Washington: There is no reduction in dollar shipments sent to Iraq

US Deputy Secretary of State Victoria Nuland confirmed on Wednesday that the United States welcomes the holding of Iraqi local elections, while denying any reduction in dollar shipments sent to Iraq.

Nuland said in an interview with a number of media outlets, that she “met today with Prime Minister Muhammad Shiaa Al-Sudani, and during the meeting she expressed her thanks to the Iraqi government after the arrest of those involved in the bombing of the American embassy.”

She added, “Holding elections in Kirkuk is very important after a long interruption,” noting that “the security partnership between her country and Iraq continues in light of the provision of training and advisory services at the request of the government.”

She pointed out that “her country is doing focused work with the Central Bank of Iraq to raise the level of Iraqi banks, and there is no reduction in dollar shipments sent to Iraq.”

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An economic vision on linking the dinar to the US dollar: a weak point for Iraq

Information/private… Today, Wednesday, the economic expert, Diaa Al-Mohsen, considered the link of the Iraqi economy to the dollar currency a “weak point” for the country, while indicating the “optimal” way to overcome this problem.

Al-Mohsen said, in an interview with the Maalouma Agency, that “pegging the local currency to the US dollar represents a state of weakness for the country’s economy, because the green currency changes depending on changes in the US economy, such as raising the interest rate by the Federal Bank, which will cause the value of the dollar to rise, and so on.”

He added, “Relying all purchases on the dollar could have a negative or positive impact,” pointing out that “this issue can be overcome when there is a basket of currencies, that is, when the value of a particular currency is low, the government can move towards another currency.”

The economic expert explained, “This happens when Iraq has a sufficient balance of these currencies, which gives it smooth conversion to the euro, the Russian ruble, and the Chinese yuan.”

Earlier, the head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, confirmed that Washington used the dollar 4 times during 2023 to pressure Baghdad to achieve a political agenda, which led to provoking crises and raising prices at rates of up to 10%, especially for basic materials, due to the impact of the dollar’s ​​liquidity and its control by about 90%. of transactions directly.

The United States of America continues to impose its influence on Iraq in many vital files, including depositing the money from the sale of Iraqi oil in the US Federal Bank, amid clear blackmail by passing many files, most notably the dollar bill, which puts great pressure on the government.

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Parliamentary Economy stresses the importance of legislating the Industrial Investment Law

Information / Baghdad… Today, Wednesday, the Parliamentary Investment Committee stressed the importance of legislating the industrial investment law, while noting that there is a trend to support industrial projects.

The Vice Chairman of the Committee, Hussein Al-Sabari, said in an interview with the Al-Ma’louma Agency, “Supporting industry in Iraq requires an attractive environment for investment through solid legislation.”

He added, “The Industrial Investment Law contains many legislations that would provide all facilities,” pointing out that “his committee has developed a new plan to advance the industrial situation in the country.”

Al-Sabari pointed out that “the industrial investment law is one of the important laws that must be legislated within Parliament during the next legislative term.”

The Parliamentary Industry, Economy and Trade Committee stressed, in a previous interview with the Maalouma Agency, the importance of legislating the Industrial Investment Law during the upcoming sessions.

Almaalomah.me

Source: Governmental and private banks imported $255 million within two weeks

A government source announced today, Wednesday, that government and private banks in Iraq imported an amount of $255 million during a period extending over two weeks.

The source stated, in an interview with the official agency, followed by NRT Arabia, that the latest statistics issued by the Central Bank of Iraq showed that the amount of dollars imported into the country during the aforementioned period amounted to about 255 million dollars.

The source indicated that there are other requests to import the dollar under review and implementation, expecting other amounts to arrive in the coming days.

He stressed that the process of importing all types of currencies, including the US dollar, is carried out in accordance with the directives of the Central Bank of Iraq, which allows Iraqi banks to meet their customers’ need for foreign currencies.

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Parliamentary Committee: Amending the budget law is conditional on government approval

Information/Baghdad… The Parliamentary Legal Committee reported that the budget law will be approved after extensive study by the relevant committees, and the amendment process is subject to its receipt from the government as a financial law.

The committee member, Muhammad Jassim Al-Khafaji, said in an interview followed by the “Information” agency, that “the budget law has not, in practice, been amended until this moment,” indicating that “its approval does not take place except after extensive study, whether it comes from the government or from my committees.” Parliament, legal or financial.

He added, “From a formal standpoint, the budget law can be amended, but from a practical and actual standpoint it is very difficult, as it is a very large law and contains schedules and expenses that were recorded according to previous studies. As a result, if the amendment is made, its financial paragraphs will be expanded according to the type of paragraphs added.”

Al-Khafaji explained, “If there is a legal problem in the budget, the government can begin to amend it, as it is a financial law and it is responsible for the amendment, and then it is presented to the House of Representatives.”

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Parliamentary Finance: Washington is unable to take economic sanctions against Iraq

Information / Baghdad… Former member of the Parliamentary Finance Committee, Muhammad Ibrahim, confirmed on Wednesday that any American move or imposition of American economic sanctions on Iraq will affect the entire region, especially with regard to the dollar, pointing out that America is aware of the repercussions and will not be able to move against Iraq on the economic side.

Ibrahim told Al-Maalouma, “Some American agents inside Iraq are trying to raise fears and spread rumors among society to intimidate it from further attempts by American forces from Iraq.”

He added, “The rumors are intended to keep American forces in Iraq and ensure that they do not leave the country, by spreading ideas about the possibility of imposing economic sanctions and stopping the export of the dollar to Iraq, all to serve American projects.”

He stated, “The American side is unable to take economic measures against Iraq because it is aware of the extent of the repercussions that the region is exposed to, especially in Syria, Lebanon, Palestine, Iran, and Turkey.”

Ibrahim pointed out that “any American action against Iraq will greatly affect the economic situation of the region with regard to the dollar.”

Almaalomah.me

Al-Alaq: Cleansing state institutions of corruption is fundamentally linked to the use of information technology

The Governor of the Central Bank, Ali Al-Alaq, stressed today, Wednesday, the importance of engaging in the digital technical revolution. This came during an international scientific conference held under the patronage of the Minister of Finance.

Al-Alaq stressed that purging state institutions of corruption depends mainly on the use of information technology.

He pointed out that providing data and information at the state level maximizes state revenues, and urged eradicating technical literacy and providing training and education in the field of technology, stressing the necessity of providing the infrastructure for digital transformation, including fast and effective communications.

Al-Alaq stressed that employing information technology in state institutions is necessary, and that developing infrastructure and allocating resources to stimulate innovation in this context are important, indicating the importance of coordination between state institutions to achieve integration in collecting and utilizing data and information.

He pointed out that the Central Bank effectively uses information technology and this aspect must be stimulated and developed to better organize the work of the Central Bank.

Nrttv.com

With tens of millions of euros…the Central Bank begins covering retailers’ imports from Turkey

The Central Bank of Iraq began covering retailers’ imports from Turkey with tens of millions of euros as an initial payment, in implementation of the banking arrangements agreement concluded with Turkey last week.

A government source told Al-Sumaria News, “In implementation of the banking arrangements agreement that were concluded with…Türkiye, last week, it started covering imports from retailers Türkiye in tens of millions of euros, through Iraqi merchants paying in Iraqi dinars and the Central Bank strengthening them in euros to settle with Turkish merchants in Turkish lira.

Earlier, he revealed the discussions held by the joint Iraqi delegation in Türkiye…. a statement from the bank; “The discussions conducted by a joint Iraqi delegation (the government, the central bank, the Association of Iraqi Private Banks, and the banking sector represented by a number of private banks) were completed in Istanbul returned to Baghdad on Friday.”

He added, “It was agreed to make banking arrangements between Iraqi banks and their Turkish counterparts through intermediary banks to ensure trade exchange for major merchants and importers and to make and pay transfers in the euro and Turkish lira currencies.”

Alsumaria.tv

Economist: Switching to electronic cards will allow the Central Bank to track the movement of the dinar

Information / Baghdad… Economic expert, Safwan Qusay, confirmed on Tuesday that the shift towards adopting electronic cards in financial transactions will allow the Central Bank to track the movement of the dinar, pointing out that working with cards will contribute to launching projects, creating new job opportunities, and ensuring that currency is not stored inside homes.

Qusay told Al-Maalouma, “The Central Bank will be able to track the movement of the dinar through the Ministry of Oil’s procedures to activate electronic cards at fuel filling stations, as well as reduce cases of corruption that may occur when supplying generator owners with kerosene.”

He added, “The more the federal ministries expand their procedures to shift toward electronic cards in financial transactions, the more they will be able to convert transactions from paper dinars to electronic ones that go directly into the banking system.”

He stated that “working with the electronic system for trading in the dinar will allow the currency to be moved instead of storing it in homes and companies. It will be placed in the banking system and re-injected in the form of projects and job opportunities.”

Almaalomah.me

Parliamentary Integrity: We are determined to activate the laws in force to combat corruption

Information / Baghdad… Member of the Parliamentary Integrity Committee, Hamid Al-Shablawi, confirmed on Tuesday the failure of the supervisory authorities to implement anti-corruption laws, indicating that his committee seeks to amend the anti-corruption laws.

Al-Shablawi said in an interview with the Maalouma Agency, “There are joint efforts with the executive authority in order to activate the laws in force to combat corruption.”

He added, “The laws enacted after 2003 and until now have not been implemented by successive governments due to the lack of real implementation mechanisms to fight corruption.”

He pointed out that “Parliament is determined to establish clear mechanisms to properly implement the upcoming anti-corruption laws to serve the public interest,” calling for “more efforts to activate the effective anti-corruption laws.”

A member of the Parliamentary Integrity Committee, Doha Al-Qasir, had confirmed in a previous interview with Al-Maalouma that her committee was heading towards legislating laws that support the Integrity Commission, noting that the legislative and judicial structure is an integrated system to combat corruption.

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