Iraq Economic News and Points to Ponder Sunday Afternoon 1-12-25
Al-Mandlawi: The House Of Representatives Seeks To Resolve Controversial Laws And Enhance Oversight To Combat Corruption
Political | 12/01/2025 Mawazine News – Baghdad The First Deputy Speaker of the Council of Representatives, Mohsen Al-Mandalawi, affirmed today, Sunday, the commitment of the Council Presidency to complete controversial laws during the coming period, calling on the representatives to intensify their oversight efforts to combat corruption and protect Iraq's capabilities.
Al-Mandalawi explained, in a statement issued by his media office and received by "Mawazine News", that the launch of the first legislative term of 2025 represents a decisive opportunity to improve the Council's performance in the areas of legislation and oversight. He stressed the importance of deciding laws that serve the people and achieve their aspirations.
He added that "the parliamentary committees have been directed to intensify their efforts to complete important draft laws, and activate the oversight role in a way that contributes to undermining opportunities for corruption and preserving Iraq's wealth." He also pointed to the need to enhance transparency by hosting officials to discuss challenges and find solutions to problems that hinder the implementation of public policies.
Al-Mandalawi stressed the importance of coordination with the executive authority to accelerate the completion of legislation that directly affects the lives of citizens, and to support the government in implementing its electoral program, while improving communication with citizens to convey their problems and follow up on their solutions effectively. https://www.mawazin.net/Details.aspx?jimare=258469
Currency Smuggling.. The Central Bank Punishes 10 Iraqi Banks Due To Violations Of Foreign Transfers
Today 14:14 Information/Baghdad… Representative Baqir Al-Saadi confirmed today, Sunday, that the
Central Bank of Iraq issued sanctions against ten Iraqi banks due to violations related to the foreign transfer file, which has become a direct threat to the local economy.
Al-Saadi said, in a statement to the “Al-Ma’louma” Agency, that “the file of smuggling hard currency outside Iraq is still a source of great concern, amid multiple question marks about the mechanisms for implementing these operations, especially with the continuing investigations into exchange offices and banks committing serious violations in foreign transfers.”.
He added, "The sanctions issued by the Central Bank against 10 banks so far come within the framework of reducing violations related to foreign transfers, which are considered one of the most prominent methods used to smuggle currency outside the country." Al-Saadi pointed out that
“currency smuggling
has serious effects on the local economy, and
causes an increase in financial crises in the country,” pointing out that
“most of the transfers that are made for the purpose of smuggling go to one of the Gulf countries, which requires serious reconsideration and the establishment of strict measures to stop this ongoing bleeding.”"
The representative stressed that "the Iraqi Financial Institution is working seriously to address this problem by setting new determinants and re-evaluating the tools used in financial transactions, with the importance of revealing the results of investigations to public opinion." Ended / 25F
https://almaalomah.me/news/87949/economy/تهريب-العملة-المركزي-يعاقب-10-مصارف-عراقية-بسبب-مخالفات-الحو
Financial Advisor: ASYCUDA System Boosts International Trade, Reduces Corruption At Customs Ports
Economy | 12/01/2025 Mawazine News – Advisor to the Prime Minister for Financial Affairs, Mazhar Mohammed Salih, stressed today, Sunday, the importance of adopting the "ASYCUDA" system in the Iraqi Customs Administration, pointing to its role in reducing delays at border crossings and enhancing international trade.
Salih explained that the ASYCUDA system, developed by the United Nations Conference on Trade and Development (UNCTAD) since the 1980s, relies on modern digital technology to simplify and accelerate customs operations.
He added that Iraq is implementing the second generation of this system, which relies on cloud technology to provide comprehensive automation of customs operations, including data recording, fee assessment, customs clearance, and records management.
He pointed out that the implementation of the system comes in line with the government program to enhance non-oil revenues to reach 20% of total public revenues, explaining that joint cooperation with the United Nations aims to improve customs control and collection systems and control import and export operations according to the best digital standards.
Saleh revealed that the General Authority of Customs and the Border Ports Authority completed the implementation of the system during the past year, while providing a high-quality digital infrastructure to develop customs work in 2025, stressing that this system contributes to reducing corruption by reducing human interaction and adopting full automation, which increases transparency and supports efficiency.
He explained that ASYCUDA enhances international trade by accelerating the customs clearance process and reducing administrative barriers, in addition to providing a comprehensive database that supports economic and trade policy-making, pointing to its role in improving border security by tracking and inspecting shipments more accurately to combat smuggling and illegal activities.
Saleh concluded by saying that ASYCUDA represents a vital tool for achieving a balance between facilitating trade and protecting borders, stressing that Iraq joins a group of Arab countries, such as Jordan, the Emirates, Saudi Arabia, and Egypt, that implement this system in customs ports in an integrated manner. https://www.mawazin.net/Details.aspx?jimare=258464
Iraq Surpasses Saudi Arabia In Oil Exports To America
Energy Economy News – Baghdad The US Energy Information Administration announced today, Sunday, that Iraq has surpassed Saudi Arabia for the second week in a row in oil exports to the United States.
The administration stated, in a table reviewed by "Al-Eqtisad News", that "the average US imports of crude oil during the past week from 10 major countries amounted to 6.016 million barrels per day, an increase of 251 thousand barrels per day from the previous week, which amounted to 5.765 million barrels per day."
She added that "Iraq's oil exports to America reached 180 thousand barrels per day last week, down by 32 thousand barrels per day from the previous week, which reached 212 thousand barrels per day, thus exceeding Saudi Arabia, whose exports to America reached an average of 69 thousand barrels per day."
The administration indicated that "the largest oil revenues for America during the past week came from Canada at a rate of 4.422 million barrels per day, followed by Mexico at an average of 392 thousand barrels per day, then Venezuela at 253 thousand barrels per day, and Brazil at 233 thousand barrels per day."
According to the table, "the amount of US imports of crude oil from Nigeria amounted to an average of 192 thousand barrels per day, from Ecuador 147 thousand barrels per day, from Colombia 72 thousand barrels per day, and from Libya 56 thousand barrels per day." 126 views Added 01/12/2025 https://economy-news.net/content.php?id=51836
125 Billion Dinars Revenues Of The Iraqi Islamic Bank
Banks Iraqi Islamic Bank announced its financial results for 2024, which showed positive performance in a number of key indicators, as assets rose to 2.65 trillion dinars compared to 2.2 trillion dinars in 2023, representing a growth of 20 percent.
Credit also witnessed a significant jump, reaching 934.9 billion dinars, compared to 637.5 billion dinars in the previous year, an increase of 46.6 percent.
In contrast, deposits declined to 751.2 billion dinars compared to 1.19 trillion dinars in 2023, a decrease of 37 percent, while revenues increased to record 175 billion dinars compared to 132.9 billion dinars, representing a growth of 31.6 percent, which was reflected in profits that reached 86.5 billion dinars after they were 76.6 billion dinars in 2023, an increase of 13 percent. 287 views Added 2025/01/12 - 10:39 AM https://economy-news.net/content.php?id=51841
Chinese Ambassador: $50 Billion Is The Volume Of Trade With Iraq And Dealing In Yuan Is In Its Initial Stages
Economy | 11:56 - 12/01/2025 Mawazine News – Baghdad Chinese Ambassador Cui Wei confirmed today, Sunday, that the volume of trade cooperation with Iraq during 11 months reached 50 billion dollars, while he indicated that dealing in the yuan between the two countries is in its initial stages. https://www.mawazin.net/Details.aspx?jimare=258455
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