Bondlady’s Corner – Iraq Economic News and Points to Ponder Sunday Afternoon 12-31-23

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Iraq Economic News and Points to Ponder Sunday Afternoon 12-31-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Of Iraq Reveals The Mechanism For Delivering Incoming Remittances In The US Dollar Currency

 December 31, 2023    In implementation of the monetary policy objectives and to enable banks to meet the foreign currency needs of their customers, the Central Bank of Iraq has determined the entities covered by receiving their foreign transfers in cash in the US dollar, as of January 2, 2024, according to the following:   

         Diplomatic missions, organizations and all international agencies operating in Iraq.

         Non-governmental civil society organizations registered in the General Secretariat of the Council of Ministers, if the foreign donor stipulates that the amounts of incoming foreign transfers be paid in dollars inside Iraq.

         Government contracts in effect in US dollars, and ongoing contracts for grants, loans, and foreign agreements.

         40% of Iraqi exporters’ incoming remittances result from their exports abroad.

     Except for what is mentioned above, banks are permitted to deliver to their customers the amounts of their transfers received from abroad in cash, from the bank’s own available resources, and according to the agreement between the bank and the customer.

     The Central Bank of Iraq confirmed that banks continue to open bank accounts for customers in foreign currencies in exchange for (interests/returns), and that

the customer has the right to withdraw deposits and interest/returns deposited in cash.

     The Central Bank of Iraq noted that banks are not allowed to automatically transfer customer funds received from outside Iraq in the US dollar currency to the dinar currency except with the customer’s approval, stressing the decisions of the Council of Ministers to prevent internal transactions in foreign currency and to strengthen confidence in the Iraqi dinar.  

Central Bank of Iraq   information Office   December 31, 2023  https://cbi.iq/news/view/2494

Center For Banking Studies Plan For The Year 2024

 December 31, 2023   :diamonds: Training programs plan for the Center for Banking Studies for the year 2024…For more, click here     https://cbi.iq/static/uploads/up/file-170402181573005.pdf

https://cbi.iq/news/view/2493

The Central Bank Of Iraq Determines The Entities Covered By Receiving Their External Transfers In Cash In The Dollar Currency

Sunday 31, December 2023 23:43 | Economical Number of readings: 221  Baghdad / NINA / The Central Bank of Iraq has determined the entities covered by receiving its external transfers in cash in the dollar currency, starting from January 2, 2024.

He explained in a statement that the entities covered are diplomatic missions, all international organizations and agencies operating in Iraq, and non-governmental civil society organizations registered in the General Secretariat of the Council of Ministers in the event that the foreign donor party stipulates that the amounts of incoming foreign transfers be paid in the dollar currency inside Iraq, as well as government contracts in force in the currency. The US dollar, ongoing contracts for grants, loans and foreign agreements.

He added that 40% of the remittances received by Iraqi exporters result from their exports abroad.

He continued: Banks are allowed to deliver to their customers the amounts of their remittances received from abroad in cash and from the bank’s own resources available according to the agreement between the bank and the customer.

The Central Bank confirmed that banks continue to open bank accounts for customers in foreign currencies in exchange for (interest/returns), and that the customer has the right to withdraw deposits and interest/returns deposited in cash.

He explained that banks are not allowed to automatically transfer customer funds received from outside Iraq in the dollar currency into the dinar currency except with the customer’s approval.

He stressed that the bank stresses the decisions of the Council of Ministers to prevent internal transactions in foreign currency and to enhance confidence in the Iraqi dinar./End 9

https://ninanews.com/Website/News/Details?key=1098500

On The Last Day Of The Year.. The Dollar Rises In Baghdad And Erbil With The Closure

Market  Economy News – Baghdad  The prices of the US dollar against the Iraqi dinar closed on Sunday with an increase in Baghdad and Erbil.

Dollar prices recorded an increase with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 152,450 Iraqi dinars per 100 dollars, while this morning it recorded 152,150 Iraqi dinars per 100 dollars.

Selling prices increased in banking shops in local markets in Baghdad, as the selling price reached 153,500 dinars per 100 dollars, while the purchase price reached 151,500 dinars per 100 dollars.

In Erbil, the dollar also recorded an increase, as the selling price reached 152,300 dinars per 100 dollars, and the purchase price reached 152,200 dinars per 100 dollars.

Views 74 12/31/2023 – https://economy-news.net/content.php?id=39037

The Council Of Ministers And The Central Bank Are The First Institutions In 2023 To Achieve Financial And Banking Reform

Samir Al-Nusairi  Economy News – Baghdad  Since the beginning of 2023, the new government’s measures have coincided in accordance with its governmental platform in its twenty-three axes, more than half of which was allocated to the detailed road map to address the lack of methodology and the dispersion of policies in the economic sectors and the chaos in managing the economy and to address the imbalance in the lack of coordination between the financial and monetary policies and the lack of clarity in the financial policy and these diagnoses.

The solutions were accompanied by the Central Bank reconsidering the tools and applications of monetary policy, cooperation, harmony and continuous coordination between the government and the Central Bank. Therefore, there was a unification of visions and setting of the interim goals for the year 2023 and the strategy for the coming years.

With permanent cooperation and continued support from the Prime Minister for the procedures of the Central Bank and a focus on supporting its plans in achieving the priorities that are based on achieving financial and banking reform first and thus reforming the other rings of the real economy, of which the banking sector occupies the first basic link in the economy, therefore the steps of cooperation and coordination and issuing reform decisions have yielded results.

Joint efforts to enable the economy to advance at good growth rates, confirmed by international organizations, especially the reports of the World Bank and the International Monetary Fund, and their acknowledgment that the Iraqi economy in 2023 left its fragility to a gradual recovery and achieved an inflation rate at an annual rate of 3.7%, which is the lowest comparative rate of 7% in January 2023,

which is The rate is the lowest compared to the rates of Arab and regional countries for the same period, and this is one of the goals of monetary policy by reducing inflation and maintaining the general level of prices despite the fluctuation in the exchange rate. In addition, there is an expectation to achieve growth in non-oil GDP by 5%.

Also organizing the financing of foreign trade and moving banks to build trust relations with global correspondent banks and obtaining their approval to open up to 40 accounts with our banks for the first time in years and allowing commercial and banking dealings with them directly and gradually leaving the electronic platform and introducing new foreign currencies into dealing and trading for the purposes of foreign trade.

With China, the Emirates, Turkey and India, in addition to the US dollar, which will help gradually stabilize the exchange rate in the parallel market, as well as the serious direction of the government and the central bank to move and transform from a cash economy to a digital economy and focus on developing electronic payment systems and securing the infrastructure for this by establishing a national company for payment systems and reconsidering the structure.

Banking financing and preparing to launch the national lending strategy, establishing a leadership bank to finance small and medium enterprises, and reconsidering the structural, supervisory and supervisory functions of the bank’s specialized departments.

The important and basic priority that the Central Bank is working on is preparing to launch the financial inclusion strategy, as the number of accounts opened in banks has grown by 14% and has reached more than 10 million accounts. The number of credit cards issued reached more than 18 million cards.

All of these reform measures were completed under difficult and complex circumstances during 2023 and with continuous support, harmony, cooperation and support between Mr. Prime Minister Muhammad Shiaa Al-Sudani and Mr. Governor of the Central Bank Ali Mohsen Al-Alaq, which confirms the entitlement of the Council of Ministers and the Central Bank to be called the first institutions in 2023 for their leadership, supervisory and executive role. In pursuit of financial and banking reform in 2023 as a first stage in achieving successful economic reform.

145 views 12/31/2023 – https://economy-news.net/content.php?id=39023

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 Provoking Points To Ponder on Ability and Achievement

Although the world is full of suffering, it is full also of the overcoming of it.  – Helen Keller

Ambition can creep as well as soar.  – Edmund Burke

An expert is a man who has made all the mistakes, which can be made, in a very narrow field. – Niels Bohr

An expert is someone who knows some of the worst mistakes that can be made in his subject and how to avoid them.  – Werner Heisenberg

Faith moves mountains, but you have to keep pushing while you are praying.  – Mason Cooley

Men achieve a certain greatness unawares, when working to another aim. – Ralph Waldo Emerson

Nothing is too small to know, and nothing too big to attempt.  – William Van Horne

So there he is at last. Man on the moon. The poor, magnificent bungler! He can’t even get to the office without undergoing the agonies of the damned, but give him a little metal, a few chemicals, some wire and 20 or 30 billion dollars and, vroom! There he is, up on a rock, a quarter of a million miles up in the sky.  – Russell Baker

 Famous Quotes and Authors, Famous Quotations for all Occasions