Iraq Agrees To Open Another Bank In The US To Establish Relations With Its Banks In Transfer Operations.
economy | 10:43 – 04/26/2025 Mawazine News – Baghdad The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed an agreement to establish another bank in the United States to establish relationships with Iraqi banks in money transfer operations.
The Governor of the Central Bank of Iraq said in an interview followed by (Mawazine News) that he “has begun working on developing a plan to issue cards for small merchants, after completing consultations with companies, so as to accommodate the requests of merchants – a large class in Iraq – to cover their foreign trade without passing through long paths, so that transfers are carried out directly, which will create a major shift in accommodating merchants who do not use the official methods of transfers.”
He noted that the Central Bank of Iraq, in agreement and consultation with the Treasury and the Federal Reserve, has completed the organization of cash dollar sales operations, and that they are now “in an ideal position, by their own testimony.”
He described foreign commercial transfers as “progressing smoothly, as we have expanded the network of correspondent banks abroad in the US and elsewhere. An agreement was also reached to open another bank in the US to establish relationships with Iraqi banks in transfer operations.”
Regarding Iraqi banks barred from dealing in dollars, Al-Alaq said, “They will have to meet requirements related to ownership, compliance, money laundering, governance, and banking services in order to resume their normal operations.”
He explained that these banks “were not subject to sanctions and are not included on the sanctions list, but due to observations about foreign transfers, they were stopped from using the dollar in transactions only.”
He pointed out that a comprehensive plan was launched, which includes the criteria and conditions required to correct the situation of these banks to avoid such problems, after a full year of work on it.
https://www.mawazin.net/Details.aspx?jimare=260919
Action: Launching an electronic platform for paying social security contributions.
Local | 05:23 – 04/27/2025 Mawazine News – Baghdad The Ministry of Labor and Social Affairs clarified, on Sunday, the conditions for granting a retirement pension to workers and the required years of work, while confirming the launch of an electronic platform for paying social security contributions.
Ministry spokesman Hassan Khawam said: “The retirement and social security law for workers, which was enacted during the current parliamentary session, is one of the most important laws. Among the conditions for inclusion are that the worker be of Iraqi nationality, residing in Iraq, and of legal age (63 years or older), and have guaranteed service with paid contributions for a period of no less than 15 years.”
He added, “The law stipulates that the social security retirement pension may not be combined with any other retirement pension.”
Khawam explained that “there is also an optional guarantee for every person working in liberal professions such as a barber, taxi driver, or street vendor. They can participate in social security voluntarily by paying monthly contributions within 15 different categories, starting from 17,500 dinars up to 87,500 dinars, in exchange for retirement salaries ranging between 500,000 and 1,750,000 Iraqi dinars. All workers are covered by the retirement salary without exception.”
He pointed out that “other benefits provided by the law include paid sick leave, free medical care, in addition to a full or partial disability pension and maternity leave for pregnant women with the provision of health care.”
He stressed that “the Ministry of Labor has inspection teams that visit investment projects to ensure workers are registered with social security and verify their numbers. In the event of a violation, the employer is subject to a fine that may reach five times the unpaid contributions.”
Khawam pointed out that “the subscription deduction system has become electronic through the “Daman” platform, with a deduction rate of 5% of the worker’s income, while the government bears 8%, and the employer 12%.”
He explained that “the disbursement of retirement salaries is contingent upon reaching the legal age (63 years) with subscriptions of no less than 15 years, or early retirement according to the specified age and service conditions.”
He explained that “the ministry is working with its social partners and local and international labor organizations to develop labor and social security laws, with the launch of awareness campaigns that have led to a large turnout of workers, especially in the field of optional insurance.”
Regarding health insurance, he indicated that “covered workers pay only 10% of the cost of medical services, whether under optional insurance or in the organized sector.” https://www.mawazin.net/Details.aspx?jimare=260935
Al-Sudani Stresses The Importance Of Simplifying Administrative Procedures That Hinder Investment Projects
Money and Business Economy News – Baghdad Prime Minister Mohammed Shia al-Sudani stressed on Sunday the importance of simplifying administrative procedures that hinder investment projects.
The Prime Minister’s Media Office stated in a statement received by Al-Eqtisad News that “Al-Sudani chaired the regular meeting of the Higher Committee for Reconstruction and Investment, during which the files and projects on the agenda were discussed and decisions made.”
He stressed “the need for the committee to work on reducing administrative steps and strengthening the country’s investment environment,” emphasizing “the importance of ministries focusing on investment projects that maximize the country’s revenues, which is part of the government’s approach to financial and economic reform.”
The meeting witnessed the approval of several housing projects, as well as the establishment of the largest olive farm in Wasit Governorate by an Iraqi-Spanish investment company. This project is one of the outcomes of the Prime Minister’s visit to Spain at the end of last year, during which he met with the President of the World Olive Council.
The meeting discussed “a number of health projects, including the establishment of an early cancer screening center. The Ministry of Health directed that the project be studied and submitted to the Investment Committee.” https://economy-news.net/content.php?id=54869
General Electric: We Have Implemented Strategic Agreements On The Ground In Iraq.
Energy Economy News – Baghdad General Electric’s Iraq Country Manager, Rashid Al-Janabi, confirmed on Sunday that unprecedented government support has strengthened the partnership with the Ministry of Electricity. He also pointed to strategic agreements implemented on the ground that have contributed to improving the efficiency of the electricity grid.
Al-Janabi said, “The unprecedented government support the company has received is a key factor in strengthening the partnership between GE Vernova, the Ministry of Electricity, and the Iraqi government in general.”
He added, “This partnership, which has spanned several decades, has been significantly deepened recently, positively impacting the development of the energy sector, both in terms of adding new production capacities and improving the efficiency of the transportation and production systems.”
He pointed out that “these efforts have resulted in strategic agreements that have been implemented on the ground through major projects over the past two years, contributing to raising the efficiency of the electricity grid and meeting a significant portion of Iraq’s energy needs, supporting future development plans and contributing to improving the environmental situation.”
He added, “We aspire to expand this partnership in the future, to meet national aspirations and meet Iraq’s growing energy needs.” https://economy-news.net/content.php?id=54865
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