The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Wednesday (October 16, 2024), that a monetary and financial system for payments that enjoys international acceptance and credibility is “imminently born.”

Saleh said in a press statement, regarding his expectations for the outcomes of the upcoming BRICS summit in Kazan, Russia, that “a monetary and payments system is imminent and enjoys international acceptance and credibility, and  the new monetary situation must impose an official character in the arrangements for Special Drawing Rights (i.e., a currency). International Monetary Fund (IMF), that is, the BRICS currency has a high weight in the weights of world currencies, according to which the International Monetary Fund deals with the stability of the exchange rate and the strength of the new international currency (BRICS currency).”

He added:   “The Kazan summit must come out with an official announcement about the new international reserve currency called the BRICS currency,  which will undoubtedly represent an economic force for approximately

40% of the world’s population, and represents about
30% of the size of the global gross domestic product, especially since The
five countries contribute significantly to the global economy, representing approximately
25% of the global GDP alone.”

 He pointed out that  “China and India are considered two main drivers of this growth, with
their economic power increasing significantly in the past two decades until the present time, and there is no doubt that half of the global trade is controlled by the group.” Saleh added: “With this, the

BRICS group seeks to

reshape the global economic system in line with its interests, and
challenge the traditional dominance of Western countries in international economic institutions, especially the
establishment of its own financial institutions such as the New Development Bank.”

Russia holds the rotating presidency of the BRICS bloc this year, under the slogan “Strengthening multilateralism for equitable global development and security.”

Since assuming the presidency of the group, Russia has organized more than 200 political, economic and social events, and the main event will be the BRICS summit with the participation of a number of heads of state, which will be held in Kazan from October 22 to 24.

The BRICS group is a joint association between several countries that was created in 2006 by Brazil, Russia, India, and China, and later in 2011, South Africa joined it.

Since the beginning of 2024, Egypt, Ethiopia, Iran, the UAE and Saudi Arabia have joined BRICS.

Central Bank Of Iraq’s External Remittances Surge

The Central Bank of Iraq. Photo: INA  Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) plays a crucial role in managing remittances and foreign currency transactions within the country.

The remittance environment has seen notable advances and changes in recent times, which may be attributed to governmental actions and wider economic factors.

Through its currency auction, the CBI claimed a 91 percent rise in overseas remittances in March 2024.

The bank sold almost $213.4 million at this peak in a single auction, with the majority of the proceeds going for documentary credits and remittances.

For documentary credits, the exchange rate was established at 1305 Iraqi dinars per US dollar, while for cash transactions, it was 1310 Iraqi dinars per US dollar.

The efficacy of the CBI’s monetary policies in stabilizing the Iraqi dinar and promoting foreign exchange flows is demonstrated by this growth.

Additionally, the CBI has taken action to stop money laundering through the remittance network.

The implementation of an electronic foreign remittance platform has been crucial in identifying genuine beneficiaries of transactions, thus reducing avenues for criminal operations, as stated by the CBI Governor, Ali Al-Alaq.

This platform is part of a larger plan to improve international standards compliance and financial transparency.

Some Iraqi banks have lowered their external remittance charges to 0.5 percent in order to improve the remittance process.

This is in accordance with CBI regulations that seek to increase the accessibility of foreign currency services.

It is anticipated that this decrease would motivate more people and companies to use official channels for their remittance requirements.

The CBI’s recent remittance measures are part of a larger attempt to expand access to financial services for all individuals, increase regulatory compliance, and stabilize the economy.

Al-Sudani Stresses The Importance Of Banking Reform By Enhancing Citizen Confidence And Cooperation With Investors

2024-10-17 | 203 views  Alsumaria News – Economy   Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani stressed the importance of banking reform in enhancing citizen confidence and cooperation with local and foreign investors.

said Office The Prime Minister’s in a statement received by Al-Sumaria News,

“Al-Sudani chaired a special meeting on efforts related to developing the work of the government banking sector, in the presence of representatives of Ernst & Young for auditing and financial consulting.” The office added,

“During the meeting, a package of recommendations was presented by the company to proceed with the reform of the Rafidain Bank, which included the new legal status of the Rafidain Bank, its capital, its business strategy, and the new consultant who will work with the bank to meet the global requirements of modern banking, as

these recommendations will be presented to Council the Ministerial.”

The economy will then submit it to the Council of Ministers for approval.” According to the statement, Al-Sudani explained that

“the issue of structuring Rafidain Bank is the first of the government’s banking reforms, which was given special attention to follow up on all its reports, submitted by the concerned authorities, especially from the committee concerned with the structuring process.” The Prime Minister stressed

“the importance of the banking sector reform project, which began with Rafidain Bank,” noting

“work to provide a bank with specifications and standards through which problems can be overcome and confidence given to citizens, in addition to enhancing cooperation with local and foreign investors.”

A Specialized Course In The Work Of Exchange And Brokerage Companies (A, B, C)

   Reference to the circulars of the Directorate of Supervision of Non-Banking Financial Institutions in Nos. 3/3/33 and 15/3/33 dated 1/21 and 3/13/2024 to oblige all licensed exchange companies under categories (A, B) and brokerage companies under category (C) Buying and selling foreign currencies, all approved by obtaining a specialized certificate in the work of their companies … for more uncles and a list of names of candidates       Please notify your candidates whose names are listed above