Latest news with #IraqiParliamentaryFinanceCommittee
Shafaq News
16-02-2025
- Business
- Shafaq News
Finance Committee to probe CBI policy shifts
Shafaq News/ The Iraqi Parliamentary Finance Committee has decided to summon Central Bank Governor Ali Al-Alaq to address recent directives and policy changes issued by the bank, a committee member confirmed on Sunday. The exact date of the session has yet to be determined. According to Mustafa Sanad, a member of the committee, the discussions will focus on several measures implemented by the Central Bank of Iraq (CBI). Among these, the committee is particularly concerned with the new policy setting the minimum property sale price of million dinars (approximately $76,000) through banks, down from 500 million dinars (approximately $381,000) as well as the increase in electronic card withdrawal fees for employees' salaries. As outlined in official instructions sent to the Real Estate Registration Directorate on January 15, property transactions will now be conducted exclusively through licensed Iraqi banks to bolster due diligence efforts in combating money laundering and terrorism financing. Additionally, CBI has raised the withdrawal fee for electronic cards to 2,000 dinars ($1.5) per million dinars, up from 1,000 dinars ($0.75), a change that will affect both employees and retirees. Several MPs have previously called for Governor Al-Alaq to explain these recent measures, highlighting growing concerns over their potential impact on the financial sector and the broader economy.
Iraqi News
10-02-2025
- Business
- Iraqi News
Iraq's financial revenues surpass $103 billion in 11 months
Baghdad ( – The Iraqi Ministry of Finance revealed on Monday that Iraq's financial revenues during the first 11 months of 2024 exceeded 135.32 trillion Iraqi dinars ($103.26 billion). Data released by Iraq's Finance Ministry in February 2025 for the period between January and November 2024 revealed that revenues from oil steadied at about 88 percent, making oil the primary source of funding for the general budget. Iraq's financial revenues generated from oil exports in the first 11 months of 2024 reached 119.33 trillion Iraqi dinars (nearly $91.06 billion), while the country's non-oil revenues amounted to 16.29 trillion Iraqi dinars ($12.43 billion), constituting 12 percent of Iraq's general budget. The Prime Minister's Advisor for Financial Affairs, Mazhar Saleh, has previously said that the main reasons for the economy's ongoing dependence on oil are political instability, previous conflicts, and the imposition of an economic embargo on Iraq. In an attempt to improve its financial situation, Iraq is focusing on increasing non-oil revenue through better tax collection techniques without imposing new taxes. Iraq's economy is highly dependent on oil exports, making it vulnerable to fluctuations in the commodity's price on a worldwide scale. For instance, the 2024 budget is based on an oil price of $70 per barrel, which is lower than previous projections and takes into account the continuing instability of the oil market. Saleh had stated that while 2024 was stable, expected income deficits in 2025 will necessitate more monetary control. Non-oil revenue is expected to increase dramatically. The Iraqi Parliamentary Finance Committee has projected that non-oil profits might reach $22 billion by 2025. This effort to diversify revenue streams in the face of declining oil prices is notable. According to forecasts, non-oil revenue will increase dramatically. Non-oil profits might reach $22 billion by 2025, according to estimates from the Iraqi Parliamentary Finance Committee. This is a significant effort to diversify revenue streams in the face of declining oil prices.
Shafaq News
08-02-2025
- Business
- Shafaq News
Halted Kurdistan oil exports cost Iraq $10 billion
Shafaq News / The Iraqi Parliamentary Finance Committee has assessed the financial impact of the two-year suspension of oil exports from the Kurdistan Region, estimating losses to the state treasury at approximately 13 trillion Iraqi dinars (around $10 billion). Deputy Chair of the committee, Ikhlas Al-Dulaimi, told Shafaq News that Parliament will resume oil exports from the region via the Turkish Ceyhan pipeline following the approval of an amendment to Article 12 of the Federal Budget Law. Turkiye had halted the flow of oil in compliance with an international arbitration ruling that mandated compensation to Baghdad for damages. Al-Dulaimi stressed the importance of the federal government honoring its commitment to paying salaries to employees in the Kurdistan Region. Experts estimate that since March 2023, the suspension of Kurdistan's oil exports has cost Iraq over $15 billion (approximately 20 trillion Iraqi dinars) in revenue losses. To compensate, the Ministry of Oil has redirected 400,000 barrels per day from the southern governorates to maintain the country's export ceiling within OPEC limits.
