Bondlady’s Corner – Iraq Economic News and Points to Ponder Saturday Evening 12-23-23

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Iraq Economic News and Points to Ponder Saturday Evening 12-23-23

Tlm724 Administrator Bondlady’s Corner

The Iraqi Dinar Begins To Recover Against The Dollar In Baghdad

Time: 12/23/2023 Read: 2,106 times {Economic: Al-Furat News} The prices of the US dollar fell against the Iraqi dinar, today, Saturday, with the closure of the main stock exchange in Baghdad.

Selling prices in banking shops in local markets in Baghdad recorded 153,250 dinars for 100 dollars, while purchasing prices reached 151,250 dinars for 100 dollars.

The selling price this morning was 153,500 Iraqi dinars, while the purchase price was 151,500 dinars per 100 dollars.   LINK

 The Government And The Central Bank Win The Battle For Financial And Banking Reform In 2023

Financial and banking advisor, Samir Al-Nusair   The data, indicators, achievements and preliminary results achieved in 2023 indicate that the government of the Prime Minister, Mr. Muhammad Shia Al-Sudani, and the Central Bank, in continuous cooperation and coordination between them, have resulted in their comprehensive reform steps contained in the government curriculum in the axis of financial and banking reform and in the strategy of the Central Bank, which focused on regulating foreign trade financing. Opening direct dealings between Iraqi banks that secured the necessary requirements to deal with correspondent banks and opening new foreign currencies in addition to the US dollar.

 Such as the Chinese yuan, the euro, the UAE dirham, the Indian rupee, and the Turkish lira. To be traded for external transfers with these countries in accordance with understandings and agreements with the US Reserve and the US Treasury Department.

The role of the Central Bank will be supervisory and supervisory. The other achievement is the compliance of Iraqi banks with the global banking system and regularity within the system of international banking relations, which has restored confidence in the integrity of banking transactions with Iraq. This is an important and basic goal.

The other important goal, which the government is working to implement in cooperation and coordination with the Central Bank and the Association of Banks. Electronic payment companies are moving and transforming from the cash economy to the digital economy and the issuance of a number of decisions from the Council of Ministers and several instructions and executive procedures from the Central Bank to achieve this in a record period.

And work to complete the necessary infrastructure to achieve digital transformation in the banking sector. The government is working seriously on governance and automation of the tax system, the customs system, and networking with the Central Bank of Iraq.

The new thing in the Sudanese government is that it draws up plans and follows up implementation on a daily basis with the parties concerned with implementation and participates in facilitating procedures and overcoming obstacles first and foremost. It consults continuously with the Central Bank as an advisor to the government.

Since we are in the last week of 2023, the Central Bank and the government have set before them in 2024 the completion of financial and banking reforms in a way that achieves complete financial and banking reform and controlling and maintaining the stability of the exchange rate of the Iraqi dinar in a way that does not allow the official rate to be equal to the exchange rate in the parallel market. And that the planned goals for the year are Mentioned as follows:

First – Building a stable financial system lies in accompanying financial electronic systems.

Second: Commitment to establishing the rules of compliance, risk management, transparency, and soundness of financial operations.

Third: Working to strengthen international relations, including establishing a network of relations with foreign correspondent banks.

Fourth: Establishing a Riyada Bank and redirecting work on initiatives to finance small and medium enterprises in accordance with standards

New banks contribute to its capital and management. In line with the initiative of the Prime Minister (Riyada).

Establishing a loan guarantee company.

Fifth: Prepare and launch a financial inclusion strategy and put it into practice in coordination with the relevant authorities.

Sixth – Launching the national lending strategy, relying on the banks’ own financial capabilities to attract deposits and invest them in providing the best banking products to customers and contributing to development.     Views 51 12/23/2023  https://economy-news.net/content.php?id=38767

Parliamentarian: The Sudanese Government Is Proceeding With Comprehensive Economic Reforms

Economy | 12/23/2023 Mawazine News – Baghdad    MP Kazem Al-Touki confirmed today, Saturday, that the government of Muhammad Shiaa Al-Sudani is proceeding with comprehensive economic reforms in the country.

Al-Touki said in an interview followed by Mawazine News, “The government has taken it upon itself to automate all transactions, and we lack a culture of savings.”

He added, “The Sudanese government has taken it upon itself to automate all transactions, government work, and dealings between ministries by keeping the money that is in banks, for example, fuel.”

He continued, “Everyone will be forced to deposit money in the government’s balance, which is similar to compulsory savings within central banks.”

Al-Touki stated, “The main problem lies in the lack of a culture of savings and citizens withdrawing all money from outlets because this is a recent experience and the government needs to encourage citizens through other future measures.”    https://www.mawazin.net/Details.aspx?jimare=239552

Plasschaert: Iraq Has An Excellent Opportunity For Rapid Progress In Its Sustainable Development

Political |  12/23/2023  Mawazine News – Baghdad  The Special Representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennis-Plasschaert, confirmed today, Saturday, that Iraq has an excellent opportunity for rapid progress in its sustainable development.

In her end-of-year message, Plasschaert said, “Going back to last year, I said that, in light of political stability and bright opportunities on the horizon, Iraq has an excellent opportunity for rapid progress in its sustainable development, and a year later, several important steps and promising initiatives have already emerged.” .

She added, “While the country is in a position to seize the many opportunities available to it, doing so will not be an easy task, and therefore, I can only echo the words of Secretary-General António Guterres during his visit earlier this year: “The United Nations is committed to supporting Iraq.” To consolidate its democratic institutions and advance peace, sustainable development and human rights for all Iraqis.”

She continued by saying: “On behalf of the United Nations family in Iraq, I wish you all a happy New Year full of peace and wellness.”    https://www.mawazin.net/Details.aspx?jimare=239554

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Provoking Points To Ponder on Inspiration:

Praise out of season, or tactlessly bestowed, can freeze the heart as much as blame.  – Pearl S. Buck

The pitcher cries for water to carry and a person for work that is real.  – Marge Piercy

Beware of trying to accomplish anything by force.  – Angela Merici

Every true man, sir, who is a little above the level of the beasts and plants, lives so as to give a meaning and a value to his own life.  – Luigi Pirandello

Never let go of that fiery sadness called desire.  – Patti Smith

For every man there exists a bait which he cannot resist swallowing.  – Friedrich Nietzsche

The moment somebody says to me, “This is very risky,” is the moment it becomes attractive to me. – Kate Capshaw 

Discontent is the first step in progress. No one knows what is in him till he tries, and many would never try if they were not forced to.  – Basil W. Maturin

All progress is based upon a universal, innate desire on the part of every living organism to live beyond its income.  – Samuel Butler

It is the spur of ignorance, the consciousness of not understanding, and the curiosity about that which lies beyond that are essential to our progress.  – John Pierce

One starts an action simply because one must do something.  – T. S. Eliot

What you are must always displease you, if you would attain to that which you are not. – Saint Augustine 

Praise out of season, or tactlessly bestowed, can freeze the heart as much as blame.  – Pearl S. Buck

The pitcher cries for water to carry and a person for work that is real.– Marge Piercy

Famous Quotes and Authors, Famous Quotations for all Occasions