Gulf-American statement directs a strict request to Iraq

A 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 .

Shafaq.com

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

Al-Sudani issues banking directives, including suspending capital increases for banks subject to US sanctions

A government source revealed, on Thursday, that Prime Minister Mohammed Shia al-Sudani issued directives related to financial and banking reforms, including not increasing the capital of banks subject to US sanctions.

The source told Shafaq News Agency, “Prime Minister Mohammed Shia al-Sudani, before leaving for New York, held a number of meetings with banks and the Central Bank of Iraq, where those meetings discussed in detail the Central Bank of Iraq’s plan to rehabilitate private banks by contracting with an international consulting company.”

He explained that “the Prime Minister directed a number of points, on the importance of the plan for developing private banks by Oliver Wyman Company being clear in terms of timing, distribution of responsibilities, and issuing progress reports in this regard.”

The directives included “accelerating the implementation of the recommendations issued by the Ministerial Council for the Economy to support Iraqi banks, including delaying the increase in capital for banks banned from dealing in dollars by the US Treasury.”

The source indicated that Al-Sudani also directed “the preparation of a study to activate the local cards project internally, as well as urging Iraqi ministries and institutions to increase dealings with licensed Iraqi banks in various banking services and open accounts with them.”

Last Monday evening, Iraqi Prime Minister Mohammed Shia al-Sudani received US Deputy Treasury Secretary Wally Adeyemo and a number of officials from the Treasury Department, according to a statement received by Shafaq News Agency.

The meeting witnessed discussion of bilateral economic relations between the two countries in various vital sectors, review of the government’s efforts and plans for economic and financial reform, the move towards diversifying sources of Iraqi output, enhancing development targets, and practical measures implemented in the field of combating money laundering.

Al-Sudani stressed that the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform, and less than 5% remains to be completed by the end of this year, after which the transition to the correspondent banking system will take place, in accordance with the government’s approach and its commitment to raising the capabilities of Iraqi banks, in line with international standards and meeting the needs of the thriving investment environment in Iraq.

For his part, Adeyemo praised the progress witnessed by Iraq in the field of economic and banking reforms that were achieved in record time, and the state of economic growth that reached a total of about 6 % , which enhances the government’s efforts in development, expressing readiness to cooperate and work within a bilateral partnership that serves the interests of economic development.

Shafaq.com

Iraq expresses readiness to enter into partnership with America in the oil industry sector

Prime Minister Mohammed Shia al-Sudani expressed, on Thursday, Iraq’s readiness to enter into a partnership with American companies in the oil industry sector, revealing at the same time his government’s intention to establish a new Iraqi bank.

This came during his participation in New York, after midnight on Wednesday, in a dialogue session held by the American Chamber of Commerce and Al-Monitor, in the presence of an elite group of investors, businessmen, representatives of American companies, and the Iraqi-American Business Council.

Al-Sudani said during the dialogue session that the government has embarked on a series of rapid projects, including the important agreement with Total, which contributes to increasing oil production and investment in associated gas by about (600) million standard cubic feet, in addition to offering the fifth and sixth rounds’ appendix, and entering into contracts to produce oil and invest in gas.

He pointed out that after 2028, Iraq will achieve self-sufficiency in gas, in addition to activating oil derivatives projects, including the strategic Karbala refinery, whose production capacity reaches 140 thousand barrels per day, as well as the rehabilitation of the Baiji refinery, which was completely destroyed during the battles to liberate Baiji, and its production capacity reaches 150 thousand barrels per day.

He added, “We have finished importing petroleum derivatives, and we will stop importing gasoline at the beginning of next year, after completing the FCC project in Basra,” adding, “Our vision is to convert 40% of the exported oil into transformation industries, which will give us more benefits than selling crude oil.”

Al-Sudani touched on the banking sector in Iraq, pointing out that development cannot be achieved without a solid banking sector that operates according to approved international standards, and 95% of financial transfers in Iraqi trade take place through reliable banks.

He stressed that the currency selling window will be closed at the end of this year, and the money laundering office at the Central Bank is working effectively, noting that the government has contracted with Ernst & Young to reform the government banking sector, and we have strengthened citizens’ confidence in banks and expanded financial inclusion.

The Prime Minister continued, saying: The Central Bank has independence and exercises its powers with complete professionalism, and we intend to establish a new bank that adopts the latest technologies.

Al-Sudani called on all companies working in the field of electronic payment to work in Iraq and we will provide them with all facilities, concluding by saying that we have developed a plan to develop the infrastructure, with allocations reaching 83 billion dollars.

Shafaq.com

Parliamentarian: The judiciary has proven the issue of “wiretapping” and Al-Sudani’s brother is involved and fled to Turkey

MP Mustafa Sand revealed on Thursday that the Iraqi judiciary has verified the issue of the “wiretapping network” with conclusive evidence.

Sand said in a video clip from in front of the First Karkh Investigation Court, which was followed by Shafak News Agency, that “Zain and Asiacell companies have proven with conclusive evidence to the Iraqi judiciary that there was eavesdropping and spying on some representatives and political figures in 2023 and 2024.”

Sand pointed out that “the figures involved are Haider Laith al-Sudani, Director of the Eavesdropping Directorate in the National Intelligence Service, Haider Shia Sabbar al-Sudani, the Prime Minister’s brother who is now a fugitive to Turkey, Abdul Karim al-Sudani, the Prime Minister’s military secretary, and a fourth senior figure who will be mentioned at a later time.”

It is noteworthy that on August 19, Iraqi security forces arrested a “wiretapping and forgery network” led by a close associate of Al-Sudani, Mohammed Juhi, and including employees and officers, according to statements made by MP Mustafa Sand.

On September 1, the Supreme Judicial Council described the information circulating about the wiretapping network case that was run by Mohammed Juhi, the former director of the Prime Minister’s office, as inaccurate.

Shafaq.com

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