Iraq Economic News and Points To Ponder Friday AM 6-28-24

Parliament: Amending The Investment Law Will Reflect Positively On The Future
 
Iraq 06/27/2024   Baghdad: Al-Sabah   The Investment and Development Committee in the House of Representatives intends to amend the Investment Law, which will reflect positively on this sector.
 
Committee member Muhammad Al-Zayadi told Al-Sabah:
 
This law is one of the important laws, as through it the legislative and executive authorities can provide what is best for this sector, noting that the issue of replacing the heads of investment bodies is a matter assigned to the provincial councils. He added that the legislative authority must implement what is stated in the Provincial Councils Law regarding the tasks of local governments, in addition to the fact that the Constitution fully clarifies the tasks and powers of local governments, and  therefore what concerns those governments is their own business.

Al-Ziyadi pointed out that the last stage witnessed the absence of the role of the local government, and timid follow-up by the members of the House of Representatives after the task was entrusted to them,
 
but now the law must be implemented in its entirety and the local councils must present something to their people in all governorates and what they deem appropriate by changing or continuing regarding investment bodies..
 
He pointed out that we must benefit from the mistakes that occurred in the past to correct the work of investment bodies, explaining that the
 
violations in the work of the bodies, including extending the work of their heads, which some have spoken about, did not exist because this matter is within the authority of the Council of Ministers, adding that  the matter is up to the provincial councils to implement what they see. appropriate according to their powers and do not allow any of the authorities to take away their powers for any reason.     https://alsabaah.iq/98624-.html   

Cyber Resilience Controls For The Financial And Banking Sector In Iraq

June 26, 2024      diamonds: Cyber ​​resilience controls for the financial and banking sector in Iraq .. For more, click here     https://cbi.iq/static/uploads/up/file-171939700326129.pdf
 
https://cbi.iq/news/view/2607   
 
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[Approximate and incomplete translation of first two pages of 48 page 
 
https://cbi.iq/static/uploads/up/file-171939700326129.pdf ]
 
 
All banks
 
All electronic payment service providers
 
Cyber ​​ Resilience Controls for the Financial and Banking Sector in Iraq
 
Based on the main role of the Central Bank of Iraq in regulating, developing and advancing the financial and banking sector

With its various digital activities, technical and information operations, and  its continuous endeavor to enhance cybersecurity and data protection and information related to financial and banking systems”

and to develop a standard framework and controls for developing resilience capabilities Cyber ​​and levels of readiness to confront and respond to the effects resulting from risks, threats and cyber attacks “effectively”

and enhancing the flexibility of financial and banking institutions to cope with technical and information security disruptions Cyber ​​crises, withstand these crises and recover from them in appropriate record periods, and ensure continuity of business and operations and banking activities.
 
In order to provide a comprehensive framework for organizing, developing and developing this sector in a way that is compatible with modern technical challenges and threats Increasing cybersecurity”
 
We attach a link to the document on cyber resilience controls for the financial and banking sector in Iraq Commitment to them in order to enhance the cyber resilience of your organizations.
 
We consider the controls, guidelines, procedures and measures contained in this document an important reference and basis for protecting infrastructure Technology, financial and banking systems” and contributes to enhancing your institutions’ readiness and flexibility in facing technical challenges Security and cyber threats, adapting to them, predicting their risks, containing them, and recovering from them quickly. And guarantee capacity To continue performing tasks and functions and providing services on an ongoing basis.
 
.. with respect.
 
Attachments:
 
- Cyber ​​resilience controls for the financial and banking sector in Iraq in Arabic and English.
 
https://cbi.iq/static/uploads/up/file-171939700326129.pd

Modify instructions
 
June 27, 2024
Modify instructions
 
 diamonds: Cancellation of Paragraph ( 5 / d ) of the instructions and standards for circulation and replacement of banknotes, and the counting and sorting mechanisms..For more click here 
https://cbi.iq/static/uploads/up/file-1719486275814.pdf
 
https://cbi.iq/news/view/2608    
 
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[approximate and incomplete translation of https://cbi.iq/static/uploads/up/file-1719486275814.pdf]
 
 All approved banks
 
M/ Instructions and standards for circulation and exchange of banknotes, and mechanisms for counting and sorting
 
In addition to our Circular No. (34/4/9) dated 1/10/2024 - we would like to inform you of the cancellation of paragraph (5/d) of the instructions and standards.
 
Circulation and exchange of banknotes and counting and sorting mechanisms included (collecting the amount of (250) dinars on bank deposits About the counting and sorting operations for each bundle) and this will be implemented starting from the date of 7/1/2024.
 
with respect.