Iraq Economic News and Points To Ponder Monday Evening 6-3-24


Iraq Economic News and Points To Ponder Monday Evening 6-3-24

Union Of Arab Banks: Iraq Is A Pioneer In Electronic Banking Services

 June 3, 2024 Baghdad/Iraq Observer   The Union of Arab Banks confirmed today, Monday, that Iraq is a pioneer in electronic banking services, while  noting that the Iraqi banking sector is ancient and its role is vital in economic development.

 The Secretary-General of the Union of Arab Banks, Wissam Fattouh, said,

“There is deprivation from dealing in the dollar, not sanctions, because sanctions mean inclusion on the sanctions list,” pointing out that

 “the effect of deprivation is almost equivalent to sanctions because it is difficult for banks to operate without the dollar currency, which represents… Currency of international trade. Fattouh added,

  “The Iraqi banking sector is an ancient sector and has a history, as its total assets amounted to 157.9 billion dollars, and even its deposits amounted to more than 100 billion dollars.”

 Therefore, this sector is important and its role is vital in economic development in the heart of the country.”

He stressed “the necessity of applying international standards, especially with regard to the standards and laws in force to combat money laundering and terrorist financing.” He pointed to

 “involving the strategy between the Union of Arab Banks and the Association of Iraqi Private Banks, to reach this truly desired goal, and to train and qualify Iraqi cadres in particular.” He pointed out that

  “there has been a great partnership between Iraq and the United States of America for decades and trade exchange, especially after Prime Minister Muhammad Shiaa Al-Sudani made the important historical visit to the United States of America.” He noted that

 “the biggest role today is how to protect the Iraqi banking sector, and that trade exchange actually takes place through Iraqi banks and not through other banks.” He continued,

“Iraq is very advanced in electronic banking services, and the challenge today facing the Iraqi banking sector remains the challenge of compliance.”اتحاد-المصارف-العربية-العراق-رائد-في-ا/       

Declaration Of Function  

June 02, 2024   The Central Bank of Iraq announces the opening of contract employment for the position of cash examiner, provided that applicants for these positions are in accordance with the conditions stated later, with the offer that application will be exclusively via the electronic link:

 Conditions for submitting the form:

The applicant must be of Iraqi citizenship.

 The applicant must not have been convicted of a crime against honor or trust.

The applicant must have completed eighteen years of age and not exceed twenty-five years.

He must have a certificate (preparatory/intermediate). The application will be ignored if it is proven that the applicant holds a certificate higher than the position for which he is applying.


 Submission will be from Sunday, 6/2/2024, until the end of official working hours on Thursday, 6/6/2024.

It is preferable to use the chrome browser when submitting the form.

  Important notes:

The applicant for the job will be ignored in the following cases:

Applying for a job outside his governorate.

The application will be ignored if submitted twice by the same person for any reason.

The application will be ignored if there is a difference between the information entered and the information of the attached documents.

 Applications that do not meet the conditions listed above will be ignored.

 All information provided by you is subject to audits by the relevant authorities.

 Note that the applicant will undergo a test to accept the job.

 Form link  

Form code

Stop Entering The Foreign Currency Buying And Selling Window

 June 03, 2024  It was decided to stop the companies whose details are listed in the table below from entering the foreign currency buying and selling window


 [partial and approximate translation of]

 All approved banks

 And/stop entering the foreign currency buying and selling window

 The details of the suspension of listed companies are provided in the attached table below which begins In sequence (1- Naseem Al-Thalooj General Trading Company) andending in sequence (1171- Company Al-Yaqout General Trading Buildings)» from entering the window for buying and selling foreign currency.

 To act accordingly. With appreciation.

 [signature]  2024/5/30

[See 7 pages of list of 198 businesses in]

:diamonds: To view the titles and list of companies… click here

Central Bank Of Iraq Strategy: A Strong Boost To The Private Sector And Labor Market

Last updated: June 2, 2024  ndependent/- The Central Bank of Iraq’s bank lending strategy 2024-2029 is an important step towards developing the private sector and stimulating the national labor market.

 This strategy aims to increase the credit granted to the private sector and small and medium enterprises, which will contribute to financing new projects in various sectors.

Strategy objectives:

 Increasing credit granted to the private sector: The strategy aims to increase credit granted to the private sector by 4% of non-oil GDP by 2029, equivalent to 7 trillion Iraqi dinars.

 Supporting small and medium enterprises: The strategy aims to increase the credit granted to small and medium enterprises by 3% of non-oil GDP by 2029, equivalent to 5 trillion Iraqi dinars, which will contribute to financing approximately 100,000 projects.

  Improving the business environment: The strategy aims to improve the business environment and attract more local and foreign investors.

 Unifying private sector development efforts: The strategy aims to unify private sector development efforts and coordinate them among concerned parties.

The importance of the strategy:

 Creating job opportunities: The strategy contributes to creating new job opportunities for Iraqi youth.

 Developing the productive and service sectors: The strategy contributes to the development of the productive and service sectors in Iraq.

 Stimulating economic growth: The strategy contributes to stimulating economic growth and enhancing financial stability.

Everyone’s responsibility:

Financial experts and specialists stress the importance of the combined efforts of all stakeholders for the success of this strategy.

The government, banks, investors, and Iraqi youth must work together to achieve the goals of this strategy and create a better future for Iraq.ستراتيجية-البنك-المركزي-العراقي-دفعة/    

Growth Rate Of Bank Accounts In Iraq

 June 02, 2024

 The Central Bank of Iraq announced the growth rates of bank accounts for the past years, starting from the year 2018 and ending in the year 2023, which shows the growth rates during the aforementioned period and according to the attached chart.    

 Central Bank of Iraq      information Office    June 2, 2024

 Growth rate of bank accounts in Iraq Clip_image004

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Provoking Thoughts and Points To Ponder on Advice

Never give advice in a crowd.  – Arab proverb

Never give advice unless asked.  – German proverb

Whatever advice you give, be short.  – Horace

Old men are fond of giving good advice, to console themselves for being no longer in a position to give bad examples.  – La Rochefoucauld

We give advice, but we do not inspire conduct.  – La Rochefoucauld

Good counsel has no price.  – Guiseppe Mazzini

Never advise anyone to go to war or to marry.  – Spanish proverb

Many receive advice, only the wise profit by it.  – Syrus

Admonish your friends privately, but praise them openly.  – Syrus