Bondlady’s Corner – Iraq Economic News and Points to Ponder Thursday Afternoon 11-23-23

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Iraq Economic News and Points to Ponder Thursday Afternoon 11-23-23

Tlm724 Administrator Bondlady’s Corner

Dollar Prices Rise In Baghdad… 160 Thousand For Every 100 Dollars

Time: 11/23/2023 Read: 1,326 times   {Economic: Al-Furat News} The exchange rates of the US dollar against the Iraqi dinar rose today, Thursday  The prices were as follows..   The selling price was 160,750 dinars, while the purchase price was 158,750 dinars per 100 dollars.  LINK

After The Decision On The Four Commodities…An Economic Expert: The Dollar Exchange Rate Is Declining

Time: 11/23/2023 12:05:32 Read: 2,496 times   {Economic: Al-Furat News} An economic expert revealed what the government decision will achieve to import 4 commercial goods through the electronic platform of the Central Bank of Iraq and at the official dollar exchange rate.

Salah Nouri told {Al-Furat News} agency, “The import of cars, gold, cigarettes, and mobile phones represents a large percentage of the volume of imports,” based on, “providing them through the electronic platform of the Central Bank at the official exchange rate.”

He stressed that the measure will lead to “not resorting to the parallel market and thus reducing the demand for the dollar there, and this will reduce the rise in the exchange rate, because the relationship is direct between the demand for the dollar in the parallel market and the rise in the exchange rate.”

Nouri pointed out that “it will facilitate the monitoring of the source of funds in the national currency for import, and this is related to detecting money laundering, because before the Central Bank approves the import, its source is monitored by the Anti-Money Laundering and Terrorist Financing Office, as the importer submits his request to the bank approved by the bank.” Exclusively the Central Bank, and this bank is obligated to investigate the source of the funds before entering the electronic platform.”

He pointed out that the decision “will ensure that imported materials are subject to customs duty and tax accounting, provided that the employees at the Customs Authority outlets and tax departments are honest.”

Last Tuesday, the Council of Ministers issued, in the field of regulating trade and the importation of some materials and goods, which some merchants are forced to finance from the informal market for foreign currency, and the negative repercussions that such financing entails on the exchange rate, a number of decisions and procedures aimed at facilitating the benefit of importers of goods ( Gold, cars, mobile phones, cigarettes) are among the services of the external banking money transfer platform, which makes it easier for importers of these goods to obtain financing in foreign currency at the official exchange rate and spares them the need to resort to purchasing foreign currency from the informal market.

The Prime Minister’s Office pointed out that these decisions “will reflect positively on reducing the price of foreign currency in the unofficial market, as trade in the aforementioned materials constitutes a large part of the demands for foreign currency in the unofficial market, as those decisions included reducing customs duties on containers and reducing… Another relates to fees for importing cigarettes and approving certificates of origin issued by chambers of commerce of exporting countries. These decisions also included simplifying procedures for importing gold through air ports and with 24-hour service. LINK

The Iraqi Market Announces Weekly Trading Indicators

Market   Economy News – Baghdad   On Thursday, the Iraq Stock Exchange announced the weekly trading indicators.

The market stated in a statement, “During the third week of November 2023, the Iraq Stock Exchange organized five trading sessions from Sunday, November 19, 2023, to Thursday, November 23, 2023. During this week, the following indicators were achieved:

1. The number of shares traded during this week reached more than (22) billion shares.

2. The value of shares traded this week amounted to more than (22) billion dinars.

3. The market trading index closed for the first session of the week at (857.04) points, while the index closed at the end of the week at (859.56) points, achieving an increase of (0.29%) from its close at the first session.4. During the week (2619) purchase and sale contracts were executed on the shares of companies listed in the market.”   Views 30 11/23/2023 – https://economy-news.net/content.php?id=37801

Al-Sudani Directs The Approval Of The Main Branched Electronic Account To Settle Financial Transactions

Economy | 10:35 – 11/23/2023  Mawazine News – Baghdad  Prime Minister Muhammad Shiaa Al-Sudani directed the adoption of the main branched electronic account to solve the problem of settling government financial operations.

A government source said in an interview with Mawazine News, “Prime Minister Muhammad Shiaa Al-Sudani directed the approval of the main branched electronic account to solve the problem of settling government financial operations and collecting electronic payments from beneficiaries, including collecting funds and increasing the transparency of their movement, knowing that this account will ensure Transactions are settled on the same business day and increases the government’s ability to monitor public funds.”

He added, “Directives were issued to the Ministry of Finance to adopt this by instructing government institutions (spending units) to implement this with the banks that hold their official accounts.” Ended 29/H   https://www.mawazin.net/Details.aspx?jimare=238402

Integrity: Severe Imprisonment Of A Former Director General Of The Ministry Of Finance

Local | 04:53 – 11/23/2023   Mawazine News – Baghdad   The Investigation Department of the Federal Integrity Commission announced today, Thursday, the issuance of a sentence in absentia of severe imprisonment against a former Director General of the Ministry of Finance.

The department said in a statement received by Mawazine News, “The Central Anti-Corruption Criminal Court sentenced the convict in absentia to severe imprisonment for two years in accordance with the provisions of Article (331) of the Amended Penal Code No. (111 of 1969).

She added, “The convict intentionally committed something that violated his job duties while he was serving as Director General of the State Real Estate Department,” indicating that he “granted a property for investment to the benefit of a company, despite the fact that it was ordered to be sold according to the decision of the dissolved Revolutionary Command Council,” pointing out that the convict carried out his act. “With the aim of benefiting individuals at the expense of the state.”

She explained, “The court, after reviewing the evidence obtained in this case, represented by the statements of the legal representative of the Agricultural Real Estate Department, the financial oversight report, the recommendations of the investigative committees and the presumption of the accused’s escape, found it sufficient and convincing to convict him.”

She added, “The ruling decision issued in accordance with the provisions of Article (331) of the Penal Code, and based on Articles (47, 48, and 49) thereof, included issuing an arrest warrant against the convict, and giving the right to the affected party to demand compensation before the civil courts.”

https://www.mawazin.net/Details.aspx?jimare=238420

Al-Sudani Issues A Directive That Strengthens The Government’s Oversight Of Public Funds

Time: 11/23/2023 10:37:04 Read: 1,703 times  {Economic: Al-Furat News} A government source revealed that Prime Minister Muhammad Shiaa Al-Sudani directed, today, Thursday, to adopt the main branched electronic account to solve the problem of settling government financial operations.

The source stated in a press statement that Al-Sudani “directed the adoption of the main branched electronic account to solve the problem of settling government financial transactions and collecting electronic payments from beneficiaries, including collecting funds and increasing the transparency of their movement,” pointing out that “this account will ensure that transactions are settled on the same working day and will increase the government’s ability to Monitoring public funds

He added, “Directives were issued to the Ministry of Finance to adopt this by instructing government institutions (spending units) to implement this with the banks that hold their official accounts.” LINK

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Provoking Points to Ponder on Feelings – Sincerity – Slander

Plato, hearing that some asserted he was a very bad man. said “I shall take care so to live that nobody will believe them” — Guardian

Diogenes being asked “What is that beast, the bite of which is the most dangerous?” replied “Of wild beasts, the bite of a slanderer; and of tame beasts, that of the flatterer” — Diogenes

No one is safe from slander — The best way is to pay no attention to it – but live in innocence and let the world talk — Moliere

The slanderer inflicts wrong by calumniating the absent; and he who gives credit to the calumny before he knows its truth, is equally guilty — Herodotus

Oh! Many a shaft, at random sent, finds mark the archer little meant; and many a word, at random spoken, may soothe or wound a heart that’s broken — Walter Scott

It is commonly unnecessary to refute slander and calumny, except by perseverance in well doing; they are sparks, which, if  you do not fan them, will soon go out —

If evil be said of thee,m and it is true, correct it; if it be a lie, laugh at it –

Have patience awhile; slanders are not long lived — Truth is the child of time; ere long she shall appear to vindicate thee — Kant

Slander cannot make the subject of it either better or worse — it may represent us in a false light, or place a likeness of us in a bad one, but we are always the same — Not so the slanderer, for calumny always makes the calumniator worse, but the culmniated never — Colton