World Bank: Iraq is witnessing a major transformation in improving the business environment

World Bank: Iraq is witnessing a major transformation in improving the business environment

World Bank - Iraq is witnessing a major transformation in improving the business environmentThe World Bank confirmed, today, Thursday, that Iraq It is witnessing a major transformation in improving the business environment and has made progress in vital areas such as regulatory frameworks, public services and operational efficiency.

The bank said in a statement that “Iraq is witnessing a major transformation in improving the business environment and has made progress in vital areas such as regulatory frameworks, public services and operational efficiency,” explaining that “Iraq has made significant progress in creating a more stable and business-friendly regulatory framework.”

He added: “Iraq has succeeded in improving the ease of doing business by simplifying company registration processes and eliminating minimum capital requirements,” indicating that “Iraq has made tangible progress in the public utilities sector, which is essential for companies’ operations.”

He pointed out World Bank “The Iraqi government has reduced the time required to access basic services such as electricity and water,” he stressed, adding that “reforms in Iraq have already contributed to reducing operational disruptions and increasing investor confidence in the market.”

He concluded by saying that “Iraq has introduced new regulations in market The work aims to protect workers and enhance market inclusiveness,” noting that “reforms in creating market More flexible and inclusive work made Iraq More globally competitive.”

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Central Bank comments on preparing the budget for next year

Central Bank comments on preparing the budget for next year

Information / Baghdad… The Central Bank of Iraq commented, today, Thursday, on preparing the budget for the coming year.

Central Bank Board Member Ahmed Brihi told Al-Maalouma Agency, “The government must prepare the budget for years based on the average price of a barrel of oil, not for each year.”

He explained, “This measure prevents the Iraqi economy from being affected even if the price of oil reaches $50.”

He added, “It is well known that the prices of oil, minerals and strategic agricultural materials are always changing, so countries whose economies depend on these commodities, including Iraq, must adapt their financial base according to these changes.”

He added, “Since Iraq’s economy still depends on oil by more than 90%, it must prepare its budgets based on the average price of a barrel of oil for a long period and not for each year.”

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Dollar trading halted in Anbar due to high exchange rate

Dollar trading halted in Anbar due to high exchange rate

Information / Anbar… Exchange offices in Anbar province have refrained from buying and selling the dollar after sudden speculations led to a rise in the exchange rate.

A source in the governorate told Al-Maalouma Agency that “the fluctuation in the exchange rate of the dollar, which rose suddenly, led to exchange offices refraining from trading in the currency.”

He added, “The exchange offices are waiting for the market to stabilize to resume trading in the dollar.”

He explained that “a force from the National Security Service carried out a security operation targeting a number of exchange offices in search of exchange rate speculators.”

He explained, “The exchange rate jumped to 155 thousand dinars for every 100 dollars after it was 150 thousand dinars for every 100 dollars.”

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Iraq announces the launch of financial transfers to Türkiye in euros

Iraq announces the launch of financial transfers to Türkiye in euros

Iraq announces the launch of financial transfers to Türkiye in eurosShafaq News / The Central Bank of Iraq launched its financial transfers to Türkiye in Euro.

This was announced during the reception of the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, the Ambassador of the Republic of Turkey to Iraq, Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq, according to a statement by the Central Bank of Iraq.

The statement indicated that the meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism carried out in the euro currency and implemented within Turkey through its banks. This mechanism, which is being applied for the first time, will simplify trade coverage operations with high fluidity and speed.

The attendees discussed ways to provide the requirements of the new mechanism in order to make it successful and accommodate the large number of remittances from merchants and the business sector.

The statement pointed out that the bank representatives expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements in coordination with the international auditing company. They also explained their efforts in the context of expanding their channels with approved correspondent banks.

For his part, the Turkish ambassador praised the efforts of the Central Bank in managing the process of transformation in external transfers, and the measures taken by the bank to organize and facilitate the transformation processes, praising his meeting with the Governor of the Central Bank of Iraq and the continuous and direct coordination between the Central Bank’s management and authorized banks, according to the statement.

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KDP links Kirkuk census to implementation of Article 140 to “return displaced Kurds”

KDP links Kirkuk census to implementation of Article 140 to “return displaced Kurds”

KDP links Kirkuk census to implementation of Article 140 to return displaced KurdsThe head of the Kurdistan Democratic Party bloc in Kirkuk Provincial Council, Hassan Majeed, confirmed on Saturday the implementation of Article 140 of the Iraqi Constitution according to its legal paragraphs, which will contribute to solving many of the pending problems before conducting the population census in the province, noting that the bloc’s attendance at the provincial council meetings is linked to a decision by the Federal Court.

Majeed told Shafaq News Agency, “Article 140 of the Iraqi Constitution is an article that was included in the constitution to find solutions for the disputed areas according to stages, which are compensation, normalization, and census, as there are hundreds of deportees to this day who have not received their financial compensation, and this means that there are matters that have not been fully implemented in Kirkuk and the rest of the areas in which demographic changes took place by the Baath government.”

He stressed that “Kirkuk has matters that must be taken into consideration by the federal government, as the Kurds were displaced from it by previous governments and more than 4,500 Kurdish villages were destroyed in Kirkuk, its outskirts and the rest of the regions. This means that there are residents who left Kirkuk, and they must be returned to Kirkuk to become part of it, as they are its original inhabitants, for the purpose of including them in the census.”

He added, “The population census is important for any country, including Iraq, because it provides a comprehensive information base for youth, women and children according to their ages, and determines poverty rates and the regions’ need for services and projects. Through it, we know the numbers of residents, buildings and other matters, and this matter is important for everyone.”

Regarding attending Kirkuk Provincial Council sessions, Majeed said, “The issue of our attendance at Kirkuk Provincial Council sessions is linked to a decision by the Federal Court, which is the final arbiter of the decision. There is a team representing the participants in the Kirkuk administration who say that the formation and contracting of the local government was legal, and there is a team in contrast who say that it is illegal, and the court’s decision is what will decide this matter.”

He stressed that “the members of the Democratic Bloc in the provincial council are committed to attending their work in the council and participating in receiving its clients, but they do not participate in the council sessions until the issue is resolved by the Federal Court.”

The head of the third branch of the Kurdistan Democratic Party in Kirkuk, Mohammed Kamal, had demanded last Monday to postpone the population census in the province until Article 140 of the Iraqi Constitution is implemented.

Kamal said in a press conference attended by Shafaq News Agency, “Preparations for conducting the population census are necessary, but the situation in Kirkuk is different and the governorate is not prepared to conduct it. There are displaced people from Kirkuk in the cities of the Kurdistan Region, and in 1988 the Baathist regime demolished 4,500 Kurdish villages and deported their residents to the governorates of the Kurdistan Region.”

Iraq conducted its last population census in 1987, in which all governorates participated, followed by the 1997 census, which was conducted without the participation of the governorates of the Kurdistan Region.

Over the past years, the country has relied on approximate statistical figures issued by unofficial institutions and research centers concerned with this matter, before the Ministry of Planning issued estimates in 2022 that the population of Iraq had reached more than 42 million people.

The census has been delayed over fears of politicization, and has been opposed by ethnic groups in disputed areas such as the Kurdish, Arab and Turkmen-populated city of Kirkuk, which is home to major oil fields, because it could reveal demographics that could undermine their political ambitions.

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Washington and Baghdad announce the end of the coalition’s military mission in Iraq

Washington and Baghdad announce the end of the coalition’s military mission in Iraq

Washington and Baghdad announce the end of the coalitions military mission in IraqBaghdad and Washington announced Friday, the end date of the international coalition’s military mission in Iraq.

According to a joint statement by Baghdad and Washington, “Iraq and the United States of America have a strategic relationship, and as a result of consultations and discussions with the leadership of the international coalition to defeat ISIS and friendly member states, and intensive discussions within the US-Iraq Supreme Military Committee, which has worked diligently and professionally in intensive meetings over the past nine months, and after studying and evaluating the military and security situation in Iraq and the region, it announces the following:

First: Ending the coalition’s military mission in Iraq within the next twelve months, and no later than the end of September 2025, and moving to bilateral security partnerships that support Iraqi forces and maintain pressure on ISIS.

Second: Since Iraq is a key member of the coalition, and in order to prevent the return of the terrorist threat of ISIS from northeastern Syria, and depending on field conditions and consultations between Iraq, the United States, and coalition members, the coalition’s military mission operating in Syria from a platform to be determined by the Supreme Military Council will continue until September 2026.

Third: The Supreme Military Authority is committed to formulating the necessary procedures to achieve what is stated in the above paragraphs, and the timing and mechanisms for their implementation, including procedures to ensure the physical protection of coalition advisors present in Iraq during the transitional period, in accordance with the Iraqi constitution and laws. Practical steps to implement these obligations have begun.

Iraq thanks the coalition for the support and assistance it provided to the Iraqi security forces to confront this common threat and secure the defeat of ISIS on the ground in Iraq, and at the forefront of these countries is the United States of America, which stood with Iraq in difficult circumstances.

The coalition appreciates the role of Iraq and the great sacrifices made by all Iraqi security forces in fighting this terrorist organization that posed a threat to the entire world, and stresses the need to continue all efforts to ensure that the threat from this terrorist organization does not return in any form.

We look forward to strengthening relations between Iraq and the United States, as both countries seek to enhance security assistance and cooperation based on mutual respect, consistent with the U.S.-Iraq Strategic Framework Agreement and the Iraqi Constitution, and to advance an enduring bilateral partnership consistent with the U.S.-Iraq Joint Statement issued during Prime Minister Mohammed Shia al-Sudani’s visit to Washington, D.C., on April 15-16, 2024, and the U.S.-Iraq Joint Statement following the Second U.S.-Iraq Joint Security Cooperation Dialogue held in Washington, D.C., on July 22-23, 2024.

This historic transition marks a decade since the formation of the coalition military mission in Iraq, and Iraq continues to cooperate with the United States and other coalition members to establish bilateral security relationships where appropriate.

In order to facilitate the safe and orderly conclusion of the international coalition’s military mission, the Government of Iraq affirms its commitment, in line with its international obligations, to protect international advisers present in Iraq at the invitation of the Iraqi Government.

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Advisor to the Prime Minister rules out a decline in gold prices in the coming period..and explains the reasons

Advisor to the Prime Minister rules out a decline in gold prices in the coming period..and explains the reasons

Advisor to the Prime Minister rules out a decline in gold prices in the coming period..and explains the reasonsThe economic advisor to the Prime Minister, Mazhar Muhammad Salih, ruled out a decline in gold prices in the coming period.

Saleh told Al Furat News Agency: “The global financial markets, including futures markets in particular, are a place or market for information before anything else, and their efficiency is in the sufficiency of their information.

Therefore, they are the vital field in which the forces of financial speculation play their role and look forward to quick profit and avoiding losses when maximizing their wealth and preserving their financial capital accumulation. In this regard, they possess the tools, standards and predictive indicators produced by the aforementioned information markets, so that the forces of speculation can make their decisions according to their predictions about the nature and speed of change in asset cycles witnessed by the oil markets, gold markets and other important metals to avoid loss and maximize profit when managing their investment portfolios.”

He explained that “the shift from short positions to long positions or vice versa in the activity of buying and selling financial assets, especially those related to speculation in raw materials or metals, specifically (gold and oil), is today taking an accelerated form in the speculative activity in these financial markets, as speculators’ holdings change from one moment to another.”

He explained that “any change in the centers of selling {gold and oil} and buying financial assets, especially those linked to assets of oil, gold, other metals and currencies, as their investment decisions today are mostly subject to at least four factors: First, the geopolitical factor, especially the upcoming raging winter war on the Russian-Ukrainian front, second, the dangerous geopolitical situation in the Middle East as a hub for oil and energy in the world, and third, the imminent announcement of the formation of the new international currency system (BRICS), as information shows that the new currency system may adopt the traditional gold standard in the basics of the stability of that international currency (BRICS currency).”

Saleh pointed out that “BRICS countries have an importance in the international economy estimated at about 35% of the global gross domestic product and dominate half of global trade at the same time.”

He continued, “As for the last factor, the petrodollar and its fluctuations with OPEC+ decisions regarding opportunities to discipline the supply of crude oil in the international market, as oil price increases often lead to fluctuations in the value of the dollar and the demand for it for the purposes of financing global trade and oil in particular, which is governed in terms of market value by federal interest rates and the general monetary policy of the United States of America.”

He stressed that “all these factors governed by the growth in the global economy drive the current fluctuations between oil prices, gold prices and other assets, whether instantaneous or directional fluctuations,” noting at the same time that “the cycle of gold assets in their rise and fall is one of the slow cycles, so gold was and still is a safe haven in hedging against unexpected losses and others when maintaining financial wealth. Thus, we may not expect gold prices to fall or a reversal in its price trend during the coming period, despite the daily adaptive fluctuations in the prices of the yellow metal.”

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Why did the Central Bank hesitate to implement the measures taken against Iraqi private banks?

Why did the Central Bank hesitate to implement the measures taken against Iraqi private banks?

Why did the Central Bank hesitate to implement the measures taken against Iraqi private banksLocal, including liquidation and guardianship, where it was taken Central Bank Iraqi sentence From the decisions against a number of Iraqi private banks for violating banking instructions.
The source said in an interview with Sumerian News, “Ban kBabylon It was referred to forced liquidation, and the bank was placed under guardianship. Arabic Islamic and Middle East Bank Iraqi For investment.

The source pointed out that “the guardianship period of the bank has been extended.”North Until October 31st.

The source said, “These decisions were delayed without knowing the reasons.”

Economists wondered “why the Central Bank was hesitant in issuing decisions on these banks, while I believe…Some Among them is that “political pressures from high-ranking sources were exerted on the Central Bank with the aim of delaying the implementation of these decisions.”
They pointed out that “this indicates the presence of corrupt parties behind these banks that have failed in their work and violated the laws and regulations in force,” stressing “the need to amend the work context of these banks, which, if their violations continue, will indicate negative indicators for the economy. “Iraqi Which the government seeks to reform through a package of measures.

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Gulf-American statement directs a strict request to Iraq

Gulf-American statement directs a strict request to Iraq

Gulf-American statement directs a strict request to IraqA joint statement issued by the Gulf Cooperation Council and the United States on Thursday called on Iraq to fully demarcate the maritime borders between the two countries after point 162, and called on the Iraqi government to ensure that the 2012 agreement regulating navigation in Khor Abdullah remains in effect.

This came after US Secretary of State Antony Blinken met in New York with Sheikh Mohammed bin Abdulrahman Al Thani, Qatari Minister of Foreign Affairs and current Chairman of the GCC Ministerial Council, in addition to the foreign ministers of the GCC member states and the Secretary-General of the Council, Jassim Mohammed Al-Badawi .

According to the statement, the ministers referred to the decisions of their meeting on September 18, 2023, and stressed the importance of Iraq’s commitment to Kuwait’s sovereignty and territorial integrity and respect for international agreements and United Nations resolutions, especially Security Council Resolution No. 833 regarding the demarcation of the borders between Kuwait and Iraq .

They called for the full demarcation of the maritime borders between Kuwait and Iraq beyond border point 162, and called on the Iraqi government to ensure that the agreement between Kuwait and Iraq, concluded in 2012 to regulate maritime navigation in Khor Abdullah, remains in effect .

The Ministers expressed their support for Security Council Resolution 2732 (2024), which mandated the Secretary-General of the United Nations to facilitate progress towards resolving all outstanding issues between Iraq and Kuwait, including the return of all Kuwaiti and third-country nationals or their remains and the return of Kuwaiti property and the national archives .

The Ministers noted the important role that the United Nations is currently and in the future playing in implementing Security Council Resolution 1284 and ensuring continued progress towards resolving these issues, and called on Iraq to make every effort to reach a solution to all the issues concerned .

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Iraqi Dinar / US Dollar auction results for Thursday 09-26-2024

Iraqi Dinar / US Dollar auction results for Thursday 09-26-2024

Results of the foreign currency selling window for Thursday 09/26/2024

Advertisement No. (5211)

The amount:

Total amounts of transfers abroad (transfers, credits)
241,058,524

Total cash withdrawals
10,400,000

Total total sales
251,458,524

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

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