Expert: 70% Of Iraq's Remittances Are Controlled By Jordanian And Gulf Banks

Buratha News Agency992025-01-22  Economic expert Ahmed Abdel Rabbo confirmed today, Wednesday, that Jordanian and Gulf banks control more than 70% of financial transfers in Iraq, noting that the dollar is delivered to only four Jordanian and Gulf companies.

Abdul Rabbo said in a statement to / Al-Maalouma /, that "Jordanian banks did not provide any real services to Iraq," adding that "closing the dollar selling platform opened the way for Jordanian and foreign banks to take over the Iraqi financial market, which raised questions about the role of Iraqi financial institutions in this regard."

He pointed out that "Jordanian banks control more than 70% of financial transfers in Iraq," explaining that "this control constitutes a direct harm to Iraq's sovereignty and financial decisions, especially with the absence of any effective role for these banks in serving the Iraqi economy."

He called for "reviewing financial policies and strengthening the local role to ensure the stability of the country's financial sector."

Reports indicate that 8 Jordanian and Gulf banks control money transfer operations in Iraq, which led to these banks controlling the flow of dollars into the country. This control forced the exclusion of more than 1,000 Iraqi banks and offices, raising concerns about negative effects on the local economy and financial sovereignty.  https://burathanews.com/arabic/economic/455449

Exchange Rates Fall Against The Dinar In Baghdad And Erbil With The Closing

01/22/2025  Mawazine News – Economy  The US dollar exchange rate fell against the Iraqi dinar on Wednesday in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.

The dollar exchange rate also fell with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 150.850 dinars per 100 dollars, while the dollar exchange rate this morning recorded 151.000 dinars per 100 dollars.

The selling prices in exchange shops in the local markets in Baghdad stabilized, where the selling price reached 152.000 dinars per 100 dollars, while the purchase price reached 150.000 dinars per 100 dollars.

In Erbil, the dollar also fell, where the selling price reached 150.700 dinars per 100 dollars, and the purchase price reached 150.600 dinars per 100 dollars  https://www.mawazin.net/Details.aspx?jimare=258898

Gold Soars To 11-Week High Amid Weak Dollar

01/22/2025   Mawazine News – Baghdad  Gold prices rose to an 11-week high in early Asian trading on Wednesday, supported by a weaker dollar and increased demand for safe havens due to uncertainty surrounding U.S. President Donald Trump's trade policies.

Price Update Spot gold was up 0.1 percent at $2,748.58 per ounce by 0105 GMT, after hitting its highest since Nov. 5 earlier in the session. U.S. gold futures were up 0.1 percent at $2,763.40, according to Reuters data. Trump declined to impose tariffs on his first day in office, pushing the dollar lower. A weaker dollar makes gold more attractive to foreign buyers. Gold is considered a safe-haven investment during economic and geopolitical uncertainty.https://www.mawazin.net/Details.aspx?jimare=258872

Al-Sudani Issues Directive To Ministries Concerned With The "Development Path"

Construction and reconstruction   Economy News – Baghdad  Today, Wednesday, Iraqi Prime Minister Mohammed Shia Al-Sudani directed the state ministries and institutions concerned with the Development Road Project to submit their data to Oliver Wyman Company, in order to prepare an integrated vision for the project.

This came during his chairmanship of the first periodic meeting of the year for the Higher Committee for the Development Road Project, in the presence of representatives of Oliver Wyman Company, which is concerned with providing consulting services for the project, according to a statement issued by his office.

Al-Sudani was briefed on the latest procedures related to the development road project and the stages of completion of the five projects of the Grand Faw Port, stressing the need to address the challenges facing the implementation of these projects quickly to ensure adherence to the specified timetables.

The Prime Minister also listened to a detailed presentation by the consulting company on the economic model for the Development Road Project, stressing the importance of keeping pace with the latest developments in the field of modern technologies and techniques.

The meeting also witnessed a review of the security plan for the project, in addition to presenting the results of the last quadripartite ministerial meeting held to discuss the development road project in the presence of the transport ministers from Iraq, the UAE, Turkey and Qatar. https://economy-news.net/content.php?id=52198

Industry Announces The Start Of Work On The Electronic Trademark Registration System

Ministry of Industry and Minerals  Money and business  Economy News – Baghdad  The Ministry of Industry and Minerals announced, on Wednesday, the launch of the electronic trademark registration system, while indicating that the system will contribute to shortening time, accelerating procedures, and reducing errors.

The ministry's spokeswoman, Dhuha Al-Jubouri, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "in implementation of the government program and after the Minister of Industry and Minerals, Khaled Battal Al-Najm, announced the start of work on the electronic registration system for trademarks through the Ur electronic portal for government services and to simplify procedures, all beneficiaries of the services of the Trademark and Commercial Data Registration Directorate must use the electronic system and abandon paper work,

" calling on "all satellite channels to register the name of each satellite channel in the Trademark Registration Directorate to guarantee the rights to the name and logo of each satellite channel."

She added that "the ministry has taken its first steps towards digital transformation by completing the digitization of 100,000 files through intensive self-efforts with the use of artificial intelligence and according to specific technical mechanisms and solutions to reach an accurate image of the trademark and then move to electronic examination of the trademark."

She pointed out that "this matter will contribute to shortening time, accelerating procedures and reducing errors."    https://economy-news.net/content.php?id=52205

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