The Central Bank of Iraq reveals an increase in bank deposits and credit

Shafaq News / The Central Bank of Iraq revealed, on Wednesday, that the volume of deposits in the banking sector had increased to more than 180 trillion dinars, as well as an increase in bank credit to 69 trillion dinars, indicating that the volume of foreign cash reserves had reached 148 trillion dinars.

The Deputy Governor of the Bank, Ammar Hamad, said during a speech at the Finance and Banking Services Conference in Iraq, attended by a Shafaq News Agency correspondent, that “The Central Bank of Iraq faced all challenges with high responsibility and was able, through various monetary policy tools and its correct decisions, to achieve its goals set forth in its law, which is the main goal.” Achieving stability in the general level of prices through a decrease in the inflation rate since the beginning of 2023 from 7% to 4% at the end of last year and activating various monetary policy tools, in addition to issuing various financial instruments, including bank transfers and Islamic certificates of deposit instruments.”

He added, “These Islamic securities and certificates of deposit were considered an investment opportunity for Islamic and commercial banks operating in Iraq, in addition to using various monetary policy tools, including raising the mandatory reserve ratio from 15% to 18%. The purpose of all these tools was to manage excess liquidity in the Iraqi economy.” “.

He continued, “In addition, during the past year there was a clear growth in most monetary changes, for example the increase in the volume of deposits in the banking sector from 129 trillion dinars last year to 131 trillion dinars, as well as the increase in private sector deposits in the banking system from 54 trillion dinars to 55 trillion dinars.” Trillion dinars.

Hamad also pointed out “an increase in the volume of credit in the banking sector from 60 trillion to 69 trillion dinars in 2023, as well as an increase in the completion of the private sector from 35 trillion dinars to 40 trillion dinars, in addition to an increase in the volume of foreign cash reserves from 140 trillion dinars to 148 trillion dinars.” “.

He stressed that “the efforts led by the Central Bank of Iraq in cooperation with the government, especially with regard to the use of electronic payment tools, and there was a clear rise and growth in electronic payment tools in Iraq. For example, the number of POS points of sale increased from 10 thousand devices in 2023 to more than 20 thousand devices, and the number of ATM machines increased from 2,223 devices to about 3 thousand devices, and as for the various cards, their number increased from 15 million cards to 18 million cards, and the number is increasing.”

Hamad pointed out that “the past year witnessed great cooperation between the government and the Central Bank, especially with regard to enhancing confidence in the national currency through various decisions issued by the Council of Ministers and the Central Bank, and we notice that there is less use of foreign currency in daily transactions, in contrast to increased reliance on The national currency in local transactions”

He stated that “the use of electronic payment tools has been enhanced and expanded, as well as the development of private banking institutions to build sound and sound banking institutions, and the Central Bank of Iraq emphasizes the importance of enhancing commitment to compliance standards for all financial institutions in accordance with local and international standards.”

He added, “External transfer operations witnessed great discipline during the past year, and a high response from all banks to facilitate the operations of financing foreign trade and various external transfers, especially after the issuance of external transfer controls at the beginning of 2023. The Central Bank of Iraq was also able to strengthen its banking relationships with a number of… A large number of Arab and foreign financial and banking institutions will open wider areas to ensure a high flow of external transfers, especially the use of different channels for external transfers in different currencies other than the dollar or in addition to the US dollar.

Hamad explained, “The Central Bank seeks to strengthen banks by increasing their capital from 250 billion dinars to 400 billion dinars, and this increase will last until the end of the current year.”

He stated that “one of the most important projects launched by the Central Bank of Iraq last year and work is still underway during the current year is the establishment of Riyada Bank, which will specialize in providing financing for small and medium enterprises and preparing a national strategy for banking purposes due to the importance of the financial depth of the Iraqi economy and the importance of the role of finance in enhancing Production and investment opportunities in Iraq.

He concluded by saying, “This also aims to strengthen the role of non-banking financial institutions that support financial and banking stability in Iraq by strengthening the role of the Deposit Guarantee Company as well as the Loan Guarantee Company, in addition to starting to establish the National Company for Electronic Payment Systems, and we believe that this company will have a major role.” “Very important in regulating electronic payment operations in Iraq.”

Shafaq.com

We will host the Governor of the Central Bank and the directors of licensed banks 

Baghdad – 964… Member of the Parliamentary Integrity Committee, Abdul Amir Al-Mayahi, said that the Central Bank directed the banks to deliver external transfers in dollars, but some of them did not comply with the instructions, and we will take quick decisions against them, indicating that there is talk within the committee to host the Governor of the Central Bank, Ali Al-Alaq, and the directors of licensed banks, in the coming days, Against the background of these violations.

Al-Mayahi explained, in an interview with the official newspaper, followed by the 964 Network , that “banks’ violation of instructions regarding converting customers’ transfers in foreign currency into the Iraqi dinar at a price set by the state at 132 causes serious harm to customers, due to the price difference,” calling it “a violation, despite From the directive of the Central Bank dated 12/31/2023, and its confirmation on 1/2/2024, then reaffirming the instructions for a period not exceeding nine days on 1/11/2024 on the necessity of adhering to the instructions of the Central Bank and taking into account the rights of customers.”

Al-Mayahi added, “The Central Bank directed that customers be given their remittances in dollars, not Iraqi dinars, and that the banks should inform the Central Bank of the amounts they need for cash dollars to meet their customers’ requests,” indicating that “the banks, unfortunately, did not respond to the call of the Central Bank, did not implement the instructions, and are still delivering external transfers to customers in dinars.” .

He pointed out that “the Integrity Committee will have a major role in relation to these violations, especially since there is talk within the committee to begin hosting the Governor of the Central Bank and the advanced staff in the coming days, in addition to the directors of licensed banks to examine the violations committed by them.”

Al-Mayahi stated, “Council of Ministers Resolution No. (23.26) of 2023 emphasized taking into account dealing in the Iraqi currency and supplying the dinar, and this does not apply to converting foreign remittances to the dinar,” and said: “This is a clear violation and quick decisions will be taken regarding it by the committee.”

964media.com

Parliamentary Finance criticizes the government’s handling of the crisis of the rise in the price of the dollar

Information / Baghdad… Member of the Parliamentary Finance Committee, Muhammad Nouri, warned on Monday of the impact of the continued rise in the dollar exchange rate on the poor and middle classes.

Nouri told Al-Maalouma, “The reasons for the rise in the price of the dollar are due to misconduct and the monopoly policy practiced by some parties, as well as smuggling, without the government having any realistic solutions to control this issue.”

He added, “The attempts of the government and the Central Bank to solve the problem of the fluctuation of the dollar’s rise are still timid, as the dollar’s exchange rate is still recording a significant increase compared to the official price, and this rise would increase poverty rates in Iraq.”

Almaalomah.me

Law: The government is required to invest in the path of development by pressuring Turkey

Information/private… Today, Monday, the State of Law coalition called on the government to invest in the development road and dry canal project in pressuring Turkey to release water quotas for Iraq, while stressing the need to make Ankara take the initiative to resolve these issues in light of future joint cooperation with it.

Coalition member Ibrahim Al-Sakini said in an interview with the Maalouma Agency, “Providing Turkish companies with the opportunity to invest in many projects should not be free of charge,” noting that “Ankara’s withdrawal of its combat forces from the lands of northern Iraq is the first step.”

He continued, “The country’s arrival at the stage of economic service with Turkey gives strength to Baghdad in negotiating a solution to the outstanding issues,” pointing out that “the end to Ankara’s lurking must be through partnership in implementing future projects.”

Al-Sakini concluded his speech: “The United Nations Charter gives Iraq the right to have Turkey withdraw its forces present in northern Iraq and release its water quotas,” adding that “the government is required to invest in the development road and dry canal project in pressuring Turkey to release Iraq’s water quotas.”

Ankara continues its hostile policy towards Baghdad in many vital issues that primarily affect citizens, amid silence from the Ministry of Foreign Affairs and the lack of firm and serious action towards Turkey’s clear violations against Iraq.

Almaalomah.me

Deputy: We are awaiting tomorrow’s decision to proceed with selecting the candidate for Speaker of Parliament

Information/private… Representative Thaer Al-Jubouri confirmed, on Monday, that the political forces are awaiting the decision of the Federal Court tomorrow to proceed with choosing the Speaker of the House of Representatives.

Al-Jubouri said in an interview with Al-Maalouma, “No two disagree on the importance of proceeding with selecting a candidate for the position of Speaker of the House of Representatives, but all political forces are awaiting a decision from the Federal Court tomorrow, February 27, in order to resolve the call regarding the legality of the first session.” “And its results and what procedures are adopted regarding it.”

He added, “We have high confidence in the Iraqi judiciary in preserving its legislative institutions and resolving cases in accordance with legal principles, which will certainly provide a road map for moving forward in selecting a candidate for the position of the highest legislative body in the country.”

He pointed out that “the Federal Court’s decision has become obligatory and binding, and we hope that its decision will be the beginning of resolving this file in order to move to the stage of selecting a candidate according to the approved contexts.”

Representatives from multiple political forces had filed several lawsuits regarding the first session to choose the Speaker of the House of Representatives in terms of its legality, the mechanisms for dealing with its results, and whether it is possible to repeat the vote.

Almaalomah.me

Finance announces the imminent sending of the 2024 budget schedules to Parliament and pledges the release of Kurdistan salaries on one condition

Shafaq News / Minister of Finance, Taif Sami, announced on Monday that the 2024 budget schedules will soon be sent to Parliament.

This came while hosting Sami in the Finance Committee, according to what was reported by Shafaq News Agency correspondent.

The minister stated that “employees’ salaries for the year 2024 are fully insured,” noting that “the release of employees’ salaries in the Kurdistan Region during the current month is subject to submitting lists of names, and we have stipulated nationalization to disburse them during the coming months.”

She continued, “We have begun launching financing for the operational budget,” adding, “Soon we will send the 2024 budget schedules to the Council of Ministers for approval and sending them to Parliament.”

For his part, a member of the Parliamentary Finance Committee, Mustafa Sanad, told Shafaq News Agency, “The Parliamentary Finance Committee hosted Finance Minister Taif Sami to discuss a number of topics, including financing the operational budget for the year 2024.”

Sanad explained, “The Minister informed the members of the committee that there is no interruption in funding the budget with regard to operations and salaries of employees.”

Sanad continued, “With regard to the salaries of employees in the Kurdistan Region, and after the Federal Court’s decision, this month’s salaries will be financed in the usual way through direct transfers. As for March salaries, the salaries of the region’s employees will be financed through the localization of salaries.”

He concluded by saying, “Funding the salaries of employees in the region will be through the governorates, meaning that the governorate that submits its data directly before the other will localize the salaries of its employees faster.”

Yesterday, Sunday, the Finance Committee in the Iraqi Parliament revealed that it will host the Minister of Finance tomorrow, Monday, to discuss the localization of the salaries of Kurdistan Region employees and the delay in distributing salaries throughout the country.

This comes after the Iraqi Ministry of Finance confirmed that it has taken measures and procedures to secure salary funding on an ongoing basis according to the 2024-2025 budget, denying at the same time political statements that indicated the lack of “financial liquidity.”

It is noteworthy that the Federal Supreme Court (the highest judicial authority in Iraq) decided, on February 21, to oblige the Federal Prime Minister and the Prime Minister of the Kurdistan Regional Government to settle the salaries of employees and workers in the public sector in the region with federal banks.

The court also decided to oblige the submission of the monthly budget for the region’s employees to the Federal Ministry of Finance, while requiring the region’s Council of Ministers to hand over all oil and non-oil revenues to the federal government.

The ruling stressed that the decision to localize the salaries of the region’s employees is final and binding.

Shafaq.com

During 2023.. Iraq spent 7 trillion more than its revenues, and 40% of its expenses went to salaries

Al-Sumaria News – Economy… The Iraqi state’s accounts for the past year, 2023, revealed the volume of spending and revenues, and the distribution of spending method, as employee salaries constituted the largest volume of spending and amounted to 40%, while the industrial sector topped the investment spending file during the past year. According to the data seen by Al-Sumaria News, Iraq spent more than 142 trillion Iraqi dinars during the past year 2023, while its revenues amounted to more than 135 trillion dinars, meaning that the deficit rate is 5%, or in other words, Iraq spent 7 trillion more than its revenues. Dinar.

Current expenditures represented 83% of total public spending, while investment spending constituted 17% of total spending, amounting to more than 24 trillion dinars.

The industrial sector topped the investment spending file at 11 trillion dinars, which constitutes 45% of total investment spending.

Employee salaries constituted the largest proportion of spending, amounting to more than 57 trillion dinars, equivalent to 40% of total spending.

Alsumaria.tv

50 arrest and summons orders were issued against Iraqi officials and representatives in a month

Shafaq News / The Information and Communication Office of the Federal Integrity Commission announced on Sunday the total arrest and recruitment orders issued and executed against those with high and special ranks during the month of last January.

He stated in a statement received by Shafaq News Agency that the judicial authorities issued 50 arrest and summons orders against 46 people with high and special ranks. Against the background of cases investigated by the Commission’s investigation directorates and offices in Baghdad and the governorates and referred to the judiciary, explaining that 39 recruitment orders and 11 arrest orders were issued for the period from (1-31/2024/1).

He added that the orders included two former ministers, a former minister, two members of the House of Representatives (current and former), a former deputy minister, (11) current general directors, (8) former and (3) former, in addition to a current governor, and (12) former governors, (2) former governors, and (3) former members of the governorate councils.

Shafaq.com

The Prime Minister of the Kurdistan Regional Government arrives in Washington on an official visit

Shafaq News / The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, arrived on Sunday in Washington, DC, on an official visit.

Shafaq News Agency correspondent said that Barzani arrived in Washington today, after receiving an official invitation to visit the United States.

Barzani heads a high-ranking government delegation during this visit, and is scheduled to hold several meetings with American officials to discuss strengthening relations between the two sides and the latest developments in the region.

Shafaq.com

State of law: America transfers to Iraq its money mortgaged in the Federal Bank

Information / Baghdad… On Sunday, member of the State of Law coalition, Rasoul Radi, accused the United States of America of working to harm the Iraqi economy.

Radi told Al-Maalouma, “The American administration is working to harm the economic interests of Iraq, by placing the revenues from Iraqi oil sales in the US Federal Bank.”
He added, “Iraq gets its money from the Americans using the (distillation) method when needed.”

He promised, “The Iraqi economy is hostage to the US Federal Reserve, which controls the most important revenues that the Iraqi government relies on to finance the budget.”

Almaalomah.me