Bondlady’s Corner – Iraq Economic News and Points to Ponder Monday Afternoon 3-4-24


Iraq Economic News and Points to Ponder Monday Afternoon 3-4-24

Tlm724 Administrator Bondlady’s Corner

A Government Explanation For The Stability Of The Dollar Exchange Rates

Time: 03/04/2024 19:03:44 Read: 2,834 times  {Economic: Al-Furat News} The economic and financial advisor to the Prime Minister, Mazhar Muhammad Saleh, today, Monday, provided an explanation for the stability of the dollar exchange rates in the local market.

Saleh told {Al-Furat News} that: “As long as the trade in importing goods and services for the private sectors and the government or public sectors is financed at the official fixed exchange rate of 1,320 dinars per dollar.”

He added, “It is also carried out through methods of financing foreign trade through the national banking sector, at a rate of more than 95% of the total foreign trade, whether through the compliance platform and the window of the Central Bank of Iraq with regard to private import trade, or through opening documentary credits to finance governmental and private import trade as well.”

Saleh stated, “Therefore, the stability in the general level of prices, which is about 4% annually, expresses the state of stability of the exchange rate according to its official value, because the latter expresses the external value of money in the regular or official market.”

The local market has been witnessing stability for some time in the exchange rates of the dollar in the local market, which range between 150 thousand dinars to 149 thousand dinars for 100 US dollars. LINK

Central Bank: Iraqi Society Prefers To Use Cash In Daily Transactions

Ammar Hamad, Deputy Governor of the Central Bank of Iraq  Economy News – Baghdad   The Central Bank of Iraq announced today, Monday, the use of the best internationally approved systems and standards in the field of electronic payment, while indicating that it spends hundreds of millions of dollars annually to develop infrastructure systems to build an important base for the development of electronic payment in Iraq.

Deputy Governor of the Central Bank, Ammar Khalaf, said in a speech at the first Iraqi Digital Economy Forum, “The digital financial transformation in Iraq began with the localization of state employee salaries and the opening of bank accounts, the primary purpose of which is to use electronic payment in daily transactions, whether inside Iraq.” Or outside it.”

Khalaf added, “Iraqi society prefers to rely on cash in daily transactions, but the government’s efforts to support digital transformation, especially in the financial sector and other sectors, gave a strong impetus to the Central Bank over the past year and it continues to encourage and activate electronic payment in Iraq by issuing many Among the laws, controls and instructions that encourage the use of electronic payment in Iraq.

He pointed out that “some ministries responded quickly to the directives of the Central Bank and the Iraqi government, especially the Ministry of Oil by making collections at gas stations and others via electronic payment, as well as the Passports Directorate, which obligated payment to be electronic, in addition to the General Traffic Directorate and other ministries.” Stressing that “all this support gives a very strong and significant impetus to electronic payment.”

He pointed out that “the Central Bank has been the only influential player for many years, as it has embraced the importance of digital transformation in most of its transactions, and spends hundreds of millions of dollars annually to develop infrastructure systems to build an important base for developing electronic payment in Iraq through the use of the best internationally approved systems and standards in this field.” ”   229 views 03/04/2024 –

Iraq And The United States Are Discussing Measures Taken Against Iraqi Banks

The Ambassador of the Republic of Iraq to the United States of America, Nizar Al-Khair Allah, discussed the measures taken against Iraqi banks and attracting American energy companies to invest in the Iraqi market.

The Iraqi Embassy in Washington stated in a blog post on the (X) platform that “Ambassador Nizar Al-Khair Allah met with the Undersecretary of the Treasury for Terrorism and Financial Intelligence, Brian Nelson, to discuss the measures that were taken against Iraqi banks and their effects on the growth of the banking sector and government economic reforms.”

She added, “Ambassador Al-Khairallah also met with the US Assistant Secretary of State for Energy Resources Affairs, Jeffrey Payatt, and they exchanged views on ways to strengthen bilateral relations between Iraq and the United States,” stressing that “the focus was on attracting American energy companies to invest in the Iraqi market and capture burning gas.”

Prime Minister’s Office: If There Had Been Automation In Taxes, The Theft Of The Century Would Not Have Occurred

Deputy Director of the Prime Minister’s Office, Ali Razouki  Money  and business  Deputy Director of the Prime Minister’s Office, Ali Razouki, confirmed today, Monday, the immediate establishment of priorities for combating corruption, providing services, and economic reform, while indicating the intention to send about 1,000 students abroad this year.

Razouki said in an interview during the activities of the Al-Rafidain Forum, “The tasks of the Prime Minister’s Office are many and are distinguished by the performance of administrative leaders,” noting that “the ministerial curriculum is intensive.”

He added, “We have begun setting priorities, including combating corruption, providing services, and financial and economic reform, in addition to the issue of youth and providing special opportunities for them, in addition to working to send students on scholarship, and this year we will send nearly a thousand students.”

He pointed out that “Baghdad has turned into a workshop and the office has teams to follow up on projects,” noting that “some projects were launched in 2008 and were just ink on paper.”

He continued, “Today we feel positive reactions from the citizen,” noting that “the Prime Minister’s Office was interested in cooperating with all ministries, setting priorities, and focusing on hospital projects that will see the light soon, and most hospitals are simulating development.”

He continued, “Energies were directed towards the entrances to the cities, in addition to projects to relieve bottlenecks.”

He pointed out that if there had been automation in taxes, the theft of the century would not have occurred, especially since we have taken important steps in digital transformation, such as issuing passports and visas.   140 views 03/04/2024 –

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Provoking Points to Ponder on Decisions 

What I emphasize is for people to make choices based not on fear, but on what really gives them a sense of fulfillment.  – Pauline Rose Chance

We lose the fear of making decisions, great and small, as we realize that should our choice prove wrong we can, if we will, learn from the experience.  – Bill W.

History is a stern judge.  – Svetlana Alliluyeva

I get a little angry about this highhanded scrapping of the look of things. What else have we to go by? How else can the average person form an opinion of a girl’s sense of values or even of her chastity except by the looks of her conduct?  – Margaret Culkin Banning

You wouldn’t want to be caught wearing cheap perfume, would you? Then why do you want to wear cheap perfume on your conduct?  – Margaret Culkin Banning

The difference between weakness and wickedness is much less than people suppose; and the consequences are nearly always the same.  – Lady Marguerite Blessington