In 5 days.. Central Bank of Iraq sales exceed one billion dollars
The total sales of hard currency in US dollars by the Central Bank of Iraq during the 5 days of the auction last week amounted to more than one billion dollars.
Shafaq News Agency correspondent stated that the Central Bank sold during this period 1 billion, 393 million, 968 thousand, and 342 dollars, at a daily rate of 278 million, 793 thousand, and 668 dollars, down from what was recorded in the previous week, which amounted to 1 billion, 434 million, 982 million, and 505 dollars.
The highest dollar sales were on Monday during the week, when sales reached 290 million, 459 thousand, and 512 dollars, while the lowest sales were on Wednesday during the same week, when sales reached 278 million, 258 thousand, and 12 dollars.
Our correspondent indicated that foreign remittance sales during the past week amounted to 1 billion, 337 million, 368 thousand, and 342 dollars, an increase of 96% compared to cash sales, which amounted to 56 million, 600 thousand dollars.
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Government Advisor: Number of bank accounts in Iraq increased to more than 14 million
The Prime Minister’s Advisor for Financial and Economic Affairs, Mudher Muhammed Salih, confirmed on Saturday that financial inclusion in Iraq, represented by bank accounts, has increased to 14 million with 20 million users, while indicating that Iraq is witnessing a boom in adopting e-governance as a basis for integrity and financial efficiency.
“The pillar of financial inclusion is represented by the number of personal bank accounts, as inclusion aims to enable individuals and companies to access financial services appropriate to their needs in an easy manner and at a reasonable cost, while ensuring legal protection and transparency,” said Salih to the Iraqi News Agency – INA.
He added, “Financial inclusion focuses on enhancing the financial integration of economically and socially marginalized groups, such as the poor, women, and youth, as well as small and medium-sized companies that lack adequate access to financing in the banking system by opening a bank account.”
“National indicators confirm that financial inclusion in Iraq has increased from 20% to 48% currently compared to previous years. The reason is due to two main factors, which are the localization of salaries of employees, workers, retirees and social care. The other is the spread of digital payments or digital financial inclusion,” he noted.
Salih stressed that “Iraq is witnessing a boom within the policy of the government program that considered e-governance the basis of integrity, transparency, financial and economic efficiency as well as optimal investment of resources and time,” noting that “recent statistics indicate that the number of bank accounts is about 14 million bank accounts and more than 20 million payment card users, which means an increase in the percentage of financial inclusion from 20% to 48%, which is a percentage measured by the number of bank accounts opened for adults in the population.”
“There are several open bank accounts that are dormant or zero, which should be excluded to reach the correct number of open bank accounts. There are open and zero accounts belonging to expatriates, deceased persons, bankrupt companies, companies that have left work, and individuals who have not dealt with their bank accounts that are open in banks and are under guardianship or in trouble, as other factors and hopes are many.”
He added, “The real criterion for adopting the bank account as a criterion for financial inclusion is the bank accounts opened by active individuals, not the zero or dormant ones, which requires excluding them from the statistics of banks and the Iraqi banking system in general.”
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Recovering nearly 3 billion dinars from the “theft of the century” in Diyala
MP Ahmed Rahim Al-Moussawi revealed, on Saturday, the recovery of about 3 billion dinars from the theft of the century in Diyala.
Al-Moussawi said in an interview with Al-Maalouma, “The theft of funds from accounts belonging to the Diyala Governorate Diwan by employees initially ranged from 7-8 billion dinars. Many of those involved were arrested and approximately 3 billion dinars were recovered, according to the information.”
He added, “With the continuation of investigations by the judiciary and integrity in Diyala, it became clear that the indicators point in the direction that the stolen amount reaches about 40 billion dinars. This matter requires time and arrangement and raises questions about whether a simple employee can steal this money without cover and facilities according to multiple mechanisms.”
He pointed out that “the local government of Diyala is required before public opinion to reveal the amount of money that was stolen and the legal procedures, in addition to stating the reasons that led to accepting the bail of some of the accused, even though the bail amount does not reach 1% of the amount of money stolen, stressing that the theft of the century in Diyala must be revealed in all its details and those involved must be brought before the Iraqi judiciary.”
It is noteworthy that the theft of billions of dinars from the Diyala Diwan accounts, the first details of which were revealed last April, stirred public opinion, especially with the amount of stolen money rising to about 40 billion dinars.
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Gold Heads For Biggest Monthly Drop In Over A Year
Gold prices rose on Friday, supported by a weaker dollar and geopolitical tensions, but were set to post their biggest monthly decline since September 2023 due to the US currency’s rise this month following Donald Trump’s victory in the US presidential election.
Spot gold was up 0.7% at $2,659.49 per ounce by 1201 GMT, but was on track for a weekly decline of about 2% after heavy selling earlier in the week.
US gold futures were up 0.85% at $2,659.20.
Gold prices have fallen 3% so far in November, their worst monthly performance since September 2023, amid expectations that the Trump administration’s potential for higher tariffs will keep interest rates higher for longer.
The dollar index fell to its lowest since November 12, but was still on track to post a 2% gain for the month.
Gold has been on a strong rise this year and is falling sharply this month due to heavy profit-taking after Trump’s election win and a stronger dollar following his victory, said Jigar Trivedi, senior analyst at Reliance Securities, according to Reuters.
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Oil Prices Rise, Exceed $73
Oil prices rose to more than $73 on Friday evening. The price of a barrel of Brent crude reached $73.11 per barrel, while yesterday it recorded an increase that reached $72.78.
The price of a barrel of American crude reached $69.40 per barrel, while it had closed yesterday at $68.72.
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Iraq Prepares For An Electronic Revolution In Electronic Payment As 2025 Approaches
The head of the electronic payment team in Iraq, Nabil Al-Najjar, confirmed today, Friday, that Iraq will witness a major transformation in the field of electronic payment next year.
Al-Najjar explained in a statement to the official agency, followed by “Mawazine News”, that “the number of electronic payment cards in Iraq has exceeded the barrier of 18 million cards, which means that a third of the population uses this method.” He added that “there is a government trend that supports electronic payment through a series of decisions that will contribute to this major transformation in the Iraqi economy.”
Al-Najjar pointed out that “Iraq is heading towards huge digital campaigns in line with the economic decisions adopted by the government of Prime Minister Mohammed Shia Al-Sudani, and it is expected that the year 2025 will witness a qualitative shift in electronic transactions.”
Electronic Payment.. 18 Million Cards Used In Iraq
Baghdad Head of the electronic payment team in Iraq, Nabil Al-Najjar, confirmed today, Friday, that Iraq will witness a major electronic transformation next year.
Al-Najjar said, “The number of cards for electronic payment users has exceeded the 18 million mark, which means that a third of the Iraqi people use electronic payment cards,” noting that “there is a government trend in favor of electronic payment through some decisions, and this indicates a major shift in the Iraqi economy.”
He added, “The Iraqi market is heading towards major digital campaigns in accordance with the economic decisions issued by the government of Prime Minister Mohammed Shia al-Sudani, and it is expected that the year 2025 will witness a major shift in dealing with electronic payment.”
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Al-Sudani: We Carried Out Comprehensive Reforms That Attracted Foreign Investments
Prime Minister Mohammed Shia al-Sudani stressed that comprehensive reforms were a reason for attracting foreign investments to Iraq.
A statement from his office received by “Mawazine News” stated that “Prime Minister Mohammed Shia al-Sudani received in the capital Madrid, today, Friday, a group of members of the Iraqi community in Spain.”
Al-Sudani confirmed in his speech to the community members that “the visit included a high-level delegation, and Iraq and Spain have put the basic steps together to move towards a comprehensive strategic partnership in various fields, and the foreign ministries of the two countries have been directed to jointly prepare for this relationship.”
He explained that “Iraq moved based on the strategic partnership agreement with the European Union, and the partnership with France, Germany, and Italy,” indicating that “Spain has priority, based on the close political positions and the noble position on the Palestinian issue, the distinguished historical relationship, and its role in the international coalition against ISIS.”
The Prime Minister pointed out that “the solid Spanish companies known for their experience are invited to contribute to the general development witnessed by Iraq, the reconstruction movement and the construction of infrastructure. The relationship has developed since the visit of the Spanish Prime Minister Pedro Sanchez to Iraq last year.”
He stressed that “the government has worked to build trust and work to provide services, and that its responsibility is to serve all Iraqis with all their spectrums and diversity.
According to the figures, all sectors have witnessed important achievements that have put the country on the right path, and in every region of the country there is a service or development project.”
Regarding financial, economic and banking reform, Al-Sudani explained that “the government has begun to develop the private sector and reform the banking system according to international compliance standards. Electronic sales numbers have increased, as part of a package of reforms in the field of tax and customs laws and company registration to facilitate the work of the local and foreign private sector,”
indicating that “the comprehensive reforms were a reason for attracting foreign investments that were initiated, and exceeded 62 billion dollars in two years, in the oil and gas, housing, industry, agriculture and hotels sectors, and indicators of international organizations and institutions indicate an increase in the growth rate during this period.”
