The Iraqi dollar and the first day “passed peacefully”.. The Central Bank is innocent and devoted to the dinar
Quick review by Mahmoud Dagher
“The first day passed peacefully,” said Dr. Mahmoud Dagher, a prominent financial expert, commenting on the first day of official work after the New Year’s holiday and the start of implementing the decision to cancel the dollar selling platform for traders and companies, which had been controversial for 20 years. Since Sunday morning, there has only been a slight increase in the dollar price. According to Dagher, who managed the operations of the Central Bank for many years, the platform’s function has changed from being a seller of dollars to Iraqi companies, to an intermediary between Iraqi banks and foreign correspondent banks (JP Morgan and Citibank), which will be responsible for auditing and approving the transfers, instead of the Central Bank of Iraq, which has cleared its responsibility in this way according to an understanding with international institutions and the US Federal Reserve, and is currently devoted to taking dinars from Iraqi traders and converting them into dollars to be transferred to foreign banks that have begun to organize Iraqi trade.
The video for this blog post is below here:
Dr. Mahmoud Dagher - Economic Expert:
Canceling the platform does not mean that the Central Bank is not converting dinars into dollars.
The Central Bank receives the dinar from the banks, which is the money of the customers (traders), and converts it into dollars and delivers it to the foreign correspondent banks. It will not undertake the auditing, but they will undertake that.
The currency selling window will remain, but its mission will not be to sell dollars but to convert dinars into dollars, and there was no problem in the market today, Sunday, although the dollar rose very slightly.
The Central Bank announced foreign currency sales (dollars) today, Sunday:
Al-Sudani receives a "special" message from Trump: Syria, Iran and the factions
An informed political source reported on Saturday that the Iraqi Prime Minister received a message from US President-elect Donald Trump.
The source told Shafaq News Agency that Al-Sudani received a message from Donald Trump through a special envoy on an unannounced visit, which included several axes.
The source pointed out that the most prominent axes are the necessity of containing and controlling weapons outside the framework of the state, stopping the activity of factions linked to Iran, in addition to Iraq not interfering in the Syrian file and supporting the formation of the new Syrian government.
Meanwhile, a government source told Shafaq News Agency that Iraq is working diligently to establish security in the region, and that the Prime Minister will present Iraq's vision in this regard during a visit to Iran.
On December 30, an informed source revealed that Prime Minister Mohammed Shia al-Sudani will begin a visit to Iran at the end of next week to discuss developments in the region.
The source told Shafaq News Agency that Al-Sudani will discuss several files with Iranian leaders, most notably the recent developments in Syria.
Al-Sudani had made several visits to countries in the region after the fall of Bashar al-Assad's regime, including Jordan and Saudi Arabia, where he discussed security issues with the leaders of these countries. Iraq also participated in the Aqaba Conference held in Jordan, with the participation of several countries, including the United States.
Iranian President Masoud Pezeshkian visited Iraq on September 11, and made a three-day tour that included Baghdad, Erbil, Sulaymaniyah, Najaf, Karbala and Basra.
On May 22, Al-Sudani also visited Tehran to participate in the funeral of Iranian President Ebrahim Raisi, who was killed in a plane crash.
Boroujerdi: Al-Sudani's visit to Tehran carries a special message
We have established the strongest forms of relations with Iraq in recent years, and these relations have been increasing. Due to the extensive political, international, economic and cultural relations between the two countries, millions of Iranian citizens visit Iraq every year and vice versa from Iraq to Iran,” said Alaeddin Boroujerdi, a member of the Iranian Parliament’s National Security and Foreign Policy Committee.
He explained that "the visit of Iraqi Prime Minister Mohammed Shia al-Sudani to Iran next Wednesday carries a special message to Tehran."
He pointed out in a statement reported by various media outlets, that “this visit has a special importance with regard to regional security issues. Perhaps the Iraqi friends were asked to convey special things to Iran, but I do not think that conveying this message has an important place in this visit.”
Oil and Gas Law" resolves pending issues between Baghdad and Erbil
The Oil and Gas Committee in the Iraqi Parliament considered, on Saturday, that the agreement on the draft "Oil and Gas Law" and sending it from the government to the parliament will contribute to resolving many of the pending issues between Baghdad and Erbil.
Committee member Bassem Al-Gharibawi told Shafak News Agency, "Agreeing on the draft oil and gas law and approving it in the Council of Ministers and then sending it to Parliament will contribute to resolving many of the outstanding problems between the federal and regional governments."
According to Al-Gharibawi, the government had previously formed a committee headed by the Deputy Prime Minister for Energy Affairs, the Deputy Prime Minister for Economic Affairs, and the Iraqi SOMO Company to negotiate with the regional government regarding amending the disputed articles and preparing a final version of the oil and gas law.
He added, "The Parliamentary Oil Committee hosted a number of officials from the Ministry of Oil during the previous legislative session, and discussed the formulas and articles that require amendment to the Oil and Gas Law."
Last week, Iraqi economic expert, Nabil Al-Marsoumi, revealed that 9 foreign companies were demanding compensation amounting to 24 billion dollars resulting from the halt in oil exports after the Iraqi judiciary rejected the appeal of the Iraqi Ministry of Oil to cancel these companies’ contracts with the Kurdistan Region.
The Karkh Court of Appeal rejected an appeal submitted by the Iraqi Ministry of Oil and overturned previous rulings that declared the contracts of foreign companies with the Kurdistan Region invalid .
According to the court, contracts are considered “valid,” enforceable, and binding on both parties, and no party outside the contract has the right to object to them, even if they are based on a legal basis that the Federal Supreme Court in Iraq deemed unconstitutional in February 2022 .
The court explained in the reasons on which it relied that the decision of the Federal Supreme Court issued in February 2022 cannot be applied to contracts concluded before its issuance, in accordance with a general principle in Iraqi civil law.
Is Iraq facing a cash crisis?
The amount of money sold, domestically and internationally, by the Central Bank in dollars this year has exceeded $62 billion, resulting in the receipt of dinars in equivalent proportion, averaging approximately 80.6 trillion dinars for the year. Non-oil revenues generated from taxes, fees, and customs by the end of October 2024 amounted to 14.3 trillion dinars. Combined, these revenues total around 95 trillion dinars. However, by the end of October, Iraq's total expenditures had reached 122 trillion dinars. With two months of expenditures still unaccounted for, it is evident that the dinar reserves derived from oil-based dollar revenues have been exhausted.
This comes despite reports from the Central Bank's Foreign Currency Selling Window, which indicate that total transfers abroad (remittances and credits) this year have reached the highest level in seven years—34% higher than last year. Similarly, dinars returned to the Central Bank and subsequently to the Ministry of Finance in proportion to this increase. So why is there talk of a cash shortage affecting the distribution of December salaries for some ministries in Baghdad and the November salary allocations for the Kurdistan Region?
According to reports from the Iraqi Ministry of Finance on revenues and expenditures, total expenditures for the first nine months of this year amounted to 94.5 trillion dinars, including 85 trillion dinars in operating expenses and 9.5 trillion dinars in investment expenses. However, according to the Ministry of Finance's October report, total expenditures had climbed to 122.7 trillion dinars, with operating expenses accounting for 100.6 trillion dinars and investment expenses rising to 22 trillion dinars.
Looking back at previous months, it becomes evident that average monthly expenditures ranged between 10 and 11 trillion dinars. For instance, total expenditures from the beginning of the year to July were 73 trillion dinars, increasing to 83 trillion dinars in August and 94 trillion dinars in September—demonstrating consistent monthly spending within this range. However, expenditures surged dramatically in October, reaching 28.2 trillion dinars and bringing the total for the year to 122 trillion dinars by the end of that month. This significant jump was driven by increases in both operating and investment expenditures. Operating expenditures, which typically ranged from 9 to 10 trillion dinars per month, rose to 15.6 trillion dinars in October, while investment expenditures, previously averaging 1 trillion dinars per month, soared to 12.6 trillion dinars in the same period.
As a result of the excessive expenditures in October, the Ministry of Finance now lacks the cash needed to cover expenses at the end of the year. October's spending was nearly triple the average monthly expenditure of previous months.While total revenues for the first 10 months exceeded expenditures, converting the full oil revenue—received in dollars—into Iraqi dinars or conducting domestic transactions in dinars has not been feasible which is due to government policies mandating that all domestic transactions must be conducted in dinars, while foreign transactions must be conducted in dollars and processed through remittance.
According to the Iraqi Ministry of Finance, October's expenditures rose so significantly that the total amount of dinars generated from selling dollars domestically and internationally, combined with non-oil domestic revenues, was insufficient to cover the spending. Total expenditures for the month reached 28 trillion dinars, approximately 18 trillion dinars more than in previous months. It remains unclear how the Ministry of Finance plans to manage expenses for the remainder of the year, as 95% of Iraq's currency is held outside the banking system, which amounts to 95.5 trillion dinars out of a total of 101.3 trillion dinars by the end of November 2024.
The underlying issue here highlights the weaknesses in Iraq's monetary system and the absence of a coherent expenditure and revenue policy. Despite having not spent 60% of its allocated budget, the Ministry of Finance is already encountering significant challenges. Had the budget been fully implemented as planned, cash shortages would likely have arisen mid-year rather than at year-end.
In conclusion, is it true that Iraq has cash problems? Yes, Iraq is indeed facing cash problems. However, these issues are not caused by low oil revenues, declining oil prices, or a shortage of money or dollar issuance. Instead, the root cause lies in the government's economic expenditure policy, which allowed spending to surge by approximately 300% in a single month.
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Government Advisor: Non-oil GDP Growth Rate in 2024 is Unprecedented
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Saturday, that the growth rates of the non-oil gross domestic product will rise in an unprecedented manner during the year 2024, while indicating that the government program succeeded in controlling financial diversity in the general budget and the national economy in general, and he indicated that the calm methodology of financial policy contributed to organizing the liquidity of the general budget and stabilizing the economy .
Saleh told the Iraqi News Agency (INA), "The increase in non-oil GDP growth rates was accompanied by an important role for monetary policy and its role in regulating the monetary sector under Central Bank Law No. 56 of 2004," adding that "this monetary policy is sound and has not strayed from the circle of consultation and cooperation with the financial policy and the government's economy, which still dominates 65% of GDP and 98% of foreign exchange flows ."
He pointed out that "the financial sector contributed, through the dissemination of some developmental government borrowing tools, and the sources of formation of those foreign reserves from oil revenues, to building the monetary base, and then building the money supply in the country ."
The Prime Minister's financial advisor expected "the continuation of the calm approach to financial policy during 2025, which contributed to deepening the circle of consultation and close cooperation with the Central Bank and its monetary policy in regulating the liquidity of the general budget and the stability of the macroeconomy without intersection or isolation," noting that "this matter enhanced the success of the country's economic policy during 2024 in international and regional circumstances that were extremely complex ."
Mazhar concluded his statement by saying, "The Central Bank represents the financial agent of the government, and is responsible for managing the central accounts of external and internal public finances, in addition to cooperating in organizing government payments and managing public liquidity according to highly accurate accounting and technical procedures and a methodology that central banks around the world are keen on in order to achieve the highest goals in the national economy ."
Securities Commission announces financial performance indicators for 2024
The Securities Commission has set the date for the first stock trading session for the year 2025, noting that next Tuesday has been set as the date for the session.
A statement by the Authority received by the Iraqi News Agency (INA) today, Saturday, stated that "the financial and economic indicators for the year 2024 contributed to achieving the growth of the stock market, stressing "the achievement of remarkable growth in the performance of the Iraqi financial market and the expansion of its activities, reflecting the growing confidence in the market and its role in supporting the national economy."
The statement explained that "the number of companies registered and listed in the Iraqi financial market reached 112 joint-stock companies."
It pointed out that "the market also witnessed the trading of several types of government bonds, including construction bonds and reconstruction bonds, in addition to achievement bonds," indicating that "the market traded 25,000 bonds from the second construction bond issue during the past year with a total value of 24,124,525,000 dinars, while the market traded 5 bonds from the first reconstruction bond issue with a total value of 4,920,000 dinars."
He continued that "the market also recorded significant activity in stock trading, as the number of traded shares reached 809,708,623,733 shares An increase of 17% compared to 2023, while the value of traded shares amounted to 690,408,795,990 dinars, an increase of 3% compared to 2023,” noting that “the market also included executed contracts, which amounted to 182,967 contracts, an increase of 17% compared to 2023.”
Regarding market indices, the statement stated that “the ISX60 index closed in the last session of December at 1073.84 points, an increase of 20.23% compared to the closing of 2023, and the ISX15 index closed at 1174.65 points, achieving an increase of 10.12% from its launch value, while the market value for 2024 amounted to about 22,325,544,721,711 dinars, an increase of 19% compared to 2023.”
As for trading via the ISX-OTC platform, "the platform executed the trading of 5,982,484,498 shares worth 2,591,438,576 dinars through 2,295 transactions on the shares of three listed companies (Al-Warka Bank, Al-Rabee Brokerage, Al-Karmel Brokerage), and the market value of the platform amounted to 105,702,830,262 dinars.
The statement explained that "72" joint-stock companies held annual general assembly meetings, while 80 companies submitted their annual financial statements for the year 2023 and 17 other companies approved increasing their capital in accordance with the Companies Law, in addition to 22 companies distributing profits to their shareholders."
Chairman of the Securities Commission Faisal Al-Haimus confirmed that "the positive indicators achieved by the market during 2024 reflect the great efforts made by the Commission to regulate the market and enhance transparency and trust," adding that "the Commission looks forward to achieving greater achievements next year, while strengthening the market infrastructure and expanding the scope of participation by the public and private sectors."
Today's articles SUnday Jan 5 2025
Economist: New steps by the Central Bank regarding dollar transactions
Economic expert Safwan Qusay revealed today, Sunday, that there are new steps by the Central Bank to enhance transparency and global openness.
Qusay said in a statement to Al-Maalouma Agency that “the Central Bank of Iraq and the US Federal Reserve are moving towards authorizing Iraqi banks to contract with international auditing companies, instead of relying on the dollar selling platform alone, with the aim of auditing credits and transfers before they are implemented."
He explained that "this measure is in the interest of the Central Bank, as it contributes to avoiding the risks of money laundering cases and international sanctions," noting that "this step is a turning point that contributes to drawing a clear map for the work of Iraqi banks on the global stage, as they will deal with international correspondents and financial guarantees in addition to instant transfers, which enhances their position in global markets.”
He pointed out that "it is possible to rehabilitate banks that are currently facing restrictions, which will lead to achieving greater stability in the exchange rate," indicating that "the Central Bank attaches special importance in the next stage to increasing foreign currency reserves, which contributes to facilitating trade operations and supporting economic activity.”
On a "secret" visit... Qaani in Baghdad carrying several files, including the restructuring of some armed factions
An informed source revealed on Sunday that the commander of the Quds Force of the Iranian Revolutionary Guard Corps, Ismail Qaani, arrived in the capital, Baghdad, on a "secret" visit during which he met with a number of leaders of Iraqi armed factions, ahead of a visit by Prime Minister Mohammed Shia al-Sudani to Iran this week.
The source told Shafaq News Agency, "Qaani arrived in Baghdad today on an unannounced visit and met individually with some leaders of the factions affiliated with the Popular Mobilization Forces. He is scheduled to hold an expanded meeting in the coming hours with the Commander-in-Chief of the Armed Forces, Prime Minister Mohammed Shia al-Sudani, the forces of the Coordination Framework, and the head of the Popular Mobilization Authority."
He explained that "Qaani will discuss during her meetings with Iraqi officials a number of files, including restructuring and legalizing the weapons of armed factions and disengaging some of them. Ways and mechanisms may be adopted to transform some of those factions into political forces or fronts."
He pointed out that "the details of what is happening in Syria and controlling the security of the region to prevent the return of ISIS will be discussed, as well as unifying visions and positions in supporting cooperation with the government's directions in this file."
Earlier today, the media office of Prime Minister Mohammed Shia al-Sudani announced that the latter intends to make an official visit to Iran next Wednesday of this week.
The office explained in a statement received by Shafaq News Agency, "The visit will include discussing bilateral relations between the two countries, and ways to enhance them, in light of what was achieved during the visit of Iranian President Masoud Pezeshkian to Baghdad in September of last year, in addition to the developments witnessed in the region."
An informed source revealed, at the end of 2024, that Prime Minister Mohammed Shia al-Sudani will begin a visit to Iran at the end of this week, to discuss developments in the region.
The source told Shafaq News Agency that Al-Sudani will discuss several files with Iranian leaders, most notably the recent developments in Syria.
Al-Sudani had made several visits to countries in the region after the fall of Bashar al-Assad's regime, including Jordan and Saudi Arabia, where he discussed security issues with the leaders of these countries. Iraq also participated in the Aqaba Conference held in Jordan, with the participation of several countries, including the United States.
Iraq and America discuss activating the strategic framework agreement
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed with the Chargé d'Affaires of the US Embassy in Iraq, Elizabeth Kennedy Trudeau, preparations for holding a meeting of the Iraqi-US Joint Committee to activate the Strategic Framework Agreement.
Hussein said in a post on the (X) platform, "Yesterday, I met with Ms. Elizabeth Kennedy Trudeau, Chargé d'Affairs of the US Embassy in Iraq. We reviewed the developments in the region and the importance of continuing to coordinate positions, especially in confronting the terrorist organization ISIS."
He added, "We discussed preparations for holding a meeting of the joint Iraqi-American committee to activate the strategic framework agreement for friendship and cooperation between the two countries."
Al-Sudani: The Development Road Project will enhance Iraq's power in the region
Prime Minister Mohammed Shia al-Sudani confirmed today, Sunday, that the development road project will enhance Iraq's strength in the region, politically and economically.
During his reception of the Director of the Iraqi Institute for Dialogue, Abbas Radhi Al-Amiri, according to a statement from his office received by "Al-Eqtisad News", Al-Sudani was briefed on the work of the organizing committee for the Seventh Baghdad International Dialogue, whose activities will start on February 22-23, 2025 under the slogan "The Path to Iraqi Development... Alliance of Interests and Geopolitical Stakes", noting that choosing this topic falls within the great Iraqi interest in the project, which gives the country a pivotal role in the regional system as an important point of communication between the East and the West.
According to the statement, Al-Sudani expressed his "sponsorship of this annual international gathering hosted by the capital, Baghdad, which hosts an elite group of the most important decision-makers in the region and the world."
Banks Association: The rehabilitation project of the old city in Baghdad provided thousands of job opportunities
Baghdad - WAA - Wissam Al-Mulla
The Private Banks Association confirmed, today, Sunday, that the rehabilitation project of the old city in the capital, Baghdad, provided thousands of job opportunities for young people.
The head of the Private Banks Association, Wadih Al-Handhal, told the Iraqi News Agency (INA): "The rehabilitation project of the old city, which includes the Mutanabbi and Saray areas and extends to Rashid Street, is an important project, especially since it has sponsored those places with restoration and development and was directly sponsored by Prime Minister Mohammed Shia Al-Sudani," indicating that "the rehabilitation project aims to provide thousands of direct and indirect job opportunities, especially since the development of the old city has restored the movement of buying and selling in the area and provided new job opportunities in the developed places that witness a great turnout from Baghdadis and tourists."
He added, "The rehabilitation of the old city is a message that reflects the combined efforts to advance the city of Baghdad."
Iran invests $1 billion in joint oil field with Iraq
The executive director of the joint Azar oil field development project with Iraq, in the city of Ilam in western Iran, stated that the Economic Council’s approval for developing the second phase of the Azar oil field is in the form of new oil contracts with an investment of more than one billion dollars, expecting this contract to enter into force before the end of this year (the Iranian year ends on March 20).
In a statement to the official Iranian news agency IRNA on Saturday, Keyvan Yar Ahmadi said: By holding several specialized meetings with representatives of the Planning and Budget Organization and submitting an explanatory report with supporting documents related to the technical work description and financial estimate for the implementation of the project and explaining the objectives of developing the Azar oil field, the approval of the Economic Council was finally obtained for developing the second phase of this oil field in the form of new oil contracts with an expected investment of more than one billion dollars, and it is expected that this will be done with the fulfillment of the basic conditions in the contract by the contractor and the relevant procedures by the employer, and this contract will be implemented and become effective before the end of this year.
Yar Ahmadi pointed to the launch of the Dehloran Gas and LNG Plant (NGL-3100) in the near future, and said: The compression and sweetening facilities of the associated gas in the Azar field, which were completed a long time ago, have been launched and are ready to send gas to this plant. Accordingly, all the activities of the first phase of the development of this field will be determined and the main milestone (the turning point and main point of the project's progress) will be delivered. The first phase of the development of this complex plant will reach its goal by achieving all the contractual targets and sharing the Iranian share of more than 70%, which has led to the production of 83 million barrels of oil and revenues of nearly $6 billion.
It is noteworthy that the Azar oil field is located in the city of Mehran in Ilam province, western Iran.
The reserves of this field amount to 2 billion and 500 million barrels of crude oil, and the amount of oil that can be extracted from it is estimated at 400 million barrels.
Al-Nusairi: Monetary policy indicators for 2024 confirm that the Central Bank is the first economic institution in Iraq
The economic and banking advisor and member of the International Union of Arab Bankers, Samir Al-Nusairi, confirmed that through accurate financial and statistical analysis, the Central Bank of Iraq revealed the positive indicators it achieved for the third quarter of 2024 compared to the same period in 2022-2023, and also announced the suspension of work on the electronic platform on 12/31/2024.
Al-Nusairi explained in an interview with "Al-Eqtisad News" that the success of the monetary policy adopted by the bank during the year 2024 and the positive indicators of business results for the third quarter/2024 compared to the same period for the years 2022-2023, which indicated the following: Total deposits in banks operating in Iraq achieved a growth of (4.2%), in contrast, cash credit granted by operating banks recorded a growth of (11.6%), and deposits in private banks operating in Iraq recorded a growth of (14%), in contrast, cash credit granted by private banks achieved a growth of (15.1%), in contrast, the broad money supply in Iraq recorded a growth of (3.3%) in the third quarter of 2024.
He added that the gold reserves of the Central Bank of Iraq recorded a significant growth of (57%), as their value reached (16) trillion dinars, compared to their value of (10.7) trillion dinars in the third quarter of 2023. The important thing is that the annual inflation rates recorded a percentage that is among the lowest annual inflation rates in the countries of the region for the months of August and September of 2024, as the rest of the percentage is acceptable at (3.7%) and (3.1%) respectively, and this reflects price stability, maintaining the general price rate, achieving the most important goals of monetary policy, and the success of monetary policy in Iraq.
Al-Nusairi stressed that by the end of 2024, it becomes clear beyond doubt that the procedures of the Central Bank of Iraq and the efforts it has made since the beginning of 2023 until now, with the support and cooperation of the government, have borne fruit and begun to yield positive results according to what was planned, with detailed procedures and administrative and technical steps and understandings to regulate the financing of foreign trade with Arab and international banks by approving the opening of accounts for Iraqi banks in American, Chinese, European, Emirati, Indian and Turkish correspondent banks to deal directly with them for foreign transfers in the currencies of these countries, which are the dollar, euro, Chinese yuan, Indian rupee, Emirati dirham, Turkish lira, Jordanian dinar and Saudi riyal, and leaving the electronic platform in 2024 and allowing banks to supply dollars and foreign currencies into Iraq from their accounts with correspondent banks or abroad according to specific controls issued by the Central Bank of Iraq, as well as reaching the opening of many accounts for Iraqi banks in correspondent banks.
He pointed out that the strategy of the Central Bank of Iraq implemented in 2024 to reform the banking sector adopted the restructuring, development and classification of banks and increasing their capital to the ceiling set by the Central Bank according to the specified timetables, which led and will lead to raising the capabilities of Iraqi banks to provide the best banking products and services to customers and to the economy, investment and development and moving to comprehensive digital transformation and compliance with international standards and helps in lifting the restrictions imposed on our (28) private banks.
He pointed out that foreign transfers, which reach 97%, are made at the official exchange rate, and work is underway to facilitate foreign transfers for small traders and to identify speculators' plans to harm the Iraqi economy. A foreign exchange reserve of 153 tons of gold has been maintained, with a cumulative reserve ratio of 140%, to cover imports and local currency in circulation and provide the necessary liquidity to meet the needs of the Ministry of Finance to implement the government's operating budget. He also noted that the developmental measures for technical, technological and administrative infrastructure in the Central Bank are being implemented accurately and comprehensively in its banking reform strategy in all its axes, and are an embodiment of what it has specified in the roadmap that it has clarified in cooperation with the government in accordance with what is stated in the government's program in Axis 12 (Financial and Banking Reform) and Paragraph 7 thereof, which is related to developing and enabling banks to contribute to development and investment.
Al-Nusairi concluded his speech by saying that the efforts made by the Central Bank in 2024 are an affirmation of the soundness of the implementation of its third strategy for the years 2024-2026, and it is trying to achieve its main and subsidiary goals according to their timetables, with wishes for success and achieving economic stability because the primary duty of banks is to be (stability) banks.
Venezuelan parliament calls on Maduro to seek third term
The President of the Venezuelan National Assembly (Parliament), Jorge Rodriguez, has officially invited the current President of the Bolivarian Republic, Nicolas Maduro, to assume a third presidential term on January 10.
“We confirm the invitation to Nicolás Maduro Moros, who was re-elected president of the Bolivarian Republic of Venezuela on July 28, 2024, to take office on January 10, 2025,” Rodríguez said live on Venezuelan TV during the first plenary session of the parliament this year, held on Sunday.
The inauguration and swearing-in ceremony will take place at 12 noon at the Federal Legislative Palace.
Rodríguez noted that parliament is obliged to “promote the application of the law against Edmundo González [who has declared himself president-elect of Venezuela], if he sets foot on the country’s territory, for treason and usurpation of power,” and also noted that he “will demand that anyone who tries to destabilize the peace in Venezuela be declared persona non grata.”
In the plenary session, Jorge Rodríguez was re-elected president of the National Assembly (parliament) of the Bolivarian Republic.
Venezuela held elections on July 28, which were won by the current head of state, Nicolás Maduro. He received 51.95% of the vote. His main opponent, Gonzalez, received 43.18% of the vote. On election day, opposition leader Maria Corina Machado said Gonzalez's team would not concede defeat in the election.
Houthis announce targeting Israeli power station with hypersonic missile
The military spokesman for the Ansar Allah group (Houthis) announced on Sunday the implementation of a military operation targeting the Orot Rabin power station, south of occupied Haifa.
The spokesman explained, in a statement, that the operation was carried out using a hypersonic ballistic missile of the "Palestine 2" type, stressing that it successfully achieved its goal.
This morning, the Israeli army announced that it had intercepted a missile launched from Yemen, shortly after sirens sounded across Israel.
The Houthis are launching attacks against Israel in the name of "solidarity with the Palestinians in the Gaza Strip" in the wake of the war between Israel and Hamas that broke out on October 7, 2023.
Despite their limited damage thanks to the activation of advanced missile defense systems in Israel, the almost daily Houthi attacks have greatly disrupted the lives of civilians in Israel.
Iraq and the "curse" of the second term.. The sanctions button is under Trump's finger and "Iranian smuggling" embarrasses Baghdad
Political researcher Nizar Haidar commented today, Sunday (January 5, 2025), on how US President Donald Trump deals with the dollar smuggled from Iraq.
Haider said in an interview with Baghdad Today that "the American administration tried to help Iraq in every way in combating currency smuggling and money laundering, as well as in combating oil smuggling for the benefit of its eastern neighbor, Iran."
He added, "This was mentioned in all the joint statements issued after every Iraqi-American meeting in this regard, including the joint statement issued after US President Joe Biden received Iraqi Prime Minister Mohammed Shia al-Sudani at the White House in the spring of last year."
He pointed out that "every time during the past two years, Baghdad pledged to make every effort to achieve some kind of progress in this file, but it failed miserably for several reasons, the most important of which is the control over state institutions and the control of the dollar selling platform in the Central Bank, as revealed by more than one member of the Parliamentary Finance Committee."
"It also continued to control the oil smuggling file, and more dangerously, the smuggling of Iranian oil under the pretext of Iraqi oil," says Haider.
He explained that "several intelligence reports have recently revealed details of these smuggling operations, some of which stated that the value of Iranian oil smuggled under the title of Iraqi oil during the past year alone amounted to one billion dollars."
He pointed out that "Trump has stated more than once that he will deal firmly with the issue of protecting the dollar in the world, especially with countries that have admitted their involvement in currency smuggling and money laundering, such as Iraq, which Trump's team believes is lenient in currency and oil smuggling operations for Tehran's benefit. This is what Trump considers a circumvention of the US sanctions imposed on Tehran, which he absolutely rejects for two reasons."
He explained that "the first reason is his firm stance on the sanctions imposed on Tehran, which he played a role in tightening during his first presidency within the framework of what was called at the time the policy of maximum sanctions," adding: "Also, what helps in this is Iraq. The country that has a strategic framework agreement with Washington is supposed to build relations of mutual trust between the two sides, not for Baghdad to take the initiative to violate the sanctions imposed by Washington in front of the eyes of the American administration."
He added, "Trump is expected to adopt harsh policies against Iraq if he is unable to achieve tangible successes in combating currency smuggling, money laundering, and Iranian oil smuggling, as he does not want Iraq to remain the lung that supplies Iran with dollar oxygen and oil smuggling."
The American president has many tools to impose a strict policy on Iraq, including the state of emergency law, which has been extended annually by the American president since 2003 until now. This law authorizes the American administration to exert all kinds of pressure on Baghdad to abide by its commitments.
The Oil Price website, which specializes in global oil and energy data, revealed that Trump's team is considering imposing direct sanctions on Iraq when the Trump administration begins its duties, in response to Iran's assistance in smuggling its oil through its ports, in addition to the presence of entities working on money laundering and financing various activities.
FAO Project and Central Bank Tower Rank 10th and 11th Globally According to B1M (Video)
The prominent British platform The B1M, which is interested in following giant construction projects around the world, has selected the Central Bank of Iraq Tower in the Jadriya area of Baghdad, which was designed by the late Iraqi architect Zaha Hadid, and the Grand Faw Port project on the coast of Basra, among the list of the 25 most important giant projects in the world for the year 2025.
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