Salary Schedule Presented to Iraq and KRG: A Step Towards Economic Stability, 22 NOV

Salary Schedule Presented to Iraq and KRG: A Step Towards Economic Stability, 22 NOV

In a significant step towards economic stability in Iraq and the Kurdistan Regional Government (KRG), a meticulously reviewed salary schedule for public sector employees has been presented to both authorities. This development is part of a broader initiative aimed at streamlining salary disbursements and fostering transparency within the payroll systems.

Addressing Salary Discrepancies

Central to this process is the goal to eliminate any inconsistencies, prevent double payments, and detect ghost employees. A fair and systematic approach to salary payments is being sought, one that aligns with the financial capabilities of the governments and caters to the needs of the public sector workforce.

Public Sector Reforms and Economic Stability

Presenting the salary schedule is indicative of the progress being made in public sector reforms. It is a crucial stride towards overall economic stability in the region. These reforms are poised to create a more robust and transparent financial environment, ensuring that the hard-earned money of the public sector’s workforce is managed and disbursed appropriately.

Repercussions on the Ground

On a more granular level, the Delphos City Council has deliberated extensively on an ordinance establishing the pay salary and pay rate for non-bargaining employees and department supervisors. This includes a 10% increase to the upper end of the wage scale range, a response to a 2020 study of competitive compensation for similar positions in other communities.

https://bnn.network/politics/salary-schedule-presented-to-iraq-and-krg-a-step-towards-economic-stability/

IPBL supports governmental efforts reducing exchange rate in parallel market, 22 NOV

 IPBL supports governmental efforts reducing exchange rate in parallel market

Baghdad (IraqiNews.com) – The Iraqi Private Banks League (IPBL) announced on Tuesday its support for government efforts aiming to reduce the exchange rate of the US dollar in the parallel market.

The President of the IPBL, Wadee Al-Handal, in a statement to the Iraqi News Agency (INA), indicated that the great support of the Iraqi Prime Minister, Mohammed Shia Al-Sudani, for the private sector represents the beginning of economic reform in Iraq.

Al-Handal stated that the recent measures of the Central Bank of Iraq (CBI) and the government regarding trade financing using new currencies, such as the euro, the UAE dirham, the Chinese yuan, and the Indian rupee, represent a step toward reducing the exchange rate of the US dollar in the parallel market.

The President of the IPBL noted that the regulation of trade financing carried out by the government and the CBI will lead to an increase in trade financing.

Al-Handal clarified that private banks are taking great steps in expanding international relations with international banks to facilitate the financing of Iraqi trade with countries around the world. 

The Iraqi official added that the private sector is an important partner for the government in providing services and job opportunities and reducing poverty.

https://www.iraqinews.com/iraq/ipbl-supports-governmental-efforts-reducing-exchange-rate-in-parallel-market/

US Response to Attack on Air Base West of Baghdad BY SANDY INGRAM

FICC to increase the number of banks supported by CBI, 22 NOV

 FICC to increase the number of banks supported by CBI

Baghdad (IraqiNews.com) – The Federation of Iraqi Chambers of Commerce (FICC) announced on Tuesday that it has undertaken an initiative to increase the number of correspondent banks supported by the Central Bank of Iraq (CBI).

The President of the FICC, Abdul Razzaq Al-Zuhairi, told the Iraqi News Agency (INA) that the federation undertook an initiative to increase the number of correspondent banks supported by the CBI.

The CBI finished on Saturday the arrangements for an agreement aiming to enhance the balances of five Iraqi banks in the UAE dirham.

A source in the Iraqi banking sector said that the CBI completed the required arrangements related to an agreement with the UAE’s First Abu Dhabi Bank, INA reported.

The source revealed that the implementation of the agreement to enhance the balances of the Iraqi banks in UAE currency will take place this week.

Last week, the CBI reinforced the balance of 13 banks in the Chinese currency.

Merchants and importers can now import their goods from China at the official exchange rate that will be provided by banks dealing in the Chinese currency instead of obtaining the funds they need for their trade from the parallel market, according to the source.

Officials from the CBI held intensive meetings with US officials in Abu Dhabi recently to discuss external transfers to cover imports.

Iraq strengthened its balances in the yuan currency through the Singapore Development Bank to finance the country’s trade with China by about $12 billion annually.

There are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union. 

The CBI is taking several measures to reduce the US dollar exchange rate.

https://www.iraqinews.com/iraq/ficc-to-increase-the-number-of-banks-supported-by-cbi/

Germany working on Financial Inclusion in Iraq, 22 NOV

Germany working on Financial Inclusion in Iraq

Germany's Gesellschaft für Internationale Zusammenarbeit (GIZ) (German Agency for International Cooperation) has joined forces with the Iraqi Private Banks League (IPBL) to work on more inclusive financial services.

"Together, we can harness the unique strengths from both the private sector and the public sector and make a significant contribution to financial inclusion in Iraq", said Lutz Zimmermann, GIZ Iraq's Country Director, during the kick-off event.

GIZ and IPBL signed an agreement that marks the official start of the collaboration of two major activities, the IN4FI advisory program, which supports Iraqi financial service providers in developing inclusive financial services or products, as well as the financial literacy application "Masrafi".

"In the next phase, financial inclusion is not only a goal but also a tool that will enable the Central Bank to support monetary stability in Iraq", highlighted Adnan Asaad, Director General Payments and IT Department at the Central Bank of Iraq (CBI).

This activity is part of the Financial Inclusion for Economic Restart and Integration (FI) Project, co-funded by Germany's Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union (EU).

(Sources: GIZ, IPBL)

https://www.iraq-businessnews.com/2023/11/22/germany-working-on-financial-inclusion-in-iraq/

Evening News with MarkZ. Joined by King Bau later in the podcast. 11/21/...

"RV UPDATE" BY MILITIAMAN, 22 NOV

 Militia Man

  Article:  "Alaq says the rise in the exchange rate in his time and the project to delete the zeros still exists"   When was that?  July 26, 2023.  The plan is still underway, hasn't changed.  It's a dynamic and fluid circumstance.  We had the Bank of International Settlements come out and talk about highly complex financial transactions ...shocks, warning people...we can see there's some fireworks going on...in the background.  

We're hoping Iraq will show us they have Article VIII compliance any time now.   Let's see what happens...

 Article [via MeetMeOnline] quote: 

 "Easing of global commodity prices, the revaluation of the dinar, the continued price subsidies are projected to keep inflation in check..." 

 This is coming from the World Bank...price subsidies are projected to keep inflation in check because of why?  Because of the revaluation of the dinar...The World Bank are the ones talking about the revaluation of the dinar and the revaluation will help facilitate [many things]...