Bondlady’s Corner – Iraq Economic News and Points to Ponder Thursday Afternoon 11-30-23


Iraq Economic News and Points to Ponder Thursday Afternoon 11-30-23

Tlm724 Administrator Bondlady’s Corner

Saleh: The Final Accounts Of Official Institutions Are A Binding Condition For Evaluating Public Money Management

11/30/2023  Read: 1,573 times  {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, stressed the necessity of preparing official institutions for the final accounts.

Saleh told {Al-Furat News} agency, “It is necessary for all state institutions, in cooperation with financial oversight bodies, to take the initiative to prepare the requirements for the final account for each institution or spending unit separately at the end of the fiscal year. This is a necessary condition that facilitates the attainment of the total final accounts as a general budget, in accordance with what is stipulated.” According to the effective Financial Management Law No. 6 of 2019, amended.”

He pointed out the importance of “adopting this as a binding context for all concerned institutions in order to evaluate the management of public money early without delay or delay.”

The head of the Federal Financial Supervision Bureau, Ammar Al-Mashhadani, announced the day before yesterday, Tuesday, that the audit of the final accounts for the entire 2016 budget had been completed, while indicating that the Council of Ministers had issued a directive to oblige all government agencies to disclose their accounts.

Al-Mashhadani said, in a press statement, “The audit of the final accounts for the 2016 budget has been fully completed, and will reach the competent authorities in the Council of Ministers and Representatives,” stressing that “an agreement was reached with the Ministry of Finance to complete the audit of the final accounts for the years 2017, 2018, and 2019.”

He added, “The final accounts for the years after 2020 did not reach the Financial Supervision Bureau by the Ministry of Finance,” stressing “the necessity of obtaining financial data from the Ministry of Finance to begin the audit process.”

Regarding the disclosure of the final accounts of the officials, Al-Mashhadani confirmed that “there are entities whose data did not reach the Office of Financial Supervision, as the issue was presented in a transparent manner before the Council of Ministers, and a directive was issued by the latter to oblige government agencies, whether self-funded or centrally, to deliver their data to the Office,” pointing out. To, “The low percentages of budget utilization for governorates and ministries is a negative indicator, which is wasting opportunities to utilize budgets properly to provide the best services to citizens.”

He pointed out, “The Financial Supervision Bureau follows up on any evidence of conviction or suspicions of corruption of those who exploited public funds, and communicates them to the judiciary, the public prosecution, and the competent authorities, but the most important thing is sufficient proof.”

It is noteworthy that the Ministry of Finance announced earlier the completion of the final accounts for the budgets of the years from 2017 to 2019.   LINK

Al-Nusairi: A New Round Of Understandings To Regulate Trade Financing And Control The Exchange Rate On The Black Market With The US Federal Reserve

Economy News _ Baghdad  A government delegation, including officials from the Central Bank of Iraq, will hold a new round of understandings early next December, with the US Federal Reserve, to hold meetings within the framework of a series of negotiations in order to reach more agreements to regulate trade financing and enhance the balances of Iraqi banks from various foreign currencies in banks. Correspondence, thus controlling dollar speculation in the black and maintaining the stability of the exchange rate.

The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, said in an interview with Al-Iqtisad News that there are currently negotiations taking place with the relevant authorities in Turkey and with Turkish banks to enhance balances in euros or Turkish lira, in addition to that dealings will be made in the coming days with the Emirates through the mediation of Abu Dhabi Bank.

The first is to enhance balances in the UAE dirham,” stressing that “the government and the central bank are in the final round of the battle with speculators, and the dollar exchange rate in Iraq will soon stabilize.”

Al-Nusairi noted that “the total foreign trade or commercial exchange of Iraq with countries annually is approximately 60 billion dollars, distributed between China about 12-14 billion dollars, Turkey about 10 billion dollars, Iran about 10-12 billion dollars, and then the rest of the countries such as India, the Emirates, Saudi Arabia, Jordan, Syria, Egypt and others.”

Samir Al-Nusairi pointed out that “the new currencies with which our bank balances will be strengthened are the European euro, the Chinese yuan, the Emirati dirham, the Turkish lira, and the Indian rupee, and they may constitute a percentage of no less than 60% of the volume of our annual imports,” indicating that “dealing with these currencies comes after the approval of the Federal Reserve.” “The American, with his assistance and in agreement with him.”

He explained, “The opening of accounts for correspondent banks, which have now reached more than 40 new accounts in correspondent banks, were opened by our banks, whose number is approximately the same as a bank, and they are on the verge of increasing to more than this number.

These correspondent banks are such as Citibank, JP Morgan, and Chinese, Emirati, and Indian banks.” And Turkish, stressing that “there are no fears of Iraq being subjected to sanctions from the US Federal Reserve in this regard, but rather that these banks are authorized to deal and open accounts after agreement with the US Federal Reserve.”

 There are new instructions and procedures for the Central Bank that include allowing Iraqi banks that have accounts abroad in foreign currencies to import and transfer these currencies into Iraq for the purpose of using them to distribute citizens’ deposits with our banks that are in foreign currency, and thus they will be distributed to them, in addition to giving these banks flexibility to deal with companies.

 And organizations and those who receive their salaries in foreign currencies,” according to specific conditions and controls issued by the Central Bank, and this step will lead to preserving the foreign cash reserves of the Central Bank, according to the advisor to the Association of Iraqi Banks.

Al-Nusairi stressed that “the above twenty banks opened their accounts in accordance with specific commitments and controls to enhance their balances, and thus they will control the movement of speculators on the black market and put pressure on the dollar circulating on the black market resulting from illicit trade and unofficial outlets that have not been controlled.”

An advisor to the Iraqi Banks Association, stated that “the procedures for transitioning from a cash economy to a digital economy, which will be implemented by the government and the central bank through broad measures, will contribute to determining dealing in dollars on the black market,” and thus will lead to stability of the exchange rate.   Views 75 11/30/2023 –

The Stock Exchange announces the trading of more than 84 billion shares during November

Market  Economy News – Baghdad  The Iraq Stock Exchange (Stock Exchange) announced, on Thursday, the trading of more than 84.5 billion shares, worth 93.05 billion dinars, during the month of November.

The market said, in a statement received by Al-Iqtisad News, that it organized “22 trading sessions in the month of November 2023 that lasted from Sunday to Thursday of each week,” noting that “the number of companies traded reached 72 joint-stock companies. ”

The statement added that “the number of shares traded amounted to (84,524,912,446) shares, with a value of (93,059,169,179) dinars . “

He stated that “the number of executed contracts reached (13,357) contracts, while the ISX60 traded stock price index closed in the last trading session at (880.95) points . “

Views 57  Added 11/30/2023 –

Al-Sudani: The Government Will Provide Facilities To Major Companies Of Various Nationalities

Political | 12:06 – 11/30/2023  Baghdad – Mawazine News  Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Thursday, the provision of all facilities to major investment companies of various nationalities.

The Prime Minister’s Media Office stated in a statement, “Prime Minister Muhammad Shiaa Al-Sudani received this morning the President of the Chinese Changxin Company, Zhang Jiming, and his accompanying delegation.”

He added, “Changxin Company, which is one of the largest Chinese companies and has multiple investments in various countries of the world, will implement a project to establish an advanced industrial city in Basra Governorate for the manufacture and production of iron, using sponge iron,” pointing out that “Changxin Company is in the process of contracting To create a project to invest in sulfur in Iraq, with the aim of exporting it abroad.

He continued, “These projects come within the government’s directions to invest in natural resources and mineral wealth throughout Iraq, and to revitalize the industrial sector, which represents a pillar of the economic reform packages that constitute a priority in the government program.”

During the meeting, the Prime Minister pointed out that “Iraq has many promising investment opportunities, which are available to all investors,” stressing that “the government will provide all the facilities that major companies of different nationalities need.”

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Provoking Points to Ponder From Seat of The Soul By Gary Zukav

You cannot and will not encounter a circumstance or a single moment that does not serve directly and  immediately the  need of your soul to heal – to come to wholeness

When the personality , Jesus encountered the Luciferic principle , the challenging dynamic of the human experience — when he  was offered dominion over the  entire  globe — was he tempted??? Yes he was tempted !! If he were not – there would have been no power in his choice — Authentic empowerment is not gained by making choices that do not stretch you  

Sooner or later, each soul will turn toward authentic power – Every situation serves this goal and every soul will reach it

When you understand that the experiences of your life are necessary to the balancing of the energy of your soul – you are free to not react to them personally — to not create more negative karma for your soul 

Although what you encounter and what you do in each moment is appropriate and perfect to the evolution of your soul — the shape of the  experiences of your life is determined nonetheless by the choices that you  make — It is you that  chooses to linger in resentment – or enveloped in  grief – or to release these lower frequency currents of energy