TNT:

Tishwash: The Central Bank of Iraq obtains the international business continuity certificate (ISO 22301:2019

Under the patronage of His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Allaq, the Central Bank organized a celebration on the occasion of the Total Quality Management Department obtaining the ISO 22301:2019 international conformity certificate for the Business Continuity Management System, issued by the International Organization for Standardization (ISO), after the actual application of the system requirements in the Bank’s Investment Department.

The ceremony was attended by Deputy Governor Dr. Ammar Hamad Khalaf, Professor Yaqoub Yousef, Head of the National Quality Team, the Director of Quality at the General Secretariat of the Council of Ministers, Dr. Areej Saeed, Head of the Department of Business Administration Technologies at the University of Baghdad, and Mr. Ammar Hussein, Director of the Total Quality Management Department.

During the ceremony, the international conformity certificate was handed over to the Total Quality Management Department, and the team was honored with a commemorative shield from His Excellency the Governor, in appreciation of their outstanding efforts in establishing a culture of institutional quality and achieving this qualitative accomplishment.

The implementation of the business continuity system comes within the framework of the Central Bank of Iraq’s strategic plan for the years 2024-2026, as one of the main pillars in enhancing institutional readiness and ensuring the continuity of vital operations and financial services in various circumstances, which enhances confidence in the bank’s ability to perform its tasks with high efficiency and flexibility.

Central Bank of Iraq - link

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Tishwash: Central Bank's Precautionary Foreign Reserves

In line with the strategy and principle of disclosure and transparency that the Central Bank operates on in its internal and international banking transactions.

The monetary policy indicators up to the first half of 2025 show that foreign exchange reserves reached around $100 billion, which covers the issued local currency, which amounts to around 98.4 trillion dinars, which recorded a decrease of 3.8% compared to the same period of 2024.

The decrease in the issued local currency contributed to a decrease in the inflation rate to 0.8%, a decrease of 76% compared to 2024, and had a significant impact on maintaining the general price level.

Furthermore, foreign reserves at their current level are sufficient to cover 18 months of imports. In addition, there is a gold reserve of 167 tons, ranking fourth in the Arab world and thirtieth globally according to the World Gold Council.

This constitutes an important part of Iraq's foreign reserves, recording a significant growth rate of 55% up to the first half of 2025, reaching a value of 22.8 trillion dinars compared to 14.7 trillion dinars in the second half of 2024. The safe investments of these reserves have contributed significantly to the growth of investment portfolios, accompanied by a healthy growth in returns to these portfolios.

We emphasize here that the growth rates achieved in foreign reserves were consistent with the Central Bank’s plan to enhance returns and build capabilities in the field of self-management of reserves

Which enabled the establishment of international banking relationships and the entry into agreements and memoranda of understanding with classified international banks, reputable financial institutions, international financing and consulting organizations, the Arab Monetary Fund, and international institutions concerned with investment management, and contributed to helping our banks build international banking relationships with correspondent banks in accordance with the Central Bank’s plan to regulate foreign trade financing and implement the comprehensive banking reform program. link

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Tishwash: Iraq signs contracts with international companies regarding the development road

Minister of Transport Razzaq Muhaibis Al-Saadawi announced today, Friday, that the ministry is in the process of contracting with a third party to audit the technical company responsible for the Development Road, noting that this road is an integrated economic project targeting 8 sectors.

Al-Saadawi stated in a press release that "the Ministry of Transport has worked to overcome the challenges in the Development Road project by utilizing foreign expertise," noting that "this is a strategic and large-scale project, the first of its kind in Iraq, and therefore foreign expertise is necessary."

He added that "the Ministry has engaged technical consultants from the Italian company BTP, and also engaged financial and economic consultants from the American company Oliver Wyman. Furthermore, a contract was signed with the American company KBR to audit Oliver Wyman," indicating that "the Ministry is currently in the process of contracting with an auditor or a third party to audit the technical company."

Al-Saadawi explained that "this road is an integrated economic project targeting eight sectors, and several countries are interested in participating in the project," confirming that "a high-level committee and a commission are planned to be formed to manage the Development Road project."

The “Development Road” is a road and railway that extends from Iraq to Türkiye and its ports, with a length of 1200 kilometers inside Iraq.

The "Development Road" is one of the most important pillars for linking Türkiye with Iraq and the Gulf, and is considered one of the shortest routes that connect the Gulf with Europe link

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