Bondlady’s Corner – Iraq Economic News and Points to Ponder Monday Afternoon 2-26-24

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Iraq Economic News and Points to Ponder Monday Afternoon 2-26-24

Tlm724 Administrator Bondlady’s Corner

The Central Bank Expects To Reduce The Printing Of The Iraqi Currency In The Coming Years

Time: 02/26/2024 Read: 2,925 times  {Economic: Al-Fart News} The Central Bank of Iraq expects that electronic payment operations will reduce the printing of paper currencies in the coming years.

The Director of the Operations and Settlements Department in the Bank’s Information Technology and Payments Department, Zaid Hamid Rashid, said in a press statement, “The bank provided the infrastructure for electronic payment operations, by spreading culture and awareness of this issue and implementing the decisions of the Council of Ministers,” noting that “these decisions It can be applied in settlement systems to activate the mutuality through which these decisions are implemented.”

He added, “Every new business may face some obstacles, problems, and mistakes at the beginning, and we are working to find solutions to these obstacles,” pointing out that “holding workshops and meetings in this regard, to review a number of numbers that proved the project’s success and citizens’ acceptance of it.”

Rashid continued, “Any problem or obstacle is a complete cycle, and every party has a role in it, such as the central bank and government banks that lacked their own systems, which was the main reason for these problems.”

Rashid explained that “electronic payment will reduce the process of printing paper currency, in addition to the strategic benefits for the state in general and the citizen in particular.”   LINK

The Minister Of Finance Stresses The Importance Of Activating The Service And Economic Programs Of The Provincial Councils

Monday 26, February 2024 | Political Number of readings: 238   Baghdad / NINA / Minister of Finance, Taif Sami, stressed the importance of activating the service and economic programs of the provincial councils and the necessity of their compatibility with the government program and its basic priorities.

The Ministry stated in a statement: “The Minister of Finance received today, Monday, at the Ministry’s headquarters, the Chairman of the Muthanna Governorate Council, Ahmed Mohsen Driul, and members of the new Council.”

Sami renewed her blessing for the Council to begin its new work and choose the local government, noting: “The Ministry is working to empower the service and executive departments of the governorates by providing their financial allocations allocated within the budget, to meet the ambitions of citizens, complete strategic projects in infrastructure, and move services to a level that the citizen can touch.” ./End 8    https://ninanews.com/Website/News/Details?key=1109883

Revealing A Movement To List Government Bonds In The Markets

Economy |  02/26/2024   Mawazine News – Baghdad   The Iraqi Securities Commission highlighted, on Monday, the importance of government bonds, noting that they provide financial liquidity for investment projects, while revealing the existence of a movement from the Central Bank to list government bonds in the markets.

The Chairman of the Authority, Faisal Al-Haims, said in a statement to Mawazine News, “Three issues of government bonds were issued, as the first and second issues were launched, and now there is the third issue.”

He pointed out that “there are requests from the Central Bank of Iraq to list these bonds in the market,” noting that “those bonds are debt securities owed by the Iraqi government, in exchange for interest given to the owner of this bond.”

Al-Haims explained, “This measure will provide financial liquidity for the investment projects launched by the Prime Minister and his government,” suggesting that they “will be crowned with goodness and success for the Iraqis.”

Government bonds are a type of debt-based investment, where you lend money to the government in exchange for an agreed interest rate. Governments use them to raise money that can be spent on infrastructure or new projects, and investors can use them to obtain set returns, paid at regular intervals.    https://www.mawazin.net/Details.aspx?jimare=242771

The Iraqi Central Bank Sold More Than $206 Million At Auction Today

Money and business   Economy News – Baghdad  The Central Bank of Iraq announced, on Monday, its sales of hard currency, amounting to more than 206 million dollars in today’s transactions, according to the official rate of 1310.

The bank’s data showed that the total cash withdrawals amounted to $30,030,000, while the total amounts of transfers abroad, which include remittances and credits, amounted to $176,525,016, while the total sale amounted to $206,555,016.  Views 73   02/26/2024 – 1:44 PM   https://economy-news.net/content.php?id=40879

Do Electronic Payments Reduce The Printing Of Paper Currencies In Iraq?
Economy News – Baghdad  The Central Bank of Iraq expected, on Monday, that electronic payment operations will reduce the printing of paper currencies in the coming years.

The Director of the Operations and Settlements Department in the Information Technology and Payments Department, Zaid Hamid Rashid, said in a statement followed by Al-Iqtisad News Agency, that the bank provided the infrastructure for electronic payment operations, by spreading culture and awareness of this issue and implementing the decisions of the Council of Ministers, indicating that “ These decisions can be applied through settlement systems to activate the reciprocity through which these decisions are implemented.”

He added, “Every new work may face some obstacles, problems, and errors at the beginning, and we are working to find solutions to these obstacles,” pointing out, “holding workshops and meetings in this regard, to review a number of numbers that proved the project’s success and citizens’ acceptance of it.”

Rashid continued, “Any problem or obstacle is a complete cycle, and every party has a role in it, such as the central bank and government banks that lacked the presence of their own systems, which was the main reason for the occurrence of these problems.”

He explained that “electronic payment will reduce the process of printing paper currency, as well as the strategic benefits for the state in general and the citizen in particular.”

187 views 02/26/2024 – https://economy-news.net/content.php?id=40865

Oil Prices Fell In Early Asian Trading

Economy | 08:44 – 02/26/2024  Mawazine News – Baghdad   Oil prices fell in early Asian trading on Monday, extending losses from the previous session after oil ended the week down by two to three percent amid market concerns that higher-than-expected inflation may delay a cut in US interest rates.

Brent crude futures fell 34 cents to $81.28 a barrel by 01:21 GMT.

US West Texas Intermediate crude futures also fell 33 cents to $76.16.

The morning decline was based on losses last week, when Brent crude fell about two percent and US West Texas Intermediate crude fell more than three percent due to indications that cutting US interest rates may be postponed for two months due to high inflation.

https://www.mawazin.net/Details.aspx?jimare=242742

To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/  

Provoking Points To Ponder on Change and Transience:

The more things change, the more they stay the same. (Plus ca change, plus c’est la meme chose.) –Alphonse Karr

There are three things which the public will always clamor for, sooner or later: namely, novelty, novelty, novelty. – Thomas Hood

There is nothing permanent except change. – Heraclitus

You can’t step into the same river twice. – Heraclitus

What is actual is actual only for one time. And only for one place. – T. S. Eliot

http://famousquotesandauthors.com/topics/change_and_transience_quotes.html