Iraq joins the World Federation of Free Economic Zones (FEMOZA).

Shafaq News / The Industrial Estates Authority, one of the formations of the Iraqi Ministry of Industry and Minerals, announced on Thursday its joining the World Federation of Free Economic Zones (FEMOZA) in cooperation with the United Nations Industrial Development Organization (UNIDO).

The Director General of the Authority, Hamid Awad Muhammad, explained in a statement that the Authority is a vital entity charged with advancing the industrial cities and their prosperity throughout Iraq, indicating that the joining came due to the importance of international partnerships in achieving the objectives of the Authority in light of economic changes and the movement of markets, shipping lines, and global land and railway transport, and in order to Interact with it professionally, taking advantage of Iraq’s strategic geographical location.

He pointed out that the FEMOZA organization is considered an internationally known union committed to promoting sustainable economic zones and has links with (200) countries in the world.

The Director of the Authority added that this affiliation confirms the objectives of the Industrial Estates Authority in creating an environment conducive to investment, innovation and economic diversification by benefiting from the organization and its global network, as well as attracting foreign investment to Iraq and enhancing the Authority’s ability to establish and manage industrial zones that help in sustainable development and international business participation. Accelerating industrial growth within Iraq by benefiting from the expertise of specialized international organizations.

Shafaq.com

Iraqi Dinar / US Dollar auction results for today 3-18-2024

Results of the foreign currency selling window for Monday 3/18/2024

Advertisement No. (5088 )

The amount:

Total amounts of transfers abroad (transfers, credits)
221,850,680

Total cash withdrawals
20,820,000

Total total sales
242,670,680

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction

Al-Sudani: The implementation of the 2023 budget witnessed a success that must be invested in

Shafaq News / Prime Minister Muhammad Shiaa Al-Sudani saw, on Monday, that the implementation of the state’s general budget for the year 2023 had “successful,” stressing his investment to complete the remaining projects.

This came during his chairing a special meeting on the federal general budget schedules for the year 2024 and continuing to support the government program priorities, according to a statement issued by his media office and received by Shafaq News Agency.

The statement said that the meeting was devoted to discussing the schedules of the federal general budget for the year 2024, and presenting priorities in the sections of spending and supporting service, economic and social projects, and strategic projects, within the path of the three-year budget (2023, 2024, 2025).

Al-Sudani pointed out the need to focus attention on projects that are nearing completion, projects that drive the economic cycle and support infrastructure, in addition to projects that provide the largest number of job opportunities and meet service, health and social needs that take precedence over other public necessities.

Al-Sudani stressed that the success witnessed in implementing the 2023 budget must be invested in completing the remaining economic projects, especially those related to aspects of economic reform, investment, and infrastructure construction in the areas of transportation, health, and municipal services, and supporting productive agricultural and industrial programs.

In the path of comprehensive development and administrative decentralization, Al-Sudani stressed the importance of selecting projects with the highest priority in the allocations to governorate councils, and making the local targets of the governorates in a state of integration with the programs implemented by the federal ministries, which allows achieving the highest returns and results at the level of employment and development, and meeting basic services. For all citizens throughout Iraq.

Shafaq.com

Economist: Three reasons behind the decline in dollar prices

Information / private… Today, Monday, economic expert Zia Mohsen explained the reasons for the decline in the price of the dollar in Iraqi markets, noting that speculation is the most prominent of these reasons.

Mohsen said in a statement to Al-Maalouma, “The speculation operations that take place in order to remove some small traders from the market pushed them to pump the dollar more, which contributed to its decline.”

He added, “The decrease in the level of family purchases compared to the first days of Ramadan is one of the reasons for the decline,” pointing out that “the Central Bank’s turbulent policy and multiple decisions do not make the exchange rate stable.”

Mohsen added, “Exchange rates will rise again with the demand for spending on Eid al-Fitr.”

The Iraqi markets witnessed a significant decline in the exchange rates of the dollar against the Iraqi dinar after a wave of rise that affected the economic movement.

Almaalomah.me

Al-Sudani chairs a special meeting on the 2024 budget schedules

Information / Baghdad – Prime Minister Muhammad Shiaa Al-Sudani chaired a special meeting on the federal general budget schedules for the year 2024, while noting the need to focus attention on projects that are nearing completion.

The Prime Minister’s Media Office said in a statement received by Al-Maalouma: “Prime Minister Muhammad Shiaa Al-Sudani chaired, yesterday evening, Sunday, a meeting devoted to discussing the schedules of the federal general budget for the year 2024, and presenting priorities in the sections of spending and supporting service, economic and social projects, and strategic projects. Within the course of the three-year budget (2023, 2024, 2025).”

The Prime Minister pointed out “the need to focus attention on projects that are nearing completion, and projects that drive the economic cycle and support infrastructure, in addition to projects that provide the largest number of job opportunities, and meet service, health, and social needs that take precedence over other public necessities.”

He stressed that “the success witnessed in implementing the 2023 budget must be invested in completing the remaining economic projects, especially those related to aspects of economic reform, investment, and infrastructure construction in the areas of transportation, health, and municipal services, and supporting productive agricultural and industrial programs.”

In the path of comprehensive development and administrative decentralization, the Prime Minister stressed “the importance of selecting projects with the highest priority in the allocations to governorate councils, and making the local targets of the governorates in a state of integration with the programs implemented by the federal ministries, which allows achieving the highest returns and results at the level of employment and development, and meeting Basic services for all citizens throughout Iraq.

Almaalomah.me

Mid-2024.. Iraq leaves government monetary dealing

Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set the date for Iraq to leave government cash dealing and switch to 100% electronic collection.

Saleh told Al-Rabaa, “Government collection began at the beginning of this year, and electronic payments have been adopted through cards in various forms, but it takes some time to prepare revenue institutions for electronic payment.”

He expected that “by the middle of this year, the government collection rate will become 100 percent electronic, after important institutions such as the Ministry of Electricity and gas stations begin it, in addition to the gradual adaptation of the rest of the institutions.”

He pointed out that “before the middle of the current year, there will no longer be a government institution that receives final cash, leading to the legal adaptation of electronic payment receipt with the Financial Management Law and the Accounting Systems Law, which are agreed upon and recognized in terms of conformity and compatibility.”

He stressed that “things are going well and accelerating, and the year 2024 will actually be (the year of electronic payment) in Iraq.”

Alrabiaa.tv

For the first time, dollarization decreased by 20% in Iraqi markets

Chamber of Commerce approved a 20% decrease in dollarization in Iraqi markets during 2024.

The head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, said in an interview with “Al-Ma’louma”, that “the dollar has turned into the most important trading currency and has the most influence in setting price rules in Iraqi markets.” In recent years, due to mistakes and accumulations that have been continuing for many years.”

He added, “The variables of dealing with the parallel market and seeking to control the phenomenon of dollarization in Iraqi markets have begun to succeed in reversing the trend towards the dinar, which has led to a decline in dollarization in the markets by 20% during the year 2024. This matter is extremely important. Its most prominent repercussions are the relative stability of the exchange rate despite Increase in foreign trade.

He pointed out that “increasing electronic transactions in exchange for state services is very important. It will contribute to increasing the state’s cash balance and give flexibility in paying salaries and loans and financing investment projects.”

What is meant by dollarization is the use of the US dollar to pay internal trade dues instead of the dinar.

Almaalomah.me

Central Bank Governor: Establishing basic rules to monitor the remittance process

The Governor of the Central Bank, Ali Al-Alaq, pointed out today, Thursday, the establishment of basic rules in order to monitor the remittance process and analyze monetary operations.

The Media Department of the House of Representatives stated in a statement received by {Al-Furat News}, “The Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, met with the Governor of the Central Bank, Ali Al-Alaq, to ​​discuss monetary policy, the banking system in the country, and ways to increase the value of the Iraqi dinar.”

Al-Atwani stressed, “at the beginning of the hosting session, which was held at the committee’s headquarters, the importance of following up on the economic file and monetary policy, based on the supervisory side, and finding appropriate solutions to the obstacles facing the work of the Central Bank.”

The Finance Committee also expressed its aspiration to coordinate with the Central Bank in order to increase the value of the Iraqi dinar, control the market in order to alleviate the burdens of citizens, and address the deficit.

For his part, the Governor of the Central Bank reviewed the economic and monetary aspects, pointing out the establishment of basic rules in order to monitor the remittance process and analyze monetary operations.

Al-Alaq praised “the role played by the Finance Committee in following up on the country’s financial and economic movement.”

The committee discussed with the Governor of the Central Bank the approved international standards, future plans to improve the status of banks, the possibility of expanding relations with international banks, drawing up the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank law.

Alforatnews.iq

Romanowski: The negotiations focus on the American military presence in Iraq… and announce a “tremendous achievement”

The US Ambassador to Iraq, Alina Romanowski, confirmed that her country is “committed to Iraq’s security, stability, and sovereignty.”

Romanowski said, in an article, “American and Iraqi leaders are conducting negotiations regarding the transition of the work of the international coalition, specifically the American military presence.”

She added, “We want the Iraqi security forces to have the necessary capabilities to confront future threats,” and continued, “We need economic, cultural, educational, and popular relations that build a modern Iraq that is stable, secure, sovereign, prosperous, and connected to the world,” stressing that “the United States is still the largest donor and supporter of Iraq.”

Romanowski noted, “Our embassy in Baghdad and our Consulate General in Erbil issue thousands of visas annually to support the travel of Iraqis, reunite them with their families, enroll in universities, conduct research, establish commercial relations, and receive medical treatment.”

She stressed that Washington’s support for “the Central Bank of Iraq in increasing the number of commercial correspondent banking relationships for Iraq is a tremendous achievement for Iraq in normalizing global trade relations and conducting its trade safely using the US dollar.”

She stressed, “We are working to build bridges between the people of the United States and Iraq that will last for many generations.”

Alforatnews.iq

The Oil Committee talks about the latest developments in the oil and gas law legislation

Information / Baghdad… A member of the Parliamentary Oil and Natural Resources Committee, Bassem Ngheimesh, announced today, Thursday, that the relevant committees have resolved all technical issues related to the oil and gas law, but he stressed, “There are political problems that stand in the way of passing the law.”

Ngheimesh told Al-Maalouma, “The technical issues related to the oil and gas law have been resolved, but it suffers from political problems.”

He confirmed, “There was a previous agreement for the state administration coalition to pass the law.”

He explained, “Failure to concede some positions is the main reason behind obstructing the passage of the oil and gas law.”

He added, “The need for this law requires everyone to overcome differences and compromise for the sake of the people’s interest.”

Almaalomah.me