The Central Bank of Iraq launches a guide to financing small and medium-sized enterprises.

The Central Bank of Iraq announced on Sunday the launch of a guide to accessing financing for micro, small, and medium-sized enterprises (MSMEs), in cooperation with the German International Cooperation Agency (GIZ) and the Iraqi Private Banks Association.

In his speech at the guide’s launch ceremony, Deputy Governor of the Central Bank of Iraq, Ammar Khalaf, said that Iraq has witnessed a multiplicity of lending providers. The Central Bank, through its National Lending Strategy, has developed a guide that complements this strategy, enabling entrepreneurs to develop their businesses, serving as a mature and informative destination for all loans, and providing a new opportunity for easier access and faster procedures for obtaining financing.

The Deputy Governor noted that the banking reform strategy adopted by the Central Bank will support procedures for accessing project financing based on a clear vision to enhance confidence in the Iraqi banking system.

Shafaq.com

Revenues from trade, Baghdad Municipality, and electricity are on the agenda of a meeting chaired by Al-Sudani.

Prime Minister Mohammed Shia al-Sudani chaired a meeting on Sunday to discuss ways to maximize non-oil revenues and support and enhance the state’s financial resources. The meeting was attended by the Minister of Finance, the Minister of Trade, the Mayor of Baghdad, the Governor of the Central Bank of Iraq, and a number of advisors and general managers.

A statement issued by Al-Sudani’s office, received by Shafaq News Agency, stated that the meeting discussed the use of modern technologies, digital mechanisms, and automation to maximize revenues and promote projects with higher returns. The Prime Minister emphasized that economic development must proceed through optimal investment of funds in the most feasible locations, and the development of plans to rationalize spending and reduce financial waste.

The meeting also addressed the Ministry of Trade’s revenues and how to maximize them, enhancing the quality of ration card items, and studying the best economic methods for managing wheat purchasing, storage, and capacity for future seasons.

The meeting also discussed the organization of Baghdad Municipality’s revenues, the optimal path to managing real estate resources, institutions, and their projects, and collection methods. They also discussed the implementation of collection in the electricity sector and the plans in place in this regard.

Shafaq.com

US forces prepare for a complete withdrawal from Baghdad to Erbil.

An Iraqi government source revealed on Sunday that US forces will begin a full withdrawal from the capital, Baghdad, toward Erbil in September. The government source told Al Jazeera that “the international coalition will withdraw from Ain al-Assad, Baghdad Airport, and the Joint Operations Command toward Erbil.”

He also stated that “the withdrawal of coalition forces will take place next September, in implementation of the agreement between Baghdad and Washington,” indicating that “military trainers will remain in the country and have nothing to do with the withdrawal of international coalition forces.”

Burathanews.com

The Ministry of Electricity announces an improvement in supply hours and reveals the reason!

The Ministry of Electricity confirmed that the re-operation of the Wasit Thermal Power Plant has directly contributed to reducing bottlenecks on the national grid, after a number of lines stopped working during the past period, which affected the hours of energy supply. The Ministry’s spokesman, Ahmed Musa Al-Abadi, stated that the Ministry has completed a number of energy production projects according to its plans for the current year with the aim of supporting the national system. The Wasit Thermal Power Plant has been reconnected to the grid, which has helped address bottlenecks and improve supply hours in the affected areas. He stressed that production will gradually increase to compensate for the shortage in capacity and increase supply hours, especially in the central region.

Burathanews.com

The Turkish and Iranian currencies declined against the US dollar.

Both the Turkish lira and the Iranian toman fell against the US dollar in trading on Thursday morning.

The US dollar exchange rate against the Turkish lira reached approximately 40.65 liras for purchase and approximately 40.78 liras for sale, indicating the US currency’s growing momentum and the increasing pressure on the local currency that has extended over the past years.

The Iranian local currency also witnessed a further decline against the dollar, with the exchange rate reaching 93.800 tomans.

On August 10, the Iranian Shura Council approved a new bill to remove four zeros from the national currency, following its sharp decline in recent years due to financial sanctions imposed on the Iranian economy.

Iran took this step in an attempt to stabilize its economy after decades of hyperinflation and currency devaluation.

Shafaq.com

The Kremlin reveals final details of the upcoming Putin-Trump summit.

On Thursday, Russian presidential aide Yuri Ushakov revealed the final details of the program for the Russia-US summit between President Vladimir Putin and US President Donald Trump, which will be held at Elmendorf-Richardson Air Force Base in Alaska.

Ushakov, from the Kremlin, added that the meeting between Putin and Trump will begin on Friday at 10:30 p.m. Moscow time with a bilateral conversation attended by interpreters. The two presidents will first hold a bilateral meeting, followed by the participation of delegations.

He noted that the schedule for the meeting between Putin and Trump at Elmendorf-Richardson Air Force Base in Alaska has been agreed upon.

He added that following the meeting, Putin and Trump will hold a joint press conference for the media, explaining that Putin and Trump’s meeting near the burial site of Soviet pilots on the 80th anniversary of the Victory Day is a symbolic event.

Ushukov noted that the Russian delegation will return to Russia after the Alaska talks and will depart after completing the negotiations. He emphasized that the main topic of the meeting between Presidents Putin and Trump will be resolving the Ukrainian crisis.

He continued, “Cooperation between Russia and the United States has enormous potential, but it has not yet been exploited.”

The Kremlin reported that the Russian side will be represented in the talks by Presidential Aide Yuri Ushakov, Foreign Minister Sergei Lavrov, Finance Minister Anton Siluanov, and the head of the Russian Direct Investment Fund, Kirill Dmitriev.

Local media and sources reported that an Il-96 aircraft took off from Vnukovo Airport, heading to Elmendorf-Richardson Air Force Base in Anchorage, Alaska, amid speculation that it was carrying a “specialized preparatory team” for the upcoming summit.

US President Donald Trump announced on August 8 that he expected to meet with Russian President Vladimir Putin in Alaska on August 15. Russian presidential aide Yuri Ushakov subsequently confirmed the meeting plans.

He noted that the two leaders will focus on discussing options for a long-term peaceful settlement to the Ukrainian crisis.

Ushakov confirmed that the Kremlin expects the next meeting between Putin and Trump to take place on Russian soil.

Shafaq.com

Iraq joins oil-producing countries opposing “green fuel” regulations.

The Iraqi government announced on Thursday that it has joined the countries opposing the new “green fuel” regulation proposed by the International Maritime Organization.

Iraq has joined Bahrain, Iran, Kuwait, Saudi Arabia, the UAE, Venezuela, and Yemen in opposing the new “green fuel” regulation being developed by the International Maritime Organization, arguing that its current implementation would impose unjustified financial burdens on the shipping sector.

The eight countries submitted a joint memorandum last July, calling on member states to reconsider adopting the regulation, citing “ambiguity and gaps” in the proposed procedures, making it premature to proceed with implementation.

The new rules, scheduled for a final vote in October, aim to reduce greenhouse gas emissions from ships by 4% below 2008 levels by 2028, reaching 30% by 2035, with fines imposed on companies that fail to comply.

Iraq and its allies believe these regulations could raise marine fuel costs and increase pressure on the shipping sector, at a time when the availability of low-carbon fuels is expected to remain limited in the near term.

Shafaq.com

An economic expert proposes amending the criteria for Iraqi banking reform.

On Thursday, economic expert Ahmed Abd Rabbuh called for amending the banking reform standards announced by the Central Bank of Iraq. The amendments include adding a clause allowing some banks to operate domestically under the central bank’s supervision, while other banks would apply international standards if they wish to operate internationally.

Abdul Rabbo told Shafaq News Agency, “Central Bank Governor Ali Al-Alaq revealed a comprehensive plan for banking reform, and he is counting on the media’s important role in clarifying this issue in a transparent and accurate manner.”

He explained that “among the proposals submitted by specialists to the Central Bank Governor is to allow some banks to operate internally under the direct supervision of the bank, while the remaining banks apply international standards with partners such as Oliver Wyman.”

He pointed out that “it is important to open an expanded dialogue between the Central Bank and Iraqi banks to clarify the technical aspects of the document and discuss mechanisms for implementing reform gradually, taking into account the specificities of Iraq’s economic reality. There is also a need to commit to reform in principle, while formulating standards and procedures in a manner that enhances confidence in the banking sector and contributes to its development.”

Abdul Rabbo pointed out the importance of adopting a participatory and consultative approach between the Central Bank and banks, through the formation of joint technical committees to review reform requirements and ensure their compatibility with the national financial and economic reality. This will maintain a balance between reform requirements and the capabilities of Iraqi banks, and ensure the protection of the interests of local and international investors and those working in the sector.

It’s worth noting that the Governor of the Central Bank of Iraq, Ali Al-Alaq, held a meeting on Tuesday with the international company Oliver Wyman to discuss the details of the banking reform plan submitted by the Iraqi Private Banks Association. This meeting is part of efforts to develop the banking sector and align it with international standards.

Shafaq.com

Baghdad and Erbil agree on a new mechanism for exporting Kurdistan Region oil.

A source in the North Oil Company in Kirkuk province reported on Thursday that the company will serve as a major hub for receiving and storing Kurdistan’s oil before pumping it through the Turkish port of Ceyhan for export.

The source told Shafaq News Agency, “The final agreement was signed by delegations from Baghdad and Erbil, and includes a memorandum of understanding that will pave the way for ending the export suspension crisis that has cost Iraq billions of dollars in losses.”

The source continued, “The agreement will contribute to the storage of oil delivered by the regional government to the Ministry of Oil, as the North Oil Company will be the main center for receiving and storing the oil before pumping it through the Turkish port of Ceyhan for export.” He confirmed that “the agreement will enter into force in the coming days, after which exports to the port will resume.”

The Ministry of Natural Resources of the Kurdistan Regional Government and the Federal Ministry of Oil announced yesterday, Wednesday, that an agreement had been reached on the mechanism for exporting the region’s oil, following a series of meetings and technical consultations that have extended since July 17.

The Ministry of Natural Resources said in a statement received by Shafaq News Agency that the meetings included field visits to all oil fields in the region, followed by a comprehensive assessment of technical issues and intensive discussions. The discussions resulted in an agreement on August 11th to export oil based on the daily production of the region’s fields, with 50,000 barrels per day allocated to meet domestic needs, and the remaining quantity delivered to the State Oil Marketing Organization (SOMO) for export.

She noted that “the resumption of exports remains linked to the outcome of discussions between the federal and Turkish governments, and the implementation of the necessary measures to begin the process.”

Kurdistan Region oil exports via the Turkish-Ceyhan pipeline were halted in March 2023, following a ruling by the International Chamber of Commerce’s Court of Arbitration in Paris, which required Turkey to pay compensation to Iraq for allowing the region’s oil exports without federal government approval.

Since then, negotiations have been underway between Baghdad and Erbil, with the participation of Ankara, to reach a formula that guarantees the resumption of exports within an agreed-upon legal and technical framework, amid losses estimated at billions of dollars due to the disruption of supplies.

Shafaq.com

300 MW solar energy project in the Karbala desert

Iraqi Electricity Minister Ziyad Ali Fadhil announced on Tuesday that work on the Karbala Solar Power Plant project, the first solar project to be integrated into the national electricity grid, is continuing.

A statement issued by his office, seen by Shafaq News Agency, stated that the project’s total capacity is 300 megawatts, and that it will be built on an area of up to 4,000 acres. He noted that it is one of the most prominent renewable energy projects in Iraq.

The project is being implemented under the supervision of the General Company for Energy Production – Middle Euphrates, and with investment from Al-Bilal Group Company.

The Minister of Electricity explained that the number of solar panels installed so far has reached 39,000, out of a total of half a million solar panels to be installed as part of the project.

The Minister affirmed that the Ministry is closely monitoring the implementation phases, emphasizing its commitment to expanding the share of renewable energy in the country’s total electricity production, as part of the drive towards clean and sustainable energy sources.

Shafaq.com