The Central Bank of Iraq fines banks and exchange companies about 250 billion dinars

Shafaq News / The Central Bank of Iraq announced on Sunday that fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 249 billion Iraqi dinars during the past nine months.

A table of the bank, which Shafaq News Agency reviewed, showed that the fines imposed on banks and financial companies during the past 9 months, starting from January until the end of last September, amounted to 249 billion, 889 million, 756 thousand and 16 dinars, indicating that “the fines also included 221 administrative penalties for these banks and non-banking institutions, distributed between warnings, alerts and grace periods.”

The table showed that “January witnessed the highest fines on banks and non-financial institutions, as these fines reached 98 billion, 277 million, 722 thousand and 62 dinars, with 17 administrative penalties, while September witnessed the lowest fines, reaching 2 billion, 331 million, 465 thousand and 48 dinars, with 13 administrative penalties.”

The table did not show the names of the banks that were fined and subjected to administrative penalties.

The Iraqi Stock Exchange Investors Association had criticized the Central Bank of Iraq’s increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks.

Shafaq.com

Tensions halt oil smuggling by US forces into Iraq

Information/ Nineveh… An informed source confirmed, on Saturday, that oil smuggling by US forces has stopped for the first time in years.

The source said in an interview with Al-Maalouma, “The American forces are stealing large quantities of crude oil from several Syrian fields and then transporting them to border areas with Iraq to sell them to brokers for huge sums of money.”

He added, “The tensions in the Middle East and the state of permanent alert of the American bases in Syria and Iraq prompted them to cancel smuggling operations two months ago for fear of being directly targeted, especially since they are moving with extreme caution at the present time.”

He pointed out that “the American forces in their bases inside Syria are almost besieged due to the growing popular anger over their suspicious roles in supporting the Zionist entity and causing brutal massacres against innocent people.”

It is noteworthy that American forces are deployed in several military bases inside Syrian regions and they control some oil fields.

Almaalomah.me

The Central Bank of Iraq transfers more than a billion dollars abroad in a week

Shafaq News / The Central Bank of Iraq’s total sales of hard currency for the US dollar during the past week amounted to more than one billion dollars.

Shafaq News Agency correspondent stated that the Central Bank sold during the past week and for the 5 days that the auction was opened, one billion, 338 million, 650 thousand, and 762 dollars, at a daily rate of 267 million, 730 thousand, and 152 dollars, an increase over what was recorded in the previous week, which amounted to one billion, 317 million, 374 thousand, and 259 dollars.

The highest dollar sales were on Monday, when sales reached $290,265,623, while the lowest sales were on Wednesday, when they reached $255,566,587.

The agency’s correspondent indicated that foreign remittance sales during the past week amounted to 1 billion, 292 million, 850 thousand, and 762 dollars, an increase of 97% compared to cash sales, which amounted to 45 million, 800 thousand dollars.

Shafaq.com

Al-Atwani: The 2025 budget will reach parliament early next year

The head of the Parliamentary Finance Committee, Atwan Al Atwani, confirmed that the government is working on preparing the basics of the 2025 budget to present it to the House of Representatives for study and voting.

A statement from his office, received by {Al Furat News}, stated that: “Al Atwani discussed with a delegation from the Adam Smith International Foundation a set of laws related to the development of the financial and banking system, today, Monday, at the headquarters of the Finance Committee in the Council building, where he reviewed important draft laws including the Securities and Commodities Law, the Banking Studies Center Law, and the Islamic Sukuk Investment Law, with the necessary amendments being made, indicating that these laws will be read in the upcoming sessions.

Al-Atwani stressed that “the aim of the amendments is to involve the concerned parties to ensure increased productivity and listen to various opinions to ensure their effective implementation.”

The statement added, “The organization of workshops in cooperation with the Law, Economy, and Investment Committees was also discussed to develop laws comprehensively, while hosting specialists to benefit from previous experiences. The mechanism for drafting federal budget texts, analyzing revenues and expenditures, and planning budget items and general programs were also addressed.”

Al-Atwani pointed out that “the government is working on preparing the basics of the 2025 budget to present it to the House of Representatives for study and voting on it,” anticipating that “it will reach the House of Representatives early next year,” indicating that “the government has begun meetings to structure the budget items.”

Regarding the oil dispute with the Kurdistan Region, Al-Atwani said that it “represents one of the most prominent problems facing the preparation of next year’s budget,” pointing out that “the committee’s efforts and efforts to resolve the dispute between Baghdad and Erbil, through meetings and shuttle meetings with representatives of the regional government and the federal government, and the points of contention have been identified and diagnosed by the committee, and the legal and constitutional path to overcome them has been determined; as we hope to reach a final agreement in the next stage, in order to resume the export of the region’s oil, in a way that ensures strengthening the state’s resources.”

Alforatnews.iq

Al-Sudani: $100 billion is the size of investment opportunities in Iraq

Iraqi Prime Minister Mohammed Shia al-Sudani confirmed that the investment opportunities available in Iraq exceeded $100 billion in value, pointing to the expansion of economic cooperation between Iraq and Egypt.

This came during a meeting held today, Monday, with the Chairman of the Egyptian El-Sewedy Group of Companies, Ahmed El-Sewedy, and a group of Egyptian company managers, in the presence of a number of his advisors, according to a statement issued by his office and received by Shafak News Agency.

During the meeting, Al-Sudani explained that these investment opportunities were received from Arab and foreign companies, which reflects the potential for economic growth in various fields.

They also discussed ways of cooperation in various sectors, including industry, energy and infrastructure, in addition to developing petroleum resources. It was agreed to study the establishment of industrial cities in Baghdad, as Al-Suwaidi Group presented a map of projects that will be studied by the Advisory Board and relevant authorities.

Shafaq.com

Parliamentary Finance: Oil dispute with Kurdistan is the most prominent problem in preparing the 2025 budget

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed today, Monday, during his meeting at the Finance Committee headquarters with a delegation from the Adam Smith International Foundation, that the committee is currently working on legislating a package of important laws that will develop our financial and banking system, while he pointed out that the oil dispute with the Kurdistan Region constitutes one of the most prominent problems facing the preparation of next year’s budget.

Al-Atwani said in a statement received by Shafaq News Agency, “The Parliamentary Finance Committee – within the framework of its permanent movement and continuous efforts to maximize non-oil revenues – is currently working on amending the law of the General Authority for Monitoring the Allocation of Federal Revenues, so that it can play its role in evaluating, monitoring and collecting these revenues in a sound and regular manner, in addition to including in the law a new task related to evaluating the performance of the budget and expenditures.”

As part of its work within the framework of financial reform, Al-Atwani pointed out that “the committee is conducting an in-depth study of the stock and commodities market law, which it intends to legislate during the coming period, and is holding specialized workshops with the aim of encouraging Islamic banks to enter into banking and financial activity.”

He pointed out that “the Finance Committee is working on a number of proposed laws, which aim to regulate financial management, including the proposed law on investment in Islamic bonds, and the proposed law on the Center for Banking Studies.”

Regarding the 2025 budget, Al-Atwani estimated that it would reach the House of Representatives early next year, indicating that the government had begun meetings to restructure the budget items.

He pointed out that “the oil dispute with the Kurdistan Region is one of the most prominent problems facing the preparation of next year’s budget,” noting “the committee’s efforts and efforts to resolve the dispute between Baghdad and Erbil, through meetings and shuttle meetings with representatives of the regional government and the federal government.”

Al-Atwani stressed that “the points of contention have been identified and diagnosed by the committee, and the legal and constitutional path to overcome them has been determined. We hope to reach a final agreement in the next stage, in order to resume the export of the region’s oil, in a way that ensures the strengthening of the state’s resources.”

Shafaq.com

According to preliminary results, the Kurdistan Democratic Party has a large lead in votes

The Independent High Electoral Commission is likely to announce the results of the sixth elections in the Kurdistan Region this Monday afternoon since the establishment of the region in 1992, after a six-year hiatus from holding elections, as they were postponed more than once. The last elections were held in 2018 and were scheduled to be held in 2021, but they were postponed more than once due to various circumstances and major political differences.

The initial results showed that the Kurdistan Democratic Party had a large lead in votes, while the New Generation won more seats compared to the previous elections in 2018.

The political map at the level of the major parties at the top did not change much in these elections, but at the same time it carried surprises and major differences at the third and fourth levels, as the New Generation Movement jumped in the number of votes to approach the Patriotic Union of Kurdistan, while the Islamic parties declined.

In numbers, the Kurdistan Democratic Party obtained about 700 thousand votes, which is a number close to or slightly higher than what it obtained in the previous elections in 2018.

While the National Union obtained 350 thousand votes, which is slightly higher than what it obtained in the previous elections in 2018.

The New Generation Movement came in third place, receiving more than 300,000 votes, a big jump compared to less than 130,000 votes in the previous elections in 2018.

With these votes, the new generation replaced the Kurdish Islamic alliances, which together received just over 100,000 votes in this election, compared to over 280,000 votes in the 2018 elections.

Burathanews.com

Economic Reform Law: An Urgent National Need

The House of Representatives intends to vote on the economic reform law in the coming period, after the committee tasked with writing the final version arrives, and is accepted by all political parties.

Perhaps talking about this law is no less important than talking about the rest of the other important laws awaiting approval in the House of Representatives, as the existence of any state depends primarily on the existence of a strong and solid economy, capable of standing up to economic fluctuations, and possessing the elements of growth and development over time. Naturally, any public activity cannot succeed and stabilize unless it has a solid law, ready to answer all future questions that will be raised, or in other words, it can address all future problems that may arise, through the ability of the legislator to read reality and the variables that accompany that activity.

The talk about the economic reform law is of great importance, and as we said, it falls within the category of important laws that require great seriousness and great attention from the House of Representatives, because those who follow the economic reality of the country find that there are many problems that accompany the work of this vital and important sector, and perhaps the most prominent problem is the lack of a unified law that addresses all administrative and legal activities related to the economic aspect, and if we say the economy, we will say investment and its problematic law, many of whose texts are still under consideration, and often reservations have been expressed by legal specialists, government departments and ministries, which have identified some articles that contribute to obstructing the procedures that contribute to concluding investment contracts, and there is industrial investment, which is a law no less important than the investment law, as it regulates the work of industrial projects for the private sector, and regulates the relationship between the employer and the owner of the land, which is often the Ministry of Finance, as it owns the largest share of the land.

If we talk about the economy, we will talk about supporting the general budget and providing it with financial liquidity, especially since the government has taken upon itself the issue of diversifying imports and not being satisfied with oil as the main source of the budget.

This matter requires many laws and legislations that help the government open new revenue outlets and diversify them in a way that achieves greater exploitation of the remaining natural resources of natural gas and other minerals such as sulfur and phosphate, and supporting the oil industry by building new refineries. These procedures must have a unified law that regulates the work of the relevant ministries and gives each ministry a specific role in the economic reform process, especially the ministries that manage the country’s economic process, such as the Ministry of Finance in the first place and the Ministry of Trade and Industry as well as Agriculture.

These are ministries that contribute to formulating the general system and establish the state’s philosophy in managing its economy. But what we need for the purpose of contributing to writing the law is to publish the draft law to public opinion, for the purpose of reviewing it and making comments on it to reach a solid law that accommodates all the transformations and changes that may occur in the economy from all aspects, and to strive to build a strong Iraqi economy based on industrial and agricultural production, and to frame trade relations between Iraq and other countries with a law that defines the duties and rights of all.

The Economic Reform Law is a law for all Iraqis, and its legislation in the coming period is very necessary, given the existence of many problems that have caused the Iraqi economy to suffer from countless crises, all due to the absence of a legal text that addresses these problems, provides solutions for them, and obliges the state and the private sector to proceed according to specific procedures to achieve the goals set by this law.

Alsabaah.iq

Voting problems in the Kurdistan Region.. fingerprints not showing and malfunctioning voting devices

The voting process in the Kurdistan Region, which began today, Sunday, witnessed some problems, most notably the non-appearance of the fingerprints of some voters, especially the elderly, according to Shafaq News Agency correspondents in the governorates and regions of the region.

The agency’s correspondents explained that cases of malfunctions in the voting machines were recorded, and they were immediately addressed by either repairing or replacing them.

However, hundreds of voters were still unable to vote, and a problem was reported with the voting machines, which were unable to read the ballot papers due to a malfunction in reading the SIM card.

The general voting process began today after the end of the special voting that took place last Friday for the military and security forces. The Independent High Electoral Commission opened 1,622 polling stations for 2,683,618 voters out of a total of 2,899,578 voters.

The commission announced that the participation rate in the special vote reached 97%, as 215,960 members of the Peshmerga forces and internal security forces cast their votes without recording any violations.

1,091 candidates are competing for 100 seats in the regional parliament, including five seats allocated to components, after they were reduced from 11 based on a decision by the Federal Supreme Court.

After submitting the appeals, they will be decided upon by the competent judicial body within the specified legal period, after which the final election results will be approved.

Shafaq.com

Nechirvan Barzani: Kurdistan Region is part of Iraq and will remain so, and we do not want it to be involved in the regional conflict

The President of the Kurdistan Region, Nechirvan Barzani, confirmed on Sunday that the region is an integral part of federal Iraq and will remain so, but at the same time he stressed the need to keep the country away from the ongoing conflict in the region.

President Nechirvan Barzani said in a press conference held after casting his vote in the general election of Kurdistan, that the Kurdistan Region is part of federal Iraq and will remain so, and our policy is to resolve the differences and outstanding problems between Erbil and Baghdad within the country’s permanent constitution through negotiation and sitting at the dialogue table.

He stressed, “It is time to solve the problems according to the constitution, which guarantees the rights and duties of Kurdistan and Iraq as a whole,” expressing his regret for the failure to implement the articles and clauses of the constitution since 2003 until now.

Nechirvan Barzani added that the key to stability is to solve the problems between Erbil and Baghdad, and the constitution provides solutions to this matter.

He also pointed out that the policy pursued by the region represents a factor of stability in the region, and we would like to develop relations with our neighbors in economic, commercial and other aspects, stressing that the priority is economic prosperity.

“We do not want Iraq to be involved in the conflict in the region,” Nechirvan Barzani said, adding: “We are in contact with Baghdad and international parties, and we must do everything to prevent Iraq from being dragged into this conflict.”

Shafaq.com