No Seriousness In Limiting The Acquisition Of Dollar Remittances.” Parliamentary Action Against The National Bank.
Economy 2025-05-24 | 05:05 2,466 views Alsumaria News – Local revealed The Parliamentary Finance Committee on Saturday that the Central Bank of Iraq is not serious about curbing foreign banks’ control of including Al-Ahly Bank. dollar remittances, member Finance Committee Hussein Mounes told Sumaria News, “The Iraqi banking system was founded on a very flawed foundation, as
banks are integrated exchanges and therefore do not meet any international standards that qualify them to be correspondent banks.”
He explained that “the Central Bank was not keen on upgrading these banks in order to raise their classification so that they would be qualified to deal with international banks.”
He added, “The Central Bank resorted to easy solutions, as usual, and did not pursue real strategic solutions,
such as resorting to regional and foreign banks and
relying on them as they are classified in the currency auction and remittances.” He explained that
“the Central Bank undertook four rounds of reforms that did not achieve any tangible results in raising the status of our local banks.
Rather, the international sanctions on our banks increased due to the Central Bank‘s mismanagement.”
He stated that “the Finance Committee sought to amend the banking law in the hope that Iraqi banks would have a percentage or share with foreign banks operating in Iraq,
in order to raise their efficiency and share in the profits or interest and to present the names of these banks internationally, but the Central Bank did not respond to the proposals to amend the law.”
He explained that “foreign banks publish their profits on their official pages,
but there are other invisible profits that come from taking advantage of the exchange rate difference,
which are side transactions that do not appear in the final accounts of banks as financial institutions.”
He explained that “the committee called for limiting the benefits these banks receive,
but we have not seen any seriousness from the Central Bank in resolving this issue,” stressing the
“need for a real roadmap to reform the banking system and classify our local banks.” He explained that
“the number of banks that control the currency sales and remittance window is five,
the most prominent of which is Al-Ahly, in addition to Kuwaiti and Emirati banks, and
there are Turkish banks that will enter the market soon.”
https://www.alsumaria.tv/news/economy/527389/لا-جدية-للحد-من-الاستحواذ-على-حوالات-الدولار-تحرك-برلماني-تجاه-المصرف
Joint Statement Of The Central Bank Of Iraq And The Central Bank Of Tunisia
May 25, 2025 In the context of strengthening bilateral relations and consolidating cooperation between the Republic of Iraq and the Republic of Tunisia,
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq,
met in the Iraqi capital, Baghdad,with His Excellency the Governor of the Central Bank of Tunisia, Mr. Fathi Zuhair Al-Nouri, on the sidelines of the conference:
“Iraq’s National Strategy for Financial Inclusion 2025-2029: Vision and Diagnosis,”
organized by the Central Bank of Iraq.
During the meeting, a memorandum of cooperation and coordination was signed between the Central Bank of Iraq and the Central Bank of Tunisia,
expressing both sides’ commitment to
developing joint frameworks and
consolidating the principles of banking integration,
in light of the development of economic relations between the two brotherly countries.
The memorandum stipulates enhancing cooperation in several areas, most notably:
• Banking supervision and risk management in line with international standards.
• Enhancing and expanding the use of electronic payment systems with the aim of supporting financial inclusion.
• Supervising payment systems and exchanging expertise on developing their technical infrastructure.
• Exchange of information and expertise in the areas of financial innovation, cybersecurity, and combating money laundering and terrorist financing.
This visit provided an opportunity for both parties to discuss financial issues of mutual interest and explore opportunities for joint cooperation in developing the banking sector’s infrastructure,
particularly with regard to modernizing and developing electronic payment systems and financial services.
This reflects both sides’ commitment to
strengthening channels of dialogue and
technical and regulatory cooperation with their counterparts
in the region, the Arab world, and internationally.
Through this partnership, the two sides affirmed their continued efforts to
keep pace with developments in international banking and
build strategic cooperative relations that contribute to
achieving financial stability and
supporting economic growth between the two brotherly countries.
https://cbi.iq/news/view/2900
Advisor To The Prime Minister: Providing Small Loans Provides Employment Opportunities Of No Less Than 60%
Economy May 23, 2025, 11:39 Baghdad – INA – Amna Al-Salami Advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed today, Friday, that providing small loans absorbs and provides employment opportunities of no less than 60%.
He explained that the loans expand the activity of small businesses and increase their contribution to the country’s gross domestic product.
Advisor to the Prime Minister, Mazhar Mohammed Salih, told the Iraqi News Agency (INA):
“Within the framework of administrative reform and combating bureaucracy, which are principles of the government’s approach, the factor of
simplifying procedures is the first priority in maximizing resource management and economic activity to achieve promising sustainable development in accordance with our country’s development goals.” He added,
“Prime Minister Mohammed Shia al-Sudani’s directive to simplify microfinance grants undoubtedly carries significant benefits at both the individual and economic levels, as
many microfinance programs target marginalized or emerging groups, such as women and housewives, contributing to their integration into the economy.” Saleh explained that
“these loans are highly effective financial levers for employment and mobilizing labor market actors, as
they facilitate the start-up of private projects for young people and skilled craftsmen and women, opening the door to entrepreneurship.”
He noted that they “help generate a stable source of income for individuals and their families, and reduce poverty and unemployment rates by empowering individuals economically.
Therefore, these microfinance loans are a cornerstone of the financial inclusion policy and one of its goals of eliminating unemployment and achieving development and income equality as much as possible.”
He explained that “loans
play a significant role in employment policy and
affect the balance of the labor market, by
absorbing and providing employment opportunities that constitute no less than 60% of available job opportunities, not to mention their role in
raising growth rates in the gross domestic product,” noting that
“they play a role in expanding the activity of small enterprises, which increases their contribution to the country’s gross domestic product.” https://www.ina.iq/234862–60.html
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