TNT – “Tidbits From TNT” Wednesday Morning 3-13-2024


Tishwash:  Al-Sudani intends to visit Washington to lift the ban on banks prohibited from dealing in dollars

The head of the Iraqi Securities Commission, Faisal Al-Haimas, announced that three Iraqi banks were sanctioned by the US Treasury, and 25 banks were banned from dealing in dollars. 

 Al-Haims said in a televised interview followed by Mawazine News, “Dialogues with the American side in order to lift restrictions on Iraqi expenses began a month ago on a regular and intensive basis.” 

 He added, “The dialogues with the American side regarding lifting restrictions on Iraqi banks will reach their peak when Prime Minister Muhammad Shiaa Al-Sudani visits Washington to revive confidence in the Iraqi banking sector.”   link

Tishwash:  A parliamentary committee hosts the Minister of Finance to discuss a number of files

The Parliamentary Finance Committee hosted, today, Wednesday, the Minister of Finance, Taif Sami, at the committee’s headquarters in the Iraqi Parliament.
A statement received by the committee said, “The committee held a meeting with the Minister of Finance, in order to discuss a number of topics, including the issue of automation.”

He added, “The meeting was chaired by the Chairman of the Committee, Atwan Al-Atwani, and discussed the procedures for implementing the tax and customs automation system, and a number of important files.”  link


CandyKisses:  Advisor to the Association of Banks: The Central Bank is following a firm approach to achieve banking reform

Economy News _ Baghdad

The advisor to the Association of Iraqi Private Banks, Samir Al-Nasiri, said today, Wednesday, that the Central Bank is moving with a consistent approach to implement its banking reform strategy with the cooperation and support of the Prime Minister and the government, as the management of the Central Bank of Iraq plans to gradually cancel the window of selling foreign currency during 2024, leading to its complete departure by the end of the year, and maintaining it for audit and statistical purposes, in an effort to enable Iraqi banks to establish and establish solid banking relations with the global and regional banking sector in order to achieve the sobriety of the sector. Iraqi banker and full compliance with international banking standards and requirements.

Al-Nasiri stressed in an interview with “Economy News” that Iraqi banks and banks are “prepared and able” to access and deal with foreign correspondent banks through which remittances arrive, by opening inter-bank accounts between the two parties.

Al-Nasiri praised the Central Bank’s procedures and financial plans for this year, in order to regulate banking systems and secure external transfer methods in line with international banking standards.

He said that the strategy of the Central Bank of Iraq for this year is to gradually cancel the electronic platform in line with its procedures and negotiations with the US Federal Reserve and international banks to regulate foreign trade financing. These measures oblige Iraqi banks to open bank accounts in international correspondent banks after they have provided all the requirements required of them by these banks. Al-Nasiri pointed out that the number of Iraqi banks that have accounts, understandings and dealings with these banks amounted to 25 banks that opened more than 40 accounts with correspondent banks, and is expected during the next two months to join other banks to increase the number to what was planned by the management of the Central Bank.

The advisor to the Iraqi Private Banks Association concluded his speech by saying that the regulatory and reform steps that he is working on this year is to control the exchange rate of the cash dollar in the parallel market and return it to the equilibrium price in the cash circulation market.


Tishwash:  An independent representative stresses the need to legislate the oil and gas law

Member of the Parliamentary Oil and Gas Committee, Independent Representative Nazem Al-Shibli, stressed today, Wednesday, the necessity of passing the oil and gas law.

Al-Shibli told Al-Maalouma, “The oil and gas law is the only solution to solve the outstanding problems between the federal government and the Kurdistan region, and its legislation will resolve all disputes between the two parties.”
He added, “The House of Representatives has completed all sections of the law, but the government has amendments and comments on some paragraphs of the prepared law.”

He pointed out “the difficulty of resolving the problems with the region without the oil and gas law,” noting that “11 amendments were made to the law.”
Since the first session of the Iraqi Council of Representatives, in 2005, the draft oil and gas law has remained locked away, as disagreements prevent its approval in its final form. After 18 years , he announced the formation of a committee to develop “a draft of the oil and gas law and present it to the government and the House of Representatives, according to what MP Firas Al-Muslimaoui revealed.

The representative stressed that “there is a real will in the House of Representatives to legislate the law.

Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury’s resources.”   link