Parliamentary Financial Committee Denies Rumors of Dismissing Iraq’s Central Bank Governor, 31 OCT

Parliamentary Financial Committee Denies Rumors of Dismissing Iraq’s Central Bank Governor

In the political corridors of Iraq, a whisper had taken the shape of a rumor. It hinted at the possible ousting of the governor of the Central Bank of Iraq, a move that would have resulted in a significant shift in the country’s financial structure. However, in a recent statement, Atwan Al-Atwani, the head of Iraq’s parliamentary financial committee, has categorically denied these rumors, offering a much-needed respite to the financial stability of the nation.

Quelling the Rumors

The rumor mill had been abuzz with the alleged plans of dismissing the Central Bank’s governor, a move that could have potentially destabilized Iraq’s already fragile economy. However, Al-Atwani, in his capacity as the head of the parliamentary financial committee, solidified the committee’s stance by refuting these rumors. His denial comes as a reassurance for those concerned about Iraq’s financial future, emphasizing the committee’s faith in the Central Bank’s leadership.

Support for the Central Bank

The parliamentary financial committee has been vocal about its support for the Central Bank’s actions, especially in controlling the exchange rate and addressing economic obstacles. The Central Bank of Iraq, under its current leadership, has been instrumental in maintaining exchange rate stability, a crucial factor for the country’s economic health. The committee’s public endorsement of the bank’s actions underscores its trust in the bank’s capacity to guide the Iraqi economy through the hurdles.

A Vote of Confidence

Al-Atwani’s statement not only dispels the rumors but also serves as a vote of confidence for the Central Bank’s governor. It reassures the investing community and the Iraqi public that the financial leadership of the country remains solid and undisturbed. In a nation where political and economic stability is often under threat, such affirmations are crucial for maintaining faith in the system.

This development is a testament to the resilience of Iraq’s financial institutions, which continue to operate and thrive amid political turbulence. It also underscores the role of the parliamentary financial committee in maintaining transparency and stability, acting as a pillar of support for the nation’s financial institutions.

https://bnn.network/politics/parliamentary-financial-committee-denies-rumors-of-dismissing-iraqs-central-bank-governor/

"RV UPDATE" BY CLARE, 31 OCT

  Clare 

Article:  "What should be put in Sudanese's bag during his visit to Washington?" 

 Quote:  "Prime Minister, Muhammad Shiaa Al-Sudani, received an official invitation from US President Joe Biden to visit the White House, after months of ongoing controversy inside Iraq, over Washington’s postponement of the visit, which was delayed “much” since Al-Sudani took office last October....The expert in Iraqi-American affairs and relations...said: 'A Sudanese visit to Washington must bring in his bag of achievements to prove to the American ally how he will deal with him in terms of oil, the economy, the dollar, the banking system, and others.”

 Article:  "Out of 329.. 'only' 32 Iraqi parliamentarians signed the closure of the American embassy.. Documents "  Quote:  "32 Iraqi parliamentarians, out of 329 others, submitted a request to the Presidency of Parliament to close the American embassy in Baghdad and expel Ambassador Alina Romanski."

 Article:  "Iraq is working to join the World Trade Organization (WTO)."  Quote:  "In the meeting, Al-Hashemi reviewed Iraq’s current efforts and its plan for the next stage in completing the technical files...and preparing them in accordance with the organization’s conditions and fruitful cooperation with international organizations supporting Iraq’s accession to the organization and its quest to obtain full membership in the organization.”

Iraqi dinar Breaking News Iraq's Monetary Reform and CBI Exchange Rate U...

Iraq’s Path to a Digital Economy: New Directives Usher in Era of Electronic Payments, 31 OCT

Iraq’s Path to a Digital Economy: New Directives Usher in Era of Electronic Payments

With the stroke of a pen, the office of Iraq’s Prime Minister has issued a series of executive orders that could reshape the nation’s financial landscape. The mandate, centred on the advancement of electronic payment systems and Point of Sales (POS) technology, signals Iraq’s intention to join the global digital economy’s accelerating tempo.

Driving Digital Transformation

The measures include the implementation of requirements issued by the Central Bank of Iraq, the General Secretariat of the Council of Ministers, and related entities. These directives are designed to fast-track the application of electronic payment systems, a critical step towards modernizing Iraq’s commerce and banking sectors.

But the changes run deeper, extending to the very conduct of government business. Procurement and implementation committees will now use electronic payment tools, integrating digital transactions into the heart of governmental operations.

Embracing Financial Technologies

The executive orders also mandate the adoption of financial and accounting information systems that facilitate the use of electronic payment methods. The implications are profound: a digital leap forward, translating into greater financial transparency, efficiency, and accountability.

The Central Bank of Iraq is tasked with taking all necessary steps to support the implementation of electronic payment systems. This move underscores the vital role of the CBI in driving this digital transformation, a testament to its pivotal role in Iraq’s economic future.

Incentivizing Electronic Payments

Perhaps most intriguingly, the new directives stipulate that government entities impose additional fees for cash transactions. This strategy is designed to nudge citizens and businesses towards electronic payments, fostering a cashless culture that aligns with global trends.

These actions, set to commence on the first of December 2023, represent a bold leap into the future for a nation navigating the complexities of post-war rebuilding and economic revitalization.

While the road to a fully digital economy is long, these directives represent a significant step in that direction. They pave the way for a new era of financial inclusivity and transparency in Iraq, promising a future where digital transactions are the norm rather than the exception.

https://bnn.network/tech/iraqs-path-to-a-digital-economy-new-directives-usher-in-era-of-electronic-payments/

U.S. Dollar Closes Higher Against Iraqi Dinar Amid Global Economic Dynamics, 31 OCT

U.S. Dollar Closes Higher Against Iraqi Dinar Amid Global Economic Dynamics

As the sun settled over the lively markets of Baghdad and Erbil, the U.S. dollar (USD) wrapped up the trading day on a higher note against the Iraqi dinar (IQD). An emblem of global economic dynamics, the USD closed at a rate of 162,000 IQD for every 100 USD in al-Kifah and al-Harithiya Central Exchanges, climbing 200 IQD from its opening rate.

A Snapshot of Parallel Markets

In Baghdad’s bustling parallel markets, the selling and buying rates for the USD were 163,000 and 161,000 IQD for every 100 USD, respectively. The tale was similar in Erbil, the capital of the Kurdistan region, where USD selling and buying rates were 162,000 and 161,900 IQD to 100 USD, respectively.

Global Currency Volatility and Iraqi Markets

The ascent of the USD against the IQD mirrors the ongoing turbulence in global currency markets. With whispers of economic stimulus measures in the United States wafting through trading floors, investor confidence in the currency has surged, leading to a weakening of other currencies, including the IQD.

Notably, amidst this volatility, the exchange rate for Basra crudes has remained an island of stability. This resilience is attributed to the Iraqi government’s efforts to stabilize the oil market and the country’s reliance on oil exports for revenue.

Marketing Local Products: A Key Economic Strategy

While exchange rates command attention, another economic narrative unfolds in Iraq. Prime Minister Barzani has emphasized the importance of marketing local products, signaling a recognition of the potential economic benefits of promoting and exporting local goods. This strategy underscores the necessity for economic diversification and reducing reliance on oil exports.

Overall, the USD exchange rate against the IQD has been influenced by global economic factors, such as stimulus prospects and oil market volatility. The stability of the exchange rate for Basra crudes and the emphasis on marketing local products highlight the economic challenges and opportunities facing Iraq. The country’s economy is heavily dependent on oil exports, and efforts to diversify and promote non-oil sectors are crucial for long-term economic stability and growth.

https://bnn.network/world/us/u-s-dollar-closes-higher-against-iraqi-dinar-amid-global-economic-dynamics/

Ministry of Oil: Approval of the oil and gas law depends on consensus, 31 OCT

 Ministry of Oil: Approval of the oil and gas law depends on consensus, 31 OCT

The government is moving forward with approving the oil and gas law, subject to consensus, according to the Ministry of Oil on Tuesday.

Assem Jihad, a spokesman for the ministry, told the official agency that “the government is committed to approving this law within the current government session.” He added that “the ministry prepared the oil and gas law and submitted it to the government, and this law was discussed by the concerned authorities and the team formed by the regional government.” Additionally, it is covered in the government curriculum.

“The oil and gas law aims to manage Iraq’s oil wealth and ensure fair distribution, which will lead to optimal investment of national resources and support sustainable economic development. Additionally, this law will contribute to the Iraqi state treasury. As a result, the government and the ministry are actively working towards approving this legislation.”

During a recent interview, he stated that the government has allowed ample room for discussion regarding the oil and gas legislation. The minister added that the government’s and ministry’s objective is for the bill to be passed and that all viewpoints are taken into account. He further emphasized that the national interest should be prioritized above any other concerns.

According to him, there were several discussions held among the concerned authorities. However, in the end, the ministry drafted and made necessary amendments to the law that serve the public interest. It is now the responsibility of the government to submit the draft law to the House of Representatives for approval after reaching an agreement on it.

He highlighted that the oil and gas law requires consensus for approval. The ministry drafted the law and consulted with the concerned parties. Any consensual or political aspects remain with the concerned parties.

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