Article Quote: "The Central Bank continues the actual implementation of banking reform plans"
Quote: "The Supreme Executive Committee for the Strategy began its work and held its first meeting headed by the Governor of the Central Bank, which is a clear announcement of the beginning of the actual phase of implementing its strategies for banking reform...
What we expect from the procedures and policies adopted by the Central Bank, what has been achieved, and what will be achieved later will be reflected in achieving economic stability by overcoming the challenges of stability in the financial and monetary system,
which will contribute to the stability of the exchange rate and the recovery of the Iraqi dinar inevitably"
Officially.. Signing the contract to implement the Gulf electricity interconnection with Iraq
10/9/2024
TheGulf Cooperation Council countries signed, on Wednesday, a contract toimplement the Gulf electricity market linkage project with Iraq, whichwill enhance energy security and allow the GCC countries to supply Iraqwith about 3.94 terawatt-hours annually at competitive prices less thanthe cost of local production, leading to a reduction in publicexpenditures.
Thesigning took place at the headquarters of the Gulf InterconnectionAuthority in Dammam, eastern Saudi Arabia, under the patronage of Saudbin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province, wholaunched the update of the control center systems for the electricalinterconnection network, which aims to improve the efficiency andflexibility of electricity systems in the face of current and futurechallenges.
BinBadr Al-Aziz stated that implementing the project to link the Gulfelectricity market with Iraq will contribute to the sustainability ofenergy supply and the establishment of local projects, and enhance thestability of the electricity grid in Iraq, which reduces dependence onexpensive traditional energy sources and increases the effectiveness ofusing available resources.
Hestressed that the Gulf electricity interconnection project is one ofthe strategic projects that strengthens the bonds of cooperation in theeconomic and social fields between the GCC countries and neighboringcountries, and enjoys the support of the leaders of the GCC countries inorder to achieve security and stability of the energy system in theregion.
BinAbdulaziz stressed the need for expansion and that the role should notbe limited to ensuring the flow of energy only; as the actual steps havebegun through signing memoranda of understanding to study thepossibility of electrical interconnection with Iraq, Jordan and Egypt, and at the beginning of next year, the actual operation of theinterconnection with Iraq will begin.
Heexplained that signing the contract to implement the Gulf electricitymarket linkage project with Iraq will contribute to enhancing energysecurity and enable the GCC countries to supply Iraq with about 3.94terawatt-hours annually, according to the targets set for 2025, and atcompetitive prices less than the cost of local production, which willlead to reducing public expenditures.LINK
“Parliamentary Finance: These are the reasons for the rise in the exchange rate of the dollar against the Iraqi dinar”
There have been fluctuations going on right now.
The Central Bank is saying “It’s not us” They have a pegged exchange rate and the inconsistencies are because of smugglers and unscrupulous business people in some unlicensed exchange offices.
The reality is that this is going to exist until the value of the dinar is the same or more than the rate of the US dollar. And they know it at the Central Bank.
They know this problem will instantly go away the moment they get a rate change...
I think the Central bank is letting us know how close they are to the REER. (Real Effective Exchange Rate)
Iraq plans to build 52 advanced residential cities
10/9/2024 Baghdad: Hussein Thaghab
The “Real Estate Investment in Digital Transformation” Forum focused on the inevitability of adopting technology in the real estate sector and the benefits it brings to the country, at a time when nearly 200,000 housing units are being built and 52 residential cities are being planned.
The Prime Minister’s speech was read on behalf of the Digital Transformation Advisor, Dr. Hassan Al-Khatib, who said: “This forum enhances the reality of investment in Iraq and keeps pace with the development in digital transformation, which the government attaches special importance to due to its role in achieving sustainable economic development.” He added that “the development of digital technologies will contain challenges and that cooperation with the private sector achieves the goals that the government aspires to, which will push the digital transformation process forward and enhance safe work paths in all sectors.”
He continued that “digital transformation has significant positive effects on the national economy, and Iraq is witnessing the construction of more than 200,000 housing units, which requires the introduction of advanced technology.”
He pointed out that "the country needs to introduce an infrastructure that accelerates the provision of services," noting that "the expansion in construction and the need for communications accelerates the achievement of digital transformation," warning of "the need for an infrastructure that is several times what is available, represented by the Internet, in a way that develops the Iraqi economy to large levels and helps in enhancing production and expanding services and contributes to doubling the annual gross domestic product periodically."
He stated that "the government has a plan to establish a digital academy to train thousands, even millions, of human resources to enable them to use and benefit from new technologies."
Chairman of the Baghdad Investment Commission Ali Al-Attar said: "Many housing projects have begun by introducing digital data, and this plan requires developing the digital system."
He pointed out "the importance of developing digital performance, and we must work to prepare specialized human resources in this plan that aims to adopt technologies that are the most modern in the world."
Representative of the Ministry of Construction and Housing, Hamid Abdul Hamad, stated that “residential cities are among the most important aspects of the government program,” noting that “the study of establishing 52 residential cities is ongoing, 5 of which have been put forward, and the cities’ specifications include that they be smart.”
He pointed out that “the city designs were not approved unless they included advanced technology and the adoption of advanced global companies in the field of digitization.”
Executive Director of the Iraqi Private Banks Association, Ali Tariq, said that “digital transformation represents the most important direction for developing the economic reality in the country, as it rises to advanced and secure levels for money paths in Iraq.”
He pointed out that “rising to global performance requires advanced digital transactions, and here we must start from where the world ended and keep pace with the developments witnessed by the international work arena.”
He pointed out that “the balance of development during the coming period must be the most efficient, and this must be coupled with real work that comes with advanced technology and the necessary human resources.”
Financial expert Dr. Abdul Hafeez Abdul Latif described the government’s insistence on digital transformation as “the first step towards achieving sustainable economic development,” and explained that “the government’s approach represents an important step in the right direction that serves the country and reflects a bright image to the world.”
He pointed out that "correcting paths and creating an ideal environment lies in the extent of adopting digital transformation within Iraq, and the banking system has become a supporter of developing the reality of performance in Iraq through the digital transformation sought by the government." LINK