The Central Bank signs a memorandum of cooperation with the European Union and Germany to enhance financial markets in Iraq
The Central Bank of Iraq announced, on Tuesday, the signing of a memorandum of cooperation between (Frakfurt School) in coordination with the German Agency for International Cooperation (GIZ), the project to strengthen public finances and financial markets in Iraq (FFM), funded by the European Union and the German government.
According to a statement issued by the bank, the memorandum will provide training for the Central Bank of Iraq’s cadres in various specializations, as well as work to obtain accredited professional certificates.
Thus, the Central Bank is the first Iraqi institution to sign a memorandum of cooperation with the Frankfurt School.
For its part, the Iraqi Banks Association explained that this agreement comes within the framework of the project to strengthen public finances and financial markets in Iraq (FFM), which is organized by the German Agency for International Cooperation (GIZ), and funded by the European Union and the German government.
The Association was represented in signing the agreement by the Deputy Executive Director, Ahmed Al-Hashemi, while the Vice President of the Frankfurt University for Administrative and Financial Sciences, Fatima Dirks, represented it, in the presence of the Director of Development and Training at the Central Bank of Iraq, Nizar Rafeh.
Al-Hashemi stressed that this agreement represents a new start for cooperation between the Iraqi banking sector and the German side, noting that it will contribute to the exchange of expertise and transfer of knowledge.
He added that the agreement includes organising joint training courses in both Iraq and Germany in various banking fields, which will greatly benefit the Iraqi banking sector by developing capabilities and competencies.
For her part, Vice President of Frankfurt University for Financial and Administrative Sciences, Fatima Dirks, stressed the importance of this cooperation in enhancing the exchange of knowledge and expertise between the two countries, affirming that the agreement represents a promising step towards a fruitful partnership.
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Finance Minister confirms government’s eagerness to enact changes that guarantee stability of the country’s economy
Finance Minister Taif Sami on Tuesday affirmed the government’s keenness to implement reforms to guarantee stability of the country’s economy.
According to a statement by the Ministry of Finance, obtained by the Iraqi News Agency (INA), “Finance Minister Taif Sami Mohammed received in her official office in Baghdad, the representative of the World Bank in Iraq, Jean-Christophe Carret, where they discussed ways to enhance cooperation between Iraq and the World Bank to support development projects and economic reforms.”
The Minister of Finance stressed to the representative of the Bank “the importance of partnership with the World Bank in financing programs aimed at achieving sustainable development,” welcoming him in Iraq, as he was appointed as the new representative of the Bank in Iraq instead of Richard Abdulnour, who ended his duties last November.
Minister Sami stressed “the keenness of the Iraqi government to implement financial and economic reforms to ensure the stability of the national economy. She is working to implement these reforms with the aim of promoting sustainable growth, improving the management of financial resources, combating corruption and strengthening transparency in government institutions.”
For his part, the representative of the World Bank praised “the efforts of the Iraqi government in improving the economic environment and implementing programs that enhance transparency and efficiency, expressing the Bank’s readiness to provide more technical and financial support in line with Iraq’s development priorities.”
The statement added that “the two sides agreed to continue coordination and joint work to achieve strategic goals and enhance economic stability in the country.”
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Prime Minister’s advisor: The budget is awaiting parliamentary changes to align with the government’s plans
The financial adviser to Prime Minister Madhar Mohammed Saleh confirmed on Tuesday that the financial situation in the country is currently governed by the federal budget law, while noting that the budget is waiting for amendments to suit the government program.
Saleh told the Iraqi News Agency (INA): “The financial situation in the country is currently governed by the Federal Budget Law No. 13 of 2023 in accordance with the three-year budget law (2023, 2024 and 2025).”
He added that “the legislation and approval of the federal general budget for the year 2025 has become a collection as a law under the tripartite budget and has been legally approved,” noting that “the tripartite budget law was submitted and legislated for the year 2025 under the tripartite federal budget law, which was issued in the Official Gazette in June 2023, and there is an amendment to the paragraphs related to the revenues and expenses of the region before the parliament to make amendments that suit the government program.”
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Government Communication To {Al-Sabah}: Electronic Payment Contributes To Strengthening The Economy
According to confirmation by the government outreach team, and amid continued support from Prime Minister Muhammad Shiaa Al-Sudani.
Economic benefits
According to the head of the government communication team, Ammar Moneim, to “Al-Sabah,”
“Government support for electronic payment comes from Prime Minister Muhammad Shiaa Al-Sudani’s belief in the economic benefits it brings to the national economy, reviving it and pushing it forward.” Menem stated that “the local market must adopt advanced financial transactions that make the money paths clear, transparent and secure.
This approach has great benefits for the national economy and generates revenues.”
Government decisions
As for the Executive Director of the Association of Private Banks, Ali Tariq, he told “Al-Sabah”:
“The development that Iraq witnessed in the field of electronic payment comes thanks to the government’s understanding of the reality of electronic payment in financial performance, as
government decisions had a great and influential impact in expanding the circle of its adoption.”
He pointed out that “today there are about 800 government institutions that adopt electronic payment, as government instructions obligated it to be adopted with zero fees.” He pointed out that
Financial movements
“electronic payment works to achieve results that serve the national economy, as it
reduces the rates of financial corruption and
avoids transactions in counterfeit currencies, in addition to
documenting financial transactions and
making them safer.”
Confident steps
In turn, Ahmed Adel, director of the national awareness campaign to spread the culture of electronic payment, “Asfarlak,” said:
“The campaign is continuing with confident steps and on the ground to reach the largest segment within Iraqi society and inform them of the importance of electronic payment, as we work to organize direct events within human gatherings.” He pointed out that
“there are challenges facing the campaign and its movement, but cooperation with the concerned authorities enabled the campaign management to overcome them and it became possible to be present in public places and reach all segments of society.”
Financial transformation
As for the expert and economic consultant, Alaa Fahd, he said: “The culture of electronic payment in Iraq is newly widespread as a result of the progress in global financial systems and the need for financial development of the engines of digital financial transformation.
This transformation requires changing the culture and belief of society, especially the simple popular classes who fear any measure.” “My money is far from cash.” He pointed out that “this requires awareness-raising media campaigns that promote this culture and market it to everyone, including the (Israfilak) campaign,
which was launched at the beginning of the digital transformation in Egypt, and recently was launched in Iraq within the first national campaign forum to spread culture,” indicating that the campaign explains “the importance of financial transformation.” “electronic”. Fahd continued:
Financial security
“There is a gradual change in the culture of electronic payment with the government’s approach to this transformation, providing all facilities and confronting all challenges in order to spread the culture and believe in it from the point of view of benefit, as
it is (Isreflak) in terms of
financial security,
eliminating corruption,
shortening time and efforts,
ease of downloading, and
getting rid of counterfeiting.” “And this requires redoubling efforts to achieve full success.”
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The Central Bank Completes The Exam To Grant The Certified Branch Manager Certificate
The Center for Banking Studies, one of the formations of the Central Bank of Iraq, has completed an international examination, the first of its kind, to obtain the Certified Branch Manager (CBM) certificate from the Professional Development Institute (PDI), which is affiliated with the Institute of Accountants and Accounting Assistants (IAB).
64 branch managers from government and private banks participated as an initial stage to grant them this certificate after they completed a qualification course that would help them pass the exam.
This certificate is considered one of the professional certificates that supports the banking sector and enhances the efficiency of branch managers and develops their skills.
The Director General of the Studies Center said:
This qualifying course, followed by the exam, will
help participants develop the basic concepts and principles of banking branch management and
prepare them to be equipped with the basic skills that branch managers must have through developing administrative, behavioral and professional skills,
skills for dealing with customers, and
understanding and developing sales skills.
Banking and resolving problems with customers according to best practices, as well as
building an effective complaints system.
It is worth noting that such international examinations give importance to the Iraqi banking sector and prepare it to keep pace with modernity and rely on the professional certificates of its staff.
The Center for Banking Studies also seeks to provide professional certificates in addition to this certificate to develop the banking and financial sector in Iraq within its training plans.
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It Does Not Remain “Just Attractive”… Iraq Wants To Invest Its Money “In Projects Abroad”
A member of the Iraqi Parliament, Representative Ibtisam Al-Hilali, revealed Iraqi plans to activate foreign investments, meaning that Iraq will invest its surplus funds in projects abroad.
Al-Hilali said in an interview with Al-Sumaria News, “Thanks to the good diplomatic relations established by the Sudanese government of Muhammad Shiaa with neighboring countries and the world,
economic relations have also improved,” noting that “there re large internal and external investments.”
She explained that “internal investments serve the country by improving the environmental situation and infrastructure,” indicating that “foreign investments have a financial and economic return for Iraq.”
She confirmed that “we had a meeting with the French embassy to activate foreign investments,” indicating that “Iraq is a financially capable country that can invest its money in foreign investments to benefit the public benefit of Iraq and neighboring countries.”
Questions have often been raised about the reason for Iraq investing its money in various sectors, including foreign sports sectors as well as technology, like other countries, which could lead to diverse financial returns with the lack of non-oil revenues in Iraq compared to oil revenues.
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Central Bank Of Iraq Sells Over $285 Million In Currency Auction
The Central Bank of Iraq’s dollar sales, on Monday, recorded more than $285 million during the currency auction.
The bank explained that the total sales amounted to $285 million, 603 thousand and 220, and were covered at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at the same rate for foreign transfers, while the cash exchange rate amounted to 1305 dinars per dollar.
Sales focused on strengthening balances abroad in the form of transfers and credits, which amounted to $280 million, 503 thousand and 220, which constitutes 98% of total sales, while cash sales amounted to only five million and 100 thousand dollars.
The bank indicated that one bank bought the dollar in cash, while 13 banks met requests to strengthen balances abroad, with the participation of 8 exchange companies in the auction.
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Iraq Stock Exchange Index To Lead Arab Stock Markets In October 2024
The Arab Monetary Fund announced in its monthly report for October 2024 the distinguished performance of Arab financial markets, as the Iraq Stock Exchange topped the list of best performing markets during the month, recording a growth of 12.39%, ahead of the rest of the markets in the region.
According to the report, a copy of which was received by Mawazine News, “The Damascus Stock Exchange came in second place with a growth of 6.99%, while the Dubai and Amman stock exchanges witnessed an improvement of 1.94% and 1.35%, respectively. The Muscat, Bahrain and Kuwait stock exchanges also recorded slight increases of less than 1%.”
In this context, the Chairman of the Securities Commission, Faisal Al-Haimus, stated: “This distinguished performance of the Iraq Stock Exchange reflects the positive developments in the local economic environment and the regulatory reforms implemented by the Commission to enhance the attractiveness of investment in the Iraqi financial market.
We will continue to work to provide a stable and transparent investment environment that enhances investor confidence and contributes to supporting the national economy.”
Al-Haimas stressed that this achievement is an additional incentive to continue efforts aimed at developing the Iraqi financial market and enhancing its role as an engine of economic growth in Iraq.