Mon. AM-PM KTFA News Articles 8-8-22



Samson » August 8th, 2022

The Central Bank raises the maximum limit for virtual electronic cards

8th August, 2022

The Central Bank of Iraq would like to inform banks and electronic payment service providers to amend the upper limit for the ceiling of virtual electronic payment cards to 950 thousand dinars or its equivalent in US dollars, after it was 750 thousand dinars… To view,  click here


Good greetings to all banks, electronic service providers, issuing m/ prepaid electronic payment cards

Date: By the circular of this bank No. 23/777 on 5/2020  20 (the annexes are a copy of it as a link), and
for the purpose of regulating electronic services in a way that contributes to enhancing
levels of financial inclusion and achieving the principle of competition among banks and electronic
payment service providers licensed by this bank and in line with the market need

We would like to inform you of the amendment of Paragraph (1) Category One) of  Uncles above so that the upper limit of the end, the payment card does not exceed (950,000) dinars (ninety thousand Iraqi dinars) or its equivalent in the currency of the US dollar, to take the necessary and amend the regulations to include the above With appreciation.   LINK

Unspeakable suffering” in Iraq.. Heat sets records, and “mismanagement” exacerbates the crisis

8th August, 2022

Severe temperatures are causing paralysis in Iraq, and exacerbating the suffering of residents, who in some areas suffer from power outages during the summer, at a time when authorities are extending public holidays to protect employees from heat that reached 125 degrees “Fahrenheit” (51.6 degrees). centigrade), according to The Washington Post

The newspaper stated that “Iraq ranks fifth in the list of countries most vulnerable to the effects of climate change, and it is warming faster than most parts of the world (…) and it is not equipped to deal with such cases. And in the southern governorates of Basra, Dhi Qar and Maysan, the authorities said, on Saturday, that the electricity network stopped working for the second day in a row, which led to “plunging millions of homes into darkness, amid a suffocating heat wave

The newspaper said that as a result, “food spoiled in refrigerators and freezers, and some parents put their children in the car and drove for hours, as the air conditioning in their cars was the only source of cold air. Every night, Atheer Muhammad, an Iraqi from Baghdad, brings wet towels and ice water, makes sure the battery-powered fans are charged, and makes sure the automatic power switches that hardly an Iraqi home run through trying to get a night’s sleep

Since 2003, experts say, Iraq has spent huge amounts of money to produce electric power, but without much benefit. In 2021, Prime Minister Mustafa Al-Kazemi said that Iraq had spent about $81 billion on the electricity sector, “but corruption was a strong obstacle to providing energy to people in a stable manner, and it is unreasonable spending without reaching a solution to the problem at its roots,” according to Iraqi Media Network

The economic expert, Ahmed Al-Tamimi, said in a previous interview with Al-Hurra website that “the amounts spent on electricity may reach more than these numbers,” which were sufficient “to generate electricity more than twice the electricity that Iraq currently generates and up to twice its energy needs

A report by the International Energy Agency, issued in April 2019, indicates that Iraq’s production capacity of electrical energy is about 32,000 megawatts, but it is unable to generate only half of it due to the ineffective transmission network it has. It is estimated that Iraq needs 40,000 megawatts of energy to secure its needs, with the exception of industrial ones

The newspaper pointed out that the political crisis reflected negatively on the Iraqis, and as a result of the failure to form a new government, no budget was approved, and “major spending decisions” were suspended. She pointed out that “electricity is not the only public service that is faltering.” In addition, the agriculture and fishing sectors were affected by the drought

Exhausted hospitals are suffering to treat cases of heat stroke or breathing difficulties, which were exacerbated by heat and dust and sand storms, in addition to the toxic smoke rising from diesel electric generators, which Iraqis rely on in some areas as an alternative solution to power cuts. In addition to the above, work on construction projects has been halted due to the high temperatures. A combination of “high heat, drought caused by climate change, and mismanagement” caused previous protests in Iraq, and in several regions, repeated demonstrations are being held denouncing poor services and the lack of solutions in the face of the intense heat, according to the newspaper

After a spring in which dust storms were repeated in an unprecedented manner, which experts attribute to desertification and climate change, a heat wave is suffocating Iraq, which suffers from the deterioration of the energy sector, which exacerbates the suffering of Iraqis. After a spring in which dust storms were repeated in an unprecedented manner, which experts attribute to desertification and climate change, a heat wave is suffocating Iraq, which suffers from the deterioration of the energy sector, which exacerbates the suffering of Iraqis

Despite the yearly rise in temperatures during the summer seasons in Iraq, a large number of Iraqis still do not have the means to air-condition. Because of the deterioration of infrastructure and power transmission networks, most areas of Iraq live in unspeakable suffering during the summer days due to the lack of electricity

What makes the matter more difficult is the inability of a large part of them to secure funds to obtain the expenses of electricity generators to compensate for the lack of electricity, according to an AFP report  LINK

Angry protests in southern Iraq over electricity

8th August, 2022

The governorates of Basra and Dhi Qar in southern Iraq witnessed today, Monday, several demonstrations due to power outages in their areas. 

Shafaq News Agency’s reporter stated that dozens of Basra demonstrators, angry due to the power outage, cut off important roads and intersections, including Al-Kuzaiza, Al-Zubayr, Baghdad, and Al-Tananir with burning tires, this morning.

In Dhi Qar, our correspondent explained that angry demonstrators cut off the olive intersection in Nasiriyah with burning tires, pointing out that the demonstrations took place due to the power outage in the areas of the two governorates.

For the third time, the electrical network in the governorates of Basra, Maysan and Dhi Qar in the south of the country witnessed a complete shutdown, last night, due to the explosion of the fifth obstetric unit at the Khor Al-Zubair station in Basra governorate.

Iraq has been suffering from a chronic electricity shortage crisis for decades as a result of the siege and successive wars. For many years, residents have protested against frequent power cuts, especially in the summer, when temperatures sometimes reach 50 degrees Celsius.

Iraq is holding talks with Gulf countries, led by Saudi Arabia, to import electricity from them by linking its organization with the Gulf system, after it had depended on Iran alone during the past years by importing 1200 megawatts as well as gas fuel to feed local electric power stations.

Iraq also intends to import electricity from Jordan and Turkey, in an effort from Baghdad to fill the shortage until it builds power stations that are able to meet local consumption.


Construction workers demonstrate in Erbil to demand their financial dues

8th August, 2022

A number of workers in Erbil city organized a protest sit-in on Monday in front of a residential complex to demand payment of their overdue financial dues.

Kamran Kazem, a worker in the residential complex in front of which they demonstrated, told Shafaq News Agency, “The gathering is because the owner of the complex has evaded paying our financial dues, because a whole month has passed since we started work without receiving any money so far.”

He called on government agencies in Erbil to “follow up on the issue and take our rights from the owners of this housing complex,” noting that “the owners of the complex have threatened us with imprisonment if we go out and speak to the media.”   LINK

The protesters continue their sit-in to achieve the demands, most notably the dissolution of Parliament

8th August, 2022

For the ninth day, the protesters continue their sit-in to achieve the demands, most notably the dissolution of Parliament.

Protesters continue for the ninth consecutive day their open sit-in inside the Green Zone in central Baghdad, calling for the dissolution of Parliament, the establishment of early elections and the change of the current political system, in addition to bringing the corrupt to justice and holding them accountable.

The Sadrist movement, the largest popular weight in Iraq, is protesting here in front of Parliament for the second week in a row. The demands have become clear and evident, and the government must implement them if it wants to end the sit-in.

The clans, with their chants and flags, were not absent from the scene of the protests, at a time when they were met by the October demonstrators who responded to al-Sadr’s call to form an addition and support for the protesters.

The pavilions that provide food support are increasing day after day, so there is no retreat or return except to achieve what the protesters here aspire to.  LINK

A source : Integrity and the Public Prosecution are investigating the Ashtar contract and arrest warrants for those involved

8th August, 2022

An informed source revealed that the Integrity Commission and the Public Prosecution had begun to open an investigation into allegations of corruption in the contract concluded between the Rafidain Governmental Bank and the Ishtar Gateway Company for Systems and Services {Al Ahlia}.

The source told {Euphrates News}: “There is a tendency to issue arrest warrants and summon those involved in the contract as part of the investigation procedures.” The source indicated that “the arrest warrants will affect the former general manager of Al-Rafidain Bank (Hussein Ali Muhaisen) and the defendants with him in the bank because of the signing of the Ishtar Gate contract and the financial fine imposed on the bank to pay $600 million.”

The Presidency of the Baghdad / Al-Rusafa Court had ruled on July 26, obligating Al-Rafidain Bank to pay a fine of $600 million to the company {Ishtar Gate} for systems and electronic payment services due to the termination of the contract between the two parties. An informed source revealed that Al-Rafidain refuses to pay compensation to Ishtar. The source told {Euphrates News} that “the bank called for the accountability and trial of the former general manager Hussein Ali Muhaisin and his entourage, who signed the contract illegally, which caused damage to the bank’s reputation,” according to the source. He pointed out that “Al-Rafidain holds the former director of the bank (Hussein Ali Muhaisen) fully responsible for that.”

For its part, the Parliamentary Legal Committee announced its intention to appeal the decision to fine Al-Rafidain Bank. Committee member Ahmed Al-Asadi said in a statement received by {Euphrates News} a copy of it: “The judiciary issues its rulings according to what it needs of identification papers and legal defenses, and as members of the Legal Committee, we will stand by all our efforts with a legal challenge that will be submitted to the ruling issued a few days ago in granting compensation worth 600 million dollars. For one of the companies contracting with Rafidain Bank. He added, “We are all confident in the Iraqi judiciary to stand up to this frightening waste of public money and the organized looting of this poor people’s money.”   LINK

Source: Dinar Recaps

Samson » August 8th, 2022

A newspaper talks about a gradual transition to national currencies in trade between Russia and Turkey

8th August, 2022

“Mallit” newspaper talked about the tendency of Russia and Turkey to switch to national currencies in their trade dealings, explaining the stages of transition, especially after the meeting of the Russian and Turkish presidents last week.

The Turkish newspaper “Milliyet” reported that the Russian currency will be used mainly in natural gas payments between Russia and Turkey, and then it is expected that the national currencies will be fully used in trade between them.

A report of the newspaper stated: “After the meeting between Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan (last week in Sochi), it is scheduled that the Russian ruble will be used mainly in payments for Russian natural gas to Turkey, followed by the introduction of the Turkish lira and the ruble in commercial transactions between the two countries instead of the dollar and the euro.” The Turkish newspaper added, “The transition to national currencies in trade transactions between Russia and Turkey will protect Turkey’s foreign exchange reserves.”

And at the end of last week, Russian Deputy Prime Minister Alexander Novak revealed, after the meeting of the two leaders, that Putin and Erdogan had agreed to sell part of Russian gas to Turkey in rubles. He said: “The gas supplies to Turkey were discussed, which are supplied in fairly large quantities: 26 billion cubic meters annually. During the negotiations, the two presidents agreed that part of the gas supply would be paid for in rubles.

“We are talking about a gradual transition to national currencies, and in the first stage, part of the supplies will be paid in Russian rubles,” he added.   LINK

Source: Dinar Recaps


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