Parliamentary Finance Committee reveals a move to question the Governor of the Central Bank of Iraq: We are working to change him

Member of the Parliamentary Finance Committee, Mohammed Nouri, revealed on Sunday that there is a move within the committee and the House of Representatives to question the Governor of the Central Bank of Iraq, Ali Al-Alaq, due to the lack of control over the stability of the dollar price and the dominance of private banks over the currency selling window.

Nouri told Shafaq News Agency, “There is a move within the Parliamentary Finance Committee and the House of Representatives to question the Governor of the Central Bank, Ali Al-Alaq, due to the existence of many files, most notably the bank’s lack of control over the stability of the dollar exchange rate in the market.”

He pointed out that “the other reason, which is considered one of the reasons for questioning the governor of the Central Bank, is the dominance of some private banks owned by foreign nationalities over the window for buying and selling currency and foreign transfers.”

Nouri explained that “there are other works that we are doing through official letters and correspondence to change the governor of the Central Bank because he has exceeded the legal age and continues in the position while he should be referred to retirement.”

On Monday, August 19, a member of the Parliamentary Finance Committee, Mustafa Al-Karawi, revealed that a request had been submitted to the Presidency of the Council of Representatives to set a date to question the Governor of the Central Bank of Iraq regarding several files, most notably the exchange rate of the dollar against the local currency.

Al-Karawi told Shafaq News Agency, “Members of the Parliamentary Finance Committee had previously submitted a request to the Speaker of the House of Representatives to question the Governor of the Central Bank, Ali Al-Alaq.”

He added, “The interrogation relates to several files, the most important of which are the dollar exchange rate, its sale to travelers, the currency buying and selling window, financial transfers abroad, cash financing, US sanctions, and negotiations with the US Federal Reserve.”

It is noteworthy that the Supreme Judicial Council in Iraq, on August 19, supported the State Council’s findings regarding the referral of the Central Bank Governor, Ali Al-Alaq, to ​​retirement after reaching the legal age.

The Supreme Judicial Council said in an official document received by Shafaq News Agency that the same subject was studied by the Studies Committee in the Presidency of the Judicial Supervision Authority, and the same opinion of the State Council was reached in the two aforementioned decisions.

The House of Representatives had sent a letter to the Supreme Judicial Council inquiring about the judiciary’s opinion on the permissibility of the bank governor continuing in service after reaching the legal retirement age.

The State Council has decided the official position on whether or not the Central Bank Governor, Ali Al-Alaq, will continue in his position, confirming that he has exceeded the legal retirement age.

It was stated in correspondence between the State Council and Parliament that in response to the House of Representatives’ request to clarify the opinion of the State Council regarding the permissibility of the Governor of the Central Bank continuing in service after reaching the legal retirement age.

He pointed out that the legislator has explicitly stipulated that retirement upon reaching the legal age is an inevitable retirement by law unless exempted by a special provision, and since there is no special provision exempting the Governor of the Central Bank from the provisions of inevitable retirement upon reaching the legal age.

The State Council confirmed that the legal principle states: “Heads of independent bodies are subject to the legal age for retirement.”

Shafaq.com

During a month.. 88 billion shares worth 84 billion dinars were traded in Iraq

The Iraq Stock Exchange announced, on Sunday, the trading of 88 billion shares, with a financial value of more than 84 billion dinars, during last October.

The market stated, in a report seen by Shafaq News Agency, that “the market organized 22 trading sessions, and the number of companies whose shares were traded during October reached 81 joint-stock companies, out of 110 companies listed on the market.”

He added, “The number of traded shares reached 88 billion, 232 million, and 25 thousand shares, with a financial value of 84 billion, 455 million, and 79 thousand dinars, through the implementation of 22,160 transactions.

The market indicated that “the ISX60 index closed at 1,044 points, recording a 12% increase from its closing in the previous session.”

It is noteworthy that the Iraq Stock Exchange organizes five trading sessions weekly from Sunday to Thursday, and 110 Iraqi joint-stock companies are listed in it, representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism and hotels.

Shafaq.com

Economic calls for Iraq to withdraw from OPEC.. What are the reasons?

Economic expert Nabil Al-Marsoumi revealed today, Saturday, that the continuation of…Iraq In OPEC it will cause him severe financial difficulties and gap Huge deficit starting with the 2025 budget.

Al-Marsoumi said in a tweet that I followed: Sumerian News in Iraq During the next three years it needs to export 5 million barrels per day to achieve oil revenues of 109 billion dinars annually at a price of $60 per barrel to cover the growing public spending, and this will not be achieved except by withdrawing from OPEC, as it did previously. Qatar Angola and the abandonment of the production quota system followed by the organization.

He added that OPEC is no longer as effective as it was in the seventies. The century The past, and its role is currently limited to bearing the burden of adapting supply to demand to provide rescue packages for high-cost oils such as shale and sand oil at the expense of OPEC losing its market shares to other producers.

The economic expert indicated that the withdrawal option allows Iraq to develop an oil strategy to achieve an increase in oil production to the level of 6 million barrels per day and oblige foreign companies to achieve this strategic goal by dividing it into achievable annual numbers or targets and completing the production and export infrastructure in order to increase oil exports and acquire more market shares because the coming conflict in market Oil will focus on getting more oil shares in The market Global oil, especially since oil prices will hardly fall sustainably below $60 due to the high cost of extracting American shale oil to $52 per barrel.

Otherwise, it will remain Iraq Captive to the Saudi and Russian oil policies, which hold large production shares of 11 million barrels each, compared to 4.650 million barrels per day for Iraq, of which it produces Iraq Currently 3.9 million barrels per day due to its commitment to OPEC Plus restrictions, according to Al-Marsoumi, who confirmed that the continuation Iraq In OPEC it will cause him severe financial difficulties and gap Huge deficit starting with the 2025 budget.

Alsumaria.tv

Al-Sudani takes a number of steps regarding financial and banking reform in Iraq

Shafaq News / Prime Minister Mohammed Shia al-Sudani directed, on Friday, to take a number of steps within the framework of banking and financial reform in the country, including increasing the number of bank branches in the governorates, as most activities are concentrated in the capital, Baghdad.

Al-Sudani’s media office stated in a statement today that “within the framework of efforts to reform the financial and banking system, as one of the priorities of the government program, and in light of the important steps achieved during the past two years, and in light of the challenges facing the financial and banking system, especially in the governorates, and since confronting them requires greater attention and radical improvements to ensure enhancing confidence in the financial and banking sectors, facilitating the process of economic development, increasing financial inclusion and raising its indicators throughout the country, and because most of the activities were concentrated in the capital, Baghdad, Al-Sudani directed that a number of steps be taken in this regard.”

Among the steps, according to the statement, is “increasing the number of bank branches in the governorates to meet the needs of the local population, and in a way that contributes to expanding the scope of financial services, while paying attention to buildings, their modernity, and providing their basic requirements.”

The statement pointed out the necessity for all banks in the governorates to adopt modern technologies such as online banking services and mobile applications, which facilitates citizens’ access to their banking services easily.

The statement stressed the importance of banks developing their financial services to suit the needs of individuals and small businesses, such as soft loans and savings accounts.

The media office pointed out the enhancement of financial inclusion in the governorates by providing banking services to different segments of society, including districts and sub-districts in villages and rural areas.

The statement called for launching conferences and awareness campaigns in the governorates, to educate citizens about the importance of dealing with banks and how to manage and invest money properly.

The statement directed the organization of workshops to train young pioneers and local businessmen on how to deal with loans and financial services.

The statement added that the Ministry of Finance, the Central Bank of Iraq, and the Iraqi Private and Islamic Banks Associations will coordinate with the governors’ offices to accomplish the above tasks according to their jurisdiction and responsibility, and submit quarterly reports (every three months) to the Prime Minister’s Office regarding the progress of work regarding the steps mentioned above.

Shafaq.com

Parliamentary determination to pass controversial laws and fear of general amnesty legislation

Information/Baghdad… Political movements continue to pass controversial laws, especially the general amnesty and personal status, as the Coordination Framework is heading towards an agreement between its poles to extend the legislative term of the House of Representatives, which is what actually happened after the presidency of the council, led by Mahmoud Al-Mashhadani, announced the extension of the legislative term for a month in order to settle the disputed laws and find a consensus formula to mature these laws in preparation for presenting them for a vote within the council.

Despite the legal differences in terms of wording, content and details in general, the political move by the framework comes in order to decide on the legislation of the two laws during the period of extending the legislative term. However, there are fears of passing a general amnesty and including terrorists whose hands are stained with the blood of Iraqis in this law, which is something rejected by some components that are still demanding the rights of their children as a result of the massacres committed by the terrorist ISIS in their areas.

The head of the Ajyal parliamentary bloc, MP Mohammed Al-Sayhoud, told / Al-Maalouma /, “The presidency of the Council of Representatives went towards extending the current legislative session for a period of one month to enable the Council to legislate a number of procedurally complete laws to compensate for the delay of previous sessions due to the preoccupation of the representatives of the Kurdish blocs with the elections for the regional parliament. It is likely that next week will witness the approval of the amnesty, personal status, and retirement laws for the Popular Mobilization Forces.”

On the other hand, the representative of the Coordination Framework, Mohammed Radhi, confirmed to / Al-Maalouma / that “the Legal Committee studied all the proposals of the members of the House of Representatives regarding the proposals to amend the Personal Status and General Amnesty Laws and took into account what was presented during the second reading, as the legal wording for both amendments was prepared, taking into consideration that no terrorist whose hands were stained or who helped in shedding the blood of Iraqis would be included in the General Amnesty Law, as the House of Representatives will resume its sessions next week and voting on the two laws will be at the top of the agenda items.”

Despite the parliamentary trend to approve a general amnesty and personal status, there are fears of releasing terrorists, as the Yazidi MP Sharif Suleiman explained to /Al-Maalouma/, “There are comments on the performance of the federal government, especially with regard to holding accountable those whose hands were stained with the blood of Iraqis and were the reason for killing, kidnapping and displacing Yazidis during the period of ISIS terrorist control over Nineveh and its regions, as everyone, especially the Yazidi component, is waiting for the trial of ISIS terrorist elements and retribution from them, and the return of the displaced and kidnapped and adjusting their conditions after the suffering they went through as a result of ISIS crimes,” noting that “the Yazidis’ rejection of the general amnesty law comes from fear of standing with ISIS and releasing them despite their shedding the blood of Iraqis and committing massacres during the period of their control over some areas.”

On Monday, November 4, the Coordination Framework held its regular meeting in the office of the leader of the Victory Coalition, Haider al-Abadi, where it called on the Council of Representatives to extend its legislative term and shorten its vacation in line with the developments in the region and important legislative entitlements. Based on this meeting and the invitation addressed to Parliament, the Council Presidency announced yesterday, Thursday, the extension of the legislative term for a period of 30 days starting from November 9.

Almaalomah.me

Parliamentary praise for the government’s achievement in the Grand Faw Port

Member of the Parliamentary Services Committee, Alaa Al-Dalfi, confirmed Thursday, that the opening of the Grand Faw Port and the docking of the first ship represents Iraq’s success in completing the first major projects. Al-Dalfi stated in an interview with Al-Sumaria Channel, “The opening of the Grand Faw Port and the docking of the first ship represents Iraq’s success in completing the first major projects,” explaining that “the eyes of the Iraqi people are directed towards it because it is one of the projects that will support Iraq’s budget and its economy.”

He added: “The docking of the first ship is a joyful thing and will enhance the economic situation in the country. It will provide many job opportunities and enhance the development of development and economic projects in the country.”

The MP pointed out that “the House of Representatives supports all major development projects in the country, but there is one observation, which is linking the development path to neighboring countries, which could reduce the importance of the Faw Port, which is considered one of the projects that, if implemented well, will contribute to moving the country to a new stage of economic development.”

Al-Dalfi continued, “This project suffered from procrastination in the previous government,” considering that “Prime Minister Mohammed Shia al-Sudani succeeded in several files, including transportation and Iraqi ports, and also achieved a major leap in services.”

Burathanews.com

Faw Port prepares to receive the first commercial ship

The Prime Minister’s Advisor for Transport Affairs, Nasser Al-Asadi, announced that the Faw Port is ready to receive the first commercial ship.

Al-Asadi told Al-Sabah: “The second ministerial meeting that included the participating states: Qatar, the Emirates, Turkey, in addition to Iraq, to ​​discuss the memorandum of understanding for joint cooperation regarding the Development Road Project was very important, and it was decided within the memorandum of understanding that was signed in April of this year to hold this meeting every two months.”

He added that “the importance of this meeting lies in signing the approval of the “governance” for the Development Road Project at four levels: ministerial, executive, technical, and secretarial,” noting that “it will manage the project during the next stage, and it was agreed upon and signed.” Al-Asadi explained that “there is an important issue in the development road project, which is reaching an advanced stage in the initial designs and completing the railway designs by (100) percent and placing the train and its specifications, in addition to completing (84) percent of the expressway designs, and the rest of the service corridor is in the hands of the sectoral authorities to develop the investment vision in this field.”

He also announced the completion of the five docks of the Faw Port, and it is likely that the first commercial ship loaded with “containers” will dock at the port for inspection and testing, and the construction of the submerged tunnel has been completed, and there are no problems or leakage after it was inspected by the existing company and specialists, and it is in the process of being prepared to be pulled and submerged inside the Khor Al-Zubair tunnel. For his part, the director of the submerged tunnel project, Salam Yaqoub Youssef, said: “The parts of the tunnel were completely submerged in the manufacturing basin.

” Youssef added to “Al-Sabah” that “the water level reached (13) meters out of a height of (13.7) meters.”

Alsabaah.iq

Rafidain announces the implementation of the electronic system in 48 branches in Baghdad and the governorates

Information / Baghdad… Rafidain Bank announced today, Thursday, the implementation of the electronic banking system in 48 branches in Baghdad and the governorates.

A statement by the bank received by Al-Maalouma Agency stated that “48 branches have been operated so far within the comprehensive banking system, which reflects its commitment to updating its services according to the highest international standards.”

He added, “This development comes as part of the bank’s strategy to improve customer experience across all its branches, and facilitate access to integrated, fast and secure banking services.”

He explained that “the comprehensive banking system represents a qualitative shift in the bank’s path, as it supports digital transformation and enhances the bank’s ability to efficiently meet the needs of a wide range of customers.”

He explained that “this continuous expansion will include more branches in the future, as part of a well-thought-out plan aimed at providing a modern banking experience that contributes to supporting the national economy and meeting the needs of society with distinguished and comprehensive banking services.”

Almaalomah.me

Expectations of continued US presence in Iraq with Trump’s arrival to power

Information / Baghdad… Political researcher Qasim Al-Tamimi said on Thursday that the equation of the American presence in Iraq and the issue of withdrawal from Iraqi territory may change with Trump’s arrival to power, suggesting that the American presence inside Iraq will continue despite the existence of an agreement between Baghdad and Washington on this issue.

Al-Tamimi told Al-Maalouma, “The US President-elect, Donald Trump, has clear intentions towards the countries supporting and participating in the axis of resistance, and it is not hidden from everyone that he was behind the crime of assassinating the leaders of victory on the approaches to Baghdad airport.”

He added, “Iraq has moved towards removing American forces from the country, and an agreement has been reached between Baghdad and Washington on this issue, but Trump’s arrival to power may change this equation with the aim of continuing the American presence in Iraq.”

He explained that “Trump had previously visited the Ain al-Assad base in Anbar and met with the American forces there, and therefore the presence of American forces inside Iraq represents a priority for this figure, which excludes the implementation of the agreement for the withdrawal of these forces from Iraq.”

Almaalomah.me

Parliamentary calls to reconsider calculating the price of a barrel of oil in the 2025 budget

Information / Baghdad… The State Support Parliamentary Bloc called, on Thursday, for the necessity of reconsidering the calculation of the price of a barrel of oil in next year’s budget.

Bloc member Mohammed Al-Ziyadi said in a statement to Al-Maalouma Agency, “Stopping the war in Ukraine will return oil prices to $50 per barrel, so the government must reconsider calculating the price of a barrel of oil in the budget for next year 2025.”

He added, “Reconsidering the calculation of the price of a barrel in the general budget is not enough, but rather it is necessary to take important measures to reduce government spending and work to activate non-oil sources of revenue and accelerate the completion of governance in all state institutions, especially taxes and collected funds to eradicate corruption.”

The State Administration Coalition held a meeting yesterday, Wednesday, in the presence of Prime Minister Mohammed Shia al-Sudani, where a number of files were discussed, including the emphasis on supporting the step of amending one of the articles of the federal general budget related to oil.

Almaalomah.me