“Tidbits From TNT” Wednesday Morning 8-7-2024
TNT:
Tishwash: Central Bank Governor's Resignation: Admission of Failure or Escape from the Repercussions of the Financial Crisis?
The Governor of the Central Bank of Iraq, Ali Al-Alaq, submitted a request to relieve him of his post to Prime Minister Mohammed Al-Sudani, amid a series of issues and problems in the financial and banking sector in Iraq, which include the failure to control the dollar exchange rate on the black market.
An informed source revealed to Al-Mustaqilla today, Tuesday, that Al-Alaq decided to submit his resignation after facing multiple problems in the financial sector, in addition to his inability to fulfill his promises to control the exchange rate. This request comes at a sensitive time for the Iraqi economy, which suffers from severe fluctuations in exchange rates and direct impacts on the local economy.
The main reasons that prompted Al-Alaq to submit his resignation are related to the ongoing difficulties in managing the financial and banking sector, in addition to the major challenges in controlling the dollar exchange rate on the black market. Since taking office, Al-Alaq has made many promises to achieve financial stability, but he has faced great difficulties in implementing them, which has led to increasing pressure on him.
A document obtained by Al-Mustaqilla today, Tuesday, revealed that the Speaker of Parliament has agreed to host the Governor of the Central Bank, Ali Mohsen Al-Alaq, by the Parliamentary Integrity Committee. This hosting aims to discuss the challenges facing the Central Bank and investigate the reasons that led to the request for his resignation.
Al-Alaq’s resignation could raise questions about the future of financial policy in Iraq. The central bank is central to economic stability, and any change in its leadership could have a significant impact on financial markets and confidence in the banking system.
Iraq faces major economic challenges that require strong and qualified financial leadership. The most prominent of these challenges are:
Controlling the exchange rate: Iraq needs effective policies to control the dollar exchange rate and prevent speculation that leads to sharp fluctuations.
Banking system reform: Improving the efficiency and transparency of the banking system to keep pace with international standards.
Combating corruption: Promoting integrity and transparency in financial institutions to prevent corruption and restore investor confidence. link
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Tishwash: Finance seeks to improve financial performance and enhance spending efficiency
Finance Minister Taif Sami chaired a meeting of the Ministry's Opinion Board on Tuesday, where it discussed the measures taken to improve the ministry's financial performance and enhance the efficiency of public spending.
The ministry said in a statement received by the Iraqi News Agency (INA): "The Minister of Finance chaired the meeting of the Ministry's Opinion Board, attended by all its members, to discuss a number of important financial and economic topics."
The statement added, "The attendees discussed the current financial policies and procedures and ways to develop them to achieve the ministry's strategic goals and follow up on the implementation of the financial plan for the current year and the challenges it faces."
It continued, "The future directions of financial policies were also discussed in light of local economic variables and the measures taken to improve the ministry's financial performance and enhance the efficiency of public spending."
The meeting stressed - according to the statement - the importance of "continuous coordination between various relevant parties to ensure the achievement of the desired goals." link
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Tishwash: Rafidain announces the implementation of the comprehensive banking system in 37 branches
Rafidain Bank announced today, Wednesday, the implementation of the comprehensive banking system in 37 branches.
The media office of Rafidain Bank stated in a statement received by the Iraqi News Agency (INA), that "in implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens, the comprehensive banking system was applied in the Al-Amir neighborhood branch in Najaf and the Kut branch, thus joining the branches in which the comprehensive system was activated in Baghdad and the governorates in addition to the branches of the border crossings (Zurbatiya - Safwan - Arar - Trebil) so that the number of branches in effect and completed for the system becomes (37) branches."
He added, "This important step came to strengthen the banking system, meet its requirements, and move away from paper work and towards completely electronic systems."
He added that "the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timetables to include all bank branches in implementing the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions." link
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Tishwash: Agenda of the House of Representatives session tomorrow, Wednesday
The Iraqi News Agency (INA) publishes the agenda of tomorrow's session of the House of Representatives, Wednesday, according to what was published by the media department.
Iraqi News Agency IRAQI NEWS AGENCY
News Al-Nawar sat
First: voting on the draft law on public scientific university education (7 articles). private. Heaven Alt
Second: The first reading of the draft law on the first amendment to the Industrial Cities Law No. (2) Economy, Industry and Trade (7 articles).
Third: Report and discuss (the second reading of the draft law on the first amendment to the law establishing the year 2016. (Committee of Martyrs, Victims and Political Prisoners).
Fourth: The first reading of the draft law on the first amendment to the Notary Book Law No. (Legal Committee), (10) articles).
Fifth: The first reading of the proposed law on the first amendment to the Pharmacists Syndicate Law of 1966. (Health and Environment Committee), (31) articles).
Sixth: The first reading of the proposed law on the first amendment to the law of the House of Representatives and its formations, Legal Committee No. (14 articles).
The session begins at one o'clock in the afternoon link
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