The Association of Banks holds a graduation ceremony for two courses of customer service and the development of the skills of Taler employees

Economy News – Baghdad: The Association of Iraqi Private Banks, in cooperation with the Joint Efforts Group and the International Card Company (Key Card), held Sunday the graduation ceremony of “Customer Service” and “Taler Skills Development” session in the station hall in central Baghdad.

And ended before the days of 120 trainees from the Rafidain Bank these two sessions at the training center of the Association of Iraqi private banks at its headquarters in Baghdad.

The course was divided into four axes: the first dealing with dealing with cash and the second in the field of forgery, forgery and bank fraud, and the third in excellence in customer service, quality of service and the latest in the technical aspects of the function of teler in banks.

The Teller staff is the one who deals with cash, receiving cash from depositors at banks and conducting cash deposit procedures.

The event, which was attended by “Economy News”, a speech to the Executive Director of the Association Ali Tariq, said, “The Association is keen to provide the environment suitable for trainees from the staff of banks, but the most important is the application of training on the ground and the implementation of what the trainee learned to develop the work of public and private banks “He said.

Tarek added that “the near future will certainly see a clear change in banking work within the country,” pointing out that “the management of Rafidain Bank was brave when I decided to use this new system (ATM) in banking.”

He called on employees to “be flexible in the implementation of this program in order to present it to the fullest customers of the bank,” adding that “the Association of Banks aspires to continue cooperation and increase with Rafidain Bank and other banks in general.”

For her part, the Director General of Rafidain Bank Dr. Khawla Al-Asadi said in a speech during the ceremony that “the Association of Banks impressed us in providing the appropriate environment to train our cadres and succeeded in this success by attracting qualified trainers of Arab nationalities, in addition to the excellent handling by the administration of the Association With the bank and trainees. ”

Al-Asadi added, “We hope that the Association of Banks new wheel in the banking system of Iraq,” calling on the staff of the bank to “good dealing with the customer and gain and abide by the rules and regulations of the bank.”

Then the graduation ceremony was distributed to the trainees at the end of the ceremony attended by senior banking figures.

Economy-news.net

Distribution of the instruments of Article 140 in Kirkuk

Started in Kirkuk, on Sunday, the distribution of compensation packages to the Kurdish families stage covered by Article 140 constitutional, after a pause of several years.

“These instruments are disposed of the allocations of Article 140 in the general budget for the year 2019, which amounts to 50 billion Iraqi dinars,” said Kakha Rush, a friend of the official office of Article 140 in Kirkuk, during a televised statement by PUKmedia.

He added that the office of Article 140 in Kirkuk received 230 instruments, which are the right of the families of the phase of Kirkuk, and daily distribute 80 instruments to the compensated, noting that the priority in the distribution of instruments are for the families of martyrs and Monophils and widows.

PUKmedia on Cordesat News

Iraqakhbar.com

The Central Bank endorses the rules of merger and the Union of Banks

Baghdad today – On Sunday, July 07, 2019, the Central Bank of Iraq ratified the merger and banking union regulations.

A statement to the Central Bank’s Information Office said: “In the belief of the need to develop and improve services in the banking sector, the Board of Directors of the Central Bank of Iraq approved the (controls merger and the Union of Banks) in its resolution No. 90 of 2019.

He pointed out that “the controls included the requirements of merger or union between banks wishing to, as well as the benefits obtained by the merged banks or the United, and the powers of the Central Bank in those operations, and can be accessed through the controls by visiting the website of the Central Bank of Iraq.”

Baghdadtoday.news

Report: Iraq is an ATM machine for Iran .. So circumvent the US sanctions

Iraq seeks to establish a financial “outlet” that allows it to continue to buy electricity and vital gas from Iran and to circumvent the US sanctions, reflecting a European mechanism entered into force last Friday.

The “special purpose mechanism” will allow Iraq to pay the price of imported Iranian energy in Iraqi dinars, which Iran can use to buy humanitarian goods exclusively, according to three Iraqi officials told AFP.

This alternative solution will allow Baghdad to continue the import process and avoid popular protests caused by the lack of electricity, without being sanctioned, as it runs along a dangerous rope between its main allies, Tehran and Washington.

A senior government official said the mechanism was the result of months of talks between Iraqi, Iranian and US officials.

“The Iraqi government will continue to pay Iran in exchange for gas by depositing funds in a special bank account inside Iraq with the Iraqi dinar.”

“Iran will not be able to withdraw funds, but it will be able to use them to buy goods from outside Iraq,” he said.

Iraq has to pay an outstanding bill of about $ 2 billion for a previous gas and electricity purchase, according to Iranian Oil Minister Bijan Namdar Zangana.

A US official said Washington was aware of the mechanism, but the US embassy in Baghdad refused to comment.

Two Iraqi officials assert that Baghdad is establishing a similar mechanism with the knowledge of the United States, did not specify whether the deposit in the account has begun.

But one of them says: “How can Iraq pay what it has to Iran? We have no other choice. ”

ATM

To overcome the chronic shortage of energy resources, Iraq imports up to 28 million cubic meters of natural gas from Tehran to its factories and directly buys about 1,400 megawatts of Iranian electricity.

This dependence is uncomfortable for the United States, which sought to curtail Tehran’s influence and re-impose sanctions on Iranian financial institutions, shipping lines, the energy sector and oil products.

Washington re-imposed sanctions on Iran’s energy sector in November after it pulled out of a nuclear deal signed between the superpowers and Tehran in 2018, but gave Iraq several temporary exemptions to continue buying Iranian energy until October.

The United States insists that Iraq should stop its dependence on Iranian energy, but Baghdad says it could take up to four years to buy at least Iranian gas.

To do so, the central banks of Iraq and Iran agreed in February to establish a method of payment to avoid US sanctions, the official IRNA news agency reported.

That means not dealing with US dollars, and buying only “humanitarian supplies” allowed by the United States, such as food and medicine.

“We will become an ATM for Iran,” another Iraqi official said.

According to senior Iraqi officials, the account is likely to be established at the Commercial Bank of Iraq (TBI), which has carried out most of the international transactions of the Iraqi government since it was established following the US invasion in 2003.

A source from the bank confirms that the bank participated in the negotiations, but the account has not yet been established.

“The US Treasury has confidence in the operations of the Commercial Bank of Iraq. We are in discussions to reach an agreement, which will be fully in the US exemptions. ”

Account book

Ahmed al-Tabakli, a researcher at the Institute of Regional and International Studies in the city of Sulaymaniyah Baqim Kurdistan, said that it would be an effective avoidance of sanctions.

“It’s like a book of accounts, the money is being paid, and Iran has that big asset in Iraq,” he says.

Thus, this system will be similar to the recently implemented “Ensticks” mechanism by Britain, Germany and France to trade legitimately with Iran without prejudice to US sanctions.

Nevertheless, the system is fraught with political, financial and practical complexities.
Iraq’s economy relies almost entirely on oil revenues, which are paid in US dollars, making Baghdad highly vulnerable to any punitive measures the United States can take in response to any violation.

It remains unclear what exactly Iran can buy from Iraq, as trade exchange tends in the other direction.

“Credit will develop for Iran, but how will it go? “Adding that importing goods from outside Iraq requires a third party willing to take political and financial risks for a similar deal.

In the end, most of Iraq’s transactions with Iran are cash purchases of commercial goods, which the US sanctions authorities can not enforce. “Cash can not be tracked,” al-Tabakali said

Basnews.com

Improving Erbil-Baghdad relations great for US investors: trade official

ERBIL, Kurdistan Region – Recent improvement in the relationship between the federal government in Baghdad and the Kurdistan Regional Government (KRG) have created an attractive business environment for US companies to invest, a US trade official told Rudaw.

A memorandum of understanding was recently signed between the US Chamber of Commerce and the KRG to enhance investment and trade relations.

The memorandum “focuses on how can we as two different business communities work together”, Steve Lutes, vice president of Middle East Affairs at the US Chamber of Commerce, told Rudaw’s Omar Muradi on June 27.

“It is all about engagement and exchange. So, some of that is on an information basis. It is letting US companies know what the opportunities are here for investment and commercial activity across the range of the economy. And some of that is also informing businesses here about how they can pursue partners and even opportunities in the United States,” Lutes said.

“In addition to the information exchange, it is also about what we are doing here, looking to accomplish with our business delegations visit, which is actually bringing people here, business leaders to see things first hand,” he added.

The Kurdistan Region and Iraq are emerging from a costly war with the Islamic State group (ISIS), which seized large swathes of territory in the summer of 2014. Many cities were devastated in the battle to retake these territories.

The jihadist group was declared territorially defeated in Iraq in December 2017. Much of the territory previously ruled by ISIS lie in ruins and in dire need of reconstruction and basis services.

Iraq is trying to attract foreign companies to invest in the country. American firms want to expand trade with Erbil and Baghdad, which are slowly rebuilding relations after the Region’s referendum for independence from Iraq in late 2017 led to a brief armed conflict and embargoes on the Region’s trade, travel, and diplomacy.

The crisis further damaged the Region’s economy, already wounded by budget cuts and a financial crisis.

The improvement in relations between the KRG and the federal government in Baghdad has created good conditions for foreign companies to invest, Lutes said.

“We know that Iraq and the Kurdistan Region of Iraq are at a pivotal moment. We think it is an opportune time for American companies to be looking to come in to invest and do business,” the trade official said.

“We are hopeful that we will see not only more energy companies, but more healthcare companies, more IT companies, more agriculture companies, running that range of the economy coming here and looking at those types of commercial and investment opportunities.”

Lutes said US companies can also help modernize Iraq’s antiquated financial sector.

“Modernizing the banking system in Iraq is one of the most important things that we as the business community, as a business advocacy organization, should be focusing on,” he said.

Rudaw.net

…A portion of the letter that John Adams wrote to his wife, Abigail, regarding Independence Day, on this date, 243 years ago.

“I am apt to believe that it will be celebrated, by succeeding Generations, as the great anniversary Festival. It ought to be commemorated, as the Day of Deliverance by solemn Acts of Devotion to God Almighty. It ought to be solemnized with Pomp and Parade, with Shews, Games, Sports, Guns, Bells, Bonfires and Illuminations from one End of this Continent to the other from this Time forward forever more.”

(Thanks Daniel)

Parliament sets date for its next session

Information / Special … The MP for the alliance of Abbas Abbas Aliawi, Wednesday, that the House of Representatives will hold its meeting on Saturday, the thirteenth of this month, while likely to pass the candidate of the Ministry of Education through the session.

“The House will hold its next session on Saturday, the thirteenth of this month,” he said, adding that “the meeting will include the second reading of the law of the Iraqi Olympic Committee, as well as reading a number of important bills.”

He added that “the meeting may be offered by the candidate of the Ministry of Education to vote in the event of Prime Minister Adel Abdul Mahdi, his biography of the parliament that it is confined to it only,” noting that “the House of Representatives will hold eight sessions during the extension of the legislative term before going to the legislative holiday.”

The House of Representatives last week raised its regular session to another notice after reading a number of projects and laws and voting on the other. End 25 T

Almaalomah.com

Iraq to sidestep US sanctions on Iranian energy with new financial system

Revenues to be paid in Iraqi dinars to enable Baghdad to buy electricity and gas from Tehran

Iraq is establishing a new financial system to sidestep US sanctions and enable it to continue buying Iranian gas and electricity.

US President Donald Trump reimposed sanctions on Iran’s energy and finance sectors last November after a decision to withdraw from a 2015 nuclear deal between major powers and Tehran.

The Iraqi system is said to be similar to Europe’s Instex, which will help Iran to buy food and medicine, the two items not covered by US sanctions, AFP reported.

Iraqi officials confirmed that talks have been going on for months to establish a “special purpose vehicle” that would allow Baghdad to pay for imported Iranian energy in Iraqi dinars.

“The Iraqi government will continue to pay Iran for gas by depositing money into a special bank account inside Iraq, in Iraqi dinars,” an official said.

Baghdad has told Washington about its deal with Tehran.

Tension between Iraq’s two closest allies have recently escalated after attacks on tankers in the Arabian Gulf and on Saudi Arabia’s oil industry. Washington has blamed Tehran for the attacks.

The US has recently extended a sanction waiver for Iraq, enabling it to import natural gas from Iran for another three months.

Iranian energy imports are vital to Iraq, which faces chronic power cuts that often leave homes without power for up to 20 hours a day.

Iraq’s reliance on Iran is uncomfortable for Washington, which regards Tehran as its top regional foe.

Last summer, Iraq had mass protests over power cuts and a lack of water. The demonstrations have started again this year as summer temperatures have already passed seasonal averages.

Iraqi Prime Minister Adel Abdul Mahdi and Saudi Arabia’s King Salman discussed co-ordination over stabilising oil prices in a phone call on Monday.

“The talks were primarily over the brotherly countries co-operating in the Opec conference for oil … and to achieve oil price stability in the coming period,” Mr Abdul Mahdi’s office said in a statement.

The National

Central Bank: Approval of the registration of companies on the establishment of the Iraqi Deposit Guarantee Company

The Central Bank of Iraq announced on Wednesday the approval of the registration of companies on the establishment of the Iraqi Company to secure deposits.

The bank said in a statement that “based on the bank’s obligations stipulated in its law and with the aim of ensuring the stability of the banking sector and increasing confidence in it, we announce the approval of the company registration department in the Ministry of Commerce to establish the Iraqi Deposit Insurance Company / joint contribution based on the provisions of Article 19 of the Companies Law No. 21 Of 1997 amended “.

“The Iraqi Deposit Insurance Company was established with the contribution of 42 banks, including 6 government banks, 21 private Iraqi banks, 15 Arab and foreign banks, as well as the National Insurance Company and the General Retirement Authority / State Pension Fund,” noting that “the company’s capital is 100 Billion dinars. ”

Deposit insurance companies have been found to support efforts to stabilize the financial and banking system.

Burathanews.com

Detect the number of wanted persons who are outside Iraq

Al Ahd News – Follow-up: A security source revealed on Monday the number of wanted men outside Iraq, indicating that their names are circulated through the red leaflet by Interpol.

“There are more than 600 wanted men who are now outside Iraq on different criminal charges,” the source said in an interview.

He added that “including politicians accused of embezzlement of public money,” noting that “their names are circulated through the red bulletin by Interpol.”

On 10 June 2019, INTERPOL Director General Sadiq Faraj Abdulrahman revealed that 653 international red notices were issued against Iraqis wanted for Baghdad.

Alahadnews.net