Iraq Economic News and Points To Ponder Tuesday AM 6-11-24


Iraq Economic News and Points To Ponder Tuesday AM 6-11-24

Corporate Governance In Iraqi Banks… Enhancing Transparency And Efficiency

 Time: 06/10/2024 Read: 1,378 times   {Economic: Al Furat News} Corporate governance is one of the most important factors that contribute to enhancing the performance and safety of the banking sector.

By applying sound governance principles, banks can improve their efficiency and risk management, and enhance investor and customer confidence.

In Iraq, banks have made great strides in applying corporate governance principles, with support from the Central Bank of Iraq and the Iraqi Deposit Insurance Company.

These efforts have contributed to improving the performance of the banking sector and increasing its transparency, which has had a positive impact on the Iraqi economy in general.

Singapore’s experience in the field of corporate governance in the banking sector is an example to follow.

 The Monetary Authority of Singapore (MAS) has implemented a set of stringent governance standards, including

   disclosure and transparency requirements,

   defining the responsibilities of the board of directors and executive management, and

   periodically evaluating banks’ performance.

 These efforts have made Singapore a global financial center with an excellent reputation for transparency and integrity.

 In Iraq, the Iraqi Deposit Insurance Company can play a greater role in enhancing corporate governance in banks, by encouraging banks to adopt international best practices in this field, and providing training and guidance to members of the boards of directors and executive management.

It can be said that the Iraqi Deposit Insurance Company represents an inspiring success story under difficult circumstances.

Through its vital role in protecting depositors’ funds and enhancing confidence in the banking system, the company contributes to building a strong and stable national economy.

As its efforts in development and innovation continue, the Iraqi Deposit Insurance Company promises to be an essential pillar in achieving sustainable economic development in Iraq.حوكمة-الشركات-في-المصارف-العراقية-تعزيز-الشفافية-والكفاءة

Baghdad Plans To Link China’s Belt And Road With Iraq’s Development Road

Amr Salem June 10, 2024×537.jpg

A map showing the path of China’s Belt and Road initiative. Photo: Asia Green Real Estate

Baghdad ( – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, confirmed on Sunday that it is possible to link China’s Belt and Road with Iraq’s strategic project of the Development Road.

Al-Sudani’s statement took place during his meeting with Dai Houliang, the chairman of China National Petroleum Corporation (CNPC), which is the government-owned parent company of PetroChina.

The meeting addressed Iraq’s interest in developing gas projects, fertilizer industries, and energy projects, in addition to the construction of a power plant and a petrochemical factory, according to a statement issued by the Prime Minister’s Office (PMO).

 The Belt and Road Initiative, also known as the New Silk Road, is a worldwide infrastructure development project launched by the Chinese government in 2013 with investments in more than 150 countries.

 According to the World Bank, the Belt and Road Initiative has the potential to increase trade flows in 155 participating countries by 4.1 percent while also lowering global trade costs by 1.1 to 2.2 percent and increasing the GDP of East Asian and Pacific developing countries by an average of 2.6 to 3.9 percent.

The Chinese initiative aims to build an integrated large market that fully utilizes both international and domestic markets through cultural exchange and integration to improve member countries’ mutual understanding and trust.

 The New Silk Road bridges an infrastructural gap and has the potential to boost economic growth across Asia, the Pacific, Africa, and Central and Eastern Europe.

 Iraq’s $17 billion Development Road project will connect the Al-Faw Grand Port in southern Iraq to the border with Turkey by extending a railway and road network.

 Many Arab, regional, and European countries have expressed their willingness to participate in Iraq’s Development Road project, either by pumping in investments or taking part in the construction works, as it constitutes an important link between Asia and Europe.

 The project is expected to turn the country into a transit center by shortening the travel time between Asia and Europe in an attempt to compete with Egypt’s Suez Canal.

Al-Sudani illustrated earlier that the project includes a railway to transport goods, with a capacity of 3.5 million tons in its first phase that will be increased to 7.5 million tons in the second phase.

The Iraqi Prime Minister mentioned that the project will also include a highway for land transport and pipelines to transport energy, in addition to the Al-Faw Grand Port and the industrial city expected to be one of the largest in the Middle East.

As a global corridor to transport goods and energy, the project will generate many job opportunities for Iraq and the countries of the region, as well as opportunities for industries and businessmen, and it will be a center attracting global trade.  

More Than $273 Million…Central Bank Sales Today

Monday 10, June 2024 12:43 | Economical Number of readings: 204

Baghdad / NINA / The Central Bank of Iraq announced, today, Monday, its total sales of foreign currency through the electronic window.

The window recorded the total amounts of transfers abroad (remittances, credits) at $255,000,000, while the total amount of cash sales amounted to $18,600,000, and the total amount of sales amounted to $273,600,000.

The cash sale was set at 1,305 dinars to the dollar, while the bond credits, international settlements for the electronic card, and foreign transfers were set at 1,310 dinars to the dollar. /End 11

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Provoking Thoughts and Points To Ponder On Adversity:

Every difficulty slurred over will be a ghost to disturb your repose later on.  – Fridiric Chopin

Fire tries gold, misfortune men.  – Anonymous

The fiery trials through which we pass will light us down in honour or dishonour to the latest generation.  – Abraham Lincoln

Thou hast shown thy people hard things: thou hast made us to drink the wine of astonishment. – Bible

A wounded deer leaps the highest.  – Emily Dickinson

The difficulties which I meet with in order to realize my existence are precisely what awaken and mobilize my activities, my capacities.  – Jose Ortega y Gasset