Thursday, April 24, 2025
NATIONAL ECONOMY PARLIAMENTARY COMMITTEE PLANS ECONOMIC OVERHAUL FOR 2025 BUDGET
NATIONAL ECONOMY PARLIAMENTARY COMMITTEE PLANS ECONOMIC OVERHAUL FOR 2025 BUDGET
The National Economy, Industry, Trade, and Planning Committee, chaired by MP Farid El-Bustani, met on Wednesday to discuss the economic situation and plans for the 2025 budget.
The meeting criticized the 2024 budget for lacking an economic vision and decided to adopt the McKinsey plan from 2017.
The committee aims to develop ideas with input from experts and international organizations like the World Bank and IMF to present a comprehensive economic plan for the new government.
The meeting also discussed restoring confidence in the banking sector and compensating depositors.
Source: National News Agency – Lebanon
TIDBIT FROM HENING
Henig
Vietnam looks like they're changing their currency from a top-down government-mandated price to allowing the market to discover true value and THEN set the price naturally.
Kurdistan PM Welcomes U.S. Delegation, Discusses Religious Freedom, Unity, and Political Progress
Kurdistan PM Welcomes U.S. Delegation, Discusses Religious Freedom, Unity, and Political Progress
4/23/2025 ERBIL —
Kurdistan Region Prime Minister Masrour Barzani on Wednesday, April 23, received a high-level U.S. delegation led by Riley Barnes, the Deputy Assistant Secretary for Democracy, Human Rights, and Labor at the U.S. Department of State.
The meeting, attended by U.S. Consul General in Erbil Steve Bitner, emphasized America’s continued engagement in the Kurdistan Region and began with the delegation expressing their appreciation for participating in Kurdistan’s National Prayer Breakfast Day.
A key focus of the discussions was the Kurdistan Region’s commitment to peaceful coexistence and religious freedom. PM Barzani and the delegation explored the current state of interfaith harmony in the Region, which has long been recognized as a safe haven for religious and ethnic minorities amid regional unrest.
The talks also highlighted pressing political developments, particularly the urgency of forming the new Kurdistan Regional Government (KRG) cabinet. Both sides underlined the importance of resolving internal political issues swiftly to maintain stability and continue development.
In addition, the conversation touched on the timely resumption of oil exports from the Kurdistan Region—a matter with significant implications for both regional economics and Erbil-Baghdad relations.
This meeting underscores the continued strategic partnership between the United States and the Kurdistan Region, particularly on issues of governance, human rights, and religious pluralism. LINK
Iraq’s Banking Sector Reboot: Sweeping Reforms by the Central Bank
Iraq’s Banking Sector Reboot: Sweeping Reforms by the Central Bank
The Central Bank of Iraq (CBI), with full government support and in partnership with global consulting firm Oliver Wyman, has officially launched a far-reaching reform program for the country’s private banking sector. The aim is to bring Iraq’s banks in line with international standards, modernize infrastructure, boost sector efficiency, and rebuild public and investor trust.
This comprehensive plan is the product of collaboration between the CBI, the government, and the private sector, and it targets the creation of a resilient, innovative, and sustainable banking system that underpins Iraq’s economic development.
Key Objectives of the Reform:
• Expand and deepen financial inclusion for individuals and businesses across Iraq
• Enhance the efficiency and productivity of private banks
• Foster a competitive, fair banking market that can withstand financial and economic shocks
Core Reform Projects:
- Upgrade financial infrastructure, expand branch and ATM networks to improve access
- Develop digital payment systems for fast, reliable banking services
- Streamline anti-money laundering (AML) and counter-terrorism financing (CTF) compliance
- Implement a digital identity system to ensure secure customer verification
- Launch national campaigns to boost public trust and financial literacy
New Banking Standards:
Ownership & Governance:
- Caps on ownership: 10% for individuals/corporations, up to 20% by exception, 60% for institutional investors
- Aggregated ownership rules to prevent coordinated control
- Mandatory independent, qualified Boards of Directors; rigorous checks for executives
- Intensive due diligence for major shareholders to ensure transparency
Business Model & Sustainability:
- Banks must develop detailed, sustainable business plans aligned with Iraq’s needs and adopt new technologies
- Core banking services should reflect the requirements of the Iraqi economy and its citizens
Financial Metrics:
- Minimum capital adequacy ratio: 12.5%
- Minimum liquidity coverage ratio: 100%
- Banks must build resilience to withstand financial shocks
Risk & Regulatory Compliance:
- Full adoption of international AML/CTF frameworks
- Greater transparency, with robust external audits and oversight of related-party transactions
Implementation Process:
- Reform will be phased; all private banks will undergo regular evaluations
- First compliance evaluation set for Q1 2026
- CBI to issue formal standards, timelines, and launch workshops/technical support soon
- All licensed banks required to confirm participation in the reform process
Strategic Choices for Banks:
1. Internal upgrades to meet standards
2. Mergers/consolidation with other banks for greater strength
3. Exit the sector (sale or orderly wind-down) for those unable to comply
Impact on Iraq Stock Exchange (ISX):
- Reforms expected to lift investor confidence, especially among foreign institutions
- Anticipated rise in bank M&A activity, potentially increasing share prices and trading volume
- Improved governance, making listed banks more attractive
- Pressure on weaker banks, driving reform or exit
Conclusion:
This ambitious reform signals a turning point for Iraqi banking. Backed by government and private sector cooperation, the CBI aims to transform the financial system—making it modern, resilient, transparent, and globally connected.
The goal: a trustworthy banking environment supporting Iraq’s sustainable growth and opening the door to domestic and international investors.
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