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Iraqi News Highlights Late Friday Evening 8-4-23

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A New Comment From The Central Bank Regarding The Dollar Exchange Rate

Market  Economy News – Baghdad  Today, Friday, the Central Bank of Iraq confirmed that the exchange rate offered in applications and communication sites is not real. The Deputy Governor of the Central Bank, Imad Hamad Khalaf, said, “What is published through applications or communication sites is an unreal price and should not be dealt with, and the price set by the Central Bank of 1320 is the official and real one.”  He added, “The Central Bank and government decisions obligated citizens and commercial stakeholders to deal in dinars, and they should not deal in a second currency.

Whoever wants to buy dollars for travel or foreign trade purposes can buy through official outlets and at the official price.”  Views 591     08/04/2023 –

In The Document, The Central Bank Decides To Increase The Capital Of Banks

Economy | 03/08/2023  Baghdad – Mawazine News  On Thursday, the Central Bank directed licensed banks to increase their capital. And it was stated in a letter by the Deputy Governor of the Central Bank, Ammar Hamad Khalaf, that “based on the decision of the Board of Directors of this bank, it was decided to increase the bank’s capital to no less than 400 billion Iraqi dinars during a maximum period of 12/31/2024, in three installments, provided that Each payment is not less than 50 billion Iraqi dinars, and the bank has the right to make the increase in one payment within a maximum period of 12/31/2023.

And he added, “Banks must increase the operating capital of foreign bank branches by no less than 60% of the operating capital within a maximum period of 12/31/2023,” noting that “in the event that banks do not comply with the above, they initiate mergers or are subject to acquisition or liquidation.” ”

Al-Sudani Directs To Adhere To Work In Accordance With The Provisions Of The Central Bank Of Iraq Law

Economy News – Baghdad   Today, Thursday, Prime Minister Muhammad Shia al-Sudani directed all concerned institutions to adhere to work in accordance with what was stated in the Central Bank of Iraq Law No. 56 of 2004.

A statement by the media office of the Prime Minister, received by “Al-Iqtisad News”, stated that “in confirmation of the government’s approach to continuing reform of the financial and banking sector, and to complement the efforts made by the regulatory agencies and financial institutions concerned with controlling transparency and integrity in this vital sector, Prime Minister Muhammad directed Shiaa Al-Sudani, all concerned institutions, to adhere to work in accordance with what was stated in the Central Bank of Iraq Law No. 56 of 2004.

He added, “The aforementioned law shows that the Central Bank of Iraq is the only body that has the authority to take all measures to regulate and monitor the work of banks and non-banking financial institutions to ensure their compliance.”

He pointed out, “The Association of Exchange Companies took the initiative and pledged to work throughout the week to sell foreign currency to citizens at the approved official rate, according to the regulations and instructions of the Central Bank.”

In order to follow up the work of companies and banks, the statement confirmed, “It was decided to form a permanent committee that includes representatives of the Central Bank, the Prime Minister’s Office, and the Association of Exchange Companies, to address the obstacles in the work of this sector.”

Views 102 08/03/2023 –

Planning: We Are Working On Preparing Development Plans For The Next Five Years

Money  and business   Economy News – Baghdad  Today, Friday, the Ministry of Planning revealed efforts to translate the national document for population policy into plans, while confirming that it is working on preparing development plans for the next five years.

“The national document for population policy was launched at the end of last May, and it included 11 axes that covered the aspects of life from birth to old age, and related to reproductive health, childhood, rights and obligations, as well as empowering youth and women and supporting them economically,” said the ministry’s spokesman, Abdul Zahra Al-Hindawi.

He added that “the document took into account the climatic effects and their repercussions on the Iraqi reality, as well as the axis of vulnerable groups of the elderly, the disabled and children, and other axes related to housing and education.”

He pointed out that “the document represents a directive for the state’s policy in its sectors, whether governmental or the private sector,” noting that “the ministry works in coordination with the relevant authorities and ministries to translate the goals and policies included in the axes of the document into plans.”

In the same regard, Al-Hindawi said, “The Ministry of Planning is working on preparing development plans for the next five years, and the axes of the national document will have a clear presence regarding population issues and the poverty reduction strategy.”

Views 42 08/04/2023 –

Oil Minister: “OPEC +” Decided To Keep The Production Decision Unchanged

Friday 04 August 2023 16:37 | Economical Number of readings: 190  Baghdad / NINA / – Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani affirmed the support of the Ministerial Committee to monitor production in OPEC +, to maintain the production policy unchanged, with an emphasis on closely evaluating the oil market conditions.

Abdul-Ghani said, during his participation in the forty-ninth meeting of the Joint Ministerial Committee for Production Monitoring, in the “OPEC Plus” group, that the meeting included a review by the committee via video call of crude oil production data for the months of May and June 2023, pointing to the ministers’ praise for the commitment of OPEC member states and other countries.

The producer allied with it declared cooperation, and urged all participating countries to continue their support and commitment in order to achieve balance and stability in the oil markets.

In turn, the spokesman for the Ministry of Oil, Assem Jihad, said, “The Ministerial Committee for Production Control took this measure after reviewing the data and developments in the oil market during the past months, and it will not hesitate to take new measures to ensure more stability and balance for the oil market.”

He added, “OPEC Plus’s procedures and agreements have contributed to achieving more stability and balance in the face of geopolitical, security, health, economic and other challenges.”/ End 5

A Bank That Opens Commercial Transactions In Chinese Yuan To Merchants

Economical 2023/08/01  Baghdad: Ali Muwaffaq, Al Janoob Islamic Bank opened new transactions for traders in the Chinese yuan, and is also preparing to start dealing in the euro currency, in an effort to facilitate commercial exchanges and ease pressure on withdrawing the dollar from the market.

The authorized director of the bank, Uday Saadi Ibrahim, told Al-Sabah that the bank opened dealings in the Chinese yuan currency to facilitate the affairs of merchants and their dealings, given the volume of extensive trade exchange with China.

He added that there is a tendency to work in the euro currency as well during the coming period in an effort to provide a basket for the rest of the currencies in front of traders and not to limit the process to dollars.  Ibrahim stated that the bank’s management took a decision to more than double its capital to 510 billion dinars, as the first private bank to have such a capital.

Ibrahim stressed that the shift to electronic payment has many positives, especially for merchants, as the bank imported POS devices in large quantities, in addition to the fact that teams from the bank educated this group about the importance of the shift to work with electronic systems, as we have a plan to deploy dozens of devices throughout the country.

He explained that one of the most important objectives of the bank’s strategic plan is digital transformation through the provision of banking services through electronic payment systems, as we have invested large sums in this aspect by deploying exchange machines in most areas and issuing cards that contain many privileges,

in addition to investing in cash points. Electronic payment through POS devices, which is part of the current government approach.

He pointed out the importance of intensifying citizens’ awareness of the importance of electronic payment, aswe formed teams to visit all commercial areas to educate the benefits of using it.  Ibrahim pointed out that the bank signed a large investment contract with the Ministry of Construction and Public Municipalities to implement the project for collecting water fees electronically, as we started implementing it in many governorates, including Kirkuk, Nineveh, Karbala and Diyala.

He added that the bank purchases special smart meters and does not cost the state anything, and the bills are paid through electronic cards or systems on the bank’s mobile phones, and thus the state guarantees their full rights.  Ibrahim added that the project comes within the framework of electronic payment plans to guarantee the rights of all parties, indicating that the project is a first stage and will be followed later by another stage of collection from the owners of commercial plots in an effort to develop the government collection system.

For his part, the deputy managing director of the bank, Ali Shaker, told Al-Sabah that, from the beginning of this year until the end of last June, the bank opened 112 bank credits in the amount of one billion, 239 million and 936 thousand dollars.

He added that the bank granted loans amounting to 116 billion dinars, while its cash assets amounted to one trillion and 461 billion dinars.

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