Trade Bank of Iraq announces the imminent opening of a cash deposit center in Karkh
The Trade Bank of Iraq announced today, Monday, the imminent opening of the cash deposit center in the Karkh side.
The bank's media advisor, Aqil Al-Shuwaili, said in a statement received by the Iraqi News Agency (INA): "Based on the directives of the respected Prime Minister, Mohammed Shia Al-Sudani, to provide the best services to citizens, the Trade Bank of Iraq announces the imminent opening of the (Cash Deposit
(Center)."
The video for this blogpost is below here:
He explained that "this center receives all cash deposits only for all customers," indicating that "this is a new service that the bank will launch with the aim of providing the best services to customers, and to contribute to reducing the pressure of cash deposits on its other branches in Baghdad."
Trade Bank of Iraq announces the imminent opening of a cash deposit center in Karkh
The Trade Bank of Iraq announced today, Monday, the imminent opening of the cash deposit center in the Karkh side.
The bank's media advisor, Aqil Al-Shuwaili, said in a statement followed by Al-Masry, "Based on the directives of Prime Minister Mohammed Shia Al-Sudani to provide the best services to citizens, the Trade Bank of Iraq announces the imminent opening of the (Cash Deposit Center)."
He pointed out that “this center receives all cash deposits only for all customers,” indicating that “this is a new service that the bank will launch with the aim of providing the best services to customers, and to contribute to reducing the pressure of cash deposits on its other branches in Baghdad.”
More details will be published when the official opening date of the depository center is announced.
Launching of the activities of the international scientific conference under the slogan "Development and financial and economic stability to restore confidence in the dinar"
The activities of the international scientific conference were launched at the University of Mosul under the slogan "Development and Financial and Economic Stability to Restore Confidence in the Dinar.
Nineveh Governor Abdul Qader Al-Dakhil said during his attendance at the conference that Nineveh Governorate is regaining its health with its universities and scientific expertise."
Al-Dakhil added for the first time, "As a local government, we have implemented major strategic projects such as the Mosul Airport project and other vital development projects. We are working to develop the health sector by establishing many projects, the most important of which is the Ibn Sina Hospital project with a capacity of 600 beds."
He continued, "We are proud of our solid universities and we have an integrated plan that will be launched in the near future that includes all vital sectors, indicating that the city of waterfalls will see the light soon and the mini sports city in the right side of Mosul will join its ranks."
He said, "We have promising investment opportunities in the areas south of Mosul, whether in the oil, energy or sulfur sectors
," noting that "the development road is one of the vital projects and will pass through the city of Mosul, in addition to the ring road, which is considered a vital and economic artery that revitalizes the city."
He added, "We promise our people in Nineveh that we are able to make Life again in a manner befitting its Iraqi identity, future and cultural heritage.”
Prime Minister's Advisor: Implementation of the 2024 budget is proceeding smoothly
The Parliamentary Finance Committee is expected to discuss the 2025 budget next November, amid a general trend to pass it easily and not amend it significantly, while the Prime Minister's Advisor for Financial Affairs, Dr. Mazhar Muhammad Salih, stated that the 2024 budget that entered into force had a "precautionary deficit" of about 64 trillion dinars.
Salih said, in an interview with "Al-Sabah": The average Iraqi oil sales for 2024 were estimated at no less than $75 per barrel, noting that the general financial need for "bridge loans" (which are short-term loans) to address the possibility of a deficit may not exceed 10 trillion dinars in all cases, which are borrowing amounts permitted under Law No. 13.
The financial advisor added that the country's "financial life" in 2024 is proceeding smoothly, wondering, otherwise how did the Ministry of Finance issue 2024, in cooperation with the Central Bank of Iraq, "achievement bonds" for public subscription.
Saleh explained that these bonds are denominated in Iraqi dinars and come in multiple categories, including a category of 500,000 Iraqi dinars for two years with an annual return of 6.5%, indicating that these bonds are a safe investment, as the government is committed to paying the annual interest on them, and they are an integral part of bridging the deficit in the general budget for the year 2024, which means that they will come into effect.
In turn, economic researcher Ziad Al-Hashemi warned in an interview with “Al-Sabah” that the 2024 budget is facing pressures in terms of limited liquidity, noting that this has caused the government to be unable to spend the capital or investment budget, and to direct liquidity exclusively towards the operating budget.
Al-Hashemi continued that this mechanism has disrupted the implementation of the government’s development and service programs and has significantly disrupted them, expecting the deficit in the 2025 budget to increase with the decline in oil prices, below $70 as a result of the decline in global demand for oil.
He expected that it would cause financial hardship and a weakening of the ability to spend if the decline in oil revenues continued for periods exceeding two quarters, indicating that the hardship might force the government to return to borrowing internally and externally, in the hope that oil prices would rise again in the near future.
Parliamentary Economy Committee discusses with the Central Bank of Iraq the reality of banks and the problems facing the sector
The Economy, Industry and Trade Committee, headed by MP Ahmed Salim Al-Kanani, discussed today, Monday, with the Director General of Investment and the Director General of Banks at the Central Bank, the problems facing the banking sector in Iraq.
The media department of the House of Representatives stated in a statement received by "Al-Eqtisad News" that "the Economy, Industry and Trade Committee, headed by MP Ahmed Salim Al-Kanani and attended by its members, hosted the Director General of Investment and the Director General of Banks at the Central Bank."
During the meeting, the reality of banks, the most prominent problems facing the Iraqi banking sector, and ways to find effective solutions to them were discussed.
Iraq Accelerates Fiber-Optic Roll-Out
Iraq has increased the rate at which it is installing fiber-optic internet connections.
The Ministry of Communications reports that more than 3.5 million FTTH (fiber-to-the-home) connections have been complete so far in 2024.
This compares to 2.9 million last year, 1.5 million in 2022, and 276,000 in 2021.
(Source: Ministry of Communications)
US officials: Israel has set a date for bombing Iran, a list of targets
US officials revealed, on Saturday, the date of the Israeli response to Iran and identified the potential targets that Israel might attack during the strike.
American media outlets quoted American and Israeli officials as saying that Tel Aviv has determined what it will target in its response to the Iranian attack, which these officials describe as Iranian military and energy infrastructure.
US officials believe there is no indication that Israel will target nuclear facilities or carry out assassinations, but US officials stressed at the same time that the Israelis have not made a final decision on how and when they will act.
American media reports revealed that the United States does not know when a response might be made, but they said that the Israeli army is ready and prepared to move at any time once the order is issued.
US officials said they had no information indicating a response would come Saturday, but acknowledged that Israel had not shared a specific timetable with them, and it was not clear that Israeli officials had agreed on a timetable yet, according to the officials.
American and Israeli officials said that "the Israeli response may come during the Yom Kippur holiday (which falls on Saturday, October 12)."
US officials noted that Israel shared more information with the United States about the response, but they withheld many details due to security concerns.
The United States is preparing to defend its assets in the region from any immediate counterattack by Iran, but is unlikely to provide direct military support to the Israeli operation, according to officials.
US Defense Secretary Lloyd Austin spoke with his Israeli counterpart Yoav Galant last night, and they discussed the broad outlines of an Israeli response. However, it is not clear whether Galant provided any concrete details.
The ministers' call came after an Israeli cabinet meeting on responding to Iran, but Galant did not share the specific goals discussed at that meeting.
US officials are urging the Israeli government to make its response proportionate, stick to military targets and avoid oil, gas and nuclear facilities.
U.S. officials said President Joe Biden and Prime Minister Benjamin Netanyahu did not discuss the details of the response in their call this week either. Biden strongly urged Netanyahu to focus on the humanitarian situation in Gaza and Lebanon and urged him to end the fighting.
The US president also stressed that Israel needs to take into account the difficulty of successfully carrying out the war in Lebanon, and confronting the strong threat on a second front from Iran, according to US media reports.
In pictures.. Issuance of the first national card outside Iraq
The ministry said in a statement received by {Euphrates News} a copy of it that "in a step that is considered the first in the history of the Iraqi Ministry of Interior, the first national card was issued at the Embassy of the Republic of Iraq in the British capital, London, after a special office was opened to issue national cards there."
He added, "It is hoped that the Ministry of Interior will open a number of national card issuance offices in a number of countries in succession to provide the best services to Iraqis residing outside the country."
Al-Mandlawi: Iraq is making exceptional efforts to prevent the specter of a major war from looming over the region and the world
In his speech delivered today, Monday, during his participation in the (149) session of the Inter-Parliamentary Union in Geneva, Al-Mandlawi called for “the formation of an international parliamentary delegation to visit Lebanon and Palestine and investigate the facts about the extent of the Zionist terrorist attacks against civilians,” describing the events taking place as a “major challenge” to the global system and a real threat to international legitimacy, indicating that “the recent attack on the UN peacekeeping forces (UNIFIL) is evidence of the extent of the arrogance of the occupation and its leaders, and has proven that this outcast entity is now outside the legal, humanitarian and international framework.”
Al-Mandlawi said, "International parliamentary bodies are facing a challenge and a test of the usefulness of their existence to express the aspirations of their peoples," calling on them to "take a clear and rapid position to spare the region and the world the dangers of slipping into a large and destructive war," calling on the presidency of the union and representatives of the participating parliaments to "condemn the Zionist practices and serious violations of the charters and legitimate resolutions, and take responsible action to stop the aggression against Palestine, Lebanon and the countries of the region, by demanding that the Security Council take the necessary decisions in this regard, hold the leaders of the entity accountable, prevent humanitarian disasters against civilians, provide urgent humanitarian aid and return the displaced."
He stressed the "necessity for the Union to adopt the signing of an international agreement that criminalizes the use of artificial intelligence technology as a weapon in wars, due to its deadly impact that exceeds the impact of nuclear weapons, and to pay attention to enhancing the parliamentary performance of the legislative bodies of member states and enabling them to perform their duties, in addition to taking the initiative to organize a responsible and serious humanitarian stand to intervene by all means in order to immediately stop the wars of genocide practiced by the Zionist entity, and to save the region and the world from its danger, effects and repercussions, and to exert efforts to raise the levels of cooperation between parliaments to exchange parliamentary expertise, and to emphasize the need to respect international humanitarian law and the rights of peoples to security and stability."
Al-Mandlawi explained that "Iraq is making exceptional parliamentary and governmental diplomatic efforts to prevent the specter of a comprehensive war from the region and the world, and that the Zionist entity is striving to ignite and expand this war by targeting diplomatic missions, leaders and symbols of countries within an aggressive methodology to control and impose wills and drag the region and the world into a comprehensive bloody war," indicating that "Iraq, Yemen, Syria and Iran are at the top of the list of targeted countries, while adding that announcing the name of the highest religious authority, Sayyid Ali al-Sistani, who is a symbol of peace and moderation in the world, within the list of the entity's targets, is nothing but evidence of its arrogance and its lack of consideration for human and heavenly values and international legitimacy."
Government advisor: Tensions and war in the region may lead to a jump in oil prices
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified today, Monday, the indicators of the rise in oil prices in global markets, and while he attributed them to two basic variables, he indicated that if tensions and war continue in the region, a jump in prices is expected.
Saleh told the Iraqi News Agency (INA): "The oil asset cycle is subject to accelerated upward volatility across current energy market indicators and two fundamental variables that affect global oil supply and demand: the first is OPEC+'s decisions to reduce oil production on the production of OPEC countries themselves and their allies, as OPEC+ has currently implemented significant oil production cuts of 5.86 million barrels per day."
He added, "These cuts consist of two parts: the first is a reduction of 3.66 million barrels per day extended until the end of 2025, and the other is an additional voluntary reduction of 2.2 million barrels per day that remains in effect until September 2024."
He pointed out that "the cuts come to remove the current oil glut, which is affected by the decline in growth in the world's most important energy-consuming economies, China," noting that "the second variable is the geopolitical situation and the war taking place in the two energy basin regions of the world, namely the Russian-Ukrainian war and the other is the ongoing war in the Middle East, especially the Gaza and Lebanon war with the Zionist entity and its effects on the oil-producing Gulf region, which dominates more than 50% of global oil exports."
He continued, "If military operations or geopolitical tensions continue in the two regions, oil prices are expected to jump."
Governor of the Central Bank of Iraq receives the Ambassador of the Federal Republic of Germany to Iraq
During the meeting, they discussed banking relations, enhancing the financial inclusion plan in Iraq, and the importance of digital transformation, in addition to providing full support to Al-Riyada Bank for financing small projects, which will launch its services soon.
His Excellency the Governor stressed that there is a great desire among citizens to use electronic cards, which enhances electronic payment in Iraq, as the Central Bank of Iraq has taken many steps in this direction in coordination with the relevant authorities.
His Excellency explained that Al-Riyada Bank will provide its services to an important segment of customers, as it aims to provide support to emerging small and medium enterprises, as it will be a bank different from other banks through its unconventional products that will contribute to creating job opportunities for various social groups in society, and open new horizons in a stable investment environment, noting that there will be representative offices in most Iraqi banks to facilitate customers' access to it and benefit from its services.
The plan to reform the government and private banking sector was reviewed with direct support from the Prime Minister to achieve a stable, secure and efficient sector.
For her part, the German Ambassador expressed her country's readiness to provide advice and technical support for such important projects that support the common goal of diversifying the Iraqi economy.
Media Office
October 14, 2024
Pursuing Reform: Q&A With Iraq’s Central Bank Governor Ali Muhsen Al-Allaq
link this is from October 10 24 I'm just coming across it now
Economics, Policy & Regulation
Pursuing Reform: Q&A With Iraq’s Central Bank Governor Ali Muhsen Al-Allaq
October 10, 2024
The governor of the Central Bank of Iraq, Ali Muhsen al-Allaq, speaks to Global Finance about the main challenges and top priorities for the bank.
Global Finance: Iraq went through decades of wars and crises. How did that impact the Iraqi banking sector?
Ali Muhsen al-Allaq: The banking sector faced severe headwinds starting with the Iraq-Iran war of 1980-1988, which damaged the country’s financial stability and the banks’ ability to service internal debt. With the 1990’s crisis and the Kuwait war, the dinar’s value then collapsed on the parallel market. That created a major challenge for banks in settling deposits and loans, ultimately undermining public confidence in the banking system.
More recently, the fall of the former regime coupled with terrorism, the war against the Islamic State, and ongoing security and political unrest directly impact banks’ ability to attract savings. In times of uncertainty, particularly during displacement in war-torn areas, individuals tend to hold onto cash.
On the other hand, Iraq’s isolation from the rest of the world, starting in the 1990s, resulted in a large technological gap. This is particularly true of state-owned banks, which inherited problems from previous decades. They find themselves unable to keep up with the recent challenge of building a solid private sector to help diversify the economy.
GF: What is the top priority for the Central Bank of Iraq currently?
Al-Allaq: Our primary objective is to maintain price stability while also promoting sustainable development. The CBI is continuously trying to balance its economic responsibilities in light of the inflationary waves currently impacting the global economy, which have a severe impact on the cost of living for low- and middle-income households. Given Iraq’s reliance on imports, the CBI works hard to stabilize prices by controlling liquidity levels. The central bank also supports economic growth by financing projects that stimulate local production and reduce imports. Finally, the CBI also drives banking sector reform and promotes financial inclusion through electronic payments to deepen the overall level of banking services in Iraq.
GF: What are the main challenges facing the central bank?
Al-Allaq: Iraq’s delay in keeping pace with technology, due to prolonged security and political crises, has made banking sector reform a top priority for us. Because reform takes time, we have set the stability of exchange rates as a first, and very challenging, intermediate goal. The ongoing crises have eroded public confidence in the banking sector, reducing the impact of action on interest rates on the real economy—a crucial tool for all central banks, especially during inflationary periods.
Additionally, the low level of financial depth, the prevalence of an unregulated small and midsize enterprise [SME] network and the heavy reliance on the oil sector exacerbate structural imbalances. That makes our country vulnerable to external shocks, leading to increased budget deficits and rising internal public debt, all of which further weaken the impact of monetary policies on the real economy.
GF: The Iraqi banking sector is under international scrutiny, with concerns that some countries sanctioned by the United States access US dollars through Iraq. How do you combat fraud and money laundering?
Al-Allaq: The central bank is striving to strengthen Iraqi lenders through various measures including intensified controls, procedures and inspections targeting banking and non-banking financial institutions, and the establishment of an AML/CFT and a compliance office in Baghdad. To ensure a high level of compliance with global regulatory standards, we also contract with specialized international companies to pre-audit foreign transfers, restrict the delivery of US dollars to travelers at Iraqi airports and conduct enhanced internal processes regarding all transactions in foreign currencies.
GF: How can the Central Bank of Iraq help diversify Iraq’s economy?
Al-Allaq: One of our primary goals is to promote sustainable development by supporting bank liquidity and directing it toward private sector projects. In 2015, the CBI launched two key initiatives: the One Trillion Initiative to finance small and midsize enterprises through commercial banks, and the Five Trillion Initiative to fund large projects via specialized banks. These efforts have expanded to include a one trillion dinar [$770 million] initiative for renewable energy, aimed at addressing our country’s electricity challenges and climate concerns.
These initiatives are designed to develop the non-oil sector and drive economic diversification. As a result, non-oil GDP grew by 4.4%, reaching 87.7 trillion dinars in 2023, driven by growth in manufacturing, construction, trade and services. Additionally, the central bank’s National Strategy for Bank Lending has further supported economic diversification by organizing funding for private sector projects.
Yesterday, 10 13 2024
Parliament discusses budget law with Finance Minister, Customs and Tax officials
Today, Sunday, the Parliamentary Finance Committee hosted: Minister of Finance Taif Sami, Chairman of the General Authority of Customs Hassan Al-Akeili, Chairman of the General Authority of Taxes Waad Al-Alawi, and Director of the Budget Department at the Ministry of Finance Wasan Saad.
The hosting witnessed a discussion of the Iraqi state’s general budget law, financing projects in the governorates, and enhancing non-oil financial revenues through customs and taxes.
Government Committee Approves Strategic Plan for Digital Transformation in Iraq
The Supreme Committee for Digital Transformation, headed by Prime Minister Mohammed Shia Al-Sudani, approved the strategic plan for transformation today, Sunday, and took a number of decisions.
The Prime Minister's Media Office stated in a statement received by "Al-Eqtisad News" that "Al-Sudani chaired the periodic meeting of the Supreme Committee for Digital Transformation in Iraq. During the meeting, the implementation of previous decisions and directives was reviewed, practical procedures related to digital transformation in public sector institutions were followed up, and infrastructure development was developed, in a way that helps accelerate this important digital transition that will contribute to improving the quality of service provided to citizens."
According to the statement, the Prime Minister stressed "the government's interest in the comprehensive digital transformation process, which has become a necessity in Iraq. The five-year development plan has adopted this process, pointing to the possibility of benefiting from the youth reality of Iraqi society to move towards the rapid implementation of this transformation. His Excellency also stressed the importance of thoughtful planning in this field; due to its importance in achieving development."
The statement continued, "The Supreme Committee for Digital Transformation considered a number of the presented files, and approved the technical report on the strategic directions to provide the requirements for digital transformation, which includes the methodology and general principles for launching this process, and benefiting from the successful experiences of countries similar to the situation of Iraq, as well as the vision required to be adopted to achieve this transformation, so that the services provided to the citizen are the first idea for launching the digital transformation process in terms of service and cybersecurity."
He pointed out that "the committee approved the steps for digital transformation in the Retirement and Social Security Department at the Ministry of Labor and Social Affairs, and also discussed the necessary steps to implement digital transformation in the Companies Registration Department at the Ministry of Commerce."
According to the statement, the committee agreed to "continue cooperation with the United Nations Development Program, with the aim of improving indicators related to the communications and information technology sector, and approved the Communications and Media Commission and the Central Bank of Iraq to negotiate with international digital companies."
Parliamentary Finance Committee reveals the contents of hosting the Minister of Finance and addresses the appointments file
The Parliamentary Finance Committee clarified, today, Sunday, the most prominent contents of its hosting of the Minister of Finance, Taif Sami, and while it indicated her confirmation of securing food basket materials, it indicated the ministry's work to complete the requirements for implementing what was included in the budget regarding the appointment of 150,000 contracts.
The head of the committee, Atwan Al-Atwani, told the Iraqi News Agency (INA): "The committee hosted the Minister of Finance, Taif Sami, to discuss the financial situation in light of the circumstances the world is experiencing and the security tension in the region."
He added, "Discussions were held regarding securing food, medicine, and basic necessities for life, as well as securing financial allocations for the governorates under the provisions of the 2023 budget, as well as the current year's budget."
He continued, "The meeting resulted in a set of matters that were confirmed to have been achieved, including securing the ration card for a period of six months, as well as discussions regarding securing and releasing financial allocations and financing spending funds for all governorates and launching projects that were contracted for in 2023."
Al-Atwani stressed, "On this occasion, we call on citizens to rest assured that all requirements for the ration card and food supplies have been secured by the government, and that the financial allocations are available and there is no need to worry."
He pointed out that "regarding the implementation of the budget items and the paragraph on appointing contracts in the governorates, as well as the status of the ministries, the Ministry of Finance informed us that work is underway to contract and is awaiting the completion of the governorates' requirements to submit the names and implement the contracts for all those included in the paragraph, which is to appoint one hundred and fifty thousand contracts in all governorates."
Parliamentary Finance: The three-year budget aims to facilitate contracting and financing
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The Parliamentary Finance Committee confirmed, today, Sunday, that the three-year budget aims to facilitate contracting and financing .
The head of the committee, Atwan Al-Atwani, said in a statement received by the Iraqi News Agency (INA): "The committee hosted the Minister of Finance, Taif Sami, the heads of the Customs and Tax Authority, and the Director General of the Budget to discuss non-oil revenues, financing the governorates, and food security."
He added, "The three-year budget aims to facilitate contracting and financing," noting that "total reliance on oil gives us an unstable economy and disrupts development plans."
Al-Sudani: Our priorities are to stop the Zionist aggression on Gaza and Lebanon and prevent the expansion of the conflict arena
Al-Sudani explained, according to the government statement, a copy of which was received by {Euphrates News}, during the meeting, that: “The priorities that the current government is working on, with regard to the situation in the region, are represented in stopping the Zionist aggression on Gaza and Lebanon, and preventing the usurping entity from expanding the arena of conflict, in addition to supporting all efforts made in this path, and ensuring the arrival of relief materials and humanitarian aid to our people in Gaza, and in brotherly Lebanon.”
He explained that "Iraq is doing everything in its power to stop the fire, in cooperation with international partners and friends, especially from the European Union countries," recalling that "the Iraqi government has previously warned repeatedly of the entity's plans to expand the war, which has become clear to all friends and has become an open aggressive target before the international community."
Al-Sudani pointed out that "Iraq's efforts to prevent the spread of the conflict ultimately serve the interests of Iraqi national security and the security of the entire region, and preserve the stability of its peoples."
For his part, Araghchi expressed his "appreciation for the Iraqi positions in calming the situation, in addition to the relief materials that were secured for the victims in Gaza and Lebanon," stressing that "his visit comes in order to further coordinate efforts and consultation on the paths of the situation, and that his country agrees with the Iraqi efforts to prevent the expansion of the war."
Parliamentary Finance: Non-oil budget revenues will reach 30 trillion dinars next year
The Parliamentary Finance Committee expected, on Sunday, that non-oil revenues in the 2025 budget would reach 30 trillion dinars, represented by electricity collection, taxes, and revenues from the Baghdad Municipality and all municipal departments.
Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, told Shafaq News Agency, "The Parliamentary Finance Committee held a meeting today, in which it hosted the Minister of Finance, Taif Sami, the heads of the tax and customs authorities, and the general managers of the Ministry of Finance, to discuss the general budget law and oil and non-oil financial revenues."
He added, "Oil revenues are settled, but as for non-oil revenues, it has been emphasized that government departments should be activated, including electricity in the field of collection, the Baghdad Municipality, and other municipal departments, in addition to the services provided to tax committees, border crossing revenues, customs, and others that would increase non-oil revenues."
He explained that "the activation of non-oil revenues was mentioned in the government program but was not implemented. What is expected in 2025 is that oil revenues will be 120 trillion dinars, while non-oil revenues will be 30 trillion dinars, which includes customs revenues, taxes, electricity collection, and services provided by the government."
Details of the meeting between Al-Sudani and the Iranian Foreign Minister
Prime Minister Mohammed Shia Al-Sudani discussed today, Sunday, October 13, 2024, with Iranian Foreign Minister Abbas Araghchi, the overall relations between the two countries, and the latest regional and international developments.
The Prime Minister explained during the meeting, according to a statement from his office, received by "Baghdad Today", that "the priorities that the current government is working on, with regard to the situation in the region, are represented in stopping the Zionist aggression on Gaza and Lebanon, and preventing the usurping entity from expanding the arena of conflict, in addition to supporting all efforts made in this path, and ensuring the arrival of relief materials and humanitarian aid to our people in Gaza, and in brotherly Lebanon."
He explained that "Iraq is doing everything in its power to stop the fire, in cooperation with international partners and friends, especially from the European Union countries, recalling that the Iraqi government had previously warned repeatedly of the entity's plans to expand the war, which was clearly evident to all friends and became an open aggressive target before the international community."
Al-Sudani pointed out that "Iraq's efforts to prevent the spread of the conflict ultimately serve the interests of Iraqi national security and the security of the entire region, and preserve the stability of its peoples."
For his part, Araghchi expressed his appreciation for the Iraqi positions in calming the situation, in addition to the relief materials that were secured for the victims in Gaza and Lebanon, stressing that his visit comes in order to further coordinate efforts and consultation on the paths of the situation, and that his country agrees with the Iraqi efforts to prevent the expansion of the war, according to the statement.
Rafidain Bank: 44 branches implemented the comprehensive banking system
Rafidain Bank announced on Sunday that the number of effective and completed branches of the comprehensive banking system has reached 44 branches, distributed in Baghdad, Anbar, and Najaf, in addition to the border crossings of Zurbatiyah, Safwan, Arar, and Trebil.
The bank stated in a statement:
In implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens. Rafidain Bank announces the implementation of the comprehensive banking system in the Nasr Square and Oil Products branches in Baghdad and the Anbar and Ghari branches in Najaf Al-Ashraf to join the branches that have activated the comprehensive system in Baghdad and the governorates in addition to the border crossing branches (Zurbatiyah - Safwan - Arar - Trebil) so that the number of branches that have implemented and completed the system becomes (44) branches....
The bank confirms that the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings to include all the bank branches in the implementation of the system
The "undeclared" in Araghchi's visit to Iraq.. Did the Iranian envoy get what he wanted?
Professor of Political Science at Al-Mustansiriya University, Issam Al-Fayli, revealed today, Sunday (October 13, 2024), the most important reasons for the visit of Iranian Foreign Minister Abbas Araqchi to Baghdad.
Al-Fayli told Baghdad Today, "The visit represents the state of Iranian anxiety that Tehran is experiencing," adding, "It is possible that Iraqi territory will be an arena and a starting point for Israeli escalation towards Iranian territory, and this is what prompted the Iraqi Foreign Minister to demand that Iraq not be an arena for settling scores."
He added, "The official Iraqi statements confirm that he will not be with Iran, but rather he is a calming element and not an element within an axis against any other axis. The results of Iraq's integration within the policy of axes will drag Iraq into great calamities."
He continued, "Part of the Iranian foreign minister's strategy is that he has shuttle flights, and Iraq is a simple stop for these flights. He realizes that what Iran wants from Iraq, it has obtained through the armed factions close to Tehran, and it realizes that Iraq cannot be within its axis."
He stressed that "Iran wants to obtain land that is free from security and military risks, and these are the most important reasons for the Iranian Foreign Minister's visit. However, in light of the military developments by Israel and others, all Iraqi airspace has become open to launching any attacks against Iran."
The political science professor concluded: "The Iranian Foreign Minister, Abbas Araghchi, wants through his shuttle visits to find diplomatic solutions that prevent any Israeli aggression against Tehran, and to try to prevent the expansion of the circle of war, as it will be the most affected, especially on the economic level."
Earlier today, Sunday (October 13, 2024), Iraqi Foreign Minister Fuad Hussein confirmed Iraq's rejection of involvement in any war, and that the decision of war and peace is subject to the Iraqi state .
Hussein added in a press conference with his Iranian counterpart Abbas Araghchi, that "the continuation of the war and its expansion towards Iran and Israel's exploitation of Iraqi airspace as a corridor is unacceptable and completely rejected," stressing that Baghdad's decision to wage "war or peace is subject only to the Iraqi state."
For his part, Iranian Foreign Minister Abbas Araghchi stressed that the region faces serious challenges, considering that "there is a possibility of escalation in the region caused by the Zionist entity."
Araghchi also said, "We are consulting with friends to stop the Zionist aggression on Lebanon and Gaza ." He stressed that Tehran "is not looking for war or escalation and seeks to achieve peace in the region ."
Araghchi's visit to Baghdad comes within the framework of bilateral consultations on common issues as well as discussing regional developments .
After Baghdad, Araghchi will head to the Omani capital, Muscat, according to IRNA news agency. Local media previously reported that the Iranian foreign minister will visit Egypt soon.
Laying the foundation stone for the largest skyscraper in Baghdad
The National Investment Commission announced, today, Sunday, laying the foundation stone for the largest skyscraper in Iraq within the Downtown Baghdad complex, a qualitative urban design complex in Baghdad, while the Baghdad Municipality indicated that it provided facilities under the government's program to grant approvals by the National Investment Commission and planning 0approvals and heights by the Baghdad Municipality.
Chairman of the National Investment Commission Haider Makiya told the Iraqi News Agency (INA): "The commission laid the foundation stone for the largest skyscraper in Baghdad within the Downtown Baghdad residential complex, a qualitative urban design."
He added, "The complex is part of the integrated urban design that meets the Iraqi citizen's need for green spaces, sustainable air conditioning, smart lighting and other requirements for a luxurious life for the citizen."
He continued, "The government is serious and supportive of all investors in this type of investment that aims to create a real environment for businesses and projects that the Iraqi citizen deserves to see on the ground."
For his part, the Mayor of Baghdad, Ammar Musa, stated that "the government supports the private sector," stressing that "the investment skyscraper project is being built on a plot of land owned by the private sector."
He added to the Iraqi News Agency (INA), that "the Baghdad Municipality provided facilities under the government's program to grant approvals from the National Investment Commission and planning and height approvals from the Baghdad Municipality."
He continued, "The Baghdad Municipality is proud to give approval for the first skyscraper in the heart of the capital, Baghdad, within the new Downtown complex of the city of Baghdad."
Musa pointed out that "Baghdad Municipality is proceeding with reconstruction projects on government lands and even private sector lands." 
He added, "The project includes commercial and residential facilities, conference halls and a panorama," noting that "the company addressed the fear of heights in the design through designs that extended for a year and a half."
He stressed that "the pillars, mechanisms and materials used in the Iraq Tower are used for the first time from Iraq," explaining that "the material ggbfs was used in the construction of the new Central Bank of Iraq building."
Al-Sudani pointed out that "the sales centers are currently closed until the completion rate reaches 30%," stressing that "the government and Baghdad Municipality have provided great cooperation by overcoming obstacles and approving the decisions of the Supreme Committee to convert the type of land from agricultural to residential."
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Israel stops bombing Beirut at Biden's request
The Israeli Broadcasting Corporation said, today, Sunday, October 13, 2024, that the Israeli army has not launched any attack on the Lebanese capital, Beirut, for three days.
The authority explained, in its evening news bulletin, that the army did not carry out any attack "based on the directives of the political level."
She added that the last airstrike carried out by the air force was last Thursday, and targeted the senior Hezbollah official, Wafiq Safa.
At the same time, the Times of Israel newspaper, citing Israeli media, said that under political instructions, the Israeli army did not carry out air strikes against Hezbollah targets in Beirut in the past three days.
"US President Joe Biden asked Prime Minister Benjamin Netanyahu to limit strikes in the Lebanese capital when the two spoke last week," she added.
On Saturday evening, the Israeli warplanes carried out a raid targeting the center of the commercial market in the city of Nabatieh, the largest city in southern Lebanon and the center of its economic activity.
According to the Ministry of Health, the raid resulted in eight people being injured in a preliminary toll, while the Israeli army did not announce the nature of the target.
Sulaymaniyah Investment: Our doors are open to businessmen and we occupy the first place in Iraq
Today, Sunday (October 13, 2024), the Director of Investment in Sulaymaniyah, Aziz Rashid, confirmed that his governorate obtained first place in investment fields in Iraq and the Kurdistan Region for the year 2023.
Rashid said in an interview with Baghdad Today, "The investment areas that took place in Sulaymaniyah are in agriculture, industry, housing, education, sports, and health."
He added that "the investment fields are open to all Iraqi businessmen or those from outside Iraq, and there are great facilities provided to the investor, and in accordance with the investment law, Sulaymaniyah was able to achieve wide areas of investment despite the financial crisis, but we topped the provinces of the region and the Iraqi provinces."
The Kurdistan Region suffered from a major financial and economic crisis, as a result of the lack of agreement on salaries between the federal government and the regional government, but investment projects contributed to alleviating the consequences of the crisis, and the suspension of most government service projects.
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