“Baghdad Metro” is the largest in the region and will cover 85% of the capital’s area - Al-Sudani Advisor
Nasser Al-Asadi, Advisor to the Prime Minister for Transport Affairs, announced today, Thursday, that the Baghdad Metro project will cover 85% of the capital’s area, and while he confirmed that it will be the largest in the region, he indicated that international Arab and foreign companies want to implement it.
Al-Asadi said in a statement to the official agency, followed by the 964 network , that “the Baghdad metro project is the dream of every Iraqi citizen,” explaining that “the project consists of 7 lines with a length of 148 kilometers and 64 stations and contains the latest and most advanced international systems.”
He added, "The project will cover 85 percent of the area of Baghdad, and this area is intended for it to pass by universities, public markets, and religious shrines, in addition to stadiums, ministries, and important places."
He pointed out, “The project consists of 7 lines, each line starting in one area and ending in another, and connecting Karkh and Rusafa from 3 places, in addition to one of these lines will reach Baghdad International Airport.”
He added, “The project will be the largest in the region, and there are a large number of companies wishing to participate in it, such as European and Asian companies, in addition to Qatari and Emirati companies,” stressing that “the project is entirely investment, and the state will have to supervise the project.”
He pointed out that “the state is working within its plan to strengthen the private sector and exercise its real role and provide job opportunities and investment in important sectors that have long been absent from the private sector.” LINK
The Government of Iraq is soon to receive the funding for everything that is waiting for a new international exchange rate, for everything the world is waiting for, for what you're waiting for, for what the Iraqi citizens are desperately in need of.
"IRAQI BANK FRIEND UPDATE" BY WALKINGSTICK, 7 FEB
Walkingstick
[Iraqi Bank Friend Aki update]
Aki [and his boss Number One] went to the meeting on Thursday with everybody else that represents banks in Iraq. The one question we had for them, 'Gentlemen, we've been seeing some articles that are suggesting maybe we're looking at about two more months away...' [they answered] 'NO! Who told you that!'
All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. All the things that Aki [Iraqi bank friend] had to do in order to qualify to exchange the 3-zero notes into American dollars is done. International platforms that were needed in order to do electronic transfers is done...
[Iraqi Bank Friend Aki update]
This is the monetary reform roadmap for the next couple of weeks...January 29th a banking campaign was started to release deeper education about the monetary reform to the Iraqi citizens
...Either Thursday or Friday the Minister of Planning, Minister of Finance, the Governor of the Central Bank of Iraq and the Prime Minister Sudani are all going to be receiving the flow down of information regarding the new currency that is to be released and the new exchange rate for that new currency...Also...the Erbil Stock Exchange (ESX) and The Iraqi Stock Exchange (ISX) have completed their linkup...of international platforms. They are done and going live at any moment.
All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. All the things that Aki [Iraqi bank friend] had to do in order to qualify to exchange the 3-zero notes into American dollars is done. International platforms that were needed in order to do electronic transfers is done...
[Iraqi Bank Friend Aki update]
This is the monetary reform roadmap for the next couple of weeks...January 29th a banking campaign was started to release deeper education about the monetary reform to the Iraqi citizens
...Either Thursday or Friday the Minister of Planning, Minister of Finance, the Governor of the Central Bank of Iraq and the Prime Minister Sudani are all going to be receiving the flow down of information regarding the new currency that is to be released and the new exchange rate for that new currency...Also...the Erbil Stock Exchange (ESX) and The Iraqi Stock Exchange (ISX) have completed their linkup...of international platforms. They are done and going live at any moment.
Stability Of The Dollar Exchange Rate On The Baghdad Stock Exchange
Economy Thursday, February 15, 2024 10:42 AM Baghdad/National News Center Dollar prices stabilized today, Thursday, in the markets of the capital, Baghdad.
The price of the dollar on the Al-Kifah and Al-Harithiya stock exchanges recorded 152,300 Iraqi dinars against 100 dollars, which are the same prices that were recorded yesterday, Wednesday.
Selling prices in money exchange shops in local markets in Baghdad reached 153,250 Iraqi dinars, while purchasing prices reached 152,250 dinars for every 100 dollars. https://nnciraq.com/250530/
The Central Bank Sold More Than $208 Million At Auction Today
Money and business Economy News – Baghdad On Thursday, the Central Bank of Iraq announced its sales of hard currency, amounting to more than 208 million dollars in today’s transactions, according to the official rate of 1310.
Bank data showed that the total cash withdrawals amounted to $22,890,000, while the total amounts of transfers abroad, which include remittances and credits, amounted to $185,517,735, while the total sale amounted to $208,407,735. Views 63 02/15/2024 - https://economy-news.net/content.php?id=40500
An Economic Emphasis On The Importance Of Relying On Private Banks To Improve National Income
Reports | 06:20 - 02/15/2024 Mawazine News – Baghdad Economic affairs specialists urged the necessity of seeking to direct the loans and credit facilities granted by banks to the private sector, towards activating and increasing production processes, indicating that these facilities exceeded 50 trillion dinars last year 2023, but they did not contribute to increasing the rates of domestic product.
Overall, stressing at the same time the importance of building more bridges of trust between investors, businessmen and companies with government and private banks with the aim of facilitating the granting of loans directed towards increasing local production.
Unofficial statistics, reported by the economist, Manar Al-Obaidi, showed that “the credit facilities provided by the banking sector to the private sector exceeded the barrier of 50 trillion Iraqi dinars during the past year 2023, which is the first time that this number of credit facilities provided by the banking sector has been recorded.” "The Iraqi."
Al-Obaidi pointed out that “the value of credit facilities provided to the private sector represents 14 percent of the total Iraqi domestic product,” noting that “despite the increase in the volume of credit facilities provided to the private sector during 2023 by 11 percent compared to the year 2022, the credit ratio The percentage of GDP is still low compared to the percentage of Arab countries, as the percentage reached, according to the World Bank, about 55 percent of the GDP.”
Al-Obaidi explained, “Cash credit facilities increased by 19 percent compared to 2022, as the credit facilities amounted to 40 trillion Iraqi dinars, while the pledged facilities provided by the banking sector to the private sector amounted to 12.5 trillion Iraqi dinars,” suggesting at the same time that “the percentage will rise in the coming years.”
As a result of the increase in the value of deposits with banks, which is considered the most important factor for the banking sector’s ability to provide direct credit facilities to the private sector,” indicating that “increasing the domestic product from non-oil sectors will lead to an increase in demand for credit facilities during the coming years, which will improve the reality of credit provided to the sector.” private" .
In turn, the economic expert, Dr. Ali Daadoush, during his speech to “Al-Sabah” followed by Mawazine News, believes that the first step to the success of the partnership between the two parties is to build confidence between businessmen, merchants and investors from the private sector on the one hand, and with the banks on the other hand.
Daadoush stressed, “In order to empower the private sector, we should move towards activating what he called “moral persuasion” as part of the monetary policy that can be followed with the aim of revitalizing the role of the private sector, by directing the banks by the Central Bank to work in accordance with supporting the private sector by increasing... Investment credit, that is, supporting local production,” indicating that this step “is capable of achieving a lot if the banks move towards this matter.”
Daadoush pointed out that most of the funds granted to the private sector in the past went to finance imports and were not invested in building a production base for local industries, and thus this matter led to deepening imports and weakening local production further.
The Association of Private Banks called on the House of Representatives to intervene to “address” the issue of the US sanctions imposed on it.
A statement by the House of Representatives’ Economy, Industry and Trade Committee, received by Mawazine News, stated that it was “hosting the Association of Iraqi Banks and directors of private banks, to discuss the sanctions imposed by the US Federal Bank on some of them.”
She added, “I listened to a detailed explanation provided by the Association and the directors of private banks about the most important problems and obstacles that private banks suffer from, including “freezing their balances abroad and stopping foreign transactions and transfers with correspondent banks.”
The Association of Private Banks stated, according to the statement, that the ban imposed on these banks “He came in a letter from the Central Bank of Iraq without explaining the reasons,” calling on the House of Representatives and the Parliamentary Economics Committee to “intervene to address this issue in cooperation with the Central Bank and the Council of Ministers.”