Bondlady’s Corner – Iraq Economic News and Points to Ponder Sunday Afternoon 12-10-23

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Iraq Economic News and Points to Ponder Sunday Afternoon 12-10-23

Tlm724 Administrator Bondlady’s Corner

Iraq Requests The Assistance Of The US Treasury In Tracking Iraqi Funds During The Era Of The Previous Regime

Political |  10/12/2023  Iraq requests the assistance of the US Treasury in tracking Iraqi funds during the era of the previous regime   https://www.mawazin.net/Details.aspx?jimare=239140

Iraq And Britain Are Discussing Increasing The Volume Of Trade Exchange Between The Two Countries

Economy | 10/12/2023  Mawazine News – Baghdad  The delegation of the Federation of Iraqi Chambers of Commerce, headed by Abdul Razzaq Al-Zuhairi, discussed with the Iraqi ambassador in London, Muhammad Jaafar Al-Sadr, the prospects for economic and commercial cooperation between Iraq and

The Federation of Chambers of Commerce stated in a statement received by Mawazine News, “The delegation of the Federation of Iraqi Chambers of Commerce, headed by Abdul Razzaq Al-Zuhairi, held a meeting with the Iraqi ambassador to London, Muhammad Jaafar Al-Sadr, at the headquarters of the Iraqi embassy in London, in the presence of the Deputy Prime Minister of the State Council, Abdul Latif Nayef and Najib Shukr.”

Mahmoud, Director General of the Legal Department in the General Secretariat of the Council of Ministers, in the presence of the staff of the economic department at the embassy and advisors to the Federation of Iraqi Chambers of Commerce.”

The statement added, “The meeting discussed several main topics related to economic aspects between Iraq and the United Kingdom.”

The President of the Federation of Iraqi Chambers of Commerce expressed his desire to open the horizons of economic cooperation with the United Kingdom, increase the volume of trade exchange between the two countries, facilitate the entry of businessmen from both countries and participate in trade exhibitions, as well as discuss benefiting from British commercial arbitration centers, as Iraq is on the verge of legislating the arbitration law, which is considered… It is one of the main factors to attract investors and those wishing to enter the Iraqi market.”

For his part, the ambassador expressed his “strong desire to open horizons for economic cooperation and create strong economic bridges that serve this partnership, and the embassy is ready to support all economic activities between the two countries.”  https://www.mawazin.net/Details.aspx?jimare=239159

Association Of Private Banks: Establishing More Than 1.2 Million Bank Accounts Within 9 Months

 Economy News – Baghdad  The Iraqi Private Banks Association revealed growth in accounts, bank cards, and electronic payment devices after the great support provided by Prime Minister Muhammad Shia al-Sudani and the Central Bank of Iraq to the banking sector, through activating electronic payment in government and private institutions and reforming foreign trade financing mechanisms.

The Executive Director of the Iraqi Private Banks Association, Ali Tariq, said in a press statement that the Iraqi banking sector is witnessing significant growth, thanks to support from the government and the Central Bank of Iraq, noting that banks and electronic payment companies have good infrastructure, with a significant expansion in their services, Which increased confidence between the banking sector and citizens.

Tariq pointed out that bank accounts grew by 14% if they reached 10.02 million bank accounts by September 30, 2023, after there were more than 8.79 million accounts at the end of the year 2022, which means the creation of more than 1.2 million accounts within 9 months, indicating that the accounts Current accounts grew by 17.7% and reached 3.54 million accounts, savings accounts grew by 11% to reach 5.55 million accounts, while fixed deposit accounts grew by 4.6% to reach 236.8 thousand accounts, and corporate accounts increased by 5% to reach 688.7 thousand accounts.

He confirmed that the number of bank cards increased by 14.2%, as banks and electronic payment companies issued 2.3 million new cards during the past 9 months, bringing the total number of cards to 18.5 million cards, pointing out that point-of-sale devices grew by 117% during this period, reaching 23,261 devices. While at the end of last year there were 10,718 devices.

Tariq noted that ATMs grew by 30.5% and reached 2,901 after there were 2,223 machines at the end of last year.

The Executive Director pointed out that the transformations witnessed by the financial sector in Iraq are important in achieving economic reform, and this is due to the support from the government and the Central Bank, and the change in the process of external transfer to finance trade, has made companies’ bank accounts rise significantly.   12/10/2023 – https://economy-news.net/content.php?id=38342

The Dollar Exchange Rate Fell To Less Than 1,570 Dinars

Market  Economy News – Baghdad  The exchange rate of the US dollar on Iraqi stock exchanges fell, on Sunday, to below 1,570 dinars. In Baghdad, the exchange rate of the US dollar reached 1,570 dinars.

In Erbil Governorate, the capital of the Kurdistan Region, the exchange rate of the US dollar reached 1,568 dinars.Views 33 12/10/2023 – https://economy-news.net/content.php?id=38348

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Provoking Points To Ponder on Adversity:

It is of great benefit to have something in life which stretches us from time to time — Makes us reach higher than we thought we could, think deeper than we believed ourselves capable, and stand taller than we imagined possible — Those times of stretching sometimes move us out of our comfort zones but may cause us to reach for the best that is within us and grow.  Anonymous

How to be calm, cool and effective in dealing with any problem in life

By Brian Tracy   Published: April / May 2008

You will have to deal with countless problems and difficulties throughout your life. They never end. The only question is, “How good are you?” when it comes to overcoming the inevitable adversities of life.

Here’s a question for you: What are you made of? What are you really made of? When push comes to shove, when the rubber meets the road, when the chips are down, what lies at the very core of your character?

You learn what you’re really made of only when things go wrong and you are tumbled, end over end, by some adversity or setback that hits you like a Mack truck coming out of an alley.   

Continued…………………………. More to Come