TNT:
Nassif: Government reforms contributed to Iraq’s exit from foreign debt risks
MP Alia Nassif confirmed on Monday that the current government has achieved important economic reforms, most notably Iraq’s exit from the dangers of foreign debt.
“One of the most important economic reforms of the current government is to free Iraq from the risks of foreign debt after paying most of it off over the past two years,” Nassif said in a statement reported by the official news agency and seen by Al-Eqtisad News.
“Our economy has become more secure and not shackled by debt,” she added, expressing her hope “to move in the coming period from a rentier economy to a productive economy through an agricultural industrial revolution.
Tishwash: What are Iraqis waiting for after the news of the “sudden suspension” of the dollar selling platform by the Central Bank?
Financial and banking expert Alaa Al-Fahd commented today, Tuesday (December 24, 2024), on the impact of the Central Bank’s suspension of the “platform” on the markets during the next stage.
Al-Fahd told Baghdad Today, “The Central Bank of Iraq worked during the previous period with a plan through a currency auction in the first phase, then establishing the electronic platform and intensive work to find correspondence methods between local banks and foreign banks with which we have commercial relations and their results in external transfers. Therefore, the bank announced some time ago that the platform will be stopped at the end of this year and there will be direct correspondent banks.”
He explained that “this is a natural matter, as all central banks in the world are tasked with maintaining monetary policy, not selling currency. There is no central bank in the world that sells currency and mediates in buying and selling currency. This work is the responsibility and responsibility of banks and exchange companies. This is true and is a major challenge until the relations are direct commercial banking under the supervision of the Central Bank of Iraq.”
He added, “Stopping the platform will not affect the local markets in terms of the dollar exchange rate, but there are those who are trying to spread rumors that this step will change the exchange rate, as the same dollar that the Central Bank of Iraq was selling through the platform will be sold to banks and banks that have relations with foreign banks so that the transfer is direct according to electronic transactions and monitoring, and for this reason the situation is under control and there is no fear of the impact on the markets.”
Yesterday, Monday, economic expert Ziad Al-Hashemi revealed that the Central Bank of Iraq had suddenly suspended the dollar transfer platform before the scheduled date, without an official announcement, and without taking into account the interests of Iraqi companies and markets, in a move that is, to say the least, far from professionalism and transparency.
Al-Hashemi said in a post on the social networking site “Facebook”, which was followed by “Baghdad Today”, that “stopping the platform without an official announcement by the Central Bank may indicate that there is uncertainty and fear of the consequences of stopping the platform on the dollar exchange rates, and the lack of announcement may give the Central Bank an opportunity to evade and evade the decision to stop the platform and return to operating the platform, even temporarily, in the event that the dollar begins to rise to high rates.
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Tishwash: Dollar Auction.. What is the truth about stopping the Central Bank’s platform for currency conversion?
A responsible source in the Central Bank of Iraq revealed, on Monday evening, the truth about stopping the Central Bank’s platform for currency transfer starting today.
The source told Shafak News Agency, “The talk about the official suspension of the Central Bank’s platform for the currency transfer window, on date 12/23/2024, is incorrect. Today, the auction worked normally and there is no official decision to suspend it so far.”
The source, who requested anonymity, added, “This platform will be stopped at the end of this year, according to what the bank officially announced. This does not mean stopping transfer operations, as some are trying to promote. However, after this step, there will be direct dealings between banks and correspondent banks, and not canceling transfer operations, as is being promoted. The issue is not limited to specific banks, but rather the process will be much broader.”
The responsible source in the Central Bank stated that “many Iraqi banks have the capabilities to deal directly with correspondent banks and operate in accordance with the work of advanced global banking sectors.”
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Tishwash: Al-Sudani is considering inviting American companies to work in the port of Faw
Prime Minister Mohammed Shia Al-Sudani discussed, today, Monday, with the Ministers of Oil and Electricity, in addition to specialized advisors and a number of undersecretaries in the two ministries, extending an invitation to specialized American companies to establish a fixed gas platform in the Grand Faw Port.
Prime Minister Mohammed Shia Al-Sudani chairs a meeting on energy projects.
Prime Minister Mohammed Shia Al-Sudani chaired a meeting today, Monday, on oil and electricity sector projects, in the presence of the Ministers of Oil and Electricity, in addition to specialized advisors and a number of undersecretaries in the two ministries.
During the meeting, the gas projects that are being implemented within the government program were discussed, as well as the timetable set for their completion, especially since there is an increase in the levels of stopping the burning of associated gas, as the percentage currently stands at 67 percent, and it is hoped to reach 80 percent by the end of next year, leading to a complete cessation of burning by the end of 2027.
During the meeting, the invitation to specialized American companies to establish a fixed gas platform in the Grand Faw Port was also discussed.
The meeting discussed inviting international energy companies to invest in natural gas fields, in addition to discussing the plan to supply fuel to power plants at the present time and for the coming months.
Expected Rise In The Dollar… “Temporary Shock” Awaits The Iraqi Market
The “Iraq Al-Mustaqbal” Foundation for Economic Studies and Consultations expected, today, Monday, December 23, 2024, an increase in the dollar exchange rate during the next few days, following the announcement by the Central Bank of Iraq to stop the currency transfer window platform.
The head of the institution, Manar Al-Obaidi, said in a statement to “Baghdad Today”, that “the suspension of the Central Bank’s currency transfer platform, which was officially announced on 12/23/2024, will lead to a temporary rise in the dollar exchange rate in the market as a result of the prevailing state of fear, but things will return to normal with the beginning of the new year.”
Al-Obaidi added, “This decision had been previously announced by the Central Bank, but such measures, when implemented, cause a shock to the market, leading to a temporary rise in the exchange rate, before the shock is gradually absorbed.”
He explained that “the difference between the official and parallel markets will remain, but it will shrink as the situation stabilizes.”
Economic expert Nasser Al-Tamimi warned, on Tuesday (December 17, 2024), of a rise in the dollar exchange rate in Iraq in the coming days.
Al-Tamimi told Baghdad Today, “There are real fears in the Iraqi market of the continued rise in the dollar exchange rate after the Central Bank of Iraq stopped working on the platform,” indicating that “this matter will constitute a shock, especially at the beginning of implementing the decision and will lead to a rise in the dollar, to increase demand for it in the parallel market.”
He added that “after the platform is stopped, most traders, especially small ones, will depend on the parallel market to finance their foreign trade, while continuing to finance trade with Iran and Turkey in dollars, through illegal means,” noting that “this is what will lead to the rise, and therefore practical steps must be taken to prevent this by the country’s monetary authority, and urgently.”
The Central Bank of Iraq revealed on Wednesday (September 4, 2024) the mechanism for ending the electronic platform for foreign transfers, while indicating that the placement of foreign transfer operations and meeting requests for the dollar are on sound paths and consistent with international practices and standards.
Parliamentary Committee: Iraq Is Heading Towards A Major Investment And Economic Boom
The Parliamentary Investment and Development Committee confirmed, Monday, December 23, 2024, that Iraq is heading towards a major investment and economic boom during the next stage.
Mohammed Radhi told Baghdad Today, “The stability achieved at the political, security and governmental levels will lead to important and large investment opportunities during the next phase, and this will generate great prosperity at the economic level, and this will lead to an important construction leap in various infrastructures.”
Radhi added, “The Iraqi government has achieved successes in the investment file and strengthening the economic and financial conditions, and these successes have been positively reflected in the services, reconstruction and development file, and the next stage will show these successes more clearly through investment and economic prosperity at various levels.”
In April 2024, the International Monetary Fund expected the Iraqi economy to grow by 1.4% in 2024 and 5.3% in 2025, and urged structural reforms and debt stabilization.
The Iraqi government also announced a decrease in unemployment from (16.5%) to (14.4%), a reduction in the poverty rate from (23%) to (17%), a decrease in the inflation rate from (6.1%) in 2021 to (2.5%), and an increase in non-oil revenues to (14%), after representing (7%) of the budget.
Europe ‘Pleased’ With Trade Volume With Iraq
Money and business Economy News – Baghdad The European Union renewed its confidence in Iraq’s calm and successful diplomatic steps in light of the tensions witnessed in the region and the world, stressing that the partnership with Iraq is intensive and built on trust.
While he indicated that he is following up and discussing with the government of Mohammed Shia al-Sudani the best ways to implement the vital “Development Road” project for the region and the world, he announced that the (27) member states of the Union, in light of the improvement witnessed by Iraq, are discussing how to facilitate the entry of Iraqis into it, especially for the sake of the economy and academic exchange.
The EU Ambassador to Iraq, Thomas Seiler, said: “The partnership between the EU and Iraq is intense and built on trust, and there is cooperation in many areas, especially with regard to modernizing the state and democracy, and reintegrating Iraq into the international system in terms of international rules and standards, such as the World Trade Organization.”
Trade and investment
Sayler expressed his hope for increasing trade and investment exchange with Iraq.[/rtl]
He pointed out that “the volume of trade exchange between the European Union and Iraq is not sufficient yet, it is not even half the volume of Iraq’s trade balance with China,” stressing that “increasing bilateral trade and European investments in Iraq is one of our main policy goals in 2025.”
Iraq’s diplomacy
Regarding regional and global developments, he explained that “the European Union is in continuous consultations with the Iraqi government on regional developments, and we exchange views and try to work together to face challenges, especially the situation in Syria now,” expressing “the European Union’s great appreciation for the successful position of the Iraqi government to calm tensions.”
He also noted that “it is certain that the Iraqi consultations with Iran regarding the security situation in the region have a positive impact,” stressing that “no issue in the region can be resolved through violence, but only through diplomacy and dialogue.”
European visas
Regarding entry visas for Iraqis to the European Union, Sailer explained that “this is the responsibility of the twenty-seven member states of the European Union,” stressing that “the European Union is aware of the increasing positive development of the security situation in Iraq.”
We are working with member states to find out how to facilitate the entry of Iraqis, especially for economic and academic exchange,” he added.
Development path
The EU ambassador concluded his remarks to Al-Sabah by saying: “For the European Union, the (Iraqi Development Road) project is a major infrastructure project for the entire region,” indicating that “the Union is actively participating with the Iraqi government and with Turkey to find out the best ways to implement the project, as well as with the participation of the Kurdistan Region of Iraq,” and he stressed that “European companies are working in (the Grand Faw Port) and we want to expand our cooperation.”
Mot: . That’s an excellent way to look at it
Mot: .. So What Do Reindeer Dream About —
