Thursday, January 2, 2025
Egyptian contractors eye Iraq reconstruction with First Abu Dhabi Bank backing, 2 JAN
Egyptian contractors eye Iraq reconstruction with First Abu Dhabi Bank backing
Shafaq News/ The Egyptian Federation for Construction and Building Contractors is planning to approach First Abu Dhabi Bank for financing to cover the guarantees necessary for Egyptian companies to operate in various international markets, including Iraq.
According to sources cited by “Bloom Gate” on Sunday, “Federation officials are eager for Egyptian companies to expand in Iraq and benefit from reconstruction efforts. They are therefore seeking banks capable of providing guarantees for operations in a market like Iraq, with First Abu Dhabi Bank emerging as a key candidate. The two parties are expected to hold bilateral meetings soon to establish an ideal working mechanism.”
On December 19, Egyptian Minister of Industry and Transport Kamel El-Wazir stated that “President Abdel Fattah El-Sisi had directed the immediate execution of all cooperation aspects with Iraq to meet the Iraqi side’s demands.”
Data from Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS) showed an increase in Egyptian exports to Iraq since the beginning of 2024. CAPMAS data indicated that Egypt's total exports to Iraq reached $308.553 million from January to May, up from $274.073 million during the same period in 2023, marking an increase of $34.48 million.
Conversely, Egyptian imports from Iraq also saw a slight rise during the same period. The value of Egyptian imports reached $4.105 million in the first five months of this year, compared to $2.357 million in the same period of 2023, an increase of $1.748 million.
The value of trade between Egypt and Iraq contributes to the trade exchange between Egypt and the Arab Common Market countries, with Egyptian exports to these countries rising to $1.639 billion from January to May, compared to $1.448 billion in the same period in 2023, an increase of $191.778 million.
BROTHERS TECHNOLOGY : Why IRAQ 🇮🇶 ANNOUNCED THEIR BANKING SYSTEM IS INTERNATIONAL FOR ONE!!, 2 JAN
BROTHERS TECHNOLOGY
Everyone Should really quit the countdown.
Why IRAQ 
ANNOUNCED THEIR BANKING SYSTEM IS INTERNATIONAL FOR ONE.
TWO. HOW CAN A COUNTRY BANKS BE INTERNATIONAL WITHOUT A INTERNATIONAL CURRENCY.
THREE. Remove the anxiousness from your spirit and demeanor,
IN ORDER TO BE IN CONTROL BECAUSE NOW IT’S LITERALLY HOURS FROM THE ANNOUNCEMENT AND EVERYONE HAS TO BE IN ORDER OTHERWISE you’re going to be too anxious and discard your PLANS OF 20+ YEARS OF WAITING IMO, carry on
Iraqi Central Bank completes transition to International Standard Banking Practice, 2 JAN
Iraqi Central Bank completes transition to International Standard Banking Practice
Shafaq News/ On Wednesday, the Central Bank of Iraq (CBI) announced the successful completion of its program transitioning foreign transfers from its electronic platform to being handled directly by Iraqi banks through their international correspondent banks.
"This process began with the foreign currency sales and purchase window, progressed to the electronic platform for foreign transfers, and culminated in the gradual enhancement of balances during 2024, fully realized in the final week of the year," the CBI said in a statement.
The statement hailed the achievement as a “fundamental shift aligned with international best practices to establish a stable and secure financial system,” noting that the initiative had received significant international support and recognition at every stage.
Moreover, the central bank stressed that the new methodology reflects global standards by clearly delineating the roles and responsibilities of central banks from those of commercial banks, "This transition aligns with international practices (ISBP) in separating the Central Bank’s supervisory duties from the commitments and roles of commercial banks."
The bank also announced its continued support for Iraqi banks, confirming it will bolster their balances in correspondent banks using a diverse range of currencies, including the US dollar, Indian rupee, Chinese yuan, euro, UAE dirham, Saudi riyal, and Jordanian dinar.
Highlighting the broader implications of this move, the statement noted, "This achievement enhances the efficiency and security of foreign transfer operations, adopting methods consistent with global practices. It marks a new chapter in Iraq’s financial relationships regionally and internationally, supporting government efforts to expand economic ties and foster investment opportunities."
In conclusion, the CBI expressed its commitment to assisting Iraqi banks in improving their governance, compliance, and anti-money laundering measures, "We are fully prepared to support all Iraqi banks in advancing their performance, thereby bolstering international and regional trust in them and contributing to strengthening Iraq’s banking system and economy as a whole.”
DINAR GURUS UPDATE, 2 DEC
DINAR GURUS UPDATE
Highlights
❓ : The mixed reactions regarding the credibility of the news about ending currency auctions highlight the uncertainty surrounding Iraq’s financial reforms. Analysts stress the importance of waiting until the specified date to determine the veracity of the claims. This cautious approach reflects the complexities of Iraq’s economic landscape and the need for careful scrutiny of financial developments.
🏦 Transition to Global Banking Standards: Iraq’s shift towards operating like other countries with standardized banking systems is a significant step. It indicates a push for modernization within the financial sector, which could attract foreign investment and enhance economic stability. As Iraq aligns itself with global practices, its financial institutions may become more robust and trustworthy.
💵 New Exchange Rate Implications: The expected introduction of a new exchange rate is anticipated to elevate the purchasing power of Iraqi citizens. This change is seen as a culmination of efforts by the CBI to restore economic stability and build confidence among the populace. A stronger currency could lead to improved living standards and foster a sense of security among the citizens.
🤝 Strengthening U.S.-Iraq Relations: The ongoing developments in Iraq’s currency reform process are likely to enhance the relationship between Iraq and the United States. A stable and prosperous Iraq is in the interest of the U.S., and improved economic conditions could lead to increased collaboration in various sectors. This partnership is crucial for Iraq as it navigates its path towards financial independence and security.
In conclusion, Here are the highlights of significant updates in Iraq’s currency reform journey, reflecting a transition towards stability and modernization. The anticipated changes, including the cessation of foreign currency auctions and the introduction of a new exchange rate, are poised to have lasting impacts on the Iraqi economy and its standing in the international community. The insights provided by various commentators underscore the importance of these developments and the cautious optimism surrounding them.
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