KTFA:

Clare:  Thwarting the smuggling of $400,000 out of the country at Baghdad Airport

10/17/2023

The Security Media Cell announced that it thwarted the smuggling of $400,000 out of the country at Baghdad International Airport

A statement from the cell, a copy of which was received by {Al-Furat News}, said, "As part of the ongoing pursuit of currency smugglers, and after intensifying oversight efforts, teams from the Customs Directorate at Baghdad International Airport were able to seize $400,000 that was intended for smuggling."

The cell confirmed that "the competent security services continue their work day and night to pursue all those who harm the national economy by smuggling currency out of the country."

It called on "citizens to cooperate with the competent authorities to report any case related to currency manipulation or smuggling, in order to preserve the stability of currency prices and prevent sabotage of the country's economy."   LINK

Clare:  His advisor: Al-Sudani’s visit to Russia settled its debts to Iraq...and this is what he will raise in Washington

10/17/2023

The advisor to the Prime Minister, Subhan Al-Mullah Jiyad, announced that the visit of Muhammad Shia Al-Sudani to Russia settled its debts to Iraq - while revealing what the Prime Minister will present in Washington

Jiyad said: For the program {Free Speech} broadcast by Al-Furat satellite channel on Monday evening, it said: “The Sudanese visit to Russia resolved the issue of its debts to Iraq, which seeks to resolve the strategic agreement with America because it does not need combat forces, but rather technology, weapons and equipment.”

He added, "Al-Sudani did not address the issue of Russian armament of Iraq during his visit to Moscow, which provided rapid armament during the period of confronting the terrorist ISIS, and now he wants to invest in the oil and gas industries."

Jiyad continued, "Iraq yearns to see the second face of America, which is industrial, civilized, cultural, and economic, since its military face has become heavy and boring for the Iraqis. Al-Sudani will present this talk during his visit to Washington in accordance with the strategic agreement, in addition to opening the door to investment for American companies in Iraq."

He explained, "American loans and military aid to Iraq amount to two billion dollars. Iraq has its own sovereign decision and will not be with one axis against another axis. In light of this policy, Al-Sudani responded to the Russian president's call to meet the country's interest."

Jiyad added, "From the first moment, the Sudanese government sent great optimism to the citizens, and the ministerial platform was also optimistic, and with the approval of all political forces, this through the personality of the president, the ministerial platform, and consensus on it sent optimism and it will be strengthened in the coming days."

He stated, "The government is working on different paths despite the difficulties and the service effort team was established to avoid red tape and budget problems. There is tremendous work being achieved in terms of services, reaching areas not reached by successive governments, and packages to relieve traffic congestion. On the political level, there is great calm."

Jiyad added, "We have reaped the results of the electrical connection with Jordan and with the Gulf, which will open very soon, and the construction of large electrical stations. There is a significant reduction in corruption in institutions and departments. We have also reaped distinction in international and regional relations. The supervisory role will be further strengthened after the provincial council elections, and there are legal mechanisms to follow up on the work of the councils." ".

Regarding gas investment projects, Jiyad said, “Gas projects in Iraq will be invested beyond the life of the government, and we have the sixth licensing round in the western regions that will be announced soon. It carries promising numbers in the amount of free gas, and its level is expected to be large and high. We have sent out invitations to companies of all nationalities to invest in gas.” ".

He pointed out, "Work on implementing the development road project began in the second year of the government's life, and all external parties are enthusiastic about the project, and the internal challenge remains dependent on political forces."

In the banking sector, Jiyad explained, “There is currently something different from previous governments, which is that the current government does not take a step randomly without planning and follow-up. Today, Iraq is moving towards the localization of industries, and to advance industries, the private sector must be revived. In the 2023 budget, one trillion dinars were allocated to the Development Fund to support the sector. 
” Private projects and the guarantees themselves are the guarantees given in exchange for loans. Producer and consumer protection laws exist and are important and may need to be trimmed.

Jiyad ruled out obstruction of government projects, saying, “So far, there is no obstruction of an agreed-upon government project, whether economic, commercial, or international relations, that would serve Iraq’s return to its pivotal role, and this is considered good. However, disagreements may emerge in the last year with the elections approaching, and the Sudanese who is furthest from private interests is staying away from... Governorate elections.

He noted that "the French company Total had practice and previous experience in Iraq and presented its offer, which was the most appropriate in terms of time and cost. It was quick to respond to the invitation and began implementation after signing the contract. France has good political positions towards Iraq."

Regarding the salaries of Kurdistan Region employees, Jiyad said, “The region’s parties are patriotic and close to their constituencies, and salaries were distributed to their employees. There is a claim to remove salaries from political agreements through their association with the Federal Ministry of Finance.” 

Jiyad concluded by saying, "The project funds for the governorates were released this week, and the delay in releasing the funds is due to the approval of the projects. Legislating the oil and gas law is one of the government's commitments to the political document, and the positive atmosphere now is very favorable for opening this file."  

Wafaa Al-Fatlawi   LINK

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Clare:  Al-Nusairi calls for supporting and implementing the Central Bank’s measures in financial and banking reform

10/17/2023

Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, called for the ministries, concerned authorities and banks to support and implement the Central Bank’s procedures to achieve financial and banking reform based on the axes of its new strategy, which relies primarily on regulating foreign trade, maintaining the general level of prices, and reducing the inflation rate, which is one of the basic goals of the policy. Cash.

Al-Nusairi indicated in an interview with Al-Eqtisad News that the percentage of external transfers on the electronic platform exceeded 95 percent of merchants’ daily transfers, and efforts are continuing to conclude agreements with countries to adopt their local currencies such as the Indian rupee, the Turkish lira, the Emirati dirham, and the euro for direct dealing instead of the US dollar. .

He stated that it is in line with the campaign to support the Iraqi dinar in internal and external transactions, the Prime Minister’s announcement of Iraq’s desire to enter the BRICS group, as approximately 70% of the total trade exchange takes place with China, India, and Brazil, in addition to the fact that 50% of Iraq’s oil exports are through the BRICS countries. This is an important step if the group accepts the joining of Iraq.

Al-Nusairi confirmed that the Central Bank’s departure from the platform method in 2024 will contribute to the fact that external transfers will be made directly between the Iraqi merchant and the exporter through the correspondent banks that will be approved and international companies that undertake pre-audit operations. 

Al-Nusairi concluded his speech by saying that the challenges faced by the Central Bank and the government against the financial and banking reform strategy, and that what is spread by speculators, the corrupt, and their media and analysts, will not last long, as the battle will inevitably be decided by completing comprehensive financial and banking reform processes and stabilizing the exchange rate within the targeted limits.   LINK

Clare:  Iraq raises the interest rate to 7.5%, and the Economic Council is considering increasing the rate

10/16/2023

The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed on Monday that the interest rate for amounts deposited in banks has been raised to 7.5% to encourage citizens to deposit their amounts in banks, and to withdraw the monetary mass outside the banks, while the Ministerial Council for the Iraqi Economy confirmed the study of increasing the price of... Interest on deposits.

This came during the presidency of Iraqi Foreign Minister Fuad Hussein, the 31st session of the Ministerial Council for the Economy, in the presence of the Ministers of Planning, Finance, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank, the Undersecretary of the Ministry of Oil, the Vice-President of the National Investment Authority, the Chairman of the Securities Commission, and advisors to the President. Ministers for Economic and Legal Affairs.

According to a statement received by Shafaq News Agency, the Council hosted the Chairman of the Finance Committee in the Iraqi Parliament, Atwan Al-Atwani, and a number of committee members, to discuss the dollar exchange rates in Iraqi markets.

The Governor of the Central Bank of Iraq, Ali Al-Alaq, provided a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq.

Al-Alaq pointed out, according to the statement, that "the exchange rate depends mainly on imports, not on local production, and that the exchange rate in Iraq has peculiarities because it is linked to the price of oil, as it is the largest source of providing hard currency."

He explained that "many factors affect the exchange rate, the most important of which is the leakage of the dollar to neighboring countries, internal trading in local markets in a currency other than the national currency, as well as the lack of complete control over ports and smuggling."

Al-Alaq added, "The level of inflation has decreased significantly and that the goods that enter officially are witnessing price stability, because imports are covered by the official price."

The Governor of the Central Bank pointed out the opening of a special lounge for private banks to sell dollars to travelers at Baghdad International Airport, and raising the interest rate for amounts deposited in banks to 7.5% to encourage citizens to deposit their amounts in banks, and to withdraw the cash mass outside the banks.

After objective and serious discussions, the head of the Ministerial Council for the Economy, Fouad Hussein, noted that “the Council will study in detail this important issue, and will follow up on the localization of salaries for all workers in the government sector, and then the mixed sector up to the private sector.”

Hussein said, “The Ministerial Council will study increasing the interest rate on deposits,” adding: “We are looking forward to building basic future tools that will help the Central Bank and the Ministry of Finance assume their role in a manner commensurate with the nature of their work.”  LINK