Bondlady’s Corner – Iraq Economic News and Points to Ponder Thursday Evening 3-14-24

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Iraq Economic News and Points to Ponder Thursday Evening 3-14-24

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance Committee: We Look Forward To Coordinating With The Central Bank To Increase The Value Of The Dinar And Control The Market

Thursday 14, March 2024  Economical Number of readings: 382  Laghdad / NINA / The Parliamentary Finance Committee expressed its aspiration to coordinate with the Central Bank to increase the value of the dinar and control the market.

She told the House of Representatives Media Department in a statement that, “The Finance Committee met under the chairmanship of Atwan Al-Atwani, in the presence of its members, with the Governor of the Central Bank, Ali Al-Alaq, to ​​discuss monetary policy, the banking system in the country, and ways to increase the value of the Iraqi dinar.”

At the beginning of the hosting, which was held at the committee’s headquarters, the Chairman of the Committee stressed “the importance of following up on the economic file and monetary policy, based on the supervisory side, and finding appropriate solutions to the obstacles facing the work of the Central Bank.”

The Finance Committee expressed its “aspiration to coordinate with the Central Bank in order to increase the value of the Iraqi dinar and control the market in order to alleviate the burdens of citizens and address the deficit.”

For his part, the Governor of the Central Bank reviewed, according to the statement, “the economic and monetary aspect, pointing out” the establishment of basic rules in order to monitor the remittance process and analyze monetary operations, praising “the role played by the Finance Committee in following up the country’s financial and economic movement.”

The committee discussed with the Governor of the Central Bank the approved international standards, future plans to improve the status of banks, the possibility of expanding relations with international banks, drawing up the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank law./End 5 https://ninanews.com/Website/News/Details?key=1112920

An Economist Identifies The “Ideal Solution” To Reduce The Dollar Difference Between The Official And The Parallel

Time: 03/14/2024 19:44:54 Read: 715 times  {Economic: Al-Furat News} The economic expert, Bassem Jamil Antoine, identified today, Thursday, the “ideal solution” to reduce the dollar difference between the official and parallel ones.

Antoine told {Al-Furat News} that: “There is clear stability in the dollar exchange rates, and the difference between the parallel and official rates does not decrease easily.”

He stressed “the need to establish quick, firm and convincing measures.”

Antoine stated, “Reviving the spirit of support between merchants and citizens and providing goods in the country from the public sector is the ideal solution to reduce the difference between the official and parallel prices.”  LINK

Central Bank Governor: Establishing Basic Rules To Monitor The Remittance Process

Time: 03/14/2024 14:01:08 Read: 2,327 times  {Economic: Al-Furat News} The Governor of the Central Bank, Ali Al-Alaq, pointed out today, Thursday, the establishment of basic rules in order to monitor the remittance process and analyze monetary operations.

The Media Department of the House of Representatives stated in a statement received by {Al-Furat News}, “The Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, met with the Governor of the Central Bank, Ali Al-Alaq, to ​​discuss monetary policy, the banking system in the country, and ways to increase the value of the Iraqi dinar.”

Al-Atwani stressed, “at the beginning of the hosting session, which was held at the committee’s headquarters, the importance of following up on the economic file and monetary policy, based on the supervisory side, and finding appropriate solutions to the obstacles facing the work of the Central Bank.”

The Finance Committee also expressed its aspiration to coordinate with the Central Bank in order to increase the value of the Iraqi dinar, control the market in order to alleviate the burdens of citizens, and address the deficit.

For his part, the Governor of the Central Bank reviewed the economic and monetary aspects, pointing out the establishment of basic rules in order to monitor the remittance process and analyze monetary operations.

Al-Alaq praised “the role played by the Finance Committee in following up on the country’s financial and economic movement.”

The committee discussed with the Governor of the Central Bank the approved international standards, future plans to improve the status of banks, the possibility of expanding relations with international banks, drawing up the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank law.   LINK

The Central Bank Announces An Understanding With The US Treasury To Reconsider The Sanctions Imposed On Iraqi Banks

Economy | 07:38 – 03/14/2024 Mawazine News – Baghdad,  Governor of the Central Bank, Ali Al-Alaq, announced an understanding with the US Treasury to reconsider the sanctions imposed on Iraqi banks.

Al-Alaq said in a statement received by Mawazine News, “The instability of the dollar price is due to the presence of illegal trade carried out by small traders and some speculators.”

He pointed out that “we are coordinating with the relevant authorities to implement the plan to regulate foreign trade and continue to communicate with global correspondent banks.”

https://www.mawazin.net/Details.aspx?jimare=243880

Romanowski: My Country Is Committed To Iraq’s Security, Stability And Sovereignty

The US Ambassador to Baghdad, Alina Romanowski, expressed her country’s commitment to Iraq’s security, stability and sovereignty, indicating that the US administration stood shoulder to shoulder with Iraqi partners to liberate Iraq from the scourge of ISIS.

Romanowski said in an opinion article: We want the Iraqi security forces to have the capabilities necessary to confront future threats. For this reason, since 2012, the US Congress has allocated more than $3.5 billion to build the capabilities of the Iraqi security forces.

Romanowski added, the United States also provides Iraq with vital sustained support, world-class equipment such as F-16 fighter jets and M-1 Abrams battle tanks, and professional training.

https://www.radionawa.com/all-detail.aspx?jimare=37638

Al-Alaq Reveals Meetings With The US Treasury To Reconsider Sanctions On Iraqi Banks

Economy News – Baghdad  On Thursday, Central Bank Governor Ali Al-Alaq revealed meetings with the US Treasury to reconsider the sanctions on Iraqi banks, while he discussed several files with the Parliamentary Finance Committee, most notably, addressing the gap in selling the dollar between the official and parallel rates.

A statement by the media office of Representative Atwan Al-Atwani, seen by Al-Iqtisad News, stated that “the Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, hosted the Governor of the Central Bank, Ali Al-Alaq, to ​​discuss a number of important files, most notably the procedures for addressing the large gap in selling the dollar between the official price and the parallel market.” As well as foreign trade transfers via the platform.

The meeting reviewed – according to the statement – “the file of US Treasury sanctions on local banks and the extent of their impact on monetary and financial policy and banking work in the country, and the measures taken by the Central Bank in this regard.”

The statement added, “They discussed the approved international standards and future plans to improve the reality of the banking system, the possibility of expanding relations with international banks, drawing up the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank law.”

Al-Atwani stressed – according to the statement – “the importance of following up on the economic file, monetary policy, the external and internal remittance system, and finding appropriate solutions to the obstacles facing the work of the Central Bank,” indicating that “the government is making a great effort to maintain the stability of the local market during the blessed month of Ramadan, especially in… Regarding the selling prices of food and other necessary commodities.”

He continued, “We look forward to continued coordination and cooperation with the Central Bank in order to increase the value of the Iraqi dinar and control the local market in order to alleviate the burden of the citizen.”

For his part, the Governor of the Central Bank emphasized “Establishing basic rules in order to monitor the process of external and internal transfers, attributing the instability of the exchange rate to the existence of illegal trade carried out by small merchants and some speculators, which is financed by withdrawing the cash dollar from the market.”

Al-Alaq stressed, “The external sanctions imposed on a large number From our local banks, efforts and plans to open relationships and lines of communication with accredited international correspondent banks have been hindered,” explaining, “The process of printing the local currency is carried out in accordance with the required financial cover and in a way that balances the foreign and local currency and prevents any financial inflation.”

Al-Alaq stated, “We are currently coordinating with the relevant authorities regarding the implementation of the plan to regulate foreign trade, and we also have ongoing meetings with the US Treasury, and it was agreed to reconsider the sanctions imposed on Iraqi banks, and that such decisions should not be issued in the future except after discussing and informing the Central Bank of Iraq.” Being responsible for monitoring its activity.” Views 52 03/14/2024 – https://economy-news.net/content.php?id=41497

To read more current and reliable Iraqi news please visit BondLady’s  Corner: https://www.bondladyscorner.com/  

Provoking Points to Ponder on Decisions 

There is no more miserable human being than one in whom nothing is habitual but indecision.  – William James

In not making the decision, you’ve made one. Not doing something is the same as doing it. – Ivan Bloch

There is a time when we must firmly choose the course we will follow, or the relentless drift of events will make the decision for us.  – Herbert B. Prochnow

You can only predict things after they’ve happened.  – Eugene Ionesco

It is the mark of a good action that it appears inevitable, in retrospect.  – Robert Louis Stevenson

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