Political veto disrupts interrogation of Al-Sudani government

A member of the Iraqi parliament revealed, on Thursday, the existence of what he described as a “political veto” that obstructs the interrogation of ministers in the government of Mohammed Shia al-Sudani.

The representative of the Ishraqat Kanun parliamentary bloc, Zuhair Al-Fatlawi, told Shafak News Agency that questioning ministers and officials is the work of a member of the House of Representatives and reflects the oversight and legislative role of the House of Representatives, noting that each representative can collect 25 signatures from members of the Council to question the minister in Parliament.

Al-Fatlawi confirmed that there is a movement within the House of Representatives to question a number of ministers by collecting parliamentary signatures, as signatures were collected and requests were submitted to question the Minister of Electricity, the Minister of Transport, the Minister of Communications, and the Executive Director of the Communications and Media Commission.

He added that oral questions were also submitted to the Prime Minister and a number of ministers, as requests were submitted separately by representatives from various political blocs.

However, Al-Fatlawi explained that the interrogation requests submitted to the Presidency of the House of Representatives were subject to a “veto” from the Presidency of the House, which led to the disruption of the interrogations due to political pressures exerted by the political blocs.

Shafaq.com

The Central Bank decides to refer a bank to “forced liquidation”

A document from the Central Bank addressed to the Bank of Babylon stated that “based on the decision of the Board of Directors of the Central Bank No. 203 of 2024, the following was decided:

1- Referring your bank to forced liquidation based on the provisions of Article No. 69 of Banking Law No. 94 of 2004.

2- Appointing Ahmed Abdul Mahdi Nemah as the bank’s liquidator.

Burathanews.com

Rafidain announces more than 3 trillion dinars in electronic collection

Rafidain Bank announced, on Wednesday, the total amounts of financial settlements related to electronic collection movements from state departments and institutions.

The bank said in a statement received by Shafaq News Agency that the amounts of financial settlements for state institutions that activated electronic collection and switched to electronic transactions and collected bills and fees from beneficiaries electronically via bank cards and POS devices amounted to more than 3 trillion dinars during the first nine months of the current year.

The bank pointed out that this achievement represents the great interaction using electronic payment in financial transactions and ensuring the preservation of money movement paths and making them in a safe and transparent environment.

Shafaq.com

Iraq, China sign MoU on combating corruption and pursuing wanted persons

On Wednesday, the Iraqi Integrity Commission and the Chinese Oversight Committee signed a memorandum of understanding in the field of combating corruption, pursuing wanted persons, and recovering assets.

The Chairman of the Federal Integrity Commission, Judge Haider Hanoun, during the signing ceremony of the memorandum of understanding, pointed out that the agreements and signing of memoranda of understanding between Iraq and China are very important, especially since the Chinese side invests in several sectors in Iraq and its companies need a safe environment for investment free from extortion and bribery, pointing to the Iraqi government’s support for openness to Chinese institutions as it falls within the state’s policies that are open to China and urge the conclusion of understandings with it, especially in the economic aspect.

He added that the Commission needs the expertise of the Chinese National Supervisory Committee, and to benefit from its experience in the field of combating corruption, supporting and enhancing the expertise of the Commission’s employees, and supporting the Republic of Iraq in its serious steps towards digital transformation by training the staff of the Iraqi supervisory bodies, and developing their expertise in this field, indicating the importance of cooperation and coordination of positions in international forums, especially in the field of recovering funds and extraditing wanted persons.

For his part, the Deputy Chairman of the Chinese National Supervisory Committee, Fu Kui, called on the Iraqi side to work together to contribute to the Belt and Road Initiative (Silk Road), and to ensure a transparent and clean work environment, and to try to harmonize the Belt and Road Initiative for development, noting that the relationship between China and Iraq is a strategic relationship and is in continuous development, praising the outcomes of the summit that brought together the Chinese and Iraqi leaderships on the sidelines of the Arab-Chinese Partnership Conference.

He stressed that China is keen to implement the understandings reached by President Xi Jinping with Prime Minister Mohammed Shia al-Sudani, and to deepen the level of relations and partnership between the two countries, hoping that cooperation between the Iraqi Integrity Commission and the Chinese National Oversight Committee will contribute to enabling them to strike the corrupt and limit the effects of the cross-border scourge of corruption.

The MoU between the two parties aims to unify efforts to promote the integrity building of the “Belt and Road Initiative”, which includes commitment to the concept of openness, green development and integrity, and jointly build a clean Silk Road based on the Beijing Silk Road Initiative, and enhance cooperation in the field of judicial enforcement, which includes providing information and assistance on cross-border corruption cases, as well as implementing practical cooperation between the two parties on persons wanted on corruption charges and asset recovery, within the limits of their jurisdiction and in accordance with their respective national legislation.

The MoU also aims to exchange legislative and academic information and expertise, build capacity through workshops, lectures and training on topics of mutual interest, and deepen coordination and cooperation, including joint promotion of issues and initiatives to expand consensus on denying safe havens to corrupt individuals, within multilateral frameworks, including the United Nations Convention against Corruption.

Shafaq.com

Central Bank of Iraq: We are studying removing zeros from the dinar and there are no restrictions on our balances in America

Shafaq News / The Central Bank of Iraq reduced, on Sunday, its reliance on the US dollar in commercial transactions, adding that the project to remove zeros in Iraq is under continuous review and study.

Countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.

In this context, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed that the Central Bank responded to global economic challenges such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.

Al-Alaq added that the Central Bank of Iraq increased its holdings of foreign exchange and gold reserves to enhance the country’s financial position and stability, in order to enhance its ability to confront potential economic crises.

Shafaq.com

We are constantly reviewing the deletion of zeros from the dinar, and there are no restrictions on our balances in America

Baghdad – The Central Bank of Iraq has reduced reliance on the US dollar in commercial transactions, according to the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, adding that the project to remove zeros in Iraq is subject to continuous review and study at the bank.

Countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.

Al-Alaq confirmed, in an extensive interview with Al Jazeera Net, that the Central Bank responded to global economic challenges, such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.

He also stressed that the Central Bank of Iraq increased its holdings of foreign exchange and gold reserves to strengthen the country’s financial position and financial stability in order to enhance its ability to confront potential economic crises. These are the details of the dialogue:

What steps have you taken to address the crisis of the dollar’s ​​rise against the Iraqi dinar and reduce the gap between the official price and the black market price?

The Central Bank of Iraq has created new mechanisms to cover the accounts of local banks with their senders in other currencies (Chinese yuan, Indian rupee, euro and UAE dirham) in addition to the dollar, which has reduced reliance on the US currency in commercial transactions for the clients of these banks, as the Central Bank seeks to withdraw excess liquidity in the economy that puts pressure on the exchange rate and to prevent the exported currency from growing in an undesirable manner.

What is the status of the country’s foreign reserves?

Foreign exchange reserves are the tool used by all central banks to maintain the stability of the local currency exchange rate against foreign currencies, as well as to reduce exposure to external crises by maintaining liquidity in foreign currency to absorb shocks in times of crisis.

The Central Bank of Iraq has a level of reserves that enables it to achieve this stability and provides it with sufficient flexibility to meet the demand for foreign currencies to meet the requirements of the balance of payments and other obligations.

According to the latest data on the level of foreign reserves adequacy, the foreign reserves of the Central Bank of Iraq cover 83.62% of the broad money supply, i.e. covering the cost of importing 15 months, while the global standard rate is 20%, covering 6 months of importing.

However, foreign reserves management faces global and local challenges according to the economic nature of each country and the economic and geopolitical conditions it is going through.

Aljazeera.net

Kurdistan deposits about 100 billion dinars of non-oil revenues into the Iraqi state treasury

Shafaq News / The Ministry of Finance and Economy in the Kurdistan Region announced on Sunday the deposit of an amount of money amounting to about 100 billion dinars in financial revenues for non-oil revenues for last May.

The ministry said in a statement today that it deposited an amount of 91 billion, 151 million, and 784 thousand Iraqi dinars to the federal government as the federal treasury’s share of the non-oil revenues of the Kurdistan Region for the month of May of this year.

Shafaq.com

Politico: US troop withdrawal to be announced next week

Information / Translation… The American newspaper Politico revealed, quoting two American officials in the Biden administration, that the United States expects to announce next week a long-awaited agreement with Iraq regarding reducing the American military presence in the country.

The report, translated by Al-Maalomah Agency, quoted the officials as saying that “negotiations over the plan, which Iraqi officials have publicly said will lead to the departure of 2,500 American troops in Iraq by the end of 2026, are in their final stages,” but they claimed that the fight against ISIS remnants in Iraq and Syria is not over yet.

The report added that “the upcoming announcement, which is expected to come after US and Iraqi officials meet again at the UN General Assembly meeting in New York next week, is part of the Biden team’s efforts to assess long-term US commitments abroad before President Joe Biden leaves office in January.”

The report indicated that, “However, the announcement of the withdrawal plan caused panic in Congress, as House Armed Services Chairman Mike Rogers (R-Ala.) expressed his frustration with what he heard from the Pentagon regarding the deal.”

“There appears to be no strategic military advantage to this anticipated decision,” Rogers wrote on social media. “Withdrawing from Iraq in this manner would benefit and embolden our enemies, and I am deeply concerned about the implications such a decision could have on our national security.”

For his part, Iraqi Prime Minister Mohammed Shia al-Sudani said this week that “justifications no longer exist” for a large American presence in his country. “There is no need for an alliance and we have moved from wars to stability and ISIS does not represent a real challenge.”

Almaalomah.me

Al-Sudani’s advisor: The banking system in Iraq is rentier par excellence

Shafaq News / Mazhar Mohammed Saleh, economic affairs advisor to Prime Minister Mohammed Shia al-Sudani, described the banking system in Iraq as rentier par excellence on Saturday, noting that this requires a comprehensive reform process.

Saleh told Shafaq News Agency, “The banking system in Iraq is rentier par excellence, regardless of ownership,” noting that it “lives on oil resources and government liquidity directly and indirectly.”

He added that “the banking system derives its activities from government spending, which means that it is a market that lacks banking independence and the movement of desired savings in society from the forces of financial surplus towards desired investments to generate high financing for growth and sustainable development.”

Saleh stressed that “this requires a comprehensive reform process to create market institutions,” indicating that “this enables the banking market to be integrated with the international financial and banking system and become attractive to global banks on a large scale.”

Last Thursday, Prime Minister Mohammed Shia al-Sudani announced the formation of a higher committee to address the work of Iraqi banks in accordance with international financial requirements, while directing private banks to build balanced relations with financial institutions, Arab banks and investors.

Shafaq.com

The government forms a higher committee to adapt Iraqi banks to international financial requirements

Prime Minister Mohammed Shia al-Sudani announced on Thursday the formation of a higher committee to address the work of Iraqi banks in accordance with international financial requirements, while directing private banks to build balanced relations with financial institutions, Arab banks and investors.

Al-Sudani’s media office stated in a statement received by Shafaq News Agency that the latter received today the head of the Private Banks Association and a number of directors of private banks, and was informed of the problems facing the banking sector in Iraq.

Al-Sudani referred to the measures taken by the government to support the private sector in general, and the banking sector in particular, as part of the priority of economic reform, in which the government has made advanced progress.

He explained that “there is no alternative but to have capable Iraqi banks that adopt all financial standards to participate in development and building the country,” stressing the importance of the Banking Association dealing with government trends and investing in opportunities.

He pointed out the readiness of Arab and foreign banks whose representatives visited Iraq to cooperate with the government in implementing its vision and development plans.

Al-Sudani announced the formation of a higher committee to develop treatments for the work of banks, to be in line with the requirements of work in the international financial arena, confirming the Central Bank’s contract with Oliver Wyman Company with the aim of developing the banking and financial sector.

He directed the Association of Banks to build balanced relations with financial institutions, Arab banks and investors to support banking work. He also directed the preparation of a draft resolution to be presented to the Council of Ministers, which includes obligating ministries to provide facilities that support the banking sector in Iraq.

Shafaq.com