93% Of The Central Bank Of Iraq’s Dollar Sales Are Foreign Transfers
2024-12-16 Shafaq News/ Foreign remittances in the sales of the Central Bank of Iraq, on Monday, reached 93% in the currency auction in which 15 banks participated.
Shafaq News Agency correspondent reported that the bank sold in its auction today 295 million, 465 thousand, and 923 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.
He added that most of the dollar sales went to boost balances abroad in the form of remittances and credits, which amounted to $277 million, 665 thousand, and 923, an increase of 93% over cash sales amounting to $17 million, 600 thousand.
Our correspondent pointed out that only one bank purchased cash dollars, while the number of banks that met requests to enhance balances abroad was 14 banks, and the total number of exchange companies participating in the auction was 24 companies . LINK
632 Billion Dinars Is The State’s Revenue From Asiacell And Zain Iraq During 2024
Money and business Economy News – Baghdad Today, Monday, economic expert, Munar Al-Obaidi, counted the Iraqi state’s revenues from the two telecommunications companies, Asiacell and Zain Iraq, during the first nine months of 2024.
Al-Obaidi said, in a statement followed by “Al-Eqtisad News”, that “during the first nine months of 2024, Asiacell and Zain Iraq achieved net profits estimated at 453 billion Iraqi dinars.”
He added, “The Iraqi state’s revenues from the two companies amounted to only 632 billion Iraqi dinars,” noting that “the state’s total revenues from the communications sector between the Ministry of Communications, the Communications Commission, and the General Tax Authority are estimated at around 1.5 trillion dinars annually.”
Al-Abidi asked: “Do we really need a new mobile network or are we trying to improve the state’s revenues through this sector through the principle of transparency in managing this file?” 80 views – https://economy-news.net/content.php?id=50931
Securities And Exchange Authority Discusses The Mechanism For Entering The Digital Exchange Platform Of The Abu Dhabi Market
Money and business Economy News – Baghdad Today, Monday, the Securities and Exchange Authority discussed with the Abu Dhabi Market the signing of a joint cooperation agreement to exchange expertise, while discussing the mechanism for entering the market’s digital exchange platform.
A statement by the Authority received by “Al-Eqtisad News” stated that “the Chairman of the Iraqi Securities Commission, Faisal Al-Haimus, met during an official visit to Abu Dhabi, the CEO of the Abu Dhabi Securities Market Group, Abdullah Salem Al-Naimi, where they discussed ways to enhance cooperation between the Iraq Stock Exchange and the Abu Dhabi Securities Market, and focused on signing a joint cooperation agreement aimed at exchanging expertise and developing work mechanisms in the financial markets.”
He added, “The mechanism for the Iraq Stock Exchange to enter the digital exchange platform launched by the Abu Dhabi Securities Exchange in 2022 was discussed, as the exchange platform is the first digital exchange center in the region based on the mutual market access model, which currently includes 8 participating financial markets.”
Al-Haimas stressed the “importance of this cooperation in enhancing the role of the Iraq Stock Exchange at the regional level, as well as in developing the investment environment in Iraq.”
For his part, Al Nuaimi expressed “the Abu Dhabi Securities Exchange’s readiness to support this initiative,” noting that “cooperation with the Iraqi Authority will enhance the exchange of knowledge and expertise between regional financial markets, and enhance the role of financial markets in economic growth.”
He added, “We at the Abu Dhabi Securities Market believe in the strength of cooperation between financial markets, and we look forward to achieving joint successes with the Iraqi Securities Commission, which will contribute to developing financial markets and enhancing investment in the region.”
It is noteworthy that Al-Haimas participated in the Middle East Investor Relations Association (MEIRA) Annual Conference for the year 2024, which was held in the UAE capital, Abu Dhabi, in partnership with the Abu Dhabi Securities Exchange.
The conference was attended by more than 800 leaders and experts, including representatives of 150 issuers from the GCC and Middle East countries, 33 financial markets, in addition to more than 150 participants in local and international financial markets.
The conference also provided a unique platform for exchanging insights and ideas among more than 80 experts from around the world, who discussed important issues affecting capital markets, such as the growth of GCC markets, the role of artificial intelligence in investor relations, and the integration of environmental, social and governance criteria into Islamic finance.
This joint cooperation between the Iraqi Securities Commission and the Abu Dhabi Securities Market reflects Iraq’s commitment to developing the investment environment and enhancing the role of financial markets in supporting regional economic growth.
56 views 12/16/2024 – https://economy-news.net/content.php?id=50944
Our Economy And Banks In 2025
Samir Al-Nusairi In the midst of the challenges and repercussions of the political and security events that our country and the countries of the geographical region are currently going through, the methodology of economic and banking reform enters a new phase in 2025 in cooperation and coordination between the government and the Central Bank,
with insistence on continuing to implement the strategy of transitioning the economy and banking sector to recovery and development and achieving good growth rates according to the expectations of the World Bank and the International Monetary Fund in the coming year.
One of the most important steps to reform our national economy is the transformations.
The major task of structuring and developing government and private banks and concluding agreements with solid international consulting and auditing companies to accomplish these tasks in 2025.
According to standard indicators that are relied upon to assess the strength of the economy and the soundness of the banking sector, the most prominent of which is the sufficiency of foreign cash reserves, which exceeded $100 billion, with a sufficiency of 140% to cover imports and the exported local currency, and the decline in the inflation rate to 3.7% after reaching its highest rates at the end of 2022, and the decline in external debt to a level not exceeding $19 billion.
Emphasizing that the objectives of the Central Bank’s monetary policy, as stated in its applicable law, are to achieve economic growth and stability, and that one of its main objectives is to achieve stability in the financial and monetary system, reduce inflation rates, and stabilize the prices of goods and services in the extremely complex economic, security, and political conditions that Iraq suffered from in 2023 and 2024.
The government is making clear efforts to revolutionize the active economic sectors, namely agriculture, industry, tourism, customs and tax services fees, and to increase their share of the general budget revenues to 20%.
Which led the Central Bank to take many measures in cooperation with the government to regulate foreign trade, control foreign transfers, regularity in the global financial and banking system, compliance with international standards, digital transformation in the banking sector, and work on preparing and launching its new strategy for banking reform and classification in all its basic links at the level of internal and external banking transactions, the most prominent of which is securing the US dollar for major and registered traders and for every trader, regardless of his classification, at the official price.
This confirms, without a doubt, that the Central Bank’s strategy and measures during the years 2023 and 2024 achieved one of the basic objectives of monetary policy, which is to reduce the inflation rate and maintain the general level of prices of goods and services.
It must be noted that one of the most prominent indicators of the strength and recovery of our economy is what the International Monetary Fund recently expected, that the expected economic growth rate in 2025 will be 5.3%, while it contracted by 2.2% in 2022. The expected rate is higher than the growth rates in Morocco, Kuwait, Bahrain, Oman, Algeria, Jordan and Qatar. It is an indicator.
On the strength of our economy, which is an inevitable result of the economic and financial reform programs implemented by the government and the Central Bank since 2023. 80 views 12/16/2024 – https://economy-news.net/content.php?id=50936
Al-Sudani: We Are Facing A New Reality And Era For Iraq With Optimal Investment Of All Its Capabilities
Posted on’2024-12-15 by sotaliraq’Prime Minister Mohammed Shia Al-Sudani stressed that we are facing a new reality and era for Iraq with optimal investment of all its capabilities.
The Prime Minister’s media office said in a statement that “Al-Sudani sponsored the Riyada Initiative Conference, which was held in the capital, Baghdad, under the slogan (Investing in human energies to raise the capabilities of the Iraqi economy… towards an entrepreneurial society),”
indicating that “he opened the first Riyada Exhibition, toured its premises, and viewed models of projects that were founded and implemented by young people through loans provided to them within the initiative, as they varied in agricultural, industrial, and handicraft projects, in addition to projects that adopted artificial intelligence.”
Al-Sudani blessed “the convening of the Riyada Conference, and appreciated the efforts of those in charge of it. He also thanked all the parties that contributed to the success of this initiative, which was launched by the government with the start of its executive duties, as it was announced on March 4, 2023, within a vision based on reducing unemployment as a priority in the government program, and changing the philosophy of society’s orientation towards government employment as the only path to work.”
He stressed that “the trainings within the initiative program included more than (750) governmental and civil institutions, and loan requests reached (16845) loans, and provided (10747) job opportunities in various fields,” stressing that “the population census, the results of which were announced early, showed that our society is a young society,
which requires absorbing these energies, in a way that makes them produce and contribute to the development of the country, pointing to the goal of the (Riyada Initiative) in reaching an entrepreneurial society of young people, through work, training, empowerment, and incubation throughout the project period, leading to its success and achieving its economic feasibility.”
Al-Sudani pointed out that “the leadership of the electronic aspect was adopted, as part of the government program’s commitments to adopting digital transformation and artificial intelligence, using modern technologies, and facilitating and simplifying procedures,” noting that “we inherited a system of the Iraqi state since its establishment that relies on the state to create job opportunities and employ graduates, and this path does not serve the state in the future.”
He explained that “we have young people who have the ability, education, potential and desire to achieve the best for their country, and the goal of the Riyada initiative is to invest in the opportunities we have, and it is a dream for our ambitious youth,” stressing that “we were able to move forward with the initiative, through the work of its team, and the interaction of advisors, ministers and governors.”
He explained that “the families interacted with the initiative, and the preparation and idea for establishing the project began in conjunction with the study and in harmony with the specializations, and today we are facing a new reality and era for Iraq with the optimal investment of all its capabilities and natural resources, which were not invested in the correct way,” stressing that “the small projects within the Riyada initiative will be the nucleus for medium and large projects.”
Al-Sudani explained that “we are working on developing various sectors, and in partnership with foreign companies, the local product must be present, and parts of the car industry can be manufactured in local workshops, and government banks will be present in supporting (Riyada) initiatives,” indicating that “we have an integrated vision that starts with the youth to cover the needs of the local market for goods.” LINK
