The government completes the file to join “WTO”
After the important steps and achievements made by the government in more than one file and sector, it was the turn to address the world and confirm that Iraq has become an economic power that should not be underestimated, and has all the qualifications and capabilities to join the World Trade Organization (WTO) after completing all preparations for that. The government headed by Prime Minister Mohammed Shia Al-Sudani has set, within its government program, a clear vision for the economic future in Iraq, which included setting timetables for achieving the liberalization process and focusing on sectors with high potential such as agriculture, industry and services, which contributes to accelerating accession to the organization.
The video for this blogpost is below here:
According to the spokesman for the Ministry of Commerce, Mohammed Hanoun, to Al-Sabah, "All preparations were completed by the government team representing all ministries, which held an important meeting in Abu Dhabi headed by Minister of Commerce Athir Dawood Al-Ghariri."
He explained that "Iraq has fulfilled all the requirements for joining the organization, through a package of legislation and laws currently being discussed to reform the current legal system to be in line with the requirements and controls of the international organization, such as coordinated trade policies throughout the country, including tariff rates and customs procedures."
Experts believe that joining the organization will be a "major achievement" for the government, especially since it has great benefits, including increasing Iraqi exports and contributing to stimulating economic growth. Hanoun praised "the efforts of the Kingdom of Saudi Arabia through its team in the organization, through coordination with it, as it is the main partner in Iraq's accession to this international organization." He stressed that "all ministries are working to ensure that the team has the information that helps it join the organization, especially since joining the World Trade Organization benefits Iraq in expanding free trade."
Governor of the Central Bank of Iraq chairs a meeting on bank lending
link they tweeted this too
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, chaired the first meeting of the Supreme Executive Committee for the National Strategy for Bank Lending in Iraq, formed by virtue of Diwani Order No. 51 of 2024, in the presence of the Undersecretaries of Ministries, Organizations and Concerned Authorities.
During the meeting, the importance of the role of the banking sector, government and private institutions was discussed, and their role in implementing this strategy and implementing the main axes and sub-objectives of the National Strategy for Bank Lending was defined.
His Excellency the Governor stressed that the National Strategy for Bank Lending aims to stimulate and stimulate the Iraqi economy, in addition to achieving growth in all areas, which this strategy will contribute to through the establishment and expansion of small, medium and large enterprises, stressing the importance of cooperation of the relevant authorities in the success of this task, which is a priority at the national level in providing job opportunities for young people and investing their energies and capabilities in a way that achieves economic growth in the economic sectors.
It is noteworthy that the Central Bank of Iraq launched on May 25, 2024, the National Strategy for Bank Lending in Iraq for the years 2024-2029, in the presence of a number of officials and representatives of diplomatic missions and international organizations. The axes of what was included in the strategy and the mechanisms for working on it were determined, each according to his specialization.Central Bank of Iraq
Media Office
October 8, 2024
Rafidain Bank seeks the assistance of 3 experts from America to combat money laundering and manage risks
Contract with K2 integrity
On Tuesday, the Council of Ministers approved Rafidain Bank’s contract with three experts from “K2 Integrity” company, in the field of compliance, anti-money laundering, and risk management.
The Cabinet stated in a statement:
As part of the government's efforts to reform the financial and banking sector, the Council of Ministers approved the contracting of (Rafidain Bank) with (K2 Integrity) Company and no more than three experts, in the field of compliance, anti-money laundering and risk management, as an exception to the instructions for implementing government contracts and standard documents, and Cabinet decisions (44 of 2012) and (184 of 2021) and paragraph (1) of Resolution (23545 of 2023), to keep pace with the development of banking activity, and seek to find correspondent banks outside Iraq and provide the best services to the bank's customers.
This was big 10/8
Naim Qassem: I am unable to describe our situation without Nasrallah, and our support for Gaza came to defend Lebanon
Hezbollah Deputy Secretary-General Naim Qassem said on Tuesday that "if it weren't for the American support, the Israeli aggression on Gaza and Lebanon would have stopped within a month."
Qassem said in a speech today: I am unable to describe our condition without our late Secretary General (Hassan Nasrallah), but we draw inspiration from his strength.
He added, "There is pressure on us to retreat," adding, "We do not fear pressure from the Zionist enemy and its Western allies."
Qassem also described the "Al-Aqsa Flood" as "an exceptional event and the beginning of changing the face of the Middle East," noting that the occupation's goal before the Al-Aqsa Flood was to end the resistance and exterminate the Palestinian people.
He also said: Lebanon was targeted and Netanyahu has repeatedly declared that he wants a new Middle East, adding that America is a partner in the crimes committed by the occupation in our lands and the jihad of the mujahideen from Hamas, Jihad and all the Palestinian people is a 100% legitimate act.
The Deputy Secretary-General of Hezbollah pointed out that "Iran is the one who decides how to support and has proven its determination to support the resistance."
He went on to say: The support front in Lebanon drained the enemy for 11 months and expelled the settlers from the north, stressing that "the enemy's war against us will not affect our will and determination to confront."
Message to the world
The region should not be left to the adventures of the insane arsonists. This is the gist of the message that Prime Minister Mohammed Shia al-Sudani sent yesterday to the American President and European leaders. It is in fact a message to the entire world, and especially to those who are able to make an effort that would change the course of events and divert them from their current path, which, as everyone knows, is a path leading to disaster.
The economic data was the most prominent feature in Al-Sudani’s message, because the economy is the global language that everyone speaks fluently. It is the speech of the prime minister of the country that contains the world’s energy reserves, and when he warns of the trembling of the global economy and puts his finger on signs of an upcoming setback, everyone should listen to what he says.
The message, despite its brevity, outlined the features of the crisis. It named the aggressor entity and listed its crimes that have brought the world to the brink of collapse. It praised some European positions that could curb this entity, and clarified Iraq’s position calling for calm and seeking to reject the language of wars and violence and to give priority to the discourse calling for economic development and establishing peace in order to achieve what is good for all the peoples of the region.
Since the beginning of the crisis, Iraq has sought to avoid being a party to it except within the limits of humanitarian and moral aspects and what its Arab and Islamic conscience dictates. Al-Sudani’s message yesterday confirms this approach and stresses that the goal of sparing Iraq the consequences of escalation is something that the international community must also bear, just as Iraq has borne it with patience and wisdom.
and then Today
Israel may back down from striking Iran.. Al-Sudani advisor talks about the back rooms
It was close two days ago.
Did Sudani save the Middle East?
Subhan Mulla Jiyad, political advisor to Prime Minister Mohammed Shia al-Sudani, said that the Israeli strike against Iran was expected and imminent two days ago, but international pressure contributed to its postponement, and perhaps its mitigation, hinting at the possibility of canceling the strike to push for diplomatic action. Mulla Jiyad expected the possibility of reaching a peaceful political solution “within days,” especially with the major countries working “in closed rooms.”
Subhan Mulla Jiyad, the political advisor to the Prime Minister, during his interview with the official channel:
From the first moment of the escalation of tension in the region, weeks ago, the Iraqi government chose the diplomatic path as a way to deal with the crisis, in addition to the relief path for the Lebanese and Palestinian peoples. From these starting points, the Prime Minister moved during his trip to New York, and his calls for the emergency Islamic summit, in addition to the upcoming tripartite summit between Iraq, Egypt and Jordan.
The Zionist enemy exploited the events of October 7 to expand the conflict, not only for the purpose of revenge, but also to implement a major political project announced by Netanyahu, which is the new Middle East, by building new alignments, and this is what Iraq moved against from the beginning, in an attempt to confine the conflict to Gaza, so that other issues, Egyptian and Lebanese, do not explode, in addition to the Palestinian issue that exploded a year ago.
If the international community does not unite behind efforts to contain the conflict, the war will not stop at Lebanon or the Islamic Republic alone, and may affect all countries in the region, even though not all countries in the region support the war. However, the biggest beneficiary of the expansion of the conflict is Netanyahu personally, for reasons related to his political future.
Israel was expected to strike Iran two days ago, and it was imminent and expected within hours at the time, but it seems that international pressure contributed to postponing the strike and mitigating it, or to investing it in finding a political alternative, and the French President’s statements are clear regarding developing political solutions in the region, and that military and security solutions will not protect Israel alone.
We expect to reach peaceful political solutions in the region within days, or perhaps within weeks, as international efforts are currently intensifying, and there are major countries working in the back rooms to defuse the crisis with the aim of preventing the expansion of the conflict.
Galant postpones his visit to Washington, and the Pentagon consults with Israel about responding to Iran
The Israeli Broadcasting Corporation reported on Tuesday that Defense Minister Yoav Galant's visit to the US capital, Washington, has been postponed.
The Pentagon confirmed what was reported by the Israeli Broadcasting Corporation, saying, "We have just been informed that the Israeli Defense Minister will postpone his visit to Washington, DC."
The Pentagon added, "We continue our consultations with the Israelis about the nature of their response to Iran's missile attack."
Israeli Defense Minister Yoav Galant was scheduled to leave for the United States tomorrow, Wednesday, to hold security consultations, as part of Tel Aviv's preparations to launch an attack on Iran, after its retaliatory missile attack, according to Hebrew media on Sunday.
NBC also reported, citing US military officials, that "Israel has not yet informed the United States of its plans to respond to Iran."
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These are from October 7 2024
This was the biggest news yesterday
Al-Sudani chairs meeting to review financial reforms, stresses pursuit of speculators
Another Headline to the same article: Al-Sudani issues an important directive regarding money transfer operations: Do not be lenient with these people
Al-Sudani's media office stated in a statement received by {Al-Furat News}: "During the meeting, Al-Sudani stressed the importance of tightening control over financial transfers and pursuing speculators," stressing that "there can be no leniency with speculators who exploit crises to achieve personal profits at the expense of the public interest. There must be strict control to ensure financial stability."
He also directed the Ministry of Finance, the Central Bank and bank managers to "simplify procedures for business owners, especially with regard to financial transfers, to ensure the smooth continuation of economic activity."
He added: "A working group has been assigned to prepare new economic and financial packages in line with the current situation, including reactivating the Central Bank's investment tools and linking them to the size of bank deposits."
During the meeting, the progress made in developing the work of banks in cooperation with Ernst & Young was discussed.
Al-Sudani stressed: “We must ensure the provision of the best banking services to citizens, and enhance the role of banks in financing development projects.”
Regarding electronic payment systems, the Prime Minister stressed the need to encourage their use, adding: “We will work to launch a government incentive program that includes providing incentives such as cash back to citizens who rely on electronic payment.”
"Iraqi Resistance" bombs Israeli military target with drone
The "Islamic Resistance in Iraq" announced on Monday that it had bombed an Israeli military target with a drone.
A statement by the "resistance" stated that "its fighters attacked, by means of drones, a military target in our occupied territories," stressing "the continuation of operations to destroy the enemies' strongholds at an increasing pace."
Minister of Communications: We are proceeding with the procedures for implementing the national license project for mobile phones using fifth-generation technology
Minister of Communications Hiyam Al-Yasiri announced today, Saturday, that the ministry is proceeding with completing the procedures for implementing the national license project for mobile phones using fifth-generation technology.
The ministry said in a statement received by the Iraqi News Agency (INA): "In continuation of the intensive efforts to follow up on the procedures for implementing the national mobile phone license project, Minister of Communications Hiyam Al-Yasiri held a meeting with the Supreme Committee for the project in the ministry," indicating that "the meeting comes within a series of ongoing and intensive meetings and procedures to move forward with the procedures for implementing the national mobile phone license project using fifth-generation technology."
The statement added that "these efforts come in implementation of the Council of Ministers' decision, which included the Communications and Media Commission granting the national mobile phone license to the Ministry of Communications to implement it using fifth-generation technology."
It is worth noting that the Ministry of Communications is working on multiple axes to implement the project, including attracting solid specialized international companies to benefit from their expertise in operating the project and communicating with a number of government agencies to contribute to financing the project in a way that ensures that the largest number of segments of society in Iraq benefit from the project's revenues, in addition to communicating with the Communications and Media Commission to complete the procedures for granting the license.
Sudanese advisor: Most state employees do not know how to use computers
The Prime Minister's Advisor for Digital Transformation Affairs, Hassan Al-Khatib, confirmed today, Monday, that most Iraqi employees do not know how to use computers, pointing to the role of the private sector in developing this field.
Al-Khatib said, during the Real Estate Investment Forum in Digital Transformation, that “Iraq suffers from a weakness in human resources for digital transformation,” adding, “We are in the process of creating a digital academy to appoint and train millions of employees.”
He pointed out that "the academy is being built by the private sector, not the state, and in cooperation with Microsoft and Apple."
He stressed that "the Iraqi state has 5.25 million employees, most of whom do not know how to use computers."
Al-Sudani's Advisor: Digital Transformation Will Boost Iraq's Efficiency and Attract Foreign Investment
Great government interest
The Prime Minister's Advisor for Digital Transformation Affairs, Hassan Al-Khatib, confirmed on Monday the government's interest in digital transformation in various sectors, noting that adopting modern technologies will increase efficiency and transparency, and enhance Iraq's ability to attract local and foreign investments.
Al-Khatib in a speech during the Real Estate Investment Forum:
On behalf of Prime Minister Mohammed Shia Al-Sudani, I am pleased to welcome you all to the Real Estate Investment Forum in Digital Transformation.
Holding this forum represents an important step towards strengthening the real estate investment sector in Iraq and developing this field to keep pace with the requirements of the digital age.
The government has paid great attention to the digital transformation process in various sectors, most notably the real estate sector, given its importance in achieving sustainable economic development.
Adopting modern technologies in this field will lead to increased efficiency and transparency and enhance Iraq’s ability to attract local and foreign investments.
The government is aware of the challenges facing the real estate investment sector.
Joint cooperation between the government, the private sector and experts will lead to the development of effective strategies that support overcoming these challenges and achieving the desired goals.
The forum aims to exchange ideas and visions and work together to develop innovative solutions that advance the digital transformation process in the real estate investment sector.
Digital Banks in Iraq
The digital transformation process in the Iraqi banking sector, which is proceeding at an accelerating pace, coincides with the emergence of so-called digital banks, which are a new experience for the entire world. It is gratifying that the transformation processes in the infrastructure of digital exchange and trading mechanisms indicate the eligibility and possibility of working with this type of banking performance, after the Central Bank of Iraq received about (60) to (70) requests to work with digital banks, according to a statement by the Governor of the Central Bank.
A digital bank is known as a bank without branches and has no physical presence, as it provides its banking services remotely, by carrying out operations with its customers using Internet platforms, phone or tablet applications, and other electronic channels based on modern technology solutions, which means that it does not practice banking operations that rely on paper documents such as checks, payment restrictions, bank transfers, and others.
What distinguishes this type of banking services from dealing with cryptocurrencies or so-called digital currencies is that the latter are not licensed for trading in Iraq as they are currencies that were not issued by global central banks and do not have a physical presence, which means that dealing with them is subject to the dominance of those who monopolize information technology sciences and can issue more of them without supervision from any central bank, while digital banks will trade in cash issued by the Central Bank of Iraq and currencies issued by global central banks.
There is an important joint in this part, as the great development in information technology will continuously drive the wheel of digital transformation in financial exchanges and transactions, which will make it more likely that cryptocurrencies will be accepted in the context of digital exchanges sooner or later, as is the case now in many countries of the world and the Middle East. Therefore, it is necessary to keep pace with the rapid transformations in the sciences of knowledge economy (information technology, communications engineering, nanosciences, etc.) by establishing universities specialized in these sciences and their relationship to banking and financial sciences specializations. If the government cannot support the existence of such research and scientific entities, it is better for the Central Bank of Iraq to undertake this support, with its huge financial capabilities, and because these entities are of direct importance in the functions of the Central Bank related to managing monetary policy affairs, which will gradually turn into a digital policy related to the existence of a knowledge society driven by scientific institutions and led by capital. Otherwise, the future belongs to those who have dominance over the Internet and are skilled at employing money.
Iraq Holds Workshop on Nanotechnology
The Iraqi Ministry of Planning has held a workshop on nanotechnology, highlighting its potential as one of the most advanced scientific and technological developments in recent years.
Presentations covered various aspects, including a report by Engineer Ahmed Farouk of the Ministry of Construction, emphasizing Iraq's need for nanotechnology research centers to keep pace with global scientific and industrial advancements.
Other speakers addressed nanotechnology applications in construction and education, noting its benefits for sustainability, economic growth, and industrial efficiency despite the high costs involved.
The workshop underscored nanotechnology's role in reducing industrial waste, enhancing medical technology, and supporting the development of green buildings.
Financial expert: Iraq faces no problems regarding dollar liquidity
The dollar exchange rate continues to rise in Iraq due to regional events that have directly affected the region and its economies, including Iraq.
In this regard, the researcher and specialist in the financial and banking aspect, Mustafa Hantoush, confirmed that Iraq, despite the high prices of hard currency represented by the dollar, does not face difficulty in providing liquidity, calling for conducting a study of the parallel market in Iraq and dismantling its causes.
“This study must be conducted if there is massive trade with Iran and Syria, millions of travelers to Iran and Syria, or small traders who do not have companies or import licenses,” Hantoush told Iraq Observer.
“Thus, these matters are not covered by the official currency auction, which leads to constant fluctuations in exchange rates.”
The researcher and specialist in the financial and banking aspect continued, “In addition to fears of wars in the region that push traders, markets and citizens to exaggerate the quantities imported and purchased, as well as push some citizens to save the dollar. Here, the position must be clarified that there are no problems in the Iraqi supply chains from (Turkey, Canada, Australia, China and India), as well as the absence of concerns about the liquidity of the dollar in Iraq.”
The dollar exchange rates in the main stock exchanges in the capital, Baghdad, were recorded at 154,600 for every 100 dollars, while the dollar selling prices reached 154,400 dinars for every 100 dollars.
Launching the e-shopping service for social protection beneficiaries
The Social Protection Authority announced, on Monday, the launch of the electronic shopping service for beneficiaries of the social protection network through the (K-Card).
The head of the authority, Ahmed Al-Moussawi, said in a statement, which was reviewed by "Al-Eqtisad News", that "the electronic shopping service was launched for beneficiaries of the social protection network through the (K-Card) card, to give them the opportunity to purchase from various stores," noting that "the aid amounts will remain on the card for a period of three months, and will not be withdrawn unless no purchase is made during this period.
" Al-Moussawi added that "the authority also launched, in cooperation with the Ministry of Trade - the General Company for Central Markets, sales operations at a discount or at cost price for holders of the "K-Card" card from social protection beneficiaries," noting that "beneficiaries can purchase from branches of the Taawon Supermarket at competitive and subsidized prices using POS devices that rely on biometric fingerprints."
Al-Moussawi explained that "this service will be launched initially in Baghdad Governorate early next month, where 388,276 families will benefit from it, and it is expected that this process will maintain the circulation of an amount exceeding 82 billion dinars per month, as part of the government's efforts to switch to the electronic cash system and reduce reliance on paper money."
Al-Moussawi revealed that the advantages of the new system include:
- Facilitating purchases and limiting them to the grant funds allocated to the beneficiaries to ensure that support is directed to the deserving categories.
- The amounts will remain on the card for 3 months to provide an appropriate opportunity for shopping.
- Supporting the government's policy of promoting the use of electronic money and reducing reliance on cash transactions.
He pointed out that the branches available for shopping are:
1. Al-Bayaa / Al-Amel Central Market
2. Al-Salihiya Central Market
3. Al-Shaab Central Market
4. Al-Hurriya / Al-Jawadain Bridge
5. Jamila / Near Muzaffar Square
6. Palestine Street / Adjacent to the Iraqi Housing Fund
Al-Moussawi stressed that "this initiative also comes to enhance the shopping experience for social protection beneficiaries at subsidized prices, and provides them with their basic needs easily, while benefiting from the transition to the electronic system."
Al-Sudani: The usurping entity must be stopped
Al-Sudani: The usurping entity must be stopped
He follows..
Prime Minister Mohammed Shia Al-Sudani received today, Monday, the French Ambassador to Iraq, Mr. Patrick Durel, where they discussed the overall bilateral relations between the two countries and ways to develop them, in addition to discussing the developments and events witnessed by the region.
The meeting witnessed the Prime Minister renewing his appreciation for the position of French President Emmanuel Macron, who rejects the supply of weapons to the Zionist entity, coinciding with the first anniversary of the outbreak of the events of October 7.
His Excellency stressed the necessity of preventing the expansion of the circle of conflict, working to enhance security and stability in the region, and the necessity of stopping the usurping entity from continuing to commit crimes in Palestine and Lebanon, amid the inability of the international community to take deterrent measures to the massacres against civilians, and to allow the delivery of aid and relief supplies to them.
•••••
Prime Minister's Media Office
7 October 2024
US State Department: Our position has not changed and is to oppose the occupation of the Gaza Strip
The US State Department confirmed on Monday that its position has not changed and is represented in opposing the occupation of the Gaza Strip or the confiscation of parts of it.
The US State Department said, "What we seek is the full implementation of Security Council Resolution 1701 in southern Lebanon," noting that "the Zionist ground operations in Lebanon are limited so far according to our assessment."
It added, "Our position has not changed and is represented in opposing the occupation of the Gaza Strip or the confiscation of parts of it, and any agreement on a ceasefire in Gaza must be binding on both parties."
It continued, "We are not pushing for a ceasefire in Gaza by the entity without Hamas's approval," indicating that "Hamas' capabilities have been largely neutralized and it is now unable to launch an attack as happened on October 7," according to its description.
The Ministerial Council recommends adopting a schedule of values and rates of customs duties for mobile phones and their accessories
The Ministerial Council for Economy recommended approving the adoption of a schedule of values and rates of customs duties for mobile phones and their accessories.
A statement by the Ministry of Foreign Affairs received by the Iraqi News Agency (INA) stated that "Deputy Prime Minister, Minister of Foreign Affairs, and Chairman of the Ministerial Council for the Economy, Fuad Hussein, chaired the thirtieth session of the Ministerial Council for the Economy, which was held at the Ministry of Planning / Central Statistical Organization building, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Agriculture, Industry, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, the Undersecretary of the Ministry of Oil, and the Prime Minister's Advisors for Economic and Legal Affairs."
He added that "the members of the Ministerial Council for the Economy visited the operations room for the general population census, where the Deputy Prime Minister and Minister of Planning presented a briefing on the research, investigation and initial registration operations carried out by researchers in all regions of Iraq. He also reviewed the procedures and preparations undertaken by the ministry, especially the Central Statistical Organization, to ensure the success and completion of the general population census scheduled to be held on November 20-21."
The statement continued: "Then the Council held its session and discussed the items on its agenda and took the necessary decisions regarding them," noting that "the Council agreed to recommend to the Council of Ministers to continue work on the project to stimulate smallholder agriculture, funded by the International Fund for Agricultural Development, after it was reviewed by the Ministries of Finance, Planning, and Agriculture."
He pointed out that "the Council of Ministers recommended approving the adoption of a schedule of values and rates of customs duties for mobile phones and their accessories that were determined by the special committee formed for this purpose. The Council also agreed to increase the total cost of the project to
build the Al-Rahab - Ain Al-Sayd - Al-Bassiya road, with a length of 124 kilometers in Al-Muthanna Governorate."
The Council approved, according to the statement, "increasing the reserve ratio for the rehabilitation project of Highway No. 1 (first phase). Based on what was presented by the Minister of Finance and the Governor of the Central Bank of Iraq, regarding Iraq's need for a strong position in the Islamic Development Bank, the Council approved increasing Iraq's share in the bank's capital to ensure its strong position in voting on its decisions.
The statement continued: "The Council also approved reducing the prices of petroleum products of fuel oil and gas oil supplied to the Iraqi Oil Tankers Company, and increasing the amount of heavy fuel allocated to the Sinjar Cement Plant. The Council recommended supplying all cement plants with black oil, according to the decision of the joint committee between the Ministries of Industry and Oil."
Federal Finance sends Kurdistan Region salaries for September, parliamentarian confirms arrival
An informed source reported on Tuesday that the Iraqi Federal Ministry of Finance will transfer the salaries due for the month of September to the employees of the Kurdistan Region from Baghdad within the next three days, indicating that they will be disbursed immediately upon arrival of the amount.
According to information obtained by Shafaq News Agency, the Financial Supervision Bureau and the Ministry of Finance in Iraq have completed the process of auditing the payrolls of Kurdistan Region employees for the month of September, and the remaining amount is expected to be transferred during this week.
The source stated that after the government in the Kurdistan Region receives the financial amounts from Baghdad, it will, in turn, in cooperation with the region’s internal revenues, begin distributing employees’ salaries.
Meanwhile, the member of the Iraqi parliament for Sulaymaniyah province, Karwan Mirwais, stated on his official Facebook page that the Iraqi Ministry of Finance had transferred an amount estimated at one trillion dinars to the Ministry of Finance of the Kurdistan Region.
According to Mirwais, this amount is allocated to pay the salaries of civil, military and security employees for the month of September.
The salary file in the Kurdistan Region is witnessing continuous tensions due to the delay in sending financial dues from Baghdad, which leads to the postponement of the distribution of salaries to employees.
Previous agreements have been reached between the Kurdistan Regional Government and the federal government to ensure the continuation of salaries, but delays in sending dues remain a constant source of concern for employees in the region.
Speculators and war merchants deliberately harm the national economy
On the occasion of the commemoration of the Al-Aqsa flood on September 7th a year ago and what our Palestinian people in the struggling Gaza were exposed to from a treacherous Zionist attack and its continuation on our brotherly Lebanese people and the two brotherly peoples presented thousands of martyrs and wounded and the enemy still insists on occupation, destruction and burning everything green and dry. At a time when our Iraqi people and the Iraqi government are making various efforts to support Palestine and Lebanon in confronting the criminal entity, we unfortunately see an organized attack led by dollar speculators in the black market and merchants of wars and crises to harm the national economy and thwart the plans and steps of the government and the Central Bank on economic and banking reform and speculation in the exchange rate of the US dollar with the aim of weakening the purchasing power of citizens and weakening the Iraqi dinar and directing criticism at the Central Bank.
Their yellow media and analysts, who have bad intentions and goals that harm our national economy, have rushed to spread rumors and fabricated news to influence the monetary authority’s measures to control the market and deliberately manipulate it.
The people's livelihood for narrow interests.
Their clear goal is to confuse the monetary market and the movement of the commercial market, and they are trying to suggest that the exchange rate is rising to uncontrollable rates.
Ignoring the availability of Iraq's foreign exchange reserves and the executive procedures, instructions and continuous clarifications of the Central Bank to secure the dollar for all those who request it to cover imports and legitimate needs at a rate of 95% in accordance with its stated responsibilities.
It is required by its current law to intervene in controlling and maintaining the exchange rate, which is a procedure carried out by all banks in the world when necessary.
He also repeatedly made it clear that one of his most important basic duties is to facilitate foreign trade procedures and secure foreign currency at the official rate set for traders in accordance with the international standards adopted to control foreign transfers and ensure their safe arrival to the final beneficiary. He also stressed the inaccuracy of news about new sanctions on our banks and that the banking sector is on the verge of renaissance, development, reform and the lifting of sanctions, doubts and suspicions imposed on it.
The Prime Minister had previously confirmed in an explicit statement that the government supports the measures of the Central Bank.
The plans of speculators and crisis traders will fail.
Emphasizing the call on the government and the House of Representatives to expedite the activation of economic, financial and banking reform programs in the government program, implement the 2024 and 2025 budgets, revolutionize and activate non-oil economic sectors, regularly develop and distribute the food quota in the ration card, support the private sector, activate the Private Sector Development Council, increase social welfare allocations, establish the sovereign fund for generations, support local production and support industry.
Nationalism and control of illegal trade through official and unofficial border crossings and stopping trading and dealings in black dollars on the black market and small traders proving that all their imports were made through the platform or through banks that deal directly with corresponding banks and at the official price and the Customs and the General Tax Authority implementing the proposals and treatments of the government and the Central Bank in accordance with the rules.
Because certainly the money market is now under internal and international supervision and control, and we have great hope in our banks, which during the crises that the country went through, were effective in contributing to achieving stability in the currency trading market.
Ranked 29th out of 100 countries, Iraq raises its gold holdings to more than 152 tons
The World Gold Council announced on Tuesday that Iraq has increased its gold holdings to more than 152 tons.
According to the latest table published by the Council in September 2024, which Shafak News Agency reviewed, "Iraq ranked 29th out of 100 countries listed in the table with the largest gold reserves," indicating that "Iraq ranked third in the Arab world after Saudi Arabia and Lebanon."
He added, "Iraq increased its gold holdings to 152.6 tons, after its gold holdings were 148.3 tons, which represents 11% of its remaining reserves."
The Council also pointed out that "the United States of America is the largest country in the world with the largest gold holdings, at 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy with 2,814 thousand tons, while Bosnia and Herzegovina came in last with 1.5 tons."
The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.
Revealing the features of the 2025 budget tables
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said in a press statement that "Article 77/Second of the Federal General Budget Law No. 13 of 2023, which regulates the preparation of the three-year budget, stipulates that the government shall send the budget tables for the years 2024 and 2025 to the House of Representatives for approval before the end of the previous fiscal year."
He added that "the Ministry of Finance has announced that it is in the process of preparing the general budget tables for the year 2025, in accordance with the constitutional mechanisms adopted by the aforementioned Three-Year Budget Law."
He pointed out that "based on the indicators of budget implementation over the first two years provided for by the aforementioned Law No. 13, the financial authority has the necessary administrative and financial capabilities to submit the 2025 budget tables to take their legislative path through discussion and approval in the Council of Ministers and refer them to the House of Representatives before the end of this year."
Saleh noted that "the federal general budget tables for the year 2025 will be based on the constants of Federal Budget Law No. 13 of 2024, taking into account international and regional economic conditions and their changes, ensuring that the provisions of the budget tables for the year 2025 are adapted within the available legal texts, in addition to relying on the performance of the indicators of the general budget tables for the year 2024."
He stressed that "major reconstruction projects will continue to progress in accordance with the vision of the government program to ensure the continuity of growth rates in the gross domestic product in general and the gross domestic product (non-oil) in particular."
Ministry of Oil announces the start of exporting jet fuel
The Undersecretary of the Ministry of Oil for Refining Affairs, Hamid Younis, announced the start of aviation fuel export operations from Iraqi ports.
The Undersecretary said in a statement, "The ministry has started aviation fuel export operations at a rate of (800-1000) tons per day, from export outlets, noting that the Iraqi production of aviation fuel comes within international specifications and standards.
He pointed out that the export process is a step in the right direction, to enhance Iraq's role globally among the countries producing and exporting oil and its derivatives, in addition to that it reflects the prospects for development in the Iraqi oil industry.
He added that the export operations of oil products contribute to increasing the financial revenues achieved from the activities of the oil sector, thus supporting the national economy.
Governor of the Central Bank of Iraq chairs a meeting on bank lending
link they tweeted this too
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, chaired the first meeting of the Supreme Executive Committee for the National Strategy for Bank Lending in Iraq, formed by virtue of Diwani Order No. 51 of 2024, in the presence of the Undersecretaries of Ministries, Organizations and Concerned Authorities.
During the meeting, the importance of the role of the banking sector, government and private institutions was discussed, and their role in implementing this strategy and implementing the main axes and sub-objectives of the National Strategy for Bank Lending was defined.
His Excellency the Governor stressed that the National Strategy for Bank Lending aims to stimulate and stimulate the Iraqi economy, in addition to achieving growth in all areas, which this strategy will contribute to through the establishment and expansion of small, medium and large enterprises, stressing the importance of cooperation of the relevant authorities in the success of this task, which is a priority at the national level in providing job opportunities for young people and investing their energies and capabilities in a way that achieves economic growth in the economic sectors.
It is noteworthy that the Central Bank of Iraq launched on May 25, 2024, the National Strategy for Bank Lending in Iraq for the years 2024-2029, in the presence of a number of officials and representatives of diplomatic missions and international organizations. The axes of what was included in the strategy and the mechanisms for working on it were determined, each according to his specialization.Central Bank of Iraq
Media Office
October 8, 2024
Iranian Ambassador during his meeting with Al-Maliki: Any foolishness committed by Netanyahu will be met with a strong response from Iran
Iranian Ambassador to Iraq Mohammad Kazem Al-Sadiq confirmed that Operation "True Promise 2" came in response to the assassinations carried out by the occupying entity, warning that any new foolishness by Prime Minister Benjamin Netanyahu will be met with a response stronger than Operation " True Promise 2.”
During his meeting with Nouri al-Maliki, the former Prime Minister of Iraq, Al-Sadiq said, “Iran exercised self-restraint for two months in response to the assassination of Haniyeh, but it became clear with the assassination of the great martyr Sayyed Hassan Nasrallah that the Western promises of a ceasefire were false, and the Zionist entity crossed all red lines.”
In this meeting, Nouri al-Maliki and Al-Sadiq discussed the latest developments in the region and the conditions of the resistance front.
Among the most important issues discussed during the meeting were the recent victories of Hezbollah and Hamas in thwarting Israeli plans, despite the passage of a year since the entity's crimes.
The two sides also stressed the importance of a ceasefire and stopping the war in the region through diplomacy and joint action by the countries of the region.
Al-Sadiq and Al-Maliki condemned "the contradiction in the policies of America and the West in announcing support for the ceasefire and at the same time sending weapons to the Zionist entity."
A member of the Parliamentary Finance Committee talks about the reasons for the rise of the dollar
Former Finance Committee member Mohammed Al-Shabaki explained today, Tuesday, the reasons for the continued rise in the dollar exchange rate in local markets.
Al-Shabaki said in a statement to Al-Maalouma Agency, “The rise in the dollar exchange rate and its reaching more than one hundred and fifty thousand is related to the volume of sales provided by the Central Bank through the foreign currency sales window, " indicating that "the higher the dollar sales, the lower the exchange rates in the local markets."
He added, "The high demand for the dollar during this period is one of the direct reasons for the rise in its price, in addition to the increasing demand for it," adding, "Until now, there are no serious government treatments to end "This issue recurs from time to time, and all treatments are not at an acceptable level."
The exchange rate of the dollar against the dinar has recorded a noticeable increase in the stock exchange and exchange shops in the capital, Baghdad, and the governorates over the past few days.
Cabinet: Authorizing the Investment Authority to amend the investment license
Today, Tuesday, the Council of Ministers approved the issuance of the second amendment to the investment system.
The media office of Prime Minister Mohammed Shia Al-Sudani stated in a statement received by Al-Maalouma Agency, “Within the framework of regulating investment, the Council of Ministers approved during today’s session the issuance of the second amendment to Investment System No. ( 2) of 2009, which was reviewed by the State Council, based on the provisions of the Constitution and Investment Law (13 of 2006), taking into consideration the legal observations and what was stated in the minutes of the meeting of the Committee to Study the Amendment of Investment System (2 of 2009).”
He added, “Within the transportation sector, and with regard to the (Basra-Shalamcheh) railway line project, the Council of Ministers approved what was stated in the minutes of the technical committee formed in the General Company for Iraqi Railways, which is tasked with negotiating with the Spanish company (Imathia), to implement the (Basra-Shalamcheh) railway line; and to sign the contract, taking into account the notes of the legal department, and extending the negotiation period (60) days.”
MP: The US Federal Reserve is besieging Iraqi liquidity through the dollar
State of Law MP Firas Al-Maslamawi confirmed today, Tuesday, that the Federal Bank's measures were the main reason behind the continued shortage of financial liquidity, calling on the Ministry of Finance to find alternatives.
Al-Maslamawi told Al-Maalouma Agency, “Iraq is not poor and has many resources, but there is a problem in delivering the oil sales money that arrives after three months through the Federal Bank.”
He added that "the means of delivering the dollar and its restriction by the Federal Bank cast a shadow over the creation of liquidity in the Ministry of Finance," noting that "the external liquidity file requires a high-level government effort in order to resolve this issue and increase the quantities of dollars flowing into Iraq.”
He stressed the need to "transform into agreements similar to the Chinese accounting agreements, providing services in exchange for oil, to dispense with the dollar," stressing that "the US Federal Reserve is still imposing its conditions on Iraq to pressure the parallel market. "
Association of Banks: More than 600 government institutions adopt electronic payment
The Association of Private Banks confirmed, on Tuesday, that the number of government institutions relying on electronic payment has increased to 600.
The Executive Director of the Private Banks Association, Ali Tariq, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the government decisions obligating government institutions and many private institutions to provide an electronic payment window - which began to be implemented in March 2023 - have brought about a tangible change in the use of this system in Iraq."
He added, "The infrastructure was ready with the support of the Central Bank of Iraq, with prior instructions and great cooperation between banks and electronic payment companies."
He pointed out that "government support has contributed to accelerating the spread of electronic payment, as we have witnessed during the past year and a half a significant increase in the number of cards issued, reaching 20 million cards, including 2 million cards issued during the last year. The number of electronic payment devices has also increased to more than 30 thousand devices, and it is expected that this number will double by the beginning of next year."
Tarek explained that “the number of government institutions that have adopted the electronic payment system has exceeded 600 institutions, after it was only about 50 institutions, which led to a significant increase in the volume of trading,” noting that “this system has many benefits for citizens, projects and the government, as it provides security, speed and low costs compared to transferring money and its exposure to damage, theft or counterfeiting.”
He stressed that "the next phase will witness a greater expansion in the use of electronic cards and an increase in electronic payment operations, with the primary goal of providing an easy and inexpensive service to the Iraqi citizen, whether in government or private institutions."
Cabinet Decisions: Increase in Ramadi TV Contracting Funds and a New Contract for Rafidain Bank
On Tuesday, October 8, 2024, Prime Minister Mohammed Al-Sudani held the 40th regular session of the Council of Ministers, which witnessed the discussion of a number of “vital files,” including an increase in financial costs for Ramadi TV and a new contract with Rafidain Bank.
This session is one of two sessions held today, to compensate for the Cabinet session not being held on September 24, 2024, due to the Prime Minister’s participation in the 79th session of the United Nations General Assembly in New York.
A statement by the Council, seen by "Ultra Iraq", stated that "in order to enhance the status of Iraqi women, and support their role and their well-known presence in public life and the sectors of work and giving, the Council of Ministers approved the recommendation of the Supreme Council for Women to consider March 3 of each year as a national day for Iraqi women."
He added: "The Council hosted the President of the Iraqi Engineers Syndicate in its session, in implementation of the Prime Minister's directives to host sectoral and professional unions and federations, in order to review and enhance professional work and receive development proposals." Al-Sudani directed the formation of a committee headed by the Legal Department in the General Secretariat of the Council of Ministers, and membership of the Advisory Board and the Engineers Syndicate, to study the obstacles indicated by the Syndicate, and submit proposals for the necessary decisions regarding them for the purpose of addressing them, and presenting them to the Council of Ministers within 30 days. The committee may host the relevant parties wherever required."
The Council approved, according to the statement, "the approval of the controls for implementing Article (35/First) of the Federal General Budget Law (13 of 2023), for the three fiscal years, related to transferring the ownership of donated lands from individuals to educational or health institutions or to all government departments, provided that the Higher Authority for Coordination between the Governorates coordinates between it and the Ministries of (Finance and Agriculture) to find a mechanism that includes the concession of agricultural contract owners (other than those with the right to dispose) of part of the contract period or both, to establish government projects on the contracted land, including schools and health institutions in exchange for privileges determined by controls."
The Council of Ministers also "approved the contracting of (Rafidain Bank) with (K2 Integrity) Company and no more than three experts, in the field of compliance, anti-money laundering and risk management, as an exception to the instructions for implementing government contracts and standard documents, and Cabinet decisions (44 of 2012) and (184 of 2021) and paragraph (1) of Resolution (23545 of 2023), to keep pace with the development in banking activity, and seek to find correspondent banks outside Iraq and provide the best services to the bank's customers."
Regarding the mechanism for land ownership for industrial projects, the statement stated that “the Cabinet Resolution (24413 of 2024) was approved to be amended to include the Ministry of Agriculture/Department of Agricultural Lands or the agricultural departments in the governorates, lifting the hand of agricultural reform based on a request from the State Real Estate Department regarding the lands covered by this resolution, in accordance with the applicable legislation and controls, and the Ministry of Industry and Minerals, the National Investment Authority, and investment authorities in the governorates to take all necessary measures, in the event that the beneficiary violates the provisions of this resolution in accordance with the applicable legislation.”
In investment, “the Cabinet approved the issuance of the second amendment to Investment Law No. (2) of 2009, which was reviewed by the State Council, based on the provisions of the Constitution and Investment Law (13 of 2006), taking into account the legal observations and what was stated in the minutes of the meeting of the Committee for Studying the Amendment to Investment Law (2 of 2009).”
The statement continued: “The Council considered the recommendations of the meeting of the team concerned with studying the documents (Technology Needs Assessment (TNA) and Technology Action Plan (TAP)), and approved the recommendations submitted, and the Ministry of Environment undertook to implement the aforementioned recommendation in coordination with the sectoral bodies concerned with the subject, and to translate the two aforementioned documents into a legal form, from the allocations of the Environmental Protection and Improvement Fund in the aforementioned ministry, and to send the two documents under study to the donor party in accordance with the agreements and laws in force.”
The Council of Ministers approved "opening an Iraqi consulate general in the British city of Glasgow based on the provisions of the Foreign Service Law (45 of 2008) and the Vienna Convention on Consular Relations of 1963."
He added: "In order to organize and manage foreign labor in Iraq, the Council of Ministers approved the recommendations of the committee on adapting the legal status of illegal foreign labor, taking into consideration the observations of the Legal Department in the General Secretariat of the Council of Ministers."
As part of the Council’s follow-up of housing sector projects, approval was given to amend the first paragraph of Cabinet Resolution (325 of 2013) to establish the (Baghdad Paradise Residential Complex) on an area of (119) dunums, as well as authorizing the National Investment Commission to amend the investment license and negotiate with the investor to amend the investment contract for the aforementioned project.
In the investment field, the recommendations of the fourth meeting regarding the establishment of the Iraqi Trade Center near Baghdad International Airport were approved.
Within the transportation sector, and with regard to the Basra-Shalamcheh railway line project, “the Council of Ministers approved what was stated in the minutes of the technical committee formed by the General Company for Iraqi Railways, tasked with negotiating with the Spanish company (Imathia), to implement the Basra-Shalamcheh railway line; and to sign the contract, taking into consideration the comments of the legal department, and extending the negotiation period (60) days.”
The statement concluded: “Within the framework of the government’s handling of stalled projects and follow-up on infrastructure projects, the following was approved:
- Increase in the total cost and reserve amount for the contract (construction of the Ramadi Radio and Television Station building) included in the investment budget tables of the Iraqi Media Network.
- Increase in the total cost of the project (implementation of infrastructure for Souq Al-Shuyukh district/Dhi Qar Governorate, infrastructure).
The Chairman of the Trade Bank of Iraq (TBI) directed, today, Tuesday, to extend working hours to complete money transfer transactions.
The Chairman of the Trade Bank of Iraq (TBI) directed, today, Tuesday, to extend working hours to complete money transfer transactions.
The bank's media spokesman, Aqeel Al-Shuwaili, told the Iraqi News Agency (INA): "The bank's director directed that the work of remittance employees and cashiers in all bank branches should start from 7:00 am until 3:00 pm in order to complete all transactions related to financial transfers."
He added: "Work will continue according to the above mechanism until the completion of the last transaction within the branch
The Barty responds to the Yekti request to open branches of the Rafidain and Rashid Banks in Sulaymaniyah
Kurdistan Democratic Party member Wafaa Mohammed Karim responded today, Tuesday (October 8, 2024), to the Patriotic Union’s request to open branches of Rafidain and Rashid Banks in Sulaymaniyah, and to reject the localization of salaries in an accounting project.
Karim considered in an interview with "Baghdad Today" that "these statements are electoral media propaganda in the current situation, as the Patriotic Union suffers from anxiety and fear, fearing that it will obtain third place in the Kurdistan Parliament elections."
He added, "Sulaymaniyah was the first to take the initiative to register employees in the Hesabi project, which is an important project for localizing salaries and approved by Baghdad, but the Patriotic Union's statements are just an attempt to appeal to the emotions and feelings of citizens before the elections, and these statements will change after the elections."
Today, Tuesday, the representative of the Patriotic Union of Kurdistan bloc, Narmin Marouf, confirmed that the regional government has obstructed the opening of branches of Rafidain and Rashid banks in Kurdistan.
Marouf said in press statements, "The obstruction of opening branches of federal banks in the provinces of the Kurdistan Region by the regional government led to a delay in the settlement of salaries of the region's employees, which is the main reason for the emergence of problems facing the sending of salaries by the federal government every month."
She added that, after President Pavel Jalal Talabani's decision to localize salaries in government banks instead of the regional government's project (Hisabi), we are intensifying our efforts to open branches of federal banks in the region's governorates.
The dollar exchange rate in the Iraqi market
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has risen significantly for days and over two periods
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leaving behind a set of repercussions including
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Rising prices and impacting local markets
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In a state of stagnation during the first period of the rise
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During which the exchange rate ranged between
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149,000 dinars
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and 1,000 dinars for every 100 dollars, while it jumped in
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The second period and within a short period to range
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The exchange rate between
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151,000
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and 154 dinars for a 100
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US dollar banknote. Financial experts point out that
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The decline in transfers of other currencies is among the reasons for
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this rise, in addition to the inability of all mechanisms
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transfer to cover Demand for foreign currency
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For the purpose of importing some goods
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Especially mobile phones and gold, which
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are the most valuable goods to import, which
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is what drives importers to resort to
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the parallel market for the purpose of importing this
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The rise in the exchange rate coincides with the dollar
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against the Iraqi dinar with a seasonal demand for
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the dollar in the local market, in addition to the current events
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in the region that jumped by a dollar after
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The increasing demand for it against the backdrop of the escalation
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military in the Middle East and security tension
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The current, according to specialists, despite
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the strict measures implemented by the government of Prime Minister
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Iraqi Prime Minister Mohammed Shia al-Sudani
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which returned something to the exchange rate From
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Stability, but some measures taken by the
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Central Bank did not succeed in keeping the market
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stable
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