Two federal banks express their readiness to pay the salaries of Kurdistan employees. Document, 30 JAN

 Two federal banks express their readiness to pay the salaries of Kurdistan employees. Document

Shafak News / The two government banks “Al-Rashid and Al-Rafidain” announced on Wednesday their full readiness to disburse the salaries of employees of the Kurdistan Region, in case of sending salary lists by the Federal Ministry of Finance without any obstacles.  

“On January 20, 2025, the Iraqi Ministry of Finance issued an official book bearing the number (268) that included a joint response to Al-Rashid and Rafidain banks on the procedures for paying the salaries of the employees of the Kurdistan Region,” said Suran Omar, MP for Shafmaniyah province.  

In the same context, Al-Rasheed Bank issued an official letter on January 19, 2025 No. (373), in which it affirmed its full readiness to disburse salaries, pointing out that it is waiting for the completion of the necessary agreements with the competent authorities. He also explained that the process of localizing salaries will be through a special banking application that allows employees to receive exchange cards through their mobile devices, while salaries will be distributed through the bank’s branches or approved private banking channels.    

For Rafidain Bank, it confirmed in its letter issued on January 19, 2025 No. (3/1/128) its readiness to pay the salaries of the region’s employees, pointing to the provision of bank card issuance services, including international MasterCard and local cards, to enable employees to receive their salaries easily through approved private banks.   

The salary file of Kurdistan Region employees is witnessing ongoing challenges as a result of financial disputes between the region and the federal government in Baghdad, and despite repeated agreements between the two parties, the process of disbursing salaries sometimes faces delays related to administrative and technical procedures.

In this context, government banks, such as Al-Rasheed and Al-Rafidain, seek to provide modern banking solutions to facilitate the disbursement process and reduce dependence on cash, through the issuance of bank cards and the adoption of digital applications for the localization of salaries.

https://www.shafaq.com/ar/كوردســتانيات/مصرفان-اتحاديان-يبديان-استعدادهما-لصرف-رواتب-موظفي-كوردستان-وثيقة

AJ : The CBI will work to finance important industrial projects that will raise the rate of contribution of the industrial side to the overall economy of Iraq.", 30 JAN

 AJ

"The CBI will work to finance important industrial projects that will raise the rate of contribution of the industrial side to the overall economy of Iraq."

Lots of Good Nuggets to Read His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in the Iraq Energy Conference 2025 organized by the Iraq Development Platform in the capital, Baghdad.

His Excellency the Governor said in a dialogue session on the sidelines of the Iraq Energy Conference 2025: The Central Bank is one of the global banking institutions that adopts unconventional monetary policies and is concerned with achieving "economic stability." His Excellency stressed that the Central Bank intervenes in supporting and financing various projects through its various initiatives,

including renewable energy projects, whether through direct or indirect support, 

pointing to the importance of monetary and financial stability, which is no less important than political and security stability. He added that the Council of Ministers approved enhancing cooperation between government banks with a financial surplus to finance industrial projects through the Industrial Bank, as it is the competent authority in this field, indicating the imminent launch of this major initiative,

in cooperation with TBI Bank, which will work to finance important industrial projects that will raise the rate of contribution of the industrial side to the overall economy of Iraq. Central Bank of Iraq Media Office January 28, 2025

WALKINGSTICK: I'll take a new exchange rate for the IQD that I have in my reserves and deaL!!#iqd

 

Chairman of the Finance Committee: Charting a new path to manage the financial situation in Iraq, 30 JAN

 Chairman of the Finance Committee: Charting a new path to manage the financial situation in Iraq

Mawazine News – Baghdad

The head of the Finance Committee in the House of Representatives, Atwan Al-Atwani, confirmed on Wednesday that the committee has made its top priority to chart a new path to manage the financial situation in the country, by enhancing non-oil revenues.


A statement from the Finance Committee, received by Mawazin News, stated that Al-Atwani, accompanied by the delegation currently visiting the United Kingdom, met with the Lord Baroness of De Souse and the Director of the Oversight Unit in the British House of Commons, separately, in the presence of specialists from the International Partners Foundation.


The statement pointed out that the meetings dealt with the prospects of cooperation between the Finance Committee in the Iraqi Council of Representatives and the competent committees in the British House of Commons, with the aim of exchanging experiences in legislative and regulatory work to serve common interests.


Al-Attani, after being briefed on the structure of the British House of Commons and the House of Lords, explained that the Iraqi Council of Representatives needs to develop permanent specialized formations of experts to chart the course of legislative work, and complete the requirements of passing laws in a way that achieves the supreme interests of the country and is in line with development plans.


He stressed that strengthening the legislative authority with specialized formations will contribute to the maturation of laws and determining the actual need for legislation, away from personal jurisprudence.


Al-Atwani also stressed the need to reduce dependence on oil as a major source of revenue, pointing out that Iraq has other financial resources that can form basic pillars of the budget, such as customs, taxes, investment of state assets, the telecommunications sector, and other government services.

https://www.mawazin.net/Details.aspx?jimare=259157

TIDBIT FROM WALKINGSTICK, 30 JAN

 Walkingstick  

 President Trump put the world on notice that the American dollar will be the reserve currency of the world with or without you.  

Trump protects the United States dollar and the IQD.  Our military forces have poured into Iraq from one area to refortify what we have.

  Why? 

 To protect the reforms, to protect the currency.  Trump was saying I'll take your oil but I'm going to drill baby,

 therefore I'll take a new exchange rate for the IQD that I have in my reserves and deal, deal, deal or no deal...

FIREFLY: They are celebrating along with the US Treasury delegation here on a visit

 

PUK Supports Federal Budget Amendment to Enhance Oil Sector Transparency, 30 JAN

 PUK Supports Federal Budget Amendment to Enhance Oil Sector Transparency

Harem Kamal Agha, Leader of PUK bloc in Iraqi parliament. 

Iraqi parliament PUK oil and gas

The Iraqi parliament is set to vote on an amendment to the federal budget law, marking a significant step towards establishing a legal framework for cooperation between the federal government and the Kurdistan Regional Government (KRG) in the management of oil resources.

Support for Budget Amendment

Harem Kamal Agha, the Leader of the Patriotic Union of Kurdistan (PUK) bloc in the Iraqi parliament, told PUKMEDIA: “The PUK supports the amendment of the 2025 federal budget as per the bill provided by the federal government to the parliament.” 

He continued, “This amendment will help implement the budget law, enhance transparency in the oil sector, and increase state revenues. We are keen to see this amendment legislated in the Iraqi parliament, rather than alternative bills.”

Oil File Gains Legitimacy

Harem Kamal Agha further said: “We support the legislation of the government’s proposal regarding Article 12 of the budget law, which outlines the estimated dues for extracting oil from the Kurdistan Region.” 

He added, “The amendment specifies that the cost of oil production from the Kurdistan Region will be set at 16 dollars per barrel, with the final amount to be determined within 60 days. This amendment will resolve ongoing discussions about the oil file, as it will gain legitimacy once the oil is exported by the State Organization for Marketing of Oil (SOMO).”

Finance Committee Approves Amendment

The parliamentary Finance Committee recently voted in favour of a proposal to amend the section of the federal general budget law related to the resumption of oil exports from the Kurdistan Region.

Dr. Narmin Marouf, a member of the PUK bloc in the Parliamentary Finance Committee, told PUKMEDIA: “The Finance Committee has voted during its meetings to amend Article (12/Second/C) of the Federal General Budget Law, which pertains to the resumption of oil exports from the Kurdistan Region. According to the amendment we voted on, the actual cost of producing and transporting oil from the Kurdistan Region is set at 16 dollars per barrel. This amount will be paid as an advance to the Kurdistan Region until the actual value of oil production and transportation from each field is determined separately by the relevant advisory bodies, within 60 days of the implementation of the Federal General Budget Law.” 

On November 5, 2024, the Council of Ministers approved the proposal to amend Article (12/Second/C) of the Triennial Budget Law No. (13 of 2023), setting the average actual cost of production and transportation of oil from the Kurdistan Region at 16 dollars per barrel.

PUKMEDIA

https://www.pukmedia.com/AR/Home