Shafaq News / The Central Bank of Iraq confirmed, on Sunday, the work on providing ATMs and cash payment, while pointing to directing all banks to publish their financial services in all regions.
The bank said in a statement in response to Shafaq News, “the Central Bank of Iraq is working as part of its strategy to provide various services to bank card holders, by expanding the spread of cash delivery outlets and through all available channels, including ATMs, POC cash payment devices, as well as authorized exchange companies, electronic payment companies’ outlets, and electronic POS payment devices spread throughout Iraq.”
He added that “the Central Bank confirmed in its publications, which included directing banks and non-banking financial institutions to publish and expand their financial services in areas that lack the presence of the aforementioned services.”
He pointed out that “while the bank seeks to develop these services by developing the latest infrastructures for financial products and services in Iraq, and continuously improving them.”
[Passing laws] is not a required step for the rate to change.
If they continue their typical pattern and trend where they can't achieve a quorum or they have too many differences and the session of parliament gets rescheduled don't let that be a discouragement. I'm kind of expecting something like that to happen...Either way it does not impact the rate change so don't worry about it.
Health Minister Saleh Mahdi Al-Hasnawi confirmed on Sunday that there are 6 hospitals that will be opened soon in addition to the expansion and rehabilitation of many other health institutions.
The ministry said in a statement, seen by “Economy News”, that it held a community support meeting at the People’s General Hospital in the presence and auspices of Health Minister Saleh Mahdi Al-Hasnawi, Advisor to the Prime Minister for Tribal Affairs, Mohammed Abbas Al-Araibi, the People’s Court, the President of Imam Al-Kadhim University (peace be upon him), a number of security leaders, representatives of the Shiite and Sunni and Christian endowment, the technical agent of the Ministry, Hani Al-Aqabi, the Director General of the Baghdad Health Department of Al-Rusafa Bassem Sabah, a number of officials of health institutions in the Baghdad Al-Rasfa Health Department, a large number of dignitaries, sheikhs of tribes, imams of mosques, Husseiniyats and school principals in
She added,
“The Minister of Health stated the great role of Prime Minister Mr. Mohammed Shia Al-Sudani in the completion of this great health edifice and its continuous follow-up of all stages of completion until the opening and operation.”
Al-Hasnawi pointed out, according to the statement, that “Al-Shab Hospital contains a system for receiving reviewers within the contract concluded with the company operating the hospital according to the electronic system, but as a result of the large numbers that visited the hospital during the first day, which exceeded 2000 reviewers, they were received by the usual methods, as the hospital received more than 15,000 references during the first week of its work.”
The Minister of Health explained that “a large percentage of reviewers do not need to review a specialized hospital and can provide medical and therapeutic services through primary health care centers in the region,” calling for “support for the Ministry of Health by raising citizens’ awareness to maintain this medical edifice and provide a medical service befitting the Iraqi citizen.”
The Minister of Health stressed that “there are 6 hospitals that will be opened soon in addition to the expansion and rehabilitation of many other health institutions.” The statement concluded that “during the meeting, many proposals were put forward to support the health process and preserve the property and medical devices and reject any attack on the medical, health and nursing staff, and the Minister of Health with the dignitaries and sheikhs held a tour of the hospital arcades and a meeting with the reviewers and the hospital administration.”
🏛️Parliament Session Scheduled:The Iraqi Parliament is set to convene on Sunday to address controversial laws.
📅 Budget Approval Looming: The budget has been under amendment for seven months and is now on the verge of being legislated.
💰 Currency Revaluation Expected in January: The speaker anticipates a currency rate change in the second half of January.
📊 Banking System Reforms: Planned reforms aim to enhance financial stability and prepare for currency conversion.
🌍
Tourism Sector Focus: Iraq is preparing to boost its tourism industry as it aims to re-enter the global market.
📆 Critical Month: January is highlighted as a pivotal time for potential changes regarding the currency and budget.
🧾 Legislative Process Important: The speaker emphasizes that the budget must be approved before the new fiscal year, which begins in April.
Key Insights
🔍 Parliamentary Challenges: The upcoming parliamentary session may face challenges in achieving a quorum, a recurring issue that has historically delayed legislative actions. This uncertainty could affect the timeline for implementing significant laws, including the budget. However, the speaker indicates that the rate change is anticipated regardless of parliamentary outcomes, which suggests a potential decoupling of legislative processes from monetary policy.
📊 Long-Awaited Budget: The budget has undergone extensive amendments, reflecting the complexity of the financial landscape in Iraq. The seven-month review process signifies the government’s commitment to addressing economic issues. The timing of the budget’s return from the shelf indicates readiness for legislative action, which is crucial for aligning fiscal policies with the upcoming currency adjustments.
🏦 Banking System Reformation Needs: The proposed reforms in the banking system aim to address underlying financial vulnerabilities and enhance integration into the national and global banking markets. The focus on excluding “bad financial assets” and merging sound assets underscores a proactive approach to stabilizing Iraq’s financial system. This reform is contingent on the currency becoming internationally recognized, highlighting the interconnectedness of monetary policy and banking stability.
🌐 Tourism as an Economic Driver: Iraq’s renewed focus on tourism suggests a strategic pivot towards diversifying its economy. By enhancing tourism, Iraq aims to attract international visitors, which could lead to increased revenue and a more robust economy. This initiative aligns with the broader goal of re-establishing Iraq on the world stage, signaling an openness to international engagement.
⏳ January’s Significance: The speaker underscores that January is a critical month for investments, particularly concerning the currency revaluation and budget approval. This emphasis on timing highlights the potential for significant economic shifts and the need for stakeholders to remain vigilant about developments during this period.
💡 Revaluation and Economic Growth: The anticipated currency revaluation is framed as a necessary step for Iraq’s economic growth. By adjusting the currency, Iraq may improve its financial health, attract foreign investments, and enhance its economic competitiveness. This revaluation is also expected to facilitate the approval of the budget, as the government prepares to align fiscal measures with the new currency value.
🔗 Global Market Integration: The planned banking reforms and tourism initiatives signal Iraq’s intention to integrate more fully into the global market. By modernizing its banking system and fostering tourism, Iraq aims to boost its economic profile internationally. This approach reflects a broader strategy to enhance financial stability and attract global investments, positioning Iraq as a more appealing destination for economic collaboration.
The House of Representatives discusses amending the Unified Retirement Law and the General Budget
1/11/2025
The Iraqi Council of Representatives is scheduled to resume its sessions tomorrow, Sunday, and the first reading of the draft amendment to the Federal Budget Law is on the agenda, as it proposes extending the retirement age for public sector employees to 63 years.
In this regard, Dr. Narmin Marouf, a member of the Parliamentary Finance Committee, said: “The first session of the first legislative term of the new year will be held on Sunday, as the agenda includes the first reading of the draft law amending the General Retirement Law No. 9 of 2014.”
Dr. Narmin Marouf added: “The main article to be amended in the law is Article 5 related to the retirement age, as the amendment proposes returning the retirement age for public sector employees to 63 years, as it was before the legislation of the aforementioned law, which reduced the retirement age to 60 years.
”
The Council of Representatives is scheduled to hold another session on Monday 13/10, and its agenda includes 10 paragraphs, the most important of which is the second reading of the draft amendment to the Federal General Budget Law.
The amendment relates to Article 12 of the Federal Budget Law of the Republic of Iraq for the fiscal years (2023-2024-2025) No. 13 of 2023, and this article concerns the export of oil extracted from the Kurdistan Region through the Iraqi Oil Marketing Company (SOMO).
On 11/7/2024, the Presidency of the Iraqi Council of Representatives decided to extend its legislative term for 30 days, starting from November 9. LINK
The Ministry of finance signed this today, January 12, 2025
The ministry of finance wants these entities not affiliated with the ministry to have their salary calculated on article 77 of the three years budget …. Meaning on the🔥new rate 🔥
And the ministry of finance wants it to be submitted to house of Representative for their approval… which will be held tomorrow, Monday
🚨🚨🚨🚨
FYI, HoR will have the second report and reading of the three years budget… for the second time
Which means it shouldn’t have a third reading… the second reading will be adjusted on the new rate for these people based on article 77 of the three years budget
Parliamentary Finance hosts Taif Sami to discuss 2025 budget schedules and salary insurance
1/12/2025 Baghdad
Today, Saturday, the Parliamentary Finance Committee hosted the Minister of Finance, Taif Sami.
An informed source said, "The meeting will discuss the 2025 budget schedules and securing salaries."
He added, "The meeting will also discuss Article 12 of the 2025 Budget Law Amendment, which relates to resuming the export of Kurdistan Region oil and preparing the final draft of the amendment." LINK
The 2023, 2024, 2025 budget amendment looks to be on the table. It was supposed to be read on Monday, it looks like it's slated for Sunday. So powerful weekend...It looks pretty promising it really does.
Article "Explains the new mechanism for external transfers after the platform is closed"
Here again we're learning they've changed the dollar auctions to the new reinforcement mechanism...That's why you're hearing people squeaking pretty loudly about pricing going up on the streets because they can't get the dollar...
Salaries are secured and a committee is following up on Kurdistan’s dues.. Details of hosting Taif Sami in Parliament
On Saturday, January 11, 2025, the head of the Finance Committee, Atwan Al-Atwani, revealed the details of hosting the Minister of Finance, Taif Sami, within the committee, while indicating that the minister confirmed securing the salaries of employees during 2025 .
Al-Atwani said in a press statement followed by the "Al-Jabal" platform, "Minister of Finance Taif Sami confirmed during her hosting within the Parliamentary Finance Committee that employees' salaries are secured through 2025."
He added, "We have formed a subcommittee to follow up on the Kurdistan Region's dues for the years 2024-2025," adding, "The committee will submit its report in the next Monday's session regarding amending Article 12 / Second / Paragraph C of the General Budget Law."
Earlier today, the Iraqi Parliament's Finance Committee held a meeting, hosting Iraqi Finance Minister Taif Sami, to discuss the issue of amending the country's general budget law and securing employees' salaries.
A source from within the parliamentary finance committee previously told Al-Jebel platform that “this meeting (with the Minister of Finance) was supposed to be held before the legislative recess, but the travel of senior officials from the Iraqi Ministry of Finance prevented that,” adding that “the finance committee will collect all information related to the subject during the meeting to later submit it to the Speaker of Parliament.”
The Parliamentary Committee hosted the Minister at the Parliament headquarters to discuss with her the issue of amending the General Budget Law, which the Parliament is scheduled to conduct its first reading of next Monday, and securing the salaries of public sector employees for the year 2025.
The Iraqi Parliament is scheduled to hold a session on Monday, January 13, to discuss and read a set of proposed draft laws, including an amendment to the provisions of Iraq’s General Budget Law No. 13 of 2023.
The aforementioned amendment is related to the resumption of oil exports from the Kurdistan Region abroad.
Member of the Parliamentary Oil and Gas Committee, Sabah Subhi Haider, had previously stated to the Mountain Platform, “We conducted the first reading of the amendment and all that remains is the second reading and voting on it. All expectations are moving towards an agreement, and there is a political agreement as well as an international and regional agreement on the necessity of re-exporting Kurdistan’s oil at a rate of 400,000 barrels per day.”
He added, "The order to resume oil exports from the Kurdistan Region is still in place, through amending (Article 12, Paragraph/Second C) in General Budget Law No. 13 of 2023."
Oil exports from the Kurdistan Region to abroad via the Turkish port of Ceyhan were halted in March 2023, after the International Court of Arbitration in Paris issued a decision to adjudicate a lawsuit filed by Iraq against Turkey regarding (the illegality of exporting Iraqi oil from the port of Ceyhan without coordination with the Iraqi SOMO Company). According to official statements by officials, the losses of Iraq and the Kurdistan Region from stopping the export process exceeded $20 billion since last year. link
Birth of a new banking entity in Iraq.. A government advisor reveals the details .
--
The financial advisor {Economic: Al Furat News}
to the Prime Minister, Mazhar Muhammad
Salih, revealed a study being conducted by a
global consulting firm, commissioned by the
state, to restructure Rafidain and Rashid Banks, which constitute 85% of the banking market in .
the country
Saleh explained to Al Furat News Agency that "the two banks suffer from a historical legacy of challenges, which requires a comprehensive reform plan to reposition them within the map ".of effective and efficient banking work
Saleh added,
"The study aims to establish a new banking entity specializing in government
banking operations, to meet the government's
needs exclusively. This entity will contribute to
achieving the goals of the unified treasury account, which is a crucial tool for regulating ".cash flows for public finances He pointed out that "the study focuses on
evaluating the legal status of the two banks, including property rights, evaluating assets and
liabilities, and studying the requirements of a strategic partner if necessary, with a focus on
developing the two entities to operate according to advanced financial technology that meets the requirements of the national banking ".market
He stressed that "the structural reform also aims to enhance the integration of the two
banks into the national banking market and enable them to expand into global financial
markets, especially in the areas of trade and ".investment financing for the private sector
He added that "the two potential entities will rely on modern systems in compliance, governance and risk management, with a focus .on digital payments
2025 budget is on the verge of legislation, and delaying the schedules will not stop the decision
Jamal Kojer, a member of the Finance Committee in Parliament, confirmed today, Saturday, that the 2025 budget schedules have not reached Parliament yet, but he stressed that the budget will be legislated during the current legislative session.
Kocher explained in a statement to {Euphrates News} that "the delay in the arrival of the tables will not affect the course of the budget legislation, indicating that the next legislative session will be quieter due to the preoccupation of the representatives with the elections, which will reduce their attendance at the sessions."
It is noteworthy that the financial advisor to the Prime Minister, Mazhar Muhammad Salih, said in a press statement that Article 77/Second of the Federal General Budget Law No. 13 of 2023, which regulates the preparation of the three-year budget, stipulates that the government sends the budget tables for the years 2024 and 2025 to the House of Representatives for approval before the end of the previous fiscal year.
He added that the Ministry of Finance has announced that it is in the process of preparing the general budget schedules for the year 2025, in accordance with the constitutional mechanisms adopted by the aforementioned Triennial Budget Law.
Saleh noted that the federal general budget tables for the year 2025 will be based on the constants of Federal Budget Law No. 13 of 2024, taking into account international and regional economic conditions and their changes, in a way that ensures that the provisions of the budget tables for the year 2025 are adapted within the available legal texts, in addition to relying on the performance of the indicators of the general budget tables for the year 2024. link
I know a lot of you have been under the assumption the government of Iraq could not pay for the salaries in the Kurdistan Region. Nope you were wrong. As a broker who trades Crude Oil, I've known about this for years. OMG and then some. Read BELOW. Game of cat and mouse between the two.
Republic of Iraq. Ministry of Finance
Dashra / Decentralized Accounting
To the Government of the Kurdistan Region of Iraq Council of Ministers Ministry of Finance and Economy / General Directorate
Greetings....
For accounting / M. Accounts unification
Non-oil revenues
Please inform us of the reason for not transferring the non-oil revenues for the months of July, August and September until now, hoping to transfer the revenues in question to our current account (70018) opened at the Central Bank of Iraq as soon as possible.
With appreciation.
Spectrum Sami Muhammad
Minister of Finance
Economist: The Central Bank’s policy is moving towards globalizing Iraqi banks
Economic expert "Safwan Qusay" confirmed that the Central Bank's policy is moving towards globalizing Iraqi banks, while stressing that it will contribute to raising the status of these banks globally.
Qusay said in an interview: "The Central Bank's policy is moving towards consolidating the issue of globalizing Iraqi banks, and the process of ending dealings with the electronic platform will contribute to accepting local banks that have the ability to provide guarantees and international compliance conditions with international correspondent banks."
He added that "these correspondent banks can carry out the process of changing the Iraqi dinar to any global currency immediately, and for more than a million banks around the world, and there is a possibility to develop the performance of other banks in order to succeed in the international acceptance process, and there is still a possibility to import capital from different countries of the world and re-inject it into the local environment in the form of grants in different investment portfolios, and thus the possibility of achieving the goals of the Central Bank in the matter of development."
He pointed out that "the Central Bank will move from the issue of accepting local banks internationally to the issue of participating in the development process, and this will certainly contribute to achieving part of the government program's goals in employing the unemployed, and in forming productive Iraqi capital, especially since a portion of Iraqis own Iraqi dinars outside the banking system, and whenever we start the issue of convincing them to trust Iraqi banks, we will have new doors to operate this monetary mass."
He stressed that this step will contribute to raising the status of Iraqi banks globally, "meaning that they will succeed in the process of having a name in international financial transfer operations, and gradually confidence between banks will be strengthened, and there is what is called credit cover between Iraqi banks and international banks, and the level of confidence will be reflected in the credit cover."
He pointed out, "Whenever there are transfers and coverage at acceptable credit levels, this level may rise so that we succeed in the process of having Iraqi banks that are accepted internationally - and this is a step that does not exist - as Iraqi banks, especially public ones such as Rafidain and Rashid, have withdrawn from international financial transfers since the eighties of the last century."
Pointing out that "rehabilitating these banks, especially TPI Bank, can contribute to our having international acceptance for international correspondents for these banks." link
Iranian diplomat reveals the agenda of Al-Sudani's visit to Tehran
1/7/2025
The Iranian Ambassador to Baghdad, Muhammad Kazim Al-Sadiq, confirmed that Prime Minister Muhammad Shia Al-Sudani will visit the capital, Tehran, tomorrow, Wednesday, in response to an official invitation extended by Iranian President Masoud Pezeshkian.
Iranian semi-official media quoted Al-Sadiq on Tuesday as saying that Al-Sudani's visit to Tehran will last for one day, during which bilateral issues and regional and international developments, especially in Syria, will be discussed.
He explained that the visit also comes to follow up on the implementation of the agreements reached during the visit of Iranian President Masoud Pezeshkian to Baghdad.
The media office of Prime Minister Mohammed Shia al-Sudani announced last Sunday that the latter intends to make an official visit to Iran next Wednesday, January 8, 2025.
The office explained in a statement today that "the visit will include discussing bilateral relations between the two countries and ways to enhance them, in light of what was achieved during the visit of Iranian President Masoud Pezeshkian to Baghdad in September of last year, in addition to the developments witnessed in the region."
An informed source revealed, at the end of 2024, that Prime Minister Mohammed Shia al-Sudani will begin a visit to Iran at the end of this week, to discuss developments in the region.
The source told Shafaq News Agency that Al-Sudani will discuss several files with Iranian leaders, most notably the recent developments in Syria.
Al-Sudani had made several visits to countries in the region after the fall of Bashar al-Assad's regime, including Jordan and Saudi Arabia, where he discussed security issues with the leaders of these countries. Iraq also participated in the Aqaba Conference held in Jordan, with the participation of several countries, including the United States.
Iranian President Masoud Pezeshkian visited Iraq on September 11, and made a three-day tour that included Baghdad, Erbil, Sulaymaniyah, Najaf, Karbala and Basra.
On May 22, Al-Sudani also visited Tehran to participate in the funeral of Iranian President Ebrahim Raisi, who was killed in a plane crash.
An informed political source reported yesterday, Saturday, that the Iraqi Prime Minister received a message from US President-elect Donald Trump.
The source told Shafaq News Agency that Al-Sudani received a message from Donald Trump through a special envoy on an unannounced visit, which included several axes.
The source pointed out that the most prominent axes are the necessity of containing and controlling weapons outside the framework of the state, stopping the activity of factions linked to Iran, in addition to Iraq not interfering in the Syrian file and supporting the formation of the new Syrian government.
Meanwhile, a government source told Shafaq News Agency that Iraq is working diligently to establish security in the region, and that the Prime Minister will present Iraq's vision in this regard during a visit to Iran.
