Al-Alaq: The monetary situation in Iraq is excellent and our reserves support the stability of the exchange rate
The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Monday, that the monetary situation in Iraq is very excellent, noting that “the increase in the volume of reserves enables us to support the exchange rate and achieve monetary stability.”The video for this blogpost is below here:Al-Alaq added in a press statement that the Central Bank is distinguished by its ability to "respond to providing the country's needs for currency," indicating that "foreign transfers for trade purposes are proceeding smoothly after the implementation of the new system."
Al-Alaq revealed that "the Central Bank will launch a new mechanism for travel or treatment transfers next year," stressing that "there are agreements with four companies to launch a new mechanism for travel or treatment transfers."
Al-Alaq added in a press statement that the Central Bank is distinguished by its ability to "respond to providing the country's needs for currency," indicating that "foreign transfers for trade purposes are proceeding smoothly after the implementation of the new system."
Al-Alaq revealed that "the Central Bank will launch a new mechanism for travel or treatment transfers next year," stressing that "there are agreements with four companies to launch a new mechanism for travel or treatment transfers."
Al-Alaq: We will launch a new mechanism for travel or treatment transfers next year
another headline also
-Alaq: The banking sector can only flourish with a diversified production base.
The Governor of the Central Bank, Ali Al-Alaq, announced on Monday that the monetary situation in Iraq is very excellent, and while he indicated that external transfers for trade purposes are proceeding smoothly after the implementation of the new system, he confirmed the existence of agreements with 4 companies to launch a new mechanism for travel or medical transfers.
Al-Alaq said, on the sidelines of his participation in the opening of the fifth edition of the Arab Sustainable Development Week Forum, held in the Egyptian capital, Cairo, and followed by "Al-Eqtisad News", that "there are trends within the government aimed at diversifying and strengthening the national economy, as the banking sector does not flourish unless there is a diverse production base," indicating that "Iraq suffers from a heavy dependence on economic activity linked to the oil sector, which contributes primarily to the transfer of oil resources to the trade sector, and this constitutes a major imbalance in the structure of the economy."
He continued, "In other words, oil revenues are transferred to building the economies of other countries through the large volume of imports, and this requires the necessity of activating the banking sector to provide the necessary financing to establish real projects in the basic economic sectors, especially in the industrial and agricultural sectors, in addition to other sectors."
Al-Alaq added: “I believe that this approach will contribute to reducing dependence on oil resources, in addition to providing job opportunities and real economic growth.”
monetary stability
He stressed that "the monetary situation in Iraq is currently very excellent," noting that "the high volume of foreign reserves enables the Central Bank to support and defend the exchange rate and achieve monetary stability, despite the difficult circumstances surrounding the countries of the region."
He explained that "the Central Bank is working to find ways and means to meet all the needs of the country, citizens and the business sector for foreign currency."
He added: "Whenever the conditions and factors necessary for transfer operations or demand for foreign currency are available, the Central Bank is ready to deal with this demand without any fears or concerns, which contributes to maintaining stability."
The Central Bank excelled in providing foreign currency.
He stressed that "the Central Bank is currently distinguished from the rest of the countries in the region by its ability to respond to the country's needs for foreign currency, whether for the public or private sectors or even the civil sector, to meet various types of requests for foreign currency."
New system for foreign transfers
He pointed out that "there is a historic shift taking place in the framework of foreign transfers and meeting the demand for the US dollar, as there were many observations that necessitated changing the procedures and policies related to dealing with foreign currency and providing it."
He added, "The Central Bank has implemented a new system for foreign transfers to ensure their fluidity and transparency. Despite the challenges and difficulties that faced the implementation of these procedures at the beginning, we have overcome these obstacles, and today the process of foreign transfers for commercial purposes is proceeding smoothly, which explains the general control over prices and inflation, as the Central Bank continues to provide dollars for trade at the official price."
He continued, "New channels have also been opened for transfers using other currencies, such as Turkey, India and China, in addition to European countries. This will make the process of foreign transfers more flexible and streamlined, while ensuring transparency and oversight that enhances trust and credibility in the operations we carry out."
Foreign transfers of citizens
Regarding providing remittances to citizens for various purposes, such as travel, treatment, or any legitimate remittances abroad, Al-Alaq confirmed, “Next year, we will launch a new method to expand and enhance these operations, just as we did for commercial remittances.”
He pointed out that "there are also current agreements with the relevant companies such as (Visa, Mastercard, MoneyGram, Western Union), to establish a new framework for implementing these operations, which will constitute another shift in controlling these operations."
Al-Alaq added, "Next year or the beginning of next year 2025 will witness the completion of the current procedures, and we seek to provide reassurance, especially with some people's questions about the fate of transfers after the completion of the electronic platform at the end of this year 2024."
There is no sudden transition, but rather a gradual transition that began in 2024, where the banks’ relationship was transferred directly t correspondent banks without passing through other links, and the process has been completed with continued success,” he continued, stressing that “more than 95% of this goal has been achieved, and this process will be completed successfully within the next two weeks,” noting that “there is international anticipation to celebrate this occasion.”
There is no sudden transition, but rather a gradual transition that began in 2024, where the banks’ relationship was transferred directly t correspondent banks without passing through other links, and the process has been completed with continued success,” he continued, stressing that “more than 95% of this goal has been achieved, and this process will be completed successfully within the next two weeks,” noting that “there is international anticipation to celebrate this occasion.”
Saleh commends two international companies studying market activity and achieving competitiveness
The financial advisor to the Prime Minister, Mazhar Mohammed Salih, announced that the government is in the process of owning a banking system based on the foundations of a competitive market, while he pointed out that two international companies have been assigned to study the Iraqi banking market.
Saleh said in a statement seen by Al-Masry that “the government’s strategy for banking reform began with the government banking sector under the supervision of the Prime Minister and is based on isolating government financial operations from the activity of developing the banking market, because the government banking sector in its current traditional form dominates 88% of the country’s banking activity, which made government banking operations mixed with market activity.”
He explained that “the objectives of banking reform in Iraq will end with a high level of integration that achieves competitiveness, homogeneity, compliance and governance within the Iraqi banking market, and achieves the integration of the national banking market with the global market.”
2 from Alaq already this morning
National Bank of Iraq wins the Excellence Award in Financial and Technical Innovation and Digital Leadership for the year 2024
The National Bank of Iraq received the Excellence Award in Financial and Technical Innovation and Digital Leadership in Iraq for the year 2024, presented by the International Union of Arab Bankers, in recognition of its outstanding efforts in providing innovative banking solutions and enhancing digital transformation in the Iraqi banking sector.
The bank said in a statement that this prestigious award highlights the commitment of the National Bank of Iraq to achieving the highest standards of quality in banking services and supporting the national economy by adopting the latest technologies and providing a distinguished banking experience to its customers through the bank’s mobile application, which features an easy-to-use interface, as it provides customers with a wide range of banking services, such as: managing accounts in terms of viewing their account balances, transactions, transferring funds, paying bills, and knowing their loan deductions, in addition to the ability to link the account to credit cards and the ability to transfer via Western Union, in addition to many diverse digital services. Which enables customers to complete their various banking transactions easily and conveniently, such as requesting loans for individuals and many others without the need to visit branches.
He added that this step will consolidate the position of the National Bank of Iraq as a major player in the Iraqi banking sector, thanks to its ability to provide unprecedented digital banking services and solutions that meet the advanced and growing needs of its individual and corporate clients.
The Managing Director of the National Bank of Iraq, Ayman Abu Dahim, expressed his pride and appreciation for this prestigious award, which reflects the bank’s leadership and excellence in the field of financial innovation and digital transformation, noting that this honor is an incentive for the bank to continue its journey in providing the best services to its customers, both individuals and companies, and its commitment to improving the customer experience to go beyond traditional methods, and providing smarter and more sustainable ways for digital banking services.
Abu Dahim expressed his deep thanks and appreciation to the work team and the bank’s partners for their continuous support, which played a fundamental role in achieving this distinction.
Washington: Ceasefire in Lebanon may be announced within hours
Sources reported that the United States announced on Monday that a ceasefire may be announced within hours.
Reuters reported, quoting officials, that "the United States informed Lebanese officials that a ceasefire may be announced within hours."
Media sources quoted a US official as saying, "Lebanon and the Zionist entity have agreed on conditions to end the conflict and reach a ceasefire in the war with Hezbollah."
Reuters reported, quoting officials, that "the United States informed Lebanese officials that a ceasefire may be announced within hours."
Media sources quoted a US official as saying, "Lebanon and the Zionist entity have agreed on conditions to end the conflict and reach a ceasefire in the war with Hezbollah."
Washington trusts Iraqi banks, and the ambassador talks about attracting investments
The US Ambassador to Iraq, Alina Romansky, expressed her country's confidence in Iraqi banks today, Monday.
Romansky said in an interview with a number of media outlets: “America has taken vital positions to reduce regional escalation towards Iraq,” noting that “the agreement to end the presence of the international coalition in Iraq is in effect and we are committed to the timing.”
She pointed out that "the transition in the missions of the international coalition provides a deepening of bilateral relations with Iraq," stressing that "we have confidence in Iraqi banks and relations between Iraq and America are developing."
She stressed Washington's commitment "with the Prime Minister to support Iraq and attract investments from all countries," noting that "there is gradual economic development and American investments, which is a good indicator for the Iraqi economy."
Al-Sudani: Iraq must always be at the forefront
Prime Minister Mohammed Shia al-Sudani said today, Sunday, November 24, 2024, that: "Iraq must always be at the forefront."
Al-Sudani participated in the memorial ceremony held by the Ministry of Foreign Affairs today, Sunday, on the occasion of the centenary of the establishment of the ministry.
In his speech at the ceremony, Al-Sudani congratulated the centenary of the founding, which occurred in 1924, and the launch of diplomatic work for the modern Iraqi state, and the transition of the country, after independence and joining the League of Nations, to become an effective international and regional pillar among nations.
Al-Sudani reiterated the government's keenness since the beginning of its work to pay great attention to foreign affairs and its institutions based on our country's supreme national interests and constitutional constants, stressing the need to prepare a new generation of young diplomats who believe in the new democratic political system, and this matter will receive the support and attention of the government.
He touched on the humanitarian efforts that Iraq provided to the Palestinian and Lebanese brothers, in addition to the political and diplomatic efforts to prevent the war from spreading and expanding.
Al-Sudani said in the most prominent part of his speech during the Foreign Ministry ceremony:
Iraq is one of the most prominent founding members of the United Nations and its subsidiary organizations, which gave it an international presence and a focal point in many of the pivotal events in the history of the region.
The Ministry of Foreign Affairs has maintained the spirit of diplomatic work and its basic traditions.
Iraq suffered from isolation due to the policies of the former dictatorial regime, and quickly regained its centrality and position after 2003.
The Ministry of Foreign Affairs was able to perform its national role, which expressed in a distinctive way the new Iraq and contributed to peace, security and openness to all.
We established an important and fixed principle that we called “productive diplomacy” to be the basis of our foreign work.
Our standard in drawing up relations with the countries of the world is to adopt the principle of partnership and bilateral relations based on equality and management of interests, in a way that guarantees Iraq its rights, independence of decision, and sovereignty.
At the beginning of the government, we focused on strengthening relations with countries in the region and the world, and we hosted many international events.
We launched the Vital Development Road Project, which represents an Iraqi diplomatic message before it is an economic one.
We have recalled the role of the Ministry of Foreign Affairs to end the mission of the international coalition and organize relations with its countries on a comprehensive bilateral basis.
The strategic framework agreement to regulate relations with the United States of America has been revived.
We are proud of our government’s achievement in completing the political and institutional construction of the state.
We agreed to end the UN political mission of UNAMI and continue working with the specialized UN agencies.
Iraq has become, by the United Nations’ recognition, a country that has fulfilled all the conditions for democratic, political and developmental transformation.
Iraq called early on to intensify efforts to end the war in Palestine and Lebanon, protect civilians, and work to prevent the war from expanding.
The Zionist entity threatened Iraq with flimsy pretexts that reveal its aggressive intentions, which required us to emphasize not to make Iraq a launching pad for any attack.
We directed the Ministry of Foreign Affairs to follow up on the Zionist threat file in international forums to prevent the entity’s attempts to ignite war in the region further.
The International Criminal Court has issued arrest warrants against the entity's prime minister and former defense minister, which confirms the entity and its leaders' aggressive and criminal behavior.
Our diplomatic missions are called upon to play an active role in clarifying the Iraqi position, which preserves its principles and guarantees the supreme interests of the country.
Focus on the banking sector
Yasser Al-Mutawali
It is noted these days that there is a growing interest in the banking sector in general, both governmental and private sectors.
What does this trend mean?
This comes amidst a noticeable shift in attention towards the banking sector through the government’s allocation of significant time in light of its enormous responsibilities, which means its awareness that all economic activities, including the implementation of strategic projects and means of encouraging investment, require a solid banking sector to implement its economic programs.
This moral support, which is represented by interest, requires taking encouraging steps for banks to perform their role to the fullest extent, represented by laws and procedures that guarantee the banking sector and push it towards implementing its required development programs.
The month of October of this year witnessed many important meetings between the government and representatives of the banking sector, which discussed the requirements for activating banks.
It is noteworthy that the focus was on the restructuring process of Rafidain Bank, which is the first bank in Iraq that the government relies on to play a developmental role that matches the size of its savings, especially since it is the container that preserves government savings as well as the savings of the public, which are no less important. The goal is certainly to invest this money and put it into the labor market in a way that achieves rapid capital turnover that contributes to creating wide job opportunities by operating idle production sectors, workshops, factories, etc. However, this interest was not limited to government banks, but rather extended to the same interest in private banks through meetings and discussions of their needs, whether by the government or the Central Bank of Iraq, and attempts to overcome the challenges they face.
The results of this government movement represented by the interest in the government sector and in parallel with that, the completion of the final touches to the lending strategy and its launch, which comes to correct the course of random, non-targeted loans. This new strategy is relied upon to activate various important economic sectors represented by directing loans towards implementing projects with a strategic dimension that contribute to stimulating the economy and help in diversifying sources of income as a final product for banks and correcting the structural distortion in the economy and its transition from a rentier economy to a diversified economy. This is the summary of the objectives behind the increasing government interest in the banking sector, and from here came the realization of the importance of the banking sector in achieving sustainable development. In addition to that, the launch of the activity of Riyada Bank to support small projects within the objectives of providing job opportunities for unemployed youth, as well as providing some market requirements for goods, commodities and products that reduce the import process that absorbs foreign currency. There is no doubt that launching the trading of the issuance of government bonds (Injaz) involves achieving the same reform and development goals and falls within the government's interest in the banking sector, which will contribute to promoting, selling and trading them.
Ceasefire between Lebanon and Israel begins tomorrow.. Netanyahu's office
Ben Gvir is angry
Israeli Prime Minister Benjamin Netanyahu's spokesman told CNN that the council will vote on a ceasefire agreement with Lebanon's Hezbollah on Tuesday.
Netanyahu's spokesman did not elaborate on the details of the potential agreement, but added that it was expected to pass.
While far-right lawmaker and National Security Minister Itamar Ben-Gvir expressed his opposition to the agreement, saying it was a “historic mistake.”
Meanwhile, opposition leader Benny Gantz called on Netanyahu to share details of the ceasefire agreement with the public.
“The residents of the north, the fighters and the citizens of Israel have the right to know,” Gantz said.
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