Bondlady’s Corner – Iraq Economic News and Points to Ponder Wednesday Afternoon 2-28-24


Iraq Economic News and Points to Ponder Wednesday Afternoon 2-28-24

Tlm724 Administrator Bondlady’s Corner

Iraq Is Holding Discussions With The International Monetary Fund Within The Framework Of Article IV Consultations In Amman

Wednesday 28, February 2024 16:36 | Economical Number of readings: 404  Baghdad / NINA / The Iraqi delegation, headed by Finance Minister Taif Sami Muhammad, held discussions with International Monetary Fund experts within the framework of Article IV consultations, held in the Jordanian capital, Amman.

The discussions focused, according to a statement by the Ministry of Finance, on the reform program for the Iraqi economy and the steps adopted by the Iraqi government towards strengthening financial and banking policy, digital infrastructure, financial inclusion and public debt issues, in addition to the measures taken to mitigate the repercussions of international conflicts and their effects on the economy.

During the consultations, the delegation is also holding discussions related to a road map towards increasing non-oil revenues and enhancing coordination between financial and monetary policies in Iraq, in addition to defining joint work programs that include the IMF providing the necessary technical and advisory support for the economic reform adopted by the Iraqi government in achieving financial and monetary stability, and improving The level of financial planning for budgets and the continuity of implementation of important development projects.

The statement noted: “The Fund’s expert mission praised the government measures to improve the business climate and stimulate the investment environment, indicating that Iraq is achieving progress in the growth of non-oil domestic product and strengthening public financial management.”

The mission stressed the importance of maintaining economic stability and supporting social protection, praising the remarkable progress in maintaining economic and financial stability, represented by low inflation rates and an improvement in the balance of payments, as well as stimulating economic diversification and creating job opportunities led by the private sector./End 8

Al-Rasheed Launches The Deposit And Transfer Service On Electronic Cards

Economy News – Baghdad  Al Rasheed Bank announced, on Wednesday, the launch of the deposit and transfer service on electronic cards.

A statement from the bank, seen by Al-Iqtisad News, stated, “In line with the government’s directives and implementation of the government program, Al-Rasheed Bank announces the launch of the deposit and transfer service via the electronic payment card from (Nakheel).”

He added, “All Rasheed Bank card holders, including bank employees, state departments, security forces, and retirees, can make deposits and withdrawals using the electronic card,” specifying “a number of its branches to receive all those wishing to make deposits.”

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The Dollar Is Declining In All Governorates Of Iraq

Economy | 02/28/2024   Mawazine News – Baghdad  The exchange rates of the US dollar decreased on Wednesday in the local markets in Baghdad and the governorates. 

The Al-Kifah and Al-Harithiya stock exchanges recorded an exchange rate of 151,000 dinars for 100 dollars, with the selling price reaching 152,000 Iraqi dinars, while the buying price reached 150,000 dinars for every 100 dollars.  Below is a list of exchange rates in the rest of the governorates:

$100 = 151,400 Basra   $100 = 150,850 Erbil   $100 = 150,950 Sulaymaniyah

$100 = 151,200 Karbala    $100 = 151,000 Kirkuk $   100 = 151,100 Babylon

$100 = 150,850 Dohuk    $100 = 151,000 Mosul   $100 = 151,300 Najaf

$100 = 151,000 with a penalty of   $100 = 150,800 Zakho

Parliamentary Finance Presents 7 Proposals To Develop The Iraqi Banking System

Political |  02/28/2024  Mawazine News – Baghdad  The Finance Committee in the House of Representatives announced today, Wednesday, that three laws are close to their final stages of legislation to develop the financial system and banking institutions in Iraq, while it presented 7 proposals to develop the Iraqi banking system.

The head of the committee, Atwan Al-Atwani, said during the annual conference on finance and banking services, which was held on the grounds of the Baghdad International Fair, that “the conference is an important opportunity to discuss files and issues at a high level of importance, and to establish future financial and economic partnerships between Iraqi banks and companies with their counterparts in neighboring countries and the world.” “.

He added, “The banking system is one of the most important tools for the economic growth process of any country, given its effective role in achieving stability in the financial system in general and achieving growth in particular, by financing productive projects as a link between investors and depositors.”

He continued, “And also by transferring money from people who own it and do not have an opportunity to people who need it and have investment opportunities, thus contributing effectively to raising the level of economic activity, achieving economic growth, and alleviating and addressing economic problems, until banks have become indispensable institutions.” than in any economic system.

He pointed out, “The Iraqi economy suffers from many problems, so it is necessary to turn to the banking sector, to achieve economic growth for productive projects in the private sector, in order to alleviate and address economic problems, especially the problem of the financial deficit in the budget, through the use of financial tools in order to Achieving economic and social goals.

He stated, “Local public and private banks have a long history and a prominent position, but unfortunately, during the era of the former regime, these financial institutions were subjected to a decline in their capabilities, due to wrong policies that negatively affected the level of their services, and their interruption from the progress of the global banking industry.” .

He went on to say: “Wars and sieges are the peg on which the exterminated regime hung its mistakes for the purpose of justifying them, which placed our local banks in complete isolation from openness and cooperation with Arab and foreign banks.”

Al-Atwani explained, “The goal we are seeking today is how we can achieve a qualitative leap in developing our banking services, in order to ensure that we catch up with developed countries in this field,” pointing out that “this mission requires a high national effort from our relevant institutions, by… The relevant authorities are open to foreign banking developments.”

Al-Atwani presented a number of development proposals, which are:

First: Providing the banking institution with competent financial and technical staff and ensuring the development of its skills and capabilities by involving it in training courses outside Iraq and training it on modern methods of banking and completing banking transactions using modern methods, while training them on the use of advanced technical devices.

Second: Equipping banks and banks with modern, advanced devices in all fields and financial activities, and introducing the automated teller machine service in all branches in a way that ensures easy and smooth disbursement for all clear account holders.

Third: Establishing quality measurement centers in all banks and activating their role in receiving development ideas and opinions, while honoring the owners of those ideas that are proven in practical fields and whose results are reflected positively in developing the performance of banks, with the aim of evaluating innovators and urging them to present other creative ideas that achieve comprehensive advancement in all sectors. Banks and refineries.

Fourth: Opening horizons for cooperation and coordination between Arab and international banks and banks, for the purpose of benefiting from the experiences of those financial institutions that preceded us in development, achieving qualitative shifts in the performance of our banks and reducing the time factor to ensure that we join the advanced ranks of the regional and international banking industry.

Fifth: Encouraging scientific studies and research aimed at developing outstanding performance in our financial institutions and ensuring that these recommendations, studies and research are transformed from their theoretical reality into a tangible practical reality that reflects positively on commercial and future economic developments.

Sixth: Studying the possibility of opening branches of Iraqi local banks, for the purpose of expanding the circle of banking activity, providing the best services, and attracting more customers from banks as a means of attracting capital.

Seventh: Approving the basic principles for using interest to ensure an increase in deposits, as well as ensuring that the process is safe from counterfeiting, and addressing issues related to money laundering in order to preserve the value of the national currency and the country’s economic interests.

He pointed to “the efforts of the executive and legislative authorities at the present time in developing the financial system and banking institutions through their efforts to implement and legislate the relevant laws, which have reached their final stages, which are first: the draft securities and commodities law, which seeks to regulate the work of financial and commodity markets and control securities trading operations.”

 Cash and commodities in a way that enhances economic activity, strengthens the investment environment, and encourages the process of capital formation.”

He continued, “The second project is the Banking Studies Center Law, which aims to scientifically develop banking work and raise the level of technical and professional performance in the banking system. The third project is the Islamic Investment Sukuk Law, which aims to create and diversify investment tools in the Iraqi financial market.” “And enabling Islamic banks and Islamic financial companies to contribute to the development of economic projects.”

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Provoking Points To Ponder on Deception:

A delusion, a mockery, and a snare.  – Lord Denman

We are never deceived; we deceive ourselves.  – Goethe

Which I wish to remark – And my language is plain, – That for ways that are dark And for tricks that are vain, The heathen Chinese is peculiar.  – Bret Harte

Hateful to me as are the gates of hell, Is he who, hiding one thing in his heart, Utters another.  – Homer

You can fool some of the people all of the time, and all of the people some of the time, but you cannot fool all of the people all the time.  – Abraham Lincoln

It is double pleasure to deceive the deceiver.  – Jean de la Fontaine

“Will you walk into my parlour?” Said the spider to a fly: ‘”Tis the prettiest little parlour That ever you did spy.”  – Mary Howitt

One is easily fooled by that which one loves.  – Moliere