The General Company for Ports in the Ministry of Transport announced on Saturday that next February will witness the announcement of the completion of the road linking Faw Port and the submerged tunnel by 100 percent.
"By February 2025, the completion of the largest section of the road linking Faw Port to the submerged tunnel will be announced, which is 51 km long, with a completion rate of 100%," said the Director General of the company, Farhan Al-Fartousi, in a statement - received by the Iraqi News Agency - INA.
Al-Fartousi added, "Work on the other sections of the connecting road is proceeding at a good pace, as the completion rates have reached more than 98% in Bridge No.1 and Bridge No.2, which are part of the road project."
Regarding the submerged tunnel project, he indicated that "the actual floating of the tunnel (i.e. starting to raise the concrete blocks to a level higher than sea level and then starting the process of transporting them in a designated direction) will be soon."
PM Muhammed S. Al-Sudani and Minister of Transport Razzaq Muhaibis Al-Saadawi had previously inaugurated the first of the five Faw Port projects, the (Five Berths) project, with a 100% completion rate, and work is proceeding at a good pace on the rest of the other projects in the port.
There is no in county/out of country. Whenever Iraq makes a change on the currency exchange rate in country it's going to affect everywhere around the world in regards to Iraqi dinar.
There's not going to be some special group that you go to, Tier one, tier two, there's no Reno visit. That's all bull shit. There is no redemption centers.
When the time comes we just take our dinar to the bank, we make the exchange. Nobody's going to get a special rate...
Baghdad- INA The Central Bank of Iraq-CBI confirmed on Saturday that no decision or directive has been issued regarding the closure of currency exchange outlets. The bank urged caution in the circulation of news suggesting such closures. In a statement received by the Iraqi News Agency (INA), CBI explained that it is working to expand the network of cash delivery points through all available channels, including Automated Teller Machines (ATMs), Point of Sale (POS) devices, licensed exchange companies, as well as electronic payment companies and electronic payment devices (POS) spread across Iraq
. The bank also stressed the importance of obtaining news from official sources, which are published on its official website and verified social media pages. The statement further noted that the bank has issued directives to all entities in the Iraqi financial and banking sector, including instructions to banks and non-bank financial institutions to expand financial services in areas lacking such services.
In this week’s edition of Newsroom, CH Smith delivers insights into the economic and reform developments in Iraq. The main highlights include the establishment of the Rapidan Bank, which aims to transition towards a market economy, and the upcoming Baghdad International Exhibition that seeks to foster international partnerships.
The Iraqi currency exchange rates show fluctuations due to stock market closures, while gold import regulations are being tightened with a new inspection center at Kerkuk Airport.
The report also discusses the political dynamics between Baghdad and the Kurdistan region regarding oil exports, alongside ongoing restructuring efforts in the banking sector to align with international standards.
Moreover, Iraq’s investment landscape is improving, with new agreements with the UK and increased investments from British companies in the energy sector. Amidst these economic reforms, there are noteworthy diplomatic engagements, including a potential visit from a US envoy aimed at addressing regional security concerns.
💰 Establishment of Rapidan Bank: The Iraqi government is launching a new bank to enhance market economics and financial operations.
🌍 Baghdad International Exhibition: The 48th session of this exhibition is set to strengthen international trade relations and partnerships.
📉 Currency Fluctuations: A decline in dollar prices was noted in Baghdad and Erbil due to recent stock market closures.
🏅 Gold Import Regulations: A new gold inspection center aims to streamline and secure gold imports in Iraq.
🤝 Oil Export Crisis: Ongoing discussions between Baghdad and the Kurdistan region focus on resolving oil export issues and securing salaries.
📊 Banking Restructuring: Plans to restructure key banks in Iraq to align with global standards are underway to enhance financial stability.
🌱 UK-Iraq Economic Partnership: A $1.3 billion trade agreement with the UK aims to bolster Iraq’s development in various sectors, including energy.
Key Insights
💳 Transition to Market Banking: The establishment of Rapidan Bank signifies a pivotal shift in Iraq’s banking sector. By transitioning from state-controlled to market-oriented operations, the bank aims to attract international investors and enhance the financial landscape. This initiative could lead to improved financial services, greater investment opportunities, and a strengthened economy. The 24% state partnership is a strategic move to maintain some level of government oversight while encouraging market dynamics.
🌐 International Trade Opportunities: The Baghdad International Exhibition is poised to be a significant event that will showcase Iraq’s potential as a trade hub. By attracting international companies, the exhibition can facilitate partnerships that not only benefit local businesses but also contribute to economic diversification. The government’s focus on rehabilitation and development of exhibition spaces indicates a commitment to fostering a vibrant economic environment that encourages collaboration.
📉 Impact of Stock Market Closures: The fluctuations in dollar prices resulting from the closure of the Ala and alaria Stock Exchange highlight the sensitivity of Iraq’s economy to market dynamics. Such closures can lead to uncertainty among investors and consumers, affecting the overall economic stability. It underscores the need for a robust financial infrastructure that can withstand such shocks and maintain currency stability.
🏅 Gold Import Inspection Enhancements: The opening of a gold inspection center at Kerkuk Airport represents a significant advancement in Iraq’s import protocols. With the ability to inspect gold imports more efficiently, the country can ensure quality control and compliance with international standards. This move not only protects consumers but also enhances Iraq’s credibility in global markets, potentially increasing its attractiveness for foreign investment.
🤝 Resolving Oil Export Issues: The ongoing dialogue between Baghdad and the Kurdistan region regarding oil exports is crucial for stabilizing Iraq’s economy. Ensuring that salaries are secured while navigating the complexities of oil revenue sharing will be key to maintaining regional stability. This cooperation can lead to a more unified economic framework that benefits all parties involved.
📊 Banking Sector Reforms: The restructuring of Rapidan and Al Rasheed Banks is indicative of a broader reform agenda aimed at enhancing financial stability. By aligning with international banking standards, Iraq can improve its global financial standing, attract foreign investments, and provide better services to citizens. The success of these reforms will depend on their implementation and the government’s commitment to maintaining transparency and accountability in the banking sector.
🌱 UK-Iraq Trade Agreement: The $1.3 billion trade and investment package with the UK signifies a strategic partnership that can lead to substantial economic growth in Iraq. By establishing strategic investment funds and focusing on sectors like energy and logistics, Iraq can harness international expertise and resources. This collaboration is particularly timely as Iraq seeks to diversify its economy away from oil dependency, addressing challenges such as security and climate change.
In conclusion, the economic landscape in Iraq is undergoing significant transformations driven by strategic initiatives and reforms aimed at fostering a market-oriented economy. From banking sector enhancements to international partnerships, these developments hold the potential to position Iraq as a viable player in the global economic arena. As CH Smith emphasizes in his weekly review, staying informed about these changes is crucial for understanding the evolving dynamics of Iraq’s economy and its implications for the region.
PM Muhammed S. Al-Sudani welcomed on Saturday the U.S. Chargé d’Affaires to Iraq, Daniel Rubinstein.
During the meeting, discussions focused on bilateral relations between Iraq and the United States, exploring ways to strengthen them and advance the implementation of mutual agreements "in a manner that benefits both nations and fosters growth in their partnership across various fields," according to a statement by the PM Media Office - received by the Iraqi News Agency - INA.
The meeting also addressed the latest developments in the region, including the situation in Syria and ongoing regional and international efforts to sustain the ceasefire in Gaza, the Palestinian territories, and southern Lebanon.
PM Al-Sudani emphasized "Iraq’s support for all efforts aimed at fostering security, stability, and preventing the escalation of conflicts."
He highlighted "the need for major powers and international organizations to play their full role in halting acts of genocide and highlighted the urgency of providing relief to the residents of Gaza and initiating reconstruction efforts following the ceasefire agreement."