contracts with companies nominated by Iran to receive high-sulfur fuel oil (HSFO), which is used as fuel for ships, and naphtha directly from refineries in southern Iraq.” The two companies have ownership of the shipment at the refineries' loading points and are responsible for arranging transportation and subcontracting with two Iraqi companies. The products are then transported by truck overland to Iran and to the ports of southern Iraq for export.
Oil: Foreign companies wishing to work in Iraq must respect the country’s sovereignty, laws, and judicial decisions
The Ministry of Oil announced: “The most important reason for stopping the export of oil through the Turkish pipeline currently is the refusal of foreign companies operating in the Kurdistan region to officially hand over their production to the regional government,” stressing: “Foreign companies wishing to work in Iraq must respect the country’s sovereignty.” And its laws and judicial decisions, and adapt their conditions accordingly instead of interfering in sovereign affairs related to Iraq’s foreign policy.”
The ministry said in a statement in response to the statement of the Kurdistan Oil Industry Association (APIKOR): “The cessation of oil exports through the Iraqi-Turkish pipeline in March 2023 was... Because of a Turkish decision that resulted from the issuance of an international arbitration decision by the Paris Chamber of Commerce in favor of Iraq. Export did not stop - not for a single day - as a result of an Iraqi federal decision. After more than six months and important negotiations led by this ministry with the Turkish side, the two parties reached a restart. The pipeline and the treatment of the technical problems that resulted from its closure, in the shortest possible time. The federal government is the most affected by the cessation of exports for reasons related to the sovereign oil policy and others.” She
added: “One of the most important reasons for the current cessation of exports is the refusal of foreign companies operating in the Kurdistan region of Iraq.” About officially handing over its production to the regional government to be exported in accordance with the federal general budget law in force, and this includes companies joining the association mentioned above. It is possible to resume exports in a short period if these companies deliver the oil produced from the fields located in the region in accordance with the law,” noting that: “The federal government and the ministry have previously made diligent efforts to overcome all obstacles to resume exports, as is evident from the content of a large number From books, official correspondence, meetings and relevant decisions over a whole year.”
She explained: “The alleged contracts between the oil companies operating in the region and the Ministry of Natural Resources in the region were not approved by the federal government nor the Federal Ministry of Oil at all, because they lack a sound constitutional and legal basis.” . This has been the position of successive federal governments and the Ministry of Oil for more than a decade. It is consistent with the decision of the Federal Supreme Court No. (59/Federal/2012 and Consolidated No. 110/Federal/2019) on 2/15/2022. There is no longer room for discussion after the Federal Court issued its final decision that is binding on all authorities, other than adherence to the decision.”
She continued that she had previously requested from the Kurdistan Regional Government and the oil companies operating in it complete copies of all the contracts mentioned above for the purpose of studying them and arriving at new contracts in accordance with the Constitution and the law. The best policies followed by this ministry are with major international companies, but the required contracts have not yet been delivered. So how can this ministry be asked to abide by contracts that it has not seen and does not recognize, and which are in principle contrary to clear and binding judicial decisions?
The Ministry of Oil explained: “The Iraqi government has previously received, at the highest levels, representatives of oil companies operating in the region as a gesture of good faith with the aim of finding acceptable legal solutions. The Ministry has also previously invited those companies to negotiating meetings for the purpose of finding fair solutions, and has initiated judicial procedures.” The ongoing attacks against the aforementioned companies for the purpose of giving space for consensual solutions, but the companies’ position remained without flexibility or change.”
The Ministry concluded by saying: “The aforementioned association statement included blatant interference in internal and external Iraqi sovereign affairs that have nothing to do with the work of companies, and that this records an additional violation against the aforementioned association and the companies it represents, and is not consistent with the principles of good faith and the principles of foreign investment work,” stressing that Under the guidance of the government, it is committed to making all possible efforts to resolve the differences and resume exports through the Iraqi-Turkish pipeline in a manner consistent with the constitution and the law. Foreign companies wishing to work in Iraq must respect the country’s sovereignty, laws, and judicial decisions, and adapt their conditions accordingly, instead of interfering in sovereign affairs related to Iraq’s foreign policy.”
OPEC Secretary General: Oil is the backbone of life and calls to abandon it are unrealistic
Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, said that the calls to abandon oil are “wrong and unrealistic,” stressing that oil is without exaggeration the backbone of modern life, as it constitutes about 31 percent of the global energy mix.
In an interview with Kuwait News Agency (KUNA) on Sunday, Al-Ghais expected that oil will continue to play an important and vital role in global energy markets for years and decades to come, saying that "dispensing with it is not an easy matter."
He pointed out the extreme importance of oil in the lives of all people, without exception, as oil and its derivatives are used in many vital daily activities carried out by people regardless of their places, nationalities, jobs, and interests, most notably transportation, travel, energy generation, industry, and others.
He explained that the factors of the abundance of oil, the ease of extracting, refining and transporting it, and its availability at reasonable prices have crystallized the important role of oil since its discovery several decades ago until it has become a major element on which the global economy is based and has become an integral part of our daily lives on which we depend because its supplies are guaranteed and its production continues.
He said: "There have been many voices in recent years calling for the abandonment of oil under the pretext of preserving the environment, warning of the serious dangers that the world could suffer if oil production stops or its use is halted."
Al-Ghais stated that responding to calls to abandon oil comes as part of OPEC's ongoing awareness efforts, which also include producing graphic materials and publications in different languages, with the aim of raising the level of awareness and understanding around the world about the importance of oil and the seriousness of those demands and calls.
Regarding the most prominent sectors that will be affected by the disappearance of oil, Al-Ghais said that the impact will extend to include means of transportation, whether air, sea or land, emergency vehicles such as ambulances, food production, packaging and storage, in addition to medicines, hospital equipment and medical supplies.
He added that the negative impact of the disappearance of oil will affect renewable energy sources such as the manufacture of wind turbines and solar panels because their production is linked to petroleum products and lithium-ion batteries for electric cars, in addition to the inability to produce hygiene materials such as soap and toothpaste.
Al-Ghais stressed that the disappearance of oil will have catastrophic repercussions, such as millions losing their jobs, curbing industrial production in the world, and global economic growth. It will also exacerbate the crisis of energy poverty in many countries around the world at a time when millions lack the most basic electrical needs, such as lighting.
He added: "Approximately 23 billion people suffer from the lack of suitable equipment and fuel for cooking, all of which are important things in people's lives that oil provides as a source of energy."
He called for encouraging, investing in and developing the oil industry, while paying attention to environmental standards, stressing that this is OPEC's message to the world.
Central Bank: The exchange rate of the dollar will decrease
The Central Bank affirmed its endeavor to provide support to achieve stability in the general level of prices and reduce the gap between the official dollar exchange rate and the parallel market, while indicating that weak financing led to the difficulty of citizens obtaining loans through the housing initiative.
The bank’s deputy governor, Ammar Hamad Khalaf, said, “The bank continues to provide dollars to banks and individuals at an amount of $3,000 per traveler during one month,” noting that “there are other channels for citizens who need foreign currency, by providing electronic payment cards, which are available and can be accessed by any citizen.” Obtaining them if the appropriate conditions are met, and therefore these cards can be used for travel or any service from abroad at the official exchange rate,” according to the official newspaper.
He stated that “Iraq has large reserves exceeding 100 billion dollars and the ability to provide foreign currency to any beneficiary within the country, whether a citizen or a company, and all of these are sources of power possessed by the Central Bank,” adding that “the gap occurring in the market at the present time is due to the exchange rate of speculators and the request for financing transactions.” Illegal".
Khalaf explained that “the dollar is available at the official exchange rate for official transactions, to a very large extent, and with tools through external financing or electronic payment tools provided by the Central Bank,” stressing that “reducing the Central Bank’s initiative for housing loans has led to the difficulty of citizens obtaining them.”
He pointed out that “the Central Bank had previously reduced the amounts for its housing initiative in accordance with its policy because it controls the monetary supply, as it is an initiative for a specific period and not continuous,” adding that “it is the duty of banks to mobilize individuals’ savings and provide financing for them to purchase housing units or other needs of citizens.”
Khalaf noted “the necessity of focusing on banks that play their role as financial intermediaries between savers and borrowers,” noting that “there is difficulty in obtaining initiative funds from citizens due to the large demand on their part to purchase housing units as a result of the shortage in them, offset by limited allocations in this area.” .
The American Ambassador to Baghdad: The defeat of ISIS in Iraq is not yet complete
The US Ambassador to Iraq, Alena Romanowski, confirmed on Sunday that ISIS still poses a threat in Iraq and that the work of the US-led military coalition with Iraq to completely defeat the organization has not yet been completed.
Senior Iraqi politicians, including Prime Minister Muhammad Shia al-Sudani, have repeatedly said that the group no longer poses a threat in Iraq and there is no longer a need for the coalition, even as its followers continue to carry out attacks elsewhere.
Romanowski said in an interview published by Reuters: “We both appreciate that ISIS (Islamic State) is still a threat here, and it has diminished a lot, but nevertheless our work is not fundamentally done and we want to make sure that Iraqi forces can continue to permanently defeat ISIS.” .
The US ambassador's speech came after the ISIS branch in Afghanistan claimed responsibility for Friday's attack on a rock concert near Moscow, in which 137 people were killed.
“As this event reminds us, ISIS is a common terrorist enemy that must be defeated everywhere,” she said in additional comments after the interview.
“That is why the United States and Iraq share a commitment to ensuring the enduring defeat of ISIS, including by working together to shape the future of a strong bilateral security partnership between the United States and Iraq,” she added.
Last week, at least three people were killed in a suicide bombing carried out by the Islamic State in Afghanistan, and in January it claimed responsibility for a double suicide bombing in Iran, which shares a 1,600-kilometre border with Iraq.
Harvard University announces the joining of Barham Salih as a senior fellow at “Belfer”
"Kennedy College"
The Belfer Center for Science and International Affairs, affiliated with the Kennedy School at Harvard University, announced the joining of former Iraqi President Barham Salih as a senior fellow.
Text of the Belfer Center’s statement:
The Belfer Center for Science and International Affairs at Harvard Kennedy School is proud to announce the appointment of Barham Salih, revered Iraqi Kurdish leader and former president of the Republic of Iraq, as a Senior Fellow. With his extensive background in academia and public service, Salih brings a wealth of experience and insight to the Belfer Center’s mission. To develop policy knowledge about the most important international security challenges.
His vision and experience will add greatly to the community of scholars and experienced leaders that the Middle East Initiative and the Center generally convene to conduct research and teaching in the region.
For two decades, Saleh has been considered one of the most prominent political figures in Iraq and the Middle East, as he was the eighth president of the Republic of Iraq from 2018 to 2022, after serving as Prime Minister of the Kurdistan Region (2009-12) and Deputy Prime Minister of Iraq (2004 and 2005-2009). , among other roles.
His deep understanding of security, governance, and economic development at the provincial and federal levels will greatly enrich the research, teaching, and interdisciplinary programming at the Belfer Center.
“Barham Salih is a leader of extraordinary talent, vision and courage,” said Megan O’Sullivan, director of the Belfer Centre. In a wide range of roles, he has navigated difficult and dangerous situations and brings those experiences and the lessons he learned from them to us at the Belfer Center. Such insights will help us as we seek to better understand the nature of leadership, events in Iraq and the broader region, and about the evolving role of “middle powers” in today’s global landscape.”
“Dr. Barham will also bring his love of learning and appreciation for higher education – demonstrated through his founding of the American University of Iraq in Sulaymaniyah – to his time at Harvard,” she added. We are thrilled to have him as a new senior member of our community and look forward to the many and varied contributions he will make.”
For his part, Tariq Massoud, professor of democracy and governance at the Ford Foundation and faculty chair of the Middle East Initiative, said: “Barham Salih brings great depth to the Belfer Center and the Middle East Initiative, and his experiences as a statesman and institution builder, along with his tremendous mind, make him a vital addition to our intellectual community.” . All of us at the Middle East Initiative look forward to working with him to generate visions that can help the region become more peaceful, prosperous, and free.”
Saleh left an equally important mark in higher education. He founded the American University of Iraq, Sulaymaniyah (AUIS) in 2007, and remained Chairman of its Board of Trustees. Under his leadership, AUIS emerged as one of the few institutions in the Middle East dedicated to open research in a global environment. Diverse, with the goal of training students for leadership in the liberal arts tradition.
MAR 25th
The most prominent investment opportunities and risks in 2024: record highs or the beginning of economic bubbles
nvestment opportunities will expand during 2024, amid expectations that the year will witness shifts in monetary policy that may open the door to achieving significant financial gains in the long term. These are opportunities that have been repeated on a large scale over previous years, such as the strong rise of all financial assets during the period of monetary stimulus that global economies witnessed during the year of the pandemic. Or with the rise of the dollar with the shift in monetary policy at the beginning of the second quarter of 2020, which pushed the dollar strongly against major currencies, especially against currencies that are witnessing stimulus, such as the Japanese yen.
The expansion of these investment opportunities coincided with the entry of a larger number of investors or even speculators into the markets. In the Middle East, most Arab countries have witnessed the entry of a large group into the world of trading, especially from the millennial generation. At the same time, brokerage companies were quick to attract these investors by providing various offers, in addition to Islamic accounts in the foreign exchange market , and other features.
The most prominent investment opportunities during 2024
Although the first quarter of this year is approaching, some financial assets are witnessing significant increases that in some years may take entire quarters. For example, gold witnessed record levels that it had never recorded before at levels of $2,222 per ounce, levels at which the precious metal exceeded its previous highest levels ever recorded during the pandemic during 2020, as well as with the Russian invasion of Ukraine during 2022, and the third time with the faltering of some small banks. In the United States during the second quarter of last year.
Likewise, the cryptocurrency Bitcoin, which reached levels it had never reached before after recording levels of $73,000, exceeding the peak it recorded about two years ago at $67,000. At the same time, stocks on Wall Street recorded their best levels ever, as they recorded their best level in This year during the third week of March, at a time when analysts expect the rises to continue to greater levels.
In this report, we review the rise in US markets, future expectations amid the artificial intelligence boom, and the expected shift in monetary policy by the US Federal Reserve during the second half of 2024.
Wall Street is recording record highs, and is on track to record gains for the fifth month in a row
The third week of March was marked by some volatility and at the same time record highs. As Wall Street ended the last trading session of the week on a mixed note. As the Dow Jones Industrial Average, which represents market performance, declined, so did the S&P 500. While the Nasdaq Composite posted modest gains.
Despite this mixed performance, the weekly performance was characterized by a strong performance. After all three major indices recorded significant gains, as the Standard & Poor's 500 index rose by 2.3%, to settle at 5,234.18 points, recording its best week since December of last year. The Dow Jones Industrial Average also witnessed a significant rise of 1.97%, closing at 39,475.90 points, while the Nasdaq Composite Index emerged as the favorite index with a significant jump of 2.85%, reaching 16,428.82 points. Wall Street is mostly heading to record gains for the fifth month in a row.
A state of optimism continued in the market, which received support from the results of the US Federal Reserve meeting, despite the Federal Reserve’s widely expected decision to maintain interest rates at the same levels. But Federal Reserve Chairman Jerome Powell's assurances about upcoming cuts have provided a lot of support to investors. This came amid concerns about inflationary pressures, as recent data during January and February revealed rising inflation readings.
Real investment opportunities or a new bubble?
In the meantime, despite the record levels and outstanding performance on Wall Street, the matter was not without some caution, amid warnings from some experts who have a view that is not devoid of some pessimism, amid comparisons to a bubble that occurred at the beginning of the current century known as the dot-com bubble. Some of the more pessimistic experts have also likened the current rises to the 1929 bubble that preceded the Great Depression of the 1930s.
Cautious experts see the current AI momentum as similar to the momentum around a quarter of a century ago around dot-com technology, especially with the Nasdaq's dramatic rise followed by a sharp decline during that period. While the introductions are similar from their point of view, there are also fears of a possible decline in the market.
In addition to the madness of artificial intelligence, experts have not ruled out the impact of the shift in monetary policy with lowering interest rates, as well as expectations of oil prices recording increases, which is expected to affect inflation, as well as economic growth. He warned against aggressive monetary policies that could exacerbate inflationary pressures and lead to stagflation.
Central Bank of Iraq: Increasing dollar transfers through official channels
Deputy Governor of the Central Bank of Iraq, Ammar Khalaf , revealed that financial transfers in dollars through official channels have increased significantly in the country, while Iraq continues its reforms of the financial sector in line with international standards.
In late 2022, the Iraqi banking sector adopted the SWIFT electronic transfer system with the aim of providing better control over the use of the dollar, ensuring compliance with US sanctions on Tehran, and also in order to limit the prosperity of the informal economy.
High volume of financial transfers
Ammar Khalaf confirmed in an interview with Agence France-Presse that, “A large percentage of foreign trade transactions take place through the platform. We noticed an increase in the number of transfers or the size of transfers as a comparison from the beginning of the year 2023 until the end of 2023.”
Khalaf added: “At the beginning of the year 2023, remittances exceeded 50 million dollars. Today we are talking about 200 million dollars, and I believe that this size suits the Iraqi economy currently.”
While some transfers are rejected because the files are not complete, Khalaf confirmed, “During the recent period, we notice that the rejection rate has decreased significantly due to the Iraqi banks’ understanding of international requirements on the one hand, and also the Iraqi merchant now has knowledge of the requests that he must provide in order for his money to be transferred easily.” .
The financial standards that were adopted encouraged the emergence of a parallel market for currencies, attracting those seeking to obtain the dollar outside official channels . The official exchange rate is 1,320 dinars to one dollar. In banking offices, the dollar is exchanged for approximately 1,470 dinars.
In late 2023, the Iraqi government announced facilities for importers of cigarettes, cars, gold, and smartphones, with the aim of encouraging merchants to obtain currency from official channels.
Lifting the ban on dealing in dollars
Prime Minister Muhammad Shiaa Al-Sudani acknowledged that, due to US sanctions that prevent bank transfers to Iraq, Iraqi merchants are forced to deal with neighboring Iran through a parallel market.
On April 15, Al-Sudani will visit Washington, where he will meet US President Joe Biden . Among the topics that will be discussed is “financial reforms in Iraq,” according to the White House.
To ensure compliance with US standards regarding money laundering and sanctions on Iran, about 20 Iraqi banks were prevented from making dollar transfers, but they still operate in Iraq using the dinar, according to Khalaf.
The deputy governor of the bank spoke of “continuous communication with the American side” and the US Treasury, in order to “try to lift the ban on dealing in dollars” on Iraqi banks.
Parliamentary Foreign Ministry: Al-Sudani’s visit to Washington will put the dots on the letters
Today, Monday, the Parliamentary External Relations Committee stressed the importance of Prime Minister Muhammad Shiaa Al-Sudani’s upcoming visit to Washington, indicating that it will put dots on the letters .
Committee member Haider Al-Salami said, in an interview received by Mail, that “the upcoming visit by Prime Minister Muhammad Shiaa Al-Sudani to Washington is very important, especially if the basic issues are opened up explicitly and put on the table, most notably the issue of removing the international coalition from the country .”
He stated, "This visit comes after events that the country went through, most notably the violation of Iraqi sovereignty and the bombing of parties affiliated with the Commander-in-Chief of the Armed Forces ."
Last Friday, the White House announced that Prime Minister Muhammad Shiaa Al-Sudani’s visit to Washington to meet with President Biden will take place on April 15, 2024. He said in a press statement that “Al-Sudani and Biden will discuss common priorities and strengthen the strong bilateral partnership between the United States and Iraq .”
Preserving foreign reserves.. An Iraqi academic study answers the question “The stability of the Iraqi dinar against the dollar”
At a time when the price of the dollar is still fluctuating between high and low, forcing the market to live in a state of some kind of confusion, because the hard currency constitutes an important tool in Iraqi trade, as it is a trade that depends on imports for most of the products in the local market, On Monday, a researcher whose master’s thesis was discussed at the College of Administration and Economics at Tikrit University put forward some possible solutions for controlling the price of the dollar, as his thesis came about the role of the central bank and the currency selling window, their role in stabilizing the dinar against the dollar, and the importance of maintaining foreign currency reserves. .
Researcher Ahmed Abdullah Akil told Shafaq News Agency, “The study aims to know and measure the extent of the impact of some of the central bank’s tools in achieving stability in the exchange rate of the Iraqi dinar against the US dollar during the period (2004 - 2022) in order to know the places of imbalance and negatives that hinder achieving Stability of the value of the local currency according to what is appropriate to the nature of the Iraqi economy, as the goal of maintaining the value of the local currency was the primary goal of the bank, with the aim of maintaining the price level, which is essentially linked to the exchange rate of the local dinar against the US dollar.
He added, "The variables of the study were analyzed and measured according to the (Eviews 13) program, and it was found that there is a positive and significant relationship between some of the central bank's tools as independent variables and the official and parallel exchange rates as dependent variables in the short term, with some negative and positive correlations to some variables in the long term, as It was noted that some tools were ineffective in influencing the currency exchange rate, such as the legal reserve, the rediscount rate, and open market operations, but the effect of some of them was limited to inflation.
He pointed out that "while the effect of the interest rate and the window was positive on the value of the local currency as a result of its reduction in the nominal exchange rate, this indicates the ability of the central bank to influence the stability of the exchange rate of the local currency against the foreign currency, especially through the currency selling window throughout the study period, except for some In the last years of the study period, the nominal exchange rate rose again, and so did the parallel market, by decision of the monetary authority represented by the Central Bank, for the purpose of confronting public expenditures and confronting the repercussions of the global health crisis related to the Corona epidemic and the accompanying decline in oil prices, which is the main source of the dollar. America because of the rentier nature of the Iraqi economy.”
He continued: “It was also noted that the gap between the official exchange rate and its counterpart in the parallel market increased due to the increased demand for foreign currency, and the study presented a number of recommendations, the most important of which is continuing the operation of the window without excessive use of foreign reserves and diversifying the sources of obtaining foreign currency by pushing the wheel of development and activating the real sector.” Industry and agriculture, in order to achieve a reduction in imports, which reduces the depletion of the currency, in addition to tightening control measures to prevent the smuggling of foreign currency and actions that affect the supply of it, which contributes to the stability of the local currency exchange rate.”
He stressed that "continuing to operate the currency selling window without compromising foreign reserves, and diversifying the sources of obtaining foreign currency so that the exchange rate does not remain hostage to oil prices, as it is almost the only source of obtaining foreign currency."
He stated that "advancing the wheel of development in Iraq, activating the real sector, revitalizing industry and agriculture to reduce imports to reduce pressure on foreign dollar reserves, distancing the Central Bank from political pressures and granting it the necessary powers to deal with fluctuations in the economic situation, including exchange rate fluctuations, and tightening supervisory measures to prevent foreign currency smuggling." abroad so as not to affect the supply of foreign currency, and thus the value of the local currency.”
March 25th 24
Signing an Iraqi-British agreement for joint cooperation in the stock market
The Securities Commission announced, on Tuesday, the signing of a joint cooperation agreement with the British Chartered Institute for Securities, which includes the exchange of information related to financial training programs, confirming that the agreement represents a qualitative shift in the work of brokers in the stock market.
Deputy Chairman of the Securities Commission, Nagham Hussein, told Shafaq News Agency, “Today, the Iraqi Securities Commission signed a cooperation agreement with the British Chartered Institute for Securities and Investment, which stipulates setting a framework for cooperation and exchanging information related to financial training programs for securities markets and services to develop and maintain capabilities.” HR".
She added, "The articles of the agreement include the possibility of organizing training courses for Iraqi cadres to benefit from the experiences of financial markets in countries of the world, and developing the professional framework by imposing the qualifications of the Chartered Institute for Securities and Investment on local Iraqi institutes specialized in the field of securities."
For his part, Chairman of the Securities Commission, Faisal Al-Haims, told Shafak, “The agreement has been worked on by the Securities Commission for about a year. The signing of an agreement in cooperation between the Securities Commission and the British Royal Institute in licensing the capital markets is a highly professional certificate recognized in all countries of the world.”
He pointed out that "this agreement represents a qualitative shift in the work of brokers in the stock market in terms of stimulating the financial performance of companies and their ability to add new skills, not in the Iraqi stock market, but in other markets, both regional and global."
SWIFT is working on creating a digital currency platform for central banks
from Iraq's news
The Society for Global Interbank Financial Telecommunications (SWIFT) is working to create a new platform within the next year or two, to link the digital currencies that central banks are issuing to the current financial system.
This will be one of the most important steps yet for the emerging central bank digital currency ecosystem, given SWIFT's key role in global banking.
About 90 percent of the world's central banks are now considering issuing digital versions of their currencies.
Most of them do not want to lag behind Bitcoin and other cryptocurrencies, but they face technological difficulties.
Nick Kerrigan, head of innovation at SWIFT, said its latest trial, which lasted six months and involved a 38-member group of central banks, commercial banks and settlement platforms, was one of the largest global collaborations in the field of central bank digital currencies and “tokenized” assets to date. .
Reduce payment risks
SWIFT focused on ensuring that different countries' central bank digital currencies can be used together, even if they are built on different underlying technologies or "protocols," thus reducing the risk of fragmentation of the payment system.
Experience has also shown that it can be used in very complex trade or foreign exchange payments, potentially as a mechanism to speed up and reduce operations costs.
“We're looking at a roadmap (to launch as a product) in the next 12 to 24 months,” Kerrigan said in an interview. “It's moving out of the beta phase toward something that becomes a reality.”
The platform launch time frame could still change if the launch of major economies' central bank digital currencies is delayed.
Countries such as the Bahamas, Nigeria and Jamaica already have central bank digital currencies in operation.
China has come a long way in realistic experiments with the electronic yuan, and the European Central Bank also has a digital euro, while the Bank for International Settlements is conducting multiple cross-border experiments.
The main advantage of SWIFT is that its existing network is already usable in more than 200 countries and connects more than 11,500 banks and funds that use it to send trillions of dollars daily.
The Council of Ministers sets the Eid al-Fitr holiday from April 9 to 13
Today, Tuesday, the Council of Ministers set the date of Eid al-Fitr from April 9 to 13.
A statement from the Prime Minister’s Media Office, received by Mail, stated, “The Council of Ministers decided to consider Eid al-Fitr a holiday, starting from Tuesday, April 9, 2024, until Saturday, April 13, 2024.”
He added, "The official working hours in all government institutions will resume on Sunday, April 14, 2024."
The Council of Ministers sets March 31 and April 1 as an official holiday for the Christian community
The Council of Ministers sets March 31 and April 1 as an official holiday for the Christian community
Popular Movement: We have many economic options away from American hegemony
The head of the Coordinating Body of the Belt and Road Popular Movement, Hussein Al-Karaawi, confirmed on Wednesday that Iraq has many options that push it towards the eastern camp and the Chinese Silk Road in order to serve its economic interests away from American hegemony over this file.
Al-Karaawi told Al-Maalouma, “America and European countries are seeking to establish the Zionist occupation state in the Palestinian territories and extend it towards Iraq and the countries of the region through normalization and economic projects that seek to control it.”
He added, "The Zionist entity seeks to control the global economy through a group of projects that America and European countries are working on to serve their interests and ensure their existence, after the line of supply ships arriving to it through the Red Sea was cut off."
He stated that "Iraq does not need the American presence in order to serve and protect its economic interests. Rather, there are many alternatives and options available that push towards Iraq joining China and the Silk Road away from American hegemony."
Revealing Iranian-American negotiations regarding Iraq and Afghanistan
Former Iranian Foreign Minister Mohammad Javad Zarif said today, Wednesday (March 27, 2024), that Iran and the United States had negotiated directly over Iraq and Afghanistan in the past, and Iran should now participate in the negotiations over Gaza as well. He also made clear that the two countries were close to agreeing to revive... The nuclear agreement was concluded in the summer of 2022, but the parties’ miscalculations prevented this from happening.
Zarif stated that Iran cannot resolve its differences with the United States, but the differences must be managed and removed from the circle of tension that makes other countries unable to establish a good relationship with Iran .
The Persian-language Jamaran website published a video interview with Zarif, in which he stressed the holding of “direct negotiations between Washington and Tehran” on a group of disputed issues .
The failure of the nuclear agreement
Referring to the failure of the “nuclear agreement” concluded between Iran and world powers, known as the “Joint Comprehensive Plan of Action,” Zarif, who signed the agreement on behalf of Tehran, said that when the agreement was signed, “it was clear that as long as there were differences, none of them could be resolved in a sustainable way.” He added, however, “it is possible to reduce tension and manage the dispute with America . ”
Following Donald Trump's victory in the presidential elections, the United States withdrew from the nuclear agreement with Iran in 2018, and imposed severe sanctions on Tehran, thus dealing a strong blow to its economy, and since Mohammad Javad Zarif was the one who was responsible for reaching the nuclear agreement during his direct negotiations with the Minister Former US Secretary of State John Kerry, Zarif became the target of severe criticism from the ruling fundamentalists in Iran .
Referring to previous negotiations between Iran and Washington, the former Iranian Foreign Minister said: “We have already negotiated with the United States regarding Afghanistan and Iraq, and I believe we must now be directly present in the negotiations related to Gaza, and in a position of defending the people of Gaza . ”
In the context of his talk about the indirect negotiations between Iran and the United States in 2022, he said that in the summer of that year, the two parties were on the verge of reaching an agreement, but both sides “based on a series of hopes” and today they reached a dead end .
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