“Tidbits From TNT” Friday 11-8-2024
TNT:
Tishwash: After extending the legislative term... Parliamentary movement to pass 5 "important" laws
Member of Parliament Mudar Maan confirmed, today, Thursday (November 7, 2024), that the extension of the legislative session for 30 days came with political consensus to decide on 5 "important" laws.
Maan said in an interview with Baghdad Today, "The extension of the legislative session for 30 days came with political consensus among the forces due to the importance of proceeding with the vote on 5 laws that have reached the final stages, most notably the amendment of the general amnesty law and the rest of the other laws."
He added that "the extension comes in order to give the committees a chance to complete their work and proceed in the upcoming sessions to vote on the laws that concern many segments of Iraqi society," stressing that "there are agreements to proceed with the laws."
Maan pointed out that "the House of Representatives will proceed at a faster pace in deciding the laws during the extension, during which we will see important laws put to a vote."
The media department of the House of Representatives stated in a brief statement today, Thursday, that the House Presidency decided to extend the current legislative session for 30 days, starting from November 9. link
Tishwash: Al-Alaq describes the parallel dollar as “abnormal”: There is great stability in prices
The Governor of the Central Bank of Iraq, Ali Al-Alaq, described the prices traded in a real parallel market as “abnormal,” while pointing out that there is great stability in prices and a decline in inflation rates.
Al-Alaq said in an interview with local media outlets: “We understand the focus on the rise in exchange rates in local markets, but we believe that the focus should be on the ability of the Central Bank to implement full coverage of foreign transfers for commercial or other purposes, and this happens on a daily basis.”
He added, "The daily dollar selling rates are high and almost sufficient to cover the needs of traders, businessmen and even citizens, and therefore we look at the price through the amount of sales that the Central Bank undertakes daily at the official price."
He pointed out that “the Central Bank looks at another indicator, which is the inflation rate in the market, and we notice that there is great stability in prices and a decrease in the inflation rate, which indicates that foreign trade is covered by the official price, which is 132,000 dinars.” (Per dollar)
The Central Bank Governor continued: “The price that is traded in the market is in fact an abnormal price that does not reflect the true price. Usually, this price is called a parallel price when there is a real parallel market with sources of dollars other than the Central Bank.”
Al-Alaq called on citizens to “pay attention to the fact that the price they are looking at is the price at which the Central Bank sells to traders,” noting that “more than 95% of the Central Bank’s daily sales are foreign transfers, and this foreign transfer is what represents the reality of commercial and other operations that it covers at the official price.” link
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Tishwash: Al-Sudani takes a number of steps regarding financial and banking reform in Iraq
Prime Minister Mohammed Shia al-Sudani directed, on Friday, to take a number of steps within the framework of banking and financial reform in the country, including increasing the number of bank branches in the governorates, as most activities are concentrated in the capital, Baghdad.
Al-Sudani's media office stated in a statement today that "within the framework of efforts to reform the financial and banking system, as one of the priorities of the government program, and in light of the important steps achieved during the past two years, and in light of the challenges facing the financial and banking system, especially in the governorates, and since confronting them requires greater attention and radical improvements to ensure enhancing confidence in the financial and banking sectors, facilitating the process of economic development, increasing financial inclusion and raising its indicators throughout the country, and because most of the activities were concentrated in the capital, Baghdad, Al-Sudani directed that a number of steps be taken in this regard."
Among the steps, according to the statement, is “increasing the number of bank branches in the governorates to meet the needs of the local population, and in a way that contributes to expanding the scope of financial services, while paying attention to buildings, their modernity, and providing their basic requirements.”
The statement pointed out the necessity for all banks in the governorates to adopt modern technologies such as online banking services and mobile applications, which facilitates citizens’ access to their banking services easily.
The statement stressed the importance of banks developing their financial services to suit the needs of individuals and small businesses, such as soft loans and savings accounts.
The media office pointed out the enhancement of financial inclusion in the governorates by providing banking services to different segments of society, including districts and sub-districts in villages and rural areas.
The statement called for launching conferences and awareness campaigns in the governorates, to educate citizens about the importance of dealing with banks and how to manage and invest money properly.
The statement directed the organization of workshops to train young pioneers and local businessmen on how to deal with loans and financial services.
The statement added that the Ministry of Finance, the Central Bank of Iraq, and the Iraqi Private and Islamic Banks Associations will coordinate with the governors’ offices to accomplish the above tasks according to their jurisdiction and responsibility, and submit quarterly reports (every three months) to the Prime Minister’s Office regarding the progress of work on the steps mentioned above. link
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Tishwash: Parliamentary Oil: Gas licensing rounds will support the financial budget
The Parliamentary Oil and Gas Committee stressed, on Thursday, the importance of gas licensing rounds in diversifying Iraq's imports and supporting its budget with new sums.
Committee member Ali Saadoun said in an interview with Al-Maalouma Agency, “The gas licensing rounds are of great benefit to Iraq and provide the financial budget with sums through extracting and selling gas, as well as diversifying the state’s imports.”
He added, "There are quantities of gas in several exploration extraction areas, and the companies that have applied to work in them are diverse, including Chinese companies, and they will begin their activities," indicating that "this important step was supposed to take place 10 years ago."
It is noteworthy that the Minister of Oil, Hayan Abdul Ghani, had previously expected an increase in gas production by 3 billion cubic feet as a result of the licensing rounds. link
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