The Association of Private Banks appreciates the efforts of the government and the Central Bank to create understandings with the Treasury, the Federal Reserve, and international banks
The head of the Iraqi Private Banks Association, Wadih Al-Handal, participated in the Arab Economic Security Forum, which was organized by the Union of Arab Banks in Beirut.
The video for this blog post is below here:
Al-Handal stressed that the forum is being held in complex circumstances and geopolitical changes taking place in the region, and the Arab banking sector has begun to be affected, starting with the State of Iraq, adding that Iraq is still facing major challenges, at various economic levels, including depriving the Iraqi private banking sector of using the dollar, which It has exceeded half of the number of banks operating inside the country, which is a very dangerous indicator, despite the efforts of Iraqi governmental and private institutions to comply with local and international anti-money laundering and terrorist financing laws, but for the first time we are witnessing a clear targeting of the sector, which has begun to affect banking services inside the country, undermine citizen confidence, and hinder... From expanding the proportion of financial inclusion.
He added that these challenges facing the banking sector reaffirm the prominent role played by the Union of Arab Banks, international organizations and Arab banks in coordinating positions and confronting dangers together, noting that our meeting represents an opportunity to cooperate and agree on an action roadmap for the future. Targeting the Iraqi banking sector will not stop within its borders, and may expand at any moment to other countries in light of the regional turmoil.
Al-Handal pointed out that the Association of Private Banks is working with the Iraqi government, the Central Bank, and some local and international institutions, to save the banking sector, and return banks deprived of dealing in dollars to their activities, but this is not enough, but rather requires continuing cooperation with the Arab and foreign banking sector, because the stage of integrating the sector The Iraqi banker with his Arab counterpart must begin quickly, and we are taking great strides in this direction, especially since the Prime Minister, Engineer Muhammad Shiaa Al-Sudani, held dialogues in Washington with the American President and other government officials, who announced in a joint statement the possibility of a group of Iraqi banks returning to dealing. in dollars and support the private banking sector.
Al-Handal appreciated the efforts of the Iraqi government and the Central Bank of Iraq to create deeper understandings with international banks, the Federal Reserve, and the US Treasury to expand the integration of the Iraqi banking sector into the global financial system, in addition to supporting the Iraqi dinar, which led to a gradual rise in its value.
He pointed out that Iraq is witnessing great development in the transition to electronic government and the adoption of electronic payment, and this is what leads to the growth of the digital economy, especially since there is a trend within the country to increase the number of electronic banks, to keep pace with technological development and increase performance.
These are from yesterday THU APR 25 24
Al-Araji from Russia: Iraq still needs the support of the international community
Iraqi National Security Advisor, Qasim Al-Araji, confirmed on Thursday that his country still needs the support of the international community to achieve stability and sustainable development.
This came in a speech he delivered at the twelfth meeting of senior officials on security issues held in St. Petersburg, Russia 2024.
Al-Araji said in his speech, "Iraq's message to the international community is a message of reassurance that our people have overcome the challenges of violence, terrorism, and sub-identities and are moving forward on the path of peace and sustainable development."
He added, "We look forward to supporting the economic process and moving the wheel of development, education, and other aspects related to the future of Iraqis, by transforming crises into opportunities for success."
Al-Araji pointed out that "Iraq still needs the support of the international community, to achieve the paths and requirements of managing diversity and pluralism and enhancing its national security in order to achieve sustainable stability and development."
Analyst: Al-Sudani is the first prime minister to work around the clock
Political analyst Alaa Al-Azzawi confirmed today, Thursday, that Prime Minister Muhammad Shiaa Al-Sudani is considered the first prime minister to work around the clock, and his closeness to citizens increased his popularity, and Iraq has never seen a prime minister this close.
Al-Azzawi told the Iraq Observer Agency that the Prime Minister was on an official visit last week in the United States of America, and the world saw how he wandered here and there and the meetings and agreements that were concluded, as well as the meetings with senior officials in the United States of America, and when he returned to Iraq at the beginning of this week, he received On Monday, Turkish President Recep Tayyip Erdogan, in addition to holding intensive dialogues, and not least, Al-Sudani’s visit to Anbar Governorate yesterday, Wednesday, and his meeting with department directors.
He pointed out that this feeling and belonging in closeness to the citizen raised the level of trust that the citizen lost during two decades, in addition to the presence of general satisfaction with the general policy of the ministerial cabinet, which is considered the first government close to the people.
Parliament talks about the mechanism for recovering smuggled funds and hints at the next stage
Today, Thursday (April 25, 2024), the Parliamentary Integrity Committee confirmed that there is ongoing work to recover all Iraqi funds smuggled abroad, while indicating that the next stage will witness the recovery of funds and more fugitives on charges of corruption and others.
Committee member Ghareeb Al-Muradli told “Baghdad Today” that “there are real efforts by the Iraqi government in addition to the Federal Integrity Commission to recover Iraqi money smuggled as a result of corruption operations, and this is very possible because of international cooperation in this file.”
Al-Muradli stated, "Iraq has good international relations, and through these relations it is able to track its money and follow up on those wanted by it on corruption charges," adding, "For this reason, it was able during the last period to arrest a number of fugitives."
He stressed that "the next stage will witness the recovery of funds and more fugitives on charges of corruption and other charges."
It is noteworthy that the Parliamentary Integrity Committee commented, Thursday (March 28, 2024), on the activities of the Iraq Assets Recovery Fund and the slowness in recovering that money and some of those accused of fleeing on corruption charges or belonging to the previous regime.
Committee member Duraid Jameel told “Baghdad Today” that “there is great and important work for the Iraq Money Recovery Fund and there is a noticeable increase in the activities of this fund,” adding: “But the slowness is not on the part of the Iraqi side, but rather on the part of countries, some of which are procrastinating in Implementing what Iraq demands.”
Jamil stated, “There are major legal and technical procedures undertaken by the Iraq Assets Recovery Fund, in order to recover smuggled funds or recover some of the fugitive defendants on corruption charges and others, but the routine procedures by those countries are what delayed the resolution of many of these activities.”
A member of the Parliamentary Integrity Committee added, "There is no accurate figure for the sums of money smuggled from Iraq abroad, whether through corruption operations or other funds of the former regime, but there are government efforts being made to recover all that money, and there are practical steps in this regard."
Estimates indicate that the funds smuggled abroad amount to approximately $350 billion over the past twenty years, while the Integrity Commission is working to recover some of the funds from other countries or recover the accused, but some countries refuse to recover some of the corruption funds smuggled over the past years because they have entered into the economic cycle or Existing projects in those countries, according to observers.
The Bank of Baghdad is moving to increase its capital to 400 billion dinars
The Chairman of the Board of Directors of the Bank of Baghdad, Majid Al-Saadi, announced that the meeting of the bank’s general assembly will be held next May 18 in Baghdad.
Al-Saadi said that the next general assembly meeting of the Bank of Baghdad will decide to increase the bank’s capital from 300 billion dinars to 400 billion dinars in response to the Central Bank’s decision, and the increase will be free shares.
He added that the meeting will also discuss concluding a management agreement between the Jordan Kuwait Bank and the Bank of Baghdad.
Will the agreements signed with the US Treasury reflect positively on the exchange rates?
Today, Thursday, economic expert Abdul Rahman Al-Mashhadani stated the possibility of Iraqi getting a green light to contract with Iranian companies that are not sanctioned by the United States, while anticipating the impact of the Central Bank’s agreement with the US Treasury on exchange rates.
Al-Mashhadani said, in an interview with Al-Iqtisad News, “The visit of the Prime Minister, Muhammad Shiaa Al-Sudani, to America is very positive, but so far the results of what was agreed upon in Washington have not appeared.”
He added: “It is hoped that the Central Bank of Iraq will announce the measures that were agreed upon in Washington, which could have a positive impact on the exchange rate,” pointing out that “the real problem of exchange rates has not yet been solved, which is dealing in trade with banned countries.” .
The economic expert explained, “The economic aspect was the main focus of Sudanese’s visit to Washington, and it became clear through the meetings and discussions held by the Central Bank of Iraq, with the US Treasury regarding the sanctions imposed on Iraqi banks or even the issue of financial transfers to Iran, in addition to the required investments, which "It is possible to sign in the energy field."
He stressed, "Iraq got the other light by contracting with unsanctioned Iranian companies, which allowed the Ministry of Electricity to sign a contract to recover Iranian gas for a period of five years, at a time when the government is heading to end this file after 3 years, according to what was announced."
The most difficult option.. Warnings of the danger of floating the Iraqi dinar without achieving an “important condition”
Economist Nabil Al-Marsoumi warned today, Thursday (April 25, 2024), of the dangers of floating the Iraqi dinar, noting that such a step could lead to the dinar witnessing a violent collapse and rampant inflation that would jump prices to insane levels.
Al-Marsoumi said in a post on the social networking site “Facebook”, followed by “Baghdad Today”, that “some are proposing a solution to address the double price of the dollar against the dinar and the existence of a large gap between the official and parallel prices through a free float of the Iraqi dinar,” indicating, “i.e. Turk.” The dinar is in the market to find its price against foreign currencies through the interaction of the forces of supply and demand.
Al-Marsoumi added, “Such a decision has some economic positives,” adding, “But the economy should not be taken in its abstract aspect, but rather insofar as it relates to people, especially the poor.”
He continued, "In light of Iraq's lack of a national private sector that could contribute to increasing the supply of dollars in the Iraqi market, and because of the large volume of imports, which reach 67 billion dollars annually, the only party that owns the dollar is the government," explaining that "in the event that the government decides not to intervene." In the exchange market, it is expected that the dinar will witness a violent collapse and rampant inflation that will cause prices to rise to insane levels that will cause severe damage to citizens’ living standards, and the poor will become more miserable, and will later lead to social tensions and a major rift in the social peace.”
It is noteworthy that the floating exchange rate or currency float is the currency exchange rate that has been floated so that it has become completely liberalized, so the government or the central bank does not interfere in determining it directly, but rather it is released automatically in the currency market through the supply and demand mechanism that allows the price to be determined. Exchange the national currency against foreign currencies.
It is worth noting that the price of the dollar in the local markets is still experiencing a state of instability between rises and falls, even though the official price in the Central Bank of Iraq is 132,000 dinars per 100 dollars, but in the local markets it is witnessing an increase of more than ten points and may at times reach double this. The number is despite the numerous measures and packages launched by the Central Bank of Iraq, where some attribute that the reason for this confusion in prices is the result of smuggling operations and speculation in the black market for currency.
Will the US withdraw from Iraq?
For the Biden administration, the primary concern regarding Iraq is to avoid a recurrence of the chaotic scenes witnessed during the withdrawal from Afghanistan
It is being speculated that Israel's ongoing attacks on Gaza since October have prompted a reassessment of the United States' regional policies, sparking discussions within the Joe Biden administration about the potential withdrawal of U.S. troops from Syria and Iraq. Allegations initially raised by major media outlets like Reuters earlier in the year have resurfaced in light of recent developments in the region.
While these claims have not been officially verified, conflicting statements are emerging from official sources regarding the matter. It is widely recognized that the U.S. Department of Defense (Pentagon) has been the most resistant to the notion of ending the "endless wars," a concept often debated during the tenure of former President Donald Trump but never actualized. However, this issue transcends mere institutional sovereignty; arguments such as the ongoing fight against Daesh no longer suffice to convince the American public to support the expenditure of their tax dollars beyond their borders.
Furthermore, the consistent support for withdrawal in Trump's stance, coupled with his rising popularity in polls leading up to the upcoming elections, adds pressure on the Biden administration to address this matter decisively.
According to reports in the international press, the issue of U.S. withdrawal from Syria has not yet been addressed. The current focus lies on the U.S. presence in Iraq. Iraqi Prime Minister Mohammed S. Al Sudani has repeatedly stated that the mission of the U.S.-led coalition forces in the country has concluded and they should withdraw.
Additionally, the Iraqi Foreign Ministry has announced an agreement between Baghdad and Washington to establish a commission aimed at initiating discussions about the future of the U.S.-led military coalition in Iraq. This commission will be tasked with determining a timetable for the gradual withdrawal of troops and the eventual termination of the coalition's presence.
Iraq vs. Afghanistan contexts
For the Biden administration, the primary concern regarding Iraq is to avoid a recurrence of the chaotic scenes witnessed during the withdrawal from Afghanistan. As Trump emphasized, such "ineptitude" not only undermined U.S. hegemony in Afghanistan but also had repercussions extending from the Gulf to Eastern Europe. The resulting power vacuum led to new regional alliances, such as the Saudi-Iran rapprochement, which excluded the U.S. Moreover, it emboldened China and Russia in their pursuit of expanding spheres of influence.
Hawks in the U.S. assert that a scenario akin to the "apocalypse" witnessed in Afghanistan would unfold should they withdraw from Iraq. However, the contexts of the two nations differ significantly. Despite enduring years of U.S. occupation, Iraq maintains a functional state apparatus and an integrated democratic political system, setting it apart from Afghanistan. Moreover, its economy is self-sustaining.
The impediments to normalization in Iraq include not only the presence of the U.S. and proxy groups like the PKK but also Iran's military presence in the region.
In this context, Türkiye's role proves invaluable. Ankara boasts seamless political, commercial and cultural ties not only with Iraq's central government but also with the Kurdistan Regional Government (KRG) in the north. President Recep Tayyip Erdoğan's recent visit to Iraq unequivocally underscored Türkiye's pivotal role in fostering stability in the country.
Should the mutual occupation by the U.S. and Iran in Iraq cease, Türkiye could naturally assume a significant role as a mediator in the transitional phase. Such dialogue would serve as a crucial cornerstone for regional peace.
Rashid and Abdul Mahdi confer about the country's most recent political and economic developments
The necessity of coordinated efforts to safeguard the accomplishments was emphasized on Thursday by both former Prime Minister Adel Abdul Mahdi and president of the republic Abdul Latif Jamal Rashid.
The Republic's President Abdul Latif Jamal Rashid received former Prime Minister Adel Abdul Mahdi today at the Peace Palace in Baghdad, according to a statement obtained by the Iraqi News Agency (INA).
According to the statement, "they stressed the importance of supporting the government in implementing its service and economic program and meeting the needs of citizens throughout Iraq" in addition to discussing the most recent political and economic developments in the country.
"It was emphasized that everyone must work together to safeguard the progress made in establishing security and stability and to carry out plans and initiatives to promote economic growth and raise living standards," the statement read.
Economist: There is serious work to lift US sanctions on Iraqi banks
The expert in economic affairs, Safwan Qusay, confirmed that there is a joint committee between the US Federal Reserve and the Iraqi Central Bank in order to lift sanctions on some banks.
Qusay said, in a televised interview followed by Mawazine News, that “the joint committee is working to study the activities of the banks sanctioned by the US Federal Reserve.”
He added that “banks that have worked to purchase equipment or tools from sanctioned countries will have sanctions imposed on these banks.” A fine, indicating that the government must work to rehabilitate the banking sector so that it is internationally accepted.”
He pointed out that “the government of Muhammad Shiaa Al-Sudani directed the formation of a joint committee between the US Federal Reserve and the Iraqi Central Bank in order to move towards lifting sanctions on Iraqi banks and restoring the status of the Iraqi banking sector. ” to its global stature.
National Bank of Iraq goes live with Temenos core banking and payments
With award-winning implementation, National Bank of Iraq completes move from legacy system in under 12 months
GENEVA, Switzerland – APRIL 25, 2024 – Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments.
NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1].
With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience.
Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform.
NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate.
The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services’.
The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months.
Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence.
Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented:
“This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.”
Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said:
“Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”
Temenos is the global market leader in banking software, consistently ranked #1 by IBS Intelligence for core banking and payments, including in the most recent IBSi Sales League Table 2023.
Tax in Iraq: IMF Identifies 6 areas for Reform
The International Monetary Fund (IMF) has published a "High Level Summary Technical Assistance Report" looking at the tax system in Iraq.
The report identifies six core reform areas:
- Establishing a reliable taxpayer base;
- Improving core functions through implementation of the SA system;
- Focusing on large taxpayers' compliance;
- Organizational design and workforce planning;
- Transitioning to a digital environment; and
- Reform[ing] governance.
It says:
"The Government of Iraq has embarked on a considerable modernization journey for the General Commission for Taxes (GCT) with the goal of expanding the revenue base following a tax/GDP decline of 1 percentage point in 2022 (from 2 percent in 2020).
"Taking into account the internal and external challenges, and the findings of the 2022 Tax Administration Diagnostic Assessment Tool (TADAT) and the existing plans of the authorities, the report highlighted core reform areas to be included in a reform plan for the GCT.
"The report also included an indicative integrated FAD/METAC mid-term capacity development (CD) plan for the next three years."
Iraq: General Commission for Taxes: Strategic Direction for Prioritized Reforms
Author/Editor:
Fadia B Sakr ; Sabine M Corm ; Patrick De Mets ; Lydia E Sofrona
Publication Date:
April 10, 2024
Electronic Access:
Summary:
The Government of Iraq has embarked on a considerable modernization journey for the General Commission for Taxes (GCT) with the goal of expanding the revenue base following a tax/GDP decline of 1 percentage point in 2022 (from 2 percent in 2020). Taking into account the internal and external challenges, and the findings of the 2022 Tax Administration Diagnostic Assessment Tool (TADAT) and the existing plans of the authorities, the report highlighted core reform areas to be included in a reform plan for the GCT. The report also included an indicative integrated FAD/METAC mid-term capacity development (CD) plan for the next three years.
Series:
High Level Summary Technical Assistance Report No. 2024/011
Subject:
International organization Monetary policy Revenue administration Revenue performance assessment Tax administration core functions Tax Administration Diagnostic and Assessment Tool (TADAT)
Frequency:
Regular
ENGLISH
Publication Date:
April 10, 2024
ISBN/ISSN:
9798400272899/2959-4103
Stock No:
HLSEA2024011
Format:
Paper
Pages:
4
__________________
What are the risks of floating the Iraqi dinar to address the double price of the dollar? An economist explains
On Thursday, economic expert Nabil Al-Marsoumi explained the risks of floating the Iraqi dinar to address the double price of the dollar against the dinar and the existence of a large gap between the official and parallel prices.
Al-Marsoumi said in a publication followed by “Jarida”, that “some are proposing a solution to address the double price of the dollar against the dinar and the existence of a large gap between the official and parallel prices through free floating of the Iraqi dinar, that is, leaving the dinar in the market to find a price for it against foreign currencies through the interaction of supply forces.” And the demand.”
He added, "Such a decision has some economic positives, but the economy should not be taken in its abstract aspect." He added, "Such a decision has some economic positives, but the economy should not be taken in its abstract aspect, but rather insofar as it relates to people, especially the poor among them, and in light of Iraq's lack of “For a national private sector that can contribute to increasing the supply of dollars in the Iraqi market, and because of the large volume of imports, which reach 67 billion dollars annually, the only party that owns the dollar is the government.”
He continued, “If the government decides not to intervene in the exchange market, it is expected that the dinar will witness a violent collapse and rampant inflation that will cause prices to rise to insane levels that will cause severe harm to citizens’ living standards, and the poor will become more miserable, and will later lead to social tensions and a major rift in the social peace.”
A financial expert explains the impact of Washington's visit on the Iraqi banking sector
Financial expert, Mustafa Akram Hantoush, confirmed that the visit of Prime Minister Muhammad Shiaa Al-Sudani to Washington restored hope to the Iraqi banking sector and stopped the new package of sanctions against it.
Hantoush said on the 8th program with Ahmed Al-Tayeb, followed by “Jarida”, that “the sources restricted from dealing in dollars are subject to review, and only two banks are accused by OPAC of smuggling money, and that the restrictions imposed on Iraqi banks are exaggerated and have not occurred to any country, and that the efforts Al-Sudani thanks for defending the banks restricted from the dollar, and it is circulating that some of the sanctions on banks come from information from the Central Bank of Iraq.
Hantoush added, “There is no agreement with Washington on dealing with trade with the banned countries, and the way the Central Bank of Iraq is dealing with the dollar crisis is ambiguous. Washington’s visit restored hope to the Iraqi banking sector and stopped the new package of sanctions on it.”
interest how he said we are their guardian in the title IMO
Mr. Al-Hakim: The presence of the international coalition after its purpose has been fulfilled represents a form of guardianship over Iraq
During his meeting with the elites and competencies of Maysan, Mr. Al-Hakim renewed his call “to end the tasks of the international coalition against ISIS through dialogue and in a friendly manner, while replacing the coalition with direct bilateral relations between Iraq and some coalition countries individually on the basis of common interests and preserving Iraq’s sovereignty.”
He pointed out that "the Prime Minister's visit to America was to discuss the activation of all provisions of the strategic framework agreement, and he reminded us that this agreement was voted on by a majority of the members of the Iraqi Council of Representatives."
He stated that "Iraq is moving forward, and there are many great indicators of recovery and positive accumulation, and the most important variable is the connection of everyone's interests with stability."
He also pointed to “the achieved security, political and social stability and the return of societal harmony among all components, which indicates the disappearance of sensitivities,” noting that “this represents a phenomenon that must be observed and taken into account, in addition to the presence of the state administration coalition, which represents a positive variable on the political level, and we called for a change in the situation.” The deep-rooted stereotype about the Iraqi situation is that the situation in Iraq is unstable, and we also called for a realistic view of Iraq, while we held the elites responsible for directing public opinion towards the positive changes and achievements achieved.”
He pointed to "machines that tried to demonize the Iraqi situation, and we called for an end to the state of the rentier state and linking the fate of Iraq to oil prices and to go to the five-factor economy represented by agriculture, industry, tourism, investment and technology. We praised the efforts that led to achieving self-sufficiency in the wheat crop, and we stressed that Iraq possesses an industrial ground if “The social and logistical conditions for production are met.”
Mr. Al-Hakim explained, “Investment represents an important input into addressing the Iraqi economy, and we called for investing capital in the region searching for investment opportunities, and we explained that investment requires a culture that accepts the investor and the conviction that the investor is looking for an economic interest through investment, as well as addressing the administrative reality, routine, and bureaucracy.” .
In the field of tourism, he stressed that Iraq has diverse natural, archaeological, and religious tourism components that represent important economic opportunities and resources, while we stressed keeping pace with technological development and artificial intelligence breakthroughs so as not to lag behind the world and its breakthroughs in this field.
He explained that decentralization is the philosophy of the current political system and is the basis for fair wealth and the distribution of roles in the field of construction and reconstruction. We stressed the importance of restoring the powers of the governorates and implementing the constitution and applicable laws. We said that transferring powers in the previous time was not thought out as it coincided with an economic crisis and the state’s preoccupation with the war on terrorism and shifting budgets. she has".
He stated that this stage required training and clear instructions consistent with the philosophy of Law 21 of the governorate councils.
We also indicated that there are two principles: the first wants to adhere to centralization, and the second principle is to implement decentralization as a constitutional basis and the philosophy of a political system, and we held the elites responsible for defending decentralization because it is the best way to achieve social justice.”
He stressed, "The importance of dealing with Turkey from a triple equation of water, trade and security. We made clear that the trend is good water management. We welcomed the cooperation and agreements between the Iraqi and Turkish sides and explained the importance of ideas and visions for improving the reality of the governorates and subjecting these ideas to research, discussion and development."
He stressed, "the necessity of preserving Iraq's position as a key player in the region to solve the outstanding problems. We made clear that the regional visits come within the framework of communication and building positive relations in the service of Iraq and are consistent with the official Iraqi position while discussing the exchange of views on regional issues."
Mr. Al-Hakim stated, “The economy needs bold decisions, and we called for launching allocations to the fund for the poorest governorates. We reminded us that Maysan is the second oil-producing city after Basra and needs compensation for the social and environmental impacts. We also stressed the empowerment of youth and belief in their abilities, as the success of youth will give a message.” To others, it is important to bet on them and give them opportunities and important positions. We also stressed the fight against drugs as a scourge that threatens Iraqi society.
ABCC signs MoU with Baghdad Chamber of Commerce
The Arab-British Chamber of Commerce (ABCC) has signed a Memorandum of Understanding with Baghdad Chamber of Commerce with the aim of developing a strong partnership to better serve their respective members.
In a statement, they said this new initiative will enable them to be more responsive to meeting the needs of their respective members by organising joint events, research, training and fostering social entrepreneurship.
The MoU was signed in the Board room at the ABCC's Mayfair office by Mr Abdeslam El-Idrissi, ABCC Deputy CEO & Secretary General, and Mr Husam Jawad Al Kurdi, Board Member, Baghdad Chamber of Commerce, who signed on behalf of the President of Baghdad Chamber, Mr Jafar Mr Jaafar Rasool Jaafar Al-Hamadani.
Al-Sudani will visit Saudi Arabia at the end of this month
The Prime Minister, Muhammad Shiaa Al-Sudani, will visit the Kingdom of Saudi Arabia at the end of this month.
Al-Sudani's visit comes in response to an invitation from Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, which he received on April 1, to participate in the special meeting of the World Economic Forum hosted by the Kingdom at the end of this month.
It is noteworthy that the special meeting of the World Economic Forum will be held in the city of Riyadh for the period from April 28-29, and will address a number of international topics and issues, and discuss international cooperation in the fields of economics and sustainable development.
It is noteworthy that the Sudanese's expected visit to Saudi Arabia comes days after his visit to the United States, which lasted about a week, followed by the visit of Turkish President Recep Tayyip Erdogan to Iraq last Monday.
Biden appoints new special envoy for humanitarian issues in Middle East
US President Joe Biden has appointed Lise Grande as his new Gaza humanitarian envoy, replacing David Satterfield who has held the role since it was established in October.
Grande “has an extensive background working in Africa and the Middle East including as the head of UN humanitarian and development operations in Yemen, where she coordinated one of the UN’s largest operations globally. Lise was also responsible for the UN’s humanitarian, stabilization, and development operations while serving as deputy head of the UN’s political mission in Iraq during the campaign against ISIS, where she led UN efforts to stabilize the more than twenty cities that had been liberated from ISIS control,” US Secretary of State Antony Blinken says in a statement announcing the appointment.
“Lise’s unique experience overseeing similar endeavors in complex and dangerous circumstances will allow her to continue this round the clock effort,” Blinken adds.
Satterfield, who took temporary leave as director of the public policy school at Rice University to take on the envoy role, will stay on at the State Department as a senior adviser, Blinken says, confirming reporting from The Times of Israel earlier this week regarding Grande’s appointment.
Satterfield’s replacement allows him to leave the post on a relatively high note.
On Tuesday, he told reporters that after months of sluggish performance by Israel and a stern call from US President Joe Biden with Prime Minister Benjamin Netanyahu on April 4, Jerusalem has taken “significant steps” to secure the entry and delivery of more humanitarian aid throughout Gaza.
Satterfield called on Israel to do more to facilitate efforts to avert famine in Gaza, including by establishing additional routes for aid to be transported throughout the Strip since the main two crossings have become overly congested due to the uptick in aid.
He also noted the need for the UN to secure additional trucks and transfer them into Gaza so that the additional assistance that has been approved in recent weeks can be delivered.
Deputy: Iraq's investments have risen and need a comprehensive review of previous years
Member of the House of Representatives, Representative Mudar Al-Karawi, confirmed today, Thursday (April 25, 2024), that 3 reasons will prompt a comprehensive review of the investment file in Iraq .
Al-Karawi said in an interview with "Baghdad Today", "Iraq went through difficult periods after 2003, the most difficult of which was after 2014, and constituted a challenge to all economic facilities, including investments in general, especially since the latter only recover in a safe and stable atmosphere."
He added, "The seizure of lands and their exploitation under the pretext of investment exists, and there are dozens of cases in the corridors of the judiciary regarding violations," pointing out that "the investment file is very complex and needs a comprehensive review by the government, starting with redrafting the laws and defining powers."
He pointed out that "security stability, the return of local capital, the influx of foreign investments, and the birth of provincial councils are reasons that will prompt a review of previous investments, which we would not be surprised if they were tainted by financial and administrative violations, but in general, the level of investment activity in the country has increased in the last 10 months by no less than 10%." We expect the rise to be greater during 2024.”
Iraq ranked fourth among the 10 countries with the highest growth in foreign investment momentum during the period between 2021 and the end of 2023, as expenditures grew more than 370% during these years, according to specialized reports.
These are dated today FRI APR 26 24
Governmental and private banks will showcase their services tomorrow during Financial Inclusion Week
The electronic payment systems will review banking services for citizens, including advances and loans, and introduce them to the products offered by these banks in a step to enhance financial inclusion.
remember I mentioned this yesterday? hahaha
Applicants for the 2024 Hajj are demanding that the Central Bank secure the dollar for them through government banks
Citizens applying for the 2024 Hajj season called on the government and the Central Bank of Iraq to secure and provide them with dollars for travel purposes at the official rate of 1,320 dinars.
Al-Hajjaj stressed through {Al-Furat News} the necessity of "allocating government banks to sell the dollar to them at the official rate."
They stressed, "They are forced to go to the black market to buy the dollar at commercial prices because it is not available in government banks."
The Association of Private Banks appreciates the efforts of the government and the Central Bank to create understandings with the Treasury, the Federal Reserve, and international banks
The head of the Iraqi Private Banks Association, Wadih Al-Handal, participated in the Arab Economic Security Forum, which was organized by the Union of Arab Banks in Beirut.
Al-Handal stressed that the forum is being held in complex circumstances and geopolitical changes taking place in the region, and the Arab banking sector has begun to be affected, starting with the State of Iraq, adding that Iraq is still facing major challenges, at various economic levels, including depriving the Iraqi private banking sector of using the dollar, which It has exceeded half of the number of banks operating inside the country, which is a very dangerous indicator, despite the efforts of Iraqi governmental and private institutions to comply with local and international anti-money laundering and terrorist financing laws, but for the first time we are witnessing a clear targeting of the sector, which has begun to affect banking services inside the country, undermine citizen confidence, and hinder... From expanding the proportion of financial inclusion.
He added that these challenges facing the banking sector reaffirm the prominent role played by the Union of Arab Banks, international organizations and Arab banks in coordinating positions and confronting dangers together, noting that our meeting represents an opportunity to cooperate and agree on an action roadmap for the future. Targeting the Iraqi banking sector will not stop within its borders, and may expand at any moment to other countries in light of the regional turmoil.
Al-Handal pointed out that the Association of Private Banks is working with the Iraqi government, the Central Bank, and some local and international institutions, to save the banking sector, and return banks deprived of dealing in dollars to their activities, but this is not enough, but rather requires continuing cooperation with the Arab and foreign banking sector, because the stage of integrating the sector The Iraqi banker with his Arab counterpart must begin quickly, and we are taking great strides in this direction, especially since the Prime Minister, Engineer Muhammad Shiaa Al-Sudani, held dialogues in Washington with the American President and other government officials, who announced in a joint statement the possibility of a group of Iraqi banks returning to dealing. in dollars and support the private banking sector.
Al-Handal appreciated the efforts of the Iraqi government and the Central Bank of Iraq to create deeper understandings with international banks, the Federal Reserve, and the US Treasury to expand the integration of the Iraqi banking sector into the global financial system, in addition to supporting the Iraqi dinar, which led to a gradual rise in its value.
He pointed out that Iraq is witnessing great development in the transition to electronic government and the adoption of electronic payment, and this is what leads to the growth of the digital economy, especially since there is a trend within the country to increase the number of electronic banks, to keep pace with technological development and increase performance.
With the participation of the Association of Private Banks, investment opportunities are on the table of a Jordanian-Iraqi economic forum next May
link
The activities of the Economic Forum for Financial, Industrial and Commercial Partnerships between Iraq, Jordan and the region will begin on the fifth of next May, organized by the Iraqi Business Council in Amman, amid great official interest and broad participation from the public and private sectors in the two countries and the countries of the region.
Next week.. a Kurdish delegation will visit Baghdad to meet with the Minister of Finance
An informed source reported today, Friday (April 26, 2024), that a Kurdish delegation from the Kurdistan Regional Government will visit Baghdad next week, while indicating that the delegation will hold a meeting with the Minister of Finance of the Federal Government, Taif Sami.
He follows..
An informed source said today, Friday (April 26, 2024), that a Kurdish delegation representing the Kurdistan Regional Government will visit Baghdad next week, while indicating that the delegation will hold a meeting with the Minister of Finance of the Federal Government, Taif Sami.
The source said in an interview with "Baghdad Today", "A delegation from the Ministry of Finance of the Kurdistan Regional Government will visit the capital, Baghdad, on Sunday or Monday of next week," noting that "the delegation will hold a meeting with the Federal Minister of Finance, Taif Sami."
He explained, "The delegation will be headed by Finance Minister Awat Sheikh Janab," noting that "it will discuss the salary localization file and explain to officials the details of an accounting project and the possibility of opening branches of the three federal banks in the region for the purpose of starting the localization process."
It is noteworthy that the former Kurdish MP, Ghaleb Muhammad, criticized the Erbil government on Monday (March 18, 2024), while noting that it is stubborn and defies the Federal Court’s decision regarding the localization of the salaries of the region’s employees.
Muhammad said in an interview with "Baghdad Today", "The Federal Court's decision was clear and clear and does not need explanation. Therefore, the localization of salaries must begin, and it does not require time, as is their argument."
He added that "delaying the disbursement of salaries despite the sending of funds by Baghdad must be faced with deterrent measures," noting that "the attempt to be stubborn and refuse to implement the federal decision must have legal consequences."
He pointed out that "issuing a MasterCard affiliated with Al-Rafidain or Al-Rasheed Banks does not take more than a few days or a week at most," noting that "the resettlement procedures will not take time, but the parties in power want their corruption and theft to continue."
Association of Banks: Iraq is witnessing great development in the transition to electronic government
The Iraqi Private Banks Association confirmed today, Friday, that Iraq is witnessing great development in the transition to electronic government, and while it indicated that government support for the Iraqi dinar led to a gradual increase in its value, it revealed a trend to increase the number of electronic banks to keep pace with technological development and increase performance. .
The president of the association, Wadih Al-Handal, told the Iraqi News Agency (INA) that he “participated in the Arab Economic Security Forum organized by the Union of Arab Banks in Beirut,” pointing out that “the forum is being held in complex circumstances and geopolitical changes taking place in the region, and the banking sector has begun to be affected.” Arab, starting with the State of Iraq.
He added, "Iraq is still facing major challenges at various economic levels, including depriving the Iraqi private banking sector of using the dollar, which has exceeded half the number of banks operating inside the country, which is a very dangerous indicator, despite the efforts of Iraqi governmental and private institutions to comply with laws against money laundering and terrorist financing." Local and international, but for the first time we are witnessing a clear targeting of the sector, which has begun to affect banking services within the country, undermine citizen confidence, and hinder the expansion of financial inclusion.”
He pointed out that "these challenges facing the banking sector reaffirm the prominent role played by the Union of Arab Banks, international organizations and Arab banks in coordinating positions and confronting dangers together," noting that "our meeting represents an opportunity to cooperate and agree on an action roadmap for the future." “The targeting of the Iraqi banking sector will not stop within its borders, and may expand at any moment to other countries in light of the regional turmoil.”
He pointed out that "the Association of Private Banks is working with the Iraqi government, the Central Bank, and some local and international institutions, to save the banking sector and return banks deprived of dealing in dollars to their activities, but this is not enough. Rather, it requires continuing cooperation with the Arab and foreign banking sector, because the stage of merging the banking sector The Iraqi government and its Arab counterpart must begin quickly, and we are taking great steps in this direction, especially since Prime Minister Muhammad Shiaa al-Sudani held dialogues in Washington with the American president and other government officials, who announced in a joint statement the possibility of a group of Iraqi banks returning to dealing in dollars and supporting...
The private banking sector.Al-Handal praised "the efforts of the Iraqi government and the Central Bank of Iraq to create deeper understandings with international banks, the Federal Reserve, and the US Treasury to expand the integration of the Iraqi banking sector into the global financial system, in addition to supporting the Iraqi dinar, which led to a gradual rise in its value."
He continued, "Iraq is witnessing a great development in the transition to electronic government and the adoption of electronic payment, and this is what leads to the growth of the digital economy, especially since there is a trend within the country to increase the number of electronic banks, to keep pace with technological development and increase performance."
A study explodes a "surprise"... Iraq is among the countries that export oil to "Israel": How is the delivery done?
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