Trade Bank of Iraq opens new branch in Baghdad
In line with its strategic plan for expansion and increased presence, the Trade Bank of Iraq (TBI) has opened its new branch in the capital Baghdad, Karkh side, Mansour area, which increases the number of its branches spread throughout the capital Baghdad and all governorates to 25 branches. This branch will provide various services to its customers from individuals, government institutions, local private sector companies, and foreign companies operating in Iraq.
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The official spokesman for the bank, Ahmed Saad Al-Khazraji, said, “The management of the Trade Bank of Iraq, represented by Mr. Bilal Sabah Hussein, the bank’s chairman and chairman of the board of directors, is working to implement all the directives of the honorable Prime Minister, Mr. Mohammed Shia Al-Sudani, in developing all banking services provided to customers and increasing the number of the bank’s branches in general, in order to provide service and facilitate banking procedures and all requirements that meet the needs of the public.”
He added, "The Trade Bank of Iraq is taking steady and solid steps towards enhancing financial inclusion and supporting the Iraqi national economy by providing all financial and banking services that contribute to supporting commercial operations, which in turn will lead to supporting the process of importing raw materials for various sectors, industrial, food and others, in addition to providing support and banking assistance for reconstruction operations, infrastructure development and various other sectors."
The bank affirms its full commitment to enhancing financial transparency and applying corporate governance standards for banks, and providing innovative financial solutions that meet the needs of its customers from various sectors, in addition to its efforts to enhance and support investment and trade in Iraq and support development projects in a way that contributes to achieving economic stability and sustainable growth.
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Rafidain Bank organizes a workshop on cyber security
Rafidain Bank organized a workshop on cyber security today, Sunday, in cooperation with the American University in Baghdad.
The bank said in a statement received by the Iraqi News Agency (INA): "Under the patronage of the General Manager of Rafidain Bank, Ali Karim, and in cooperation with the Continuing Education Center at the American University in Baghdad, the Bank's Preparation and Training Division organized a workshop to train the bank's employees on cybersecurity techniques."
He added that "the workshop witnessed a high-level presence represented by the General Manager of Rafidain Bank, the Vice President of the American University, and the Director of the Continuing Education Center, in addition to a number of managers of the bank's departments and divisions.
" He continued that "the workshop addressed the most prominent challenges facing the Iraqi banking system in the field of cybersecurity, and discussed how to address these challenges to ensure the protection of data and financial systems."
In a meeting with officials at the American University, the General Manager of Rafidain Bank confirmed - according to the statement - that "the bank's management vision is based on developing and empowering human resources in various specializations, with a focus on the field of cybersecurity."
He stressed "the importance of intensifying efforts to train employees and applying quality standards to ensure the provision of accurate and fast banking services that meet customer needs and enhance their satisfaction and confidence."
Al-Sudani congratulates the completion of the electoral process in the Kurdistan Region: consolidation of the constitutional structure
Iraqi Prime Minister Mohammed Shia al-Sudani stressed on Sunday that continuing with the democratic option is an achievement achieved through sacrifices.
This came in a statement by Al-Sudani's office after the end of the general voting process in the Kurdistan Regional Parliament elections.
Al-Sudani said, "We congratulate our people in the Kurdistan Region of Iraq, the presidency and government of the region, and all political forces and independent candidates for completing the voting process for the electoral process for choosing members of the region's parliament for its sixth session."
He added in the statement received by Shafaq News Agency, "Continuing the democratic choice of our people in various regions of Iraq confirms respect for the value of democracy and belief in the peaceful transfer of power, and consolidating the constitutional structure, which are gains that would not have been achieved without the sacrifices made by the Iraqis for the sake of their freedom, dignity and independence of their decision, in living in a homeland in which everyone is equal in rights without discrimination, and with all their spectra."
Al-Sudani continued, "On this occasion, we appreciate the efforts of the Independent High Electoral Commission, on the occasion of the success of the electoral process, hoping that the requirements for forming the new government of the Kurdistan Region of Iraq will be completed, in order to sustain the path of development, cooperation and stability in the service of our people in the region."
Polling stations closed at 6 pm, announcing the end of the voting process in the Kurdistan Regional Parliament elections, at the specified time without any extension.
The Electoral Commission had previously confirmed that it would not extend the voting period, despite the heavy turnout witnessed at the centers in the last hours.
The commission told Shafaq News Agency that the voting process went smoothly in general, but faced technical challenges in some centers, as some voting devices were unable to read the fingerprints of a number of voters, which prevented them from casting their votes.
The vote counting process begins immediately after the ballot boxes close, and the commission will announce the preliminary results within twenty-four hours.
The spokesman for the Electoral Commission, Ayser Yassin, said in a press conference held earlier today that the participation rate in the elections until 12 noon local time was as follows: Dohuk: 31%, Erbil: 34%, Sulaymaniyah: 29%, Halabja: 33%, and thus, the general participation rate reached 31%.
At seven o'clock in the morning, the Independent High Electoral Commission in Iraq opened the doors of 1,622 general polling stations for residents in the regions and cities of the region who are entitled to cast their votes, which are 2,683,618 voters out of a total number of voters of 2,899,578 voters.
For a strong economic partnership..Iraq intends to sign 11 memoranda of understanding with Spain
Minister of Transport Razzaq Al-Saadawi announced today, Monday, 11 memoranda of understanding that will be signed with Spain, while calling on Spanish companies to participate effectively in the next session of the Baghdad and Iraq Reconstruction Exhibition.
Al-Saadawi said in a speech during the launch of the 13th session of the Iraqi-Spanish Joint Committee, “It is appropriate for me to begin my speech with the major shift in Iraq’s new economic and trade policy to deepen the bonds of trade, economic and international cooperation to restore Iraq’s leading role as an important and major axis regionally and internationally.”
He added, “The Iraqi government, headed by Prime Minister Mohammed Shia al-Sudani, has begun working to adopt a policy of economic openness to the countries of the world, in addition to maximizing the role of the private sector in the economic development process,” indicating that “Iraq is witnessing a qualitative shift today through investing in its geographical location, as it will be a cornerstone for the sustainable economy through the land railway link project from Iraq through Turkey and from there to Europe, to transport goods and link the Middle East to the European continent.”
He continued: “Iraq has been linked with friendly Spain by historical relations dating back to the seventies of the last century, perfumed by the bilateral agreement for cooperation in various economic, commercial, scientific and technical fields, signed between the governments of the two countries in 1972, which had a great impact on the contribution of Spanish companies to many economic activities in Iraq, in implementation of the paragraphs that were agreed upon in the last minutes of the previous session held in Madrid in 2013.”
He pointed out that “through the continuation of the committee’s sessions, there will be a number of opportunities available to greatly enhance the level of bilateral cooperation in many commercial, economic and technical fields,” stressing “the need to enhance joint work to increase and diversify the volume of trade exchange between our two countries, as this cooperation will play a major role in strengthening the economy to serve both parties.”
He stated that "Iraq is looking forward to being a strong economic partner for Spain, in addition to the participation of Spanish companies in Iraqi infrastructure projects."
He added: “Today we meet again in the meetings of the 13th session of the Iraqi-Spanish Joint Committee for Economic, Technical and Commercial Cooperation, and we hope that this meeting will have fruitful results. I would also like to take this opportunity to invite Spanish companies to participate in the reconstruction projects of Iraq, and take its place in the investment map launched by the National Investment Commission in Iraq and achieve effective participation in the next session of the Baghdad International Fair,” noting “the importance of the Spanish government’s support and assistance to complete all the obligations required for Iraq to obtain full membership in the World Trade Organization.”
Al-Saadawi expressed his “deep thanks and gratitude to the Spanish government and people, and their efforts to develop economic and trade relations between Iraq and Spain,” expressing his hope that “these efforts will be successful for both sides to reach common goals that serve the interests of the two friendly countries, which the Spanish side requested to be signed during the Prime Minister’s visit to Spain.”
He pointed out that "the agreement included:
First: A memorandum of understanding proposed by the Federation of Iraqi Chambers of Commerce sent to the Spanish side.
Second: A memorandum of understanding proposed by the Iraqi Federation of Industries sent to the Spanish side.
Third: A memorandum of understanding proposed by the Iraqi Contractors Union sent to the Spanish side.
Fourth: A memorandum of understanding proposed by the Iraqi Ministry of Water Resources sent to the Spanish side.
Fifth: A memorandum of understanding proposed by the Iraqi Ministry of Youth and Sports, also sent to the Spanish side.
Sixth: An executive program proposed by the Tourism Authority to activate the agreement signed between the two countries in 1979, also sent to the Spanish side.
He pointed out that “the position of the memoranda of understanding proposed by the Iraqi side, which the Spanish side requested to be followed up outside the scope of the joint committee, through the Ministry of Foreign Affairs with the relevant authorities, in coordination with their representatives directly, considering that they are outside the scope of economic and trade cooperation, and according to the opinion of the Spanish side, are:
1- A memorandum of understanding proposed by the Iraqi Ministry of Foreign Affairs sent to the Spanish side.
2- A memorandum of understanding proposed by the Iraqi Ministry of Education sent to the Spanish side.
3- A memorandum of understanding proposed by the Ministry of Higher Education and Scientific Research sent to the Spanish side.
4- A memorandum of understanding proposed by the Iraqi Ministry of Culture, also sent to the Spanish side.
5- A memorandum of understanding proposed by the Iraqi Ministry of Justice to the Spanish side.
Aiming for this.. The Association of Banks announces the launch of an awareness campaign on the importance of electronic payment
The Association of Private Banks announced today, Sunday, the launch of an awareness campaign in the field of electronic payment to secure citizens, while affirming its commitment to rehabilitating and rebuilding the old city of Baghdad.
The Executive Director of the Private Banks Association, Ali Tariq, told the official agency, which was followed by "Al-Eqtisad News", that "the Private Banks Association is working to launch an awareness and educational campaign in the field of electronic payment, aiming to ensure the safety of the citizen, whether in terms of protecting information or securing the use of funds."
He pointed out that "the digital transformation process goes through several stages," indicating that "all banks do not have the same level of services yet, especially with regard to digital transformation."
Tarek added, "Some banks have not adopted modern systems yet, but the majority of banks have adopted advanced systems, and electronic payment companies have advanced systems, as the banking market is witnessing strong competition," stressing that "institutions that adopt digital services will have priority in banking work during the coming period."
Regarding service projects, Tariq confirmed that “the Private Banks Association has other service projects, and confirms its commitment to rehabilitating the old city of Baghdad and rebuilding all its related axes, in addition to the ongoing cooperation with the Prime Minister’s Office and the service effort to support and restore schools in all Iraqi governorates,” expressing his aspiration “for work to begin on Rashid Street for the first time in decades.”
Al Mansour Investment Bank achieves a profit of 89 billion dinars
Mansour Investment Bank has achieved positive financial results during the past nine months, recording remarkable growth in several key indicators.
The bank’s assets increased by 78% to reach 2 trillion Iraqi dinars, compared to 1.13 trillion dinars previously, an increase of 885 billion dinars.
Deposits witnessed a growth of 66%, rising to 1.1 trillion Iraqi dinars after they were 670 billion dinars, an increase of 443.5 billion dinars.
The bank’s total income reached 114.8 billion dinars, while the bank achieved profits before taxes of 89.3 billion dinars.
In another development that strengthens the bank’s position in the market, the Jordan Housing Bank Corporation increased its stake in Mansour Bank, reaching 30.9 billion shares, representing 8.81% of the bank’s capital.
International Development Bank achieves a net profit of 74.4 billion dinars
The International Development Bank achieved a net profit of 74.4 billion dinars from the beginning of the year until the end of last September.
According to the bank's financial statements, assets increased from 2.6 trillion dinars to 2.9 trillion dinars, a growth rate of 11.5%.
Deposits increased by 11% to reach 2.22 trillion dinars, compared to 2 trillion dinars.
The bank's revenues from the beginning of the year until the third quarter amounted to 171 billion dinars.
Banking Reform Methodology at the Central Bank (2016-2026)
The steps of banking reform that the Central Bank has been taking since 2016 began when Mr. Ali Mohsen Al-Alaq was appointed Governor of the Central Bank of Iraq on 9/9/2014, which is a difficult and complex stage in Iraq's security and economic history. Iraq was facing security and economic shocks due to the occupation of 40% of the country's territory by the terrorist ISIS and the global drop in oil prices in June 2014 by 75%. He was reassigned again on 1/23/2023 after the emergence of new crises and challenges at the economic, financial and banking levels, focusing on the lack of control over the unprecedented rise in the US dollar exchange rate and the rise in the annual inflation rate to (7.5%) in January 2023.
The Central Bank worked from 2016 to 2020 to address the effects of the economic and security shocks, the most prominent of which was the government's inability to pay employees' salaries on time. The Central Bank was able to use its foreign exchange reserves and the method of rediscounting treasury transfers from government support in the amount of 16 trillion dinars, and the crisis was overcome at the time. In 2015, in light of these difficult economic conditions, the Central Bank began to move to develop its plans for the coming years and draw up a methodology for banking reform and structural, technical and administrative development of the Central Bank.
This resulted in the issuance of its first strategy for the years (2016-2020), which included 5 main objectives and 140 sub-objectives, 129 of which were achieved, at a rate of 92%, during the years of implementing the strategy. It contributed to establishing the basic structures and pillars for moving to a new stage of financial and banking reform, accompanied by the strategic banking projects plan for the years (2019-2023) and the issuance of the second strategy (2021-2023) to complete the achievement of the sub-objectives that could not be implemented in the first strategy, numbering (11) sub-objectives, during which the government continued to resort to the Central Bank and obtain (30) trillion dinars, and the total amount owed by the government became (46) trillion dinars.
During the second term of the Governor, which began in 2023, the Central Bank worked on studying the achievements of the two previous strategies and diagnosing the foundations of the desired reform. The efforts to prepare the third strategy continued throughout 2023, and the foundations and foundations were built to set the goals for this new strategy for the years (2024-2026), which derived its main and sub-goals from the state's general economic policies and its strategy for financial and banking reform adopted by the government in the government program and from Central Bank Law No. 56 of 2004. It included programs with clear goals and initiatives for a period of three years in a special, complex economic and financial circumstance fraught with risks and challenges at the level of internal and external economic and financial relations.
The third strategy identified the main goals with 7 goals, 24 sub-goals and 75 initiatives to achieve the main and sub-goals, and charted the path for banking and financial reform
according to the following strategic goals: -
1- Supporting and enhancing monetary stability.
2- Enhancing digital transformation, activating electronic payment and supporting cyber security.
3- Enhancing financial inclusion .
4- Maintaining a sound financial system.
5- Developing the organizational structure and developing human resources capabilities.
6- Enhancing the position of the Central Bank locally and internationally.
7- Enhancing compliance of the banking sector and the non-banking institutions sector in line with international standards.
Programs, policies and initiatives have been identified to achieve the goals, and perhaps the most prominent program is the launch of the National Strategy for Bank Lending in Iraq (2024-2029) and the approval of the Council of Ministers to implement it, which will restructure banking financing in Iraq in addition to leaving the electronic platform and adopting correspondent banks in foreign transfers, protecting the financial system, enhancing financial inclusion, managing monetary and financial stability, developing oversight and supervision, developing regulation in the banking sector, completing the development of the infrastructure for digital transformation, licensing digital banks, implementing regulatory policies in the Central Bank in accordance with the frameworks and technologies adopted in global central banks, raising the capabilities of human resources, developing banking operations, strengthening the bank's internal and external relations, and representing it locally and internationally.
What has been presented for the ten years of the financial and banking reform process confirms that the next two years will inevitably result in the transition to comprehensive and radical reform of the Iraqi banking sector and its transformation into a solid sector that contributes to sustainable development.
Economist reveals actual deficit in 2024 budget
Economic expert Nabil Al-Marsoumi confirmed that there is an actual deficit in the 2024 budget, part of which was covered through domestic borrowing, deducting remittances, and issuing bonds.
According to the Central Bank data, the total domestic public debt in Iraq increased from 70 trillion dinars in January 2024 to 80 trillion dinars in October 2024, at a rate of one trillion dinars per month and a growth rate of 14%, which means that there is an actual deficit in the 2024 budget.
The government’s three-year budget in 2024 allowed for obtaining 5 trillion dinars through transfers deducted from the legal reserve of government banks and borrowing 3 trillion dinars from government banks, in addition to issuing national bonds worth 5 trillion dinars and deducting treasury transfers at the Central Bank of Iraq worth 20 trillion dinars.
Al-Sudani: Investment opportunities exceeded $100 billion and industrial cities were established in Baghdad
During the meeting, Al-Sudani pointed out the expansion of economic cooperation between Iraq and Egypt, especially in partnerships with the Egyptian private sector, stressing that the investment opportunities offered in Iraq, which were received from Arab and foreign companies, exceeded 100 billion dollars, and they reveal the breadth of economic growth at all levels and fields.
The Prime Minister discussed with the Egyptian delegation the study of the economic and financial model of the group in work, and cooperation in the sectors of industry, education, energy, and infrastructure. It also included discussing investment opportunities and partnership in the sector of maximizing petroleum resources, localizing the electrical transformer industry, smart meters that are linked to the electrical grid, and the carbon iron and steel industry.
It was agreed to study the establishment of industrial cities in Baghdad, as the group presented a map of projects that will be studied by the Advisory Board and sectoral bodies.
Al-Sari: The population census guarantees fair distribution of wealth and parliamentary representation of the governorates
Al-Sari, accompanied by the Minister of Planning, Mohammed Tamim, visited the Population Census Operations Room to review the preparations for the general population census scheduled for November 20-21.
The workers in the operations room gave a detailed presentation of the work mechanisms and the achievement rates achieved in the numbering and enumeration operations at the level of each governorate, in addition to explaining how to conduct field follow-up for researchers throughout Iraq via geographic information systems, and mechanisms for sending data immediately.
For his part, Representative Faleh Al-Sari expressed his deep appreciation for the efforts made by the Ministry of Planning and the Statistics Authority to conduct the population census electronically and in record time, stressing the importance of this project in ensuring fair distribution of wealth and ensuring fair parliamentary representation for all governorates, in addition to its developmental importance in understanding the Iraqi reality in all its details and drawing up future policies in all fields.
Parliamentary Finance: The government is working on preparing the basics of the 2025 budget for study and voting
The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed today, Monday, that the government is working on preparing the basics of the 2025 budget to present it to the House of Representatives for study and voting.
The committee stated in a statement received by "Mawazine News", that "Al-Atwani met with a delegation from the Adam Smith International Foundation for the Development of the Financial and Banking System at the committee's headquarters and discussed a set of laws related to the development of the financial and banking system."
The statement added that "during the meeting, Al-Atwani reviewed important draft laws, including the Securities and Commodities Law, the Banking Studies Center Law, and the Islamic Sukuk Investment Law, with the necessary amendments. The organization of workshops was also discussed in cooperation with the Law, Economy, and Investment Committees to develop the laws comprehensively, while hosting specialists to benefit from previous experiences."
Al-Atwani pointed out that “these laws will be read in the upcoming sessions,” indicating that “the aim of the amendments is to involve the relevant parties to ensure increased productivity and listen to various opinions to ensure their effective implementation.
With regard to the general budget, the mechanism for developing federal budget texts, analyzing revenues and expenditures, and planning budget items and general programs was addressed. Al-Atwani pointed out that “the government is working on preparing the basics of the 2025 budget to present it to the House of Representatives for study and voting.”
Parliamentary Finance: 2025 Budget to Reach Parliament Early Next Year
The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed on Monday that the government has begun meetings to restructure the items of the 2025 budget, while he expected it to reach the House of Representatives early next year. He pointed out that the Finance Committee is discussing the public financial management project with a delegation from the Adam Smith International Foundation.
The media office of the head of the committee stated in a statement, which was reviewed by "Al-Eqtisad News", that "the head of the Finance Committee, Atwan Al-Atwani, received at the headquarters of the Finance Committee a delegation from the Adam Smith International Foundation, to discuss matters related to...
The Public Financial Management Project prepared by the International Organization for Assistance in Reforming the Tax and Customs Sectors, Public Debt Management and the Development Fund.
He added that "Al-Atwani reviewed before the delegation, in the presence of the Economic Advisor to the British Embassy, the most important challenges facing the financial system in Iraq, as well as the steps and priorities of the Finance Committee within the framework of finding a correct philosophy and rational management of public money and the economy by diversifying sources of income and not relying excessively on oil to feed the state budget."
Al-Atwani said - according to the statement - that "the Parliamentary Finance Committee, within the framework of its permanent movement and continuous efforts to maximize non-oil revenues, is currently working on amending the law of the General Authority for Monitoring the Allocation of Federal Revenues, so that it can play its role in evaluating, monitoring and collecting these revenues in a sound and regular manner, in addition to including in the law a new task related to evaluating the performance of the budget and expenditures."
He added that "the committee is conducting an in-depth study of the Stock Exchange and Commodities Law, which it intends to legislate during the coming period, and is holding specialized workshops in order to encourage Islamic banks to enter into banking and financial activity."
He pointed out that "a number of proposed laws are being worked on by the Finance Committee, which aim to organize the administration Finance, including the proposed law on investment in Islamic bonds, and the proposed law on the Center for Banking Studies.
Regarding the 2025 budget, Al-Atwani estimated that it would reach the House of Representatives early next year, indicating that "the government has begun meetings to restructure the budget items."
He noted that "the oil dispute with the Kurdistan Region is one of the most prominent problems facing the preparation of next year's budget," referring to "the committee's efforts and efforts to resolve the dispute between Baghdad and Erbil, through meetings with representatives of the regional government and the federal government. The points of contention have been identified and diagnosed by the committee, and the legal and constitutional path to overcome them has been determined; as we hope to reach a final agreement in the next stage, in order to resume the export of the region's oil, in a way that ensures strengthening the state's resources."
Parliamentary Finance: The 2025 budget will reach the parliament early next year
In turn, the institution's delegation confirmed its interest and keenness to support the financial system in Iraq, through a long-term strategy, specialized training and consultations to develop Iraqi systems and legislation.
US Ambassador discusses with Oil Minister reopening Iraq-Türkiye pipeline
US Ambassador Alina Romansky discussed with Oil Minister Hayan Abdul-Ghani the reopening of the Iraq-Turkey pipeline today, Friday.
The ambassador said in a tweet followed by /Al-Youm Al-Akhbariya/, "I was pleased to visit Oil Minister Hayan Abdul-Ghani Al-Sawad to check on his health. We also talked about increasing investments by US energy companies to help meet Iraq's energy needs, including how reopening the Iraq-Turkey pipeline will contribute to strengthening the comprehensive US-Iraqi partnership and creating investment opportunities."
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The "most complex" negotiations.. America searches for its lost Gulf state to negotiate with Iran
An informed source revealed, today, Monday (October 21, 2024), that an American delegation left Baghdad for a Gulf state, awaiting a green light for negotiations with Iran.
The source told Baghdad Today, "According to the information, the American delegation that arrived a few days ago in the capital, Baghdad, amid undeclared efforts to start indirect negotiations with Tehran through Iraqi political elites, has left Iraq heading to a Gulf state."
He added, "Perhaps the decision to move is the beginning of other undeclared negotiations with Tehran, in light of the existence of relations between some Gulf capitals and Iran, and they have already played previous roles in creating a climate for negotiations on other files, including the nuclear issue."
He pointed out that "the delegation's departure does not mean cutting off its plans to maintain lines of communication with well-known Iraqi political elites in order to open up to any negotiations with Tehran, but it seems that America's priorities have changed significantly after the assassination of the head of the Hamas political bureau, Yahya Sinwar, in Gaza."
An informed source revealed last Friday that the "indirect" dialogues between Tehran and Washington in Baghdad had been postponed after the assassination of Sinwar.
The source told Baghdad Today, "Until the afternoon of Thursday, October 17, all the expectations were that indirect negotiations between Tehran and Washington through Iraqi elites would proceed as planned, but after the confirmation of the assassination of Sinwar in Gaza, everything changed."
He added, "It seems that the American delegation received a call from Washington, prompting it to delay any negotiations, but to remain in Baghdad for some time until the picture becomes clear."
The source pointed out that "the American delegation has not made any contacts with the Iraqi elites since the assassination of Sinwar yesterday until now, and it seems that there are changes in the manner of the upcoming negotiations, and perhaps they may be delayed," stressing that "the delegation did not provide any explanations and was content to remain silent."
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