Minister of Planning discusses with the Association of Iraqi private banks to strengthen the role of the financial and banking sector


Economy News Baghdad

The Minister of Planning, Dr. Nouri Sabah al-Dulaimi, received on Wednesday a delegation from the Association of Iraqi Private Banks headed by Mr. Wadih Nuri al-Hanal, the President of the Association. The meeting discussed the reality of private banks in Iraq and possible ways to enhance their work at the national level.

Dr. Nuri al-Dulaimi, during the meeting, the ministry’s keenness to activate the role of the financial and banking sector in Iraq, and to seek to enable private banks to play their developmental role through strengthening partnership with government sector banks.

For his part, the delegation of the Association of Iraqi Private Banks highlighted the objectives of the Association and its tasks and its contribution to spreading awareness and banking culture among the staff of banks through seminars, meetings and workshops to improve their work. They expressed their sincere appreciation for the actions of the Minister of Planning during the meeting.

Nezhirvan Barzani directs the messages of Benrouz and preaches good days: We finished a lot and stayed little


Nechirvan Barzani directs the messages of Benrouz and preaches good days: We finished a lot and stayed little
 Twilight News    
 one hour ago

The President of the Kurdistan Regional Government, Nechirvan Barzani, the improvement of economic conditions in the region, which goes towards progress and good. 
Barzani said during a congratulation to Nawruz National Day, “Be assured that the length of mind, steadfastness and softness, are the only way to achieve the goals, and that Kurdistan will go back to good and happiness, economic conditions are starting to improve and we will talk about all issues in the near future and in detail.” 
He added, “We have all seen the passage of Kurdistan in a series of crises, such as a war of intimidation and displacement of hundreds of thousands, and the decline of revenues and cut the budget and salaries and the fall of oil prices, so we must start from today calm, our defense war has ended successfully brutal and successful, and began economic recovery, Towards normalization “.
Barzani said that “the days of Norouz are to overcome the old pages and open new pages, so I ask everyone to pay attention to brotherhood, harmony and love.” Everyone must calm down, we must love each other. 
“We want the same for others, especially for the brotherly Iraqi people. The Kurdistan Region is a real partner in Iraq and this constitution has been approved,” he said. 
“On this occasion, and as Nawrouz is an official Eid in Iraq, I call on the Iraqi government to contribute to enabling the people of Iraq to succeed in brotherhood with the people of Kurdistan,” he said.

Pompeo’s policy urges Iraq to develop its relationship with Kuwait

Twilight News

2 hours ago

US Secretary of State Mike Pompeo on Wednesday urged Iraq to develop its relationship with Kuwait.

“We encourage the government of Iraq to strengthen its relations with Kuwait,” Pompeo told a news conference with his Kuwaiti counterpart Sabah Khalid al-Hamad al-Sabah.

“There is no change in US policy toward the Middle East peace process,” he said.

“I-Dinar” .. the first electronic platform for the Islamic exchange of digital currency


On the sidelines of the 5th International Islamic Finance Conference, the first Islamic platform for the exchange of gold-backed digital currency, I-DINAR, was launched in Doha today.

The I-Din platform is an electronic symbol based on the exchange of digital currency. Its initial value of one dinar is supported against one gram of gold, which is not only a digital currency, but for a real gold eye.

With the golden cover of the coin, “I-Dinar” is not only a symbol but a form of electronic gold portfolio. With the remarkable progress in the electronic exchange chain technology, i-Dinar can be used as a common denominator for executing and settling many financial transactions and exchange operations And trade.

Through this currency, Qatar offers the latest e-currency concept and technology distinct from the others in the quality of technology and applied standards. In addition, the currency reflects real value that can be obtained at any time, while achieving the principle of maintaining the assets owned by the client and the speed of implementation Any financial or commercial transactions in full compliance with Islamic law.

The announcement was made as a result of extensive work, studies and meetings between a team from the Qatar Financial Center, the Board of Directors of Qaf Holding Group and the Malaysian IbadahInc Foundation.

The Chairman of Qaf Holding Group Khalid Al Suwaidi said that the i-dinar platform initiative is an indication of the increasing awareness and economic culture of the State of Qatar and its understanding of future changes and requirements despite all the challenges in general. This is an unprecedented achievement on the ground to develop cooperation, trade and prosperity. Economic and wealth of the Islamic world in the face of the challenges of the age and rapid digital economic development in particular.

Al-Suwaidi, in a statement to Al-Jazeera Net, predicted that the new platform will achieve a great resonance very soon because it achieves two important goals. The first is to acquire a sophisticated digital currency and have confidence in customers. The second is that the currency, while digital, retains its gold value. Will increase the confidence of scientists in dealing.

He added that the currency in its current form has passed all stages of the test even through Islamic standards in dealing with currencies as a real currency has a real balance similar to the currency backed by a gold balance, pointing out that this currency has taken the criteria of universal acceptance and technological development in terms of accuracy and security.

The spokesman for the Malaysian Cultivation Establishment Abbas Ali explained that the purpose of the platform was to facilitate and implement multi-product digital financial transactions that allow the trading of “i-dinar” with or for any other goods or products or coded currencies or any combination of solutions Financial instruments, as well as financial and commercial contracts from anywhere and at any time worldwide easily and conveniently.

He said the new currency was a huge technological revolution in the world, being the first “mixed” digital exchange of its kind in the world, using a digital symbol supported by gold and has real value.

The 5th Doha Islamic Finance Conference, held under the title “Islamic Finance and the Digital World”, was launched today. The conference aims at presenting the experiences of the central banks in dealing with digital financial developments and their potential risks. Legal and technical standards and the importance of the digital economy and its role in achieving sustainable development goals.

In its fifth edition, the conference focused on discussing the effects of digital development on Islamic finance, through its main interlocutor, reviewing the experiences of the central banks in light of the major changes in the world of business and finance due to the enormous and significant development of information technology. Financial institutions and banks to quickly study their future opportunities and the possibility of transition to the digital world.

Source: Al Jazeera

Iraqi Provinces are “Fertile land for Investment”



By John Lee.

The head of Iraq’s National Investment Commission (NIC) has said that the Iraqi provinces are “fertile lands for investment” and have natural and human resources that enable them of making any investment project succeed.

Dr Sami al-Araji added that if capital is looking for a secure environment, then Iraq welcomes it under the umbrella of the investment law and a solid legislative environment.

(Source: NIC)

Iraq is the fifth Arab gold reserve this amount


Date of release: 2019/3/19 22:07 
The Central Bank of Iraq announced on Tuesday the growth of foreign reserves by 32.6% in 2018, while also announced the arrival of Iraq’s reserves of gold 96 tons.
“Foreign reserves report showed a positive performance in 2018 compared to 2017 as foreign reserves grew by 32.6%, driven by the positive difference between dollar purchases from the Ministry of Finance and sales through a sales window Foreign currency in addition to the profits realized from the proceeds of the investment portfolio in various segments. ” 
“At the investment level, the portfolio grew by about 25 percent in 2018 in 2018 as a result of the positive difference between the central bank’s purchases of the dollar and its sales, as well as the conversion of a large portion of other currencies due to maturity Some investment instruments and returns to the US dollar. “
He pointed out that “gold rose in value in 2018 by about 6% than in 2017, as a result of increased investment in this asset, and the gold reserves of the Central Bank of Iraq about 96 tons in 2018. 
According to the statement, Iraq ranks fifth in the Arab world and ranked 37th in terms of gold reserves, and Iraq was one of the largest buyers of gold in 2018 along with India, China and Kazakhstan.

Prime Minister: We seek to build a network of economic relations with the countries of the region


Date of release: 2019/3/19 21:07 
(Baghdad: Al-Furat News) Prime Minister Adel Abdul-Mahdi received in his official office today a delegation of the US Congress led by Democratic Representative in the State of California John Caramende.
“The US delegation expressed support for the efforts of the Iraqi government and continued cooperation against terrorism, reconstruction and humanitarian aspects,” the statement said. Stability and prosperity. ” 
“The importance of the relations between the two countries and the need to continue with the assistance of Iraq to counteract the remnants of the Iraqi forces and training, pointing to the importance of the mobility witnessed in Iraq and the reception of many of the presidents and officials in Baghdad within the government’s approach to Iraq to be a meeting point and peace and exchange of interests and the construction of economic relations network Strengthen the security and stability of the region “