Abdel Wahed: The Sudanese visit to Washington is important and will restore stability to the dinar price
The video to this blog post is below here:
The head of the New Generation Parliamentary Bloc, Sarwa Id al-Wahid, said today, Sunday, that the visit currently being made by Prime Minister Muhammad Shia al-Sudani to the American capital, Washington, came at an important time, expecting that it will bring about a “new phase” in bilateral relations.
Abdul Wahed said in a blog post seen by Mail, “The Prime Minister’s visit to the United States of America comes at an important time, and will be a transition towards a new phase of relations, especially since the visit is evidence of the Iraqi desire to build a sustainable strategic partnership based on mutual respect.” .
She added, "The files that will be discussed, whether economic, security, or political, must certainly benefit Iraq and have a role in the recovery of the economy and the return of stability to the dinar price."
The eighth reveals the schedule of Sudanese’s visit to Washington
Channel 8 revealed the schedule of Iraqi Prime Minister Muhammad Shiaa Al-Sudani's visit to the United States of America, which includes several areas, including military, economic, and political.
Iraqi Prime Minister Muhammad Shiaa Al-Sudani arrived in Washington, D.C., on a week-long visit, bringing with him various agendas.
Iraqi Prime Minister Muhammad Shiaa Al-Sudani began his visit to Washington on the 13th of April, and the visit is scheduled to continue until the 19th of the same month. The visit’s schedule includes military, economic, and political fields.
On the political level, he will meet at the beginning of his visit on April 14 with White House Coordinator for Middle East Affairs Brett McGurk and Advisor to the US President for Internal Affairs Amos Hockstein, while on April 15 he will meet with US President Joe Biden, Secretary of State Anthony Blinken, and Secretary of Defense Lloyd Austin, Deputy Treasury Secretary Wally Adeyemo, Homeland Security Secretary Alejandro Mayorkas, and National Security Advisor Jake Sullivan.
During the remaining days of his tour, Al-Sudani will meet with a number of senior diplomats, members of the US House of Representatives, and former US ambassadors to Iraq. He will also hold a number of important economic meetings, including with the president of JP Morgan and representatives of US companies, the Chamber of Commerce and US energy companies.
The Iraqi Prime Minister devoted part of his visit to the media and will meet with a number of media figures and conduct an interview with CNN. He will also meet during the seven-day visit with the Iraqi community in Washington.
The Prime Minister's Office revealed that Al-Sudani will bring to his meeting table a number of important issues that aim to advance relations with the United States to a new stage.
Washington discussions... expectations of achieving great economic results
link from Iraqi TV Al-Sudani accompanies the largest delegation in the history of Iraq to America, which reached 135 individuals and included names sanctioned by the American Treasury.
Economic affairs specialists are counting on achieving great results during Prime Minister Muhammad Shiaa Al-Sudani’s current visit to Washington, related to various economic files, especially investment, energy, agriculture and technology, as well as the possibility of reaching a settlement regarding the file of the banks sanctioned by the US Federal Reserve.
They stressed that the visit, which was described as “historic,” will constitute an important transition at the level of economic and investment relations between the two countries, in addition to being a starting point for achieving a package of development achievements through success in attracting specialized companies in various fields. Despite the fact that discussions on activating the strategic framework agreement between The two countries, however, specialists believe that the “economic aspect” could be one of the provisions of that framework agreement between the two countries, and that it will be an essential introduction to activating the investment climate and paths of economic cooperation in vital and important areas, most notably the energy, science and technology sector, and encouraging technological companies.
The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, confirmed that “the visit of Prime Minister Muhammad Shiaa Al-Sudani comes at the appropriate time as everyone knows that there is an interconnection in Iraq’s financial path with the US Federal Reserve, and that most of the country’s financial transactions are based on the US dollar.”
Tariq indicated to “Al-Sabah” that Iraq is moving to strengthen the banking system with the support of the government, which has begun to pay great attention to the financial sector, pointing out that strengthening Iraq’s financial relations with the countries of the world represents an important step that can create a banking system capable of supporting the development it seeks. Iraq is looking forward to achieving it, taking advantage of the amount of wealth it possesses.
Tariq pointed out that tracking financial services in the country indicates a continuous rise in the graph of these services in a way that is consistent with the goals of the association and the public together, as there has become a clear interaction between the two parties, especially in the electronic payment and electronic financial services section.
He stated that the Prime Minister's visit to the United States will have a positive impact in all circumstances, as strengthening financial and economic relations with the world's largest economies represents an important step that enhances the country's capabilities, especially in the financial aspect.
For his part, the economic expert, Dr. Ali Dadoush, explained the possibility that this visit would achieve a number of economic gains, especially in the field of energy, investment, agriculture and industry.
Speaking to {Al-Sabah}, Daadoush said: “Dialogue with American companies with the aim of completely ending the electricity file within a specific period of time and by concluding contracts under the strategic agreement, can be a basic pillar of Washington’s negotiations, as well as attracting companies specialized in developing agriculture and working on “Creating an economic boom in this aspect and establishing projects for commercial agriculture.”
The spokesman stressed the necessity of holding dialogues with American energy management companies with the aim of investing in minerals in Iraq, especially in the western and northern regions, where these minerals abound, which now represent Iraq’s future after oil, in addition to the necessity of discussing the development of the health sector, as it is of equal importance. The rest of the sectors.
Daadoush believes that the discussions between the two countries should include attracting investments to develop the Iraqi economy in general and all three types of transportation.
According to the government spokesman, Basem Al-Awadi, to the Iraqi News Agency “INA”, the visit includes discussing ways to “move to various fields of cooperation, which could include investment, energy, economy, agriculture, etc., especially since the United States is a pioneering country in technology,” noting that “it is Among the files that will be discussed during the visit also are the financial file and what is related to the decisions of the US Treasury, the influence of Iraqi banks, and the debts owed by Iraq.
While the financial advisor to the Prime Minister, Mazhar Muhammad Salih, believes that “the visit of Prime Minister Muhammad Shia al-Sudani to Washington is one of the most important visits in the history of diplomatic relations between Iraq and the United States, which will undoubtedly serve the interest of strengthening the fabric of bilateral relations between the two countries,” pointing out that “this The visit will be an essential introduction to activating the investment climate and economic cooperation paths in vital and important areas, most notably the energy, science and technology sector, and encouraging major technological companies in the United States to take on their vital role in the areas of reconstruction and building productive economic partnerships with activities and branches of the national economy, especially the Iraqi private sector.
He added, “Aspects of financial and banking cooperation will form an important pillar in supporting the efforts of the United States to support and strengthen the financial and banking market in Iraq, whose stability and growth are the objective basis for strengthening economic, trade, and investment ties between the two friendly countries,” indicating that “this visit will be in the interest of the national economy and put in At the same time, there is a road map that will be clearer and more accurate and consistent in charting the future of relations between the two countries on positive, solid, long-term foundations.
The Prime Minister in Washington.. Iraq opens its doors to economic and investment partnerships
Economists and political analysts expect that the visit of Prime Minister Muhammad Shiaa Al-Sudani will pave the way for opening the door to investment in Iraq for international companies, especially American ones, in light of the state of stability that the country is witnessing and international support for the government in enhancing stability and establishing financial and economic reforms, noting that It is correct to say that the visit is a "real investment in the future" through the activation of the strategic framework agreement between Baghdad and Washington.
Establishing a bright image for Iraq.
Osama Al-Saeedi, the Dean of the Faculty of Political Science at Al-Nahrain University, confirms in his speech to the Iraqi News Agency (INA) that “the visit establishes a bright image for Iraq in the eyes of the world because there is government work to reform the financial, banking and administrative systems within serious work to establish a new image for Iraq, and the administration America is required to deal with us according to the new data.”
He added, "The Prime Minister succeeded, from the first day of his government assuming responsibility, in giving positive messages and messages of reassurance to the international community that carried guarantees that Iraq seeks stability and turning the page on the past, which carried many of the data expressed by the wars before the year 2003, as well as the security conditions that came after them that required war." On terrorism, we made sacrifices of lives so that Iraq would remain a state after some expected that terrorism would defeat us after the events of June 2014, but Iraq proved to everyone, thanks to these sacrifices, that it is a state far from division and fragmentation and capable of rising and contributing effectively and positively to the regional and international situation.
Investing in the future.
Economic analyst Safwan Qusay said in his speech to the Iraqi News Agency (INA) that “the main title of the visit is investing in the future by activating the strategic framework agreement and opportunities for cooperation in it, as Iraq is looking forward to a role in which it belongs to the global environment that provides attractive opportunities for global investors in particular.” The indicators confirm that Iraq is ranked second among Asian countries in terms of the best environment for investors.”
He added, "The evidence for this is the high volume of gross domestic product and the future outlook for Iraq's ability to achieve a safe environment and objective conditions for investment that provide sustainable returns to investors."
He continued, "Also, the Iraqi banking system has become responsive to global requirements, and K2 International is currently working to rehabilitate the sanctioned banks to protect Iraqi funds. Likewise, the government is proceeding with its reform plans to control the movement of funds and know where they come from and where they go, and all of this provides a financial environment." Suitable for investors because of strengthening international confidence in the movement of Iraqi funds.”
Iraq is an attractive environment for investment.
In turn, political analyst Haitham Al-Khazali said in his interview with the Iraqi News Agency (INA) that “the existence of consensus and harmony in diplomatic relations between Iraq and the United States, which guarantees stability, will send positive messages to investors to enter Iraq.”
He added, "The United States has major transcontinental companies that can invest in several areas, including energy in the oil and gas files, as there are companies capable of implementing gas investment projects and supporting the Iraqi government's approach to stopping the burning of associated gas and providing returns of up to 10 billion dollars annually."
He continued, "Iraq has fields extending from north to south that provide attractive and encouraging investment opportunities for international companies such as American, German, and other countries, especially since many of the economic resources in Iraq have not yet been invested.
International support for the Iraqi government's efforts to enhance stability."
Political analyst Ali Al-Baidar also stated in his interview with the Iraqi News Agency (INA) that “the current Iraqi environment is the best environment for American and international investment companies, especially since the international community supports the Iraqi government in promoting stability and economic partnership, and the Iraqi investment environment is pristine and has many opportunities in many areas.” fields.”
He added, "Many countries want to invest in the state of stability in Iraq, which is full of wealth, by implementing investment projects that provide good financial returns for Iraq and the companies of those countries, and to be the first to enter the Iraqi arena. Also, the stable environment has made Iraq, which has many historical monuments, an attractive factor for tourists." All of this came thanks to the state of international satisfaction with the Iraqi situation, which will be reflected in the Prime Minister’s visit to Washington, which is expected to strengthen this satisfaction with real partnerships that invest in the terms of cooperation in the strategic framework agreement between Baghdad and Washington.”
Prime Minister Muhammad Shiaa Al-Sudani arrived at dawn today, Sunday, in the American capital, Washington, at the beginning of an official visit, during which it is hoped that he will meet with US President Joe Biden tomorrow, Monday.
Prime Minister Muhammad Shiaa Al-Sudani confirmed before leaving Baghdad that “the goal of the visit to Washington is to move the relationship between the two countries to a new stage and activate the strategic framework agreement,” pointing out that “the strategic framework agreement is in line with the government program and the economic reforms it includes.” He pointed out that "the visit will witness the holding of the first meeting of the joint coordinating committee concerned with implementing the Strategic Framework Agreement, which has not held any meeting since the approval of the agreement," indicating that "the meeting of the coordinating committee will address the files of trade, energy, investment, education, transportation, culture, anti-corruption, and money recovery."
Experts believe that the Sudanese visit will be successful in opening the door to foreign investment in Iraq
Economists and political analysts expected that the visit of Prime Minister Muhammad Shiaa Al-Sudani would pave the way for opening the door to investment in Iraq to international companies, especially American ones, in light of the state of stability that the country is witnessing and international support for the government in enhancing stability and establishing financial and economic reforms, noting that it is correct to say about The visit is considered a “real investment in the future” by activating the strategic framework agreement between Baghdad and Washington.
The Dean of the Faculty of Political Science at Al-Nahrain University, Osama Al-Saeedi, confirmed in a statement followed by Iraq Observer that “the visit establishes a bright image of Iraq in the eyes of the world because there is government work to reform the financial, banking and administrative systems as part of serious work to establish a new image for Iraq, and the American administration is required to deal with us according to the data.” “New.”
He added, "The Prime Minister succeeded, from the first day of his government assuming responsibility, in giving positive messages and messages of reassurance to the international community that carried guarantees that Iraq seeks stability and turning the page on the past, which carried many of the data expressed by the wars before the year 2003, as well as the security conditions that came after them that required war." On terrorism, we made sacrifices of lives so that Iraq would remain a state after some expected that terrorism would defeat us after the events of June 2014, but Iraq proved to everyone, thanks to these sacrifices, that it is a state far from division and fragmentation and capable of rising and contributing effectively and positively to the regional and international situation.
Economic analyst Safwan Qusay said in a press interview followed by Iraq Observer that “the main topic of the visit is investing in the future by activating the strategic framework agreement and opportunities for cooperation in it, as Iraq is looking forward to a role in which it belongs to the global environment that provides attractive opportunities for global investors, especially since indicators confirm that Iraq “It ranks second among Asian countries in terms of the best environment for investors.”
He added, "The evidence for this is the high volume of gross domestic product and the future outlook for Iraq's ability to achieve a safe environment and objective conditions for investment that provide sustainable returns to investors."
He continued, “Also, the Iraqi banking system has become responsive to global requirements, and K2 International Company is currently working to rehabilitate the sanctioned banks to protect Iraqi funds, and the government is also proceeding with its reform plans to control the movement of funds and know where they come from and where they go, and all of this provides a financial environment.” Suitable for investors because of the strengthening of international confidence in the movement of Iraqi funds.”
In turn, political analyst Haitham Al-Khazali said in a statement followed by the Iraq Observer that “the presence of consensus and harmony in diplomatic relations between Iraq and the United States in a way that guarantees stability will send positive messages to investors to enter Iraq.”
He added, “The United States has major transcontinental companies that can invest in several areas, including energy in the oil and gas files, as there are companies capable of implementing gas investment projects and supporting the Iraqi government’s approach to stopping the burning of associated gas and providing returns of up to 10 billion dollars annually.”
He continued, “Iraq has fields extending from north to south that provide attractive and encouraging investment opportunities for international companies such as American, German, and other countries, especially since many of the economic resources in Iraq have not yet been invested.”
Prime Minister Muhammad Shiaa Al-Sudani arrived at dawn today, Sunday, in the American capital, Washington, at the beginning of an official visit, during which it is hoped that he will meet with US President Joe Biden tomorrow, Monday.
Prime Minister Muhammad Shiaa Al-Sudani confirmed before leaving Baghdad that “the goal of the visit to Washington is to move the relationship between the two countries to a new stage and activate the strategic framework agreement,” pointing out that “the strategic framework agreement is in line with the government program and the economic reforms it includes.” He pointed out that “the visit will witness the holding of the first meeting of the joint coordinating committee concerned with implementing the Strategic Framework Agreement, which has not held any meeting since the approval of the agreement,” noting that “the meeting of the coordinating committee will address the files of trade, energy, investment, education, transportation, culture, anti-corruption, and money recovery.”
DATED APR 15 2024
Today.. Al-Sudani meets Biden at the White House
meets with Prime Minister Muhammad Shia Al-Sudani this Monday evening at the White House, with US President Joe Biden, as the two sides discuss vital files dealing with various economic, political and security fields and ways to activate the vital sectors of the strategic framework agreement signed between the two countries.
Before his meeting with Biden, Al-Sudani will meet US Secretary of State Anthony Blinken, and after the conclusion of the White House meeting, the Prime Minister and the Iraqi delegation accompanying him will head to the Pentagon building, the US Department of Defense, where he will meet with Defense Secretary Louis Austin, and then hold an expanded meeting with the US Treasury Undersecretary. Wali Adeyemo, in the presence of Finance Minister Taif Sami and Governor of the Central Bank of Iraq, Ali Al-Alaq.
The Prime Minister met yesterday evening, Sunday, on the second day of his official visit to Washington; White House Coordinator for Middle East Affairs and Advisor to the US President on Energy Affairs, Amos Hockstein.
Yesterday evening, Al-Sudani met with an elite group of members of the Iraqi community residing in the United States of America, in the presence of the Ministers of Planning and Oil, a number of representatives within the delegation visiting Washington, and the Iraqi Ambassador to America, Nizar Al-Khair Allah.
In addition, the Parliamentary Investment and Development Committee announced yesterday, Sunday, the presence of parliamentary support for the Prime Minister’s steps to activate the provisions of the Strategic Framework Agreement, indicating that activating the provisions of the agreement will advance the country’s economic, commercial, investment and health situation.
Committee member, Osama Al-Badri, told the Iraqi News Agency (INA): “The visit of Prime Minister Muhammad Shia Al-Sudani to Washington is very important to activate the provisions of the strategic framework agreement, which includes the commercial, economic, investment, health, educational, agricultural, and cultural sectors to advance the country’s reality for the better,” expressing He expressed his hope that “this agreement will be implemented in the correct manner by the Iraqi and American parties.” He pointed out "the importance of the political bloc participating in the government supporting the Prime Minister's steps to support the implementation of the agreement, and giving it ample leeway and sufficient space to proceed with this agreement," explaining that "the representatives representing the Iraqi people support activating the terms of this agreement, which will be in the interest of the people."
"The Iraqi." Prime Minister Muhammad Shiaa Al-Sudani confirmed on Saturday, before leaving Baghdad for the United States of America, that “the goal of the visit to Washington is to move the relationship between the two countries to a new stage and activate the strategic framework agreement,” pointing out that “the strategic framework agreement is in line with the government program.” And the economic reforms it includes.” He pointed out that "the visit will witness the holding of the first meeting of the joint coordinating committee concerned with implementing the Strategic Framework Agreement, which has not held any meeting since the approval of the agreement," indicating that "the meeting of the coordinating committee will address the files of trade, energy, investment, education, transportation, culture, anti-corruption, and money recovery."
OTHER NEWS
Political praise for Al-Sudani: He puts the interest of Iraq above all considerations
The Iraqi politician, Izzat Al-Shabandar, confirmed today, Sunday, that Prime Minister Muhammad Shiaa Al-Sudani is a national choice that was not imposed by an external will to manage the government in Iraq, indicating that he puts Iraq’s interests above all considerations.
Al-Shabandar said in a blog post on the “X” platform, “With his (waiting) and his certain keenness to respond to the invitation of US President Joe Biden to visit Washington, the latter is committing a grave mistake if it demands of him the covenants that his (disappointed) predecessor made to her.”
He continued, "President Muhammad Shiaa Al-Sudani is a purely Iraqi national choice, not imposed by external will, neither Eastern nor Western, and the interest of Iraq and its people is above all else."
urgentAl-Sudani and Bin Salman confirm by phone that everything necessary will be done to spare the region from escalation
Prime Minister Muhammad Shiaa Al-Sudani discussed, in a phone call with Saudi Crown Prince Muhammad bin Salman, developments in the region.
The Saudi News Agency {SPA} stated, “During the call, the recent military escalation in the region and the seriousness of its repercussions on security and stability were discussed.”
He added, "The importance of exerting the necessary efforts to prevent the situation from worsening and spare the region from the risks of escalation was emphasized."
Central Bank: Approval to transform the Industrial Bank into a joint stock company
The Central Bank of Iraq confirmed its approval of the Council of Ministers’ decision to transform the Industrial Bank into a public joint stock company with the contribution of local and external investors, indicating that the second phase will include the Agricultural Cooperative Bank.
The Banking Supervision Department stated through a document obtained by Iraq Observer, which stated: You refer to the meetings that took place with His Excellency the Prime Minister in the presence of His Excellency the Governor of the Central Bank and His Excellency the Minister of Finance regarding the decision of the Council of Ministers held on 1/2/2024, paragraph (2) thereof, The proposed idea of converting your bank into a public joint stock company with the contribution of local and external investors, and for the second stage to include the Agricultural Cooperative Bank, explains to you the new plan regarding your bank and other government banks as follows:
1- Rafidain Bank is being structured by dividing it into two banks, the old with government accounts, and the new with the status of a commercial bank and a public joint-stock company.
2- After that, Al-Rasheed Bank will be merged with the new Al-Rafidain Bank
3- The Industrial Bank will be transformed into a public joint stock company, after which the Agricultural Cooperative Bank will be acquired
4- At a later stage, the Real Estate Bank will be merged with the Housing Fund.
Citizens complain about banks, and a banking expert confirms: Iraqis are slaves to loans
Citizen Ali Muhammad gets angry whenever it comes to his salary. Although his monthly salary is about one million Iraqi dinars, half of it was deducted due to him receiving a loan from a bank. This was not the only thing that made Ali angry, as the loan interest prolongs the possibility of him paying the amount, according to what he said. When will I get rid of this “enslavement”?
Ordeal Grant
Citizens criticized the policies of Iraqi governmental and private banks and accused them of manipulating their lives through the interest on loans, which they considered did not help in achieving the purpose, while economic specialists described the mechanism for granting advances and loans in Iraq as “the worst” among the countries of the world.
Many government and private banks in the country compete brutally to grant loans and issue their instructions without extensive study to verify the feasibility of these loans to serve the citizen, while specialists confirmed that the services provided by the banks are far from naming them completely, because they are an ordeal for the citizen, especially those with limited income.
Balance control
Al-Rafidain Bank, in turn, took into account the government’s decision to change the pattern of its services in terms of loan interest, as in a statement received by Al-Mada, it “adopted the decreasing interest method on all loans to individuals and institutions since the beginning of 2024 instead of the fixed interest method that was previously in effect.” Pointing out, “This is a measure aimed at ensuring the provision of the best services to all segments of society.”
As for the Parliamentary Finance Committee, it tries from time to time to host officials at the Central Bank and general managers of banks to discuss the mechanism for granting loans, interest, and the repayment period, provided that the interest is decreasing.
Member of the Parliamentary Finance Committee, Mustafa Al-Karaawi, explained that “the measures taken to monitor the work of banks are governmental and not parliamentary, given that banks are linked to the Central Bank financially and to the Ministry of Finance administratively, and therefore the monetary policy is drawn up by the government.” Pointing out, “We propose that there be a balance in providing services to citizens and at the same time developing the remaining banks as an important banking sector. The more it develops, the more strength it will give to the banking economy in the country.” Al-Karawi calls for “there to be no blackmail or pressure on the citizen regarding the provision of services.”
Monetary policy
While the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed in a press interview followed by (Al-Mada), that “the decision in which Prime Minister Muhammad Shiaa Al-Sudani directed to reconsider the calculation of loan interest is in the interest of the citizen who borrows directly, especially from government banks, by recalculating the interest.” The annual amount that banks used to charge on the full amount of the loan granted to the citizen borrower until the date of full repayment.
He added, “The decision applies to unpaid loan balances, and it is an important directive that will reduce the interest burden imposed on the entire paid and unpaid amount until the date of final repayment of the entire loan, as was the case previously,” indicating that “the fixed method for collecting loan interest (i.e. The cumulative method) introduces unnoticeable complications in collecting the same interest rate, repeatedly due to the method of calculation that was adopted under the prevailing banking practices. Saleh pointed out that, “starting from this year, the methods of calculating the annual interest on bank loans, especially government loans granted to citizens, have changed, so that the cost of the loan becomes as low as possible when calculating the interest that the loan owner contracted with the bank when granting him the loan,” stressing that “this decision applies to The entire Iraqi banking system, without exception, and all loans granted, including housing loans.”
While banking expert Saif Al-Halafi said, “The benefits of loans and advances relative to the income of the Iraqi citizen are considered very large, but the problem is that they depend on the policy of the Central Bank of Iraq because, according to its policy in effect now, it wants to withdraw the cash liquidity that the citizens have and return it to the banking incubators.” Noting, “The size of the monetary mass printed by the government is 110 trillion Iraqi dinars, 60-70% of which is in citizens’ homes.” Continuing his speech, he said, “This phenomenon is unhealthy, as it exposes the monetary mass to damage as a result of daily use and tearing, and it costs the state a large price in exchange for printing it again. The more it is printed in reputable international presses, the more its cost increases, and the more it is printed in moderately reputable sovereign presses, the more it is exposed to forgery. Therefore, The Central Bank is trying to print with the finest printing presses.”
Solution
Al-Hilli added in an interview with (Al-Mada), “The process of daily trading of the Iraqi currency through the (hand-to-hand) process exposes this monetary mass to tearing and damage. Therefore, the central bank is trying to raise the interest rate until it withdraws inflation, which is a monetary mass present in Citizens' homes and returns them to the banks. Stressing, "The interest depends on a ratio and proportionality according to the estimates of the Central Bank, which is the arbiter in this matter. It knows the amount of the inflation rate and the monetary policies that it must deal with in order to succeed in withdrawing the cash mass from citizens."
The banking expert continues, “Interest rates will change as a result of the trend towards using electronic payment cards, as it is a very important phenomenon, in addition to increasing awareness among citizens, as the electronic payment system is used in all countries, so why should we not keep up with the rest of the countries in this technical aspect, as This solves two problems: the first is withdrawing cash masses from citizens, and the second is reducing the interest rates imposed on citizens by banks, as the lower the inflation rate, the lower the interest rates.” He continues, “According to the various studies between the Ministry of Planning, the Central Bank, and the institutes of strategic studies located in London, Switzerland, and America, the average income salary of an Iraqi citizen is set at 500 US dollars, and this value, in the face of the high interest rate, is considered decrepit for the Iraqi citizen, and thus he becomes a “slave” until he is paid. The loan and its interest, he needs money to buy his life necessities in addition to finding housing and projects.” Pointing out, “I believe that the Central Bank in the future will adjust the type of loans and interests. Consumer loans for buying cars and other things have high interests, but productive loans such as buying a car (carrying and renting) to sustain small and medium production projects so that the project is productive and profitable.” . It is noteworthy that Al-Sudani directed the Ministry of Finance, the Central Bank of Iraq, and government and private banks earlier to reconsider calculating the interest paid on loans granted to citizens using the simple decreasing interest method instead of the cumulative method, which burdens borrowers with burdens.
An Iraqi bank announces the adoption of an advanced Swiss system and the distribution of high cash profits
text of that
Dear shareholders of the National Bank of Iraq P.S.C., we welcome you to the meeting of the General Assembly of the National Bank of Iraq.
04/08/2024 Date
schedule of work
Discussing and approving the Board of Directors’ report regarding the bank’s activity for the financial year ending on 12/31/2023.
Discussing and approving the auditor’s report and final accounts for the financial year ending on 12/31/2023.
3 Review the Audit Committee’s report for the financial year ending on 12/31/2025 and approve it.
A Discharge of the Chairman and members of the Board of Directors for the fiscal year ending on 12/31/2023, determine their remuneration, and take a decision thereon. Appoint the company’s auditors for the fiscal year ending on 12/31/2024, and determine their wages in accordance with the controls of the Profession Council.
Discussing the dividend for the financial year ending on 12/31/2023 and making the appropriate decision regarding it.
Discussing the increase in the capital of the National Bank of Iraq Company from (300,000,000,000 dinars) to (400,000,000,000 dinars according to
According to the provisions of Article (55) / Second of the Iraqi Companies Law No. (21) of (1997), amended, through the balance of retained profits and their distribution.
As free shares for shareholders, the authorized capital becomes 400,000,000,0001 dinars, four hundred billion Iraqi dinars.
Amending Article Fifth of the National Bank of Iraq Company’s Articles of Incorporation and taking the appropriate decision regarding it
Discussing financing the opening of branches during the year 2024 from retained profits and the appropriate decision.
Al-Mutarrif
The General Authority of the National Bank of Iraq announced the approval of the Board of Directors’ recommendation to increase the bank’s capital from 300 billion Iraqi dinars to 400 billion dinars through the balance of retained earnings and distributing them as free shares to shareholders and working to amend Clause Five of the bank’s articles of incorporation, praising the policies and instructions of the Central Bank of Iraq. Which was distinguished by its “flexibility and rapid response” to economic and political changes, while pointing out the completion of all technical requirements for launching the Swiss T24 system and preparing for the adoption of the anti-money laundering system “IML Sirion”.
The bank said in a statement that the general assembly of the bank approved during its annual meeting the distribution of cash dividends to shareholders at a rate of (20%) of the bank’s capital, in addition to the Board of Directors’ report and the financial statements of the National Bank of Iraq for the year 2023 and its future plans, especially those related to financing the opening of 7 branches of the bank. During the current year 2024 from retained earnings.
The Chairman of the Bank’s Board of Directors, Bassem Khalil Al-Salem, explained that “the Central Bank of Iraq’s monetary policies and banking instructions during the year 2023 were characterized by flexibility and rapid response to economic and political changes, which contributed to preserving the pillars of monetary stability and supporting exchange rate stability, which strengthened the role of the Iraqi banking sector and maintained... “Its durability, protected the rights of depositors and shareholders, and increased their confidence in the sector.”
Al-Salem pointed out that, “by the end of the year 2023, the National Bank of Iraq achieved outstanding financial performance, after recording net profits after tax of 190 billion Iraqi dinars, compared to 27.5 billion Iraqi dinars during the year 2022, and net interest income increased from 67.6 billion Iraqi dinars.” To 99.8 billion Iraqi dinars, with a growth rate of 46%, and total income increased from 108.1 billion Iraqi dinars to 343.1 billion Iraqi dinars, with a growth rate of 217%,” explaining that “these results reflect the effectiveness of the bank’s business strategy, which focuses on basic banking services, the most important of which are bank loans.” For individuals, large, medium and small companies and trade finance services for large companies.
According to Al-Salem, “The volume of customer deposits increased from 1.5 trillion Iraqi dinars in the year 2022 to 2.9 trillion Iraqi dinars in the year 2023, with a growth rate of 90%, and the total direct credit facilities also increased from 951 billion Iraqi dinars to 1.3 trillion Iraqi dinars, with a growth rate of 38%.” %,” indicating that “this growth came as a result of the expansion of loans granted to the category of employees whose salaries were localized with the bank, in addition to small, medium and large companies.”
Al-Salem pointed out that “the growth of various financial indicators contributed to an increase in the bank’s assets by 65% to reach about 3.9 trillion Iraqi dinars, the highest in the bank’s history,” pointing out that this increase reflects the growth in the volume of banking business, the increase in the bank’s market share, and the strengthening of its ability to provide banking services to its customers.
For his part, the authorized director of the National Bank of Iraq, Ayman Abu Dhaim, said, “The growth in the bank’s business also included a noticeable expansion in its customer base, which reached 210,000 customers in the year 2023, compared to 57,000 customers in the year 2022,” indicating “the expansion as well.” In the ATM network, adding 50 new machines around Iraq, bringing the total number to 190 machines.
Regarding geographical expansion, Abu Dhaim explained, “The bank opened 5 new branches in the year 2023, bringing the total to 31 branches, including one branch in the Kingdom of Saudi Arabia, which provided great added value to Saudi and Iraqi companies by facilitating sending and receiving internal transfers.” Foreign affairs, granting credit facilities, and providing trade financing services.
Abu Dhaim stated, “The National Bank of Iraq opened a number of advanced centers for counting and sorting cash, and a section dedicated to external transfers to ensure the provision of distinguished service to the bank’s customers from large, medium and small companies,” explaining that the bank offers a variety of new products that meet the needs of its customers and enhance their banking experience. In addition to providing custodian services, after obtaining official approvals from both the Securities Commission and the Iraqi Stock Exchange, this service aims to protect Iraqi and foreign investors and provide them with all investment services.”
At the level of international cooperation, Abu Dhaim pointed out that “the National Bank of Iraq opened a new account with JP Morgan and increased financial transactions with Citibank, in addition to signing a financing agreement with the US International Finance and Development Corporation ( DFC ),” pointing to “a commitment The bank is keeping pace with the latest technological developments and enhancing information security and the efficiency of banking services, as it worked to complete all the technical requirements to launch the T24 banking system , the best and most modern in the world from the Swiss company Temenos , which was launched at the beginning of 2024. We also made technical preparations to launch a new anti-money laundering management system (AML). Sirion ".
Abu Dhaim stated, “The Iraqi National Installment Company began its work during the year 2023, as it provides car selling services in installments to customers whose salaries have been settled with the National Bank of Iraq.”
Regarding the bank’s future plans, Abu Dhaim confirmed that “the bank will continue to expand its branch network, which will be increased by 7 branches to reach 38 branches by the end of 2024. The ATM network will also be expanded and increased to reach 400 tellers, in addition to focusing on developing and marketing services.” Electronic banking, increasing the bank’s share in financing trade for large companies, expanding the salary localization project and financing small and medium-sized companies, in addition to expanding the attraction of deposits from individuals, companies, and official government institutions, armed with the confidence the bank has gained in the banking sector supported by its financial results and advanced services.”
MILITARY
Iranian Foreign Minister: We warned Washington regarding the attack on Israel
He indicated that he had contacts with his counterparts in Belgium, the Netherlands, and Greek Cyprus
Iranian Foreign Minister Hossein Abdollahian said on Saturday that his country had delivered the necessary warning to the United States regarding the attack on Israel in response to the targeting of the consular section of the Iranian embassy in Damascus.
This was stated in a post on his account on the X platform.
The Iranian Foreign Minister indicated that he had contacts with his counterparts in Belgium, the Netherlands, and Greek Cyprus.
He said: "The terrorist attack launched by the Israeli regime on the Iranian embassy in Damascus and the violation of international law and the Vienna Conventions it represents has been included on the agenda."
He continued, "I explained our country's position. I stressed that the necessary warning had been given to the United States."
Earlier, the Iranian Foreign Minister discussed with his Russian counterpart, Sergei Lavrov, by phone the developments in Gaza.
On Saturday evening, Iran announced the launch of a comprehensive attack on Israel using drones.
Economic effects of the Iranian attack: expectations of a rise in oil prices and a sharp decline in cryptocurrencies
Bitcoin fell by 7.9 percent to $61,842, against the backdrop of the Iranian missile strike on the institutions of the Zionist entity in the occupied Palestinian territories, while there are expectations that the price of oil will rise to $100 per barrel, amid trading halt on Sunday as it is a holiday for global markets.
US Defense: We do not seek conflict with Iran
from Iraq's news
US Secretary of Defense Lloyd Austin confirmed that the United States does not seek conflict with Iran, indicating that it is determined to defend its forces and support the defense of the Israeli entity.
He said: "We condemn these reckless and unprecedented attacks launched by Iran and its proxies, and we call on Iran to immediately stop any further attacks, including those launched by its proxy forces, and work to calm tensions."
He added: "We do not seek conflict with Iran, but we will not hesitate to take measures to protect our forces and support the Israeli defense."
He continued: "Our forces are ready to protect American bases and American partners in the region, continue to support Israeli defense, and enhance regional stability."
He continued: "We will continue to closely monitor the situation in the Middle East and consult with US allies and partners."
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