Bondlady’s Corner – Iraq Economic News and Points to Ponder Wednesday Afternoon 1-17-24

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Iraq Economic News and Points to Ponder Wednesday Afternoon 1-17-24

Tlm724 Administrator Bondlady’s Corner

An Economic Expert Calls For Using A Basket Of Currencies To Evaluate The Iraqi Dinar

Wednesday 17, January 2024 09:59 | Economical Number of readings: 496

Baghdad / NINA / Economic affairs expert, Raad Tawij, called today, Wednesday, for the use of a basket of currencies, whether the euro, the Chinese yuan, or the UAE dirham, in valuing the Iraqi dinar in a way that competes with its valuation in the dollar.

Tawij said in a statement to the National Iraqi News Agency ( NINA ): “As a result of the high competitiveness of the Iraqi economy in the field of monetary and commodity use in its trade exchange with other countries, and as a result of its use of the dollar at a rate of 95% within the framework of the Iraqi electronic platform and for the most diverse monetary exchange and to prevent the monopoly of a country’s currency.” One on the platform, so a basket of currencies, whether the euro, the Chinese yuan, or the UAE dirham, must be used to value the Iraqi dinar in a way that competes with its value in the dollar.”

He stressed, “Allowing users of this basket of currencies to use the electronic platform will contribute to creating monetary balance and addressing any deficit in other currencies.”/End 8

https://ninanews.com/Website/News/Details?key=1101526

An Economic Expert Told NINA: These Are The Reasons For The Fluctuation Of The Dollar Exchange Rates In The Local Market

Wednesday 17, January 2024 12:32 | Economical Number of readings: 434  Baghdad / NINA / The specialist in economic affairs, Durgham Muhammad Ali, confirmed that the fluctuation in the dollar exchange rate is caused by illegal speculation carried out by the banks participating in the dollar window.

Muhammad Ali said in a statement to the National Iraqi News Agency ( NINA ) that, “Limiting the sale of the dollar to banks gave them the opportunity to monopolize it and speculate with it,” adding that the security events in the past two days also had their effects on the market, raising hedging rates and buying the largest amount of foreign currency possible. Raise its price.

He continued, “The rise is temporary and will be addressed governmentally as part of the government’s ongoing series of efforts to prevent the existence of a parallel market for the dollar and strengthen the national currency.”/End 8   https://ninanews.com/Website/News/Details?Key=1101580

JP Morgan Bank Intends To Open Accounts For 3 Iraqi Banks

Money  and business  Economy News – Baghdad  The Regional CEO of JP Morgan Bank for the Middle East and North Africa, Khaled Hoballah, confirmed today, Wednesday, his intention to open an account for three Iraqi banks, while expressing his willingness to enhance cooperation with Iraq, during his meeting with the Prime Minister, Muhammad Shiaa Al-Sudani, in Davos.

The Prime Minister’s Media Office stated, in a statement received by Al-Eqtisad News, that “Al-Sudani met in Davos with the regional CEO of JPMorgan for the Middle East and North Africa, Khaled Hoballah.”

The meeting witnessed “discussing the prospects for cooperation in the financial fields, opening accounts for Iraqi banks, as well as the possibility of the bank participating in the government’s efforts to adopt electronic payment applications in Iraqi markets.”

“There was also discussion about coordinating technical efforts between the Central Bank of Iraq and JPMorgan Bank in establishing ideas related to trading digital currencies for central banks.”

The Prime Minister pointed out, “Iraq looks forward to the bank’s cooperation with the Iraq Development Fund, and the financing it targets to finance private sector projects in Iraq,” stressing, “Iraq is moving forward with financial and banking reform steps, in a way that helps develop this vital sector.”

For his part, Khaled Hoballah expressed “GB Morgan’s readiness to enhance cooperation with Iraq as a government, with the Central Bank of Iraq, and the Iraqi banking sector,” stressing “the bank’s intention, as a first stage, to open accounts for three private Iraqi banks.”

Views 63  Added 01/17/2024 – 3:31 PM   https://economy-news.net/content.php?id=39533

Saleh: The 2024 Budget Has Entered Into Force With All Its Details

Time: 01/17/2024 11:07:17 Read: 1,794 times   {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed that the financial budget law for 2024 has entered into force since the beginning of the current new year.

Saleh told {Al-Furat News} agency, “Federal General Budget Law No. 13 of 2023 is effective for three years, and as soon as the country enters the new fiscal year 2024, the budget law becomes effective with all its details, merits, and instructions, and applies in letter and spirit to the current fiscal year, starting from 1/1 until December 31, 2024.”

On June 12, 2023, the House of Representatives voted on the federal general budget law for the Republic of Iraq for the years (2025, 2024, and 2023) in general.  LINK

Al-Sudani Confirms That Iraq Is Proceeding With Financial And Banking Reform Steps

Political | 03:59 – 01/17/2024   Mawazine News – Baghdad   Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani confirmed the progress of financial and banking reform steps, while indicating Iraq’s aspiration towards the bank’s cooperation with the Development Fund.

The Prime Minister’s Media Office stated, in a statement received by Mawazine News, that “Prime Minister Muhammad Shiaa Al-Sudani met in Davos with the regional CEO of JPMorgan for the Middle East and North Africa, Khaled Hoballah.”

He pointed out that “the meeting discussed prospects for cooperation in the financial fields, and opening accounts for Iraqi banks, as well as the possibility of the bank participating in the government’s efforts to adopt electronic payment applications in Iraqi markets.”

He added, “Discussions took place in coordinating technical efforts between the Central Bank of Iraq and JP Morgan Bank in establishing ideas related to trading digital currencies for central banks.”

The Prime Minister stressed, “Iraq looks forward to the Bank’s cooperation with the Iraq Fund for Development, and the financing it targets to finance private sector projects in Iraq,” pointing out that “Iraq is proceeding with financial and banking reform steps, in a way that helps develop this vital sector.”

For his part, Khaled Hoballah expressed “GB Morgan’s readiness to enhance cooperation with Iraq as a government, with the Central Bank of Iraq, and the Iraqi banking sector,” stressing “the bank’s intention, as a first stage, to open accounts for three private Iraqi banks. https://www.mawazin.net/Details.aspx?jimare=240567

The World Bank Supports The Electronic Payment System In Iraq

Economy | 08:56 – 01/17/2024   Mawazine News – Baghdad  Today, Wednesday, the World Bank announced its support for the government’s measures in the field of modernizing and developing the banking sector, especially with regard to implementing the electronic payment system.

The Prime Minister’s Media Office stated, in a statement received by Mawazine News, that “Al-Sudani, on the sidelines of his participation in the Davos Economic Forum, met with the President of the World Bank Group, Ajay Banga.”

The statement added, “The meeting witnessed a discussion of cooperation relations between Iraq and the World Bank, in various economic fields, which contribute to supporting the government’s efforts and strategic plans, towards more investment and development opportunities in Iraq.”

He continued, “The two parties reviewed the measures and steps taken by the government and the Central Bank of Iraq, at the level of financial and banking reform. The projects financed by the International Finance Corporation (IFC) were also discussed, most notably the project to rehabilitate and develop Baghdad International Airport.”

The statement explained, “The Prime Minister stressed the importance of World Bank reports reflecting, realistically, the new government’s policies implemented in the economic and banking sectors and supporting the private sector, which aim to diversify the economy, increase its growth, and achieve financial stability, in light of the challenges facing the region and the world.” .

For his part, Banga praised “the government’s measures in the field of modernization and development of the banking sector, stressing his support for those measures, especially with regard to the implementation of the electronic payment system.” Supports the electronic payment system in Iraq

https://www.mawazin.net/Details.aspx?jimare=240542

A Saudi Official Confirms The Disappearance Of The Political Obstacles That Prevent Iraq From Joining The World Trade Organization…And Riyadh Supports That.

Wednesday 17, January 2024 14:31 | Political Number of readings: 313   Baghdad / NINA / The Undersecretary of the Ministry of Foreign Affairs for Political Planning Affairs, Ambassador Hisham Al-Alawi, received Ambassador Saqr Abdullah Al-Muqbel, head of the team charged with negotiating Iraq’s accession to the World Trade Organization.

The Undersecretary confirmed during the meeting held in the Ministry of Foreign Affairs building in Baghdad, in the presence of Hussein Younis, Head of the Economic Department at the Ministry of Foreign Affairs: “The Iraqi government is interested in openness to international organizations, and has a desire to activate Iraq’s presence in international forums, and that the Ministry of Foreign Affairs seeks to enhance regional cooperation.” And the international level, in addition to the relevant ministries in the government.”

He pointed out that Iraq has natural and human resources and a specialized workforce in many fields that deserve to be provided with job opportunities, expressing his hope that Iraq’s accession to such organizations will contribute to providing such opportunities by increasing investments in the private sector in light of the current openness and the government’s plans. To develop the economy and develop its various sectors.

For his part, the head of the Saudi delegation confirmed that the Kingdom believes that Iraq is a country that has chosen peace and stability and seeks to achieve economic development, pointing to the importance of Iraq to the Kingdom of Saudi Arabia from an economic standpoint, stressing that the Kingdom believes that the political obstacles that prevent Iraq from joining the World Trade Organization have been removed, The Kingdom’s government supports Iraq’s desire to enter global economic institutions./End 7   https://ninanews.com/Website/News/Details?Key=1101609

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Provoking Points To Ponder on Adversity:

Americans are like a rich father who wishes he knew how to give his sons the hardships that made him rich.  – Robert Frost

I would never have amounted to anything were it not for adversity. I was forced to come up the hard way.  – J. C. Penney

Adversity introduces a man to himself.  – Anonymous

I thank God for my handicaps for, through them, I have found myself, my work, and my God.  – Helen Keller

When one’s own problems are unsolvable and all best efforts are frustrated, it is lifesaving to listen to other people’s problems.  – Suzanne Massie

This struggle of people against their conditions, this is where you find the meaning in life.  – Rose Chernin

 http://famousquotesandauthors.com/topics/adversity_quotes.html

 Famous Quotes and Authors, Famous Quotations for all Occasions