Document.. The Iraqi judiciary settles the controversy over whether the governor of the Central Bank should remain in his position or not
notice this image is from 2023
The Supreme Judicial Council in Iraq supported the State Council’s decision to refer the Central Bank Governor, Ali Al-Alaq, to retirement after reaching the legal age.
The Supreme Judicial Council said in an official document, a copy of which was received by Shafaq News Agency, that the same subject was studied by the Studies Committee in the Presidency of the Judicial Supervision Authority, and the same opinion of the State Council was reached in the two aforementioned decisions.
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The House of Representatives had sent a letter to the Supreme Judicial Council inquiring about the judiciary’s opinion on the permissibility of the bank governor continuing in service after reaching the legal retirement age.
The State Council has decided the official position on whether or not the Central Bank Governor, Ali Al-Alaq, will continue in his position, confirming that he has exceeded the legal retirement age.
It was stated in correspondence between the State Council and Parliament, in response to the House of Representatives’ request to clarify the opinion of the State Council regarding the permissibility of the Governor of the Central Bank continuing in service after reaching the legal retirement age.
The State Council had explained, according to the documents, that Clause (First) of Article (103) of the Constitution stipulated that the Central Bank shall be a financially and administratively independent body whose work shall be regulated by law and which shall be accountable to the House of Representatives. Article (2) of the Central Bank Law issued pursuant to Order No. (56) of 2004 of the (dissolved) Provisional Coalition Authority stipulated that the Central Bank shall be a legal entity with full capacity and independence and subject to accountability.
He pointed out that the legislator has explicitly stipulated that retirement upon reaching the legal age is an inevitable retirement by law unless exempted by a special provision, and since there is no special provision exempting the Governor of the Central Bank from the provisions of inevitable retirement upon reaching the legal age.
The State Council confirmed that the legal principle states: “Heads of independent bodies are subject to the legal retirement age.”
text
Resolution No. 2024/95
314
The date is Muharram 26
House of Representatives - Office of the President
The opinion regarding the permissibility of the Governor of the Central Bank continuing to serve after reaching the legal age for referral
On retirement
We give you our best regards
With reference to your letter numbered (M.R./582) dated 7/8/2024, we are sending you the decision of the State Council taken regarding the permissibility of the Governor of the Central Bank continuing to serve after reaching the legal age for retirement.
With great appreciation
Dr Karim Khamis Khasbak, President of the State Council 2/24/8/1
text:
The Supreme Court sat
Office of the Council President
The Arba’een of Imam Hussein “peace be upon him”...the Iraqi Day of Volunteer Work)
Honorable Acting Speaker of the House of Representatives
M opinion
Greetings
Reference to your book No. (Jr. 581)
Dated 7/8/2024.
We refer you to the two decisions of the State Council, the first No. (2019/74) on August 26, 2018 and the second, No. (2024/95) on August 1, 2024 (A copy of them is attached regarding the topic of your book above. We would like to inform you that the same topic has been studied by the Study Committee In the presidency of the Judicial Supervision Authority, the same opinion was reached
The Council of State in the two aforementioned decisions.
For your knowledge, with appreciation.
judge
Supreme Judicial Council Office
Dr. Faiq Zidane
Chairman of the Council
Chairman of the Supreme Judicial Council
Al-Alaq: The Central Bank is working with the Prime Minister’s direction and the government program to support electronic payment
- Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed today, Saturday, that the Central Bank is working with the Prime Minister's direction and the government program to support electronic payment.
The Central Bank stated in a statement received by the Iraqi News Agency (INA) that "the Governor of the Central Bank participated in a specialized workshop to accelerate the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development."
The Governor said during his speech at the workshop - according to the statement - that "the Central Bank of Iraq works side by side with the government program and the Prime Minister's direction to support electronic payment, and we are proud of what we have achieved so far," noting that "in 2023, the amounts processed through the national switchboard witnessed a significant increase, which reflects the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular."
He added that "these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024," noting that "government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023."
Al-Alaq pointed out that "payment operations at fuel stations in Baghdad alone have increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July 2023, and (4.5) billion dinars in December 2023," revealing "a huge increase in the number of points of sale (POS) to reach more than (50) thousand points of sale this year compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them in government institutions after they were zero before the launch of the campaign in June 2023."
The governor expressed his "hope that government institutions will adopt the establishment of units specialized in electronic payment technologies to work on following up and developing this important aspect."
Al-Alaq: 44 billion dinars is the volume of fuel sales via electronic payment in a month in Baghdad
The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, that payment transactions at fuel stations in Baghdad recorded more than (44) billion dinars in July of this year.
Al-Alaq said during a workshop specializing in electronic payment, "The Central Bank of Iraq is working side by side with the government program and the Prime Minister's direction to support electronic payment."
He added: “We are proud of what we have achieved so far. In 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure, the expansion in the use of electronic payment channels, and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular.”
The Governor of the Central Bank explained that "these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024, and government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023."
He pointed out that "payment operations at fuel stations in Baghdad alone increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July of 2023 and (4.5) billion dinars in December 2023."
Al-Alaq revealed "a huge increase in the number of POS points of sale to reach more than (50) thousand POS points of sale this year, compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them in government institutions after they were zero before the launch of the campaign in June 2023."
He expressed his "hope that government institutions would adopt the establishment of specialized units in electronic payment technologies to work on following up and developing this important aspect."
Central Bank Governor: We have a broad transformation program towards digitization
The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed the existence of a broad transformation program towards digitization and the use of electronic payment tools.
Al-Alaq said in an interview followed by "Al-Eqtisad News", "There is a broad transformational program towards digitization and the use of electronic payment tools in a way that enhances this large program, and today we are witnessing developments reflected by the real numbers of the use of electronic payment tools, whether in the public or private sector."
Al-Alaq added: “We are now providing the broad infrastructure to enable all financial services tools and products to play their role,” considering that “this plays a very important role in our national economy and also in investing the existing energies, whether material or human.”
The Governor of the Central Bank of Iraq pointed out that "there is an integration of roles between electronic payment companies, banks and the Central Bank in a continuous manner in order to proceed with this major project."
He stressed, "We will reflect the size of the development in numbers in the past period and how the growth has become significant using these tools."
In June 2023, the Central Bank of Iraq announced the entry into force of Iraqi Cabinet Resolution No. (23044) for the year 2023, which is to increase the number of electronic payment devices in government institutions and the private sector to enhance the culture of electronic payment and collection, and reduce the use of paper money in collection and commercial transactions.
Central Bank Governor Participates in a Workshop Specialized in Electronic Payment
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in a specialized workshop on accelerating the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development.
His Excellency the Governor said during his speech at the workshop: The Central Bank of Iraq works side by side with the government program and the Prime Minister's direction to support electronic payment, and we are proud of what we have achieved so far. In 2023, the amounts processed through the national switchboard witnessed a significant increase, reflecting the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular. His Excellency added that these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024, and government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023.
His Excellency pointed out that payment operations at fuel stations in Baghdad alone increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July of 2023 and (4.5) billion dinars in December 2023, revealing a huge increase in the number of points of sale (POS) to reach more than (50) thousand points of sale this year compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them are in government institutions after they were zero before the launch of the campaign in June 2023.
Expressing his hope that government institutions will adopt the establishment of units specialized in electronic payment technologies to work on following up and developing this important aspect.Central Bank of Iraq
Media Office
August 10, 2024
Central Bank prepares for new talks with the Federal Reserve : Cancellation of electronic application for travelers’ dollars to prevent fraud
In response to what Al-Zaman published on its front page in previous issues, the Central Bank obligated banks to ensure that the process of purchasing dollars and depositing dinars must be done in person by the beneficiary exclusively. Al-Zaman reviewed a document titled “Travelers’ Dollar Reservation” signed by the bank’s Deputy Governor, Ammar Hamad Khalaf, which stated: “Due to the spread of fake pages on social media bearing the names of banks and exchange companies licensed by the bank, these platforms defraud citizens by publishing a fake link linked to these platforms to complete the process of purchasing the dollar currency for travelers and misleading citizens for the purpose of uploading their information, account number or card and their identification documents, and after completing the entry of information into the platform, a message is sent via the WhatsApp application requesting the transfer of the amount to be purchased.”
He stressed that “the process of purchasing dollars and depositing amounts in dinars is done in person at the headquarters of banks and companies exclusively and not by providing information about their identification documents and personal information, with you promoting this on social media pages and television channels to protect citizens from fraud and deception and to relieve you of responsibility for the fake pages that promote in the name of your banks and companies for electronic reservation and deposit and taking legal action against them.” The document renewed (the Central Bank’s confirmation of pursuing these platforms and those behind them by the security and regulatory authorities, and legal action will be taken. (their right based on the Anti-Money Laundering and Terrorism Financing Law), and indicated that (the bank also confirms the smoothness of the dollar sale process through airport outlets and through government banks and exchange companies, using the same mechanism that it launched previously).
The bank’s governor, Ali Al-Alaq, is visiting New York City to hold talks with the US Federal Reserve regarding the dollar. Al-Alaq said in a statement yesterday that (there will be meetings with the Federal Bank and the US Treasury Department at the end of August to review all aspects related to foreign transfer operations and discuss sanctions on some banks), adding that (what appeared in terms of talk, interpretations and additions in what happened in the previous meeting in Washington, in fact did not happen, but rather it was due to our attendance at other meetings, and there is a visit on this occasion to the US Assistant Secretary of the Treasury and a normal meeting that discussed general matters, where he confirmed the bank’s success in leading the steps it is taking, whether with regard to foreign transfers or the cash sale of the dollar, which has been developed to ensure that the traveler obtains the dollar), and Al-Alaq continued that (previous operations in granting the dollar to travelers were hindered by many problems, and speculators tried to enter these operations through various means, which negatively affected the dollar as well as through the use of other people’s passports ).
The dollar edged closer to a one-week high against its major rivals after the biggest drop in U.S. jobless claims eased fears of an impending economic slowdown. The greenback extended gains against the yen for a fourth day, supported by a rise in Treasury yields after stronger-than-expected jobs data on Thursday prompted a scaling back of bets on a Federal Reserve rate cut this year. The yen and the safe-haven Swiss franc were near one-week lows after Wall Street rose on an improving macroeconomic outlook .
Prime Minister's Advisor: The government has established a roadmap for the economic model in Iraq
The Prime Minister's Financial Advisor, Mazhar Muhammad Salih, on Saturday, defined the government's vision for the economic model, and while he indicated that it will guide investment decisions to achieve their goals, he stressed that the government of Prime Minister Muhammad Shia al-Sudani has established a roadmap for the work of the economic model in Iraq.
Saleh said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the economic model is a mathematical model used to represent the economy and analyze the behavior of various economic factors, as these models are used to understand how economic elements interact," indicating that "at the level of the philosophy of the Iraqi government curriculum, the basics of modeling the Iraqi economy were launched from an important vision based on the principle of analyzing the entire economy, taking into account the overall variables, most notably the basics of development and growth in the gross domestic product and imposing stability and effective operation of the joints of the national economy and the level of its interconnections."
He added that "the current digital life helps to use computing to conduct simulation experiments to understand the potential effects of various economic policies and adopt optimal paths from them," stressing that "Iraq has established in its government curriculum a practical foundation and a roadmap for the work of the economic model for Iraq through the development path strategy, since the beginning of the government of Prime Minister Mohammed Shia al-Sudani."
He pointed out that "the state of economic imbalance and its severe unilateralism has always required thinking about the future of the economy through an approach based on generating an alternative sector that leads the national economy," explaining that "the development path program is an academic viewpoint, and what the German economic thinker Albert Hirschmann presented in his famous book (Economic Development Strategy) published in 1958, in combating the state of imbalance and economic unilateralism with a theory based on economic development weight, and a leader for the economy that provides a high degree of backward and forward sectoral interconnections and high interactivity that achieves sustainable growth and restores balance in the long term for the national economy."
He pointed out that "this theory emphasizes in its model the need to invest in strategic sectors with a specific high priority instead of investing in all sectors at once," adding that "according to this theory, other sectors will develop automatically over time, and from this standpoint the idea of the economic model for the future of Iraq in prosperity and diversity was born, which is undoubtedly based on a strategy for the overall economy based on the development path."
Saleh noted that “this development strategy and the economic model that drives the macroeconomic variables, did not separate from it the vision of partnership between the state and the private sector and the principles of the social market within the data of the five-year national development plan and its objectives that were recently launched,” concluding his speech by saying that “the economic model or model for Iraq that we aspire to establish will provide the predictive foundations for evaluating economic policies and directing investment decisions to achieve their specific objectives in an optimal manner.”
Parliamentary Committee: The decline in oil prices will not affect the budget
On Saturday, the Parliamentary Oil and Energy Committee in the House of Representatives renewed its assertion that the drop in oil prices to $70 per barrel will not affect the budget.
Vice Chairman of the Committee, Nehru Mahmoud Qadir, told the Maaloma Agency, “There are concerns if the price of a barrel of oil reaches less than $70 in next year’s budget.”
He added, "The price of a barrel of oil was calculated at $70 in the budget for the year 2024, indicating that the slight fluctuation in oil prices will not affect it."
He stressed that "employees' salaries are fully insured even if oil prices drop to $70."
Clarification from Kurdistan about the reason for delaying July salaries and the date of their disbursement
The representative of the Kurdistan Regional Government in Baghdad, Faris Issa, commented today, Saturday (August 10, 2024), on the delay in disbursing salaries of employees in the region for the month of July.
Issa said in an interview with Baghdad Today, "So far, there is no problem in the process of disbursing salaries. The data, names, and lists have been provided by the regional government to the federal Ministry of Finance."
He added, "The delay is due to the audit process by the Federal Financial Control, and the disbursement will not be delayed and will take place in the coming days."
An informed source revealed, on Thursday (August 8, 2024), the main reason behind the delay in disbursing employees’ salaries in the Kurdistan Region.
The source said in an interview with "Baghdad Today" that "the main reason behind the delay in paying salaries is the new appointments and contracts made by the regional government, which caused a significant increase in the total amount of salaries."
He added that "the Federal Ministry of Finance decided to delay sending the amount until the lists are verified, and also to investigate and discuss the reasons for the increase, because the new amounts for employee salaries exceeded one trillion dinars, while the previous amount was less than 950 billion dinars."
There are major concerns, objections and problems regarding the issue of localizing salaries of Kurdistan Region employees and the possibility of the regional government intervening and benefiting from it, especially with the recent clarification issued by the Federal Supreme Court, which confirmed that its decision regarding localization includes all banks licensed by the Central Bank operating in the Kurdistan Region.
Iraq loses $52 billion in foreign investment due to "corruption"
On Saturday, the head of the "Iraq Al-Mustaqbal" Foundation concerned with economic affairs, Manar Al-Obaidi, referred to the latest report of the United Nations Development Program, which revealed the exit of more than 5 billion US dollars in foreign direct investments from Iraq in 2023.
The report showed, according to Al-Obaidi, that Iraq lost foreign investments worth more than 52 billion US dollars from 2013 to 2023.
Al-Obaidi stressed, in a statement received by Shafak News Agency, the importance of foreign investments in stimulating economic growth, increasing job opportunities, and transferring knowledge, stressing that foreign investments are an important source of income for funds not linked to state revenues or local investments.
Al-Obaidi identified the main reasons for the exit of these investments from Iraq, which include the deteriorating business environment, lack of transparency, accumulated bureaucracy, and multiple and conflicting decision-making sources, explaining that the lack of clear laws to protect foreign investors’ funds also contributed to this deterioration.
Al-Obaidi described the private sector support programmes as “weak slogans”, pointing out that the totalitarian and socialist thinking is prevalent in government institutions, which has negatively affected the objectives of investment agencies that have focused mainly on local real estate investments rather than in the fields of energy, infrastructure and productive projects.
Al-Ubaidi stressed that the continuation of socialist and pastoral thinking in government agencies will lead to the continued draining of foreign investments from Iraq.
He stressed the need for a real will to improve the business environment through three basic elements: transparency, facilities, and protection, in order to attract foreign investors and strengthen the Iraqi economy.
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