Rafidain Bank announces suspension of credit activity in the middle of next month
link they do this every year this is not a sign the RV is happening although it would be a great time for it
For annual application purposes
Rafidain Bank announced today, Friday, the suspension of credit activity as of December 15th for the purposes of annual implementation.
The video for this blogpost is below here:
Rafidain Bank announces the suspension of credit activity as of December 15th for annual implementation purposes.
The bank confirms that due to the approaching end of the fiscal year and for the purposes of the annual application and to make room for the liquidation of the suspended assets, preparing the annual statistics and inventory, and organizing the budgets, all types of credit activity will be suspended on 12/15/2024, and loan applications and other banking services will not be promoted.
The bank directed its branches in Baghdad and the governorates to complete all completed transaction requests that have advanced procedures before the above date. The bank added that work on promoting loans will resume early next year.
NOV 27 24
After years of suspension... Is there no need to legislate the "Oil and Gas Law"?
Political conflicts are escalating in Iraq, casting a shadow over the two-decade-old oil and gas law, disrupting efforts to regulate the exploitation of oil wealth and its distribution between the region and the central government.
In this context, the member of the Patriotic Union of Kurdistan, Ghiath Al-Surji, explained today, Wednesday, the reasons for not legislating the oil and gas law, noting that the need to legislate such a law has disappeared, especially after the issuance of judicial decisions regarding the oil and exports file.
Since the first session of the Iraqi Council of Representatives in 2005, the draft oil and gas law has remained in the drawers, as disagreements prevent its approval in its final form. Despite the passage of more than two decades since the fall of the former Iraqi regime in 2003, the most important law concerning the restructuring of the Iraqi economy has not actually seen the light of day, and the concerned parties, whether the federal government, the Kurdistan Regional Government, or the oil-producing provinces, have not reached a final agreement.
Al-Surji said in a statement followed by “Al-Alam Al-Jadeed”, “The region was waiting for the legislation of the oil and gas law to resolve all the problems related to this wealth between Baghdad and Erbil, but today the situation is different after the issuance of a judicial decision by the Paris Court to stop the export of oil from Kurdistan to Türkiye.”
He added, "The international judicial decision, in addition to the Federal Court decision, stipulated that the oil would be owned by everyone, meaning that the authority over this wealth would be in the hands of the federal government in Baghdad."
He explained that “the judicial decision two years ago obliged the region not to export oil to Turkey and made the authority over it under the supervision of Baghdad, so the issue of oil and gas and the legislation of the law related to it will be unnecessary, especially since the judicial decision made the oil revenues under the authority and supervision of Baghdad.”
This disruption raises fears of continued disputes that threaten the stability of the Iraqi economy and keep the oil wealth file in the circle of political tensions.
On November 18, the acting Minister of Natural Resources in the Kurdistan Regional Government, Kamal Mohammed, set the beginning of next year as the date for resuming oil exports from Kurdistan via the Turkish port of Ceyhan.
On November 15, MP Ali Al-Mashkoor, a member of the Parliamentary Oil and Gas Committee, attributed the delay in approving the Oil and Gas Law to points of contention behind which the Kurdistan Region stands.
On November 5, the Iraqi Council of Ministers approved a proposal to amend Article (12/Second/C) of the Triennial Budget Law No. (13 of 2023), which stipulates the delivery of oil from the Kurdistan Region of Iraq to the state-owned Oil Marketing Company (SOMO).
It is noteworthy that the Oil and Gas Law has undergone 11 amendments and has never reached Parliament.
Iraq's oil and gas law, which has been awaiting legislation since 2005, stipulates that responsibility for managing the country's oil fields should be vested in a national oil company, overseen by a federal council specializing in this matter.
The Kurdistan Oil Law stipulates that the Ministry of Oil in the region or whoever it authorizes shall assume responsibility for organizing and supervising oil operations as well as all activities related to them, including marketing oil, as well as negotiating and concluding agreements and implementing all licenses, including oil contracts concluded by the regional government. The Iraqi government also has the right to participate in the management of fields discovered before 2005, but fields discovered after that are subject to the regional government.
On February 21, the Federal Supreme Court ruled that the federal government would be responsible for paying the salaries of Erbil government civil servants, with the amount paid at source in Baghdad deducted from the KRG’s share, and the KRG must submit monthly accounts detailing each salary paid. This is effectively a stricter reset of the original “budget payments for oil revenues” deal agreed between the KRG and the federal government in November 2014.
There are no government statistics on oil exported from the Kurdistan Region, but the Iraqi Oil Ministry published an analysis in May 2023, saying the regional government had committed “legal and procedural violations” in selling oil that caused significant losses.
The financial returns of the regional government constitute no more than 80 percent on average after deducting the production costs (the cost of producing a barrel of oil), while the financial returns of the first and second licensing rounds (held by Baghdad) constitute from 94.5 percent to 96.5 percent, and the cost of production is equivalent to (4) times the production costs in the licensing rounds of the federal Ministry of Oil. According to the Ministry of Oil
Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury's resources.
In August 2023, the government formed a committee to draft the oil and gas law and present it to the government for voting and then passing it to the House of Representatives. The committee included the Minister of Oil, the Minister of Natural Resources in the Kurdistan Region, the Director General of SOMO, and senior staff in the Federal Ministry of Oil, in addition to the producing governorates such as Basra, Dhi Qar, Maysan, and Kirkuk.
For years, the points of contention between Baghdad and Erbil have not been resolved, but Al-Sudani recently revealed that an agreement had been reached with Erbil on these points, in addition to including in his ministerial program the resolution of these items, most notably the enactment of the Oil and Gas Law and the implementation of Article 140 regarding the disputed areas.
In mid-February 2022, the Federal Court issued a decision declaring the Kurdistan Region’s oil and gas law unconstitutional, and prevented it from exporting oil for its own benefit, with the export to be through Baghdad exclusively, based on a lawsuit filed by the federal Ministry of Oil.
A statement by the Ministry's media office stated that the consulting services contract for the first phase of the development road project was signed between the Iraqi General Railways Company and the Italian company BTP.
The statement added that the first phase of the project includes preparing a technical and economic feasibility study and design work to rehabilitate, modernize and develop the current national railway network.
The statement indicated that this vital project is funded by the investment plan for 2024 and according to the directives of the Council of Ministers, to be a strategic line ready for the safe transport of incoming cargo via railway lines, from the Grand Faw Port, which the ministry intends to operate in its first phase during the coming year.
It is noteworthy that Prime Minister Mohammed Shia Al-Sudani recently chaired a meeting with a delegation from the consulting company for the Development Road Project, to discuss the economic model for the project, in the presence of the Minister of Transport, Mr. Razzaq Muhaibis Al-Saadawi.
During the past two days, the excavation and connection works of the immersed tunnel manufacturing basin with the Khor Al Zubair Canal were completed, in preparation for floating the ten concrete pieces that make up the tunnel in the navigation canal.
Hamas is ready for a permanent ceasefire and prisoner
Today, Wednesday, the French News Agency quoted a leader in the Hamas movement as saying that the movement informed the mediators in Egypt, Qatar and Turkey that it is ready for a ceasefire agreement and a serious deal to exchange prisoners, provided that Israel adheres to the agreement. However, he stressed that Tel Aviv is obstructing and evading the agreement in order to continue the war of extermination.
AFP report:
A leading source in Hamas confirmed on Wednesday that the Palestinian movement is “ready” to conclude an agreement with Israel regarding a truce in the Gaza Strip, after the ceasefire between the Hebrew state and Hezbollah in Lebanon came into effect.
The leader, who asked not to be named, told Agence France-Presse that the ceasefire in Lebanon is “a victory and a great achievement for the resistance.”
He stressed that the movement informed “the mediators in Egypt, Qatar and Turkey that Hamas is ready for a ceasefire agreement and a serious prisoner exchange deal, if the occupation commits, but the occupation is obstructing and evading reaching an agreement and continuing the war of extermination.”
The leadership source confirmed that the movement’s officials are “concerned and keen on the immediate and permanent cessation of aggression and the war of extermination” in Gaza, stressing that the resistance will continue as long as the aggression continues.
The leadership source told France Presse, “We in Hamas are happy with the agreement to stop the aggression and the war of extermination in Lebanon because Hezbollah has always stood by our people, Palestine, and the resistance and has made great sacrifices.”
Al-Tawki: Agreement on the region’s dues paves the way for broader understandings on the oil and gas law
Al-Tawki told {Euphrates News} that: “The recent agreement with the Kurdistan region is considered a good initiative because the point of contention in the law was the issue of dues and the costs of extracting the region’s oil.”
He added, “It set a high ceiling for financial costs estimated at $22 to extract one barrel, although the costs of extracting oil in the south and the central government contracts do not exceed $12 as the highest cost.”
Al-Tawki expected that this agreement would lead to broader understandings regarding the oil and gas law.
Parliamentary Finance Committee: We discussed the draft amendment to the budget law and we need detailed data to approve it
The Parliamentary Finance Committee revealed its vision on the draft first amendment to the Federal General Budget Law for the fiscal years (2023-2024-2025) No. (13) of 2023, which the Council of Representatives completed its first reading in yesterday's session, Tuesday.
Committee member, Representative Jamal Kocher, stated in a statement to the National Iraqi News Agency / NINA / that "the Finance Committee discussed the file of non-oil revenues, and the draft amendment to the Federal General Budget Law for the fiscal years (2023-2024-2025) No. (13) of 2023, related to maximizing revenues as well as re-correcting the estimated costs of extracting oil from fields within the Kurdistan Region."
He explained: "The draft amendment sent by the government includes only Article 12 related to the costs of producing oil in the Kurdistan Region, and does not include amending any other article within the budget," indicating that: "There is still a need to collect detailed data with numbers and tables to ensure the approval of the appropriate amendment."
Koger added: "We also discussed a problem that occurred inadvertently in the draft amendment 21 to the staffing law No. 25 of 1960, which affected about 40,000 employees in the health sector."
International Development Bank: “Arab Tourist Card” is a new start to support tourism in Iraq
The International Development Bank revealed the importance of the memorandum of understanding signed with the Arab Tourism Organization in supporting and developing tourism investments inside Iraq.
The bank confirmed, in a press statement today, Thursday, that "the memorandum includes cooperation to support tourism investments in Iraq through an insurance policy, and qualifying tourism facilities to obtain the highest quality marks, with the launch of the "Arab Tourist Card" project in partnership with the international company "Visa".
He added, "The Arab Tourist Card will provide competitive advantages to the Arab tourist, such as health insurance, while ensuring the benefit from the advantages granted by the international company Visa for this type of card, including special discounts at hotels, restaurants and other tourism establishments, and many other competitive advantages."
The bank promised that "this step represents a new start to enhance joint Arab action and support inter-Arab tourism, and attract investments to support the promising tourism sector, by integrating the efforts of the Iraqi private sector with the government's plans to develop the tourism reality, making Iraq, which is rich in tourism, religious, archaeological and natural components, a tourist destination for all poles of the world."
The memorandum of understanding was signed in the capital, Baghdad, recently, under the patronage of Prime Minister Mohammed Shia Al-Sudani, and in the presence of the Minister of Culture, Tourism and Antiquities, Ahmed Fakak Al-Badrani, the representative of the International Development Bank, Chairman of the Board of Directors, Ziad Khalaf Abdul, and the President of the Arab Tourism Organization, Bandar bin Fahd Al-Fahid. / End 5
Government Communication: All institutions are required to introduce electronic payment by July 2025
The Government Communication Team confirmed on Thursday that the number of institutions using electronic payment has increased to 780 and the number of payment cards has increased to 20 million, noting that the government’s plan stresses the obligation of all institutions to introduce electronic payment by July 2025.
The head of the government communication team, Ammar Munim, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "there are about 780 institutions that have been converted to electronic payment, and the number of electronic cards has increased from 14 million cards to 20 million cards, in addition to the amounts that were traded during the campaign reaching one and a half trillion dinars."
He added, "We have a set of measures that have allowed for an increase in the number of electronic cards and the number of ATMs, and the conversion of institutions to electronic payment. The culture among citizens has been strengthened to use cards to transfer their money inside and outside Iraq electronically without any difficulty."
He added, "The national campaign to support the electronic payment process encouraged citizens through simplified procedures from the government, and it is an educational campaign."
He stressed that "the government has taken important measures through which it has directed all institutions to develop a plan to move to electronic payment by the end of this year and for all institutions to enter the electronic payment process by the beginning of July of next year 2025."
Private Banks Association: “Spend for You” campaign targets citizens and wealthy people
The Iraqi Private Banks Association revealed, on Thursday, the importance of supporting the national campaign and the issue of education to spread the culture of electronic payment, stressing that the “Spend for You” campaign targets citizens and money owners.
The Executive Director of the Iraqi Private Banks Association, Ali Tariq, said during the National Campaign Forum for Spreading the Culture of Electronic Payment (Asraf Lak), which was followed by "Al-Eqtisad News", that "electronic payment began in 2009 by some institutions, but there were specific timid attempts between some government employees and some private institutions and it is proceeding slowly, but a year and a half ago in March 2023, decisions were issued that we did not expect to be issued in this form," indicating that "the government decisions issued by the Council of Ministers and the Prime Minister were one of his priorities in the government program, electronic payment, and he decided to oblige government institutions to pay electronically."
He added, "There was a great deal of work to facilitate the issuance of cards, reduce fees, and encourage private and governmental institutions towards electronic payment, as we witnessed from March to June of last year a strong movement from the Prime Minister's Office, the Central Bank, and private banks to implement the decisions before June 2023."
He added, "The average number of cards issued over 15 years was approximately 13 million cards, but over a year and a half, 5 million cards were issued, almost half of what was issued over 15 years," noting that "payment devices in all of Iraq were 7,000, and today there are more than 30,000, and these numbers are the result of government decisions."
He stressed that "the Prime Minister issued a decision to localize the salaries of private sector employees next year and to end cash transactions between government institutions by 7/1/2025."
He explained that "in order to inform citizens of the importance of the subject, we launched the national campaign to spread the culture of electronic payment," stressing, "We need cooperation to support the national campaign, and the issue of education is our duty, and the "Spend for You" campaign targets citizens and those with money."
He pointed out that "this process is beneficial to everyone, as it reduces cases of corruption, theft, money transfer, ease of use, and documentation of financial movements, and this is beneficial to everyone."
Fitch Affirms Iraq's Credit Rating at B- with Stable Outlook
Fitch Ratings affirmed Iraq's credit rating at "B-" with a stable outlook.
The agency expected Iraq's budget deficit to rise to 8% of GDP in 2024, compared to a deficit of 2% in 2023.
It also estimated that the Iraqi government's debt ratio would rise to 47.7% of GDP by the end of 2024.
Minister of Commerce sets date for opening shopping malls
Minister of Commerce, Athir Dawood Al-Ghariri, announced on Thursday the opening date of hypermarkets at the beginning of next year, while indicating that the prices of goods and food items will be competitive and 20 to 30 percent lower than the market.
Al-Ghariri said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "there will be major measures during the next two months to create real competition, as the shopping complexes have revived the central markets previously through (hypermarkets) by selling food and all goods at competitive cooperative prices that are 20 to 30 percent lower than the market."
He said, "The shopping malls will be opened on 1/1 of next year, as we will enter a new year of great achievements."
Al-Ghariri added, "The citizen can go to the existing shopping malls, as they are cheaper than the market at the official price," noting that "the supervisory and security agencies will hold accountable violators and weak-willed people who manipulate the prices of goods and food items."
Speculators, crisis traders and 1,200 “unauthorized” exchange offices... the reasons for the fluctuation of the dollar price in Iraq
Economic expert Samir Al-Nusairi revealed, today, Thursday (November 28, 2024), the reasons for the fluctuation in the US dollar exchange rate in the stock markets, while confirming the existence of 1,200 unauthorized exchange offices.
Al-Nusairi told Baghdad Today, "Once again, the fluctuation in the exchange rate of the US dollar has returned to the forefront, and this time it is due to speculators and traders of crises and wars, exploiting the war that the Zionist entity is currently waging against our people in Palestine and Lebanon and the confusing security conditions resulting from that."
He added, "The continuation of this problem from time to time can be attributed to several reasons, including, before 2023, the lack of control over the organization of foreign trade financing, the lack of a clear trade policy, the entanglement of policies, and the lack of an annual import program for the private sector in terms of quantities and amounts, but rather imports are open and without controls on foreign transfers."
He pointed out that "the lack of control over illegal imports and unofficial border crossings, in addition to the presence of about 1,200 exchange offices spread across all governorates that are not licensed by the Central Bank and deal in cash dollars, and about 12,000 outlets for disbursing pensioners' salaries and social welfare that deal in trading it at the exchange rate on the black market."
He pointed out that "most traders obtain the US dollar at the official price from the Central Bank, but they sell their goods in the local market at the black market price, as well as the lack of international correspondent banks previously dealing with our banks and no accounts were opened for them in the currencies of countries with which we have extensive trade exchange, such as China, India, Turkey and the Emirates."
He explained that "the failure of traders and some banks to adhere to international banking standards that guarantee the dollar's arrival to the final beneficiary, therefore the efforts of the Central Bank and the government in 2023 focused on drawing up a strategy for financial and banking reform in order to control the stability of the exchange rate."
He explained that "among the axes of this strategy are organizing the financing of foreign trade and building new international understandings with global banks, and opening accounts for our banks in correspondent banks, as more than 30 accounts have been opened with American, Chinese, Emirati, Turkish and Indian banks, and we expect that during the next two months the number of Iraqi banks that have accounts in correspondent banks will increase due to the efforts made by the Central Bank in providing aid and assistance to them and coordinating with the targeted correspondent banks."
The dollar exchange rate in local markets witnessed fluctuations during the current week, between rising and falling, which caused confusion among citizens.
In Erbil.. Indian businessmen and traders discuss investment and trade exchange
Erbil, the capital of the Kurdistan Region, hosted a meeting of the Chamber of Commerce and Industry on Thursday with major Indian companies, led by the Consul General of India in the region, where they discussed ways to develop trade exchange and investment between New Delhi and Erbil.
This came during the reception of the Vice President of the Erbil Chamber of Commerce and Industry, Kamran Salah Bajgar, in the presence of Salar Salah Khoshnaw and Haji Faisal Gardi, members of the Executive Council of the Chamber, Rasul Haji Omar, Head of the Erbil Branch of Importers and Exporters in the Kurdistan Region, and a number of local businessmen, Madam Gopal, Consul General of India in Erbil, and the accompanying delegation consisting of 25 companies and traders in the food sector from India.
This comes in light of the stability, calm and favorable conditions in the Kurdistan Region for work, investment and revitalizing the economic sector, especially in the city of Erbil, and within the framework of the visit of business delegations to the city and the Erbil Chamber of Commerce in particular, according to a statement received by Shafaq News Agency.
During the meeting, the Vice President of Erbil Chamber referred to the trade development between India and the Kurdistan Region, and said that the volume of trade is increasing year after year, adding that the Kurdistan Region is looking forward to developing the trade level with India to include all sectors, and expressed the readiness of the Erbil Chamber of Commerce and Industry to coordinate and support Indian businessmen and traders.
In turn, Madam Gopal, the Consul General of India in Erbil, thanked the Erbil Chamber of Commerce and Industry for the coordination, and stated that Indian companies and traders participate annually with different delegations in international exhibitions in the Kurdistan Region, and at the same time we tried to participate in festivals and cultural events.
He added that "the Indian Consulate provides all cooperation and facilities to businessmen and traders in the Kurdistan Region, especially the members of the Chamber, and we have also facilitated the matter for all tourists from the region who visit our country," noting that at the beginning of next year, two international exhibitions will be opened in India, and we are pleased to have a number of Kurdistan companies participate in them, and she hoped that the Chamber of Commerce and Industry in Erbil would visit a trade delegation to India to get to know their latest products, especially technological products, up close.
Madam Gopal announced that India, in addition to being an important exporting country globally, also has a very large market, and she hoped that traders and businessmen from the Kurdistan Region would export their products.
In this meeting, the participating Indian companies talked about the size and products of their companies, highlighted the volume of their products exported to Iraq and the Kurdistan Region, and stressed the continuation of participation in international exhibitions of the Kurdistan Region.
Sudanese advisor: The government has taken decisions that grant privileges to investors
- link
Al-Lami said in a speech at the Greek-Arab Economic Forum in Athens, that “Iraq, after the formation of the current government two years ago headed by Prime Minister Mohammed Shia Al-Sudani, had one of its priorities to support the industrial sector, and the government has begun to implement this promise it made," noting that "the government has taken decisions, including activating Investment Law No. 13 of 2006, and additional amendments were made to it to grant more privileges to investors."
He explained that "the government has taken decisions, including forming committees to grant incentives and privileges to investors and guarantees for investment," noting that "foreign investors have the right to lease industrial lands for a period of 50 years, renewable."
Al-Lami explained that "Iraq has great opportunities for investment, especially after the security stability, and the Arab brothers played a major role in activating various sectors in Iraq and they are now spread across all Iraqi governorates," stressing that "Iraq is now Witnessing a renaissance in activating sectors, and there are investment opportunities that were presented two months ago and will be followed by other opportunities that will be announced soon.”
He continued: “Iraq has a great wealth of minerals that exceeds its importance, oil, as oil is now suffering from some disturbances due to the political situation, the issue of the environment and carbon emissions,” explaining that “Iraq has begun to invest in the great wealth of minerals as it has 10 billion tons of phosphate rocks that are used in the phosphate and phosphate fertilizer industry, which has become a great need due to the increasing demand for food that requires agriculture, which in turn needs fertilizers.”
He added that "any production of the phosphate industry is accompanied by uranium production, and the investor can use the uranium to produce energy or sell it to power plants," noting that "the National Investment Law began with simple and specific investments in the construction sector and has now shifted to investing in the industrial sectors (chemical and petrochemical).”
Al-Lami stated that “the investor obtains full tax exemptions for importing production line equipment and raw materials.”
Details of the Kurdistan delegation's meeting with the Ministry of Oil.. Agreement on 3 points
Member of the Parliamentary Oil and Gas Committee, Sabah Subhi Haider, revealed details of the meeting that brought together the Undersecretary of the Iraqi Ministry of Oil, Ali Maaraj, with the representative of the Kurdistan Region in Baghdad, Faris Issa, and a number of members of parliament.
Today, Thursday, the Undersecretary of the Ministry of Oil for Distribution Affairs, Ali Maaraj, received the Head of the Kurdistan Region Representation Office, Faris Issa, and a number of members of the Council of Representatives attended the meeting.
Member of the Parliamentary Oil and Gas Committee, Sabah Subhi Haider, who was one of those present, said: “We visited the Ministry of Oil with Faris Issa, Minister of the Kurdistan Region Representation Office, and the Directors General of the Ministry of Natural Resources, and three main topics were discussed in the meeting.”
According to the MP, the attendees discussed the issue of “distributing kerosene to the Kurdistan Region, allocating a quantity of regular gasoline to the region, and calculating the standard liter volume of oil shipped to the region.”
Haidar confirmed that "the following results were reached during the meeting: 1- Immediately launching the region's share of kerosene, which is 50 million liters, 2- Anticipating the improvement of gasoline quantities in the central and southern governorates in order to determine a share for the region, 3- Reviewing the issue of the standard liter and the normal volume of oil sent to the region in the ministry until the problem is resolved."
According to the parliamentarian, the meeting this time focused on the issue of sending fuel to the region, and did not address the issue of resuming oil exports from Kurdistan, which is scheduled to begin early next year according to official statements.
How does the United Nations view the steps of the Sudanese government in the economic file?
The United Nations praised the exceptional steps achieved by the government of Prime Minister Mohammed Shia al-Sudani in the areas of diversifying sources of income and the economy, and achieving food security, pledging to continue its support (the Iraqi government) in its efforts to achieve development and economic sustainability for Iraq.
The confirmations of the highest international organization in the world came from the Assistant Secretary-General of the United Nations and Regional Director for Arab States, Abdullah Al-Dardari, who said in an interview with the official newspaper, “The Iraqi government has begun to take rapid steps to diversify sources of income, especially since the government realizes that reliance on oil can not only end within a certain period, but that advanced technology is what must create valuable job opportunities for Iraqi youth who yearn for initiative, creativity and invention. Therefore, the Iraqi government has allocated funding resources in this direction, such as the Central Bank’s funding plan of (700) million dollars for activities related to environmental efficiency, renewable energy and energy efficiency.”
He pointed out that “the United Nations is ready to provide technical support to ensure the best for this credit line,” noting that “the United Nations helped prepare a local strategy for Iraqi medium and small companies and financing mechanisms for these companies and their right to access all available sources of financing, and to develop banking work so that it becomes focused on financing productive projects, and there is a great effort that we are making with the Iraqi government in this direction.”
The UN official confirmed that “Iraq has achieved a major accomplishment in the non-oil sector, after achieving an abundant wheat crop exceeding (6) million tons. This accomplishment was achieved under difficult climatic conditions and with a large government investment of about (500) million dollars through the use of drip irrigation mechanisms, providing support to farmers, purchasing at a price higher than the market price, and granting soft loans,” indicating that “this is evidence that government policies and government funding can encourage the private sector to produce, increase food security in Iraq, and reduce dependence on imports, which saves about (4) billion dollars from wheat imports annually, which is a very large amount,” considering “this a major accomplishment for the Iraqi government.”
He added, "The United Nations is ready to cooperate with Iraq to develop food security and agricultural production systems."
Electronic payment.. 18 million cards used in Iraq
Head of the electronic payment team in Iraq, Nabil Al-Najjar, confirmed today, Friday, that Iraq will witness a major electronic transformation next year.
After the decision to cancel the platform.. Will we witness a crazy rise in dollar prices in Iraq?
In a move that has attracted the attention of economic and financial circles, the Governor of the Central Bank, Ali Al-Alaq, announced the bank’s intention to cancel the electronic platform for financial transfers early next year.
Between Accelerated Growth and Stagnation.. An Economic Analysis of Electronic Payments Figures in Iraq
Economic expert, Munar Al-Abidi, confirmed today, Friday (November 29, 2024), that the increase in electronic payments this year, according to data from the Central Bank, is likely to reach 21 trillion dinars in local electronic transactions.
Al-Obaidi said in a post on Facebook, which was followed by Baghdad Today, that "electronic payments increased in 2024 according to data from the Central Bank," indicating that "it is expected to reach 21 trillion dinars in local electronic transactions and the volume of external electronic transactions for Iraqi cards will reach between 15 and 20 trillion annually in the same year."
He added that "the total internal and external electronic payments will reach between 30 and 40 trillion dinars, while there is a decrease in the volume of current deposits from 107 trillion at the end of 2023 to 102 trillion in 2024," noting that "there is a decrease in the volume of private sector deposits (including citizens) from 56.55 trillion dinars in 2023 to 56.17 trillion in 2024."
He continued, "The value of cash in the banking sector reached 8.1 dinars for every 100 dinars issued in 2024 only, compared to 6.75 dinars for every 100 dinars issued in 2023," stressing that "if all electronic payment incentives were unable to increase the volume of current and private deposits in the banking sector and were unable to significantly increase the cash mass within the banking sector, then what is the benefit achieved by electronic payments?"
Al-Obaidi wondered, "Why, despite the increase in payments, has the citizen's confidence in the banking sector not increased, and why is he still depositing in his bank account what covers electronic payments that he cannot pay exclusively in cash, specifically government ones? Is there a need to increase the mechanisms for stimulating electronic payment to increase electronic transactions, or is it necessary to work on increasing confidence in the banking sector, and then electronic payment will be one of the outcomes of increasing this confidence?"
Prime Minister: Iraq is ready to cooperate with major companies to develop its military and security system
among lots of other things they agreed on
Prime Minister Mohammed Shia Al-Sudani confirmed today, Friday, that Iraq is ready to cooperate with major companies to develop its military and security system.
The Prime Minister's Media Office said in a statement received by the Iraqi News Agency (INA): "Prime Minister Mohammed Shia al-Sudani received at his residence in the capital Madrid today, representatives of three major Spanish companies specialized in the military and security field, namely (rheilmetall expal), (Indra) and (Airbus), each separately."
Al-Sudani stressed that "Iraq is today ready to cooperate with major companies to develop its military and security system, stressing the existence of many opportunities for joint work between companies and the Military Industrialization Authority."
The Prime Minister stressed Iraq's need to diversify sources of armament, which the government has worked on as part of a comprehensive plan to raise the efficiency and readiness of the security forces, and enhance the country's ability to face internal and external challenges.
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