TNT:

Tishwash:  After an Interruption of More Than 30 Years, Iraq Wins the Chairmanship of the Executive Council of the Arab Investment Company

The Iraqi Embassy in Libya announced today, Tuesday, that Iraq won the presidency of the Executive Council of the Arab Investment Company in the year 2025.

The Chargé d'Affaires of the Embassy, ​​Ahmed Al-Sahaf, told the Iraqi News Agency (INA) that "in a prominent diplomatic step, Iraq succeeded in winning the presidency of the Arab Investment Company during the 63rd session of the Arab Economic and Social Council held in the Jordanian capital, Amman, to return to this position after an absence of 32 years," noting that "Iraq has not been able to obtain the presidency of the aforementioned company's council since 1992."

She explained that "this achievement came in accordance with the joint coordination between the Ministries of Foreign Affairs and Industry and within the priorities of the government program of Prime Minister Mohammed Shia al-Sudani, and the emphasis of Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein on repositioning Iraq's role in regional and international organizations, within the multilateral diplomatic path

As well as the strategic planning and management that the Iraqi Ministry of Industry has been pursuing, and in accordance with productive diplomacy, through intensive efforts led by the Iraqi Embassy in Tripoli, headed by the Chargé d'Affaires, Dr. Ahmed al-Sahaf, who was able to obtain decisive Libyan support to strengthen Iraq's candidacy, through coordination with the Chairman of the Investment Authority in the State of Libya, Dr. Abdul Hakim al-Fitouri, who gave Libya's vote to Iraq, which it needed to secure victory."

He noted that "Iraq hosted the company's executive council meetings in 2025 in Baghdad, a step aimed at enhancing Arab cooperation in the fields of industry and infrastructure, and consolidating Iraq's position as a pivotal industrial center."  link

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Tishwash:  Jordanian Parliament: We are happy to see Iraq recovering, as it is the heart of the Arabs and the basis of their strength

During a meeting with Mahmoud Al-Mashhadani

 Jordanian Parliament Speaker Ahmed Al-Safadi confirmed on Monday that his country is happy to see Iraq recovering, and said that it is “the heart of the Arabs and the basis of their strength,” during his reception of his counterpart Mahmoud Al-Mashhadani and the accompanying delegation on a visit after an official invitation.

Today, Monday, the Speaker of the House of Representatives, Dr. Mahmoud Al-Mashhadani, and the accompanying parliamentary delegation arrived at the Jordanian House of Representatives building, in response to an official invitation from the Speaker of the House, Mr. Ahmed Al-Safadi.

The Speaker of the House of Representatives stressed that the Hashemite Kingdom of Jordan has priority in our official visits and is our first destination after our presidency of the House of Representatives, stressing that Iraq needs all its people and brothers and we are committed to standing with the Arab nation in all its issues.

Dr. Mahmoud Al-Mashhadani added that the situation in Palestine today needs a serious Arab stance, which requires concerted efforts to support the rights of the Palestinian people. Likewise, the situation in Syria and Lebanon needs real support and assistance to confront the political, economic and security challenges that these sister countries are going through.

For his part, Mr. Ahmed Al-Safadi welcomed President Al-Mashhadani and his accompanying delegation during the meeting, saying: Today we are happy to see Iraq recovering, as it is the heart of the Arabs and the basis of their strength.

The meeting was attended by a number of representatives, in addition to Mr. Omar Al-Barzanji, the Iraqi Ambassador to the Hashemite Kingdom of Jordan.

The visit aims to strengthen relations between the two brotherly countries in various political, economic and security fields, in addition to discussing regional and international issues of common interest.  link

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Tishwash: Exchange rate rises in local markets as dollar selling platform in Iraq nears completion

The dollar exchange rate recorded a new rise today, Tuesday (December 17, 2024), during trading on the main stock exchange and the local market .

Baghdad Today correspondent said that the dollar exchange rate recorded 150.950 dinars for every 100 US dollars in the main stock exchange in the capital, Baghdad .

He added that the selling price in the exchange offices recorded 152,000 dinars, while the buying price recorded 150,000 dinars for every 100 US dollars.

On Wednesday (September 4, 2024), the Central Bank of Iraq revealed the mechanism for ending the electronic platform for foreign transfers, while indicating that the placement of foreign transfer operations and meeting requests for the dollar are on sound paths consistent with international practices and standards . 

The bank said in a statement received by "Baghdad Today", that "the electronic platform for foreign transfers managed by the Central Bank of Iraq began at the beginning of 2023 as a first stage to reorganize financial transfers in a way that ensures proactive oversight of them instead of subsequent oversight by the Federal Reserve auditing daily transfers, and this was an exceptional procedure as the Federal Reserve does not usually do this, and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and approved banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks ."

He added that "during the year 2024 and until now, 95% of the transfer process from the electronic platform to the mechanism of correspondent banks directly between it and Iraqi banks has been achieved, which means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan," explaining that "some expectations about potential impacts on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one batch at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be completed in the coming short period ."

He stressed that "trade with the United Arab Emirates, Turkey, India and China represents about 70% of Iraq's foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transfer in euros, Chinese yuan, Indian rupees, and Emirati dirhams, through approved correspondent banks in those countries, and (13) Iraqi banks have actually begun conducting transfer operations with a pre-audit mechanism that has been agreed upon and approved in addition to transfers in dollars ."

He continued: "With the provision of channels for personal transfers for legitimate purposes and external purchases through electronic payment channels and international money transfer companies and cash sales to travelers, and the payment of cash dollars for incoming transfers to the parties and purposes specified in the Central Bank's published instructions ."

The Central Bank of Iraq stressed that it "put foreign transfer operations and meeting dollar demands on sound paths consistent with international practices and standards and the Anti-Money Laundering and Terrorism Financing Law," explaining that "providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation, and any other price traded outside those channels is an abnormal price that those with unorthodox or illegal practices resort to, who move away from official channels in their dealings, so they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and others  link

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Tishwash:  Parliamentary Committee: Government working to reduce gap between parallel and official exchange rate to achieve stability

The Parliamentary Finance Committee explained, on Monday, that the government is working to reduce the gap between the parallel and official exchange rates to achieve stability, while indicating that the Iraqi economy will not be affected by the deteriorating conditions in Syria .

Committee member Moeen Al-Kazemi said in a statement followed by "Mil", "The government and the Central Bank have taken several important measures to confront the security and economic challenges in the country, especially in light of the deteriorating conditions in Syria ."

Al-Kadhimi continued, "The situation in Syria does not affect the Iraqi economy or the dollar exchange rate in the local market ."

He added that "the dollar exchange rate in the parallel market is currently stable, noting that the government is working to reduce the gap between the parallel exchange rate and the official rate to achieve greater economic stability ."

Currency markets are witnessing significant changes with the “sudden” rise in the value of the Syrian pound against the Iraqi dinar  link

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