Iraq Economic News and Points to Ponder Sunday AM 3-30-25
Al-Sudani And Allawi Discuss Strengthening Economic Reform Efforts.
Time: 2025/03/29 20:42:37 Reading: 585 times {Politics: Al Furat News} Prime Minister Mohammed Shia al-Sudani received his former counterpart, Iyad Allawi, today, Saturday.
A statement issued by his media office, a copy of which was received by {Euphrates News}, stated: “The meeting witnessed discussions on strengthening government efforts and endeavors in the field of achieving economic reform, continuing the construction and reconstruction process witnessed by all Iraqi governorates, and meeting citizens’ aspirations.”
He added, "The meeting also discussed developments in the region and the importance of coordinating efforts to support all steps that contribute to strengthening Iraq's security and ensuring its stability." LINK
The Foreign Minister Chairs The 14th Meeting Of Preparations For The Arab Summit In Baghdad
Thursday, March 27, 2025, 17:43 | Politics Number of readings: 107 Baghdad / NINA / Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein chaired the fourteenth meeting on the ongoing preparations for hosting the upcoming Arab Summit in Baghdad in May 2025.
The meeting was attended by Minister of Interior Abdul Amir Al-Shammari, Minister of Finance Taif Sami, Secretary-General of the Council of Ministers Hamid Al-Ghazi, Mayor of Baghdad Ammar Musa, in addition to Undersecretary of the Ministry of Foreign Affairs for Administrative and Technical Affairs Ahmed Nayef, Undersecretary of the Ministry for Bilateral Relations Mohammed Bahr Al-Uloom, Chairman of the Political Committee of the Summit, and Undersecretary of the Ministry of Transport, representatives of the concerned ministries and bodies.
The attendees discussed the performance of the operations rooms and logistical support, and procedures for the summit ceremonies.
The decisions of the Media Committee were also reviewed, and developments in the work of the Political Committee were discussed, to ensure the completion of all necessary arrangements for the success of the summit. /End https://ninanews.com/Website/News/Details?key=1194437
A US Delegation Of 50 Companies Will Soon Be In Baghdad. This Will Be Discussed
Money and Business Economy News – Baghdad Iraqi Ambassador to Washington, Nizar Al-Khairallah, confirmed on Saturday that a delegation representing more than 50 American companies will visit Iraq.
The Iraqi Embassy in Washington stated in a post on the (x) platform, "Ambassador Al-Khairallah met with Steve Lutes, Vice President of the US Chamber of Commerce and President of the US-Iraq Business Council, along with his deputies."
The ambassador stated that "the meeting focused on discussing logistical arrangements for the upcoming visit of a delegation of American businessmen to Iraq, which will include representatives from more than 50 American companies specializing in energy, healthcare, education, transportation, and other vital sectors." https://economy-news.net/content.php?id=53907
The National Bank Of Iraq Raises Its Capital To More Than Half A Trillion Dinars After Recording An "Exceptional Year."
Banks Economy News – Baghdad The General Assembly of the National Bank of Iraq (NBI) approved, in its annual meeting, the Board of Directors' recommendation to increase the bank's capital from 400 billion dinars to 520 billion dinars, representing 30% of the capital, and distribute the increase as free shares to shareholders, in addition to a 20% cash dividend worth 80 billion dinars.
The bank said in a statement, "The bank's General Assembly, in a meeting attended by a number of board members, approved the board's report for the fiscal year, the final accounts for 2024, and the expansion plan for the current year, which includes the opening of six new branches in various Iraqi governorates. The General Assembly also approved increasing the number of board members to nine and elected a new board of directors."
Bassem Khalil Al-Salem, Chairman of the National Bank of Iraq's Board of Directors, said, "Last year was exceptional on all fronts, particularly in achieving qualitative accomplishments that reflect the bank's strength and resilience in the face of economic challenges, and in strengthening its presence as a leading financial institution in the Iraqi banking sector thanks to a clear strategic vision, prudent management, and a committed team."
Al-Salem emphasized that "these results were driven by flexible monetary policies and effective banking procedures by the Central Bank of Iraq, which responded quickly to economic and political changes, helped contain the impact of these changes on the Iraqi economy, and maintained exchange rate stability, which strengthened the role of the banking sector and protected the rights of depositors and shareholders."
Al-Salem said, "Last year witnessed an outstanding financial performance, as the bank achieved net profits after tax of 252 billion Iraqi dinars, compared to 190 billion Iraqi dinars in 2023. Net interest income also rose to 166 billion Iraqi dinars, compared to 100 billion Iraqi dinars, a growth rate of 66%."
He pointed out that total income will rise to 452 billion dinars in 2024, compared to 343.1 billion dinars in 2023, representing a growth rate of 31.7%. This reflects the effectiveness of the bank's strategy, which focuses on core banking services such as banking loans for individuals, large, medium, and small companies, and trade finance services for major companies.
Al-Salem expressed his gratitude to the Central Bank of Iraq, represented by the Governor and the Bank's staff, for their continued support of the Iraqi banking sector and their cooperation, which has contributed to the sector's development and provided an environment conducive to growth and development.
For his part, the Managing Director of the National Bank of Iraq, Ayman Abu Dahim, said, "Customer deposits increased to 3.5 trillion dinars in 2024, compared to 2.9 trillion dinars in 2023, a growth rate of 90%. Direct credit facilities also increased to 1.3 trillion dinars, compared to 951 billion dinars for the two years of comparison, a growth rate of 18%."
He explained that "this growth was the result of an expansion in loans granted to employees whose salaries are domiciled with the bank, as well as to small, medium, and large enterprises," stressing that "the growth in various financial indicators contributed to increasing the bank's assets to 5.1 trillion dinars from 3.9 trillion dinars, a growth rate of 29%."
Abu Dahim said, "For the first time in the bank's history, its assets are approaching this mark (5.1 trillion dinars), which reflects the growth in the volume of banking business, the increase in our market share, and our growing ability to serve our customers. Accordingly, the bank becomes the largest among Iraqi private banks in terms of asset size."
On the expansion front, Abu Dahim said, "We have added 104 new ATMs, bringing our network to 294, while the number of branches in Iraq has reached 33. We are also planning to open six new branches in early 2025, in addition to our branch in Saudi Arabia, which provides valuable services to Saudi and Iraqi companies."
He emphasized the bank's commitment to a comprehensive strategy focused on sustainability and digital transformation to serve customers. The bank has worked to keep pace with the latest technological developments and enhance information security and the efficiency of banking services, including installing the T24 banking system from the Swiss company Temenos and launching a new anti-money laundering management system (AML Sirion).
Regarding the bank's plans for 2025, Abu Dahim said, "We will continue to expand our branch network to reach 44 branches, in addition to increasing our ATM network to reach 400 ATMs, with a focus on developing and marketing electronic banking services, increasing the bank's share in trade financing for large companies, expanding the salary localization project and financing small and medium-sized enterprises, and expanding the attraction of deposits from individuals, companies, and official government institutions." https://economy-news.net/content.php?id=53904
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