Iraq Economic News and Points to Ponder Sunday AM 3-16-25
Why Was Iraq Not Included On Trump's New Sanctions List Despite Being Included In 2017?
In 2017, during President Donald Trump's first term, Iraq was included in the list of countries subject to the travel ban to the United States. However, Iraq was later exempted from this ban due to enhanced security cooperation and information sharing between the two countries, as well as Iraqi efforts in combating ISIS.
In 2025, the Trump administration is preparing a new list of 43 countries that could face travel bans or restrictions to the United States. According to draft recommendations, these countries are divided into three categories:
Red List: 11 countries whose citizens are completely barred from entering the United States, including: Afghanistan, Sudan, Syria, Yemen, Libya, Iran, Somalia, North Korea, Venezuela, Cuba, and Bhutan.
Orange List: 10 countries whose citizens will be subject to severe travel restrictions, but not a complete ban, including: Russia, Belarus, South Sudan, Sierra Leone, Eritrea, Haiti, Laos, Myanmar, Pakistan, and Turkmenistan.
Yellow List: 22 countries will be given 60 days to correct deficiencies in their security measures and information sharing, otherwise they may be transferred to one of the two previous lists.
It is noteworthy that Iraq has not been included on either of these new lists. This is due to the continued close cooperation between Iraq and the United States in the areas of security and information sharing. Iraq has also improved its security screening and passport issuance procedures, bringing it into compliance with required US standards.
This ongoing cooperation and Iraq's commitment to strengthening its internal security and sharing security information with the United States contributed to its removal from the new ban list. https://www.radionawa.com/all-detail.aspx?jimare=41382
A Dialogue Session Discusses The Central Bank's Measures For Banks Deprived Of Dollars
Saturday, March 15, 2025, 3:31 PM | EconomicNumber of readings: 166 Baghdad / NINA / The Iraqi Private Banks Association organized a dialogue session to discuss developments in the banking sector in Iraq, including those related to deprived banks and fines imposed by the Central Bank of Iraq. The session was attended by the Governor of the Central Bank and representatives of banks and electronic payment companies.
The Chairman of the Iraqi Private Banks Association, Wadih Al-Handhal, stressed the importance of joint cooperation between the Central Bank of Iraq, banks, and electronic payment companies to enhance financial stability and develop the banking system in accordance with the latest international standards.
He added, "The Special Committee for Assisting Deprived Banks, formed in the Ministerial Economic Council, called for the necessity of assisting deprived banks and suspending fines imposed on them, as they are going through difficult circumstances, which everyone knows." He indicated that "deprived banks work daily to implement global financial requirements and are subject to daily fines," calling for these fines to be suspended and reviewed by the Central Bank of Iraq.
For his part, the Governor of the Central Bank, Ali Al-Alaq, addressed the Central Bank's measures related to banks deprived of using the dollar, noting that there are signs of optimism in discussions with the American side on this issue.
Al-Alaq stressed that "the Central Bank of Iraq supports the establishment of digital banks, indicating that the number of applications has reached 75 banks, which contributes to accelerating the digital transformation of the banking sector in Iraq."
He pointed out that the first phase will be to grant only one or two licenses for the purpose of experimentation and studying the problems and challenges facing these digital banks.
He explained that "banks are required to work on raising the rate of financial inclusion by providing modern banking services targeting wider segments of society," stressing that "the transition towards a digital economy is an essential step to enhance financial stability and economic development." / https://ninanews.com/Website/News/Details?key=1192022
Reassuring Citizens, The Central Bank Told NINA: We Have Ample Cash Liquidity
Saturday, March 15, 2025, 4:35 PM | EconomicNumber of reads: 335 Baghdad / NINA / The Central Bank of Iraq (CBI) reassured the banking and community circles of ensuring the availability of cash liquidity to cover all local transactions in Iraqi dinars.
The Governor of the Central Bank, Ali Al-Alaq, said in a statement to the National Iraqi News Agency ( NINA ), that "the Central Bank is the last entity that can be without cash liquidity in Iraq."
He explained that "the Central Bank has wide scope to provide local currency to the extent that this currency is covered by foreign reserves, which currently far exceeds the level of local sufficiency, and more than we can finance."
He added, "There is frequent confusion between the position of the Central Bank, which is a completely different situation from the financial situation related to the financial policy in the country or the Ministry of Finance," indicating that "the Ministry of Finance's revenues are based in dollars through Iraqi oil sales in the global market."
Al-Alaq stressed that "the Central Bank deals in Iraqi dinars for all amounts it receives in dollars, and this is very available under any circumstances," calling for distinction and separation between the financial situation at the level of the government and the Ministry of Finance, and the availability of cash at the Central Bank of Iraq. / https://ninanews.com/Website/News/Details?Key=1192029
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
