Bondlady’s Corner – Iraq Economic News and Points to Ponder Tueday Afternoon  9-19-23


Iraq Economic News and Points to Ponder Tueday Afternoon  9-19-23

Tlm724 Administrator Bondlady’s Corner

Prime Minister: The Government Has Taken Several Measures With The Central Bank To Implement Financial Reform

NOAA:  On Tuesday, in New York, Prime Minister Muhammad Shiaa Al-Sudani informed the US Treasury Under Secretary of the expansion of his government’s work to limit money laundering operations.

This came during a meeting between Al-Sudani, in New York, after midnight (Baghdad time), with US Treasury Under Secretary Brian Nelson, on the sidelines of his participation in the meetings of the United Nations General Assembly at its seventy-eighth session, according to a statement issued by his media office, which witnessed the meeting, according to the statement

, Discussing cooperation mechanisms between Iraq and the US Department of the Treasury, and reviewing the government’s priorities in implementing economic and administrative reforms that fall within the government program.

Al-Sudani stressed that the government has taken several measures with the Central Bank of Iraq in implementing financial reform, which is considered a key to economic reform in achieving the government’s goal of moving from a unilateral economy towards a productive and multi-economic economy, where, for the first time, a financial database was created for banking transactions, in a way that achieves confidence. Required in dealings with banks and international banks.

Al-Sudani also pointed out the expansion of the government’s work in reducing money laundering operations at the procedural and judicial levels, by applying the required international standards, and enabling it to achieve real trade that supports the economy towards further development.

Al-Sudani stated that the government supports the private sector through a package of decisions and procedures, in addition to providing it with all necessary facilities in the federal budget for the three years.

For his part, Nelson appreciated the government reforms in the banking and financial sectors, and the government’s success in restoring the confidence of global financial institutions, such as Citibank and JP Morgan,

stressing the US Treasury’s readiness to work closely with the Central Bank of Iraq and cooperate with Iraq in the files of financial liquidity and Iraqi commercial bank transfers outside the country. Once again, his country supports the stability of the Iraqi economy.

Iraq Confirms The Possibility Of Benefiting From Estonia’s Experience To Develop The Financial And Banking Sectors

Tuesday 19, September 2023  Economical Number of readings: 338  Baghdad / NINA / Iraq expressed its aspiration to benefit from Estonia’s experience to develop the financial and banking sectors.

A statement by the Ministry of Foreign Affairs stated that Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, met with the Minister of Foreign Affairs of Estonia, Margus Tsakana, on the sidelines of the high-level week of meetings of the 78th session of the United Nations General Assembly, and they discussed ways to develop relations between the two countries. Foreign Minister Fuad Hussein expressed his thanks

. And his appreciation to the Republic of Estonia for the support it provided to Iraq in the field of combating terrorism by sending 77 military advisors to NATO forces in Iraq.

The Minister also praised, according to the statement, the recent success achieved by Estonia in the economic and development fields and the development of its financial and banking system, indicating the possibility of benefiting from Estonia’s experience to develop the financial and banking sectors in Iraq by signing a memorandum of understanding between the two sides to cooperate in the economic, financial and security fields.

For his part, The Estonian Foreign Minister appreciated the pivotal role played by Iraq in the Middle East region, noting the possibility of signing a memorandum of understanding between the two sides for cooperation in the economic and financial fields./End

The Central Bank Sells More Than $219 Million In The Currency Auction

Economy News – Baghdad  Today, Tuesday, the Central Bank of Iraq’s sales in the foreign currency sales window amounted to more than 219.1 million dollars.

The Central Bank’s website published its dollar sales schedule, which Al-Iqtisad News reviewed. It included the participation of 28 banks and 123 exchange companies, and foreign transfer requests covered $180.8 million, while cash requests amounted to more than $38.2 million.

The Central Bank of Iraq sells the dollar for documentary credits and international settlements for electronic cards at a price of 1,305 dinars per dollar, for every dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.

Views 38   09/19/2023 –

Sudanese Advisor: Improved Oil Revenues Will Reduce Estimates Of The Deficit Gap

Money  and business  Economy News – Baghdad  The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed on Tuesday that improved oil revenues will reduce estimates of the deficit gap and help overcome resorting to borrowing.

Saleh said in an interview with the official news agency, “The accuracy of the timing of disbursement in the general budget as planned reflects the degree of efficiency of the performance of the budget itself in terms of the conformity of the executive path with annual financial planning.”

He added, “Except for the current expenditures that must be implemented, such as monthly salaries, support, and external obligations related to debts and other payments, the improvement in oil revenues will reduce estimates of the deficit gap and help overcome the resort to borrowing to fill the deficit, especially in implementing special programs in the operating budget, and investment spending on… Planned projects according to their strategic priorities that are directly linked to raising the degree of growth in the gross domestic product and in accordance with the implementation schedules and specific timelines without delay.”

He continued, “There is a correlation between the reduction in deficit estimates due to the improvement in public revenues from oil revenues and other revenues, and the efficiency of implementing investment programs and projects in the general budget, which confirms the success of the efficiency of implementation by matching spending with the country’s annual financial planning without delay.

Therefore, the decrease in the deficit “The plan, due to the development of oil resources, will accelerate investment spending, which represents the basis of development and material economic progress, and at the same time reflects the efficiency of financial implementation.”

Views 34  09/19/2023

A New High.. The Dollar Exchange Rate Touches 160 Thousand Dinars In Iraq

Economy |  09/19/2023  Baghdad – Mawazine News  The exchange rate of the dollar against the dinar rose on Tuesday in local markets in Iraq.  The selling price was 100 dollars compared to 159 thousand dinars.   While the purchase price was 157 thousand dinars.

A Jump In Oil Prices… A Barrel Of Brent Above $95

Economy |  09/19/2023  Baghdad – Mawazine News  Oil prices rose in early trading, today, Tuesday, for the fourth session in a row, as weak shale oil production in the United States raised more concerns about the scarcity of supply caused by the extension of OPEC+ production cuts.

By 04:06 GMT, US West Texas Intermediate crude futures rose $1.02, or 1.12%, to $92.5 per barrel, which is slightly less than the highest level in 10 months that it reached on Monday, while futures for global benchmark crude rose. Brent rose 60 cents, or 0.64%, to $95.03 a barrel, according to Reuters.

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Points to Ponder on Feelings:

The last, best fruit which comes to late perfection – even in the kindliest soul – is – tenderness toward the hard – forbearance toward the un-forbearing – warmth of heart toward the cold – philanthropy toward the misanthropic — Richter

Some people carry their hearts in their heads; very many carry their heads  in their hearts — the difficulty is to keep them apart and yet both actively working together — 

A word – a look – which at one time would make no impression –  at another time wounds the heart; and like a shaft flying with the wind, pierces deep, which, with its own natural force — would scarce have reached the object aimed at – 

Every human feeling is greater and larger than its exciting cause – a proof I think – that man is designed for a higher state of existence — 

Feelings come and go – like light troops following victory of the present; but principles – like troops of the line are undisturbed and stand fast —

The heart has often been compared to the needle of the compass for its constancy; has it ever been so for its variations?  Yet,  were any man to keep minutes of his feelings from youth to age, what a table of variations would they present — how numerous, how diverse, how strange ! –

Feeling in the young precedes philosophy, and often acts with a better and more certain aim —

Sincerity is to speak as we think – to do as we pretend and profess – to perform what we promise – and really to be what we would seem and appear to be —