Iraq Economic News and Points to Ponder Wednesday Evening 4-24-24
Iraq Economic News and Points to Ponder Wednesday Evening 4-24-24
More Than 138 Billion Dinars In “Fines” Imposed By The Iraqi Central Bank On Banks And Exchange Companies
Economy breaking Central Bank of Iraq 2024-04-23 00:11 Shafaq News/ The Central Bank of Iraq announced on Tuesday that the fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 138 billion Iraqi dinars during the past three months.
A table of the bank, seen by Shafaq News Agency, showed that the fines imposed on banks and financial companies during the past three months, starting from January and until the end of last March, amounted to 138 billion, 377 million, 321 thousand, and 527 dinars, indicating that
“the fines It also included 49 administrative penalties for these banks and non-banking institutions, distributed between warnings, warnings, and grace periods. The table showed that
“the month of January witnessed the highest fines on banks and non-financial institutions, as these fines reached 98 billion, 277 million, 722 thousand, and 62 dinars, with administrative penalties amounting to 17 penalties, while the month of March witnessed the lowest fines, amounting to 5 billion and 462.”
One million, 451 thousand, and 344 dinars with administrative penalties amounting to 15 penalties.”
The table did not show the names of the banks on which fines and administrative penalties were imposed.
The Association of Investors in the Iraqi Stock Exchange had criticized, in early June, the Central Bank of Iraq's increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks.
https://shafaq.com/ar/اقتصـاد/كثر-من-138-مليار-دينار-غرامات-المركزي-العراقي-على-مصارف-وشركات-صرافة
Iraq And Switzerland Are Discussing The File Of Recovering Smuggled Funds And Assets
Policy 04-24-2024 | 388 views The Chairman of the Federal Integrity Commission and Chairman of the Board of Directors of the Iraq Assets Recovery Fund, Haider Hanoun, stressed the
need for all countries falling under the United Nations Convention against Corruption to cooperate in exchanging information and legal assistance to recover their smuggled funds and assets.
During his meeting with anti-corruption officials in the Swiss Ministries of Foreign Affairs and Justice, Hanoun pointed out
“Iraq’s compliance with its international obligations with regard to the provisions of the United Nations Convention against Corruption,”
calling for assistance and assistance to be provided to the Republic of Iraq in order to recover its smuggled funds and assets,
especially with regard to some bank accounts that the corrupt people were able to seize. Hiding the proceeds of corruption smuggled through it.”
Hanoun gave a brief presentation on the nature of the Commission’s work and its various departments, pointing out that the
Iraqi legislator did not limit himself to stipulating departments with deterrent and injunctive aspects, such as the investigation and recovery departments in the Commission’s law,
but rather went beyond that to stipulate more than one department carrying out the preventive, educational and awareness-raising aspects, pointing to the work of The Commission is working to develop the state’s oversight cadres through the Iraqi Anti-Corruption Academy, noting the step of launching diploma studies in specializations related to anti-corruption.”
During the meeting, they “reviewed the
aspects of joint work,
international cooperation and the provision of legal assistance, and the
points of similarity and difference in the anti-corruption strategy (Iraqi and Swiss), as well as the
possibility of exchanging experiences, information and training, and the
emphasis on strengthening ties and relationships between countries,
concluding memorandums of understanding and the role of this in
overcoming corruption.”
Money recovery and
extradition process.
Parliamentary Integrity Reveals An Agreement With Interpol To Recover Fugitive Corrupt People
Political| 10:52 - 04/23/2024 Mawazine News – Baghdad Member of the Parliamentary Integrity Committee, Abdul Amir Al-Mayahi, revealed new moves to proceed with amending the election law again, noting that Parliament is coordinating an agreement between the Iraqi and international Interpol to arrest fleeing corrupt people.
Al-Mayahi said in an interview followed by Mawazine News:
“There is an agreement between the Iraqi Interpol and the International Interpol, to pursue any wanted person in any country, in an effort by the Iraqi Interpol to arrest the wanted persons and hand them over to the Iraqi government, and there is effective coordination with Interpol in this regard.” He added.
“The Integrity Committee works independently and seeks to collect the required documents regarding those accused of corruption, and
upon obtaining proof, the committee will work to request hosting the concerned official if he is present inside the country, while submitting recommendations to the relevant authorities.” He continued,
“The committee is not responsible for prosecuting the wanted individuals.”
On charges of corruption outside the country, it is the responsibility of the Federal Integrity Commission and the Iraqi and international Interpol if there are arrest warrants for certain figures of state employees who have committed corruption and of the Integrity Commission or the Public Prosecution.”
Türkiye: The Development Road With Iraq Will Link FAO To London
Economy Iraq Türkiye Development path 2024-04-22 Shafaq News/ The Turkish Minister of Transport and Infrastructure, Abdulkadir Oraloglu, confirmed on Tuesday that the
“Development Road” project will allow goods to be transported to all European countries without interruption via a land route and railway extending from the Iraqi port of Al-Faw to the British capital, London. Oglu said in a statement followed by Shafaq News Agency,
“Turkey, Iraq, Qatar, and the UAE signed in Baghdad a four-way memorandum of understanding for cooperation on the development road project, under the auspices of Turkish President Recep Tayyip Erdogan and Iraqi Prime Minister Muhammad Shia’a al-Sudani.” He pointed out that
"the large port of Al-Faw in Iraq is important in the project as a transit center," explaining that
"the project will significantly reduce travel time between Asia and Europe via Turkey." He continued:
"Through the development road project that we are implementing based on the advanced and growing volume of trade in the world and the strategic location of Turkey,
we will allow uninterrupted transportation to all European countries via land and railway from the port of Al-Faw to London."
The Turkish Minister stated that "the development road will shorten the time on the ship departing from the port of Al-Faw to Europe by 15 days compared to the Suez Canal," stressing that
"the project will open a new door with regard to regional trade."
Yesterday, Monday, Iraq, Turkey, the UAE, and Qatar signed a four-way agreement regarding the Iraq Development Road Project, under the auspices of Iraqi Prime Minister Muhammad Shia al-Sudani and Turkish President Recep Tayyip Erdogan.
The agreement aims to enhance cooperation regarding the Iraq Strategic Development Pathway Project, as the four countries will work to establish the necessary frameworks to implement the project, according to a statement issued by the Prime Minister’s Office.
The Iraqi Minister of Transport, Razzaq Al-Saadawi, the Turkish Minister of Transport and Infrastructure, Abdul Qadir Oraloglu, the Qatari Minister of Transport, Jassim Al-Sulaiti, and the Emirati Minister of Energy and Infrastructure, Suhail Mohammed Al-Mazrouei, signed the agreement. Agreement on behalf of their countries.
It is expected that the strategic development road project will contribute to stimulating economic growth and strengthening regional and international cooperation relations, as it will achieve economic integration and sustainability between East and West.
The project will also increase international trade, facilitate the movement of goods, provide a new competitive transportation route, and enhance regional economic prosperity.
The Iraqi Prime Minister had previously stated that the development road represents a global corridor for transporting goods and energy.
Al-Sudani explained that the project includes a railway line to transport goods with a capacity of 3.5 million tons in its first phase, which will rise to 7.5 million tons in the second phase.
The Iraqi Prime Minister explained that the project will also include a
land transport highway and
energy transport pipelines, in addition to the large Al-Faw port and the
industrial city expected to be one of the largest ports in the Middle East.
The project will generate many job opportunities for Iraq and the countries of the region, as well as opportunities for industries and businessmen, and will be a center for attracting global trade.
Many Arab, regional and European countries have expressed their willingness to participate in the Iraq Development Road Project, either by pumping investments or participating in construction work, as it constitutes an important link between Asia and Europe.
The value of the project is estimated at about 17 billion dollars.
It will link the large port of Al-Faw in southern Iraq to the border with Türkiye by extending the railway and road network.
The project is expected to turn the country into a transit hub by shortening travel time between Asia and Europe in an attempt to compete with Egypt's Suez Canal.
https://shafaq.com/ar/اقتصـاد/تركيا-طريق-التنمية-مع-العراق-سيربط-الفاو-بلندن
Financial Inclusion Indicators
April 24, 2024 To/all banks M/ Financial inclusion indicators
He was keen to prepare a database for financial inclusion indicators in Iraq. Which will be essential to measure Financial Inclusion Rates
We attach to you a database of financial inclusion statistics and loans granted to individuals
Companies will collect this data quarterly and add it cumulatively to previous periods.
The response will be within (51) days from the date of this circular.
We would also like to inform you that a training workshop will be held in the hall of the Central Bank of Iraq On Monday 4/22/2024 at ten in the morning for (one day only).
I hope to nominate specialized representatives Two people from your bank to attend the workshop for the purpose of training on how to enter data.
with respect.
Attachments:
- Excel table of financial inclusion statistics
- Excel table of statistics of loans granted to individuals and companies
[approximate and incomplete translation of https://cbi.iq/static/uploads/up/file-171394410086180.pdf]
Financial inclusion indicators.. For more, click here https://cbi.iq/static/uploads/up/file-171394410086180.pdf
https://cbi.iq/news/view/2551
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Provoking Points To Ponder on Failures and Mistakes
Through failure, we learn a lesson in humility which is probably needed, painful though it is.- Bill W.
A failure is a man who has blundered, but is not able to cash in the experience.- Elbert Hubbard
Like success, failure is many things to many people. With Positive Mental Attitude, failure is a learning experience, a rung on the ladder, a plateau at which to get your thoughts in order and prepare to try again.- W Clement Stone
Disappointment is the nurse of wisdom.- Sir Boyle Roche
When you make a mistake, don't look back at it long. Take the reason of the thing into your mind, and then look forward. Mistakes are lessons of wisdom. The past cannot be changed. The future is yet in your power.- Hugh White
What can any of us do with his talent but try to develop his vision, so that through frequent failures we may learn better what we have missed in the past.- William Carlos Williams
http://famousquotesandauthors.com/topics/failures_and_mistakes_quotes.html