TNT – “Tidbits From TNT” Wednesday Morning 2-28-2024


Tishwash:  What is the impact of Iraq’s joining the BRICS group?

Former member of the Foreign Relations Committee in the House of Representatives, Khaled Al-Assadi, confirmed on Tuesday that the Sudanese government’s request to join the BRICS economic group is an extremely important step to organize the relationship with the Russian side politically, economically and security-wise, noting that Russia announced its support for the Iraqi request. 

Al-Asadi told Al-Maalouma, “The Iraqi government’s request to join the BRICS economic group is an extremely important step for the Sudanese government to diversify its relations with various countries of the world, especially Russia and the countries organizing the group.” 

He added, “Iraq will actually participate in the group’s meetings until it gains full membership after completing the membership requirements procedures,” noting that “Russia announced its support for the Iraqi request.”

The Russian ambassador to Baghdad, Elbrus Kutrashev, affirmed Russia’s position in support of Iraq’s accession to the BRICS economic group, expressing Russia’s readiness to generously assist Iraq if it joins the group.  link

Tishwash:  It will be influential.” Iraq completes its preparations to join the World Trade Organization

Today, Tuesday (February 27, 2024), the BNN network, which specializes in economic affairs, revealed that the Iraqi government has completed the requirements for joining the World Trade Organization after its internal economic and trade conditions “improved,” in addition to improved investment conditions. 

The network said, according to what Baghdad Today translated, that Iraq has completed all preparations within the timetable set for it by the organization to integrate its commercial operations with its businesses around the world, stressing that Iraq is now able to enter the global trade market through the organization on a large scale. 

It is noteworthy that Iraq submitted an application to enter the organization in 2004, and the application remained pending until the conditions for entry into the international organization were met, which have now ended.

The network says that Iraq “will return to becoming an influential member in terms of international trade and economics through the role it enjoys geographically and economically among the countries of the organization.”  link


Tishwash:  An expert criticizes the US Federal Bank

 Economist, Dr. Mahmoud Dagher, criticized the duplication in the work of the US Federal Reserve towards Iraqi banks.

Dagher said, “What is happening in the Iraqi banking system is a duality that is difficult to explain. The Financial Action Committee (FATF MENA) issued the results of the periodic review of Iraq, keeping it in the white area, as an expression of the commitment of Iraq and its banking institutions to acceptable performance in combating money laundering and combating the financing of terrorism, and the procedures and policies applied.” “Compatible with international standards set by the Financial Action Committee concerned with financial standards at the international level.”

He continued: “But a strange and inexplicable duality has emerged, which is the Federal Reserve’s continued restriction of most Iraqi banks from accessing the country’s wealth and its dollar reserves, and this is what makes the duality inexplicable, but rather leads to attribute this to political matters that have nothing to do with the application of financial rules.” The international resolution was decided by the Financial Action Committee in Iraq.

Dagher asked: “Who will solve this contradiction and save our banking system  link


Tishwash:  Parliamentary Finance calls on banks to open branches outside Iraq

 The head of the Parliamentary Finance Committee, Atwan Al-Atwani, presented eight proposals to develop banking services for Iraqi banks, while calling on banks to open branches outside Iraq and finance investment opportunities.

Al-Atwani said, during the “Finance and Banking Services” conference, which was attended by the “Al-Iqtisad News” correspondent, “We must turn to the banking sector, to address the problems of the Iraqi economy, by financing productive projects and using financial tools to finance the budget deficit.”

Al-Atwani stressed the need for banks to finance investment opportunities, which contributes to the growth of the economy and turns them into indispensable institutions.

The Chairman of the Parliamentary Finance Committee warned that Iraqi banks have a long history and a prominent position, but they were subjected to the wrong policies of the previous regime, which led to their curtailment.

Al-Atwani proposed 8 points for developing banking work, which are:
1- Providing banking institutions with efficient financial and technical staff, and ensuring the development and qualification of their tools and capabilities by involving them in training courses outside Iraq on modern methods of banking, and completing banking transactions using modern methods.

2- Equipping banks and banks with modern, advanced systems in all financial fields and activities and introducing the ATM service to all banks.

3- Establish quality measurement centers in all banks and activate their role by receiving development ideas and visions while honoring those with ideas that prove successful in practical fields.

4- Opening horizons for cooperation and coordination between Arab and international banks and institutions; For the purpose of benefiting from the experiences of those financial institutions that preceded us in development in order to achieve a qualitative shift in Iraqi banks and reduce the time factor to ensure that we join the ranks of the advanced in the banking industry.

5- Encouraging scientific studies and research aimed at developing outstanding performance in our financial institutions, and ensuring the translation of those studies and research from a theoretical reality into a tangible practical reality that reflects positively on the economic level.

6- Study the possibility of opening new branches of local banks outside Iraq for the purpose of expanding the circle of banking activity, providing the best services and attracting more customers to these banks.

7- Approving the basic principles for using interest, to ensure an increase in deposits, ensuring that the process is safe from counterfeiting and addressing issues related to money laundering.

8- It is necessary to point out the efforts of the legislative and executive authorities at the present time in developing the financial system and banking institutions through their efforts to complete and approve the relevant laws, which have reached the final stages, which are:

A – The draft Securities and Commodities Law, which seeks to regulate financial markets and control trading operations in a way that enhances the economic process.

B- The draft law on the Center for Banking Studies, which aims to scientifically develop banking work and raise the level of professional performance of the banking system.

T- The draft Islamic investment sukuk law, which aims to create and diversify investment tools in the Iraqi financial market  link