Tishwash: Saudi official: Our trade exchange with Iraq has increased fivefold in recent years
A Saudi official said that trade exchange between the Kingdom and Iraq has increased fivefold in recent years.
A statement by the Iraqi Foreign Ministry, a copy of which was received by {Euphrates News}, stated that “the Ambassador of the Republic of Iraq to the Kingdom of Saudi Arabia, Safiya Talib Al-Suhail, visited the Saudi Export Development Authority, where she met with the CEO of the Authority, Abdul Rahman Al-Dhakir, in the presence of a number of officials. The Ambassador was accompanied by a delegation from the embassy’s senior staff, in addition to the Iraqi commercial attaché in the Kingdom.”
The statement added that “during the meeting, the latest developments in economic relations and trade exchange between the two countries were reviewed, in addition to the ongoing preparations for the Kingdom’s participation in the Baghdad International Fair for the year 2024. Ambassador Al-Suhail stressed the Iraqi government’s interest in enhancing trade exchange and cooperation in various economic and investment fields.
She also praised the Kingdom’s prominent role in the Baghdad International Fair earlier this year, expressing her aspiration for a broader and more effective participation from the Kingdom in the next edition of the exhibition, reflecting the development of bilateral relations between the two brotherly countries.”
The Ambassador expressed her thanks to the Kingdom for the facilities provided to Iraqi companies participating in exhibitions and trade forums in Riyadh, stressing the importance of strengthening this cooperation in the future.
For his part, Abdul Rahman Al-Dhakir expressed his satisfaction with the remarkable growth in trade exchange between the Kingdom and Iraq in recent years, which has increased fivefold, stressing “the Authority’s readiness to continue supporting and strengthening economic relations between the two countries, while seeking to benefit from successful experiences and exchange expertise between the two sides.” link
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Tishwash: Giant screens in Baghdad to broadcast the Lions’ matches in the qualifiers
Baghdad Municipality announced today, Thursday, that it has installed giant screens in 4 locations in the capital, to show the national team’s matches in the World Cup qualifiers.
The Secretariat stated in a statement :
In support of the “Yalla for the World Cup” campaign and based on the directives of the Prime Minister, the Baghdad Municipality, in cooperation with the Fourth Sports Channel, is installing a number of giant screens in (4) locations in the capital, Baghdad, for the purpose of broadcasting the matches of our national football team in the World Cup qualifiers, to serve the honorable sports audience. The Rashid Municipality will also broadcast the match via the (Baghdad Park) screen in the Al-Bayaa area. link
Tishwash: Warning: Iraqi employees’ salaries are being stolen “electronically” and parliament intervenes
Member of the Parliamentary Finance Committee, Mohammed Nouri, revealed on Wednesday the methods of stealing money from employees’ electronic cards.
Nouri told Shafaq News Agency, “The manipulation and theft of money, electronic card codes, and financial transfers are done by employees in companies and systems, not banks, considering that banks are only a financing entity and have nothing to do with the matter.”
He pointed out that “there is a joint investigative committee formed between the Parliamentary Finance Committee, the Ministry of Finance and the banks in this matter after many employees and citizens were harmed by the theft of their salaries and the money deposited in the electronic card.”
Nouri added, “The investigative committee is following up on the issue in coordination with the Ministry of Finance and will reach good results to determine the circumstances of the theft of employees’ salaries from electronic cards issued by companies in coordination with government and private banks.”link
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Tishwash: Central Bank: We have put foreign transfers and meeting dollar demands on sound tracks
The Central Bank of Iraq revealed, on Wednesday, the mechanism for ending the electronic platform, while indicating that foreign transfer operations and meeting dollar demands were on sound tracks.
The bank stated in a statement received by Mawazine News, that “the electronic platform for foreign transfers managed by the Central Bank of Iraq began at the beginning of 2023 as a first stage to reorganize financial transfers in a way that ensures proactive oversight of them instead of subsequent oversight by the Federal Reserve auditing daily transfers, and this was an exceptional procedure as the Federal Reserve does not usually do this.”
He added, “Plans were made for a gradual shift towards building direct relationships between banks in Iraq and foreign correspondent and accredited banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks.”
He pointed out that “during the year 2024 and until now, 95% of the transfer process from the electronic platform to the mechanism of correspondent banks directly between it and Iraqi banks has been achieved, which means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan. Thus, some expectations about potential impacts on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one batch at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be completed in the coming period.”
He stressed that “trade with the United Arab Emirates, Turkey, India and China represents about 70% of Iraq’s foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transfer in euros, Chinese yuan, Indian rupees, and Emirati dirhams, through approved correspondent banks in those countries, and (13) Iraqi banks have actually begun conducting transfer operations with the prior audit mechanism that was agreed upon and approved in addition to transfers in dollars.”
He continued, “With the provision of channels for personal transfers for legitimate purposes and external purchases through electronic payment channels, global money transfer companies, cash sales to travelers, and the payment of cash dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions.”
The Central Bank of Iraq stressed that “it has placed external transfer operations and meeting dollar demands on sound paths consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law.”
He explained that “providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation, and any other price traded outside those channels is an abnormal price that those with unorthodox or illegal practices who move away from official channels in their dealings resort to, so they bear the additional costs of purchasing at a higher price than the official price to delude others with the difference between the official price and others.” link
