Government spokesman: We have adopted the principle of productive borrowing and integration into the international economic cycle

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Government spokesman, Bassem Al-Awadi, said on Monday, April 8, 2024, that the government has followed the principle of productive borrowing and integration into the international economic cycle.

Al-Awadi issued a statement, seen by Ultra Iraq, which came as “an emphasis from the government on transparency in economic work, and informing public opinion and the national and international media of Iraqi economic performance.”

Al-Rafidain Bank announces the launch of the comprehensive banking system in its branches in Baghdad and Karbala

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Based on the directives of the Minister of Finance, Ms. Taif Sami, regarding the automation of banking work, and with direct follow-up and supervision by the Director General of Rafidain Bank, Dr. Ali Karim Hussein. Al-Rafidain Bank announces the launch of the comprehensive banking system in the branches of Al-Waziriya and Al-Ma’rifa in Baghdad and Al-Shuhada in Holy Karbala, thus joining the branches in which the comprehensive system was implemented, the last of which was at the border crossings (Zarbatiyah - Safwan - Arar - Trebil) in an important step to abandon paper work and move completely towards... Electronic transformation.

The beginning of “drying up” liquidity from the hands of the Iraqis.. The destruction of “surplus” currency and deposits in banks are the highest historically

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Over the past years, all of the economic problems in Iraq internally, whether with regard to corruption, the dollar, high real estate prices, etc., as well as inflation, were directly linked to the high volume of liquidity and the printing of money by the Central Bank, as well as the high volume of cash liquidity. In the hands of the street, citizens or capital owners, away from Iraqi banks.

Recently, trends and numbers indicate that a reverse process has begun to take place in Iraq, which consists of reducing cash and getting rid of “surplus printed money” without printing new money in front of it, and increasing banks’ possession of this liquidity instead of leaving it in the hands of the street and citizens, where it can be said that the government and the banking sector And finance in general in Iraq began to “nibble” the existing liquidity and “dry it out” from the hands of the people.

Minister of Finance of the World Bank: We have made plans to accelerate the pace of financial and banking reforms

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The Ministry of Finance said in a statement received by the Iraqi News Agency (INA): “Minister of Finance, Taif Sami, received today the Regional Director for the Middle East at the World Bank, Jean-Christophe Carré, the Special Representative of the Bank in Iraq, Richard Abdel Nour, and a number of experts and specialists.” She added, "During the meeting, priorities for development projects and ways to support the World Bank to strengthen the financial and business sectors and improve the investment environment were discussed," noting, "It was emphasized that continued bilateral coordination to promote sustainable development was discussed, in addition to discussing the Bank's support for the government program for economic reform in Iraq."

Al-Sudani receives an invitation from the Saudi Crown Prince to participate in the World Economic Forum

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Today, Monday, Iraqi Prime Minister Muhammad Shia al-Sudani received an official invitation from Saudi Crown Prince Mohammed bin Salman to participate in the special meeting of the World Economic Forum, which the Kingdom will host at the end of next April.

This was mentioned in a statement issued by Al-Sudani’s office and received by Shafaq News Agency.

The statement conveyed that Bin Salman, in a letter he sent to Al-Sudani, referred to the close relations between the Kingdom of Saudi Arabia and Iraq, and that his participation will have a good impact on the success of the meeting’s work

Advisor to Al-Sudani: The dollar is on the way to further decline, and 70% of Iraqi traders have entered the platform

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Fadi Al-Shammari, advisor to the Prime Minister, Muhammad Shiaa Al-Sudani, expected on Wednesday (March 27, 2024) a continued decline in the dollar’s ​​exchange rate against the dinar.

Al-Shammari said in a televised statement followed by “Baghdad Today,” “The dollar is on its way to further decline and is subject to supply and demand.”

He stated, “70% of Iraqi merchants deal with the platform, up from only 10%.”

The National Bank of Iraq announces the success of working with the global “Temenos” systems in compliance with the Central Bank

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“Our new banking system, which was launched at the beginning of this year, will contribute to improving the efficiency of operations, which reduces the time and effort spent on completing transactions and enhances their accuracy. The system allows customers to carry out various banking transactions via the Internet or Through the mobile application, such as transferring money, paying bills, and requesting banking products,” he pointed out that “the system will also contribute to enhancing compliance with international standards and the requirements of the Central Bank of Iraq, which enhances transparency and security in banking operations.

Al-Sudani will visit Washington next month and discuss the dollar and the development of the military mission

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White House Press Secretary Karine Jean-Pierre said on Friday that US President Joe Biden will welcome Iraqi Prime Minister Muhammad Shia al-Sudani to Washington on April 15 to discuss common priorities regarding the dollar and developing the military mission.

On April 15, President Joe Biden will welcome Iraqi Prime Minister Muhammad Shia al-Sudani to the White House to coordinate on shared priorities and advance the strong bilateral partnership between the United States and Iraq.

Central Bank of Iraq": Our goal is to preserve the reputation of the banking sector

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Deputy Governor of the Central Bank of Iraq, Ammar Hamad, told News Arabia that the bank is working to lift the US ban on dealing in dollars in a number of Iraqi banks, and to preserve the reputation of the banking sector.

Prime Minister: Iraq is about to host important events and conferences

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The Prime Minister stressed that “a city the size of the capital, Baghdad, is in dire need of large hotels, due to the tourist movement and official delegations it witnesses, and the fact that it hosts many Arab, regional and international conferences throughout the year, with the hotel occupancy rate currently reaching 100%.”