Iraq declares two-day holiday for Christmas celebration
Shafaq News/ Iraq's Cabinet has approved December 25 and 26 as public holidays for Christmas occasion.
In 2018, the Cabinet amended the national holidays law to make December 25 a public holiday for all Iraqis, regardless of faith.
Iraq's Christian population, one of the oldest in the Middle East, has faced significant decline. Once numbering 1.4 million before 2003, the community now counts roughly 300,000 due to decades of violence, displacement, and targeted attacks.
Iraq’s Dinar is revaluing, trading between $4.00 and $4.20, while Basra prepares for a significant international event aimed at boosting economic growth and partnerships.
Highlights
💱 Dinar trading range is $4.00 to $4.20 in Iraq.
🌍 Over 140 ambassadors are gathering in Basra for a major event.
⚓ Basra is undergoing significant development focused on its ports.
💼 Discussions will center on economic growth and investment opportunities.
🏗️ Infrastructure improvements could enhance public services and local jobs.
🤝 Strengthened diplomacy may improve Iraq’s international relationships.
🌟 The world is watching Iraq’s potential for growth and development.
Key Insights
💸 Revaluation of Dinar: The Iraqi Dinar’s trading changes suggest a revaluation, indicating positive economic shifts that could attract foreign investment.
🌊 Basra’s Significance: As a historical trade hub, Basra’s development is crucial for Iraq’s future, showcasing its potential on the global stage.
🚀 Economic Growth Opportunities: The upcoming event presents a platform for discussing investment, which could lead to job creation and improved living standards for Iraqis.
🏙️ Infrastructure Focus: Investments in ports and public services could revitalize the economy, creating a ripple effect on healthcare and education.
🕊️ Diplomatic Relations: Strengthening ties with other nations could open doors for Iraq, enhancing its global standing and access to resources.
🎯 Youth Engagement: The eagerness of Iraqi youth for job opportunities underscores the importance of ongoing development, making them vital to the country’s future.
🔄 Challenges Ahead: Despite progress, Iraq faces security and political challenges that must be addressed to fully realize its economic potential.
Iraqi private banks rely on CBI for “easy profits,” lack economic activity, expert says
Shafaq News/ Most Iraqi private banks still "depend" on the Central Bank of Iraq (CBI) without engaging in any economic activity, banking expert Mohamed Salem confirmed on Monday.
Salem told Shafaq News Agency, “Most private banks engage in limited credit activities and do not contribute significantly to stimulating the Iraqi economy. Their revenue primarily comes from currency exchange, relying on electronic trading, hard currency, and electronic payments. They obtain dollars from the CBI, sell them, and make easy profits.”
"While private banks have stepped back from offering loans, they have led in electronic trading and providing services like ATMs and other digital services, areas where government banks have lagged,” he added.
He explained that "private banks' services have encouraged employees to localize their salaries, while government banks, except the Trade Bank of Iraq, have struggled with low salary localization."
"Despite their failure to keep pace with international or even private banks, government banks remain trustworthy in safeguarding depositors' funds, even in the face of challenges such as the theft and looting they experienced in 2003,” the expert emphasized.
Iran is trying to get their hands on Iraq's $100 million US dollars in the federal reserve bank in New York City...This is why many Iraqis say this is [Sudani as PM's] last go round.
This has been going on for several months...Do not get comfortable with the progress Iraq is making.
There may be a few steps backward and then a lot of steps forward. The tear in the country is showing. Parliament went on winter break without resolving some very very serious issues...
Transportation: More Than 600 Aircraft Cross Iraqi Airspace Daily
The Ministry of Transport announced today, Sunday, that more than 600 aircraft are registered crossing Iraqi airspace daily.
The Director of the General Company for Airports and Air Navigation Management at the Ministry, Abbas Al-Baydani, said in a statement received by the Iraqi News Agency (INA): “The Iraqi airspace witnessed a noticeable increase in the number of passing aircraft, in addition to incoming and outgoing flights at Iraqi airports, as more than 600 passing aircraft were recorded daily during the past seven days.”
He added, "The Iraqi airspace is recording a noticeable increase in air traffic for incoming, outgoing and transiting flights, at a rate of (600 to 630) transiting aircraft per day, and (110 to 120) incoming and outgoing aircraft per day."
He stressed that "these figures highlight the importance of Iraqi airspace as a vital air corridor in the region," praising "the efforts of air navigation personnel who contributed to ensuring the smooth flow of air traffic and providing distinguished services to travelers and airlines."
He pointed out that "the General Company for Airports and Air Navigation Management continues to work, with the direct support and supervision of the Minister of Transport, Razzaq Muhaibis Al-Saadawi, to enhance operational capabilities and infrastructure, to meet the continuous increase in air traffic."
