Appointing leadership positions in electronic payment companies

February 01, 2024

It was decided that electronic payment companies must obtain the approval of this bank to appoint employees who occupy important leadership positions …For more click here



 34 Countries Look to Join BRICS Alliance After Saudi Arabia’s Entry

Vinod Dsouza   February 1, 2024

Saudi Arabia joined BRICS on Wednesday and is now officially a part of the emerging economies’ grouping.

The Kingdom of Saudi Arabia’s induction into BRICS has caused developing countries to express their interest in joining the alliance. BRICS is attracting developing countries to flock towards the alliance as a handful of nations look to cut ties with the US dollar. The mounting U.S. dollar debt and the White House’s sanctions against emerging economies are what led them to consider joining BRICS.

If the BRICS alliance convinces the majority of developing countries to settle trade in local currencies, the US dollar will be the hardest hit currency. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.


BRICS: 34 Countries Ready To Join Alliance After Saudi Arabia’s Induction

A total of 34 countries have now expressed their interest to join the BRICS alliance as of February 1, 2024, according to CNN. South Africa’s Foreign Minister Naledi Pandor confirmed in a recent press conference that 34 countries are looking to enter BRICS. However, Pandor did not specify the names of the 34 countries in the joint press conference.

The interest in joining BRICS alliance is growing from developing nations as they want to stay ahead of the changing financial dynamics. BRICS is initiating a global shift removing the spotlight from the US dollar to keeping the focus on local currencies. The paradigm shift could uproot the US dollar’s global hegemony and challenge the traditional financial order controlled by the West.

The BRICS bloc aims to replace it with a new world order and operate a ‘multipolar world’ without the US dollar. Therefore, the coming years will decide the fate of the US dollar where developing countries are putting local currencies first. The next decade could be different where the US dollar will have to fight to protect its global reserve status.   LINK



Chambers of Commerce: Government support attracted many countries to establish economic relations with Iraq

1/31/2024  Baghdad – IA – Hassan Al-Fawaz

The Federation of Chambers of Commerce announced today, Wednesday, that the private sector witnessed a significant recovery in 2023, stressing that government support for the sector worked to attract countries to establish strong economic relations with Iraq.

The head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, told the Iraqi News Agency (INA): “The private sector in Iraq witnessed a significant recovery during the year 2023, due to government support, in addition to the financial and monetary recovery in all Iraqi banks.”

He stressed, “The great government support for the private sector has had a positive impact on the influx of many countries to Iraq, to establish strong economic relations.”

He pointed out, “The BRICS economic phenomenon has become a reality in changing the economic world in the world, as the dollar and the euro are no longer the main currencies in financial dealings.”  LINK


It may rise to 206 trillion dinars.. The Finance Committee reveals the latest developments in the 2024 budget

2/1/2024  Baghdad

Today, Thursday (February 1, 2024), the Parliamentary Finance Committee revealed the latest developments in the financial budget for the year 2024, while indicating that it will rise to 206 trillion dinars instead of 199 trillion dinars.

Committee member Mustafa Al-Karaawi told the official agency, “Article 77/Second of the Tripartite Federal Budget Law for the years 2023, 2024, and 2025 stipulates that the House of Representatives will be provided with updated tables for the 2024 budget in order to discuss the file of increase or decrease in the file of financial allocations according to expected revenues and according to the price of oil.” Installer”.

He added, “The schedules are still being prepared in the Council of Ministers in preparation for approval, and the House of Representatives will begin discussing the budget after it arrives from the government. We believe that transmission must be accelerated because the delay may restrict the disbursement of operational and investment budgets in the coming days,” noting, “Disbursement is now limited to salaries.” employees and their benefits directly.”

Al-Karaawi stressed that “the issue of updating the tables depends on the oil market and the quantities exported, on the basis of which the expected revenues will be calculated, and it is based on the size of expenditures and the percentage of the deficit, “pointing out that “there is a point of view that occurred in the 2023 budget according to the quantities that were spent and how to deal with it.” The deficit and revenues achieved, and it is assumed that there will be a growth in expenditures given that there is a growth in the operating budget, and there are contracts concluded in 2023 that have not been disbursed yet and must be added in the next budget “

Regarding the appointments, he explained that they “may include contracts, firsts, holders of advanced degrees, and governorate contracts for the 150,000 degrees that have not been implemented yet and which have been transferred to the 2024 budget.”

He pointed out that “the committee developed a proactive plan by conducting field visits to the ministries that are in direct contact with the citizen, starting with the Ministry of Health and then the Ministry of Construction and Housing to see the percentage of budget completion for each ministry at the operational and investment levels, to know the efficiency of spending.” Actual, given that performance evaluation depends on the extent to which the expected percentage matches the actual achievement.”

A member of Parliamentary Finance stated, “The committee found that there are many items that have not been funded in the Ministry of Construction and Housing, for which more than two trillion and 200 million dinars were supposed to be allocated, but about 60 percent of them are funded. This means that the government has committed itself.” With a budget greater than the possibility of implementing it.”

Al-Karaawi called on the government to “avoid this in the 2024 budget to complete the projects, infrastructure and development projects it has started,” pointing out that “there is relative progress on the issue of performance, but there needs to be a well -thought-out plan to complete what has been started so that it is clear to the public.” “For real.”

He stated, “The actual outcome of the 2023 budget is that the total revenues were 134 trillion, excluding the region’s oil imports, at an oil price of $70 per barrel,” expecting that “the same price will be repeated in the 2024 budget, and therefore the revenue estimates may be the same, given that the prices are “The world is approaching last year’s numbers.”

He pointed out that “the total volume of expenditures achieved is 154 trillion after adding 7 trillion dinars as allocations to the budget, so its total amount will rise from 199 trillion to 206 trillion dinars.”

He stressed, “According to an article in the budget, the Council of Ministers has the right to add amounts to the 2024 budget to cover the deficit or needs in the areas of electricity, trade, and others.”   LINK



 Planning: The current year will witness an improvement in average per capita income


Baghdad: The mainstay of the emirate

. The Ministry of Planning confirmed that the average per capita income last year amounted to 7-8 million dinars, and that there is a discrepancy in income rates for many segments of society, noting that oil prices contributed to the rise in the average per capita income, which is calculated after dividing the gross product.

On the population, while it is expected that the average per capita income for the current year 2024 will witness a noticeable improvement, especially after the government’s great direction in supporting the social protection program, the ration card, and providing services to citizens.

In a way that confirms an improvement in the national economy, the Ministry of Planning stated that the actions of the government and the Central Bank of Iraq contributed to the decline and stability of inflation indicators and a decline in their rates during the last two years, as the inflation rate was (6 percent) in the year 2021, and decreased in the year 2022 to ( 5 percent) and then in the year 2023 the inflation rate was 4.4, meaning less than 4 and a half percent.”

The official spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said that the average per capita income is extracted and calculated by dividing the volume of revenues or resources that the country obtains by the number of population. Thus, we are talking about a rate or average annual per capita income ranging between 7 to 8 million dinars per capita during the past year 2023, pointing out that this improvement in the level of per capita income came as a result of improved oil sales and increased prices, and thus the country achieved good financial revenues. Al-
Hindawi pointed out that The per capita income, which amounts to 7 to 8 million dinars, does not include the entire population, as the individual does not receive the same income or equally. Rather, there is certainly a discrepancy between one group and another and between one segment and another, according to many factors, and that there are segments whose average annual income may be 3 million or five million dinars.

There are segments whose annual income is 10 million dinars, or perhaps their annual income is 20 million dinars annually, indicating that the discrepancy in these numbers comes as a result of the nature of the work and the academic achievement certificate of the individual, who may also work in more than one job, as a result of which his annual income increases or decreases according to these factors, indicating Until the improvement in income rates also depends on the level of services that the individual receives, including water, electricity, sanitation, transportation methods, and other requirements.   LINK


Empowering the Iraqi economy: growth through strategic investments and banking excellence

1/30/2024  Baghdad

Cihan University – Dohuk held the “Third Annual Economic Forum”, in the presence of Zirvan Abdul Mohsen Asaad, President of the University, and a number of experts, economists, bank managers and academic figures.

The forum was held in the Research Center hall, under the slogan “Empowering the Iraqi Economy: Growth through Strategic Investments and Banking Excellence.”

The first session began at eleven o’clock in the afternoon and lasted for two hours, and was moderated by Ahmed Al-Saffar, an academic and former member of the Iraqi parliament.

The first speaker was Abdul Hussein Al-Anbaki, head of the economic advisory office of the Iraqi Prime Minister, who began his speech about the challenges facing development in Iraq.

Al-Anbaki stressed “the necessity of addressing structural imbalances in the economy, pointing out the failure to achieve the goals associated with Article (25), which aims to reform the economy by diversifying sources and supporting the private sector.”

Al-Anbaki referred to the history of the Reconstruction Council and the impact of changes in its allocations on its effectiveness, proposing the establishment of an independent Popular Development Fund to finance government and private projects with soft loans.

He concluded with recommendations for administrative reform before economic reform, reconsidering the management of oil revenues, adjusting the exchange rate of the Iraqi dinar, and canceling the auction. currency, and the legislation of the public-private partnership law.”

The second speaker was Haval Siddiq Ismail, representative of the Minister of Investment in the Kurdistan Region, and Director General of the Investment Authority in Dohuk, who “presented a comprehensive analysis of the investment situation in the region. He provided details about investment projects and successful sectors in attracting investment, with a focus on challenges, opportunities, and policies.”

The government encourages investors. Dr. Haval also highlighted the regulatory and bureaucratic obstacles, and provided a realistic assessment of the difficulties and potential opportunities. Finally, he provided details about the potential opportunities and government policies followed by the Kurdistan Regional Government to facilitate a prosperous investment environment.

The second session started at one o’clock in the afternoon and lasted for two hours, and was moderated by Nawar Al-Saadi, Professor of International Economics and Director of the Research Center at Cihan University.

The second session began with a speech by Muhammad Al-Najjar, Advisor to the Iraqi Prime Minister for Investment, and Executive Director of the Iraq Fund for Development.

In his speech, Al-Najjar shed light on the “Iraq Fund for Development, which was newly established as an independent body reporting to the Prime Minister. Al-Najjar spoke about the Fund’s role in promoting change and diversifying the Iraqi economy. The Fund aims to attract local and international investors to participate in the implementation of various projects.”

One prominent example discussed by Al-Najjar is “the ongoing project to build 1,950 schools across Iraq. These projects will be delivered to private sector investors and the Iraqi investor exclusively, with guarantees such as the return of capital after five years. This approach does not encourage local investment.” “Not only does it ensure the effective participation of the private sector in the reconstruction process in Iraq.”

The fund’s strategy focuses on “different stages of investors, starting from local investors to foreign investors. It emphasizes the involvement of local stakeholders to enhance local ownership in development projects, with an emphasis on handing over projects to the private sector to guarantee a return on capital after a certain period.”

Regarding the second speaker, Ahmed Al-Tabqajli, Chief Strategist at the Iraq Fund at the Asian Development Fund,

Al-Tabjali talked about “strategies for attracting investments to the Iraqi Stock Exchange. The market was characterized by strong performance, as the AFC Fund rose by 110.4% in 2023, making it one of the best funds in the world.” (ONLY BECAUSE OF THE MONETARY REFORM & BANKING RESTRUCTURE OF IRAQ -F26)

Al-Tabjali explained this performance “by the development of new procedures by the Central Bank of Iraq, which led to accelerating reliance on banking services and promoting growth in the non-oil economy. The market was also affected by the relative stability of the country, which created a more stable economic environment and attracted the interest of international investors.”

Al-Tabqajli also pointed to the market’s role in supporting the development of an efficient economy by providing capital to companies, and believes that the development of the Iraqi Stock Exchange contributes to enhancing the gross domestic product and economic stability in the region.

Then, many interactive questions, discussions, and inputs were posed by the attendees, and in conclusion, the forum came out with a set of proposals and recommendations that will be submitted to the relevant authorities.  LINK