Iraq Economic News and Points to Ponder Sunday AM 1-12-25
Iraq's Missing Money...Dubai Is Indicted: Smuggling Is Still Continuing And Trump Is Coming
Economy | Yesterday, | Baghdad today – Baghdad Representative Baqir Al-Saadi revealed today, Saturday (January 11, 2025), that Dubai has become the largest point for smuggling Iraqi funds abroad,
pointing out the involvement of individuals, money changers, and banks in these operations. Al-Saadi said in an interview with "Baghdad Today",
"The smuggling of money from Iraq is still continuing in various forms, whether by individuals or
banking companies, in addition to the involvement of some banks that use remittances as a means of transferring money in a way that raises major question marks."
He added, "Dubai has become the largest destination for this money, with clear indicators observed during the recent period confirming the involvement of some banks in facilitating smuggling operations." Al-Saadi confirmed that
“the Iraqi Parliament, through its oversight duties, is following up on many files related to this matter, some of which are under investigation in coordination with the competent regulatory authorities,” noting that
“the Central Bank of Iraq suspended the activity of 10 banks due to suspicions about smuggling money outside the country in illegal ways.” Comply with established instructions and controls. Al-Saadi explained,
"The money smuggling file is very complex, despite a series of measures taken by the Central Bank, including coordination with the US Treasury Department, which imposed sanctions on some of the banks involved." He pointed out that
"smuggling operations depend on complex routes and routes, which makes controlling them a major challenge," stressing that
"there are important investigations underway that may yield tangible results during the coming period." Al-Saadi concluded by saying,
"Efforts are continuing to uncover the facts and hold those involved accountable, but
combating this thorny issue requires more time and strict measures."
It is noteworthy that US President-elect, Donald Trump, has stated more than once that he will deal firmly with the issue of protecting the dollar in the world, especially with countries that have admitted their involvement in currency smuggling and money laundering, such as
Iraq, which the Trump team believes tolerates currency and oil smuggling operations.
https://baghdadtoday.news/265657-أموال-العراق-المفقودة.-دبي-في-دائرة-الاتهام-التهريب-لايزال-مستمرا-وترامب-قادم.html
International Banking Day
Economical 01/12/2025 Muhammad Sharif Abu Maysam At the end of the year 2019, the United Nations approved International Banking Day, which is held on December 4 of each year. According to its organizers,
it aims to shed light on the important role that banks play in financing sustainable development, by providing financing, technical advice, and assistance in implementing projects.
Which promotes poverty eradication, reducing inequality and combating climate change.
Based on this goal, the following question can be asked:
Have they contributed, and
do local banks contribute, to financing sustainable development, and
what are their contribution rates in implementing projects that promote the eradication of poverty and the reduction of inequality in light of the total of their capital, deposits and reserves?
Did it exercise the role for which it was found after its capital had matured by establishing this role through overnight investment and the currency auction, from ten billion dinars according to Iraqi Banking Law No. 94 of 2004 to about 450 billion dinars, as in the instructions of the Central Bank, which recently stipulated this minimum ceiling for the work of any... A bank in the Iraqi banking arena by the end of this month
Meaning that the bank that started with ten billion dinars in the years following 2004 has or will have 450 billion dinars at the end of this month, otherwise it will be subject to merger or cancellation, and
this is thanks to the monetary policy that was followed in order to support the Iraqi banking sector and make it a sector qualified to deal with... International banks and banking according to what the global banking industry has reached, and in a way that makes it capable of introducing modern banking technologies and programs to complete financial exchanges and trades with countries of the world.
In return, what is required of local banks to offer now in light of the economic transformations the country is witnessing?
“Governmental and private” banks have made an effective contribution to turning the wheel of the economy over the past years, despite the many comments surrounding their work,
but some of these banks did not live up to the level of support they received, and
others were preoccupied with achieving more profits at the expense of their development duties.
This is evident in the movement of money that flows through the daily currency auction with the aim of achieving more profits under the pretext of financing foreign trade in exchange for lower credit rates, which indicates the desired goal of creating these banking institutions whenever their rates rise.
While the deposit rates of many of these banks are declining due to the lack of attention to the
focus of attracting customers and restoring confidence with the public, with the aim of
withdrawing the cash mass and
circulating it in credit operations, and then
contributing to development processes,
promoting the eradication of poverty, and
reducing inequality, and this is what is required. https://alsabaah.iq/108366-.html
Expectations For The Performance Of The Largest Arab Economies In 2025.. What About Iraq?
2025-01-10 | Source: Al Jazeera Net 1,780 views Alsumaria News - Economy A state of economic uncertainty continues in the world, including Arab countries , but there is optimism about economic performance in 2025 compared to last year, according to the expectations of the International Monetary Fund and the World Bank.
Last April, the IMF warned of “the increasingly prevailing state of uncertainty in light of the
ongoing conflicts, the
disruption of shipping traffic, and the
decline in oil production,” and thus
“an uneven recovery has begun to emerge, with the pace of growth varying this year across East the Middle and Central Asia.”.
Last October, the World Bank published its “Economic Observatory for the Middle East and North Africa” report, which included expectations for GDP growth for countries in the region in 2025, in addition to many other indicators.
In terms of numbers, specialized websites collected the forecasts of the two international institutions and were as follows:
Saudi Arabia
Expectations of real GDP growth in the Kingdom for the year 2025 were 4.9%, compared to 1.6% in 2024, compared to a contraction of 0.8% in 2023, and compared to a growth of 7.5% in 2022.
As for the growth expectations of real GDP per capita for the year 2025, it was 3.5%, compared to 0.2% in 2024, compared to a contraction of 2.2% in 2023, and compared to a growth of 6.1% in 2022.
The World Bank's inflation forecast was 2.3% in 2025, compared to 2.1% in 2024.
The bank added, " Saudi Arabia is suffering from a public finance deficit, and it is expected that the deficit in the Kingdom will remain stable at 2% of GDP due to the decline in oil revenues and the expansionary public finance policy."
Qatar
Real GDP growth expectations in Qatar for 2025 reached 2.7%, compared to 2% in 2024, 1.2% in 2023, and 4.2% in 2022.
Expectations of real GDP per capita growth in 2025 were 1.2%, compared to 2.3% in 2024, compared to a contraction of 3.1% in 2023, and compared to a contraction of 4.5% in 2022.
The World Bank’s expectations for the public finance balance of GDP for the year 2025 were 4.6%, compared to 4.2% in 2024, 5.6% in 2023, and 10.4% in 2022.
The report expected inflation in 2025 to reach 1.9%, compared to 1.3% in 2024.
Egypt
The World Bank expects the real GDP growth rate for the year 2025 at 3.5%, compared to 2.5% in 2024, 3.8% in 2023, and 6.6% in 2022.
Expectations of real GDP per capita growth in 2025 were 1.9%, compared to 0.9% in 2024, 2.2% in 2023, and 4.9% in 2022.
The World Bank’s expectations for the proportion of the public finance balance to GDP in 2025 were about -7%, compared to -3.6% in 2024, -6% in 2023, and -6.2% in 2022.
The report expected inflation in 2025 to reach 17.2%, compared to 33.6% in 2024.
Morocco
Real GDP growth expectations in Morocco for 2025 were at 3.9%, compared to 2.9% in 2024, 3.4% in 2023, and 1.5% in 2022.
Expectations of real GDP per capita growth in 2025 were 2.9%, compared to 1.9% in 2024, 2.4% in 2023, and 0.5% in 2022.
The World Bank’s expectations for the proportion of public finance balance to GDP in 2025 were -3.8%, compared to -4.2% in 2024, -4.4% in 2023, and -5.4% in 2022.
The report expected inflation in 2025 to reach 2.7%, compared to 1.5% in 2024.
Algeria
Real GDP growth expectations in Algeria for the year 2025 were at 3.8%, compared to 3.1% in 2024, 4.1% in 2023, and 3.6% in 2022.
Regarding the growth expectations of real GDP per capita for the year 2025, it was at the level of 2.4%, compared to 1.6% in 2024, 2.5% in 2023, and 1.9% in 2022.
The World Bank’s expectations for the proportion of the public finance balance to GDP were -9.9% for the year 2025, compared to -9.8% for the year 2024, -5.2% for the year 2023, and -3% for the year 2022.
The report expected inflation in 2025 to reach 4.9%, compared to 4% in 2024.
The UAE
Real GDP growth expectations in the UAE for the year 2025 were at 4.1%, compared to 3.3% in 2024, 3.2% in 2023, and 7.9% in 2022.
Growth expectations for real GDP per capita in 2025 were 3.4%, compared to 2.5% in 2024, 2.4% in 2023, and 7% in 2022.
The World Bank's expectations for the proportion of public finance balance to GDP in 2025 were 4.7%, compared to 4.9% in 2024, 5.1% in 2023, and 10.8% in 2022.
The report expected inflation in 2025 to reach 2.1%, compared to 2.2% in 2024.
Jordan
Real GDP growth expectations in Jordan for the year 2025 were at 2.6%, compared to 2.4% in 2024, 2.7% in 2023, and 2.6% in 2022.
Growth expectations for real GDP per capita in 2025 were 2.1%, compared to 1.9% in 2024, 2.2% in 2023, and 1.4% in 2022.
According to the World Bank’s expectations for the proportion of the public finance balance to GDP in 2025, it is likely to be -5%, compared to -5.3% in 2024, -5.1% in 2023, and -5.6% in 2022.
The report expected inflation in 2025 to reach 2.2%, compared to 2% in 2024.
Iraq
Real GDP growth expectations in Iraq for 2025 were 4%, compared to -0.9% in 2024, -2.9% in 2023, and 4.7% in 2022.
The World Bank expects the growth of real GDP per capita in 2025 to be 1.7%, compared to a contraction of 3% in 2024, a contraction of 5.1% in 2023, and a contraction of 2.4% in 2022.
The World Bank’s expectations for the proportion of public finance balance to GDP in 2025 were -7.4%, compared to -5.3% in 2024, 0.9% in 2023, and 14.1% in 2022.
The report expected inflation in 2025 to reach 3.3%, compared to 3.7% in 2024.
https://www.alsumaria.tv/news/economy/512427/توقعات-أداء-أكبر-الاقتصادات-العربية-في-2025-ماذا-عن-العراق؟
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