Al-Alaq receives representatives of the Innovation Center at the Dubai International Financial Center, 7 DEC

  Al-Alaq receives representatives of the Innovation Center at the Dubai International Financial Center

The Governor of the Central Bank of Iraq, Ali Al-Alaq, discussed on Thursday with representatives of the Innovation Center at the Dubai International Financial Center ways of cooperation in the areas of enhancing innovation and entrepreneurship, and adopting financial technology and artificial intelligence in the Iraqi banking sector.

The media office at the Central Bank said in a statement received by "Al-Eqtisad News" that "the Governor of the Central Bank, Ali Mohsen Al-Alaq, in Baghdad, held a meeting with representatives of the Innovation Center at the Dubai International Financial Center, during which ways of cooperation were discussed in the areas of enhancing innovation and entrepreneurship, and adopting financial technology, artificial intelligence and advanced infrastructure." 

The statement added that "the meeting reviewed opportunities to support innovation in banking systems and electronic payment solutions, and provide opportunities for emerging companies in these fields to enter Iraqi, regional and global markets."

He pointed out that "the meeting discussed developing training programs to build Iraqi capabilities to keep pace with global developments, enhance regulatory cooperation and adopt the best standards in the fields of financial technologies and banking technology."

The statement said that the two parties "discussed strengthening partnerships between the financial and banking sector, emerging companies and investors, in addition to interacting with universities and various institutions to support the next generation of Iraqi entrepreneurs, expressing their commitment to developing partnerships in a way that contributes to achieving the vision of the Central Bank of Iraq in building a digital economic system and a comprehensive financial system based on technology and innovation."  link

TIDBIT FROM MARKZ, 7 DEC

 MarkZ  

 [via PDK] 

  Article:  “With documents: Test of the draft amendment for the budget law.” 

  The second reading is done and we are waiting on the third reading to have their budget...We hear the third reading may be on Saturday. 

 The rumors in Iraq are along with that third reading they will announce the HCL. I am told there is a good chance it could be published in this Saturdays Gazette. 

I heard that from a couple folks who believe that is going to be our “Go”...We may be in for a crazy few days everyone.

MAJEED:"IRAQ WILL POST THE HCL AND BUDGET WITH RATE IN THE GAZETTE ON SUNDAY/MONDAY @DINARREVALUATION

 

Ernst & Young reveals the completion rate of the Rafidain Bank restructuring project, 7 DEC

  Ernst & Young reveals the completion rate of the Rafidain Bank restructuring project

The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, chaired an expanded meeting to discuss the project to restructure Rafidain Bank.

The committee for this project included officials from the Iraqi Ministry of Finance, the Central Bank of Iraq, the Prime Minister’s Advisor, and the Head of the World Bank Mission in Iraq, in addition to members of Ernst & Young as an expert auditor and consultant in the restructuring process.

The World Bank's Regional Director in Iraq, Emmanuel Salinas, explained the reality of work on this project, in which he presented the opportunities available within the banking work environment in Iraq and the mechanism for developing the restructuring plan in its operational and financial aspects.

While Firas Kilani, an expert in the restructuring project from Ernst & Young, explained that the project has made great progress since its inception in September 2024 and has currently reached 74%, and the next phase of the scope of work will be completed at the end of this month, moving to an advanced stage in this project.

The Governor of the Central Bank confirmed that the support of the Iraqi Prime Minister in this regard has positively accelerated the progress of the project, to reach important stages in the restructuring and development process at Rafidain Bank.  link

LATEST UPDATES ON IRAQI DINAR RV, 7 DEC

 LATEST UPDATES ON IRAQI DINAR RV

Summary

Latest updates on Iraq Dinar RV, CBI contact on new lower notes, and early Christmas celebration insights.

Highlights

• 🔍 CBI Contact: New lower notes rollout is imminent.
• 🎉 Early Christmas: Iraq celebrates Victory Day, a potential trigger for currency revaluation.
• 📈 Dinar Updates: Reports suggest significant value increase in the coming days.
• 💳 Visa Launch: Trade Bank of Iraq introduces international transactions.
• 🤝 Cooperation Agreement: CBI signs with EU and Germany to enhance financial markets.
• 🏦 Currency Stability: Auctions end, new strategies for currency management in place.
• 
  

Key Insights

• 📅 Timeline Tightening: Reports indicate a potential RV within the next week, aligning with Victory Day celebrations, signaling a crucial period for currency changes.
• 🌍 International Engagement: The CBI’s cooperation with the EU and Germany marks a significant step towards global financial integration, bolstering confidence in the Iraqi Dinar.
• 💸 Lower Denominations: The introduction of new notes suggests preparations for a currency value adjustment, indicating a shift in monetary policy.
• 🔄 Currency Conversion: The ending of auctions could lead to a more stable exchange rate, allowing the IQD to be paired with various currencies, enhancing its international usability.
• 📊 Market Reactions: The unveiling of new lower notes raises questions about their timing and the expected currency value increase, reflecting market speculation.
• ⚖️ Regulatory Framework: Discussions on tax implications highlight the financial landscape’s complexity for investors, emphasizing the need for professional advice.
• 🌟 National Pride: Iraq’s focus on showcasing its financial achievements underscores a commitment to a robust economic image, aiming to attract foreign investment and support.

EXCERPTS FROM MARKZ: " VIETNAM RV'd IN -COUNTRY @DINARREVALUATION #iraqidinar #iraqidinarinvestor

 

Honeywell discusses Development of Iraqi Oil Refineries, 7 DEC

  Honeywell discusses Development of Iraqi Oil Refineries

Iraq's Deputy Minister of Oil for Refining Affairs, Hamed Younis, reaffirmed Iraq's commitment to collaborating with reputable global companies to advance its refining sector. This aligns with the government's strategic program and directives from Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani.

During a meeting with Honeywell's Middle East Executive Director, James Moshi, and Iraq Country Head, Mohamed Al-Shabout, discussions focused on strengthening cooperation in refinery development. The meeting also reviewed progress on agreements made during Abdul-Ghani's visit to Honeywell in Houston, USA, last September.

The session was attended by senior officials, including the Director General of the Studies and Planning Department, Naseer Aziz Jabar, and the Deputy General Manager of the South Refineries Company (SRC).

In June, the Ministry of Oil signed a memorandum of understanding with Honeywell to develop oil refineries.

(Source: Ministry of Oil)  link