Tuesday, December 10, 2024
Parliamentary Finance: Amending the budget will end the dispute over the oil file, 10 DEC
Parliamentary Finance: Amending the budget will end the dispute over the oil file
Finance Committee: Budget amendment will end dispute over oil file
The Parliamentary Finance Committee, headed by Representative Atwan Al Atwani, hosted the head of the Federal Financial Supervision Bureau, Mr. Ammar Subhi Khalaf, and the senior staff, to discuss the draft of the first amendment to the Federal General Budget Law.
Al-Atwani stressed, according to a statement by the Parliament’s media, a copy of which was received by {Euphrates News}, “the committee’s keenness to approve the amendment in a realistic and implementable manner, in a way that ends the existing dispute between the federal government and the regional government regarding the oil file.”
He also pointed out that the completion of the committee's work on this amendment is dependent on the presence of the Ministry of Finance to clarify the legal basis for disbursing financial dues to foreign oil companies operating in the region.
For his part, the Chairman of the Federal Financial Supervision Bureau reviewed the schedule of financial dues between the federal government and the region, stressing the documentation of these dues in the Bureau’s reports, with the addition of notes regarding the delivery of the region’s oil and non-oil revenues to the federal government.
The Chairman of the Financial Supervision Bureau stressed the need for the amendment to include clear mechanisms for liquidating financial advances before the end of the year to avoid their accumulation. He stressed that the agreement based on this amendment is good and implementable, with the need to address the observations referred to.
The senior staff of the Financial Supervision Bureau also provided a briefing on the progress of the procedures for localizing the salaries of the region’s employees, indicating that the localization rate exceeded 80% in the banks accredited by the Central Bank of Iraq, with the end of the year set as the final date for completing the biometric cards to ensure that the problem of duplicate salaries is addressed. link
RV UPDATE: BANKS PREPARING FOR POTENTIAL CURRENCY EXCHANGE, 10 DEC
RV UPDATE: BANKS PREPARING FOR POTENTIAL CURRENCY EXCHANGE
Summary
Recent developments suggest a significant shift in the perception of the Iraqi dinar, with banks preparing for potential currency exchanges.
Highlights
- 🏦 Chase Bank is recognizing inquiries about the Iraqi dinar’s revaluation.
- 📈 Mr. Don’s bank visit led to an invitation to meet with a wealth manager.
- 💰 Iraqi television discussed the national budget’s impact on economic stability.
- 📜 Establishing a charitable remainder uni trust could offer tax advantages for dinar holders.
- 📊 The Iraqi Stock Exchange is seeing strong performance in the banking sector.
- 🌍 Iraq is diversifying its economy to reduce reliance on oil revenues.
- 🇻🇳 Vietnam’s trade surplus may lead to a reevaluation of the Vietnamese Dong.
Key Insights
- 🏦 Chase Bank’s acknowledgment of dinar inquiries indicates growing interest in currency revaluation, reflecting changing attitudes in the financial sector.
- 💼 The invitation for Mr. Don and his wife to meet with a wealth manager shows banks’ proactive engagement in potential currency events, signaling a shift in confidence.
- 📊 The national budget’s focus on exchange rates highlights its potential to drive Iraq’s economic recovery and attract investment, crucial for future growth.
- 🏛️ Setting up charitable remainder uni trusts provides a strategic tool for dinar holders, allowing for tax benefits and structured wealth management post-revaluation.
- 📈 The strong trading value in the banking sector suggests increased investor confidence and a positive outlook for Iraq’s financial markets.
- 🌿 Iraq’s efforts to diversify its economy by investing in non-oil sectors align with global economic trends, aiming for a resilient financial future.
- 💵 Discussions in Vietnam about raising the Dong’s value indicate that currency evaluations are a dynamic aspect of global trade strategies, affecting international markets.
The Center for Banking Studies announces its training plan for the year 2025, 10 DEC
The Center for Banking Studies announces its training plan for the year 2025
In the presence of His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, the Center for Banking Studies at the Central Bank of Iraq announced its training plan to be implemented during 2025.
The Director General of the Center for Banking Studies, Dr. Mustafa Munir, said that the center will provide specialized accredited courses and tests in the fields of the financial and banking sector, providing workers in this vital sector with accredited international certificates and practices, in addition to providing solid scientific consultations and studies in the financial and banking fields of the Iraqi banking system.
The attendees expressed their interventions regarding the plan and enhancing its details, in light of the observations and suggestions made by each of them at the level of the accredited specialized certificates axis and the workshops and training courses axis, which reflect the actual training needs of banking institutions and non-banking financial institutions, to raise the level of efficiency of the performance of workers in the banking system, towards achieving the goals of sustainable development in implementation of the government program with the required qualitative achievement.
The deliberative meeting concluded with expressing observations and suggestions that would positively reflect on the effectiveness of the training plan to be launched in 2025, and preparing it in its final form, taking into account the flexibility of the plan and its ability to accommodate developments and keep pace with developments.
Central Bank of Iraq
Media Office link
TIDBIT FROM SANDY INGRAM , 10 DEC
Sandy Ingram
Iraq is in a fragile status. Anytime there is a concern about external forces upsetting Iraq's progress [we] feel obligated to inform IQD investors.
The situation in Syria is more urgent than most of us realize... Video Quote: "...The take over of Aleppo by an Islamist rebel group, the US has designated as a terrorist group, has alarmed residence and officials in neighboring Iraq.
Residents in Mosul are particularly concerned...as it shares a large border with Syria. Mosul was overrun and ruled by Islamic State Militants from 2014 to 2017...Residents in Mosul are concerned the fighting in Syria...might embolden rebel sympathizers in Iraq."
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...