Governor of the Central Bank of Iraq meets an official delegation from the United States
they tweeted this too
During the meeting, they discussed banking and economic relations between the two countries and the upcoming visit of the Central Bank of Iraq delegation to Washington and their meeting with the US Chamber of Commerce and American companies next April.
The meeting discussed the desire of American companies to invest in the energy, infrastructure and modern technology sectors and to invest in the security stability witnessed by Iraq.
His Excellency the Governor stressed during the meeting that the Central Bank of Iraq supports the economic growth process in Iraq and provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks, noting the importance of diversification in investment sectors.
The two parties also discussed the mechanisms of international trade and the process of Iraq's transition to fully operating in foreign transfers through correspondent banks. The Director General of the Investment Department and the Director General of the Banking Control Department attended from the Central Bank, in addition to His Excellency the Governor.
Media Office
January 26, 2025
News for SAT JAN 25 25
Will spending be disrupted by delaying the budget amendment? A government advisor explains
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the disbursement mechanism in the event that the amendment to the financial budget law is not approved.
Saleh told Al Furat News Agency: "There is a legal rule that stipulates that the special law restricts the general law, and since the Federal General Budget Law No. 13 of 2023 is the basis for legislation for the state budget for the year 2025 within the scope of the federal general budget legislation and is specialized for three years, there is no other text that adds to the suspension of work on it."
He added, "I also do not see that one article, which is 77/second, related to submitting tables related to estimates for implementing the 2025 budget and according to the required adjustments, will restrict work in implementing the general budget originally legislated in 2023 and resorting to Law No. 6 of 2019, as amended, and we mean the Federal Financial Management Law.
" Saleh continued, "Despite that, we do not see anything that hinders the submission of the state's general budget tables for the year 2025, as the financial authority has the ability and sufficient tools to submit them in the appropriate coming period and according to a broad technical consultation circle between the executive and legislative authorities and in a manner that serves the national interest of the country and the government program."
Saleh said that "government spending is proceeding normally, in addition to public revenues, and there is nothing restricting the elements of implementing the general budget, except for the amendment currently before the House of Representatives."
President of the Republic: We cooperate with many countries to invest in Iraq
The President of the Republic, Abdul Latif Jamal Rashid Al-Bast, confirmed that Iraq cooperates with a large number of countries in the region and European countries for investment, expressing his hope that President Trump will succeed in what he proposed regarding ending wars in all parts of the world.
The President of the Republic said in a press interview, followed by "Al-Eqtisad News", that "our presence at the Davos Economic Forum is to give an impression of the current situation in Iraq and the Middle East, which concerns everyone, and as you know now the situation in Syria is a new situation, and in Lebanon a government has recently been formed and we hope that they will succeed in their efforts."
The President of the Republic added: "We emphasized at the Davos Forum the good security situation in Iraq, the good relations with neighboring countries, and the focus on services provided to the Iraqi people, and at the same time improving the infrastructure, and we cooperate with a large number of countries in the region and European countries to invest in Iraq and implement service projects and necessary for the Iraqi people."
He stressed that "Iraq is an independent state, and decisions are in the hands of the Iraqi state, and our relations are good with all countries, and Iraq's decision is independent and based on our independence, and for us and for all Iraqis, government and people, the independence of Iraq is more important than anything now and in the future."
The President of the Republic expressed his hope that "President Trump will succeed in what he proposed regarding ending wars in all parts of the world, and we are very comfortable with this statement, and we hope that it will be implemented, and it will push towards political solutions."
He concluded by saying: "I am optimistic about Iraq, because we have made good political decisions, the system in Iraq is good, and we now have security stability, which is one of the most important needs, and we are continuing with the program to improve services and infrastructure and develop our relations with neighboring countries and the world."
Al-Jawahiri: Trump will lose the "oil prices" battle and Iraq's budget is a tool to steal money
Oil expert Hamza Al-Jawahiri bet on Saturday on US President Donald Trump's loss regarding reducing global oil prices, noting that inflating the numbers in the Iraqi budget represents a means of stealing public money .
Al-Jawahiri said, in an interview with Shafaq News Agency, "Trump will fail in his attempt to reduce oil prices, as the United States aims through this to achieve major political changes in the world, such as stopping the war in Ukraine as it stopped the war in Gaza and Lebanon, and changing the regime in Syria."
He added, "With oil prices remaining low, the rich industrial countries will witness a major industrial revolution and a significant increase in economic growth rates, which will lead to a strong demand for oil within a short period, which may not exceed months, and the price of oil will rise again to more than $80 per barrel."
The oil expert pointed out that "the United States may lose this bet, especially within the framework of Trump's program to develop, increase production, and pressure Saudi Arabia."
Regarding the Iraqi budget, Al-Jawahiri explained that “Iraq does not need a huge budget as it is now, as the inflation of the numbers is imaginary and aims to steal public money,” adding that “even in 2014, during the Iraq war against ISIS and the accompanying drop in oil prices to $40 per barrel, this did not affect the payment of salaries and there was no need for internal or external borrowing,” he said .
Al-Jawahiri continued, saying, “The budget does not need this large amount of money, and Iraq can achieve financial stability by canceling the paragraph on internal and external borrowing to cover the deficit,” indicating that “not resorting to borrowing will protect the country from theft, and will enable Iraq to spend within its oil revenues even if oil prices decline.”
Trump has previously put great pressure on the Organization of the Petroleum Exporting Countries (OPEC) through successive tweets and direct contacts with the Saudi monarch, King Salman bin Abdulaziz, with the aim of increasing oil production and reducing its prices, which had risen sharply .
Trump had declared a national energy emergency as part of a plan to maximize US oil and gas production, sparking widespread controversy over its implications for the global economy and energy .
Parliamentary Committee Reveals Date of Passing Budget Amendment in Parliament
The Parliamentary Committee on Regions and Governorates revealed, today, Saturday (January 25, 2025), the date for passing the amendment to the Federal Budget Law.
The deputy head of the committee, Jawad Al-Yasari, told Baghdad Today, "The amendment to the budget law will be passed after the end of the recess of the House of Representatives due to the Rajabi visit to Baghdad, and after that the date for resuming the sessions will be determined."
Al-Yasari added, "There is a political consensus to pass the amendment to the budget law with the aim of resolving the differences between Baghdad and Erbil, as well as to expedite the sending of the 2025 budget tables, especially since the government has been very late in sending them."
It is noteworthy that the Kurdistan Regional Government issued an angry statement last Thursday regarding the amendment of the federal budget law.
The spokesman for the Kurdistan Regional Government said in a statement that "after a series of meetings and persistent efforts aimed at amending the federal general budget law by the Council of Representatives with the aim of resuming the export of the region's oil, and after completing the first and second readings, unfortunately, the draft law was not approved in the agreed-upon form at the last minute."
For its part, the federal government denied, last Thursday, what was announced by the spokesman for the Kurdistan Regional Government, regarding submitting a proposal contrary to the amendment of the Council of Ministers in the financial budget law to the House of Representatives.
Government spokesman Bassem Al-Awadi responded in a statement that “based on the government’s keenness on transparency and disclosure to citizens of the progress of its executive work, especially with regard to the budget issue, which is a fundamental pillar for implementing the commitments contained in the government program, we confirm the government’s commitment to the amendments sent to the House of Representatives regarding the budget law, which takes into account the supreme national interest, and we stress that the government’s representative in the House of Representatives stressed the need not to make any other amendments to the budget law that contradict the texts submitted by the Council of Ministers.”
The amendments to the federal budget for the current year have caused a great deal of controversy within the political corridors, as some representatives have blamed the government for raising the spending ceilings, while the latter has responded on more than one occasion that the responsibility lies with Parliament for making changes to the budget items and tampering with its schedules sent to Parliament.
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Sunday JAN 26 25
The Central Bank provides the necessary support to international companies wishing to invest in Iraq
Governor of the Central Bank Ali Al-Alaq confirmed today, Sunday, that the Central Bank provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks.
The Central Bank of Iraq stated in a statement: "The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met today with the Vice President of the American Chamber of Commerce, Steve Lutes, and the President of the American-Iraqi Business Council and his accompanying delegation in Baghdad."
He pointed out that "the meeting discussed banking and economic relations between the two countries and the upcoming visit of the Central Bank of Iraq delegation to Washington and their meeting with the American Chamber of Commerce and American companies next April."
He continued that "the meeting discussed the desire of American companies to invest in the energy, infrastructure and modern technology sectors and to invest in the security stability witnessed by Iraq. The two parties also discussed the mechanisms of international trade and the process of Iraq's transition to fully operating in external transfers through correspondent banks."
During the meeting, the governor stressed that "the Central Bank of Iraq supports the economic growth process in Iraq and provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks," noting "the importance of diversification in investment sectors."
Al-Sudani confirms Iraq's readiness to coordinate between regional countries
Prime Minister Mohammed Shia al-Sudani confirmed, on Sunday, Iraq's readiness to coordinate between the countries of the region, especially with Turkey, regarding developments in the regional arena, reiterating Iraq's rejection of Syria being an arena for conflict.
The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Prime Minister Mohammed Shia Al-Sudani received Turkish Foreign Minister Hakan Fidan, where during the meeting, bilateral relations between the two countries were discussed, and a number of regional and international issues of common interest were discussed, especially developments in the region and events in Syria."
The statement added, "The meeting discussed the latest developments in Syria, Gaza and Lebanon, and stressed the importance of adhering to the ceasefire."
He continued, "The meeting also discussed the importance of unifying efforts between the countries of the region in order to support its stability. In this regard, the Prime Minister affirmed Iraq's readiness to coordinate between the countries of the region, especially with Turkey, regarding the developments witnessed in the regional arena, reiterating Iraq's rejection of Syria being an arena for the conflict in which it works to establish stability, due to the impact of this on the region in general."
The Prime Minister stressed, according to the statement, "the government's follow-up on the bilateral relations file, and the implementation of the memoranda of understanding that were signed in light of his visit to Ankara last November, as well as within the framework of Erdogan's visit to Baghdad that took place in April of last year."
For his part, Fidan conveyed the greetings of the Turkish President to the Prime Minister, and expressed his country's desire for close coordination with Iraq regarding developments in the region, pointing to the desire to enhance cooperation in bilateral relations, in light of the two mutual visits of Mr. Al-Sudani and the Turkish President.
The Turkish Foreign Minister also reiterated his country's seriousness in working on the Strategic Development Road project, as well as cooperation in light of the memoranda of understanding signed between the two countries in the fields of energy, education, trade exchange, banking cooperation, and other fields.
Al-Sudani: Economic reforms have raised the level of foreign investments in Iraq
Prime Minister Mohammed Shia Al-Sudani confirmed today, Sunday (January 26, 2025), that the government has made significant progress in various aspects of economic reform and digital commercial and banking transformation, indicating that economic reforms have been able to raise the level of foreign investment in Iraq.
Al-Sudani's media office said in a statement received by "Baghdad Today" that the latter "received the Chairman of the US-Iraq Business Council, Vice President of the US Chamber of Commerce Steve Lutes, and the meeting witnessed a review of trade and cooperation relations between Iraq and the United States, and efforts to prepare for the US Companies Representatives Forum, which will be held in Iraq during this year, as well as following up on the implementation of 18 agreements and memoranda of understanding, which were signed during his visit to the United States last year."
According to the statement, Al-Sudani praised "Lotus' efforts in sponsoring and holding forums and meetings, especially with the Iraqi private sector," stressing that "the government has made significant progress in various aspects of economic reform and digital commercial and banking transformation," pointing to "continuing efforts to legislate the intellectual property law and introduce this concept into school curricula; in order to keep pace with global commercial development."
He pointed out that "000, and that American companies are invited to participate in the development renaissance that Iraq is witnessing, and the attractive and business-friendly investment environment."
For his part, Lotus praised the "Iraqi government's efforts in the field of reform," stressing "the desire of many American companies to enter the Iraqi market, establish promising partnerships with the Iraqi private sector, and contribute to development and expand the scope of commercial and investment activities."
Parliamentary demands to amend Articles 12 and 14 of the budget
student Committee MemberParliamentary LegalpioneerAl-Maliki, today, Sunday, amended Articles 12 and 14 of the Federal Budget Law before voting on them.
He saidMalikiIn an interview withSumerianNews, "Our position on the position of the representatives of the Central and Southern Front, we demand amending Article 12 of the budget for exporting Kurdistan oil, and we also demand amending other articles, most notably Article 14 regarding stopping appointments," adding, "The budget tables are also supposed to be sent so that they are decided at once."
Regarding the possibility of holding a session dedicated to amending the budget law, Al-Maliki explained that “the process of setting the agenda is within the presidency’s jurisdiction, and we do not know how the agenda of the upcoming sessions will be arranged, but we are not in favor of obstructing any paragraph, but we demand that the comments and objections be taken into account.”
Iranian Toman Continues to Fall Against US Dollar
The Iranian toman fell again on Sunday, and the price of one US dollar in the Iranian market exceeded 84,000 tomans and reached 84,350 tomans.
The official rate used by the government this morning was recorded at 64,500 tomans, a 30% decrease from the value of the currency four months ago.
The devaluation of the Iranian toman comes at a time when inflation has reached more than 52% due to rising food and housing prices.
The Iranian currency is witnessing a continuous collapse, which is affecting the economy there in an unprecedented way, in light of a number of problems facing the government of the current Iranian President, Masoud Pezeshkian.
Experts: Electronic payment is an important step to enhance financial inclusion
Experts and specialists praised the government's steps to support the banking and financial sector in Iraq by issuing important decisions, describing the spread of the culture of using electronic payment in government and private institutions as an important step to enhance financial inclusion in the country.
The Special Committee for the Development and Evaluation of Electronic Payment Operations, affiliated with the Council of Ministers, recently confirmed to Al-Sabah that the steps of electronic payment are proceeding correctly, as Iraq has achieved (10) trillion dinars from the government sector alone, and this number is considered a leap in what has been achieved during this stage.
Economic expert Nabil Jabbar Al-Tamimi told Al-Sabah: “The government’s orientations in the field of developing the financial sector have had a positive impact in promoting the culture of electronic payment within society, although the banking system still needs many reforms. Some of these reforms are related to its internal systems and the development of its staff, which is the responsibility of the banks themselves, and some of them are related to the banking environment that the Central Bank may provide to keep pace with banking systems around the world and connect with them, and this is what the Central Bank and the government have been working on recently.”
Business environment
Al-Tamimi added that “the banking business environment, the ability of banks to provide credit and loans, and the extent to which these loans are guaranteed to be recovered are all essential, and may require a lot of work and may require them to find solutions that guarantee the financial rights of banks that provide credit and borrowing.”
Global standards
For his part, Mustafa Hanoush, a researcher in the financial and banking sector, told Al-Sabah: “The banking system in Iraq is still not keeping up with the standards of the Central Bank, as it uses old standards and does not ask banks about the basic banking operations they carry out, such as the amount of deposits or the size of loans and direct investments. This is contrary to the international standards that global banking systems operate under.”
Regulations
He added that "the government has taken important steps towards the electronic payment system, formed a committee from outside the Central Bank, and issued important decisions that contributed to raising the culture of electronic payment," indicating that "more than 600 government departments have been obligated to use electronic payment, and more than 20 million electronic cards and more than 35 thousand "POS" devices have been issued, and these numbers indicate the culture of electronic payment."
He pointed out that "there are other regulatory rules issued for electronic payment, which indicates the government's seriousness in making this important system a success."
Specialized committee
However, banking expert Nasser Al-Kanani saw the need for Iraqi banks to have a specialized committee to address the problems in the banking sector.
Al-Kanani said: “The government’s step towards forming a higher committee aimed at developing solutions for the work of banks is an important step, and this sector in Iraq needs more development.”
Government direction
He added that "the government's move towards forming such a specialized higher committee comes after the recent Iraqi talks in New York between the Central Bank of Iraq, the US Treasury and the US Federal Reserve, which stressed the need to develop the banking sector. Iraqi.
Trapped in government drawers" Parliament calls to expedite the implementation of the oil and gas law
Member of the Parliamentary Energy Committee, Dahel Radhi, called today, Sunday, to expedite the legislation of the oil and gas law before the end of the current parliamentary session.
Radhi told Al-Maalouma Agency, “The oil and gas law is part of the government program voted on by the House of Representatives and aims to manage the oil wealth process in Iraq and achieve fair distribution among the oil-producing provinces.”
He added, "Political differences and the lack of consensus since the first session of the House of Representatives have kept the oil and gas bill in the government's drawers."
He stressed the need to "expedite sending the oil and gas law to the House of Representatives for discussion and voting, stressing that the law is concerned with regulating the country's natural resources."
Parliamentary Finance: Amending Article 12 of the budget will increase the financial deficit
Member of the Parliamentary Finance Committee, Hussein Mounes, warned today, Sunday, against the proposed amendment to Article 12 of the draft budget law, while stressing that the amendment will increase the financial deficit.
Mounes told Al-Maalouma Agency, “Including the budget amendment paragraph for Article 12 costs the region’s oil production $16 per barrel.”
He added, “This amendment will increase the financial deficit in the 2025 budget,” noting that “the amendment needs a deeper study within the House of Representatives.”
He warned that "the amendment will push the House of Representatives to change the 2025 budget schedules at the remaining sovereign level or to increase revenues, and thus will increase the financial deficit."
Al-Sudani: The government has made significant progress in economic reform
Prime Minister Mohammed Shia al-Sudani announced that the government has made significant progress in various aspects of economic reform and digital commercial and banking transformation.
This came during his reception yesterday, Sunday, of the Chairman of the US-Iraq Business Council, Vice President of the US Chamber of Commerce, Steve Lutes.
The meeting witnessed a review of trade and cooperation relations between Iraq and the United States, and efforts to prepare for the American Companies Representatives Forum, which will be held in Iraq during this year. The implementation of 18 agreements and memoranda of understanding, which were signed during His Excellency's visit to the United States last year, was also followed up.
Al-Sudani praised Lotus' efforts in sponsoring and holding forums and meetings, especially with the Iraqi private sector, stressing that the government has made significant progress in various aspects of economic reform and digital commercial and banking transformation, pointing to the continuation of efforts to legislate the intellectual property law and introduce this concept into school curricula; in order to keep pace with global commercial development.
The Prime Minister stated that "economic reforms have raised the level of foreign investment in Iraq, and that American companies are invited to participate in the development renaissance that Iraq is witnessing, and the attractive and business-friendly investment environment."
For his part, Lotus praised the efforts of the Iraqi government in the field of reform, stressing the desire of many American companies to enter the Iraqi market, establish promising partnerships with the Iraqi private sector, and contribute to development and expansion of commercial and investment activities.
Yesterday, Sunday, the Prime Minister received the Commander of the International Coalition Forces to Fight ISIS in Iraq and Syria, General Kevin Leahy, in the presence of the US Chargé d'Affaires in Iraq, Daniel Rubinstein.
During the meeting, the general security situation in the region was reviewed, as well as the continued cooperation between the Iraqi security forces and coalition advisors in pursuing the remnants of the terrorist ISIS.
During the meeting, the Prime Minister stressed Iraq's determination to eliminate terrorist gangs, which no longer have a foothold or any contact with population centers, pointing to what has been achieved over the past two years in terms of controlling the Iraqi borders and securing the areas that were an outlet for terrorist groups to cross, both on the ground and technically.
The meeting witnessed the emphasis on the commitments of the international coalition towards Iraq, the continuation of joint programs, and the presentation of the levels of capability and control reached by the Iraqi armed forces in their various formations, the proactive intelligence capabilities that accompany all security deployment operations, and the development of the capabilities to pursue any cross-border criminal or terrorist activity.
Saudi Cafe Chain Opens First Branch in Iraq
Saudi Arabia cafe chain Kyan Café has opened its first branch in Iraq.
The outlet in Basra will initially open from 2:00pm until midnight, but has plans to extend this to 24 hours.
It is Kyan's 356th store worldwide.
Miami to host third edition of Priority Summit under the title "Investing with Purpose"
The Future Investment Initiative Foundation announced today, Sunday, the organization of the third edition of the Priority Summit under the title "Investing with Purpose", in the city of Miami in the United States of America, during the period February 19-21, 2025, to discuss solutions and outcomes of strategic investments in innovation and sustainability.
The Foundation said: "The Priority Summit will discuss the proposed solutions and outcomes of strategic investments in innovation and sustainability, in light of geopolitical tensions, rising costs of living, and challenges in health care and work."
The CEO of the Future Investment Initiative Foundation, Richard Attias, said: "We are bringing together more than a thousand influential leaders, investors, and innovators in Miami to explore bold solutions to critical issues. The summit will work to stimulate the transformational change that the world urgently needs, and will continue the conversations that began in the eighth edition of the Future Investment Initiative held last November in the Kingdom of Saudi Arabia." The Foundation added that "the summit is supported by the Public Investment Fund, the founding partner of the Future Investment Initiative Foundation, and more than 30 strategic partners from around the world, as it will discuss the results of the insights derived from the "Priority" Index for 2024, a data-driven source that surveys the opinions of more than 50,000 respondents in 24 countries."
It continued, "This event will bring together influential thought leaders, investors, and policymakers to address the most pressing issues facing humanity, to pave the way for innovative solutions that contribute to adding essential value to the economy and drive global progress."
It continued, "The summit will focus on key pillars in line with its overarching theme, "Investing with Purpose," including public and private sector challenges, international leadership, modern technology, and the limits of capital."
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