Iraqi Central Bank: We are working to provide ATMs in all areas, 13 JAN

 Iraqi Central Bank: We are working to provide ATMs in all areas

Shafaq News / The Central Bank of Iraq confirmed, on Sunday, the work on providing ATMs and cash payment, while pointing to directing all banks to publish their financial services in all regions.

The bank said in a statement in response to Shafaq News, “the Central Bank of Iraq is working as part of its strategy to provide various services to bank card holders, by expanding the spread of cash delivery outlets and through all available channels, including ATMs, POC cash payment devices, as well as authorized exchange companies, electronic payment companies’ outlets, and electronic POS payment devices spread throughout Iraq.”

He added that “the Central Bank confirmed in its publications, which included directing banks and non-banking financial institutions to publish and expand their financial services in areas that lack the presence of the aforementioned services.”

He pointed out that “while the bank seeks to develop these services by developing the latest infrastructures for financial products and services in Iraq, and continuously improving them.”

https://www.shafaq.com/ar/اقتصـاد/المركزي-العراقي-نعمل-على-توفير-جهزة-الصراف-ال-لي-في-جميع-المناطق

TIDBIT FROM JEFF, 13 JAN

 Jeff  

[Passing laws] is not a required step for the rate to change. 

 If they continue their typical pattern and trend where they can't achieve a quorum or they have too many differences and the session of parliament gets rescheduled don't let that be a discouragement.  I'm kind of expecting something like that to happen...Either way it does not impact the rate change so don't worry about it.

MZ:The best time to do this was between 11PM est & 2AM est on a Saturday night into a Sunday Morning

 

Al-Hasnawi: Opening of 6 hospitals soon and we will continue the expansion and rehabilitation of health institutions, 13 JAN

 Al-Hasnawi: Opening of 6 hospitals soon and we will continue the expansion and rehabilitation of health institutions

Economy News – Baghdad

Health Minister Saleh Mahdi Al-Hasnawi confirmed on Sunday that there are 6 hospitals that will be opened soon in addition to the expansion and rehabilitation of many other health institutions.

The ministry said in a statement, seen by “Economy News”, that it held a community support meeting at the People’s General Hospital in the presence and auspices of Health Minister Saleh Mahdi Al-Hasnawi, Advisor to the Prime Minister for Tribal Affairs, Mohammed Abbas Al-Araibi, the People’s Court, the President of Imam Al-Kadhim University (peace be upon him), a number of security leaders, representatives of the Shiite and Sunni and Christian endowment, the technical agent of the Ministry, Hani Al-Aqabi, the Director General of the Baghdad Health Department of Al-Rusafa Bassem Sabah, a number of officials of health institutions in the Baghdad Al-Rasfa Health Department, a large number of dignitaries, sheikhs of tribes, imams of mosques, Husseiniyats and school principals in

She added, “The Minister of Health stated the great role of Prime Minister Mr. Mohammed Shia Al-Sudani in the completion of this great health edifice and its continuous follow-up of all stages of completion until the opening and operation.”

Al-Hasnawi pointed out, according to the statement, that “Al-Shab Hospital contains a system for receiving reviewers within the contract concluded with the company operating the hospital according to the electronic system, but as a result of the large numbers that visited the hospital during the first day, which exceeded 2000 reviewers, they were received by the usual methods, as the hospital received more than 15,000 references during the first week of its work.”

The Minister of Health explained that “a large percentage of reviewers do not need to review a specialized hospital and can provide medical and therapeutic services through primary health care centers in the region,” calling for “support for the Ministry of Health by raising citizens’ awareness to maintain this medical edifice and provide a medical service befitting the Iraqi citizen.”

The Minister of Health stressed that “there are 6 hospitals that will be opened soon in addition to the expansion and rehabilitation of many other health institutions.”
The statement concluded that “during the meeting, many proposals were put forward to support the health process and preserve the property and medical devices and reject any attack on the medical, health and nursing staff, and the Minister of Health with the dignitaries and sheikhs held a tour of the hospital arcades and a meeting with the reviewers and the hospital administration.”

DINAR INVESTORS: Critical January: Budgets Coming FWD!, 13 JAN

 DINAR INVESTORS: Critical January: Budgets Coming FWD!

Highlights

🏛️ Parliament Session Scheduled: The Iraqi Parliament is set to convene on Sunday to address controversial laws.

• 📅 Budget Approval Looming: The budget has been under amendment for seven months and is now on the verge of being legislated.
• 💰 Currency Revaluation Expected in January: The speaker anticipates a currency rate change in the second half of January.
• 📊 Banking System Reforms: Planned reforms aim to enhance financial stability and prepare for currency conversion.
• 🌍  Tourism Sector Focus: Iraq is preparing to boost its tourism industry as it aims to re-enter the global market.
• 📆 Critical Month: January is highlighted as a pivotal time for potential changes regarding the currency and budget.
• 🧾 Legislative Process Important: The speaker emphasizes that the budget must be approved before the new fiscal year, which begins in April.

Key Insights

• 🔍 Parliamentary Challenges: The upcoming parliamentary session may face challenges in achieving a quorum, a recurring issue that has historically delayed legislative actions. This uncertainty could affect the timeline for implementing significant laws, including the budget. However, the speaker indicates that the rate change is anticipated regardless of parliamentary outcomes, which suggests a potential decoupling of legislative processes from monetary policy.

• 📊 Long-Awaited Budget: The budget has undergone extensive amendments, reflecting the complexity of the financial landscape in Iraq. The seven-month review process signifies the government’s commitment to addressing economic issues. The timing of the budget’s return from the shelf indicates readiness for legislative action, which is crucial for aligning fiscal policies with the upcoming currency adjustments.

• 🏦 Banking System Reformation Needs: The proposed reforms in the banking system aim to address underlying financial vulnerabilities and enhance integration into the national and global banking markets. The focus on excluding “bad financial assets” and merging sound assets underscores a proactive approach to stabilizing Iraq’s financial system. This reform is contingent on the currency becoming internationally recognized, highlighting the interconnectedness of monetary policy and banking stability.

• 🌐 Tourism as an Economic Driver: Iraq’s renewed focus on tourism suggests a strategic pivot towards diversifying its economy. By enhancing tourism, Iraq aims to attract international visitors, which could lead to increased revenue and a more robust economy. This initiative aligns with the broader goal of re-establishing Iraq on the world stage, signaling an openness to international engagement.

• ⏳ January’s Significance: The speaker underscores that January is a critical month for investments, particularly concerning the currency revaluation and budget approval. This emphasis on timing highlights the potential for significant economic shifts and the need for stakeholders to remain vigilant about developments during this period.

• 💡 Revaluation and Economic Growth: The anticipated currency revaluation is framed as a necessary step for Iraq’s economic growth. By adjusting the currency, Iraq may improve its financial health, attract foreign investments, and enhance its economic competitiveness. This revaluation is also expected to facilitate the approval of the budget, as the government prepares to align fiscal measures with the new currency value.

• 🔗 Global Market Integration: The planned banking reforms and tourism initiatives signal Iraq’s intention to integrate more fully into the global market. By modernizing its banking system and fostering tourism, Iraq aims to boost its economic profile internationally. This approach reflects a broader strategy to enhance financial stability and attract global investments, positioning Iraq as a more appealing destination for economic collaboration.

IRAQI BANK FRIEND AKI: WE ARE JUST WAITING THE NEW EXCHANGE RATE THAT WILL COME WITH 2025 BUDGET

 

The House of Representatives discusses amending the Unified Retirement Law and the General Budget, 13 JAN

 The House of Representatives discusses amending the Unified Retirement Law and the General Budget

1/11/2025

The Iraqi Council of Representatives is scheduled to resume its sessions tomorrow, Sunday, and the first reading of the draft amendment to the Federal Budget Law is on the agenda, as it proposes extending the retirement age for public sector employees to 63 years.

In this regard, Dr. Narmin Marouf, a member of the Parliamentary Finance Committee, said: “The first session of the first legislative term of the new year will be held on Sunday, as the agenda includes the first reading of the draft law amending the General Retirement Law No. 9 of 2014.”

Dr. Narmin Marouf added: “The main article to be amended in the law is Article 5 related to the retirement age, as the amendment proposes returning the retirement age for public sector employees to 63 years, as it was before the legislation of the aforementioned law, which reduced the retirement age to 60 years. ”

The Council of Representatives is scheduled to hold another session on Monday 13/10, and its agenda includes 10 paragraphs, the most important of which is the second reading of the draft amendment to the Federal General Budget Law.

The amendment relates to Article 12 of the Federal Budget Law of the Republic of Iraq for the fiscal years (2023-2024-2025) No. 13 of 2023, and this article concerns the export of oil extracted from the Kurdistan Region through the Iraqi Oil Marketing Company (SOMO).

On 11/7/2024, the Presidency of the Iraqi Council of Representatives decided to extend its legislative term for 30 days, starting from November 9.  LINK