Iraq launches financial transfers in euros
The Central Bank of Iraq launched its financial transfers to Turkey in the euro currency.
This was announced during the reception of the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, the Ambassador of the Republic of Turkey to Iraq, Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq, according to a statement by the Central Bank of Iraq.
The video for this blogpost is below here:
The statement indicated that the meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism carried out in the euro currency and implemented within Turkey through its banks. This mechanism, which is being applied for the first time, will simplify trade coverage operations with high fluidity and speed.
The attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of transfers from merchants and the business sector.
The statement pointed out that the bank representatives expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements in coordination with the international auditing company, and they also demonstrated their efforts in the context of expanding their channels with approved correspondent banks.
For his part; The Turkish Ambassador praised the efforts of the Central Bank in managing the process of transformation in foreign transfers, and the measures taken by the bank to organize and facilitate the transformation processes, praising his meeting with the Governor of the Central Bank of Iraq and the continuous and direct coordination between the Central Bank’s management and authorized banks, according to the statement.
Total 140 days.. Financial costs of holidays in Iraq
Today, Thursday (October 3, 2024), economic expert Nabil Al-Marsoumi revealed the financial costs of holidays in Iraq, while confirming that their total is 140 days.
Al-Marsoumi said in a post on Facebook, which was followed by "Baghdad Today", that "the total annual salaries of employees and others amount to 90 trillion dinars," indicating that "the total number of Fridays and Saturdays is 104 days in the year."
He added, "The total number of official holidays in Iraq, excluding special holidays, is 16 days, while the total number of unofficial holidays is approximately 20 days, while the total number of official and unofficial holidays is 140 days."
The expert continued, "The number of actual working days per year is 225 days, while the daily cost of official and unofficial holidays, including Friday and Saturday, is 246 billion dinars," stressing that "the annual cost of official and unofficial holidays is 34 trillion dinars."
He pointed out that "the annual cost of official and unofficial holidays, except for Friday and Saturday, amounts to approximately 9 trillion dinars, while the annual cost of unofficial holidays amounts to approximately 5 trillion dinars."
He pointed out that "Iraq is the first country in the world in terms of official and unofficial holidays, and it is the highest in the world, while there are 8 official holidays in England and Wales."
He believed that "both types of holidays cause huge financial losses to Iraq, especially the unofficial holidays that are granted for various reasons, including rain, high temperatures, and visits. This loss in unofficial holidays is equivalent to the annual budget of Syria," recommending "limiting the authority to grant official and unofficial holidays to the Presidency of the Council of Ministers."
Every year, on October 3, Iraqis celebrate the Iraqi National Day, which marks the declaration of Iraq's independence from the British mandate and its accession to the League of Nations in 1932.
Former PM Urges Iraqi Militias to Join Fight Against Israel
Former Iraqi Prime Minister and head of the State of Law Coalition, Nouri Al-Maliki, has said that confronting Israel is not solely Hezbollah’s responsibility and urged all Iraqi militia groups to join the fight against Israel, potentially further involving Iraq in the conflict.
Al-Maliki, one of Iraq’s most powerful Shia political leaders, stated that the fight against Israel is not only the duty of Lebanese Hezbollah but a responsibility for all militia groups and the people.
He criticized those celebrating the rumored death of Hezbollah leader Hassan Nasrallah, calling them a “germ within the nation’s body.” Al-Maliki also condemned the Arab world’s inaction, stating that it has “emboldened Israel to commit massacres and atrocities.”
The former Iraqi prime minister asserted that “the Israeli entity is living in fear, and the Arab media strengthens and supports it.” He declared, “We will enter Jerusalem and pray there; this is a divine promise that will inevitably be fulfilled.”
On Tuesday night, following Iran’s missile attacks against Israel, Iraqi Prime Minister Mohammed Shia al-Sudani made a surprise visit to the Joint Operations Command headquarters, ordering security forces across the country to be on high alert and increase security awareness.
The Iranian Revolutionary Guards (IRGC) fired several ballistic missiles at Israel last night, expanding the front of the Middle East conflict, raising concerns that Iraq could be drawn further into the war.
Since the start of the Gaza war and the subsequent fighting between Israel and Hezbollah, Iraqi militia groups have attacked Israel on numerous occasions. However, Israel has yet to respond to these attacks.
Iraq and the United States stress the need for a ceasefire in the region and resolving crises through diplomatic means
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein and US Assistant Secretary of State for Near Eastern Affairs Barbara Leaf stressed the necessity of a ceasefire in the region and resolving crises through diplomatic means.
A statement by the Ministry of Foreign Affairs stated that Hussein received the US official in Washington, where they discussed strengthening bilateral relations and joint cooperation between the two countries. The
necessity of a ceasefire in the region and resolving crises through diplomatic means was emphasized, as well as the importance of making efforts to help displaced Lebanese and provide support to end the humanitarian crisis.
The US Assistant Secretary of State expressed her full support for Iraq and the efforts of the Iraqi government to contain crises.
According to the statement, the issue of resolving outstanding problems with the State of Kuwait and the necessity of returning to the negotiating table was discussed. The minister stressed that the recent meetings in New York between the Iraqi and Kuwaiti delegations confirmed that dialogues are the right way to solve problems, and that they will begin soon. He also stressed Iraq's true desire to reach understandings to resolve existing differences.
The two parties agreed on the need for calm and the keenness of all parties to prevent the expansion of the circle of conflict in the Middle East region, and to make the necessary efforts to end the conflict and spare the region the risk of escalation.
$3m allocated to Upgrade Iraqi Stock Exchange
As part of its financial reform efforts, Iraq's Cabinet has approved the allocation of 4 billion dinars [$3 million] to the Iraqi Securities Commission for the modernization and maintenance of electronic systems used for stock and bond trading.
The project, exempted from standard government contract procedures, will be executed in partnership with the U.S. company Nasdaq OMX.
Economists identify reasons for the rise of the dollar in Iraq and expect it to exceed 160 thousand
The "Iraq Al-Mustaqbal" Foundation for Economic Studies and Consultations attributed, on Thursday, the reasons for the rise in the price of the dollar against the dinar in Iraq to the decline in remittances of other currencies, and the inability to cover the demand for foreign currency for the purpose of import, expecting the rise to continue until the price of one dollar reaches 1600 dinars in the coming period.
The head of the institution, Manar Al-Obaidi, said in a statement received by Shafak News Agency, that the dollar prices against the dinar during the past days reached 1550 dinars for every US dollar.
Al-Obaidi attributed the increase to the decline in remittances of other currencies, specifically the UAE dirham and the Chinese yuan, as a result of the large restrictions imposed by correspondent banks that are carrying out the process of strengthening the balances of these currencies, in addition to the reluctance of banks included in the Citi-pilot project to open accounts for operating companies and limiting their work to companies with which they have previously dealt, to the exclusion of others.
Among the reasons mentioned by the head of the institution is “the inability of all transfer mechanisms to cover the demand for foreign currency for the purpose of importing some goods, specifically mobile phones and gold, which are considered the most valuable goods to import, which prompts importers to resort to the parallel market for the purpose of importing.”
He added, "It is expected that the dinar will continue to decline against the dollar and may reach 1,600 dinars per dollar in the coming months if the problems are not addressed with practical solutions."
1- Increasing the network of correspondent banks around the world, especially in the UAE and China.
2- Controlling financial policy by limiting the entry of some types of goods in order to reduce demand for them compared to supply.
3- Pressuring banks under the Citi-Pilot project to be more open to accept a wider range of customers.
4- It may be necessary to temporarily ban the import of some goods to reduce the demand for foreign currencies until more organized and smooth solutions are found for the foreign transfer process.
Al-Abidi said, "Without adopting these solutions, the dinar will continue to decline against the dollar and may soon exceed the 1,600 barrier."
In turn, the economic and financial expert, Abdul Rahman Al-Mashhadani, attributed the rise in the dollar exchange rate in Iraq to political reasons rather than economic ones.
Al-Mashhadani said in a statement to Shafaq News Agency, "The dollar has been stable for a long time in the past few days at 149 to 150 thousand Iraqi dinars for the 100 dollar bill, especially after the transfer of the real travelers' dollar to the airport and the organization of the sale process in a smooth manner and resolving the bottleneck crisis at the exchange companies and the payment companies available inside the airport."
He added, "There are no economic reasons or justifications behind the increase because the Central Bank is still financing large amounts of foreign trade, and this is the important element that covers the volume of requests for traders."
The expert expected that "the rise in exchange rates is due to the unrest in the region and the fear that Iraq is one of the stations that could be targeted, which prompted traders to settle accounts of debtors and creditors, especially those who have obligations to traders abroad. The fear of instability may cause a rise, and thus the trader will be affected in paying what is due from him."
He pointed out that the second matter is "the fear and panic that afflicts people in such crises, and they turn to converting dollars for fear that things will get worse and they will be forced to travel or emigrate, even if it is within Iraq," adding that "the dollar is the safest means at hand because it is in demand in the markets."
The price of the dollar rose in local markets to reach approximately 155 thousand dinars for every 100 dollars after the events witnessed in the region, including military operations in Lebanon and Iran on the one hand and Israel on the other.
Iraq informs the United States of the imminent start of negotiations with Kuwait
Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein announced on Thursday that negotiations between Iraq and Kuwait will soon begin to resolve outstanding issues between the two countries.
This came during his meeting in Washington with the US Assistant Secretary of State for Near Eastern Affairs, Ms. Barbara Leaf, according to a statement issued by the Iraqi Foreign Ministry, which was received by Shafaq News Agency.
During the meeting, Hussein stressed that the recent meetings between the Iraqi and Kuwaiti delegations in New York pave the way for the start of a new round of negotiations.
He explained that dialogue is the best way to resolve pending issues, and that Iraq intends to begin these negotiations soon to reach final understandings.
Hussein also informed the United States of Iraq's efforts to address these outstanding issues, noting the Iraqi government's commitment to achieving tangible progress in these files in a way that contributes to enhancing regional stability.
For her part, Ms. Barbara Leaf expressed the United States' support for Iraq in its efforts to resolve regional crises, stressing the importance of dialogue in avoiding escalation and ensuring stability in the Middle East region.
According to the statement, the two sides agreed during the meeting on the need to continue diplomatic efforts to ease regional tensions and work to enhance joint cooperation between Iraq and the United States in various fields.
Baghdad and Washington discuss the need to protect sea lanes to ensure the export of Iraqi oil
Foreign Minister Fuad Hussein discussed with the US Under Secretary of State for Management, Ambassador John Bass, and the Energy Affairs Officer, Ambassador Jeffrey Bate, today, Thursday, the necessity of protecting sea lanes to ensure the export of Iraqi and Gulf oil.
A statement by the Ministry of Foreign Affairs received by "Al-Eqtisad News" stated that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein met with the US Under Secretary of State for Management, Ambassador John Bass, and the Energy Affairs Officer, Ambassador Jeffrey Bate, on the sidelines of the ministerial meeting of the international coalition against ISIS held in Washington."
He explained that "during the meeting, they discussed enhancing joint cooperation in the fields of energy, oil and economy, and continuing diplomatic efforts to maintain Iraq's stability and security."
The two sides discussed the "necessity of protecting sea lanes to ensure the export of Iraqi and Gulf oil by securing these lanes."
The statement added, "The focus was on the continuation of dialogue between Baghdad, Erbil and the oil companies operating in the Kurdistan Region of Iraq to ensure the resolution of disputes related to oil exports, in addition to discussing the security situation in the region and the repercussions of the ongoing escalation and its impact on energy and oil sources."
The two sides stressed "the importance of continued cooperation between the United States and Iraq to ensure that the country is not drawn into any regional escalation, and to work to confront the economic challenges resulting from regional unrest."
For his part, Ambassador Bass welcomed Iraq's participation in the tenth ministerial meeting of the international coalition against ISIS, and the strengthening of efforts to combat terrorism.
Baghdad and Washington discuss enhancing joint cooperation in the fields of energy, oil and economy
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed with the US Under Secretary of State for Management, Ambassador John Bass, and the Energy Affairs Officer, Ambassador Jeffrey Bate, enhancing joint cooperation in the fields of energy, oil and economy.
A statement by the Ministry of Foreign Affairs stated that Hussein met with John Bass and Jeffrey Bate on the sidelines of the ministerial meeting of the international coalition against ISIS held in Washington. During the meeting, they discussed enhancing joint cooperation in the fields of energy, oil and economy, and continuing diplomatic efforts to maintain the stability and security of Iraq. The two sides also discussed the need to protect sea lanes to ensure the export of Iraqi and Gulf oil by securing these lanes.
According to the statement, the focus was on continuing the dialogue between Baghdad, Erbil and the oil companies operating in the Kurdistan Region of Iraq to ensure the resolution of disputes related to oil exports. The security situation in the region and the repercussions of the ongoing escalation and its impact on energy and oil sources were also discussed.
The two sides stressed the importance of continuing cooperation between the United States and Iraq to ensure that the country does not get dragged into any regional escalation, and to work to confront the economic challenges resulting from regional unrest.
For his part, Ambassador Bass welcomed Iraq's participation in the tenth ministerial meeting of the international coalition against ISIS, and the strengthening of efforts to combat terrorism.
In less than half an hour, Washington sends three messages via Baghdad to Tehran
An informed source revealed, today, Thursday (October 3, 2024), the content of three urgent American messages via Iraq to Iran within less than half an hour.
The source said in an interview with "Baghdad Today", "Washington is closely monitoring Iran's missile capabilities through various means and is expressing concern about the growth of its development file to the hypersonic stage, which is a source of concern for it because the capabilities of the Patriot and other available air defense systems are less in intercepting them."
He added, "America sent three urgent messages to Tehran via Iraq within half an hour, during the preparation phase for the missile attack the day before yesterday, which was carried out from 5-6 Iranian bases towards targets deep inside Israel. The messages included several points, all centered on the phrase 'Do not attack our military bases.'"
The source pointed out that "Washington was concerned that its bases would be attacked, whether by Iran or by close factions, stressing that it was nevertheless mobilized and took all precautionary measures in anticipation of any rapid developments."
Last Tuesday evening, Iran launched a massive missile attack on Israel, which caused air raid sirens to sound throughout Israel and millions to flee to shelters.
Israel's Army Radio said Iran fired 180 rockets, after previously estimating at least 200.
Dozens of rockets were seen in the skies over the West Bank, coming from the east towards the Negev and Tel Aviv. Rockets were also seen flying over central Jordan towards Israel.
The Iranian Revolutionary Guard said it had fired dozens of missiles at Israel, noting that any Israeli military response to this operation would be met with more destructive and stronger attacks.
The Revolutionary Guards announced in a statement that targeting “the Zionist depth came in response to the martyrdom of the head of the Hamas political bureau, Ismail Haniyeh, the Secretary-General of Hezbollah, Hassan Nasrallah, and Abbas Nilforoushan, the deputy commander of operations of the Iranian Revolutionary Guards.”
The Governor of the Central Bank receives the Turkish Ambassador and representatives of Turkish bank branches in Iraq
The meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism in euros and implemented within Turkey through its banks. This mechanism, which is being implemented for the first time, will simplify trade coverage operations with high fluidity and speed.
The attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of remittances from merchants and the business sector.
The bank representatives expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements in coordination with the international auditing company. They also highlighted their efforts in expanding their channels with approved correspondent banks.
His Excellency the Ambassador praised the efforts of the Central Bank in managing the process of transformation in external transfers, and the measures taken by the bank to organize and facilitate transformation operations, praising his meeting with the Governor of the Central Bank of Iraq and the continuous and direct coordination between the Central Bank's management and authorized banks.
Media Office
October 3, 2024
World Bank: Iraq has made progress in improving the business environment, making it globally competitive
The World Bank confirmed, today, Thursday, that Iraq is witnessing a major transformation in improving the business environment and public services, which has made it competitive globally.
The Ministry of Finance said in a statement received by the Iraqi News Agency (INA): "The World Bank issued the Business Ready 2024 (B-READY) report, which showed that Iraq is witnessing a major transformation in improving the business environment, and clarified the progress made by Iraq in vital areas such as regulatory frameworks, public services, and operational efficiency."
She added, "The report showed some positive developments and achievements that Iraq has made in making the business environment more attractive and efficient for local and international companies, including:
1- Stability of the regulatory framework, as Iraq has made significant progress in creating a more stable and business-friendly regulatory framework, and has succeeded in improving the ease of doing business by simplifying company registration processes and eliminating minimum capital requirements. This improvement contributes to making Iraq more attractive to entrepreneurs, especially small and medium enterprises (SMEs), which play a key role in creating job opportunities and diversifying the economy. Positive impact: Aligning Iraqi commercial regulations with international standards has facilitated cross-border transactions and created a more stable and predictable environment for investors.
2- Improving access to public facilities and infrastructure, as Iraq has made tangible progress in the public utilities sector, which is essential for business operations. The government has reduced the time required to access basic services such as electricity and water, and infrastructure investments are currently underway to improve the reliability of service delivery in the future. Positive impact: These reforms have already contributed to reducing operational disruptions and increasing investor confidence in the market, despite the need Further improvements are underway.
3- Strengthening labor market regulations, as Iraq introduced new labor market regulations aimed at protecting workers and promoting market inclusiveness. Achievements include equal pay policies, anti-discrimination regulations, and support for collective bargaining rights. The government also expanded public employment services and training programs to meet the needs of the private sector. Positive impact: These reforms have helped create a more flexible and inclusive labor market, making Iraq more globally competitive.
She pointed out that, “Despite the positive points documented in the report, it was based on outdated data collected in 2023 by the Business Ready team from the private sector, and the data reflects the stage that preceded its collection before the current government’s reform initiatives and the stimulus general budget were fully implemented.”
She continued, “Because the government has given great attention to the private sector, the business environment has developed significantly over the past two years and will continue to develop at an accelerated pace in the coming months and years when the fruits of the reforms are fully reflected, including what has been achieved, such as: reforming a significant number of laws and regulations, tax and customs reforms, electronic payment, e-commerce, digital transformation, reforming state-owned companies, guarantees granted to the private sector, and others. Therefore, the report did not fairly show Iraq’s journey towards reform and the progress made in many areas, including establishing a more stable regulatory framework.”
The ministry stressed that "the Iraqi government is committed to continuing economic reforms, and the impact of the general budget and reform initiatives will appear in future reports based on updated data, which is what the World Bank should have done originally in the report issued today."
Iran declares 'end of restraint', sends 'warning' message to Washington
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An Iranian official source said on Thursday that Tehran sent a message to Washington via Qatar, addressing the situation in the region after the missile attack carried out by the Revolutionary Guards on Israel.
The Iranian source added in statements reported by Al Jazeera, "We confirmed in our indirect message to Washington that the phase of unilateral self-restraint has ended," explaining, "We confirmed in our message to Washington that individual self-restraint does not secure our national security requirements."
He pointed out that "the Iranian message confirmed to Washington that any Israeli attack will be met with an unconventional response that includes infrastructure."
The Iranian source said, "Our indirect message to Washington addressed the regional necessity to curb the Zionist entity and its madness."
The day before yesterday, Tuesday, the Iranian Revolutionary Guard announced the implementation of Operation “True Promise 2” against Israel, which included attacking it with more than 200 ballistic missiles.
Al-Houthi hints at a "high escalation" in the operations of the "Iraqi resistance" soon, and announces targeting 188 ships
The leader of the Ansar Allah movement in Yemen, the Houthis, hinted on Thursday at an "escalation" in the operations of the "Islamic Resistance in Iraq" during the coming period, announcing at the same time the targeting of 188 ships since the Houthis began operations to support Gaza.
Al-Houthi said in a speech followed by Shafaq News Agency, "The Islamic Resistance in Iraq has carried out very intensive operations during the past days and is heading towards further escalation with high effectiveness."
He pointed out that "the support front in Yemen carried out operations in the Red Sea, the Arabian Sea and the Indian Ocean, and the number of targeted ships reached 188 ships."
He also pointed out that "the support front in Yemen carried out missile attacks simultaneously with the second True Promise operation towards Jaffa, Umm al-Rashrash, and sites in the Negev Desert."
Al-Houthi confirmed, "The downing of more American MQ-9 armed reconnaissance aircraft, bringing the total number of this type to 11 aircraft during this year."
Wissam Al-Mulla the Prime Minister's representative and advisor for banking affairs, Saleh Mahoud, confirmed today, Tuesday, the government's commitment to supporting the Securities Commission and opening new horizons for partnership with investors, calling on the legislative authority to accelerate the issuance of the necessary legislation to meet the requirements of the modern market and enhance the investment environment in Iraq.
"It is a great honor to represent Prime Minister Mohammed Shia al-Sudani in this event organized by the Securities Commission," Mahoud said at the World Investor Day conference, which was attended by the Iraqi News Agency (INA) correspondent. "This conference represents a vital platform to strengthen ties between the government and investors and highlights investment opportunities available in Iraq,"
he added. "The world today lives in an era characterized by rapid economic changes, which requires activating the role of the securities sector as a major tool to stimulate economic growth," he added, adding that "the Iraqi government headed by Mohammed Shia al-Sudani is fully aware of the importance of this sector as a lever for growth and attracting local and international investments."
He pointed out that "global experiences have proven that investments are not only an engine for growth, but also a means to develop infrastructure, create jobs, and enhance transparency and efficiency in resource management," considering that "the Securities Commission is a vital partner in achieving these goals, as it works to regulate markets and enhance their protection.
" Mahoud stressed "the importance of cooperation between the public and private sectors," emphasizing that "the success of investments depends on investment partnerships that contribute to mitigating risks and increasing confidence."
He explained that "there is an urgent need to accelerate the issuance of the necessary legislation to update the legal system to suit the requirements of the modern market, as there must be clear mechanisms to protect investors and facilitate investment procedures, which contributes to improving the business climate in the country."
He pointed out, "the importance of strengthening corporate governance, as building a strong governance system is vital to ensuring transparency," stressing, "Investors must feel that their money is protected and that there are effective mechanisms to monitor performance."
Mahoud called for "focusing on education and awareness, as building human capacities and developing skills in the financial sector contribute to creating an attractive investment environment," stressing, "the importance of holding training programs and workshops targeting investors, bankers and government agencies."
He stressed, "the commitment of the Iraqi government and Prime Minister Mohammed Shia al-Sudani to providing support to the Securities Commission and opening new horizons for cooperation and partnership with investors," considering that "this conference is an important step towards building a prosperous and sustainable Iraqi economy."
Al-Ali to Al-Zaman: The government should stop importing Iranian goods, not tighten the dollar
Calls to limit the exploitation of speculators in the market and find real solutions
Al-Ali to Al-Zaman: The government should stop importing Iranian goods, not tighten the dollar
Economic expert, Nabil Al-Ali, attributed the dollar’s crossing of the 152-dinar barrier in the Iraqi market to a flaw in financial management and the failure to find realistic solutions to address controlling the rise of the dollar, stressing that the measures of the Central Bank of Iraq during the past year have reinforced the decline of the dinar .
Exchange offices
Al-Ali told Al-Zaman yesterday that “the continuation of the crisis is due to ineffective or insidious measures by the Central Bank,” indicating that “its recent measures, such as limiting the price of the dollar in the market, selling it to travelers, etc., have led to further tightening it, without controlling the exchange offices so far, which has caused harm to traders and citizens, according to his expression. He noted that “there are other solutions related to reducing the dollar that the bank has not used in order to end the crisis,” indicating that “the continued rise in the price of the dollar indicates clear mismanagement in the economic process, due to economic ignorance on the one hand, commissions, and adherence to importing goods from abroad.” Regarding the solutions, Al-Ali explained that “he presented a package of measures to the government, but they were not implemented properly .”
Pointing out that (part of it contributes relatively to resolving the crisis), he continued that (the main problem in this issue is the continuous import of goods from Iran, without a dollar covering that import), adding that (there is no official dollar that feeds trade with Iran, thus there is great pressure on the market) .
According to his description, the expert called for (reducing the import of Iranian goods, with the exception of food), stressing (the necessity of finding a legal way to find a realistic solution that serves citizens and the market) .
Regarding Al-Zaman’s question about the extent of the impact of Nasrallah’s assassination and its relation to the reasons for currency manipulation, Al-Ali confirmed that “any commercial activity in any country is affected by the important political changes and events taking place around it, and therefore such an issue has an effective political and economic impact.” Abdul Hassan Al-Ziyadi, a member of the Board of Directors of the Iraqi Businessmen Union, confirmed in a statement yesterday that “on the fourth of this month, the Central Bank announced the imminent termination of the electronic platform through which US dollar transfers abroad are carried out,” indicating that “this decision raised many questions about the extent to which Iraq was able to prevent the smuggling of hard currency, stop money laundering operations, and the extent to which economic measures succeeded in controlling currency smuggling and controlling local market prices . ”
Al-Ziyadi added that (the primary beneficiaries of the exchange rate fluctuation are currency smugglers and price speculators), stressing that (this problem has affected all aspects of commercial and non-commercial life, and the citizen has been harmed by the destruction of the family's income and monthly income), and he stressed (the necessity of liberating himself from this confusing situation by stopping the import of many goods from abroad, and relying on national goods and local manufacturing, to reduce the need for hard currency). In turn, economists explained that the increasing demand for the dollar is an internal economic crisis, caused by personal commercial benefits far from the interests of the citizen. They said yesterday that (all financial transactions of merchants, businessmen, or citizens are conducted in dollars, and this shows the extent of the crisis's impact on the market), noting that (the increasing demand for the dollar has led to its rise in the local market again), and they continued that (this rise is common with the implementation of any new policy by the Central Bank, by exploiting speculators to make money), stressing that (these self-interested groups will be controlled, and their exploitation will be stopped) .
Dollar prices
The dollar exchange rates have witnessed a significant increase in the local market in recent days. The dollar prices recorded an increase with the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, 151,800 Iraqi dinars for every 100 dollars, while yesterday it recorded 151,500 dinars for every 100 dollars. The selling prices at exchange offices in Baghdad also rose to 152,750 dinars for every 100 dollars, while the purchase price reached 150,750 dinars for every 100 dollars. In Erbil, the selling price reached 150,550 dinars for every 100 dollars, and the purchase price was 150,450 dinars for every 100 dollars .
Parliamentary Finance Committee reveals the date for starting discussions on the 2025 budget schedules
Finance Committee member Mohammed Nouri said in a press statement that "the committee reiterated that employees' salaries are fully secured until the end of the current year, and there is no delay."
He added that "the committee is working through its meetings with financial specialists in the Ministry of Finance and the Central Bank to address the delay in financing governorate allocations and ongoing projects, and to launch project packages in the coming few days."
Nouri pointed out that "the committee will begin discussing the 2025 budget schedules in early November, in order to ensure employees' salaries, project allocations, and other financial obligations."
National Union: We are working to activate Article 140 to serve the disputed areas
The Patriotic Union of Kurdistan confirmed that it is working to support and assist the disputed areas and is working to resolve this issue in accordance with the permanent Iraqi constitution.
The Patriotic Union of Kurdistan announced, within the program of List 129 for the Kurdistan Parliament elections, several points to serve the disputed areas, which are working to activate Article 140 of the permanent Iraqi constitution and implement all its paragraphs, in addition to normalizing the security, military and political conditions in the disputed areas that are going through abnormal conditions due to the repercussions of the referendum.
The Patriotic Union stressed that it insists on the share and entitlement of the Kurds, according to the election results, in the administration of those areas and the continuation of assistance to service institutions in the disputed areas, especially the Kurdish areas that were neglected by the administrations imposed on those areas and support for Kurdish studies in those areas and the acceptance of a good number of students in the universities of the region and support and assistance to Kurdish cultural, artistic and sports institutions in the disputed areas.
Verification procedures from the CBI website
Based on the supervisory and regulatory role of this bank, and in order to enhance the process of external transfer through official channels, it was decided that all licensed banks will implement external transfers for companies . For more , click here .
one paragraph document:
Date: 9/20/2024
Back to education)
Best regards...
All licensed banks
verification procedures
Based on the supervisory and regulatory role of this bank, and for the purpose of enhancing the external transfer process through official channels, it has been decided that you will implement external transfers for companies after verifying the sources of funds and without the need to require a period of (1) months to have passed since the company opened the account with the bank, or the existence of an account for the company with other banks.
For your kind review and action, with appreciation.
Ali Mohsen Ismail, Acting Governor 9/2/2024
World Bank: Iraq has taken steps to develop human capital
Fatima Rahma
The World Bank confirmed, on Wednesday, that the Iraqi government has taken steps to develop human capital, while indicating that investing in human capital is a fundamental pillar for achieving sustainable development.
The World Bank Group representative, Bilal Zaghir, told the Iraqi News Agency (INA):
"The first conference on human capital development in Iraq is related to supporting Iraqi civilization and its future," noting that "investing in Iraqi human capital is a fundamental pillar for achieving sustainable development for all groups."
He added, "The timing and focus shown by the Iraqi government in this area will lead to the development of human capital and will continue at an accelerating pace in the coming days."
Yesterday, Tuesday, the first conference on human capital development in Iraq was launched, with the attendance of the Ministers of
Planning, Health, and Labor, and a number of members of the House of Representatives.
Economist outlines financial options as oil declines...and warns
Salah Nouri told Al Furat News Agency: "The decrease in the selling price of exported oil affects the Ministry of Finance's commitment to financing the (current and investment) budget."
He explained that "the options before the Ministry of Finance are either to proceed with implementing the budget paragraphs, which means increasing domestic borrowing, which in turn affects the liquidity of government banks and the employees' pension fund, which are the lending entities, or to reduce funding for investment projects and some paragraphs of the current budget."
He warned that "reducing funding and spending leads to economic recession."
Nouri continued, "From a psychological and behavioral perspective, citizens with limited incomes fear the further decline in prices, which leads to a reduction in their monthly spending."
Government Advisor: No concerns about Iraq's financial situation and our foreign reserves are diverse
Saleh told Al Furat News Agency: "We should not worry about the current fluctuations in either monetary gold or the various foreign currencies that make up the country's foreign reserve portfolio, which varies from major foreign currencies and monetary gold, according to the global standard investment guidelines adopted by the monetary authority in high-level technical cooperation with multilateral international financial organizations, specifically the International Monetary Fund and the World Bank."
He explained, "Usually, the Central Bank of Iraq hedges in managing its sovereign investment portfolio with a studied and highly sensitive diversity and with standard ratios and precise weights for each foreign currency in addition to the monetary gold that makes up the foreign reserves, within the scope of what is called hedging against the risks of fluctuations in exchange rates of currencies and gold, which is a policy that expresses the efficiency of managing the country's investment portfolio and according to diversification in various foreign currencies and gold."
Saleh explained, "The decline in the market value of gold, for example, must be met with an increase in the value of the dollar or other foreign currencies through the management of the components of the foreign reserves portfolio itself, as diversification is an important pillar of the hedging policy in managing investments in foreign assets from fluctuations in foreign exchange rates and gold through diversifying the country's sovereign investment portfolio."
He pointed out that "the sovereign investment portfolio avoids what is called in the literature of accounting policy of central banks (unrealized losses) by immediately realizing (unrealized profits), which are the same unrealized profits that correspond to the unrealized losses resulting from fluctuations in gold or foreign currency prices at the same time."
He pointed out that "the availability of a good diversification policy, in the assets or holdings of the investment portfolio, is sufficient neutrality in maintaining the total market value of the country's foreign assets reserve and the stability of its value at all times."
Robert Kiyosaki Warns Investors After Unusual Iraqi Dinar Pitch – “Even If It’s Jesus, Be Careful”
Financial educator and “Rich Dad Poor Dad” author Robert Kiyosaki recently shared an unusual story involving an investment pitch that cited a divine endorsement.
In a tweet posted on Monday, Kiyosaki urged his followers to be cautious about who they trust for financial advice, no matter how credible or authoritative the source appears. He added, “Be extra careful…even if it is Jesus.”
Kiyosaki recounted how a friend was approached to invest in Iraqi Dinars. The pitch, however, was peculiar. According to Kiyosaki, the person promoting the investment claimed that “Jesus told me to tell everyone that Iraqi Dinars are safest and the best.” Kiyosaki humorously responded, “Being the wise ass that I am… I jokingly replied: ‘I never said that.’”
there is a tweet he tweeted here but I can't copy and paste it
The financial author took this opportunity to emphasize the importance of skepticism, stating, “When times get weird… the weird turn pro.” His message clearly advises investors to thoroughly vet investment opportunities and not be swayed by outlandish claims, even if they come with an extraordinary endorsement.
There's no more mention of the dinar below here just fyi ...
Long-Term Advocacy for Alternative Investments
This incident aligns with Kiyosaki’s longstanding investment philosophy, which advocates for asset diversification into gold, silver, and cryptocurrencies like Bitcoin. He often warns his audience about the vulnerabilities of traditional currencies, citing inflation and central bank policies as primary threats. By diversifying into these alternatives, Kiyosaki believes investors can protect their wealth during periods of economic instability.
In a recent tweet, Kiyosaki also reiterated his prediction of a potential crash in the U.S. dollar. “The Fed’s policies are pushing us toward financial turmoil,” he cautioned. He emphasized that tangible assets like precious metals and Bitcoin could serve as reliable hedges against such downturns.
Community Response and Market Implications
Kiyosaki’s tweets have sparked considerable discussion among his followers. Many appreciated the humor in his post while acknowledging the seriousness of his advice. Some users pointed out that unconventional pitches have become more common amid economic uncertainty, making Kiyosaki’s warning timely and relevant.
Additionally, his continued advocacy for gold, silver, and Bitcoin resonates with investors who are seeking to diversify their portfolios amidst market volatility. As a result, the tweet serves as a reminder to critically evaluate any investment pitch—regardless of the source—and to remain vigilant in protecting one’s financial future.
Key Takeaways:
- Caution Against Unverified Advice: Kiyosaki warns investors to be skeptical of any pitch, no matter how unconventional or authoritative it may seem.
- Advocacy for Asset Diversification: The author continues to promote gold, silver, and Bitcoin as safeguards against financial crises.
- Rising Community Engagement: His tweet has sparked discussions on the risks of falling for unusual investment pitches during uncertain times.
Overall, Kiyosaki’s message serves as a crucial reminder for investors to remain discerning and cautious when exploring new investment opportunities, particularly in today’s volatile economic climate.
Iraq's 2025 budget: Will the government deliver on its promises amid growing crises?
As the date for discussing the 2025 budget schedules in Iraq approaches, many questions are being raised about the government’s ability to meet its financial obligations amidst the growing crises. The Parliamentary Finance Committee, headed by its member Mohammed Nouri, confirmed that employees’ salaries are fully secured until the end of this year, but can these statements be relied upon in light of the current economic situation?
Despite the committee’s assurance that there is no delay in paying salaries, many question the government’s ability to address the delay in funding provincial allocations and ongoing projects. Development projects in Iraq have become underfunded, hampering efforts to develop infrastructure and improve basic services.
Moreover, reports indicate that the Iraqi government is facing significant challenges in balancing its financial obligations with dealing with economic variables, such as oil prices and inflation. While the Finance Committee hopes to launch project packages in the coming days, the question remains: Will these measures solve the current crises or will they worsen over time?
Responding to citizens’ needs and achieving sustainable development requires a comprehensive plan that goes beyond merely approving annual budgets. At a time when the Iraqi street is demanding improved services and job opportunities, the Finance Committee and the government appear to be in a race against time to ensure the country’s financial stability.
The situation remains as it is: statements confirming commitment, but the facts on the ground indicate otherwise. The government will have to face pressure from the street and increasing demands in the coming period, especially with the approach of elections and growing frustration among citizens. Will the government be able to strike a balance between pledges and reality? The coming days will reveal that.
MP: Parallel market dollar fluctuations are not cause for concern.. It will decline again soon
MP Mudhar Al-Karwi confirmed on Tuesday that the fluctuations in the parallel market are not a cause for concern, noting that the dollar exchange rate in the parallel market has witnessed a slight increase during the past three weeks.
Al-Karwi explained in an interview with Al-Maalouma that “this increase is due to speculation, regional tensions, and attempts to raise prices by some traders and companies.”
Al-Karawi added that the government measures, especially from the Central Bank, to control the exchange rate and provide hard currency to companies and traders to pay for their goods are proceeding at a flexible pace, stressing that "the parallel market will soon decline again." He pointed out that the parallel market is affected by the current events in the region.
Al-Karwi stressed that the parallel market will be reduced through a state of calm and reassurance, indicating that “the matter needs some time for the decline to resume.”
It is noteworthy that the parallel market has recently witnessed a slight increase in its prices, which has raised concerns that this is the beginning of a significant increase, and thus direct pressure on the markets and an increase in the prices of materials, especially food.
Iraq Warns Forex Companies over Dollar/Dinar Commissions
The Central Bank of Iraq (CBI) has identified irregularities in the operations of several exchange companies regarding the sale of U.S. dollars allocated to travellers.
A recent audit and monitoring of company practices revealed that some exchange firms have been charging citizens a commission of 50,000 dinars for purchasing dollars, double the amount stipulated by official directives.
According to Circular No. 8003/1/9, issued on July 11, 2024, the Central Bank had clearly instructed exchange companies to collect a commission of only 25,000 dinars from citizens when purchasing foreign currency. The current overcharging practices have been deemed in violation of these regulations.
The Central Bank has emphasized that these directives were introduced to streamline the process for citizens and ensure smooth, transparent transactions. Exchange companies found to be non-compliant with these guidelines risk exclusion from participating in the official foreign currency buying and selling system in the future.
The Central Bank has urged all companies to promptly adhere to the official directives to avoid further sanctions. This move underscores the institution's commitment to maintaining order and fairness in Iraq's currency exchange markets.
This is their value.. 9 American and Asian investment funds trade in the Iraqi market
The Chairman of the Securities Commission, Faisal Al-Haimus, confirmed today, Tuesday, that there are 9 American and Asian investment funds trading in the Iraqi market, indicating the size of these funds.
Al-Haims said during the World Investor Day conference, which was attended by the correspondent of "Al-Eqtisad News", that "the size of the Iraqi Stock Exchange represents a small percentage of the gross domestic product", noting that "there are 9 American and Asian investment funds trading in the Iraqi Stock Exchange".
He added, "The size of these funds reaches $500 million and is subject to increase," indicating that "setting the percentage of foreign investments at 49% hinders the entry of foreign investors."
Al-Haims pointed out that, "The new law will raise the foreign investor to 80%," expecting, "Iraq will accept an increase in the entry of foreign investors after the approval of the new law of the commission."
Al-Haims expects lifting of "sanctions" on Iraqi banks: No violations proven
The Chairman of the Securities Commission, Faisal Al-Haims, confirmed that foreign auditing companies have not proven any violations against the sanctioned Iraqi banks, expecting the US sanctions to be lifted, especially after the Prime Minister’s recent visit to New York.
Al-Haims said, in a televised interview, which was viewed by “Al-Eqtisad News”, that “the Iraqi market needs a banking sector with global compliance standards in order to ‘survive’”, stressing that “the commission aims to increase the number of stock traders by 500%.”
He continued: "We were recently granted the authority to open new branches of the Iraq Stock Exchange, and we agreed to open two new branches in the governorates of Erbil and Sulaymaniyah. We are open and seek to expand the market's spread base and we will agree to any request to open a new branch if the legal conditions are met."
The Chairman of the Securities Commission confirmed: “We are working on promotional campaigns to introduce the function and benefits of investing in the Iraqi Stock Exchange, and the investment sectors in it as well, although the current efforts need greater momentum, but we seek to develop an effective strategy to increase the number of investors in the Iraqi Stock Exchange to 5 times their current number of more than 40 thousand investors, during the next two years.”
He pointed out that "foreign auditing companies have not proven any violations against the sanctioned Iraqi banks, and this is sufficient to lift the Federal sanctions, and we hope that the Prime Minister's visit to the United States will contribute in this direction."
He explained that "the Iraqi economy depends entirely on oil revenues and imports to meet local needs, which confirms the difficulty of living without an effective banking sector, and therefore there is no choice but to create a real banking movement that applies international compliance standards."
He explained that "there is a credit problem in private banks, as customers prefer government banks, despite the big difference in the quality and volume of services provided at the level of deposits and borrowing. However, the government banking sector takes over more than 70% of customers."
Among the most widely circulated videos on Iranian social media since the assassination of Hezbollah Secretary-General Hassan Nasrallah is a part of a statement by the commander of the Iranian Air Force, Amir Ali Hajizadeh, in which he talks about the reasons for Iran’s failure to respond to the successive strikes that the country has been subjected to. In the session, Hajizadeh speaks to a number of guests and says: We could have struck all the American bases in the region and killed many of them, but they will attack us and kill 20,000 civilians and soldiers, which means the country will go back 20 years, and this is not what we want.
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