Al-Hanal: Iraq has sought in recent years to promote the banking sector to stimulate the Iraqi economy

 

During his speech at the 2018 Arab International Banking Summit
 Banks

Economy News Baghdad

The President of the Association of Iraqi private banks Wadih al-Hanalal, Friday, that Iraq has sought in recent years, led by the Central Bank and the participation of the Association of Banks, to promote the Iraqi banking sector because it is the main artery that feeds and activates the Iraqi economy.

Al-Hantal said during his speech at the Arab International Banking Summit, and attended by the “Economy News”, that “at the beginning we extend our best congratulations and congratulations to the Governor of the Central Bank of Iraq Ali Mohsen Al-Alak for his choice and merit as the best governor in the Arab region in 2018, to lead monetary policy in Iraq under difficult circumstances Iraq has passed through crises, most notably the war on terrorism and low oil prices, where the Central Bank of Iraq, led by the governor, proved to be an independent and solid institution capable of overcoming these difficulties. We also thank the Union of Arab Banks for choosing this and shedding light on the situation of the banking sector in Iraq”.

He added that “Iraq has sought in recent years, under the leadership of the Central Bank of Iraq and the participation of the Association of Iraqi private banks,” he said, adding that “Iraq has sought in recent years, led by the Central Bank of Iraq and the participation of the Association of Iraqi private banks , To promote the Iraqi banking sector because it is the main artery that feeds and activates the Iraqi economy.

He explained that “despite the exit of Iraq from the controls and restrictions of the seventh item of the United Nations, and its openness to the world, but we in the Iraqi banking sector, we still suffer from the so-called banking blockade, where the banking relations of Iraqi banks with Arab and international banks below the required level, Strive to activate banking relations with foreign banks. “

He pointed out that “the Iraqi banking sector is open to all international banks, and there are a lot of Arab banks or foreign actually in Iraq, and there are other banks wishing to enter the Iraqi market, and this is evidence of the improvement and development of this market, The Iraqi banker from within. “

And enables the individuals and companies to conduct their financial transactions accurately and safely and the banks to respond to this request and opening up more on the Iraqi market, the world turns into an open loop financial transactions after it was based on closed rings, which do not exceed the scope of one bank or one country taking into account the importance of openness to the world After the era of internal wars and crises in Iraq, where the Iraqi banking sector adopted the application of all international requirements and standards related to banking, including, but not limited to, recommendations of Basel (1,2,3), The Financial Stability Council, and other recommendations and legislation. This concern and commitment by our Iraqi banks to comply with this legislation is a result of their conviction and awareness of the importance of their impact on their work inside and outside Iraq. “

“We call on the Arab banks first and the international banks to work seriously to establish banking relations with Iraq in order to open up mutual relations between the Iraqi economy and foreign economies, exchange experiences and knowledge, and thus build confidence and revive the economy.

He concluded by saying: “I must express my pride and admiration for the persevering efforts exerted by the team of the Union of Arab Banks in order to make this a success. The good organization and management of the meetings of the Arab International Banking Summit this year have had a great impact on their success and achievement of their objectives. I am proud of all the colleagues who have provided the juice of their ideas in order to elevate the Arab banking work, wishing all success and success. “

It is worth mentioning that the Central Bank of Iraq has adopted ambitious plans to activate the financial coverage and also works to create all the technical requirements for this through the development of infrastructure where he established the central national division and a number of important electronic systems that are linked to Iraqi banks and worked to create the legal basis through To amend and legislate relevant laws such as the electronic payment law and to establish controls for the formulation of strategic policies.

http://economy-news.net/content.php?id=12770

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detail .. Kurdistan supports the Federal Court and respond to Baghdad on the direct export of oil and gas

Details .. Kurdistan supports the Federal Court and respond to Baghdad on the direct export of oil and gas
 Twilight News    
 34 minutes ago

The Kurdistan Regional Government on Friday endorsed the decision of the Federal Supreme Court, the highest judicial authority in Iraq, not to be able to resolve the dispute between Erbil and Baghdad on the export of oil and gas from the fields of the region directly without returning to the Iraqi government, stressing that the Oil Ministry based on the call against Territory to the dissolved and expired Revolutionary Command Council Law.

The Supreme Federal Court has recently asked the parties to appeal against the unconstitutionality of extracting oil from the Kurdistan Region and exporting it directly, the statement of the legal basis currently adopted in the application of the provisions of Article (111) of the Constitution relating to the extraction of oil and gas through the sale and how to distribute the proceeds of this sale.

The Secretary of the Council of Ministers of the Kurdistan Region Amang Rahim in clarifying to him that based on the original text of the decision of the Federal Supreme Court we put the following:

First: In the decision issued on 27 – 6 of the Federal Court stated that the Iraqi Oil Ministry based its claim to Article (111) of the Constitution, which stated (oil and gas is the property of all the Iraqi people in all regions and provinces), and the Federal Court that these Article (112 of the Constitution) laid down how to implement the general provision in Article (111), which must be implemented in accordance with a law to be legislated by the Iraqi Council of Representatives. So far, 12 years after the promulgation of the Constitution, This law shall be enacted in accordance with the attachment of the Federal Court to Article 112 of the Constitution T in the legal framework for oil and gas projects in all parts of Iraq extraction, sale and distribution of revenue areas.

Second: According to the two articles of Article (112) of the Constitution, which were adopted by the Federal Court as a legal basis for Article (111), two laws must be issued by the Iraqi Council of Representatives Agencies:

1- The Law of Distribution of Oil and Gas Revenues According to this constitutional provision, which is stated in the first item of Article (112) of the Constitution:

  • (The federal government administers the oil and gas extracted from the existing fields with regional governments) The federal government authority is to manage the oil and gas extracted from the producing fields before the constitution is in force on 20-5-2006, and not the fields explored and produced after that date, Which is not only available to the Iraqi Ministry of Oil and which is now operating under the Central Law of the Ministry No. (101) of 1976, and this law is contrary to the first of the article (112) of the Constitution because that law was issued in 1976, And the Federal Court and the substance of the article (112) of the Constitution has been canceled and indirectly (Ministry of Iraqi oil law), and Article 112 of the Constitution established a special provision and a restriction on Article 130 of the Constitution, which governs the generally applicable laws before 2006.
  • (The distribution of imports in an equitable manner commensurate with the distribution of the population with a quota for a specific period of the affected territories …), the federal government other than this article is annually determine the share of the Kurdistan Region on the basis of “actual maintenance, not according to revenues from oil and gas, A census with the absence of the law of distribution of oil and gas revenues in Article (112) of the Constitution, which explicitly referred to this.

(2) The federal government and the governments of the regions and producing governorates together draw up the strategic policies necessary to develop the wealth of oil and gas. In this regard, the responsibility of the federal authority has been determined, and for 12 years now no joint agreement has been implemented between the authorities of the federal government and the governments of the region and the governorates. The protest of the Iraqi Ministry of Oil by the law of the Ministry No. (101) in 1976 unilaterally without the consent of the Government of the Territory and the producing provinces, and based on the law, the lawsuit is invalid and contrary to the provision of Article (112) of the Constitution and which was based on the Federal Court to resolve the case.

Rahim pointed out that the Federal Court asked the client of Iraq’s oil minister also to inquire that there is any agreement or understanding with the Kurdistan Regional Government in this regard or not ?.

He said that so far Baghdad has not been based on any legal basis in the management of oil and gas and revenues from them, saying that Article (110) of the Constitution did not address the oil and gas At the same time, Article (115) of the Constitution indicated explicitly that it did not provide Article (110) of the Constitution on any specificity of the authority of the Territory, and in the joint authority gave priority to the Territory as having the law of oil and gas No. (22) for the year (2017).

The Secretary of the Council of Ministers of the Kurdistan Region clarified that the constitutional basis for the management of oil in Iraq is Article 112 of the Constitution and not the Central Law Expiring No. 101 of 1976, which was based on the Iraqi Ministry of Oil in its established claim, Stressing that the law expired expired completely violates Article (112) of the Constitution, and the Federal Court in its last session pointed to that fact.

The court spokesman Ayas al-Samuk said, “The Federal Supreme Court held a hearing on 27/6/2018 under the chairmanship of Judge Medhat al-Mahmoud and the presence of all members of the judges and considered the case of the request of the Minister of Oil, in addition to his job of the Minister of Natural Resources, The provisions of the Constitution and the relevant laws in force and hand over the entire oil production in the region to the Federal Oil Ministry. “

He added that “the meeting witnessed the presence of all parties, where the prosecutor and the Minister of Oil in addition to his job that the prosecutor and the Minister of Natural Resources in the Kurdistan region has refrained from delivering crude oil produced from the region to the federal government in addition to that the export of crude oil outside Iraq without the consent of the Federal Government In violation of the provisions of the Constitution and relevant laws. “

Samok pointed out that “the court after having stood on the requests of the plaintiff contained in the petition and in a subsequent list and as the subject matter of the case concerned other parties on the subject, decided in previous sessions the introduction of the Prime Minister, the Federal Minister of Finance, and the Chairman of the Council of Ministers of the region / Third to stand on their constitutional positions on the subject of the lawsuit after it realized that the subject is a dispute between the federal government and the region and the consideration of its competence in accordance with Article (93 / IV) of the Constitution.

The spokesman said that “the court confirmed the receipt of the answer from the Federal Prime Minister and the Federal Minister of Finance / in addition to their job, and did not respond to the answer of the President of the Kurdistan Regional Government / in addition to his job, and after reviewing the answers found that it did not focus on the points required to resolve the case because the subject of the lawsuit rests on the plaintiff To articles 111 and 112 of the Constitution. “

He added that “the Federal Supreme Court found that Article (111) of the Constitution has provided the general rule of oil and gas wealth and its text (oil and gas is the property of all the Iraqi people in all regions and provinces), and Article 112 of the Constitution how to implement the provision of Article (111) And that this is under a law issued by the House of Representatives and the law has not been issued to date. “

He pointed out that “the court wants to stand on how to run the process of application of the provisions of Article (111) of the Constitution, on oil and gas from the start of extraction and through the sale and how to distribute the proceeds of sale and whether there is a law regulating this process other than the law required by Article (112) Which has not yet been issued are there bilateral agreements between the federal government and the provincial government and the governments of oil-producing provinces or other instructions or other, “Accordingly, the Federal Supreme Court asked the parties to the lawsuit and the third persons so that it can resolve the dispute between the Ministry of Oil and the Ministry of Natural Resources In the region In accordance with their terms of reference provided for in the Constitution and for the purpose of enabling them to do so and at their request it is decided to postpone the pleading until 14/8/2018.

The Federal Supreme Court is the largest judicial authority in Iraq, which adjudicates disputes between the federal government and the regions and the constitutionality of laws, regulations, instructions and orders issued by any party.

The Kurdistan Region of Iraq began to export oil independently of Baghdad in 2014 via a line owned by him to the Turkish port of Ceyhan on the Mediterranean Sea, and from there to the world markets.

The KRG continues to export oil abroad, except for the Kirkuk fields, which have been shut down since October 2017 after Iraqi forces regain control of the fields.

The territorial government says Iraq’s constitution does not contain any substance preventing it from developing oil resources in its territory.

The regional government has signed contracts with major international oil companies – including Exxon Mobil, Rosneft and Ginnell – to develop its oil fields, which are pumping between 300,000 and 1,000 barrels a day.

http://www.shafaaq.com/ar/Ar_NewsReader/167eb27a-b584-4255-bd84-f3f1beca9332

Central Bank of «Economy News»: The presence of international payment companies will reflect positively on the citizen

Director of Payments Department at the Central Bank, Souha Abdel-Karim «Economy News»
 Banks

Economy News Baghdad:

The Central Bank of Iraq, signed an agreement with MasterCard International to support Iraqi banks and payment service providers licensed to work according to international best practices in this regard, adding that the presence of international companies inside Iraq will be reflected positively on the citizen because it will increase services and reduce prices .

“The Central Bank of Iraq signed an agreement with MasterCard International on the sidelines of the 2018 Arab Banking Summit in Paris to strengthen the regulatory framework for work in Iraq, which will be “The agreement includes several aspects, including training and financial education and contribute to the development of the national strategy of electronic payment to upgrade financial and banking services, which will be launched in the next phase and strengthen the d Exporters and collectors of electronic payment tools . “

She added that “the Central Bank stands one distance from international companies for the purpose of promoting professional competition and aims to reflect positively on services, prices, innovation and diversity of tools .”

“The Central Bank of Iraq is working to improve levels of financial coverage throughout Iraq through the existence of efficient and effective systems and access to the services provided through them “

Views

http://economy-news.net/content.php?id=12769

Sistani scolds Iraqi politicians

29-06-2018 02:40 PM

The Euphrates –

Iraq’s top leader Ali al-Sistani said in a Friday sermon delivered by one of his representatives that Iraq’s leaders should focus on defeating an oppressive organization rather than the outcome of parliamentary elections.

“It is not right to overlook this and concern about the results of the elections and the holding of alliances and conflict on positions and sites, but the requirements of the elimination of terrorists and the provision of protection and security of citizens in different regions and provinces,” said Abdul-Mahdi Karbalaii, Sistani’s representative in the speech that followed in the city of Karbala.

A grouping of members of the Iraqi security forces was abducted and six of them showed up in an online video on Saturday threatening to kill them within three days if the government did not release female prisoners.

But the Iraqi security authorities announced yesterday the killing of eight men by a hustler and throwing bodies on the road in the province of Salah al-Din.

http://www.alforat.info/index.php?page=article&id=58138

The Central Bank signs a memorandum of understanding with MasterCard International

Economy News _ Baghdad

The Central Bank of Iraq signed a memorandum of understanding (MoU) with MasterCard International to contribute to the development of electronic payment services in Iraq.
“On the sidelines of the Arab International Banking Summit held in Paris, the Central Bank of Iraq signed a memorandum of understanding with MasterCard International to contribute to the development of electronic payment services in Iraq and the transfer of expertise,” said a statement by the Central Bank. And take advantage of the innovations that characterize this company. ”
The statement added that “the signing was attended by a selection of Iraqi and foreign banks and the presence of the Iraqi ambassador in Paris.”

http://economy-news.net/content.php?id=12768

Announcement of a new salary distribution schedule early next week

– 6/29/2018 1:54:00 AM

Khandan –

A source in the Ministry of Finance, the Kurdistan Regional Government, that the amount allocated to salaries of employees will reach the Ministry of Finance on Sunday, and will be announced a new schedule to pay these salaries.

It is worth mentioning that the salaries of employees for the month of April, has not been acted so far in the Kurdistan region.

The source said in a statement to “Khandan” that the Ministry of Natural Resources in the region sends monthly 378 billion dinars to the Ministry of Finance to secure the payment of salaries, indicating that this amount will arrive on Sunday and after receipt by the Ministry of Finance will be announced a new schedule of the distribution of salaries.

The source added that the Ministry of Peshmerga will be the first ministries to receive salaries, and then will pay the salaries of other ministries.

The Ministry of Finance in the Kurdistan region, pay monthly salaries according to two tables, one depends on the revenues of oil source, and the other on the money sent by the federal government in Baghdad.

The Ministry of Natural Resources in the Kurdistan Regional Government provides 378 billion dinars a month to the Ministry of Finance, while Baghdad sends 317 billion dinars to pay salaries.

http://www.xendan.org/ar/detailnews.aspx?jimare=20302&babet=70&relat=8030