Bondlady’s Corner – Iraq Economic News and Points to Ponder Sunday Afternoon 1-7-24

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Iraq Economic News and Points to Ponder Sunday Afternoon 1-7-24

Tlm724 Administrator Bondlady’s Corner

The Dollar Stabilizes In Baghdad Markets

Time: 01/07/2024 17:11:53 Read: 1,105 times  {Economic: Al-Furat News} The main stock exchange in the capital, Baghdad, was closed today, Sunday, as the dollar exchange rate stabilized against the Iraqi dinar.  Selling prices in money exchange shops in local markets in Baghdad reached 153,750 dinars for 100 dollars, while purchasing prices reached 151,750 dinars for 100 dollars.  The selling price this morning was 153,750 Iraqi dinars, while the purchase price was 151,750 dinars per 100 dollars.  LINK

The Gap Between Supply And Demand Is “Exhausting” The Iraqi Dinar… Two Paths For The Decline In Dollar Prices

Time: 01/07/2024 14:50:22 Read: 1,560 times  {Economic: Al-Furat News} Former Director of the Financial Supervision Bureau, Salah Nouri, today, Sunday, identified two paths through which he could review the exchange rate of the US dollar against the Iraqi dinar.

Nouri told {Al-Furat News} agency, “The exchange rate is determined between supply and demand,” noting that “the demand for the dollar from merchants for the purpose of import, and it is very diverse due to the disruption of industry and agriculture, while the supply comes from the Central Bank through banks, banking offices, and foreign transfers.” .

He added, “The Central Bank has taken many measures in accordance with the agreement with the US Federal Reserve to legalize foreign transfers and eliminate dollar smuggling outside the Central Bank’s controls and procedures.”

Nouri added, “But in all cases, a gap remains between supply and demand. Demand is met by banks with the dollar balances they possess, and this continues to fluctuate up and down.”

The former director of the Financial Supervision Bureau continued, saying: “If the situation of merchants adapts to the procedures of the Central Bank, the difference between the official exchange rate and the parallel market price will be small, but some merchants complain of the complexity and slowness of the Central Bank’s procedures, which prompts them to order from the parallel market.”

He pointed out that “the exchange rate is declining as a result of the Central Bank’s dealings in several currencies for import with foreign and Arab banks.”

On February 7, the Council of Ministers announced its approval of amending the dollar exchange rate to 1,320 dinars per dollar.

For about a year, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system “SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel markets.   LINK

The Sudanese Financial Advisor Reveals New Procedures To Develop The Iraqi Banking Market

Time: 01/07/2024 Read: 1,534 times  {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, revealed today, Sunday, new procedures for government banking in financing foreign trade.

Saleh told Al-Furat News Agency: “Important decisions were recently issued by the Council of Ministers that dealt with the foundations of the process of reforming the government banking system, as an international consulting company will undertake the evaluation and financial and administrative reorganization of government banks in a way that ensures the efficiency of their operation so that they form an effective pillar in developing the market.” Iraqi banking.

He added, “This trend simultaneously achieves financial inclusion, introduces advanced financial technologies, reorganizes bank credit for economic development, and the new role of government banking in financing foreign trade for the private sector, in accordance with approved international standards.”

At the same time, Saleh noted that “reconsidering bank interest costs, methods for calculating them, and alleviating their burden is among the administrative and financial reform tasks of the government of His Excellency the Prime Minister.”   LINK

Al-Rikabi: The Path Of Economic Reform Is Proceeding At A Rapid Pace And With Continuous Follow-Up By The Sudanese

Sunday 07, January 2024 | Political Number of readings: 53  Baghdad / NINA / The media advisor to the Prime Minister, Hisham Al-Rikabi, confirmed that the path of economic reform is proceeding at a rapid pace and with continuous follow-up by the Prime Minister.

He said in a tweet on the X website that the follow-up aims to raise the economic situation to advanced levels. He explained that one of the pillars of the reform process is the use of electronic card payment (Pos), and the Central Bank of Iraq indicates that there is a great response from the private sector.

https://ninanews.com/Website/News/Details?key=1099639

Al-Sudani: The Use Of Electronic Card Payment Is A Basic Pillar Of Economic Reform

Economy |  01/07/2024  Mawazine News – Baghdad  Prime Minister Muhammad Shiaa Al-Sudani confirmed that the use of electronic card payment is a fundamental pillar of economic reform.

Al-Sudani’s office stated in a statement, “Al-Sudani chaired, this Sunday morning, a meeting devoted to following up on the financial and economic transition to electronic payment, points of sale and financial trading with electronic cards (POS), in the presence of the Governor of the Central Bank, the Prime Minister’s advisors for strategic, economic and banking affairs, and the Director of General payments in the central bank.

He added, “The Prime Minister listened to a briefing on the latest procedures and executive details for the transition to payment by electronic cards, in various public and private sector institutions, and what the agencies concerned with following up and monitoring the transition and use are implementing.”

Al-Sudani pointed out, during the meeting, that “the use of electronic card payment and digital payment is a basic pillar of the economic reform adopted in the government program.”

The statement continued: “The meeting also witnessed a discussion of the tariffs and commissions charged by financial and banking authorities, as Al-Sudani stressed that citizens should be spared additional financial burdens as a result of these commissions, and that the goal is to facilitate dealing and facilitate payment in all fields, while ensuring the highest levels of security.”

https://www.mawazin.net/Details.aspx?jimare=239994

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Provoking Points To Ponder on Adversity:

There are times in everyone’s life when something constructive is born out of adversity … when things seem so bad that you’ve got to grab your fate by the shoulders and shake it.- Anonymous

Brave men rejoice in adversity, just as brave soldiers triumph in war.- Marcus Annaeus Seneca

Some minds seem almost to create themselves, springing up under every disadvantage and working their solitary but irresistible way through a thousand obstacles.- Washington Irving

Every calamity is a spur and valuable hint.- Ralph Waldo Emerson

Treasure the memories of past misfortunes; they constitute our bank of fortitude.- Eric Hoffer

If you will call your troubles experiences, and remember that every experience develops some latent force within you, you will grow vigorous and happy, however adverse your circumstances may seem to be.- John Heywood

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

 Famous Quotes and Authors, Famous Quotations for all Occasions