The Central Bank Calls For Caution In Reporting News And Clarifies The Outlets’ Operating Mechanisms 
 
January 18, 2025  The Central Bank of Iraq called for caution in transmitting and circulating news indicating the closure of exchange outlets, and  confirms that it has not issued any decision, directive, or statement regarding closing the outlets or converting them to exchange companies.

The recently issued Central Bank statement states:
 
Expanding the spread of cash delivery outlets through all available channels, including ATM machines and POC cash payment machines, as well as licensed exchange companies, electronic payment company outlets, and POS electronic payment machines spread throughout Iraq.
 
This bank emphasizes transferring news from its official sources, which are published on its official website and verified social media pages.
 
This was confirmed in his circulars issued to all parties in the Iraqi financial and banking sector, which included directing banks and non-banking financial institutions to expand their financial services in areas that lack the aforementioned services. 
Central Bank of Iraq  Media office   January 18, 2025    https://cbi.iq/news/view/2762 

Expectations Of An Increase In Electronic Payments

Second and third 01/19/2025  Baghdad: Rula Wathiq  Iraq has achieved 10 trillion dinars in total circulation through electronic payment from the government sector only so far, which will be part of the evaluation of the ministries working on it.
 
The head of the Osool Foundation for Economic Development and Sustainable Development, Engineer Khaled Al-Jabri, representative of the special committee for developing and evaluating electronic payment operations associated with the Council of Ministers, told Al-Sabah:
 
“The steps for electronic payment are progressing correctly, as Iraq has reached 10 trillion dinars from the government sector only. 

This number is usually a jump from what was achieved during this stage, and  it is expected that these amounts will increase by 30-40% at the beginning of next year.” He stated that the issue of
 
electronic collection is not without challenges, whether with the platforms on which it operates or the devices through which water and electricity services are paid, indicating that  there are steps to solve these problems as quickly as possible.

Al-Jabri confirmed that the  government has procedures to monitor electronic payment operations wherever they exist, and that it will be part of the evaluation of ministries that are working on the digital transformation process and their use of technical and technological tools.

He added that the electronic payment process cannot proceed without cooperation between the government and private sectors and the citizen, which is the focus of this process as a whole, noting that Iraq was able to activate these services compared to countries that took 6-7 years to activate them as a result of quick and serious measures in this field.      https://alsabaah.iq/108748-.html  

Advisor To The Prime Minister: Electronic Customs Declaration Prevents Smuggling And Reduces Corruption And Bribery

Economy    Yesterday, 11:13  Baghdad - WAA - Amna Al-Salami  Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Sunday, that the
 
electronic customs declaration program 
     prevents smuggling and 
     reduces corruption and bribery, and while he explained that it 
     facilitates accurate and rapid control and review, he indicated that it 
     reduces costs for importers.  Saleh told the Iraqi News Agency (INA):
 
"The program to develop the electronic customs declaration and its entry into force is an important and positive step towards improving customs performance in particular and enhancing the efficiency of the Iraqi economy in general."  He added that 
 
"the adoption of this electronic program for customs declaration represents an important part of the reform efforts branching from the government program in the field of e-governance and financial and economic reform aimed at modernizing administrative and financial systems, combating corruption, and raising the efficiency of Iraq's foreign trade," noting that
 
"this electronic system provides two important aspects of customs life in the development of customs policy applications in Iraq as one of the important arms of financial policy in our country:
 
     First, reducing human intervention in customs clearance operations, which reduces the opportunities for corruption and bribery."  He continued:
 
     "The second provides clear tracking of transactions, which facilitates effective, accurate and rapid customs control and review," indicating that "the
 
electronic customs declaration program will undoubtedly
 
     reduce the time required to complete customs declarations, in a way that
     supports the movement of trade and
     reduces the costs that fall on traders and importers, and
 
this change in the pattern of customs declarations encourages companies to import and export goods with ease and high speed."  He explained, "As for customs revenues, the program will contribute to
 
     providing accurate collection of customs duties in a way that prevents customs evasion, as taxes are a form of important public revenues that the government program seeks to raise within non-oil revenues, in addition to   reducing losses resulting from corruption or negligence in collecting related customs duties and taxes, as was previously followed and through manual methods and human intervention."

He pointed out that  "it gives the business environment in the national economy an advanced signal to investors and traders, and  its accurate operations should be positively reflected in the reports of international multilateral organizations within the framework of the progress of the business environment in our  country including the World Bank's periodic reports in this regard."  https://www.ina.iq/226125--.html

UN Supports Iraq In Recovering Stolen Assets And Combating International Corruption  Iraq

The United Nations has affirmed its full support for Iraq in its efforts to recover its stolen assets located in corruption havens abroad, in addition to tracking suspicious banking transactions.

The Resident Representative of the United Nations Development Programme, Auke Lootsma, stated that the programme supports Iraqi investigative journalists to enhance cooperation with international federations in uncovering stolen assets, enabling investigators to file cases and follow up on seizure and confiscation procedures.

Lootsma added that the programme is working to expand the scope of trial monitoring to include civil procedures for the recovery of stolen assets. He pointed out that the focus is not limited to strengthening compensation claims from public institutions, but rather extends to include the recovery of assets through civil courts.

He stressed that the success of the fight against corruption requires effective international cooperation to track and freeze illicit assets, limit suspicious financial flows, and hand over perpetrators. He called for activating bilateral agreements between Iraq and other countries, or using the mechanisms available under the United Nations Convention against Corruption.

Lootsma also explained that UNDP supports Iraq in improving the exchange of information on suspicious banking transactions, submitting mutual legal assistance requests to protect assets during investigations, and recovering them upon final judgments. He pointed out that the Iraqi government’s programme is participating in expanding its regional partnerships to combat corruption and enhance joint efforts.   https://www.radionawa.com/all-detail.aspx?jimare=41006

Exchange Rates Recorded 151,750 Dinars Per 100 Dollars In Baghdad

economy | 11:10 - 01/20/2025  Mawazine News – Baghdad  The exchange rate of the dollar against the Iraqi dinar witnessed a rise in the currency markets in the capital, Baghdad.

The dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 150,700 dinars for every 100 dollars, compared to what it recorded yesterday morning, Sunday, at 150,650 dinars for every 100 dollars.

The selling prices in exchange shops in the local markets in Baghdad reached 151,750 dinars, while the purchase price reached 149,750 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=258809

Oil Prices Jump Above $81 A Barrel

economy | 08:26 - 01/20/2025  Mawazine News – Baghdad  Oil prices recovered in early trading on Monday, as supply concerns persisted after Washington imposed two rounds of sanctions in the past two weeks on Russia's energy sector over the war in Ukraine.

Market Moves By 0042 GMT, Brent crude futures were up 34 cents, or 0.4 percent, at $81.13 a barrel. They settled down 0.62 percent in the previous session. West Texas Intermediate (WTI) crude futures, which expire on Tuesday, were up 59 cents, or 0.8 percent, after settling down 1.02 percent on Friday.

The most active contracts for April rose 36 cents to $77.75 a barrel, according to Reuters data.

Both crudes gained more than 1 percent last week, their fourth straight week of gains, after the outgoing administration of US President Joe Biden imposed sanctions on more than 100 oil tankers and two Russian oil producers.

This led to a rush by major buyers, China and India, to secure immediate oil cargoes and a global rush to supply ships with oil, with Russian and Iranian oil traders looking for unsanctioned tankers to carry their cargoes.

Analyst Tim Evans said in Evans on Energy that the new sanctions are expected to tighten supplies, at least in the short term, according to Reuters.

“The rise in tanker rates for unsanctioned vessels and the widening divergence in crude oil prices are among the notable cascading effects, which have heightened supply concerns,” he added. But easing tensions in the Middle East limited oil price gains. Israel and Hamas exchanged hostages and prisoners on Sunday in the same day The first ceasefire after a 15-month war.

https://www.mawazin.net/Details.aspx?jimare=258802

Gold Falls As Tensions Ease, Markets Focus On Trump

Economy  | 01/20/2025 Mawazine News – Baghdad Gold prices suffered losses in early trading on Monday as tensions in the Middle East eased, dampening demand for safe-haven assets.

As investors await the inauguration of US President Donald Trump and clarity on the policies of the next administration. Price update Spot gold fell 0.4 percent to $2,690.81 per ounce, by 0140 GMT. US gold futures fell 0.5 percent to $2,734.90 an ounce, according to Reuters data.

Hamas released three Israeli hostages, while Israel freed 90 Palestinian prisoners on Sunday, the first day of a ceasefire that followed a 15-month war that devastated the Gaza Strip and ignited the Middle East.

Market players are awaiting Trump’s inauguration later on Monday, whose tariff policies are expected to stoke inflation, ignite trade wars and potentially increase the appeal of safe-haven assets. The future path of US interest will depend on how seriously the next administration implements Trump’s policy pledges.

According to a narrow majority of economists polled by Reuters, the Federal Reserve is likely to keep interest rates unchanged at its January 29 meeting and resume cutting them in March.

Among other precious metals, spot silver fell 0.7 percent to $30.13 an ounce. Palladium fell 0.3 percent to $944.25 an ounce. Platinum fell 0.2 percent to $940.05 an ounce.   https://www.mawazin.net/Details.aspx?jimare=258803

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