Monday, December 16, 2024
The Central Bank and the Securities Commission sign a joint memorandum of understanding to enhance cooperation, 16 DEC
Mawazine News – Baghdad
The Securities Commission announced on Sunday the signing of a joint memorandum of understanding with the Central Bank to enhance cooperation.
The Vice Chairman of the Securities Commission, Ngham Hussein Ismail, told the official agency: “On the basis of joint cooperation between government institutions, and given the desire of the Securities Commission and the Central Bank of Iraq to create a joint cooperative framework for both parties to contribute to achieving the sustainable development goals in the banking sector, a memorandum of understanding was signed between the two parties.”
She added that “the signing of the agreement came to enhance cooperation between the two parties in the field of information on shareholders, and benefit from the electronic window of the shareholders’ system approved by the Iraq Stock Exchange.” / It’s over
BROTHERS TECHNOLOGY: ." THE RATE IS REALLY ABOUT TO CHANGE" , 16 DEC
BROTHERS TECHNOLOGY
I know a lot you’ll just like and don’t read.
However if you’ll was to have read the previous article you would’ve been able to prove to yourself the rate is really about to change, which is why I said for the first time I’m on high alert 
However I love all you’ll………
Read the paragraph slowly and get excited.
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Ministry of Finance: Launching the salaries of employees of the Kurdistan Region for the month of November, 16 DEC
Economy News – Baghdad
The Ministry of Finance announced on Sunday the release of the salaries of employees of the Kurdistan Region for the month of November.
The ministry said in a statement, seen by “Economy News”, that “the Minister of Finance, Taif Sami Mohammed, received a delegation from the Kurdistan Regional Government headed by the Minister of Finance, Awat Janab Nouri, Omid Sabah, the President of the Council’s Court, Amang Rahim, Secretary of the Council, Fares Issa, Head of the Regional Representation, Abdul Hakim Khosrow from the Follow-up and Coordination Department, Rabaz Abbas Mahmoud, Advisor to the Ministry of Finance, Kofan Tahseen, Director General of Accounting, Abu Bakr Abdullah, Director General of Budget, Maryam Othman, Director General of Retirement, and Abdullah Ramadan known as a financial expert. In order to discuss the salaries of employees and retirees of the region.”
She added that “the meeting witnessed the agreement to send a technical delegation from the Accounting Department of the Federal Ministry of Finance to the Ministry of Finance in the regional government in order to help them amend the monthly audit balances related to salary and retirement disbursements in accordance with the Generalization of the Accounting Department No. (2421) on 30/1/2024.”
She pointed out that “based on the directives of the Prime Minister, the Accounting Department has taken what is necessary to launch the salaries of the region’s employees for the month of November, starting from today’s date, provided that the rest of the treatments and observations are completed in coordination with the ministerial team.”
She added that “the agreement included making the necessary transfers to address the financial excesses associated with retirees’ receivables. Amounting to (430) billion dinars, based on the provisions of Articles (5/I) and (77/I) of the Federal General Budget Law No. (13) for the years (2023, 2024 and 2025), and based on the directives of the Prime Minister, the rest of the observations are addressed in coordination with the technical ministerial team within ten days, starting today, December 15. In addition to reviewing the work of the committee formed under Diwani Order No. 24660, which requires the presence of representatives of the region to the said committee.
The agreement obliged, according to the statement, the region to “disburse the salary dues for the month of October financed by the Accounting Department, and to continue discussions and follow-up with the Committee of Diwani Order No. 24660, to study the issue of the inclusion of retirees of the region in the State Employees’ Retirement Law of 2019.”
DINAR REVALUATION : DINAR & IRAQ UPDATE, 16 DEC
DINAR & IRAQ UPDATE
Summary
Iraq’s Central Bank is implementing new strategies to stabilize the Iraqi Dinar, including partnerships with neighboring countries and a diversified currency basket.
Highlights
- 💰 New money transfer mechanisms initiated by CBI.
- 📅 Dollar auctions expected to end on December 15th.
- 🌍 Iraq seeks partnerships with neighboring countries for economic stability.
- 🏦 Diversifying currency backing with gold and oil reserves.
- 💸 Aiming to eliminate black market currency exchange.
- 🤝 U.S. supports Iraq’s regional role and stability.
- 🌟 Prospects for improved economic conditions and job opportunities.
Key Insights
- 💵 Central Bank Reforms: The Iraqi Central Bank’s new monetary reform aims to stabilize the Dinar by reducing reliance on the US dollar, enhancing economic control. This could empower Iraq economically.
- 🌐 Regional Partnerships: Collaborations with neighboring countries like Jordan and Saudi Arabia indicate a strategic shift towards a more cooperative regional economy, fostering trade relations that could strengthen the Dinar.
- 🪙 Diversified Currency Basket: By backing the Dinar with various currencies, gold, and oil, Iraq aims to mitigate risks associated with currency fluctuations, potentially strengthening its economy.
- 🚫 Combating the Black Market: Efforts to eliminate black market currency exchanges signal a commitment to stabilize the economy, which could enhance trust in the Dinar among citizens.
- 🛡️ U.S. Support for Stability: The U.S. commitment to Iraq’s security and sovereignty reinforces its strategic importance in the Middle East, which could lead to more favorable conditions for economic development.
- 📈 Economic Improvement Potential: If successful, these reforms could lead to increased purchasing power for citizens, stabilization of prices, and a flourishing local economy.
- ⚖️ Risks of Dependency: Despite optimism, reliance on neighboring economies poses risks; if these economies falter, Iraq could experience adverse effects, highlighting the need for careful monitoring of these relationships.
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