Central Bank: The preparation of exchange companies in Iraq is the largest in the region

Central Bank – The preparation of exchange companies in Iraq is the largest in the regionThe governor of the Central Bank Ali Alalak, on Monday, the possession of Iraq exchange companies are the largest in the region and a number of countries in the world, stressing that these companies are not just “small shops.”

“The number of exchange companies in Iraq is the largest in the region, but the largest in many companies located in the countries of the world,” he said, noting that “this reflects the importance of these companies and their role and the nature of the economic reality in the country.”

“The Central Bank is maintaining the stability of the exchange rate, which is a goal to achieve real growth and stability, which is the essence of monetary policy to achieve economic stability in the country and exchange companies are playing an important role in this framework and any imbalance will be reversed,” adding that ” Companies and make them close to keep pace with developments in the world. ”

Al-Alak pointed out that “the bank asked exchange companies to take steps is to assemble companies from the forces capable of development and keep pace with global development,” pointing out that “some companies have forgiven for several reasons.”

Alaq said that the world is currently living in an era where these companies can not be just a small shop that opens in a short time and closes at a certain time, but they must perform vital work and provide services parallel to financial institutions.

Most of the private banks and exchange offices in Iraq rely heavily on the central bank auction to obtain profits without performing its credit work.

Burathanews.com

The supervisory and auditing bodies meet in the Central Bank of Iraq

Baghdad today – The supervisory and auditing bodies in the Iraqi Central Bank, on Sunday, held a meeting, chaired by the Governor of the Bank, Ali Al-Alaq.

The central bank said in a statement, received (Baghdad today) a copy of it, that “a meeting of the bank held today under the chairmanship of the Governor, and the presence of the President of the Office of Financial Supervision, the head of the board of Securities, and the captain of accountants and auditors, and Vice-President of the Iraqi Association of Certified Public Accountants, and representatives of international audit firms (KPMG, Ernst & Young, Price Waterhouse Coopers). ”

The statement added, “The meeting dealt with prospects for professional work and legal requirements with respect to auditing professions and provide professional consulting provided by those companies.”

The participants stressed the importance of the role played by these companies in different aspects, and the need to establish legal frameworks for auditing and advisory functions.

The statement said, “It will be a meeting later held at the headquarters of the Association of Accountants and Auditors to adapt the things that were trading between the various entities replaced.”

Baghdadtoday.news

Monitor the movements of “strange” within the “Central Bank” of Iraq!

Baghdad / Sky Press – Witnesses, monitored strange movements, within the Central Bank of Iraq, for two consecutive days.

Witnesses said that the bank witnessed the entry of cars carrying, at night, without knowing the type of cargo being taken out of it, pointing out that the process lasted two consecutive days.

The Central Bank of Iraq, located in the capital Baghdad on Al-Rashid Street, was founded in 1947 and was formerly known as the Iraqi National Bank.

Skypressiq.net

Iraqi PM Sends Two New Names of Ministerial Nominees to Parliament

ERBIL – Iraqi PM Adil Abdul-Mahdi has sent a couple of new candidates for the ministerial posts of education and justice, according to an official document signed by the premier.

Abdul-Mahdi has urged the parliament to vote for the new ministerial nominees, including Safana al-Hamdani as the Education Minister and Arkan Bibani, who is originally from the disputed Kurdish province of Kirkuk, for the position of Justice Minister, the document showed.

The Iraqi leader explained that he had chosen the two candidates after a series of consultations with the political parties.

However, it is not clear when the Council of Representatives will vote on the new nominees, while the ministries of defense and interior have so far remained vacant.

Basnews.com

Parliament completes reading of my draft legal fund for the recovery of Iraq’s funds and amending the Companies Law

[Ayna-Baghdad] The House of Representatives in its 26th session, held under the chairmanship of Mohammed al-Halbusi, President of the Council, on Wednesday, in the presence of 196 deputies, the first reading of the draft laws.

“At the beginning of the session, President Halabousi decided to postpone the consideration of the appeals filed on the validity of the membership of some members of the House of Representatives because of the availability of a quorum of two-thirds of the number of deputies,” a statement by the Information Department of the House of Representatives.

Then Attwan al-Atwani was sworn in as a deputy in the House of Representatives.
The Council ended the first reading of the draft law of the first amendment to the law of the Fund for the recovery of Iraq’s money No. 9 of 2012, submitted by the committees of integrity and finance for the purpose of determining the link of the fund to recover the money of Iraq and the addition of members of its Board of Directors and grant authority to the Board of Directors to grant bonuses to informants and according to the role of each.

The Presidency of the Council decided to postpone the first reading of each of the draft law of the first amendment of the Integrity Commission Law No. 30 of 2011, submitted by the Integrity and Legal Commissions, civil society institutions, parliamentary development and the draft law on illegal gain submitted by the Legal and Financial Committees.

The Council completed the first reading of the draft law amending the Companies Law No. 21 of 1997 submitted by the Economic and Investment Committee because there is a need to establish holding companies in order to support the national economy and to regulate their legal provisions and facilitate the procedures for applying for the establishment of companies and to enable the Council of Ministers to establish holding companies in ministries And the entities not affiliated with the Ministry or the conversion of public companies to holding companies or the exclusion of some companies from the provisions of the law and to regulate the contribution of foreign capital in joint stock companies and limited and to increase the amounts collected under the law and enable the Minister of Trade – Look at it.

Alliraqnews.com

PM: Every corruption will be targeted

Prime Minister Adel Abdul Mahdi, during his chairmanship of the second meeting of the Supreme Council for the fight against corruption at its new headquarters in the Iraqi Supreme Criminal Court, on Wednesday, that all corruption will be targeted. Abdul Mahdi said in a statement received ” The efforts of the Office of Financial Supervision issued its latest report, which showed significant differences in the disbursement of pensions, which confirms the positive role of regulatory institutions and the need to support, “stressing that” every corruption will be targeted. “He added Abdul Mahdi,” The role of the Council is the coordination process Level “The aim of the restructuring of the Supreme Council for Combating Corruption is to enable it to take deterrent measures and to provide financial, security and legislative support to the anti-corruption process and accelerate it,” he said.

Faceiraq.net

In a meeting of the three presidencies … 

President of the Republic confirms the acceleration of the adoption of the budget and the amendments required

The three presidencies held a meeting in Baghdad on Wednesday, which included President Barham Salih, Prime Minister Adel Abdul Mahdi and Speaker of the House of Representatives Mohamed Halbusi.

The participants exchanged views on political and security issues, brought together visions and understandings among the political parties, stressed the need to distance the street from tensions and crises between the political parties and to adopt the language of dialogue and avoid escalation of the media.

It was agreed between the three presidencies to accelerate the adoption of the general budget in accordance with the amendments required to strengthen the work of state institutions in providing the necessary services for citizens.

The participants also stressed the importance of exerting efforts and strengthening the joint action for the success of the government program through supporting the Prime Minister in his duties, and follow-up the file of vacant ministries to complete the formation of the cabinet cabaret, stressing commitment to the constitutional entitlements for the next stage.

The meeting reviewed the results of the visit of the Jordanian monarch and high level delegations from several countries to Iraq, stressing Iraq’s pivotal role in establishing peace and stability in the region, as well as the openness policy adopted in its relations with brotherly and friendly countries based on respect for national sovereignty and mutual interests . The latest developments and developments on the Arab and regional are discussed.

Dijlah.tv

New responsibility for Ivanka Trump

{Euphrates News} A White House official said Ivanka Trump would assist in the selection of Trump as an American candidate for the post of World Bank president.

On Monday, the official, who spoke on condition of anonymity because the issue was not publicized, dismissed a Financial Times report that Ivanka was named as a potential candidate and repeated by several other media outlets over the weekend.

Treasury Secretary Stephen Menuchin and White House chief of staff Michael Mulfini asked Ivanka Trump to help run a candidate selection process because she worked closely with the World Bank leadership for two years, the official said. Reports that she is a false candidate. ”

The spokeswoman for the Treasury Department was not available for comment.

Ivanka Trump and the World Bank and its chairman, Jim Young Kim, will leave for two years to launch a $ 1.6 billion fund for business leaders, in collaboration with 13 other donors, to raise funds for business leaders in developing countries.

The United States has a dominant voting interest in the World Bank and has traditionally chosen the head of the institution since the bank started operations in 1946.

Kim announced last week that he would leave office as of February 1, before his term expires more than three years in 2022 amid disagreements with policies US President Donald Trump’s administration on climate change and the need for more resources for development. Kim will join Global Investor Partners’ direct investment fund.

The bank announced that its Executive Board will begin accepting nominations from February 7.

He said that the candidates must adhere to the implementation of the Bank’s development goals for the year 2030 and others

Alforatnews.com

Important economic decision expected in Iraq

(Baghdad: Al Furat News) The Iraqi government intends to restore the investment climate through new facilities to be offered during the coming period to the private sector in the medium and long-term projects, after the relative improvement in the security file in Baghdad and Iraqi cities.

An Iraqi official in Baghdad revealed that the government will provide a package of incentives and facilities to encourage both foreign and domestic investors. The plan aims at easing the pressure on the state in the reconstruction and development file, especially the liberated cities that have been heavily damaged.

The official, who declined to be named, said that Baghdad aspires to achieve a successful investment model, pointing out that the opening of Turkish Iranian Kuwaiti Jordanian to Iraq in this area more than other countries.

“It will include a tax exemption for investors, a commitment to provide an appropriate security environment, and guidance to government departments not to delay any transactions related to domestic investors’ business and to foreign investors in particular,” the official said.

This comes in conjunction with the escalation of demands in a number of Iraqi provinces aimed at implementing the law transfer of powers from the federal ministries to local governments in the provinces, in order to get rid of the excess rings and routine in relation to infrastructure projects and the organization of the work of institutions and service departments in the provinces in order to bring investment opportunities to their cities, And provide services to citizens to absorb their anger and frequent living protests.
Last year, parliament passed Law 21, which includes extending the powers of local governments to Iraq’s 18 provinces, including exercising executive power over government institutions without returning to the central government in Baghdad to bypass investment complexities.

The economic researcher Fuad Mohammed said in a press statement that “the transfer of powers to the provinces and disengagement from the center, is an opportunity to develop their cities and increase the demand for capital, especially as the cities of southern Iraq enjoy security stability compared with other cities.”

“The cities of Basra, Dhi Qar and Maysan have a geographical location that attracts a lot of investment because of the large oil wealth it owns.”

For his part, said MP from the Parliamentary Services Committee, Burhan Mamouri, in a press statement, “The reality of investment in Iraq in general does not rise to the required level, and will not be available if the government did not pay sufficient attention to security in all Iraqi provinces.” The most prominent demands of Iraqis in the protests in various provinces, which have continued sporadically since the ninth of July last, to provide jobs for the unemployed, and improve the level of services and living.

Al-Mamouri stressed that it is not possible to develop the Iraqi economy and address the financial problems if the country does not go to invest like other countries, to provide work and projects.

The Ministry of Planning issued a recent report, in which it showed that poverty rates rose in the cities occupied by the terrorist advocate to 41%, after not exceeding 20% ​​before that. She pointed out that the poverty rate in the southern provinces amounted to 31.5%, and increased in the central governorates, Baghdad and the Kurdistan region at varying rates.
For his part, said a member of the Committee on Economy and Investment parliamentary, Salam al-Maliki, in a press statement, “There must be an attractive environment, and provide a security situation and good infrastructure,” stressing that the modernization of legislation is the biggest incentive to reassure the investor.

Maliki pointed out that Basra is one of the finest places that can be exploited in the investment side, because of the ports and oil. It also contains the basics of life, with border areas with three important states, as well as many other important things.

But he said: “The investor when he comes to these provinces hit a lot of procedures, both red tape and bureaucracy, or on the side of users at the head of power in the provincial councils and administrations, as some of them bargain investor to pay money and bribes in order to end the proceedings.

He stressed that “all this affected the work of the investor, which caused the loss of many economic opportunities to leave the southern arena and Basra, specifically,” calling on the government to open wider doors through the activation of the investment law, or work to provide channels attractive to capital, Port of Faw transport and construction projects

Alforatnews.com

When Will the Iraqi Dinar Be Revalued?

The revaluation of the Iraqi dinar is ready to be implemented by the country’s Central Bank; however, the Parliamentary Economic and Investment Commission has decided to postpone the revaluation to 2019. The plan is to eliminate zeros from the value of the Iraqi currency, allowing the dinar to gain value on the global market.

With the anticipation of the Iraqi dinar revaluation, millions of dinars have been bought all over the world by investors. Those investors hope that the revaluation of the dinar will increase the value of the currency, which would make all of their dinars worth significantly more than when they bought them. However, the revaluation continues to get postponed and is set for 2019 as the country faces more pressing political issues.

Currency revaluation refers to a calculated upward adjustment to a nation’s exchange rate relative to its chosen baseline. The process is undertaken by nations with fixed exchange rates to deliberately increase the value of its own currency relative to a single currency, a basket of international currencies or whatever the underlying baseline may be.

Currency revaluation only occurs in fixed currencies, meaning the currency is pegged to a foreign currency, a basket of foreign currencies or a different quantitative benchmark. The process may only be undertaken by the underlying nation’s government or policymakers. The act of altering the value of a nation’s currency relative to other currencies is typically influenced by market pressures. The pressure is now.

A government typically revalues its currency when it wishes to increase the value of its currency relative to its benchmark currency. This maneuver would officially increase the purchasing power of the nation’s residents while decreasing the price of imports.

Revaluation is the inverse of devaluation, which is the official lowering of the value of a nation’s currency within a fixed exchange rate. Under this measure, the underlying government establishes a new fixed rate respective to the benchmark.

The International Monetary Fund encourages governments and policymakers to refrain from manipulating exchange rates to gain unfair competitive advantages over foreign currencies.

Reference.com