Some Iraq News Posted by Clare at KTFA 12-22-2024
KTFA:
Clare: Kirkuk Governorate suspends official working hours next Wednesday
12/22/2024
Kirkuk Governor Ribwar Taha Mustafa decided to suspend official work in all Kirkuk departments and all schools next Wednesday, coinciding with the birth of Jesus Christ (peace be upon him).
A statement from his office, a copy of which was received by {Euphrates News}, stated: “The Governor of Kirkuk decided to suspend official work in all Kirkuk departments and all schools next Wednesday, coinciding with the birth of Jesus Christ (peace be upon him), while universities and colleges will continue to conduct semester exams based on the request of university presidents in all government institutions.” LINK
Clare: Trade Bank of Iraq: Temporarily suspending cash transfers
12/22/2024 Baghdad
Today, Sunday, the Trade Bank of Iraq (TBI) announced the suspension of all cash transfers to TBI.
The bank stated in a statement that: All cash transfers to TBI Bank have been suspended as of today until January 7, 2025, due to the annual inventory procedures and the end of the fiscal year. LINK
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Clare: Al-Sudani visits London in the middle of next month to discuss bilateral relations and attract British investments
12/22/2024 Baghdad - Economy News
An informed source told Al-Eqtisad News that Iraqi Prime Minister Mohammed Shia al-Sudani will visit the British capital, London, during the period from January 13 to 16, 2025.
The source said that the visit will be at the head of a high-level government delegation, and aims to discuss bilateral relations between the two countries, and enhance opportunities for attracting British companies to invest and work in Iraq.
He added that the visit schedule includes Al-Sudani meeting with the Iraqi community in Britain, as well as meetings with a number of British officials, most notably Prime Minister Keir Starmer. This comes within the framework of the Iraqi government's efforts to consolidate international relations and open new horizons for investment and joint projects. LINK
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Clare: Al-Sudani returns to Baghdad after concluding his visit to Nineveh Governorate
12/22/2024
Prime Minister Mohammed Shia Al-Sudani returned to the capital, Baghdad, after concluding his visit to Nineveh Governorate.
According to a statement from his office, a copy of which was received by {Euphrates News}, “Al-Sudani’s visit to Nineveh included the following:
- Launching the executive work on the North Thermal Power Plant Project/Phase One, with a capacity of (700 megawatts), out of the total project capacity of (1400 megawatts).
- Launching the executive work on the (local administration) stadium and indoor sports hall project, and directing to increase the stadium’s capacity.
- Launching the executive works of the project to organize and rehabilitate the riverfront of the old city in the right side of Mosul.
- Field follow-up of the Mosul International Airport reconstruction project, which has reached more than 80% completion, and directing its opening in the coming month of June.
- Follow up on the ongoing work on the rehabilitation project of the ancient Nineveh Wall.
- Opening of the new Nineveh Governorate building.
- Announcing the launch of a series of new projects in Nineveh Governorate, including those related to infrastructure, the second phase of the ring road project, and the project to transform the military base in Qayyarah into a model base.
- Chairing a meeting of the leaders of the security and military services in the governorate.
- Meeting of tribal sheikhs and representatives of various components and nationalities in Nineveh LINK
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Clare: Al-Sudani directs the opening of Mosul International Airport on June 10
12/22/2024
Prime Minister Mohammed Shia al-Sudani directed the opening of Mosul International Airport on June 10.
This came during his field follow-up of the progress of work at Mosul International Airport, during his visit to Nineveh Governorate, which he arrived at this morning, according to a statement issued by Al-Sudani's media office.
The statement said that Al-Sudani was briefed on the work related to the construction of the airport runway and its various halls, the current completion rate of which is more than 80%. He also listened to the officials of the implementing company, and directed the removal of all obstacles that hinder their current work.
The statement added that Al-Sudani directed that the airport be opened on June 10, which marks the anniversary of the occupation of Mosul, to be a message of defiance in the face of terrorism.
Mosul Airport is one of the most important airports at the governorate level after Baghdad and Basra airports, and it was destroyed by ISIS in a systematic manner and at a rate of 100%.
According to a statement from Al-Sudani's office, the project encountered many technical and administrative problems, which were overcome with direct support from the Prime Minister.
The completion rate of the project, which is part of the regional development projects, did not exceed (30%) last March, and work progressed during the past eight months, reaching more than (80%), and all the conditions approved by the Civil Aviation Authority and the Air Navigation Company were implemented. LINK
Clare: The dollar market is on “one leg”.. A new mechanism and the exchange rate is threatened!
12/22/2024
The Central Bank of Iraq is preparing to stop dealing with the electronic platform for dollar transfers abroad, at a time when experts have warned against raising the exchange rate to a higher level in light of the news circulating about this.
The electronic platform was launched in early 2023, and it represents a system for auditing dollar transfers before they are executed, instead of the audit that the US Federal Reserve used to conduct after execution.
Banks, companies and merchants in Iraq faced some challenges before adapting to the new method, but they finally underwent a series of trainings that the employees of these banks received before fully adapting to the platform’s work.
Exchange rate hike
In light of these moves, news has been raised about a move towards a new adjustment to the exchange rate, which has raised economists’ concerns about the potential impact of this move on the economic process in general.
Experts stressed that sudden changes in monetary policy could create additional confusion in the markets and undermine confidence in the financial system.
Economic expert Mustafa Akram Hantoush said, “Changing the exchange rate in the current situation is useless, because the problem is not in purchasing power, but in the demand for the dollar outside the platform due to small traders, trade with Iran, and some materials that are imported outside the platform due to high customs duties or their ban, in addition to the citizens’ desire to save the dollar.”
Hantoush added to Al Jarida that “it is better to find solutions to the increasing demand for the dollar outside the platform instead of resorting to changing the exchange rate, because that will complicate the monetary situation even more than it is now.”
clear policy
According to an official at the Central Bank of Iraq, dealing with the dollar file was based on various opinions built on a series of studies and field research.
The official, who preferred to remain anonymous, explained to Al Jarida that “the bank adopted two main approaches to address the crisis. The first is to expand the use of international currencies such as the Chinese yuan, the Indian rupee, the UAE dirham, and finally the Saudi riyal, with the aim of reducing dependence on the dollar. The second approach focuses on developing the operational capabilities of local banks to become more qualified to participate in transfer operations.”
For his part, banking researcher Mahmoud Dagher explained that “the fluctuation of the Iraqi dinar exchange rate came as a result of two decisions to reduce the value of the dinar in 2020 and then raise it in 2023, which represents a clear intervention in the fixed exchange rate system, which created ongoing economic confusion.”
Dagher told Al Jarida that “any new change in the exchange rate reflects the absence of benefit from previous mistakes, as wrong interventions in monetary policy lead to adverse results that increase the instability of the financial market.”
As for the economic expert, Adi Al-Alawi, he confirmed that “the biggest mistake that the government can make is to manipulate the dollar exchange rate through sudden decisions, because that has a direct impact on the national economy and shakes investors’ confidence in the financial system.”
Al-Alawi added to Al-Jarida that “the government’s continued taking of ill-considered decisions regarding the exchange rate will lead to the erosion of international and local confidence in the Iraqi economy, which will weaken the ability to attract the investments necessary to improve the economic reality.” LINK