“Tidbits From TNT” Thursday 12-18-2025
TNT:
Tishwash: Al-Alaq: We succeeded in increasing the size of foreign reserves and curbing inflation.
The Governor of the Central Bank of Iraq, Dr. Ali Al-Alaq, affirmed that maintaining financial and banking stability, public financial sustainability, and curbing inflation are among the most difficult challenges facing countries, and cannot be achieved without operating the various economic sectors, especially in light of global economic and financial complexities.
Al-Alaq explained, during a lecture on development financing in light of the global debt crisis, held on the sidelines of the Fifth Regional Conference of the Al-Baraka Forum for Islamic Economics, which is being held in Cairo in partnership with the General Secretariat of the League of Arab States
And which was attended by Al-Sabah newspaper, that “the Iraqi scene is facing intertwined pressures and accumulated infrastructure and development challenges, which require diversifying the economy and maximizing public revenues,”
Noting that “public finances in Iraq depend on oil exports by more than 90%, which is an unconventional source subject to fluctuations in global prices, which leads to fluctuations in revenues and weak financial stability, which necessitates finding structural solutions.”
He explained that “the limited economic diversification and weak productive sectors have made Iraq a country that is primarily an importer, which puts continuous pressure on the dollar and the exchange rate, especially with the rise in purchasing power and the increase in daily demand for foreign currency, which directly affects monetary policy, which has achieved great success in balancing the maintenance of price levels, managing liquidity, and stimulating the economy.”
He pointed out that "public spending pressures, particularly on salaries, subsidies and basic services, pose an additional challenge," stressing "the difficulty of reducing these expenditures due to the potential social repercussions, at a time when the central bank is striving to avoid inflation and maintain monetary stability to protect the social structure of the country."
Al-Alaq pointed out that “Iraq has been able in recent years to finance part of the financial deficit through the development of non-oil revenues, while continuing to coordinate with the Prime Minister with the aim of maximizing these resources and reducing dependence on oil,” in an effort to break what he described as the “financial dominance” of oil revenues over the general budget.
The governor of the Central Bank affirmed that "the stability of the exchange rate is a pivotal goal, as it provides a safe cover for investors and citizens," noting that "Iraq has succeeded in raising the size of foreign reserves and linking them to a package of integrated monetary policies, which have contributed to reducing the inflation rate to about 1%, which is among the lowest levels recorded."
He added that "Iraq is in the process of governing the banking sector," revealing that "an update is underway in cooperation between the Central Bank and an international company for a comprehensive reform plan, which includes reviewing bank licenses according to new conditions and standards, in order to strengthen the banking system and raise its efficiency."
Regarding Islamic bonds, Al-Alaq explained that "there are no Islamic bond instruments in Iraq yet," noting that "there is an integrated project submitted by the Central Bank to the Iraqi Parliament for voting, which opens new horizons for financing and investment."
On the issue of debt, Al-Alaq stressed "the need to find an organized and continuous international dialogue between creditors and debtors," calling for "the establishment of a regional platform to organize this dialogue and reduce the gap between the two parties, in order to ensure negotiations without significant losses, and to contribute to the implementation of reforms and the strengthening of the economic base with the support of the participating countries."
He pointed to “international studies showing that losses in the debt file may range between 20% and 25% as a result of poorly considered financing conditions or delays,” stressing that “negotiating platforms contribute to reducing these losses and enhancing international cooperation by improving debt conditions, bridging the information gap, and exchanging experiences in economic reform processes.” link
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TishWash: ATM machine arrived in Hajiawa district for the first time
The first ATM was installed in Hajiawa district of Raperin Autonomous Administration on Thursday, December 18,
This device is dedicated to serving salaried employees, while those who have “my account”, can now withdraw their salaries in their district without having to go outside Hajiawa.
This step will provide great convenience to the citizens of the region and reduce the pressure on the banks of the central administration of Raperin.
It is worth mentioning that the “My Account” project is a strategic project of the Kurdistan Regional Government to digitize the salary payment system and switch from cash to banking.
Currently, several banks are participating in the “My Account” project and salaried employees can open bank accounts through them, namely:
Cihan Bank: One of the private banks active in this project.
RT Bank: Involved in providing banking services to employees.
Iraqi Islamic Bank: Provides services to salaried employees.
BBAC Bank: It is one of the Lebanese banks operating in the region and participating in the project.
NBI (National Bank of Iraq): One of the banks with the most branches in the provinces. link
Tishwash: Iraq seeks coordination with the International Trade Centre to enhance trade exchange
Border crossings statement
The head of the Border Ports Authority, Omar Al-Waeli, discussed on Thursday ways to enhance cooperation and facilitate international trade during his reception of an official delegation from the United Nations International Trade Centre, coming from Switzerland, headed by Pierre Bonthonno, Director of the Trade and Investment Facilitation Department, and Director of Trade Facilitation and Digital Transformation Programs and Trade Policy Advisor.
Network Statement from the Border Ports Authority
The Chairman of the Border Ports Authority, Lieutenant General Dr. Omar Adnan Al-Waili, received an official delegation from the United Nations International Trade Centre, coming from Switzerland, headed by Ms. Pierre Bonthonno, Director of the Trade and Investment Facilitation Department, the Director of Trade Facilitation and Digital Transformation Programs, and a Trade Policy Advisor, with the aim of strengthening cooperation and facilitating international trade.
The Chairman of the Authority provided a detailed explanation of the Authority’s work and efforts in maximizing non-oil revenues and combating smuggling in all its forms, stressing that the Authority is witnessing a broad digital transformation through the introduction of modern technologies, data exchange between the relevant working parties, networking of sonars at all border crossings, and activating cross-border trade according to the TIR system, with direct follow-up and supervision from the Prime Minister.
Al-Waeli stressed the continued hard work to enhance security and stability at border crossings, which will positively impact the increase in trade exchange in Iraq and facilitate international trade.
For their part, the members of the delegation praised the measures taken by the Authority in the field of governance and electronic oversight, and expressed their admiration for the efforts it is making in the field of combating smuggling and rebuilding border crossings, stressing their readiness to provide technical and training support to improve the Authority’s technical capabilities.
This visit reflects the International Trade Centre’s interest in strengthening cooperation with the Border Ports Authority with the aim of improving work efficiency and promoting stability and economic development. link
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Mot: ole ""Motisums"" Facts bout - ""Christmas is in the air""
