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Tishwash: Economist: The Central Bank’s policy is moving towards globalizing Iraqi banks

Economic expert "Safwan Qusay" confirmed that the Central Bank's policy is moving towards globalizing Iraqi banks, while stressing that it will contribute to raising the status of these banks globally.

Qusay said in an interview: "The Central Bank's policy is moving towards consolidating the issue of globalizing Iraqi banks, and the process of ending dealings with the electronic platform will contribute to accepting local banks that have the ability to provide guarantees and international compliance conditions with international correspondent banks."

He added that "these correspondent banks can carry out the process of changing the Iraqi dinar to any global currency immediately, and for more than a million banks around the world, and there is a possibility to develop the performance of other banks in order to succeed in the international acceptance process, and there is still a possibility to import capital from different countries of the world and re-inject it into the local environment in the form of grants in different investment portfolios, and thus the possibility of achieving the goals of the Central Bank in the matter of development."

He pointed out that "the Central Bank will move from the issue of accepting local banks internationally to the issue of participating in the development process, and this will certainly contribute to achieving part of the government program's goals in employing the unemployed, and in forming productive Iraqi capital, especially since a portion of Iraqis own Iraqi dinars outside the banking system, and whenever we start the issue of convincing them to trust Iraqi banks, we will have new doors to operate this monetary mass."

He stressed that this step will contribute to raising the status of Iraqi banks globally, "meaning that they will succeed in the process of having a name in international financial transfer operations, and gradually confidence between banks will be strengthened, and there is what is called credit cover between Iraqi banks and international banks, and the level of confidence will be reflected in the credit cover."

He pointed out, "Whenever there are transfers and coverage at acceptable credit levels, this level may rise so that we succeed in the process of having Iraqi banks that are accepted internationally - and this is a step that does not exist - as Iraqi banks, especially public ones such as Rafidain and Rashid, have withdrawn from international financial transfers since the eighties of the last century."

Pointing out that "rehabilitating these banks, especially TPI Bank, can contribute to our having international acceptance for international correspondents for these banks." link

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Tishwash: 2025 budget is on the verge of legislation, and delaying the schedules will not stop the decision

Jamal Kojer, a member of the Finance Committee in Parliament, confirmed today, Saturday, that the 2025 budget schedules have not reached Parliament yet, but he stressed that the budget will be legislated during the current legislative session.

Kocher explained in a statement to {Euphrates News} that "the delay in the arrival of the tables will not affect the course of the budget legislation, indicating that the next legislative session will be quieter due to the preoccupation of the representatives with the elections, which will reduce their attendance at the sessions."

It is noteworthy that the financial advisor to the Prime Minister, Mazhar Muhammad Salih, said in a press statement that Article 77/Second of the Federal General Budget Law No. 13 of 2023, which regulates the preparation of the three-year budget, stipulates that the government sends the budget tables for the years 2024 and 2025 to the House of Representatives for approval before the end of the previous fiscal year.

He added that the Ministry of Finance has announced that it is in the process of preparing the general budget schedules for the year 2025, in accordance with the constitutional mechanisms adopted by the aforementioned Triennial Budget Law.

Saleh noted that the federal general budget tables for the year 2025 will be based on the constants of Federal Budget Law No. 13 of 2024, taking into account international and regional economic conditions and their changes, in a way that ensures that the provisions of the budget tables for the year 2025 are adapted within the available legal texts, in addition to relying on the performance of the indicators of the general budget tables for the year 2024. link

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Tishwash: Salaries are secured and a committee is following up on Kurdistan’s dues.. Details of hosting Taif Sami in Parliament

On Saturday, January 11, 2025, the head of the Finance Committee, Atwan Al-Atwani, revealed the details of hosting the Minister of Finance, Taif Sami, within the committee, while indicating that the minister confirmed securing the salaries of employees during 2025 .

Al-Atwani said in a press statement followed by the "Al-Jabal" platform, "Minister of Finance Taif Sami confirmed during her hosting within the Parliamentary Finance Committee that employees' salaries are secured through 2025."

He added, "We have formed a subcommittee to follow up on the Kurdistan Region's dues for the years 2024-2025," adding, "The committee will submit its report in the next Monday's session regarding amending Article 12 / Second / Paragraph C of the General Budget Law."

Earlier today, the Iraqi Parliament's Finance Committee held a meeting, hosting Iraqi Finance Minister Taif Sami, to discuss the issue of amending the country's general budget law and securing employees' salaries.

A source from within the parliamentary finance committee previously told Al-Jebel platform that “this meeting (with the Minister of Finance) was supposed to be held before the legislative recess, but the travel of senior officials from the Iraqi Ministry of Finance prevented that,” adding that “the finance committee will collect all information related to the subject during the meeting to later submit it to the Speaker of Parliament.”

The Parliamentary Committee hosted the Minister at the Parliament headquarters to discuss with her the issue of amending the General Budget Law, which the Parliament is scheduled to conduct its first reading of next Monday, and securing the salaries of public sector employees for the year 2025.

The Iraqi Parliament is scheduled to hold a session on Monday, January 13, to discuss and read a set of proposed draft laws, including an amendment to the provisions of Iraq’s General Budget Law No. 13 of 2023.

The aforementioned amendment is related to the resumption of oil exports from the Kurdistan Region abroad.

Member of the Parliamentary Oil and Gas Committee, Sabah Subhi Haider, had previously stated to the Mountain Platform, “We conducted the first reading of the amendment and all that remains is the second reading and voting on it. All expectations are moving towards an agreement, and there is a political agreement as well as an international and regional agreement on the necessity of re-exporting Kurdistan’s oil at a rate of 400,000 barrels per day.”

He added, "The order to resume oil exports from the Kurdistan Region is still in place, through amending (Article 12, Paragraph/Second C) in General Budget Law No. 13 of 2023."

Oil exports from the Kurdistan Region to abroad via the Turkish port of Ceyhan were halted in March 2023, after the International Court of Arbitration in Paris issued a decision to adjudicate a lawsuit filed by Iraq against Turkey regarding (the illegality of exporting Iraqi oil from the port of Ceyhan without coordination with the Iraqi SOMO Company). According to official statements by officials, the losses of Iraq and the Kurdistan Region from stopping the export process exceeded $20 billion since last year. link

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