Governor of the Central Bank: There is no financial problem that threatens the salaries of employees and we have large resources, 9 JAN

 Governor of the Central Bank: There is no financial problem that threatens the salaries of employees and we have large resources

Baghdad – Mil

On Wednesday, the Governor of the Central Bank, Ali Al-Alak, assured all Iraqis that there is no financial problem that threatens the salaries of employees, stressing the availability of large resources.

“There is no financial problem that threatens the salaries of employees and we have great potential and resources,” Al-Alak told the official agency, noting that “the central bank’s reserves are high and able to cover the demand for the dollar.”

He added that “the Federal Bank praised Iraq’s procedures on foreign transfers,” noting that “the mechanism of granting dollars to the traveler secured his access to the beneficiary exclusively.”

He continued, “The parallel exchange rate is no longer an indicative price at all, and our reserves are immune and the central bank is independent,” stressing that “electronic payment is witnessing development and we have the best international systems of infrastructure.”

He pointed out that “we launched the project of establishing a national company for electronic payment and it has reached advanced stages,” adding that “commissions at the ports are not licensed by the Central Bank and we are working to close them and transfer them to exchange companies.”

He continued, “Incoming remittances are subject to the decision to limit dealing in dinars, and we allowed banks to import dollars and we were able to reduce smuggling operations.”

https://miliq.news/economy/41062–.html

MAJEED : “Controversial laws will witness a new movement after the legislative holiday!!, 9 JAN

 MAJEED

“Controversial laws will witness a new movement after the legislative holiday” The controversial law and personal status law will witness a new movement after the legislative holiday Their holiday ends on January 9 By Sunday, they will show up to work to complete these laws to give their citizens their rights … since Iran has no more power over the country and was ( Forced ) to step aside

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Al-Moussawi: Controversial laws will witness a new movement after the legislative

holiday

Information / Baghdad

A member of the Foreign Relations Committee of the House of Representatives, Mukhtar Al-Moussawi, said on Wednesday that the controversial laws will witness a new

.movement after the legislative holiday

Al-Moussawi said in a statement to the Information Agency, "The controversial laws will witness a new movement after the end of the legislative holiday on January 9, as the trends of the large dominant blocs on the parliamentary

'.scene will become clear

He explained that "the legislative process in Iraq suffers from the dominance of the principle of political consensus between the blocs, which leads to the passage of laws based on political deals and trade-offs instead of relying on

".objective discussions that serve the public interest

He pointed out that "this pattern of legislative work makes controversial laws stuck within the so-called "one basket", where the passage of one law is linked in exchange for the

approval of another law, which hinders the passage of the necessary legislation that citizens are waiting for." Over 25/h

DINAR REVALUATION UPDATE: January's Pivotal Changes for Iraq's Economy!! @DINARREVALUATION

 

Iranian President: economic cooperation with Iraq discussed, completion of Shalamcheh railway line stressed, 9 JAN

 Iranian President: economic cooperation with Iraq discussed, completion of Shalamcheh railway line stressed

Iranian President Massoud Bezhkishian confirmed that discussions with Iraqi officials centered on expanding economic cooperation, with a particular emphasis on the swift completion of Shalamcheh railway line project.

In a joint press conference with Iraqi Prime Minister Mohammad Shia’ al-Sudani, Bezhkishian stated, “Iraq is a key strategic partner for Iran,” adding that “the relations between the two countries are at an all-time high.”

Bezhkishian highlighted Iraq’s progress, noting, “The country is undergoing a period of stability and development.”
 He further pointed out that “the talks with the Prime Minister were productive, particularly in addressing regional developments. ”

“We share a common perspective on the situation in Syria,” he continued, underscoring that “the potential resurgence of terrorist cells remains a shared security concern for both Iraq and Iran.”

On the matter of bilateral cooperation, Bezhkishian reiterated the importance of advancing economic and trade relations, emphasizing the “urgency of accelerating the completion of the Shalamcheh railway line.”

He concluded by expressing Iran’s “deep appreciation for Iraq’s hospitality in welcoming Iranian visitors in recent years.”

https://ina.iq/eng/37562-iranian-president-economic-cooperation-with-iraq-discussed-completion-of-shalamcheh-railway-line-stressed.html

DINAR REVALUATION UPDATE: January is a pivotal month for Iraq, particularly concerning the anticipated rate change , 9 JAN

 DINAR REVALUATION UPDATE: January is a pivotal month for Iraq, particularly concerning the anticipated rate change 

Highlights

Summary

Here we discusses the current state of affairs in Iraq, particularly focusing on economic developments and governmental actions from October to January. 

The period has been relatively quiet, with few significant events aside from the appointment of a new parliament speaker, the Kurdistan elections, and the implementation of a new electronic transfer system by the Central Bank. 

Key discussions revolve around the currency auctions and remittances, which are critical for financing imports, as Iraq lacks a tradable currency. 

The upcoming launch of housing loans through an electronic platform on February 2, the first phase of a railway development project, and the ongoing parliamentary discussions regarding the budget and accountability for governmental ministers. 

The analysis suggests that January is a pivotal month for Iraq, particularly concerning the anticipated rate change and approval of the budget.

• 💰 Currency Auctions Continue: Despite claims to the contrary, Iraq’s Central Bank continues to conduct daily currency auctions to fund imports.
• 🏠 Home Loans Launch: Iraq will begin accepting applications for housing loans starting February 2, potentially allowing foreign ownership.
• 🚆 Railway Development: The first phase of a railway project linking Baghdad and Baji is set to begin, emphasizing the need for a convertible currency.
• 🏛️ Parliamentary Accountability: A parliamentary movement seeks to hold ministers accountable for failures and corruption amid ongoing political tensions.
• 🔍 Budget Delays: The Iraqi budget for 2023 is still pending approval, which is contingent on changes to the currency rate.
• ⚖️ Personal Status Law: The Coordination Framework is advocating for the approval of a controversial law governing marriage and family matters.
• 📈 Critical January: January is highlighted as a crucial month for potential economic changes and developments in Iraq’s financial landscape.

Key Insights

• 📊 Importance of Currency Auctions: The Central Bank’s currency auctions are vital for Iraq’s economy, as they facilitate the import of goods. Despite misinformation, these auctions are ongoing, indicating the government’s need to fund its imports while operating within the constraints of a non-tradable currency. This system is crucial for maintaining economic stability and ensuring the flow of essential goods into Iraq.

• 🏡 Impact of Home Loans on Foreign Investment: The introduction of housing loans through an international platform is a significant step towards encouraging foreign investment in Iraq’s real estate market. By allowing foreigners to apply for home loans, Iraq is attempting to attract diaspora investment, particularly from the Iraqi community abroad. This move could have long-term implications for the housing market and economic growth.

• 🚧 Infrastructure Development as Economic Catalyst: The commencement of the railway project is a promising sign of infrastructure development in Iraq. This project is expected to create jobs and enhance connectivity within the country, which can stimulate economic activity. However, the success of such projects relies heavily on the availability of a convertible currency for payments to foreign contractors.

• 🏛️ Political Accountability and Governance: The push for accountability among ministers reflects an evolving political landscape in Iraq, where citizens and political factions are increasingly demanding transparency and responsibility from their leaders. This movement could lead to significant political changes and impact future governance.

• 📅 Budgetary Implications of Currency Rate Change: The ongoing delays in approving the 2023 budget underscore the interconnectedness between the currency rate and governmental financial planning. The anticipation of a rate change creates uncertainty in budget discussions, suggesting that the government is holding off on finalizing financial commitments until this critical economic adjustment occurs.

• 📜 Legislative Developments on Personal Status Law: The Coordination Framework’s efforts to advance the personal status law highlight the importance of legal frameworks in addressing social issues in Iraq. The law’s approval could have profound effects on family and social structures, particularly within the Muslim community, which could lead to both support and opposition from various factions.

• 🔍 January as a Pivotal Month: The emphasis on January as a critical month for Iraq’s economic future indicates that stakeholders should closely monitor developments during this time. Any changes in the currency rate or significant legislative approvals could have far-reaching implications for both domestic and international investors, influencing confidence in Iraq’s economic recovery and stability.

JEFF: For them to approve the oil and gas law is absolutely waiting for the rate to change!! #iqd

 

The World Bank announces the date for submitting the feasibility study, the path of the development road project and its details, 9 JAN

 The World Bank announces the date for submitting the feasibility study, the path of the development road project and its details

 The World Bank announced its readiness to submit the feasibility study, the path of the development road project, and its details by next February.

A statement by the House of Representatives, a copy of which was received by {Euphrates News}, stated that “the head of the Finance Committee, Atwan Al-Atwani, received today, Wednesday, a delegation from the World Bank headed by {Jean-Christophe Carré}, the regional director for the Middle East, to discuss supporting the railway rehabilitation project within the development road project.

The meeting reviewed the “economic and regional vision of the Development Road Project and its strategic importance in stimulating investment activity, maximizing non-oil revenues and providing job opportunities. It also discussed the possibility of the private sector contributing to its implementation.”

The meeting also discussed the multi-stage support provided by the World Bank for the Development Road Project, including modernizing and rehabilitating the current railway network and linking it from southern Iraq through the north and reaching Turkey.

Al-Atwani reiterated his emphasis that the infrastructure of the development road should be in the hands of the government so that this important project that links Iraq to the countries of the world will not be subject to influences.

The head of the committee pointed out that “our vision is for the development road project not to be a mere transit point, but rather we seek to make it a gateway to activate various economic and commercial activities and develop infrastructure, calling on the World Bank delegation to present new visions and ideas regarding achieving optimal investment for this huge project that is hoped to make Iraq an economic corridor linking Asia to Europe.”

He stressed the need to expedite the submission of the feasibility study related to the railway development plan within the development road project, and to contribute to mobilizing international expertise and attracting the private sector to invest in it in a way that achieves the country’s interest.

Al-Atwani concluded: We look forward to holding joint workshops and extensive meetings with the World Bank, to provide a full briefing on the project details and discuss its details in a way that secures broad parliamentary support for this loan, indicating that “the Finance Committee supports any loans that are economically feasible and bring great benefit to the Iraqi economy, especially since investment in the railway sector is a successful trend and achieves a large financial return.”

For his part, the World Bank delegation appreciated the valuable comments made by Al-Atwani in the context of the rapid transition from the planning and vision stage to the implementation stage, stressing the World Bank team’s readiness to submit the feasibility study, project path and details by next February.