Mazhar Saleh: Geopolitical controls push towards shifting to official channels for currency trading
He pointed out in his statement to {Euphrates News} that "this shift aims to move away from informal financing from the parallel dollar market intensively, especially with the change in the behavior of small traders in avoiding the parallel market linked to the countries' regional and geopolitical problems."
Saleh added that "this shift comes in the context of the importance of increasing Iraq's foreign reserves and confronting money smuggling operations, in addition to facilitating external transfer operations through Iraqi banks that deal with international banking correspondents, at an official exchange rate of 1,320 dinars per dollar."
He also stressed that the end of the compliance platform phase adopted by the Central Bank of Iraq in the past two years and the country's entry into a new phase has contributed to providing great flexibility in financial transfers through official channels.
Reconstruction: Including the Land Bank in the 2025 Budget
The Ministry of Construction and Housing announced that the establishment of the Land Bank will be included in the 2025 budget after obtaining the Prime Minister’s approval for the project.
The official spokesman for the ministry, Istibraq Sabah, said in an interview with “Al-Sabah” and “Al-Eqtisad News” followed up, “The Land Bank project was included in the current year’s 2025 budget to be a central authority that can be relied upon to obtain land for various projects and future investments.”
He pointed out that "the ministry recently obtained the approval of the Cyber Security Committee in the Prime Minister's Office to begin its establishment," indicating that "the Supreme Committee for Lands prepared a plan to begin implementation and submitted it to the Minister of Reconstruction, Benkin Rikani, to put it into effect," indicating that this "bank will be a reliable entity that can be relied upon to obtain the lands needed for projects, infrastructure and various investments."
He also explained that "it will be affiliated with the Ministry of Water Resources, as the maps of the lands are available at the General Authority for Survey."
Sabah pointed out that "the center will include an updated database to manage all lands through high coordination with all the parties that own them," indicating that "it will adopt a unified smart system to inventory and manage lands and determine ownership and use."
He continued, "The main objective of its establishment is that the various governmental and investment agencies face a major challenge in obtaining information related to lands because they are distributed among different landowners, and therefore there is no single source that can be relied upon in this area," adding that "this center will meet all needs and facilitate effective decision-making regarding land management, which will contribute to shortening the time and effort spent by the various agencies in obtaining and benefiting from lands."
Central Bank: Growth in the volume of loans and advances to the Iraqi banking sector by (5.4) percent
The Central Bank of Iraq announced today, Monday, that the volume of loans and advances in the banking sector increased by 5.4% during the last quarter of 2024, reflecting an increase in the financing capacity of individuals and companies.
The Central Bank's media stated in a statement received by "Al-Eqtisad News" that loans and advances recorded a significant increase, reaching 64.12 trillion dinars compared to 60.81 trillion dinars during the same period last year.
The statement indicated that this growth reflects the stimulation of economic activity and the increase in the financing capacity of investment and commercial projects, which contributes to the creation of new job opportunities.
New report from the heart of Tehran: Saudi Arabia has made an official offer to mediate between Iran and America
The Persian newspaper Etemad announced today, Monday, that Saudi Arabia has made an official offer to mediate between the Islamic Republic of Iran and the United States of America.
The newspaper stated in a report translated by "Al-Ahd News", quoting sources described as informed, that "if this news is true, then Riyadh's efforts to strengthen relations with Iran can be guaranteed to put a new chair at the negotiating table that may or may not happen at all due to the Iranian position on the policy of maximum sanctions that Trump has taken against it."
It added that "what this mediation can do is that Saudi Arabia hosts two major projects in regional and global peace, which are the Gaza peace in the presence of Arab leaders, as well as the peace regarding Ukraine between the American and Russian presidents in Riyadh."
Sanctions and mistrust.. How will the Iraqi digital currency be born?
Why don't we develop our systems?
Financial and banking expert Mustafa Hantoush confirmed that talking about launching an Iraqi electronic currency at the present time is premature, in light of a banking system that suffers from structural problems and weak infrastructure.
He explained to “Jarida Platform” that “the culture of electronic payment in Iraq is still immature, and unless the government intervenes and imposes the adoption of electronic payment in government departments, we will not witness any real development in this field.”
Hantoush added that “Iraq does not have an integrated internal transfer system and relies on international systems such as Visa and MasterCard, which makes it a priority to develop the national switchboard, enhance the electronic payment infrastructure, and spread the culture of digital payment among citizens.” He pointed out that “electronic payment, in essence, depends on the presence of funds deposited in banks and their electronic transfer instead of direct cash exchange, which requires a strong infrastructure and broad confidence in the banking system.”
Hantoush stressed that “even major countries such as the United States, Europe and China have not yet been able to develop integrated electronic currencies due to fears of electronic breaches and weak cybersecurity systems,” wondering about the extent to which Iraq, with its current banking system, can achieve this.
He added, "Talk about an Iraqi electronic currency does not match the reality of Iraqi banks, which suffer from sanctions, the absence of their real role in the market, and the presence of a large percentage of money circulating outside the banking system, in addition to the lack of trust in banking institutions."
He concluded by saying, “The Central Bank still relies on old evaluation mechanisms, and the Islamic banking system has not witnessed real development in Iraq, which makes the priority now to build an integrated banking system, enhance confidence in it, and develop its electronic infrastructure before thinking about launching an electronic currency.”
Investment opportunities are expanding.. FAO is preparing to transform into the largest industrial city in the Middle East
The Ministry of Industry and Minerals revealed plans on Monday to establish giant industrial projects in the city of Al-Faw, which will make it one of the largest industrial cities in the Middle East, as part of the Strategic Development Road project.
The Deputy Chairman of the Industrial Cities Authority at the Ministry, Riyadh Jassim Kazim, said in a statement to the official newspaper that "the technical designs for the project will be completed soon, as work is proceeding according to well-studied plans, with the completion of the initial designs and the addition of some modifications to ensure the project is implemented in the best possible way."
He explained that "the development road will transform Iraq into a pivotal commercial center linking the East and the West through advanced industrial cities extending from Al-Faw to the Turkish border," noting that Al-Faw city will include giant industrial projects including petrochemical plants, power stations, water desalination and liquefied gas facilities, in addition to residential and tourism projects, which will contribute to stimulating trade exchange and creating more than one million job opportunities.
Kazem also stressed that the project will contribute to reducing the time it takes to transport goods from China to Europe to less than 22 days, which will enhance Iraq's position as a global logistics center.
He pointed out that the preparation of the project's designs faced some obstacles, such as conflicts on the road's path with agricultural and economic projects, but coordination was made with local governments and those conflicts were removed, which allowed the preparation of the final technical designs for the project.
He concluded by saying that "the development road will be a fundamental pillar in diversifying the Iraqi economy and reducing dependence on oil, so that Iraq becomes a pivotal part of the international trade map, benefiting from its modern infrastructure and its ability to connect continents."
Member of the Parliamentary Finance Committee reveals two proposals to develop the banking sector
Member of the Finance Committee in the House of Representatives, Hussein Mounes, revealed today, Monday, two proposals from the committee to develop the banking sector in Iraq.
Mounes told the Iraqi News Agency (INA): "The digitization of the banking system in Iraq is part of the government program voted on in the House of Representatives, so it is a necessity that must be adopted, and we see that there is a major transformation and it is an opportunity to ensure the principle of transparency, limit the amounts of money and reduce banknotes, and it is also a necessity that must be taken into account, given that there is a global trend in the issue of digitization and the adoption of bank transfer companies."
He pointed out that "the Finance Committee is following up on the process of financial digital transformation and is in contact with the Central Bank to develop plans to resolve this issue," indicating that "we have no choice as a country trying to launch its banking system except to proceed quickly and expedite the resolution of matters."
Mounes added that "the Finance Committee has two proposals: the first is to amend the law of private banks; to ensure their participation and raise the efficiency of local banks, and we have a proposal to adopt the Federal Revenue Control Authority, and these two legislations are very important for developing the banking system in Iraq."
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Al-Atwani: Budget tables will reach parliament in mid-March
The head of the parliamentary finance committee, MP Atwan Al-Atwani, expected the budget tables to reach parliament in mid-March, while indicating that there is a discussion about contract employees who deserve to be appointed.
Al-Atwani told the "Under Two Lines" program, which is broadcast on Al-Iraqiya News, followed by the Iraqi News Agency (INA), that "the financial and economic situation in the country is good," indicating that "the oil countries are experiencing a state of constant anxiety about falling prices."
He added: "We must search for alternatives and solutions to the single economy," stressing that "we are constantly searching for solutions to avoid oil price concerns."
He pointed out that "electricity revenues are 3.5 trillion dinars, while what has actually been achieved is 400 billion dinars."
Regarding the budget, Al-Atwani explained that "the budget tables will reach parliament in mid-March," noting that "the budget amendment was in Article 12 regarding the costs of transporting and extracting the region's oil."
He pointed out that "the government will make some changes to the budget schedules," stressing that "the budget has stopped appointments, staff, contracts and wages." He explained that "there is a discussion about contract employees who deserve to be permanent," noting that "the State Council has approved that appointment is different from being permanent on the staff." He continued: "Article 14 of the budget regarding stopping appointments must be reviewed."
Official statement: Iraq witnesses a remarkable development in the number of people who own bank cards
Head of the Government Communication Team, Ammar Munim, confirmed that Iraq is witnessing a remarkable development in the number of people who own bank cards.
In a statement, Munim said, "Since the emergence of Al-Sudani's government in 2022, and in a remarkable development that Iraq has witnessed during the recent short period, the number of people who own bank cards (debit cards) has doubled, at a time when Iraq was at the bottom of the list of countries in terms of the number of cards."
For his part, the Executive Director of the Iraqi Private Banks Association, Ali Tariq, said in a press statement, "Iraq has witnessed a major shift towards electronic payment."
He pointed out that "the issuance of bank cards has increased to reach 20 million cards after it did not exceed 9 million cards, and the number of electronic payment devices has doubled to 50 thousand devices from only 7 thousand two years ago."
Parliamentary reassurance: The financial and economic situation in the country is good
The head of the Parliamentary Finance Committee, MP Atwan Al-Atwani, said that the financial and economic situation in the country is good, while he expected the budget schedules to arrive in the middle of this March.
Al-Atwani told the official media that "the financial and economic situation in the country is good," indicating that "the oil countries are living in a state of constant anxiety about falling prices."
He added: "We must look for alternatives and solutions to the single economy," stressing, "We are constantly looking for solutions to avoid oil price concerns."
He pointed out that "electricity revenues are 3.5 trillion dinars, while what is actually achieved is 400 billion dinars."
Regarding the budget, Al-Atwani explained that “the budget schedules will reach the parliament in the middle of this March,” noting that “the budget amendment was in Article 12, which concerns the costs of transporting and extracting the region’s oil.”
He pointed out that "the government will make some changes to the budget schedules," stressing that "the budget has stopped appointments, staff, contracts and wages."
Revealed the difference between the actual revenue and the revenue written in the budget.. Parliamentary Finance: We sense the danger in Iraq
Big difference" in electricity collection
The head of the Parliamentary Finance Committee, Atwan Al-Atwani, revealed on Monday, March 3, 2025, that his committee “senses the financial danger,” noting a “big difference” between the actual electricity collection revenues and those written in the budget law.
Al-Atwani said in a televised interview followed by Al-Jabal, "The statements that talk about the lack of sufficient funds in the state treasury and that employees' salaries may be affected in the future, came based on conclusions, and these conclusions came based on the economic situation of the country that depends on oil to finance its budgets."
Al-Atwani added, "Our economic and financial situation is good, but we must continue to live in anxiety; so that we have pre-emptive solutions in the event that oil is affected in the markets, and we must not be reassured and relaxed, to search for solutions to any problem that may face the Iraqi economy."
He continued, "I criticize the statements of some officials in the financial framework and the terrorizing of citizens. It is not appropriate for an official to complain to the people, but he must find solutions, confront any problem and address it."
He pointed out that "the Parliamentary Finance Committee senses the financial danger, and in order not to fall into the problem and then find it difficult to solve it, we held several meetings with the institutions that imposed revenues on them according to the budget items, but those revenues were greatly delayed. For example, the reality of collecting electricity is delayed."
He added, "The budget items imposed on the Ministry of Electricity collection funds worth 3.5 trillion dinars, while the actual revenue achieved by the Ministry of Electricity was around 400 billion dinars, and this is a big difference."
He pointed out that "there is a need for the reality of the actual revenue achieved in the institutions that are required to have revenues," explaining, "Until now, we do not have an entity that estimates the financial revenues that may be achieved, as we have a body to monitor the distribution of revenues, the law of which was enacted in 2017. Its law was read in the first reading and we seek to read it in the second reading to legislate it."
Washington advises the Iraqi political system to lift its hand from 5 institutions.. Learn about them
Iraqi politician Adnan Al-Zurfi revealed today, Monday, that the United States advised Iraq to lift the political system's hand from 5 major official institutions, in order to avoid potential US sanctions .
Al-Zarfi explained in a televised statement followed by the "Al-Sa'a" network that "the institutions included in the American advice are: the National Oil Company SOMO, the Central Bank of Iraq, the intelligence and counter-terrorism services, and the security services."
Al-Zarfi added, "The Americans stressed the importance of these institutions operating independently according to the way they were previously established, away from political interference that affects their technical and administrative performance."
He pointed out that "the United States is closely monitoring financial operations in Iraq, especially bank transfers, and has already imposed sanctions on a number of banks and financial companies due to their potential links to Iran."
He explained that "these institutions were established with American support and funding to be part of the structure of the Iraqi state and not the government," noting that "the political system's interference in their work threatens to impose more sanctions that may directly affect the Iraqi economy."
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