Tishwash: MP: Washington directly supervises the financial system in Iraq
Representative Mukhtar al-Moussawi confirmed today, Monday, that the United States directly supervises the financial system in Iraq, and is aware of the entire movement of money.
Al-Moussawi explained to Al-Maalouma that “the United States directly supervises the financial system in Iraq, and is fully aware of the movement of funds and exiting the country, which gives it broad economic influence that affects the financial decisions of the Iraqi government.
Regarding the security official, Al-Moussawi said that “Iraq has recovered in terms of security and has become able to protect its lands from terrorist attacks, thanks to the development of the capabilities of the armed forces and the Popular Mobilization Forces,” ruling out “the possibility that Washington will use the ISIS terrorist organization card again, given the expected failure of such attempts in the face of the high security readiness enjoyed by the Iraqi military apparatuses.
” Al-Moussawi criticized “some parties that promote the possibility of the return of the threat of the terrorist organization, and an attempt to repeat the 2014 scenario,” stressing that “the security forces and the Popular Mobilization Forces are ready to thwart any terrorist activity that may target the country.”
According to observers, the United States is playing its suspicious role in Iraq, whether through economic intervention or waving the security card, which calls for a firm national position to end its guardianship and restore full autonomy link
Tishwash: Investment opportunities are expanding.. FAO is preparing to transform into the largest industrial city in the Middle East
The Ministry of Industry and Minerals revealed plans on Monday to establish giant industrial projects in the city of Al-Faw, which will make it one of the largest industrial cities in the Middle East, as part of the Strategic Development Road project.
The Deputy Chairman of the Industrial Cities Authority at the Ministry, Riyadh Jassim Kazim, said in a statement to the official newspaper that “the technical designs for the project will be completed soon, as work is proceeding according to well-studied plans, with the completion of the initial designs and the addition of some modifications to ensure the project is implemented in the best possible way.”
He explained that “the development road will transform Iraq into a pivotal commercial center linking the East and the West through advanced industrial cities extending from Al-Faw to the Turkish border,” noting that Al-Faw city will include giant industrial projects including petrochemical plants, power stations, water desalination and liquefied gas facilities, in addition to residential and tourism projects, which will contribute to stimulating trade exchange and creating more than one million job opportunities.
Kazem also stressed that the project will contribute to reducing the time it takes to transport goods from China to Europe to less than 22 days, which will enhance Iraq’s position as a global logistics center.
He pointed out that the preparation of the project’s designs faced some obstacles, such as conflicts on the road’s path with agricultural and economic projects, but coordination was made with local governments and those conflicts were removed, which allowed the preparation of the final technical designs for the project.
He concluded by saying that “the development road will be a fundamental pillar in diversifying the Iraqi economy and reducing dependence on oil, so that Iraq becomes a pivotal part of the international trade map, benefiting from its modern infrastructure and its ability to connect continents.” link
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Tishwash: Sanctions and mistrust.. How will the Iraqi digital currency be born?
Why don’t we develop our systems?
Financial and banking expert Mustafa Hantoush confirmed that talking about launching an Iraqi electronic currency at the present time is premature, in light of a banking system that suffers from structural problems and weak infrastructure.
He explained to “Jarida Platform” that “the culture of electronic payment in Iraq is still immature, and unless the government intervenes and imposes the adoption of electronic payment in government departments, we will not witness any real development in this field.”
Hantoush added that “Iraq does not have an integrated internal transfer system and relies on international systems such as Visa and MasterCard, which makes it a priority to develop the national switchboard, enhance the electronic payment infrastructure, and spread the culture of digital payment among citizens.” He pointed out that “electronic payment, in essence, depends on the presence of funds deposited in banks and their electronic transfer instead of direct cash exchange, which requires a strong infrastructure and broad confidence in the banking system.”
Hantoush stressed that “even major countries such as the United States, Europe and China have not yet been able to develop integrated electronic currencies due to fears of electronic breaches and weak cybersecurity systems,” wondering about the extent to which Iraq, with its current banking system, can achieve this.
He added, “Talk about an Iraqi electronic currency does not match the reality of Iraqi banks, which suffer from sanctions, the absence of their real role in the market, and the presence of a large percentage of money circulating outside the banking system, in addition to the lack of trust in banking institutions.”
He concluded by saying, “The Central Bank still relies on old evaluation mechanisms, and the Islamic banking system has not witnessed real development in Iraq, which makes the priority now to build an integrated banking system, enhance confidence in it, and develop its electronic infrastructure before thinking about launching an electronic currency.” link
