Dollar crisis: Changing exchange rates will create “huge problems” and smuggling is led by a “deep state”
The head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi , confirmed today, Tuesday (September 10, 2024), that changing the exchange rates will create many problems, as the deep state is the one managing the state’s smuggling outside the borders of Iraq.
The video for this blog post is below here:
Al-Tamimi told Baghdad Today, "The money market is suffering from major challenges and is exposed to tremors at any moment, especially since the ability to control it is limited in most areas, with the continued smuggling of the dollar, which has become a lifeline for names and entities representing the deep state in the country in order to maintain its influence."
He added that "the recent rise in the parallel market was due to speculation and the spread of misleading news, in addition to the presence of names that control a large part of the liquidity," noting that "talk about the Central Bank resorting to changing the dollar exchange rates is still speculation, and if it happens, it will lead to many problems."
He pointed out that "without controlling the smuggling rate, the difference between the official and parallel price will remain high," stressing that "the price difference generates billions of dinars in the pockets of many parties and forces."
It is noteworthy that a banking source reported yesterday, Monday (September 9, 2024), that there was confusion in the foreign currency markets, while he expected their prices to rise.
The source told Baghdad Today, "The Central Bank will issue new decisions regarding foreign currency prices and the method of trading them within Iraq."
He added, "It is likely that these decisions will lead to an increase in the dollar exchange rate in the parallel market due to the currency shortage."
The source said, "The aim of these decisions is to limit currency smuggling or its monopoly by the weak-willed."
The dollar exchange rates witnessed a new rise in the two main stock exchanges and local markets for the second day in a row.
"Great importance" in the Iranian President's visit to Iraq.. and these are its implications
Abdul-Ilah told {Euphrates News} that: "The Iranian president's visit to Iraq has great importance at the regional level and comes within the framework of representing and raising the level of the nature of relations between the two countries."
He added, "Iran is a neighboring country to Iraq, and has strong relations after 2003, as well as Iraq's important role in representing the nature of Iran's relations with the Gulf countries, especially the Kingdom of Saudi Arabia, as well as with Jordan to bring viewpoints closer."
Abdul-Ilah continued, "The visit of Iranian President Masoud Pezeshkian to Iraq will develop agreements and memoranda of understanding between the two countries, which will contribute to the process of economic intertwining."
He explained that "Iran's participation in the first and second Baghdad Summit for Cooperation and Partnership indicates seriousness in the process of economic projects, especially the development road and the Shalamcheh railways."
He pointed out that "it is in Iraq's interest that there are no regional repercussions or in the Middle East region in general, as this matter affects the nature of the economic equation and the government program," stressing that "concluding bilateral economic partnerships requires security calm in the region and internally."
Abdul-Ilah concluded by saying, "Iraq affirms the importance of this visit as it has very important political, economic, commercial, investment and security agreements with Iran; therefore, we expect to raise all the files that raise the levels of the nature of this relationship."
Iranian President Masoud Pezeshkian will visit Iraq on Wednesday at the official invitation of Prime Minister Mohammed Shia al-Sudani, where he will hold talks with senior Iraqi officials and sign several bilateral cooperation agreements, including security memoranda of understanding.
This visit is the first visit by the new Iranian president who took office at the end of last July.
Close to Al-Ameri: We support Al-Sudani, and there is no demand for his resignation or early elections
The Al-Fatah Alliance, led by Hadi Al-Amiri, denied, on Tuesday, what was reported about a request from some leaders of the Coordination Framework for Prime Minister Mohammed Shia Al-Sudani to submit his resignation and move towards early parliamentary elections, as a result of recent problems and crises.
The leader of the coalition, Ali Al-Fatlawi, told Shafaq News Agency, "The news that spoke about the existence of a request from the Coordination Framework or some of the leaders of the framework for Prime Minister Mohammed Shia Al-Sudani to submit his resignation and head towards early elections is incorrect, as there is no such request."
Al-Fatlawi explained that "Al-Sudani has commitments, which are agreements with the forces of the Coordination Framework, and he is required to resolve these files, most notably the file of withdrawing American forces, as well as the dollar crisis and even the services file, and these files are discussed in depth during the periodic meetings of the framework," stressing that "the Coordination Framework still strongly supports Al-Sudani and his government, and it is not in favor of moving towards early elections."
The leaders of the Coordination Framework held a meeting the night before last at Hadi al-Amiri's house, in the presence of Prime Minister Mohammed Shia al-Sudani.
According to the spokesman for the Victory Coalition, Aqil Al-Radini, the leaders of the Coordination Framework discussed the file of the (Mohammed Juhi Network), and an agreement was reached during the meeting on the necessity of the continuation of Al-Sudani’s government and the importance of overcoming these obstacles and supporting Al-Sudani and his government until the end of its term.
Al-Radini pointed out that "some leaders of the framework considered what happened to be a kind of failure, especially with regard to the (eavesdropping) file from within the Prime Minister's office, and some exploited this file in order to weaken the government. Therefore, the Coordination Framework stressed during its meeting its support for the government and its passage through this stage to the end of the parliamentary session, especially since it is a comprehensive government for all blocs and parties."
Strange objects fall near the US embassy and the counter-terrorism headquarters at Baghdad airport
A security source reported, today, Wednesday (September 11, 2024), that strange objects fell near the US embassy and the counter-terrorism headquarters at Baghdad airport.
The source said in an interview with Baghdad Today, "Strange objects, the type of which is unknown, whether they were missiles or mortar shells, fell on the approaches to Baghdad International Airport."
He added, "The first fell near the US embassy's logistical support and the second near the headquarters of the Counter-Terrorism Service."
He stressed that "initial information indicates that there were no injuries."
Meeting between Masoud Barzani and Pezeshkian in Erbil
Kurdish leader Masoud Barzani received Iranian President Masoud Pezeshkian, who arrived in Erbil this morning, on Thursday.
Shafaq News Agency correspondent said that the two leaders held a meeting in Erbil within the framework of strengthening bilateral relations and discussing issues of common interest.
This morning, talks began in Erbil between the President of the Kurdistan Region, Nechirvan Barzani, and the Prime Minister of the Region, Masrour Barzani, with the Iranian President, Masoud Pezeshkian, who arrived in the city this morning on an official visit.
Upon his arrival at Erbil International Airport, Pezeshkian was received by the President of the Kurdistan Region, Nechirvan Barzani, and a number of officials.
This visit comes after meetings held by Pezeshkian in Baghdad with Federal Prime Minister Mohammed Shia al-Sudani and a number of Iraqi officials, and is his first foreign visit since assuming office.
The Minister of Oil discusses with a delegation from the American company "Hunt Oil" the projects that the ministry is keen to implement
Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani reviewed with a delegation from the American company "Hunt Oil" the projects that the ministry is keen to implement.
A statement by the Ministry of Oil stated that the minister received a delegation from the American company "Hunt Oil" specialized in the field of extraction, which included the company's CEO "Mark Gunnin" and the company's Senior Vice President for International Projects "Lgor Salazar" and the company's Vice President in Kurdistan and International Projects "Amos Sanders" and the company's Vice President for Public Affairs "Paul Schulze" and the company's Regional Director in the Middle East "Charles Leary".
During the meeting, according to the statement, the projects that the ministry is keen to implement in the field of investment and development of oil and gas fields and patches were reviewed, and the provision of a safe environment for the work of international companies wishing to participate in the development of the oil and energy sectors in the country was emphasized.
The meeting was attended, according to the statement, by the Undersecretary of the Ministry of Oil for Gas Affairs, the Iraqi Ambassador to the United States, the Prime Minister's Advisors for Oil and Energy Affairs, and the Ministry's Directors General.
After Congressional accusations, Oil Minister arrives in America and offers "promising investments"
Oil Minister Hayan Abdul Ghani arrived in the United States of America, at the head of a government delegation, and held a series of meetings with American officials, on the sidelines of the meeting of the Iraqi-American Business Council, days after demands to cancel the Iraqi minister’s visit issued by members of Congress, based on accusations related to “smuggling Iranian oil.”
The Ministry of Oil published photos of the meeting of Minister Hayan Abdul Ghani and the Iraqi delegation with the American side, in the presence of the US Assistant Secretary of State, the Director of the Institute and the President of the American Chamber of Commerce, and a number of companies, which was held at the Baker Institute in Houston.
According to the official Iraqi statement, Abdul Ghani stressed during the meeting the "depth of cooperation with the American side, which has been achieved over 20 years of cooperation and partnership in various fields such as oil, energy, agriculture, trade and business, and at the governmental and investment levels for both sides," and pointed out the "importance of exchanging visions and ideas and reviewing joint opportunities that are in the interest of both countries."
Abdul Ghani said, "Iraq and the Ministry of Oil are very interested in cooperating with American and Western European companies that wish to visit Iraq and will receive great attention from the Iraqi side," indicating that "Iraq will work in return to send high-level delegations to visit the United States, after invitations are extended by solid companies, to discuss and examine the proposed projects to reach levels of strategic partnership that serve the common interests of all parties."
The Minister spoke about "Iraq's advanced position in the energy industry at the global and regional levels, which comes from its oil reserves of more than 145 billion barrels of explored oil, with a production capacity of more than five million barrels of oil, with a confirmed gas reserve of more than 130 trillion standard cubic feet, and an expected reserve of more than 160 trillion cubic feet, making it a major and influential player at the regional and global levels."
He also spoke about "gas investment projects that have made clear progress in gas investment from various fields," and said that "the percentage of invested gas did not exceed 51% of associated gas in 2022, and this percentage increased to more than 65% in the current year, and this came through the implementation of many projects related to gas investment, through cooperation with international companies and national efforts."
The minister pledged to "completely stop flaring gas by the end of 2028, so that Iraq will be one of the countries that contribute greatly to reducing thermal emissions, and benefit from this energy and employ it towards generating electricity and various industries."
He also said that the ministry had recently added "refining capacities exceeding 360,000 barrels per day in the Karbala and North refineries and the fourth unit in the Basra refinery, in addition to supporting units distributed in other locations until the country was satisfied with a wide range of products that were included in the import basket, and the ministry is now in the process of exporting some of them, especially gas oil."
Abdul Ghani added, "There are many gas exploration blocks with high and medium promise, containing large quantities of natural gas that are available for investment, spread across Anbar and Nineveh provinces. Specialized American companies can contribute to investing in these blocks according to the mechanism adopted by the Iraqi Ministry of Oil, as some of these blocks contain very large quantities of natural gas with very high promise."
The Minister of Oil confirmed, "Working in parallel also on an updated economic model for partnership with the private sector in gas investment in the Bin Omar field, which documents a new direction for the government and the ministry to involve the private sector more responsibly and effectively amidst a higher national vision to activate the attractive fruitful partnership with the private sector, especially since the government issued detailed instructions for partnership and investment patterns through Instructions No. 1 of 2024, which indicates the Iraqi legislator's determination to diversify sources of project financing, and give the private sector partner a broader and greater role."
The Minister also stressed that "the government is adopting integrated projects today to benefit from the added value of crude oil and gas production, as these projects include crude oil production, associated gas investment, electricity generation, the establishment of a refinery that is compatible with oil production, and the establishment of petrochemical and fertilizer factories, to be an integrated project in all aspects that establishes complementary industries that contribute to employing the workforce and providing job opportunities and various industries that allow the private sector to contribute to the development of the national industry."
According to the statement, Abdul Ghani also spoke about the "bold decisions to begin establishing the development road linking the south to the north, and signing memoranda of understanding with the Turkish, Emirati and Qatari sides in this regard, which will establish the basis for the development of free zones and various industries."
The meeting addressed the electricity file, as the minister indicated that the government "has taken effective measures to develop the generation system by adding combined cycles to power generation stations with capacities exceeding 5,000 megawatts and reducing thermal emissions by increasing the efficiency of generation units from 35% for the simple cycle to more than 65% for the combined cycles, in addition to effective measures to develop the distribution system throughout Iraq," indicating that "the Ministry of Electricity has taken practical measures to activate the system of importing and exchanging electricity with neighboring countries. Memoranda of Understanding have been signed in this field with the Hashemite Kingdom of Jordan, Turkey, the Kingdom of Saudi Arabia and other Gulf countries through the State of Kuwait, and measures are continuing to develop the electrical system to reach self-sufficiency, in addition to promising projects to generate electricity using solar energy."
The statement also indicated that the Iraqi delegation visiting the United States of America "includes an elite group of specialists and decision-makers in technical, oil and investment affairs, for a new round of maturation of the previously drawn frameworks and to open new areas of cooperation and partnership between the two parties."
12th
Economic renaissance and unprecedented progress.. Iraq maximizes its non-oil revenues and reduces its debts
The country has witnessed an unprecedented economic renaissance, as ambitious government plans have achieved remarkable successes, most notably food security, achieving self-sufficiency in grains, stimulating markets and creating competition between them, in addition to economic growth and reducing foreign debt to its lowest levels.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, told the Iraqi News Agency (INA): "The government has worked to establish a solid food security system based on the successful integration of agricultural and financial policies," indicating that "government support for grain producers has formed a safety valve in encouraging agricultural production of grain crops, which in turn has encouraged farmers to provide nearly 6 million tons of grains during the year 2024, which is the quantity that matches the country's need for grains, and it has been considered one of the gateways to self-reliant food security."
He explained that "these measures were accompanied by providing the food basket with types and quantities that affect the lives of 40 million citizens, in addition to the move to revive the markets, which is a type of competitive commercial investment."
He pointed out that "the General Company for Central Markets is one of the formations of the Ministry of Trade, as it announced its new policy last March, that it will continue to refer its sites and markets to investment in accordance with the requirements of Investment Law No. 13 of 2006, as amended, in order to achieve economic balance and support the Iraqi consumer."
He added that "the marketing policy of the General Company for Central Markets, through the strategy of partnership between the state and the private sector, has undertaken to activate a pattern of market stability by providing competitive marketing outlets that meet the needs of the poor and low-income classes, through the best consumer products in terms of quality assurance and price stability," stressing that "this issue is consistent with the pivotal role played by the Competition and Anti-Monopoly Council issued under Law 14 of 2010, which aims to protect purchasing rights from monopoly and manipulation."
He added, "The supervisory and regulatory role of the Ministry of Commerce in regulating central markets comes within the framework of what can be called (competitive central consumer markets), which are markets that witness strong competition between companies and sellers to provide consumer products and services, as companies compete to offer the best prices, and ensure product quality and quality services to attract consumers, which leads to improving the overall consumer experience."
He added, "Competitive central markets that operate on the basis of investment by the private sector are characterised by the following:
1- Diversification of products, by providing a wide range of products and services from different brands.
2- Creating a sustainable climate of competitive prices and suppressing monopoly, as sellers will seek to offer price promotions and discounts to encourage customers to buy.
3- Providing logistical services to consumers, which are added services such as delivery services, loyalty programs, or after-sales services that increase the attractiveness of the market.
He added, "Companies displaying their products in competitive central markets will practice 'innovation' by offering new or innovative solutions to their products or how they are presented, to remain attractive in a new climate of competition in organised markets."
He noted that "competitive central markets will rely on strong distribution systems to provide access to them, enabling consumers to easily access the products offered by central markets."
He added, "Competitive investment-based central markets will enable companies with solid brands to benefit from the capacity and role of central markets throughout the country to always offer something distinctive that suits the lifestyle and ways of life by improving their products using the best technologies to increase their market share."
As for indicators of stability and economic growth, Saleh stated that “growth in the non-oil GDP has reached 6 percent, in light of the very moderate price growth rate, and according to the latest figures, it has only exceeded 3.7 percent annually, which means that the country is witnessing high price stability and development.”
He pointed out that "Iraq's external debts have fallen to their lowest level in the last forty years, not exceeding $10 billion, and the government is following a precise program to settle the external debt, which constitutes less than 9 percent of the country's total foreign exchange reserves, which are close to $108 billion, and are the highest foreign reserves in the country's monetary and financial history."
For his part, researcher and specialist in financial and banking affairs, Mustafa Hantoush, confirmed that “the Iraqi economy during the past three years has witnessed a number of correct trends, including:
1- Supporting the private sector with Law No. 18 of 2023 (Workers’ Retirement), which will guarantee retirement rights for all workers in Iraq.
2- Supporting the culture of electronic payment that would provide high-level financial and banking services to the citizen, as well as determining the liquidity position and having a financial reading of the market.
3- Work seriously to complete the designs and requirements for starting the (Development Road) project, which is considered the basis for opening the transportation economy to Iraq, and which is a complementary project to the Faw Port.
4- Establishing the (Service Effort) Committee, which provided tangible services in the capital, Baghdad, after long years of neglect, which would stimulate the labor and construction market in the capital and reduce transportation costs and time.
5- Heading towards residential complexes (adjacent to cities) and renegotiating with the Korean Hano Company.
He pointed out that, "Despite these measures, the Iraqi economy still needs many steps, including:
1- Effective monetary policies (lending - attracting deposits - financing investment) that would create a cash cycle from surplus to deficit.
2- Building the private sector through an accelerated pace using models (private sector budget - loan budget) that will activate the infrastructure of the private sector (cities or industrial or agricultural or tourist areas - roads to serve investment - investment electricity) with an available and known loan budget with reasonable conditions.
3- Protecting the local product through (the state purchasing the local product - closing borders and unofficial outlets - industrial and agricultural dollars).
4- Effective international negotiation on files such as (producing 25 thousand megawatts of electricity on credit with Siemens - establishing the international company for the port of Faw - increasing Iraq’s share of oil production and export).
5- Establishing a sovereign investment fund (domestic) in dollars after negotiating with the American side, to which part of the oil revenues in dollars will go and which will be invested in safe local investments such as (real estate - oil and gas investments) and others.
6- Establishing a real estate policy consisting of (real estate reconciliation with agriculture - supporting economic construction complexes - distributing land to those entitled to it - launching funding for well-studied housing initiatives).
In turn, researcher and academic Haitham Al-Khazaali explained that “the political stability that resulted from the government’s balanced policy, avoiding crisis management and focusing on achieving economic progress is what affected the stability of the security situation and then achieved economic stability.”
He added, "The economy is linked to security and reliance on political stability."
Unprecedented renaissance.. Iraq's economy recovers and its debts fall to "lowest levels"
The country has witnessed an unprecedented economic renaissance, as ambitious government plans have achieved remarkable successes, most notably food security, achieving self-sufficiency in grains, stimulating markets and creating competition between them, in addition to economic growth and reducing foreign debt to its lowest levels.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said: “The government has worked to establish a solid food security system based on the successful integration of agricultural and financial policies,” indicating that “government support for grain producers has been a safety valve in encouraging agricultural production of grain crops, which in turn has encouraged farmers to provide nearly 6 million tons of grains during the year 2024, which is the quantity that matches the country’s need for grains, and is considered one of the gateways to self-reliant food security,” according to the official agency.
He explained that "these measures were accompanied by providing the food basket with types and quantities that affect the lives of 40 million citizens, in addition to the move to revive the markets, which is a type of competitive commercial investment."
He pointed out that "the General Company for Central Markets is one of the formations of the Ministry of Trade, as it announced its new policy last March, that it will continue to refer its sites and markets to investment in accordance with the requirements of Investment Law No. 13 of 2006, as amended, in order to achieve economic balance and support the Iraqi consumer."
He added that "the marketing policy of the General Company for Central Markets, through the strategy of partnership between the state and the private sector, has undertaken to activate a pattern of market stability by providing competitive marketing outlets that meet the needs of the poor and low-income classes, through the best consumer products in terms of quality assurance and price stability," stressing that "this issue is consistent with the pivotal role played by the Competition and Anti-Monopoly Council issued under Law 14 of 2010, which aims to protect purchasing rights from monopoly and manipulation."
He added, "The supervisory and regulatory role of the Ministry of Commerce in regulating central markets comes within the framework of what can be called (competitive central consumer markets), which are markets that witness strong competition between companies and sellers to provide consumer products and services, as companies compete to offer the best prices, and ensure product quality and quality services to attract consumers, which leads to improving the overall consumer experience."
He added, "Competitive central markets that operate on the basis of investment by the private sector are characterised by the following:
1- Diversification of products, by providing a wide range of products and services from different brands.
2- Creating a sustainable climate of competitive prices and suppressing monopoly, as sellers will seek to offer price promotions and discounts to encourage customers to buy.
3- Providing logistical services to consumers, which are added services such as delivery services, loyalty programs, or after-sales services that increase the attractiveness of the market.
He added, "Companies displaying their products in competitive central markets will practice 'innovation' by offering new or innovative solutions to their products or how they are presented, to remain attractive in a new climate of competition in organised markets."
He noted that "competitive central markets will rely on strong distribution systems to provide access to them, enabling consumers to easily access the products offered by central markets."
He added, "Competitive investment-based central markets will enable companies with solid brands to benefit from the capacity and role of central markets throughout the country to always offer something distinctive that suits the lifestyle and ways of life by improving their products using the best technologies to increase their market share."
As for indicators of stability and economic growth, Saleh stated that “growth in the non-oil GDP has reached 6 percent, in light of the very moderate price growth rate, and according to the latest figures, it has only exceeded 3.7 percent annually, which means that the country is witnessing high price stability and development.”
He pointed out that "Iraq's external debts have fallen to their lowest level in the last forty years, not exceeding $10 billion, and the government is following a precise program to settle the external debt, which constitutes less than 9 percent of the country's total foreign exchange reserves, which are close to $108 billion, and are the highest foreign reserves in the country's monetary and financial history."
For his part, researcher and specialist in financial and banking affairs, Mustafa Hantoush, confirmed that “the Iraqi economy during the past three years has witnessed a number of correct trends, including:
1- Supporting the private sector with Law No. 18 of 2023 (Workers’ Retirement), which will guarantee retirement rights for all workers in Iraq.
2- Supporting the culture of electronic payment that would provide high-level financial and banking services to the citizen, as well as determining the liquidity position and having a financial reading of the market.
3- Work seriously to complete the designs and requirements for starting the (Development Road) project, which is considered the basis for opening the transportation economy to Iraq, and which is a complementary project to the Faw Port.
4- Establishing the (Service Effort) Committee, which provided tangible services in the capital, Baghdad, after long years of neglect, which would stimulate the labor and construction market in the capital and reduce transportation costs and time.
5- Heading towards residential complexes (adjacent to cities) and renegotiating with the Korean Hano Company.
He pointed out that, "Despite these measures, the Iraqi economy still needs many steps, including:
1- Effective monetary policies (lending - attracting deposits - financing investment) that would create a cash cycle from surplus to deficit.
2- Building the private sector through an accelerated pace using models (private sector budget - loan budget) that will activate the infrastructure of the private sector (cities or industrial or agricultural or tourist areas - roads to serve investment - investment electricity) with an available and known loan budget with reasonable conditions.
3- Protecting the local product through (the state purchasing the local product - closing borders and unofficial outlets - industrial and agricultural dollars).
4- Effective international negotiation on files such as (producing 25 thousand megawatts of electricity on credit with Siemens - establishing the international company for the port of Faw - increasing Iraq’s share of oil production and export).
5- Establishing a sovereign investment fund (domestic) in dollars after negotiating with the American side, to which part of the oil revenues in dollars will go and which will be invested in safe local investments such as (real estate - oil and gas investments) and others.
6- Establishing a real estate policy consisting of (real estate reconciliation with agriculture - supporting economic construction complexes - distributing land to those entitled to it - launching funding for well-studied housing initiatives).
In turn, researcher and academic Haitham Al-Khazaali explained that “the political stability that resulted from the government’s balanced policy, avoiding crisis management and focusing on achieving economic progress is what affected the stability of the security situation and then achieved economic stability.”
He added, "The economy is linked to security and reliance on political stability."
Joint meeting between the Presidents of the Region and the Kurdistan Government with the Iranian President.. Photos
Joint talks were launched today, Thursday, in Erbil, between the President of the Kurdistan Region, Nechirvan Barzani, the Prime Minister of the Region, Masrour Barzani, and the Iranian President, Masoud Pezeshkian.
The meeting came after the Iranian president arrived in Erbil in the morning, on an official visit aimed at strengthening bilateral relations and discussing regional issues of common interest.
It is expected that a number of security, economic and political issues will be discussed during the meeting, in light of the current challenges facing the region.
Iranian President Masoud Pezeshkian arrived in Erbil on an official visit, where he was received by Kurdistan Region President Nechirvan Barzani and a number of officials with an official ceremony at Erbil International Airport.
The visit comes after meetings held by Pezeshkian in Baghdad with Federal Prime Minister Mohammed Shia al-Sudani and a number of Iraqi officials.
This is the Iranian president's first foreign visit since taking office, and aims to strengthen bilateral relations, as Pezeshkian is scheduled to hold meetings with Kurdish leaders in Erbil and Sulaymaniyah.
Talabani: Pezeshkian's visit is a historic opportunity to strengthen relations between Kurdistan and Iran
Qubad Talabani, Deputy Prime Minister of the Kurdistan Regional Government, considered on Thursday the visit of Iranian President Masoud Pezeshkian a "historic opportunity" to strengthen relations between the region and the Islamic Republic.
Talabani described this visit in a message he published and Shafaq News Agency reviewed, as an affirmation of the continuation and development of the historical relations between the Kurdistan Region and the government of the Islamic Republic of Iran, which were established by the late President Jalal Talabani.
He added that this visit represents a historic opportunity to strengthen relations between the region and Iran in various fields.
Shafaq News Agency correspondent in Sulaymaniyah reported that after arriving in Sulaymaniyah, the Iranian president went to the shrine of the late Iraqi President Jalal Talabani, laid a wreath on his grave, and wrote a handwritten letter in the visitors' book.
The agency's correspondent added that the Iranian president then headed to "Dabashan", met with Pavel Talabani, the head of the Patriotic Union of Kurdistan, and held an extensive meeting with the party's leaders to discuss several files, most importantly the security file, and what is related to the presence of Kurdish parties opposing Iran within the geographical borders of Sulaymaniyah.
Al-Maliki: The combined efforts and cooperation of political forces prevents any collapse that Iraq may be exposed to
The head of the State of Law Coalition, Nouri al-Maliki, called on the political forces on Thursday to cooperate with each other to prevent "any collapse that Iraq may be exposed to."
Al-Maliki said in a televised speech, which was followed by Shafaq News Agency, that "the combined efforts of all authorities contribute to the stability of Iraq, and the strengthening of the principle of democracy, pluralism, and the peaceful transfer of power."
He added that "most countries and governments are exposed to crises, and there is no country in the world that has not gone through many crises," adding that "the government is the first to resolve crises, but it cannot face raging crises alone."
Al-Maliki also stressed that "the government, political forces, and all authorities each bear responsibility for confronting major crises," stressing that "the judiciary bears responsibility for activating its mechanisms and pursuing every case that requires a judicial position within the contexts adopted in the democratic system."
He pointed out that the House of Representatives has a role in legislating laws and procedures that must be taken by the government, indicating that the executive authority has a major role and bears the greatest burden in dealing with crises, but it alone cannot do so except in cooperation with the judiciary and the House of Representatives.
The head of the State of Law Coalition stressed the "major" role of the national parties and forces in managing the political process, noting that the committed national parties are the ones who bear responsibility and work for the good of the nation, and are the biggest partner in supporting the process of stability, construction, democracy and pluralism and finding solutions to major problems.
He continued, "If the political forces lose consensus and political agreement among themselves on the basis and ceiling of the constitution, they will turn into a means of destroying and disrupting the paths of the political process."
Al-Maliki continued, saying: We emphasize the importance of the role of political forces, parties and movements in working according to the constitution, away from personal gains, noting that everyone's efforts must be combined to confront crises and confront any deviation or departure from the constitutional foundations and principles.
He concluded his speech by saying: The combined efforts, cooperation and harmony of the political forces will prevent any collapse that Iraq may be exposed to, expressing his hope for the cooperation of all political forces to respect the will of the citizens, provide a decent life and protect the country's sovereignty from any violations.
Banking Association Advisor: International Payments and Banking Technologies Conference a Platform to Support Digital Transformation in Iraq
Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed on Thursday that the International Payments and Banking Technologies Conference, which will be held under the patronage of Eng. Mohammed Shia Al-Sudani, Prime Minister, on September 14 and 15, in joint cooperation between the Prime Minister’s Office, the Central Bank, and the Iraqi Private Banks Association, and with the attendance of governors of banks and specialized international companies, will support and accelerate the transition to digital government and the transition from a cash economy to a digital economy.
Parliamentary Finance Committee confirms that it will soon resume its investigation into changes made to the General Budget Law tables
The Parliamentary Finance Committee confirmed that it will soon resume its investigation into changes to the general budget law tables that were officially approved by the Council of Representatives, and objected to by the Prime Minister's Office.
Committee member, MP Moeen Al-Kazemi, said in a statement to the National Iraqi News Agency ( NINA ), that "the parliamentary investigation committee assigned by the Finance Committee will resume its work soon, to determine the reasons for the change in the general budget tables officially signed by the Speaker of Parliament and sent to the Council of Ministers."
He added, "The government is working with its tables approved by the Council of Representatives, and there is no financial damage to the public treasury," indicating, "The work on the general budget ceiling of 226 trillion dinars has been suspended, and the government is proceeding with implementing its tables that were approved by the Council of Representatives." He explained
, "The Parliamentary Finance Committee is following up on the reasons for the difference between the government version of the general budget tables and the paper and electronic version of the Council of Representatives."
Rafidain explains the benefits of electronic payment
Rafidain Bank explained, today, Friday, the benefits of electronic payment.
The bank said in a statement received by Iraq Observer, “Electronic payment saves time and effort, enhances economic growth, and eliminates the problems of damaged currency.”
Electronic payment
Saving time and effort and enhancing economic growth
Getting rid of damaged and counterfeit currency problems
Paying bills and conducting sales and purchases
Reducing currency trading in financial transactions
POS points of sale facilitate the payment process instead of cash
The High Office
Work begins to prepare next year's budget schedules
The Ministry of Labor and Social Affairs directed, on Thursday, to expedite the preparation of next year's budget, while indicating cooperation with Parliament to provide financial allocations to increase the salary of the full-time appointee.
The ministry stated in a statement received by / Mawazine News /, that "the head of the Commission for the Rights of Persons with Disabilities and Special Needs in the ministry, Dhikra Abdul Rahim, met with the Director General of the Commission, Issam Abdul Latif, and directed to expedite the completion of the budget tables for the Commission for the year 2025 and to establish the necessary financial allocations in accordance with the Law of Persons with Disabilities No. 11 of 2024 amending Law No. 38 of 2013 for the rights and services that this category deserves."
Abdul Rahim explained that "the Commission is committed to implementing the terms of the law according to the new amendment, so the staff began implementing it since its publication in the Iraqi Gazette."
Regarding the increase in the salary of the full-time appointee, she explained that “efforts are continuing by the Minister of Labor and Social Affairs, Ahmed Al-Asadi, in cooperation with the Parliamentary Labor Committee, to provide the necessary financial allocations,” noting that “the Authority has begun to include the general budget tables with the estimated amounts and present them to the Ministry of Finance for discussion to increase the financial allocation for the Authority and ensure the implementation of all the provisions of the law that serve the interests of persons with disabilities.”
Bazishkian: I will follow up on the implementation of the Shalamcheh-Basra railway project upon my return to the country
Bazishkian arrived in Basra Governorate this morning, the last stop on his visit to Iraq.
In a long speech delivered at the Oil Cultural Center, Bazeshkian spoke about the importance of unity, solidarity and harmony among the Islamic nation, renewing his thanks to the Governor of Basra.
Regarding relations and joint projects between the two countries, Pezeshkian, who spoke wearing an Arab cloak, pledged to follow up on the implementation of the Shalamcheh-Basra railway project upon his return to Iran.
"Implementing the project is just the first step, and I will pursue any means that will enhance our connection with each other," he said.
The sheikhs and dignitaries of Basra presented an Arab cloak as a gift to the President of the Islamic Republic of Iran.
Earlier, the Basra governor welcomed the Iranian president and thanked the Islamic Republic for standing with Iraq "before everyone else" to confront "the most heinous criminal in the world, the hateful ISIS."
Regarding the relations between the province and Iran, Al-Eidani said: “This generous city will always work in integration with the Islamic Republic for the benefit of both countries.”
Washington accuses Iraqi militias of targeting US diplomatic facility in Baghdad
The United States accused Iraqi "militias" allied with Iran of targeting a US diplomatic facility in the capital, Baghdad, and vowed to respond. It called on the Iraqi government to do its part to protect diplomatic facilities. Camp Victory, which houses US soldiers, west of Baghdad, was subjected to a rocket attack on Tuesday night, in an operation that came days after Iraq announced that there was no official and fixed agreement on a date for ending the international coalition’s mission and withdrawing US forces from the country.
On Friday, the US Embassy in Baghdad said in a statement that "last Tuesday, the Diplomatic Support Complex in Baghdad, a US diplomatic facility, was attacked, but fortunately no casualties were reported," stressing that "evidence suggests that the attack was launched by Iranian-allied militias operating freely in Iraq.” The statement indicated that "the Government of Iraq has repeatedly expressed its commitment to protecting diplomatic missions, as well as US military personnel who are in the country at its invitation," renewing its call on the Iraqi government to "protect our diplomatic and coalition partner personnel and their facilities.” It added, "We reserve the right to defend ourselves and protect our personnel anywhere in the world."
The attack came hours before Iranian President Massoud Pezeshkian was due to visit Iraq, and occurred despite Iraqi forces taking tight security measures in the capital. No Iraqi faction has claimed responsibility for the attack, and the Iraqi Hezbollah Brigades, allied with Iran, called on the government to uncover the perpetrators. “Targeting Baghdad airport at this time is carried out by suspicious hands, and its aim is to disrupt the Iranian president’s visit to Baghdad, and we call on the security services to uncover those involved,” said Hezbollah Brigades military spokesman Jaafar al-Husseini.
For its part, the Al-Fatah Alliance, an Iraqi political alliance with parliamentary and government representation that includes a number of armed factions, considered the attack "an attempt to confuse the cards and direct blame at the resistance factions." Ali Al-Fatlawi, a member of the alliance, said on Thursday that “the factions will not be afraid to declare any action they take. The attack aims to embarrass Prime Minister Mohammed Shia Al-Sudani and create a gap between the resistance factions and the government." He stressed that "the operation, in all its details, confirms that the resistance factions have nothing to do with it, neither directly nor indirectly."
In February, bilateral talks between Baghdad and Washington resumed regarding the withdrawal of international coalition forces from Iraq, with the adoption of a "deliberate and gradual reduction", leading to the end of the mission of the international coalition forces to combat ISIS, according to official Iraqi statements. However, the Security and Defense Committee in the Iraqi parliament expected that the recent attack would push the US side to a new military response against some Iraqi factions, especially since the Americans exploit any opportunity and circumstance to target those factions.
9/14
Some Spanish News Station Talking about the dinar
1:00:10
i will do a summary of the iraqi dinar situation and how it will develop based on the news we are
1:00:16
watching right now follow the thread and you will understand first of all we know that the dollar is destined to collapse this
1:00:22
september the decision was made last year in the 23rd secondly iraq bought a lot of dollars but it seems that they do not
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have enough dinar to cover the values and the expenses so they stated that they will turn on the printer if
1:00:34
they did it would cause huge inflation then iraq stated that they would sell their oil with dinars instead of
1:00:40
dollars but first they need to back the dinar with gold which means they cannot turn on the printer if it is
1:00:47
backed by gold because that is a big problem in itself in addition to inflation That's right after that
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they admitted that they will not print more bills Because if they are going to back the currency with gold they cannot print more bills they
1:01:00
will be forced to change the exchange rate to cover the expenses they have for all the ministries and the
1:01:05
salaries at the end of September also Iraq finished training new people for currency exchange
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with which he got an official letter from the cb a month ago here irq is
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internationalizing by allowing its banks to make cross-border payments with different currencies In addition to the dollar
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in addition to joining avisa mastercard Money Grand that works with xrp and xlm also
1:01:31
it came out in the news that iraq had an agreement with the United States to withdraw the US military from Iraq in
1:01:37
September this agreement occurred in early july But Trump declared that they will not withdraw from irq Unless
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they are paid if Iraq is right now in trouble because it cannot cover the expenses of its ministries and the salaries
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of the citizens How are they going to pay these soldiers they have to change the rate to be able to pay everything last
1:01:56
you have to understand that irat is in a very complicated financial situation and will be forced to change the rate to
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pay everything and back its currency with gold also the meeting of the brig in october any country that wants to join
1:02:08
the brigs They have to put aside the dollar we are very close last huai had their money backed by gold before
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the Gulf war then after the war they backed it with the rate before the war because it is the same
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currency that is backed by gold before and after the war iraq will do the same and bring the rate before the war a
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war 3.22 here is proof that the US military will withdraw from
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Iraq starting in September and ending in September 25 As Trump said none of the troops will leave unless
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they are paid the rates or the rate has to change this month so that the troops can begin to withdraw and be
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paid incredible news Iraq admitted that it has to back its currency with gold by order of the international
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monetary fund also the Federal Bank of the United States admitted that there is a collapse of the dollar which means
1:02:58
to say that Apparently everything will go on the way to the dinar being backed by gold and the change will already be eh official So
1:03:05
so for those who have dinar around we will see that they are apparently quite close to what they were waiting for
Central Bank: Electronic payment systems have contributed to enhancing Iraq’s compliance with anti-money laundering
The Governor of the Central Bank of Iraq, Ali Al-Alaq, considered, on Saturday, that the use of electronic payment systems and technologies used in the banking sector contributed to enhancing compliance in combating money laundering in the country.
These statements were made by Al-Alaq on the sidelines of his hosting of the Electronic Payment Conference towards Financial Stability in Iraq, which was held in the capital, Baghdad, and attended by a Shafaq News Agency correspondent.
The Governor of the Central Bank said that the world's focus today is on implementing compliance rules in combating money laundering, and that the safety of banking operations is the safety of society, the economy, internal and external banking relations, and others.
He stressed that "there is a great focus on measuring the level of compliance in each process, so when we implement anything within the framework of electronic payment and its various tools and channels or otherwise, the question arises: what is the capacity of compliance and governance in these processes?"
Al-Alaq pointed out that "when talking about electronic matters, the application is easy and possible, and therefore the level of compliance is much better than the usual traditional operations, rather faster and more accurate, and provides a complete detail of all operations."
He added, "Today, when using personal cards, we have a complete and direct analysis of all operations: where they take place? What type of operations are taking place? Do they comply with compliance standards, sources of funds, etc.? In the process of analyzing data, it is possible to give us important results and redirect matters in a way that does not represent any type of fraud or hacking."
Government Advisor: Iraq Recently Paid 2 Trillion Dinars of Its External Debt
The Iraqi Prime Minister's Advisor for Economic Affairs, Mazhar Mohammed Salih, stated that the government's internal debt has decreased by two trillion Iraqi dinars.
Mazhar Mohammed Salih said, "Iraq is not among the countries with external debt at the present time," indicating that "the external public debt is less than 10 billion dollars, and this will be paid between now and 2028." He
explained that "there are allocations in the general budget to pay off debts, and this is what has made Iraq always in the credit rating and creditworthiness at level B, and it is stable like many countries such as Jordan, Egypt, Pakistan and others."
Mazhar Mohammed Salih noted that "this debt has decreased, because Iraq has not borrowed and its external loans are few compared to its many repayments, especially during the past ten years on a regular basis."
"At the same time, the dual financial crisis in 2014-2017 and the dual financial health crisis in 2019-2020 led Iraq to resort to internal borrowing, not from the Iraqi financial market but from government banks, as if the state borrowed from itself through its policies," according to the advisor to the Iraqi Prime Minister.
He added: "Today, the external debt constitutes less than 5% of the GDP, while the global standard is 60% of the permissible GDP, so Iraq is not considered a final debtor in external debt, but rather very simple things."
He believed that "the largest debt at the present time is the internal debt, which was 78 trillion Iraqi dinars when the state needed to borrow in the dual financial and security crises in 2014-2017 and the financial and health crises in 2019-2021, as the government resorted to internal borrowing and then this debt accumulated."
Mazhar Muhammad Salih revealed that "the internal debt decreased from 78 trillion to 76 trillion Iraqi dinars, meaning that there is an improvement in repayments," considering Iraq's situation "good in terms of external debt and solid and there is no problem at all."
The advisor to the Iraqi Prime Minister pointed out that "there are those who exaggerate this issue, and I believe that this exaggeration is incorrect," stressing that "the debt policy is a solid and well-known policy and has its contexts in repayment and settlements, whether currently or in the future."
The Iraqi government had previously announced last April, through its spokesman, Bassem Al-Awadi, that the government had taken a series of executive measures and adopted a package of financial decisions, which resulted in reducing the external public debt by more than 50%, so that the debt decreased from $19.729 billion at the end of 2022 to $15.976 billion in 2023, reaching approximately $8.9 billion this year.
Al-Alaq: The number of digital banks in Iraq will be greater than neighboring countries
The Governor of the Central Bank of Iraq expected, on Saturday, that the number of digital banks in the country would increase and be larger than in neighboring countries.
This came during his hosting of the activities of the Electronic Payment Conference towards Financial Stability in Iraq, which was launched in the capital, Baghdad, and was attended by a Shafaq News Agency correspondent.
Al-Alaq said during the hosting that “the experience of digital banks in the world is an experience that indicates a shift towards an approach that is completely consistent with technical developments and employing them in a direction that serves various operations.”
He added, "Digital banks are widely spread in the world, and the volume of financial transactions for these banks has reached about 5 trillion annually, and it is hoped that the number will reach about 7 trillion dollars by the year 2027."
Al-Alaq also pointed out that this is an important indicator that calls on us to stimulate this aspect, focus on it and push it forward, adding that “Iraq will be one of the countries that will advance in digital banks that occupy an important space, and the number of these banks in Iraq will be greater than in neighboring countries.”
He continued by saying, "Before launching the licensing round for digital banks, the Central Bank conducted in-depth studies and reviewed the experiences of other countries extensively until we set the necessary rules and controls to license this type of bank."
The Central Bank Governor concluded his speech by saying, “We were surprised that the number of applicants to establish digital banks exceeded 70 banks,” stressing that “the Central Bank is studying the applications to establish digital banks, sorting them out, and selecting a limited number of them.”
A parliamentary delegation will visit the Kurdistan Region next week regarding the settlement of employees’ salaries
The head of the Parliamentary Finance Committee, Atwan Al-Atwani, revealed on Saturday that a delegation from the committee will visit the Kurdistan Region next week to review the latest developments regarding the distribution of monthly salaries for employees and workers in the public sector in the region.
Al-Atwani told Shafaq News Agency that the parliamentary finance committee will head to the Kurdistan Region next week on an official visit to review the latest discussions between the federal and regional governments and the disbursement of salaries of Kurdistan employees.
He explained that the delegation will review what was agreed upon between the two governments, and the commitments of the Kurdistan Regional Government and the guarantees it provided in exchange for the federal government paying the salaries of the region’s employees.
Last Sunday, the Federal Government's Economic Council visited the city of Erbil and discussed several financial issues with the Kurdistan Regional Government, including settling the issue of monthly salaries for employees in the region.
The Minister of Finance, Taif Sami, who is a member of the council, said that the joint meeting between the delegation of the Ministerial Council for the Economy and the Economic Council of the Kurdistan Region discussed the joint financial files, in order to reach solutions to the financial issues related to the two parties.
The minister stated at the time that "the discussions are taking place within the framework of government efforts aimed at enhancing cooperation between the federal government and the Kurdistan Region, and joint financial files such as salaries of the region's employees, the region's budget, and border crossings, in addition to coordinating customs and tax policies, are considered among the most important issues that affect the stability of the Iraqi economy."
The Minister of Finance stated, according to the statement, that "the talks represent a historic opportunity to achieve financial reconciliation between the federal government and the Kurdistan Region," stressing "the importance of strengthening financial cooperation between the two parties and reaching sustainable solutions to outstanding financial issues."
She pointed out that "at the same time, agreeing on a fair mechanism for distributing oil revenues and border crossings will contribute to enhancing confidence and economic stability in the country."
By 48.5%.. Banks Association: Financial inclusion in Iraq has increased
The Association of Private Banks announced today, Saturday, that financial inclusion in Iraq increased by 48.5% during the current year, while confirming Iraq's efforts to reach a rate of 60% in financial inclusion operations next year.
The head of the Private Banks Association, Wadih Al-Handhal, said in a statement to the official agency, which was followed by Iraq Observer, that “the number of bank cards reached 20 million cards during the year 2023, and we expect a significant increase in this file during the current year and the coming years,” indicating that “financial inclusion in Iraq increased by 48.5 percent during the current year.”
He added: “We seek to reach 60% during the next year in financial inclusion operations, and we confirm that the change is taking place from the Supreme Authority, represented by the Prime Minister and his office.”
He stressed the "necessity of including financial inclusion in school curricula, starting from primary grades and reaching universities, to know its details, practice it and review it, in addition to continuous training to reach the development of infrastructure," noting that "the number of bank accounts in 2020 reached 6 million and in 2023 to 13 million accounts."
Launch of the Electronic Payment Conference towards Financial Stability in Iraq
The activities of the Electronic Payment Conference towards Financial Stability in Iraq began today, Saturday.
The correspondent of the Iraqi News Agency (INA) stated that "under the slogan (Enhancing Financial Stability in Iraq), the electronic payment conference was held under the supervision of the Central Bank and in cooperation with the Association of Banks," noting that "the conference was attended by representatives of the relevant Iraqi ministries, governors of foreign central banks, diplomatic missions, international institutions operating in Iraq, information technology companies, electronic payment companies, banks and international financial institutions, in addition to Iraqi and foreign private banks operating in Iraq."
He added that "the banking technologies conference represents an important platform for achieving cooperation between financial and banking institutions in Iraq and international financial information technology companies."
Government Advisor: E-Governance Application Contributed to Protecting Public Money and Reducing Corruption
Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Saturday, that the application of e-governance has contributed to protecting public money and reducing corruption, while indicating that it is an integral part of the economic reform policy in Iraq.
The Prime Minister's representative and financial advisor, Mazhar Mohammed Salih, said at the Electronic Payments towards Financial Stability in Iraq conference, which was attended by the correspondent of the Iraqi News Agency (INA): "On behalf of the Prime Minister, I convey to you all his high appreciation for the International Payments and Banking Technologies Conference, as the conference represents a major shift that Iraq is currently witnessing in the field of developing digital payments in the current information age and its contributions to enhancing financial stability in our country."
He added that "digital developments are one of the important infrastructures in protecting the national economy from external shocks and ensuring savings in the financial system, including banks, financial institutions, and the financial and banking markets in general in Iraq."
He continued: "It is no secret to everyone that the Iraqi government program emphasized the importance of e-governance and considered it an integral part of the economic reform policy and in a manner of financial and administrative transparency," indicating that "the great boom in electronic payment systems that Iraq is witnessing and the economic transformation is based on cash and its risks."
He pointed out: "The vision policies launched by the government in implementing e-governance, returned to speed up public collection, protect public money and reduce corruption, because it is one of the most important systems for the transition from cash to digital payments in an accelerated manner."
He explained that "today, with the participation of international organizations, local interests and electronic payment companies, and with the participation of the Association of Private Banks and His Excellency the President of the Arab Monetary Fund, we confirm without a doubt that development is important for integration into the global economy, which is essential for digital diversity and an important part, which encourages the flow of foreign investment to our country, development, innovation, e-commerce and digital development in Iraq."
He explained that "the great leap in the digital payments system in Iraq may be enhanced today by the physical and legal infrastructure provided by the Iraqi government, through the decisions taken by the Council of Ministers to facilitate the work of digital companies and improve the digital climate in Iraq."
Arab Monetary Fund: We are working with Iraq to build national financial strategies
Director General and Chairman of the Board of Directors of the Arab Monetary Fund, Fahd bin Mohammed Ali Al-Turki, stressed today, Saturday, the need to work with Iraq to build national financial strategies through well-known and technical programs.
Al-Turki said in a speech during the Electronic Payments Conference towards Financial Stability in Iraq, which was attended by the correspondent of the Iraqi News Agency (INA): "The various regulatory capabilities played a fundamental role in creating a digital regulatory environment to motivate banks and financial institutions to employ modern technologies to transform towards digital transformation and banking services, enhance their efficiency and reduce risks, including cybercrimes."
He added: "In this area, the regulating legislation, electronic financial transfers, digital financial consumer protection and anti-money laundering requirements must achieve a balance between stimulating digital transformation on the one hand and managing and reducing risks on the other hand."
He continued: "The good design of payment systems and ensuring environmental control between them and their interconnection with other systems such as credit systems would enhance the efficiency of digital transformation and opportunities for economic growth," indicating that "digital transformation is a fundamental factor in reshaping the banking sector in the Arab region."
He pointed out that "governments and central banks can play a role in supporting digital transformation, by establishing digital regulation, and this is evident from investing in digital infrastructure and addressing cybersecurity challenges, which helps create an environment that enhances innovation and growth in the banking sector."
“What is heartening is what we heard from the Central Bank Governor regarding working on many of these aspects, which is that having a tight regulatory framework is crucial to enhancing digital innovation, as governments should focus on equal opportunities and ensuring that regulations are consistent to reduce risks,” he said.
He explained that "investing in digital infrastructure would stimulate digital banking services that help enhance access to banking services and products for the population using the financial system and non-using the financial system, adding: "The Arab region has renewed modern financial technology companies in its countries for increased investments, reaching 1,500 companies by the end of the first half of 2024 compared to less than 300 companies four years ago in financial activities worldwide and the region."
He added that "important global modern financial technology statistics provide huge opportunities for investment in this sector, as total investments in modern financial technologies in 2023 amounted to about 115 billion US dollars, and investment in this sector is expected to continue to grow steadily until it reaches 325,000,000,000 by 2026. According to the International Finance Report, the Arab region has faced varying attacks over the past four years, in addition to the digital gap can vary."
He added: "There is still a digital gap between developing and developed countries, which limits the spread of digital payments in some regions, in addition to relying on technology without creating systems Alternative, which makes digital payments vulnerable to disruption in the event of any technical problems.”
He pointed out that "with the increase in the number of financial transactions and their expansion, the use of artificial intelligence emerges in this context, as it can contribute in the field of digital expansion to revealing huge amounts of data in a short time and searching and detecting abnormal patterns that may indicate fraud operations." He explained that "this is done using machine learning techniques that learn from previous data and accurately and quickly identify suspicious natural and abnormal patterns. It also helps monitor and analyze the behavior of users of financial services to ensure normal payment patterns. If any unusual activity is detected, the system can send immediate alerts to verify the validity of transactions. In addition, artificial intelligence techniques are used to strengthen digital identity applications such as voice recognition to verify the user's identity before completing financial transactions, which increases the level of security. Understanding the full objects of the number and financial technologies requires continued attention to many aspects."
He pointed out that "the Governor of the Central Bank of Iraq mentioned many things, most notably investment in infrastructure represented by the extensive use of mobile phones, especially in remote areas, and the development of agency networks that meet the need of individuals to carry out withdrawal and deposit operations at the local and regional levels, and the distribution of the scope of digital identity, including electronic fingerprint systems and the expansion of open application program interfaces, which are available to the public so that developers can access software that represents property rights so that new applications can communicate and interact with each other."
He continued: "Developing legal and regulatory frameworks that allow users of financial services to organize their use and ensure a competitive environment, taking into account the importance of whether non-banking institutions should be allowed to access the infrastructure of national banks and issue electronic money and how to do so, and paying attention to developing regulatory and supervisory capabilities to reduce risks and enhance financial and digital awareness and education."
He stated that "modern financial technologies play a major role in achieving the goals of financial inclusion, and in recent years, cooperation between institutions and parties in the financial sector has led to sponsorship and encouragement from Arab central banks to achieve real progress in the levels of financial inclusion in the Arab region, as it received the benefits of central banks, financial service providers and government agencies from financial technologies to expand access to financial services for those not dealing with the banking sector according to the database of the global Tex Index and the World Bank."
He stressed that "there is a significant increase in the adoption of digital financial services in the Arab region, especially after the Corona pandemic, as the percentage of adults compared to what it was in 2017, which was 30%, was reinforced by the spread of mobile phone services, as the task of distributing access to digital services in rural areas was represented," adding that "the praise and cooperation between the Arab Monetary Fund and the Central Bank, whether through the active participation of the bank's cadres in the work of the committees according to the work emanating from the Council of Governors of Arab Central Banks or through the famous and technical programs with the Central Bank of Iraq, which include contributing to building national strategies for financial contribution."
The Central Bank of Iraq announces the volume of Iraqi funds circulating in international digital banks
The Central Bank of Iraq announced, today, Saturday, the volume of Iraqi money circulating in international digital banks.
The Governor of the Bank, Ali Al-Alaq, said during his speech at the Electronic Payment Conference, that "the establishment of digital banks is important and indicates the transformation with the digital development that serves the many operations." He added, "The amount of money circulating in international digital banks is 5 trillion dollars and is expected to reach 7 trillion dollars," noting that "60 to 70 banks are the size of the banks that have advanced to establish digital banks in Iraq."
Al-Alaq continued, "The experience of government and private banks and the challenges and circumstances they face have resulted in the necessity of evaluating the existing reality and reformulating it in the necessary manner, and there are plans to restructure government banks to keep pace with all the steps of the company specialized in this matter."
He pointed out that "by the end of this year, there will be a preliminary plan to implement what was agreed upon regarding the reform of government banks, and that these plans will work to reform the banking sector in Iraq." He explained that "the advancement and development of the infrastructure of the banking sector is important for the Central Bank, and that the Central Bank has made great strides by establishing the National Payments Company." He explained that "the national company will be at a level that is consistent with our ambitions to develop electronic payment."
He added: "There is a great focus on measuring the degree of compliance with any of the operations." Al-Alaq confirmed: "We follow up on all cards, even personal ones, and know whether they comply with official standards and prevent hacking and fraud."
Al-Sudani: Iraq today is on the right path
Prime Minister Mohammed Shia Al-Sudani, during a dialogue seminar by the Anki Foundation for Studies and Research on the path to development, in the presence of Mr. Al-Hakim:
Iraq depends on oil as the only source to cover its expenses, which have begun to increase.
The development path needs more study and clarification.
We must think properly to activate sectors that support oil.
- There must be projects that suit Iraq to be a focus of development.
We have started establishing and implementing the development road project, which will transform Iraq into an open country.
We have unnatural materials that have not been exploited in industries and the strategic location of Iraq.
We are in the planning, design and other studies phase and we have approached the World Bank to begin implementing the development road from Basra to Mosul.
Capital finds opportunity in Iraq amid security and political stability
- Many capitals want to invest in Iraq
Iraq today is on the right track
Iraq is witnessing recovery and stability and everyone needs his return
Iraq will enter the gas market after investing in several fields
Iraq is the best corridor in the communications and optical cable file
Providing job opportunities is one of the reasons that prompted us to proceed with the development road project.
We concluded the Faw Investment Refinery contract and it was activated.
With these projects, we will recreate the experience of the sixties and seventies to work in the private sector to provide job opportunities.
- The railway designs for the development road project have been fully completed.
- The third meeting of the Ministerial Council on the development path will be held next November.
We have started preparing a study on forming a body to manage the development road project.
- We have made real reforms in the tax and banking system.
There is no spot on Iraqi territory outside the control of our security forces, and we have directed the preparation of a comprehensive plan to secure the path of development.
The development road project needs 5 years to be completed.
It will transform Iraq into an open country." Al-Sudani: The path to development needs 5 years to complete
Prime Minister Mohammed Shia al-Sudani confirmed today, Saturday (September 14, 2024), that the vital development road project is not only a corridor for transporting goods, but rather includes projects that "will transform Iraq from a landlocked country to an open one," indicating that it needs 5 years to complete.
This came during his hosting of a dialogue seminar on the development road project and the investment opportunities available in this field, which was held in the capital, Baghdad.
Al-Sudani said during the symposium, which was attended by "Baghdad Today", that "the development road is not a corridor for transporting goods as some imagine," adding that "there are projects along this road."
He added that this project will transform Iraq from a landlocked country into an open country, and will help bring the sea into the middle of Iraq to reach Turkey and Europe.
Al-Sudani also pointed out that the existing corridor, which is under design and study, includes corridors for transporting oil and gas, connecting communications, and establishing industrial cities.
According to Al-Sudani, "due to the circumstances that occurred in the Red Sea, we approached the World Bank to begin implementing the development road project from the old road," stressing that countries in the European Union expressed their desire to participate in implementing the development road project.
Providing job opportunities
Al-Sudani stressed that the development road project, the Faw port, or the new economic and industrial city, along with the residential city, the railways, road and industrial cities project, will create a second Iraq. These are a set of projects that provide job opportunities for graduates and job seekers.
Iraq's housing needs
The Prime Minister stated that Iraq needs two and a half to three million housing units and needs projects to provide its needs for construction supplies.
Iraq's return to industry
The Prime Minister pledged to restore Iraq to its leading role in the field of local industry as it was in the sixties of the last century, and to attract people to work in private sector projects.
In April 2024, Iraq, Turkey, the UAE, and Qatar signed a quadripartite agreement on the Iraq Development Road Project, under the auspices of Iraqi Prime Minister Mohammed Shia al-Sudani and Turkish President Recep Tayyip Erdogan.
It is noteworthy that the "Development Road" project is a land and railway road extending from Iraq to Turkey and its ports. The length of the road and railway is 1,200 kilometers inside Iraq, and it aims primarily to transport goods between Europe and the Gulf countries. The investment budget for the project is about 17 billion US dollars, of which 6.5 billion is for the highway, and 10.5 billion for the electric train. It will be completed in 3 phases, the first ending in 2028, the second in 2033, and the third in 2050.
Washington: US presence in Iraq continues because ISIS threat has not disappeared
The United States said on Saturday that ISIS cannot control a single spot in Iraq.
An American official pointed out that "the American presence in Iraq exists because the threat of ISIS has not disappeared."
He added that "ISIS cannot control a single spot in Iraq."
Ministry of Oil: The Minister has recovered and his health condition is stable in the United States
The Ministry of Oil announced today, Saturday, that the Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani has recovered and his health condition is stable in the United States.
The ministry said in a statement today, Saturday: "The Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani suffered a health problem during his visit to the United States, as a result of which he was admitted to the hospital."
The ministry confirmed that the minister has recovered and his health condition is stable, and he will return to the homeland to carry out his usual duties.
Are the winds of “economic” change blowing after electronic payment?
Will electronic payment end the fluctuations of the Iraqi economy, and what if it has a negative impact on it? And how can it be controlled without supervision? These are big questions that the “Iraq Observer” agency puts in the hands of those in charge, while the activities of the “Electronic Payment towards Financial Stability in Iraq” conference were launched today, Saturday, in the capital, Baghdad, under the auspices of Prime Minister Mohammed Shia Al-Sudani, and jointly organized by the Prime Minister’s Office, the Association of Private Banks, and the Central Bank of Iraq, at the Rashid Hotel, with the attendance of Arab and international banking figures.
Absolute rentierism
In turn, the economic expert Abdul Karim Al-Issawi said, “All the economic reforms and legal legislation undertaken by the Iraqi governments in the field of advancing and developing the performance of the economy to reduce the contribution of the extractive sector in the formation of commodity sectors, the contribution of other economic commodity sectors; foremost of which are agriculture and industry.”
Al-Issawi told the Iraq Observer Agency, “The stereotype of absolute rentierism from a single funding source represented by oil export revenues remains as it is.”
The economic expert explained that “one of the reasons for this, most notably the absence of correct and scientific visions to restore life to the manufacturing industries after they were exposed to sabotage and the loss of their qualified cadres, and the industries were exposed to the phenomenon of commercial dumping practiced by neighboring Arab and non-Arab countries, the result of which was their exclusion from competition, in addition to the lack of control over official and unofficial border crossings.”
He continued: “On the other hand, the process of employing workers has doubled as a policy followed by successive Iraqi governments after 2003 for reasons and motives, most of which are political and without well-studied scientific planning. The problem was reinforced by the weak contribution of the private sector to economic development, which did not receive appropriate support.”
He pointed out that there is a point that must be noted and reminded of: the transitional phase laws have increased public expenditures from the federal budget, and as a result, made the allocations for operating expenses account for more than 80% of Iraq's annual budget.
He added, "It is unfortunate that this large amount of spending is not on Iraqi products, but rather on imports of foreign goods and services, and thus is reflected in the economic multiplier of the countries exporting to Iraq."
He said that the reality of the Iraqi economy puts the government of Prime Minister Mohammed Shia al-Sudani before difficult choices that must be made to reduce spending, rationalize government expenditures for the three presidencies, and reduce budget allocations for some ministries that receive taxes from providing services to beneficiaries.
He said: “It is certainly necessary for Iraqi governments to always keep in mind that the issue of diversifying the Iraqi economy is extremely important, given the nature of crude oil in global markets as a commodity that is exposed from time to time to shocks whose effects Iraq cannot avoid due to the lack of economic and financial buffers such as sovereign funds or a stock market, which can be resorted to to provide financial resources to meet the requirements of operational and investment expenses.
He added: “What reinforces these fears are the geopolitical tensions in the Middle East and the military threats between the occupying entity and Iran and other areas in southern Lebanon and Yemen and from parties in Iraq. There is no doubt that a direct military clash will quickly affect Iraq’s oil exports if Iraq’s ports are targeted and the Strait of Hormuz is closed.”
Official reassurance
In turn, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, reassured citizens after the global decline in oil prices.
“Despite the noise surrounding the global energy markets and the conflicting possibilities about their impact on the national economy, it is necessary to know the strengths of the Iraqi economy,” Saleh said in a statement followed by the “Iraq Observer” agency. “The decline in Iraq’s external debt to its lowest level in the last forty years, not exceeding $10 billion, came from the government’s determination to follow a precise program to settle the external debt, which today constitutes less than 9% of the country’s total foreign exchange reserves, which are approximately $108 billion, and are the highest reserves in the country’s monetary and financial history.”
He added, "In terms of stability and growth in economic activity, the growth indicators in the non-oil GDP have touched 6%, supported by construction and housing activities and infrastructure development, in addition to the development of grain sector production, accompanied by the renaissance of the transportation and communications sector and the growth of the digital economy."
Quarter of a billion
While the Central Bank of Iraq's dollar sales amounted to more than $257 million in the currency auction.
The bank sold in its auction the day before yesterday 257 million 345 thousand 110 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.
Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $244,595,110, up 95% from cash sales of $12,750,000.
The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 15 banks, and the total number of exchange companies participating in the auction was 22 companies.
Government Advisor: These are ways to enhance the great development in the digital payments system in Iraq
The Prime Minister's Advisor for Financial Affairs considered that the application of e-governance contributed to protecting public money and reducing corruption.
Mazhar Mohammed Salih said, during the Electronic Payments towards Financial Stability in Iraq Conference, which kicked off today, Saturday, in the capital, Baghdad, that "the convening of the conference today with the participation of international organizations, local interests, and electronic payment companies, with the participation of the Association of Private Banks and the President of the Arab Monetary Fund, represents the major shift that Iraq is currently witnessing in the field of the development of digital payments in the current information age and its contributions to enhancing financial stability in our country."
He explained that "digital developments are one of the important infrastructures in protecting the national economy from external fluctuations and ensuring their provision in the financial system, including banks, financial institutions, and the financial and banking markets in general in Iraq."
Salih said that "the government program emphasized the importance of e-governance and considered it an integral part of the policy of economic reform and financial and administrative transparency," indicating that "the great boom in electronic payment systems that Iraq is witnessing and the economic transformation is based on cash and its risks."
He added, "The great leap in the digital payments system in Iraq may be reinforced today by the physical and legal infrastructure provided by the Iraqi government, through the decisions taken by the Council of Ministers to facilitate the work of digital companies and improve the digital climate in Iraq."
He added, "The vision policies launched by the government in implementing e-governance were returned for the sake of speeding up public collection, protecting public money and reducing corruption, because it is one of the most important systems for the transition from cash to digital payments," stressing that "this development is important for integration into the global economy, which is essential for digital diversity, which encourages the flow of foreign investment to our country, development, innovation, e-commerce and digital development in Iraq."
Al-Sudani confirms Iraq's openness to partnership with all those wishing to contribute to the development road project
Prime Minister Mohammed Shia al-Sudani stressed, on Saturday, the necessity of intensifying research and explanations regarding the Grand Faw Port and Iraq's Development Road projects and the opportunities they will provide, noting that these two projects are a basic gateway to economic growth in Iraq and the region, and an important pillar for expanding the non-oil economy.
This came during the dialogue seminar held in the capital, Baghdad, under the title (The Path to Development - Opportunities and Development), in the presence of an elite group of economic experts, investors, businessmen and media outlets, according to a statement by Al-Sudani's office, received by Shafaq News Agency.
Al-Sudani stressed that the quadripartite agreement between Iraq, Turkey, Qatar, and the UAE constitutes the axis of operating the development road, but the project is open to positive partnership with all those who wish to contribute to this international development effort, stressing that the global economy today has come to depend on the main corridors for trade, manufacturing, and integration, and the development road project will be an important axis of these international corridors.
He pointed to the industrial cities that will be established along the road, starting with the industrial city in Al-Faw, which will transform Iraq from a country landlocked in commercial and industrial routes to an open country, through its contribution to expanding Iraq's maritime effectiveness and raising the importance of its ports, most notably the Grand Faw Port.
The statement pointed out that the symposium included several axes related to the strategic development road project, including the economic and developmental feasibility of the project, which constitutes one of the future paths of the Iraqi economy, and how Iraq will move through it to become a new major player in the international shipping and transport arena, in addition to the thousands of job opportunities the project will provide, mechanisms for developing partnerships with the private sector, and the challenges facing the partnership between the government and the private sector.
Investment Authority: Opportunities to be presented at the Iraq Forum have completed sectoral approvals
Chairman of the National Investment Commission, Haider Mohammed Makiya, confirmed today, Saturday, that the investment opportunities that will be presented at the Iraq Investment Forum have completed the approvals from all sectoral authorities.
The commission said in a statement, seen by "Al-Eqtisad News", that "the head of the National Investment Commission, Haider Mohammed Makiya, received a Turkish delegation headed by the Deputy Head of the Investment Commission in the Presidency of the Republic of Turkey, accompanied by a number of Turkish businessmen and investment companies, and the presence of the Turkish Ambassador to Baghdad, Anil Bora Inan."
It added, "The head of the commission welcomed the attendees from the Turkish side at the beginning of the meeting, reviewing the historical bilateral relations between the two countries and referring to the agreement (Protection of Investments between Iraq and Turkey) that came after a visit in which Turkish President Recep Tayyip Erdogan was a guest of Iraq, which is in the process of being voted on in the House of Representatives to be implemented, in addition to the (Central Iraqi-Turkish Committee) that follows up on all activities with the relevant ministries in both countries."
The Chairman of the Commission, according to the statement, invited "Turkish companies, businessmen and investors to attend and actively participate in the activities of the Iraq Investment Forum on November 2-3, which will announce investment opportunities with full approvals from the relevant sectoral authorities and ready to be referred to the investor immediately after the issuance of the Cabinet's decision to refer, in a way that gives the winners of the opportunities flexibility and high fluidity to launch their projects, which will be diverse and comprehensive in all specializations, especially in the sectors of (electricity, oil, transportation, communications, free zone projects, industry, housing, large residential and entertainment cities) and others."
He pointed out that "the announcement of the nature of these opportunities, which numbered nearly (70) opportunities, will be available on the Commission's official website days before the launch of the forum, which will be an economic event befitting the rising Iraqi economy."
For its part, the guest delegation expressed "Turkey's desire and readiness to participate in economic development projects in transportation such as the metro, in addition to the possibility of solid Turkish companies entering to invest in environmental projects in Iraq according to the latest international standards, expressing the readiness of the Turkish side in its public and private sectors to enter into major development projects that receive the attention of the Iraqi government."
The statement concluded that "the meeting was attended by Wadih Al-Handhal, Chairman of the Board of Directors of Al-Handhal Group, Chairman of the Iraqi Private Banks Association, and a number of general managers in the authority."
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