A Government Advisor Reveals A “Dangerous Paradox” In The Private Banking Sector.
Time: 2025/05/24 Read: 3,240 times {Economic: Al Furat News} The Prime Minister’s economic advisor, Mazhar Mohammed Salih, affirmed that restructuring the banking sector is a fundamental and important step toward enhancing the stability of the financial system and supporting economic development in Iraq.
Saleh explained in a press statement that this restructuring aims to better organize cash flow management and improve the efficiency of the state’s financial liquidity, which will contribute to alleviating financial pressures on the public treasury.
He pointed out that there is a clear division in the banking market, as private banks own more than 78% of capital, but contribute a limited percentage not exceeding 20% of financing and deposit operations.
Saleh stressed that the banking restructuring is a comprehensive process that includes modernizing the infrastructure of government banks, enhancing the efficiency of asset and liability management, and developing governance systems in line with international standards.
He added that these measures will increase the banking sector’s ability to effectively contribute to the gross domestic product, expand the scope of financing and lending for development projects, which supports economic growth and reduces dependence on oil revenues.
He emphasized that the current financial and monetary challenges, particularly oil price fluctuations and liquidity pressures, require accelerating the implementation of reforms, including increasing bank capital and modernizing operating mechanisms, to enhance the stability of the banking sector and improve the management of public financial resources.
At the beginning of this year, the Iraqi government announced plans to restructure state-owned banks, most notably Rafidain and Rashid Banks, with the aim of transforming them into more modern and efficient financial institutions capable of meeting the needs of the growing Iraqi economy.
In its session held on January 13, 2025, it also decided to establish a completely new bank based on the latest digital banking technologies, aiming to provide integrated banking services to individuals and companies, both inside and outside Iraq.
This new bank has been named “Rafidain First Bank” and will start with an initial capital of 500 billion Iraqi dinars (approximately $381.8 million), with the goal of reaching a final capital of one trillion Iraqi dinars (approximately $763.7 million). The state’s contribution to this capital will be 28%. LINK
With The Stock Market Closing At The Beginning Of The Week, The Dollar Price Fell In Baghdad And Rose In Erbil
May 24, 2025 Economic Number of reads: 88 Baghdad/ NINA / The dollar prices decreased in Baghdad markets, while they rose in Erbil with the closing of the stock exchange at the beginning of the week.
The dollar prices recorded a decrease with the closing of the Al-Kifah and Al-Harithiya stock exchanges, recording 141,950 dinars for $100, while this morning it recorded 142,100 dinars for $100.
The selling prices in the exchange sector in the local markets in Baghdad witnessed stability, as the selling price reached 143,000 dinars for $100, while the purchase price reached 141,000 dinars for $100.
In Erbil, the dollar recorded an increase, as the selling price reached 142,200 dinars for every $100, and the purchase price reached 141,800 dinars for $100. /End https://ninanews.com/Website/News/Details?key=1228776
During His Meeting With Two US Senators, The Foreign Minister Said: Iraq Is Working Rapidly To Achieve Self-Sufficiency And Energy Independence
Saturday, May 24, 2025, | Politics Number of readings: 115 Baghdad / NINA / Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein affirmed that Iraq is working at an accelerated pace to achieve self-sufficiency and independence in the field of energy.
The Ministry of Foreign Affairs said in a statement: “The Minister met with two members of the US Senate, Independent Senator from Maine Angus King, and Republican Senator from Oklahoma James Lankford. During the meeting, a number of issues of common interest were discussed.
The two senators congratulated Iraq on the success of hosting the recent Arab Summit in Baghdad, and stressed that they had noticed a significant improvement in the level of stability within the country.”
The Minister stressed that Iraqi-American relations are strategic relations that extend from partnership in the war on terrorism, to cooperation in reconstruction, and enhancing stability in the region, in addition to other vital areas including the energy and education sectors, noting Iraq’s aspiration to expand the horizons of these relations, and increase the presence of American companies to benefit from promising investment opportunities, and contribute to construction and development efforts.
The Minister affirmed that Iraq is working at an accelerated pace to achieve self-sufficiency and energy independence by investing in associated gas, enhancing electricity interconnection projects with neighboring countries, and exploring new gas fields.
This will make it a gas-producing country, in addition to being a major oil producer. In this context, he called on specialized American companies to invest in this strategic sector.
He pointed out that Iraq is preparing to hold its sixth legislative elections in November of this year, which reflects the consolidation of the democratic experience among the population and contributes to achieving stability and reconstruction.
At the same time, he expressed his regret that a number of Western countries continue to classify Iraq as a high-risk country in travel advisories for their citizens. This negatively impacts the entry opportunities for foreign companies and hinders the development of tourism and cultural exchange.
On the other hand, the two sides affirmed that the terrorist organization ISIS continues to pose a major threat to countries in the region and the world alike, emphasizing the importance of unifying international efforts to eliminate it and prevent its return.
They also discussed developments in the ongoing negotiations between the United States and Iran, agreeing that dialogue is the best way to resolve outstanding issues, achieve stability, and avoid slipping into escalation and confrontation.
In conclusion, the two sides affirmed their support for a political process in Syria that ensures the establishment of a comprehensive democratic process that expresses the aspirations of the Syrian people and leads to the formation of an elected government that represents the various components of society and preserves their rights. /End https://ninanews.com/Website/News/Details?key=1228777
US Secretary Of State Praises Masrour Barzani And Supports A Strong And Stable Kurdistan
The US State Department commended Kurdistan Regional Prime Minister Masrour Barzani for settling contracts with US companies, affirming Washington’s strong support for the Kurdistan Region as a cornerstone of the relationship with Iraq.
This came during a meeting between Secretary of State Marco Rubio and Barzani on Friday (May 23) in Washington, D.C., where they discussed opportunities to enhance trade and investment between the United States and the Kurdistan Region, according to a statement by State Department Spokesperson Tammy Bruce issued this morning (May 24).
Rubio praised Barzani’s steps to expand natural gas production through settling contracts with US companies, considering this step to enable Iraq to move closer to energy independence. The two sides also stressed the importance of protecting the rights of religious and ethnic minorities in Iraq and Syria.
This meeting follows the signing of two major contracts in Washington, worth $110 billion, between the Ministry of Natural Resources in the region and the companies Western Zagros and HKN Energy, which were attended by Prime Minister Barzani on May 19.
For its part, the Iraqi Oil Ministry announced its rejection of these contracts, to which Barzani commented, “We hope these positions will be reviewed in a way that serves the interests of all Iraqis. The more flexibility Baghdad shows, the clearer our good intentions and shared endeavors will become.” https://www.radionawa.com/all-detail.aspx?jimare=41901
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