Association of Banks: Depriving Iraqi banks of the dollar is temporary and will be lifted
The Executive Director of the Iraqi Private Banks Association, Ali Tariq, confirmed that the Association and the banks are ready to meet “any requirements, whether local or international,” indicating that banks have been stopped from dealing in the US dollar “temporarily.”
Tariq explained in a press statement that “an important part of the challenges facing the private banking sector is “depriving a group of banks from dealing in the US dollar.”
the video for this blogpost is below here:
He pointed out that this deprivation “does not fall under sanctions, but rather stops the use of the dollar by banks,” stressing that it “negatively affects” these banks, noting that there is “a clear direction from the government and the central bank to solve these problems.”
He pointed out that the next stage will witness work through the committee that includes the Central Bank of Iraq and the relevant American authorities, which was formed during the Prime Minister’s visit, and “it is possible to develop a clear map for the work of these banks.”
Expert: The development path is the fastest, shortest, and safest for global trade and investments
Qusay said, during his hosting of the program {Free Speech} broadcast by Al-Furat satellite channel this evening, that: “
Iraq has a distinguished location on the level of the three continents and the process of preparing a safe investment infrastructure at a lower cost, in the sense of the process of preparing such paths that will turn towards economic
integration and an easier path to the process.” Investment
- The development path will be the fastest, shortest, and safest for global trade and investments, and Iraq will be the center of the path.
- Prime Minister Muhammad Shia Al-Sudani realizes the importance of the development path for Iraq and is heading towards not harming the Suez Canal.
- Iraq will belong to the World Trade Organization and the investor will be the one who will search for the best. The success factors in the competition support the development path project.
- There are great understandings from the global private sector regarding the development path, and the government is seeking to find partners in the investment opportunity in this path.
- The development path does not constitute a concern for regional ports, and Iraq is open to all international ports and welcomes the development path.
-Iraq has chemical sovereignty over its territory, and there can be cooperation with neighboring countries in a way that does not harm Al-Faw port and the employment of the Iraqi workforce.
-The railway connection does not harm the work of Iraqi and regional ports, and financial stability in Iraq is supported by the International Monetary Fund.
We need to establish 6 industrial cities with neighboring countries. The governorates have many natural resources and it is necessary to invest them for future generations.
Attracting Gulf investments makes Iraq a destination for global investment.
Rafidain Bank announces the implementation of the comprehensive banking system in its main branch
Today, Monday, Rafidain Bank announced the start of implementing the comprehensive banking system in its main branch.
A statement from the bank received by Mawazine News stated, “In continuation of the provisions of the government curriculum by adopting modern methods in completing banking transactions and expanding the circle of banking activity using advanced technical devices, Al-Rafidain Bank announces the implementation of the comprehensive banking system in the main branch in Baghdad, thus joining the branches in which the comprehensive system has been activated in Baghdad and the governorates, in addition to the branches of the border crossings (Zurbatiyah - Safwan - Arar - Trebil) in an important step to abandon paper work and move completely towards electronic transformation.”
The bank confirmed that “the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings to include all the bank’s branches in implementing the system, especially since one of the priorities and adoptions of the government program is electronic transformation in financial transactions, reducing episodes of red tape for citizens, and reducing time and effort in completing citizens’ transactions.”
An economic expert explains the reasons for the dollar's decline in the parallel market
Today, Monday, economic expert Safwan Qusay explained the reasons for the decline in the value of the dollar against the Iraqi dinar in the parallel market, pointing out the necessity of taking a number of government financial and economic measures to support the dinar.
Qusay told Al-Maalouma, “There is a policy followed by the Central Bank of Iraq to support the value of the dinar, as the dollar is still being sold for 1,320 dinars, and the commercial system in Iraq has improved so that merchants are able to invest through the electronic platform and enhance balances by obtaining the dollar at the official price.”
He added, "Demand withdrew from outside the parallel market towards the electronic platform of the Central Bank, in addition to the fact that there is a policy followed by the Sudanese government to implement reforms in financial management towards diversifying the economy and investment and supporting the value of the dinar."
He stated, "There is a need to implement financial and economic reforms and get out of the circle of the oil economy, as oil prices are what support or reduce the value of the dinar."
for now...
The dinar is recovering...a noticeable decline in the dollar exchange rates
Today, Monday (May 6, 2024), the exchange rates of the dollar against the dinar recorded a noticeable decline in banking shops in the capital, Baghdad.
The "Baghdad Today" correspondent said, "The selling price of the dollar today, in the banking offices in Baghdad, reached 146,250 dinars for every 100 dollars."
While "the purchase price reached 144,250 dinars for every 100 dollars."
A "potential" financial crisis... Iraqi banks face new threats at the end of 2024
The head of the Iraqi Private Banks Association, Wadih Al-Handal, saw on Monday that depriving half of Iraqi banks of dealing in the main international currency (the dollar) had a significant and clear impact on banking services inside Iraq, while he indicated that the central bank decided to cancel work on the platform. The dollar at the end of this year, and this will have a greater impact on the work of these banks. He called for accelerating their connection with international banks.
Al-Handal said, during his speech at the Challenges Facing Arab Banks conference, which was attended by a Shafaq News Agency correspondent, that “Iraq’s broader openness to the outside world supports the development of the Iraqi economic situation, attracts local and international investments, and consolidates the role of the banking sector in development.”
He added, "The vision and work of the Association of Banks is to build a strong Iraqi banking sector capable of facing challenges and contributing more to financing projects of various types, supporting the Iraqi economy, developing local and international partnerships, and promoting the concepts of financial inclusion in society."
He pointed out that "depriving half of Iraqi banks from dealing in the main international currency (the dollar) has had a significant and clear impact on banking services inside Iraq, despite the efforts of governmental and private institutions to comply with local and international anti-money laundering and terrorist financing laws throughout the previous period, according to Al-Handal."
Al-Handal praised “the efforts of the Iraqi government and the Central Bank of Iraq in resolving these problems with the American side, especially what resulted from the Prime Minister’s visit to Washington and the meeting with a number of American figures and the outcomes that determined the appointment of a review committee and the development of a road map for solutions.”
He pointed out that "the Iraqi Private Banks Association is fully prepared to cooperate and support the plans of the government and the Central Bank of Iraq and contribute to improving the banking environment and developing the banking infrastructure in accordance with best international practices."
He noted that "the Central Bank decided to cancel the dollar platform at the end of this year, and this will have a greater impact on the banks that are still operating until now by relying on limited foreign correspondent banks."
Al-Handal called on the Iraqi government and the Central Bank to “work to strengthen the private banking sector by supporting private banks in general and disadvantaged banks in particular to ensure the continuation of their work and open the horizons of banking work more broadly, whether inside Iraq or to help build strong relationships with international financial institutions.”
For his part, the Governor of the Central Bank of Iraq, Ali Al-Alaq, indicated during his speech at the conference that “central banks are facing increasing challenges after decades of traditional functions and missions, especially in light of global economic changes such as rising inflation and levels of public and private debt.”
Al-Alaq explained, “Central banks face new challenges in the interaction between financial and monetary stability, especially in light of the dominance of public finance and the decision of central banks to facilitate government debts, which requires facing the challenges of compliance with international laws, legislation and requirements.”
He pointed out that "Iraqi central banks have witnessed qualitative developments over the past ten years, including following up on the principles of compliance, governance, risk management, prudential oversight, and risk-based oversight, in addition to enhancing digital services and financial inclusion."
The Governor of the Central Bank of Iraq added: “But, despite these developments, there are still major challenges related to compliance with international laws and standards, which affects the opening of local financial institutions at the international level.”
Leaks: Ali Al-Alaq submitted a request to be relieved from managing the Central Bank
link I doubt this is true but wait 2 hours and we shall see
Informed sources revealed, on Sunday, that the Governor of the Central Bank, Ali Al-Alaq, submitted a request to be relieved of the position to Prime Minister Muhammad Shiaa Al-Sudani.
The sources said in leaks that “Al-Alaq submitted a request to be relieved from the management of the Central Bank of Sudan, but the decision on this request was postponed after the mediation of two advisors to the Prime Minister, but the dismissal of Al-Alaq remains ready.”
A member of the Parliamentary Finance Committee, Muhammad Nouri, stressed the importance of replacing the Governor of the Central Bank, Ali Al-Alaq, as he caused a major financial crisis and failed to manage the bank.
Nouri said in previous statements, that “changing the current central bank governor has become an urgent necessity for the country’s economic situation, given his dealings with the dollar file and his failure to take any real reaction to the sanctions that were imposed on a large group of Iraqi banks, which affected prices.” The dollar inside Iraq.”
Nouri revealed, “There is information indicating that the Central Bank is involved in smuggling delusional information to the US Treasury and the US Federal Bank to stop some banks affiliated with entities or people who are not subject to the dictates of the current governor, as well as its mismanagement, which led the Central Bank to the current situation and inflation, in addition to the issue of currency printing.” Which is one of the many files that proved Al-Alaq’s failure in managing the Central Bank of Iraq.”
Central Bank Governor: The banking sector is witnessing major qualitative developments
Central Bank Governor Ali Al-Alaq announced on Monday that the banking sector is witnessing major qualitative developments, while calling for cooperation and coordination between Arab central banks, banks and non-banking financial institutions to achieve stability and economic growth.
Al-Alaq said during the conference “The Challenges Facing Arab Banks in Complying with International Laws and Legislation and Meeting the Requirements of Correspondent Banks,” held in Baghdad in the presence of a large number of Arab banking and economic officials: “I am pleased to welcome you to your second country, Iraq, and I extend my thanks and gratitude to the Board of Directors of the Union of Banks.” The Arab League, the Secretary-General of the Association of Iraqi Private Banks, and everyone who contributed to enabling the holding of this conference, the importance of which is not hidden from everyone, is within the framework of the many cooperation and partnerships that the Central Bank of Iraq establishes with various Arab and international organizations and institutions and its openness to them, with the aim of exchanging experiences and improving performance in the banking and financial sector.
He added, "This reflects the compatibility of development visions and strategic objectives with regard to the topics being addressed, which focus on fundamental and essential areas, such as supporting economic development, combating money laundering and terrorist financing, digitizing financial and banking services and products, electronic payments, and achieving financial inclusion goals." Pointing out that "these issues directly affect the economy and the lives of citizens, as it is not possible to research the reality of the banking sector and the reality of banks apart from the overall economy."
Al-Alaq stressed that “central banks faced increasing challenges after decades of traditional functions and tasks, which could be close to static, until each period brought different challenges that required a special approach to confront them,” pointing out that “after long periods of decline in interest rates and inflation, The global economy has begun to face a phase characterized by high inflation and high levels of public and private debt, which has called on central banks to sense the urgent need to include financial stability and concerns about deflation within their economic models and to develop unconventional tools to deal with them.
He continued, "The financial crisis in 2008 was followed by a series of challenges, as public debt rose and the rush to raise interest rates to confront inflation threats made servicing the public debt more expensive. Here, it is difficult to balance in achieving intersecting goals that make it difficult to approach them," pointing out that "since... “The Corona crisis has become clear that public financial policy can correct one of the factors driving increased inflation.”
He stated that "the nature of shocks and the frequency of their occurrence have changed locally and internationally, as shocks historically occurred due to increased or decreased demand, with the exception of supply shocks, which is known as stagflation in the 1970s of the last century," pointing out that "there are many shocks today, including demand versus supply, and special risks versus Systemic risks, transient versus permanent shocks, which requires a modified approach in the face of sudden and unexpected changes.”
He stated that "central banks face new challenges in the interaction between financial and monetary stability, in light of the dominance of general financial policy and the necessity of central banks to facilitate excessive government debts, in accordance with financial control, which requires reducing spending or increasing domestic revenues, or both."
He stated that "over the past 10 years, the Iraqi banking sector has witnessed significant qualitative developments in response to the adoptions and policies of the Central Bank of Iraq, as it introduced and applied for the first time the concepts and practices of compliance rules, governance, risk management, prudential oversight, risk-based oversight, comprehensive quality management, business continuity, digital services, and financial inclusion."
He stated that "despite all these developments, there remain major and mounting challenges represented by the challenges of compliance with international laws, legislation, requirements and standards," explaining that "these challenges have a direct connection and impact on the openness of local financial institutions to their international counterparts."
He stressed that “to the extent that all of this achieves communication and connection with the outside world, it undoubtedly carries many challenges and implications,” expressing his hope that “this conference will succeed in satisfying it, reaching effective solutions to this challenge, and devoting cooperation and coordination between Arab central banks and Arab banks.” and non-banking financial institutions, to achieve stability and growth.
The President of the Association of Private Banks sends an “important” invitation to the Central Bank regarding the banking sector
Today, Monday, the President of the Association of Iraqi Private Banks, Wadih Al-Handal, sent an invitation to the Central Bank of Iraq regarding the Iraqi banking sector, while addressing the deprivation of Iraqi banks from dealing in dollars.
Al-Handal said in his speech at the conference, “The challenges facing Iraqi banks in complying with international laws and legislation and meeting the requirements of correspondent banks,” followed by “Al-Iqtisad News,” “Our vision and work revolve around building a strong Iraqi banking sector, capable of facing challenges and contributing more to financing various projects.” Its types, supporting the Iraqi economy, developing local and international partnerships, and promoting the concepts of financial inclusion in society.”
He added, "The Arab region is witnessing great challenges at all levels, including economic challenges and banking challenges in particular, including what happened in Iraq in terms of deprivation of dealing in the main international currency (the dollar), which is approximately half of the number of Iraqi banks, and which has had a significant and clear impact on banking services." inside Iraq).
The Director of the Association of Iraqi Private Banks explained: “I praise the efforts of the Iraqi government and the Central Bank of Iraq in resolving these problems with the American side, especially what resulted from the visit of Prime Minister Muhammad Shia Al-Sudani to Washington, and his meeting with a number of American figures.”
The outcomes that were determined include appointing a review committee and developing a road map for solutions.”
Al-Handal stated, “The Iraqi Private Banks Association is fully prepared to cooperate and support the plans of the government and the Central Bank of Iraq and contribute to improving the banking environment and developing the banking infrastructure in accordance with the best international practices.”
He called on the Iraqi government and the Central Bank to "work to strengthen the private banking sector, by supporting private banks in general and disadvantaged banks in particular to ensure the continuation of their work and open the horizons of banking work more broadly, whether inside Iraq or to help build strong relationships with international financial institutions."
The Iranian President receives Nechirvan Barzani
The President of the Kurdistan Region arrived in Tehran yesterday, Sunday, at the head of a high-level delegation of Kurdistan Regional officials.
The representative of the Kurdistan Regional Government in Tehran, Nazim Dabbagh, said about the official visit of the President of the Iraqi Kurdistan Region to Tehran: The President of the Iraqi Kurdistan Region arrived in Tehran this afternoon, Sunday, accompanied by a high-level delegation that includes Jaafar Sheikh Mustafa, Vice President of the Kurdistan Region, and Mustafa Sayyed Qadir, Vice President. The Kurdistan Region, Dilshad Shihab, chief advisor to the President of the Kurdistan Region, Reber Ahmed, Minister of the Interior of the Kurdistan Region, Fawzi Hariri, Head of the Diwan, and Abdullah Akra, the advisor to the President of the Kurdistan Region on Iranian affairs.
He added: In this official visit, the representative of the Kurdistan region will meet with senior Iranian officials, including; Leader of the Revolution, Sayyed Ali Khamenei, President Ebrahim Raisi, Speaker of the Islamic Shura Council, Mohammad Baqir Qalibaf, and Foreign Minister Hossein Amir Abdollahian.
The representative of the Kurdistan Regional Government in Tehran said about the goals of Nechirvan Barzani's visit to Iran: The President of the Kurdistan Region visited Tehran with the aim of strengthening bilateral relations, discussing the most important issues in the region, expanding relations between Tehran and Erbil, and will meet with senior Iranian officials.
Travel Companies Association: We are working to reach understandings and openness to countries of the world
The Association of Travel and Tourism Companies confirmed, today, Monday, the work to conclude understandings and agreements that enhance the tourism labor market and openness to countries of the world.
A statement by the Association of Travel and Tourism Companies in Iraq, received by the Iraqi News Agency (INA), stated that “the Iraqi pavilion opened this morning at the Arabian Travel Market (ATM) exhibition in Dubai,” noting that “the exhibition was launched with the participation of travel and tourism companies from various Iraqi governorates.”
The head of the Association of Travel and Tourism Companies, Haider Amer Al-Dujaili, said: “The association participated in the exhibition through an official pavilion representing Iraq for the third time in a row,” pointing out that “the Arabian Travel Market exhibition is considered one of the important Arab and international exhibitions in which multiple specialized companies and organizations participate.” In tourism work from all countries of the world.
Al-Dujaili continued, "The aim of the participation is to highlight Iraq as an important tourist destination in the Middle East and to promote archaeological, religious and cultural tourism, which is important because of the important sites and monuments that the land of Mesopotamia has."
He added, "We are working to conclude understandings and agreements that will enhance the joint tourism labor market and openness to all countries of the world."
Signing a memorandum of understanding between the Trade Bank of Iraq and the Japanese International Development Agency
Today, Monday, the Ministry of Planning announced the signing of a memorandum of understanding between the Trade Bank of Iraq and the Japanese International Development Agency.
The ministry said in a statement received by the Iraqi News Agency (INA): “On behalf of the Prime Minister, Muhammad Shia al-Sudani, the Minister of Planning, Muhammad Ali Tamim, today sponsored the signing ceremony of a memorandum of understanding between the Iraqi Trade Bank and the Japanese Development Agency (JICA).”
The statement added, "The signing ceremony was attended by the Prime Minister's Advisor, Muhammad al-Daraji, the President of the Trade Bank of Iraq, and a number of officials in the Ministries of Foreign Affairs and Finance, while on the Japanese side it was attended by representatives of the Japanese Embassy in Iraq and the JICA Agency."
Arab banks: Iraq supports the transition from dependence on oil revenues to a diversified economy
The Union of Arab Banks confirmed on Monday that the Iraqi government supports the country's transition from dependence on oil revenues to a successful diversified economy, while putting forward four proposals to enhance the compliance environment for Iraqi banks.
The Secretary-General of the Union of Arab Banks, Wissam Hassan, said during the conference “The Challenges Facing Arab Banks in Complying with International Laws and Legislation and Meeting the Requirements of Correspondent Banks,” held in Baghdad in the presence of a large number of Arab banking and economic officials, and attended by the correspondent of the Iraqi News Agency (INA): "Enhancing international confidence in Iraqi banks requires additional effort on multiple fronts, to enhance the compliance environment for Iraqi banks."
He pointed out, “There are four proposals to enhance the compliance environment in Iraqi banks. First, Iraqi banks must invest in a strong compliance infrastructure, and the second proposal is to adopt advanced technology, which leads to changing the rules of the game in the field of compliance, as there are many programs, including It relies on artificial intelligence, which helps in the compliance process and data analysis.”
He added, "The third proposal is to adopt the principle of transparency in banking operations and the preparation of financial reports, in order to build sustainable trust with the international community. The last and most important proposal, in our opinion, is to prepare a comprehensive national plan for capacity development, training and qualification, especially in the field of affiliation."
He continued, "Here the Union of Arab Banks proposes that a committee be established under the name of the National Capacity Development, Training and Qualification Committee, in cooperation between the Union of Arab Banks and the Association of Iraqi Private Banks and under the supervision of the Central Bank of Iraq, and its tasks will be training and qualifying Iraqi cadres and building capabilities in the subject of compliance and combating money laundering and terrorist financing." And combating corruption, to become what is called a certified director for combating financial crimes.”
He went on to say: "The committee's mission is also to provide consultation and technical support to develop and choose the special compliance program for each bank, in addition to forming an influence and communication force to develop Iraqi banks' relations with international banking and regulatory authorities, especially American ones, in addition to documenting policies, procedures and internal controls related to compliance for each bank." .
In turn, member of the Board of Directors of the Union of Arab Banks, Ziad Khalaf, said during the conference: “Compliance with international laws and legislation is not just a legal necessity, and not just an obligation, but rather an investment in confidence and economic stability, an investment that reflects our commitment to transparency and integrity, and our responsibility to ensure the protection of interests.” Finance, which is, in short, the basis of success and sustainability in mid-range businesses.”
He added, “If the Arab world wants to achieve integration and economic renaissance in the region, economists must recognize the historical moment in Iraq, which is the fourth largest economy in the Middle East and North Africa,” expressing his regret that “our Arab region is one of the least integrated regions in the world, as there is no Two-way trade represents only 18 percent of total trade, as well as of total exports.
He explained, "The Iraqi government today supports the country's transition from dependence on oil revenues to a diversified economy, as a single economy is fraught with risks, while a diversified economy is guaranteed success."
He pointed out that "activating the banking sector requires expanding electronic payment services and ensuring the granting of credit formations and loans by developing work mechanisms, including control and oversight, and enhancing their flexibility while adopting digital solutions, in addition to enhancing information security, combating fraud operations, and ensuring compliance with financial and banking legislation and laws," calling for "Enhancing cooperation in order to build strong foundations for sustainable growth in our Arab region."
The Union of Arab Banks proposes 4 “important” points for Iraqi banks to meet compliance standards
Today, Monday, the Secretary-General of the Union of Arab Banks, Wissam Al-Futouh, presented four proposals to confront Iraqi banks with compliance standards and stimulate their relationship with correspondent banks.
Al-Futuh said, in his speech during the conference “The Challenges Facing Arab Banks in Complying with State Laws and Legislation and Meeting the Requirements of Correspondent Banks,” that “the financial and banking challenges that Iraq has suffered recently are many, despite the efforts of the Central Bank of Iraq,” considering that “Iraqi banks deal With a complex network.
He added, "The Arab region is going through fateful dangers resulting from wars and other political conflicts, and this conflict would increase the risks of uncertainty in the prospects of the Middle East and North Africa, resulting in severe economic impacts on many Arab countries."
Al-Futuh proposed a set of points for Iraqi banks to meet compliance standards, stimulate their relationships with correspondent banks, and enhance confidence in Iraqi banks, including: “Iraqi banks must invest in strong infrastructure.”
He continued: The other thing is adopting advanced technology, which leads to changing the rules of the game in the field of compliance, as there are many programs that rely on artificial intelligence to help analyze data and comply.
As for the third matter, Al-Futuh focused on “the necessity of adopting the principle of transparency in banking operations and preparing financial reports, to build sustainable trust with the international community,” pointing out that “the last and most important matter is the preparation of a comprehensive national plan for capacity development, training and qualification, especially in the field of compliance with... During the establishment of a committee under the name of the National Committee for Capacity Development, Training and Qualification, which will be in cooperation between the Union of Arab Banks and the Association of Iraqi Private Banks, under the supervision of the Central Bank of Iraq.
He pointed out, “The tasks of this committee also include 4 important points. The first revolves around training and qualification of Arab cadres and capacity building on the subject of compliance, while the second revolves around providing advice and support and choosing a compliance program specific to each bank.”
The third point “represents the formation of a continuous force of influence to develop the relations of Iraqi banks with international bodies, especially the American ones.” The fourth point is “documenting policies and internal controls for banking compliance.”
The Iraqi-American agreements and cooperation were the most prominent topics of Al-Araji and Romanowski’s discussions
Today, Monday (May 6, 2024), National Security Advisor Qasim Al-Araji discussed with the US Ambassador to Baghdad, Alina Romanowski, the latest developments in the Iraqi-American agreements.
Al-Araji's media office said in a statement received by "Baghdad Today", "National Security Advisor Qasim Al-Araji received in his office today, Monday, the American ambassador to Baghdad, Alina Romanowski," noting that "the two sides discussed the results of Prime Minister Muhammad Shiaa Al-Sudani's successful visit to Washington," Which witnessed multiple and diverse meetings for the benefit of Iraq and the region.”
According to the statement, Al-Araji stressed "the importance of following up on the memorandums of understanding that were signed between the two countries in various fields, especially in the fields of oil, energy and investment."
He explained, "Al-Araji discussed with the American Ambassador the latest developments in the political and security situation at the international and regional levels, as well as discussing the continuation of cooperation between Iraq and the United States in areas that serve the interests of both countries."
Tomorrow.. The Iraqi Council of Ministers approves the 2024 budget schedules
link let's hope so
The Financial Advisor to the Prime Minister, Mazhar Muhammad Salih, revealed on Monday new details related to the budget lists and schedules for the year 2024, which are still under discussion in the Iraqi Council of Ministers.
Speaking to Shafaq News Agency, Saleh suggested that the Council of Ministers, in a session tomorrow, Tuesday, will discuss and approve the budget law schedules, and then send them to the House of Representatives as soon as possible.
The Sudanese advisor explained, “The percentage of the deficit in the budget tables is unknown, and it will be determined according to the tables that will be approved by the Council of Ministers, before sending them to the House of Representatives.”
According to what was stated in Law No. 13 of 2023, the lists and tables of the tripartite general budget law should be submitted to the House of Representatives.
The Council of Ministers was scheduled to vote, in last Tuesday’s session, on the budget schedules for the year 2024, and send them to Parliament, according to what was announced by the Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, but the Council did not include that on its agenda.
The statement from the office of Prime Minister Muhammad Shiaa Al-Sudani during last week's session did not include any details about the 2024 budget schedules.
Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, agreed last Tuesday, with the Prime Minister, Muhammad Shiaa Al-Sudani, on the necessity of completing the schedules of the budget law for the year 2024, and expediting sending them to the House of Representatives for the purpose of discussing and voting on them.
Iranian President Ebrahim Raisi will visit Iraq soon
Iranian Deputy Interior Minister and Chairman of the Arbaeen Visiting Committee, Majeed Mir Ahmadi, revealed today, Monday (May 6, 2024), that his country’s President, Ebrahim Raisi, will visit Iraq in the near future.
Mir Ahmadi said on the sidelines of the meeting of the Arbaeen Visiting Committee in press statements followed by “Baghdad Today” that “Iranian President Ibrahim Raisi will pay a visit to Iraq, and after him, Iraqi Interior Minister Abdul Amir al-Shammari will visit Tehran.”
This will be Raisi's first visit since he assumed the presidency in August 2021. Raisi had visited Iraq in recent years after he was the head of the Iranian judiciary.
Mir Ahmadi added, "In the negotiations with the Iraqi Minister of Interior, we agreed on 50 issues, including facilitating the crossing of the border for visitors, and the plan to exchange Iranian passport information with the Iraqi side will be implemented across the four borders with the Iraqi side, and this will continue after the Arbaeen days of the visit as well," indicating that "the two sides They agreed that the international passport and the Hajj passport will be the basis for Iranian visitors’ travel to the holy shrines.”
The Iranian Deputy Interior Minister spoke about the agreements concluded regarding non-Iranian citizens and said: The Iraqi side has some considerations related to Pakistani citizens, which it shared with the Iranian delegation during this trip.
The Iraqi Interior Minister will travel to Iran in the future to make proposals to accept Pakistani visitors and reach an agreement.
The Iraqi side did not have a specific opinion regarding non-Pakistani citizens.
The Secretary of Central Production for Raba'in mentioned the agreement on the border stations and the price of parking in the garages of Al-Kazemin, Samarra, Najaf, and Karbala, like other agreements concluded between the two sides.
He continued: “Given the high death toll in road accidents during the fortieth days, we reached an agreement with the Iraqi side to form a joint committee to address this issue so that accidents can be prevented by deploying police in accident-prone areas on Iraqi roads.”
The Secretary of the Arbaeen Headquarters mentioned land, sea and air transportation as one of the other agreements concluded with the Iraqi side, and said: “According to the agreement, 1,500 daily flights will be operated from Iran to Iraq during the Arbaeen.
He continued: We reached good agreements with the Iraqi side regarding establishing three-digit phone numbers and free internet, facilitating the transfer of Iraqi forces, and establishing regional bases on the six borders.
He revealed an agreement with the Central Bank of Iran that the grant for Iranian visitors in the forty days will be in dinars instead of dollars, and he added that the number of visitors will be similar to the previous year.
Al-Sudani receives the director of the British Petroleum (BP) oil company branch in Iraq
Prime Minister Muhammad Shiaa Al-Sudani received, today, Monday, the director of the British Petroleum (BP) oil company branch in Iraq.
hmmm a private meeting
Iran calls for the use of national currencies in economic exchanges with Iraq
According to Iranian agencies, during the meeting, an informant said that the achievements and successes of the Iraqi government and people have always been of special importance to the Islamic Republic of Iran, expressing his hope that we will witness, day after day, the achievement of more successes and prosperity for the peoples of the two countries.
Mukhbar considered that facilitating cooperation between the private sector in the two countries is the basis for developing economic relations between Iran and Iraq, and added: The Iranian private sector has a great motivation to work in Iraq, due to the friendly relations between the two countries and the presence of the holy shrines.
He called for the Joint Cooperation Committee to identify obstacles to the development of trade relations between the two countries, and to take the necessary steps to resolve them.
Mukhbar also stressed the necessity of using national currencies in economic exchanges, pointing out that the friendly, deep and historical relations between the two countries require the use of national currencies in commercial and economic exchanges, instead of using the currency of a third country.
A sensitive development awaits the Baghdad dollar after 6 months, and Washington will take on the role of the central bank... a prominent expert
link
nly TBI had a good time!
A prominent financial expert confirms that Iraqi banks are waiting for a sensitive development after six months, which may have a significant impact on the position of the dollar in Iraq, as the central bank will withdraw from the role of mediator in purchasing the currency from Washington, and the major American banks will be the only window for that, while nothing has happened. No Iraqi bank has brokered it so far, except TBI.
Mahmoud Dagher, a financial expert and former official at the Central Bank, during an interview with the journalist Adnan Al-Taie:
We have Iraqi banks in which the capital is Iraqi, and we have banks in which part of the capital is foreign, which may be more than 50%. They are also Iraqi banks, and this is permitted by law. The third category is branches of foreign banks. All of them are subject to the supervision of the Central Bank of Iraq.
What happened is that foreign banks had an opportunity resulting from the restrictions or sanctions that included 28 Iraqi banks so far, and led to customers going to non-restricted banks that had better facilities.
The weakness of Iraqi banks since their inception. Most private banks emerged after 2015, and the problem is that Iraqi banks were affected by the political atmosphere. If you notice the dates of the sanctions imposed on them, each one is preceded by a political event.
We linked our currency to the United States and signed that the dollar currency may not be used in a way that harms the United States, and therefore it interprets that as it pleases. It deals with the possibility that these banks will use the currency to finance the liabilities of the United States, and this is a verbal discount.
In fact, if Iraqi banks do not obtain major correspondents (reputable intermediary banks), then this is a problem, and it is known that the Central Bank discusses this matter with major banks such as JP Morgan and Citibank every year, and sometimes the meeting even takes place in the United States, and I attended the discussions. . They see that there are risks in working with Iraqi banks, and they call our region a dangerous region (risky region), and they have only agreed to be correspondents for the Trade Bank of Iraq (TBI).
At the end of this year, if the Central Bank platform is abolished and thus the role of the Central Bank as an intermediary for purchasing dollars for banks is abolished, the issue will become more complicated for Iraqi banks that do not have American correspondents.
This may affect the dollar. If the platform is removed, the work of purely Iraqi banks that do not possess foreign investment capital will be complicated, and some of them continue to operate now, either conservatively or with limits, because they do not have an American correspondent bank. The American correspondent provides the BILTS (guidance and consulting) service, such as JPMorgan Bank and others.
In the month of 12, the arrangements will be implemented. The Central Bank of Iraq has now opened the door to establishing digital (electronic) banks. I believe that alternatives must be found before December, because remaining in this state will increase the risks and problems that will occur.
Oil is preparing to export gas oil after achieving self-sufficiency
The Ministry of Oil announced today, Monday, its readiness to export gas oil after achieving self-sufficiency in it.
The Undersecretary of the Ministry of Oil for Refining Affairs, Hamid Al-Zubaie, said in a statement received by the Iraqi News Agency (INA): “The Ministry is in the process of exporting the surplus gas oil produced locally to global markets after it succeeded in meeting the country’s need for it.”
He added, "Logistics procedures are being completed at the ports for export purposes in order to maximize revenues."
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