Bondlady’s Corner – Iraq Economic News and Points to Ponder Wednesday Afternoon 2-7-24


Iraq Economic News and Points to Ponder Wednesday Afternoon 2-7-24

Tlm724 Administrator Bondlady’s Corner

The World Bank: Iraq Is Among The Best Electronic Payment Systems In The Region

Wednesday 07, February 2024 14:18 | Economical Number of readings: 334 Baghdad / NINA / The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, discussed today, Wednesday, with the World Bank delegation in Iraq headed by Richard Abdel Nour, the support of the World Bank to provide advice in establishing the Riyada Bank dedicated to financing small projects in Iraq, with the support of the International Finance Corporation.

A statement from the bank stated that Al-Alaq “discussed in the meeting electronic payment projects and financial inclusion, as well as reform programs to enhance the stability and development of the financial sector.”

For its part, the delegation praised the measures of the Central Bank of Iraq in facilitating financial transfers to different segments in Iraq, noting that The infrastructure for electronic payment systems and software systems in Iraq is among the best systems in the region.”/End 11

Central Bank: The Electronic Payment File Is A High Priority And The Prime Minister Is Very Supportive

Economy | 06/02/2024  Mawazine News – Baghdad  The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday, that the electronic payment file is a high government priority, and while he indicated a significant decrease in inflation compared to the beginning of 2023, he announced the imminent launch of a special mechanism for selling the dollar to ensure that it reaches real travelers only.

Electronic Defense Al-

Alaq said in a press interview followed by Mawazine News: “The Central Bank and the government give high priority to the issue of electronic payment because of its important economic repercussions and raising the level of transactions away from excessive use of cash,” noting that “the Iraqi economy is a cash economy par excellence and the electronic payment process.” It aims to significantly reduce the economic degree of cash.”

He added, “The Prime Minister is very supportive of the process of converting to electronic payment and holds successive and continuous meetings in order to strengthen the procedures related to this issue. We have made important strides in arranging electronic payment at the level of collection and payment in state institutions, in addition to that the Council of Ministers approved a number of important packages and decisions.” Which facilitates this process and does not burden the citizen with the resulting commissions.”

He stated that “the Central Bank has a broad strategy in the electronic payment file and has developed the infrastructure and covers any type of electronic payment, whether by cards, via mobile phone, or other means,” indicating that “the Central Bank is also working on a strategy of financial inclusion and increasing users of financial services.” .

He continued, “There are direct decisions issued to support the use of electronic payment, including obligating government agencies to make payment and receipt through cards, and also linking the process of renewing licenses in stores and approving them in buying and selling operations with the incentives granted, especially the government decision to bear 50 percent, which will make it marginal.”

At the same time, Al-Alaq stressed that “the Central Bank is working to complete the establishment of Riyada Bank, which will focus on supporting small projects by relying on the use of financial services away from cash dealing.”

Inflation declined.

He stated that “the indicator of the success of monetary policy in any country is controlling the general level of prices and reducing inflation,” explaining that “inflation has now decreased significantly compared to the beginning of 2023, which indicates, as the US Treasury Assistant mentioned a few days ago, that the decline in the level of Inflation indicates that foreign trade is covered by the official rate and that foreign financing operations are taking place smoothly, and all importers and merchants can obtain the dollar at the official rate and control it.”

Iqbal on the official platform

pointed out that “the Central Bank’s adherence to the rules and principles of external transfer in accordance with the conditions and requirements it set and its insistence on implementing them is what prompted many hesitant merchants to enter the platform for selling foreign currency, especially since using it is easy and safe and it provides them with the dollar at the official rate.”

Al-Alaq pointed out that “the Central Bank confirms the possibility of meeting all requests for the dollar, whether personal, commercial, or any kind, as long as they are valid and legitimate, and this is strongly supported by the size of the foreign reserves present at the Central Bank.”

He pointed out that “the Central Bank has no problem in offering or selling the dollar, and it does not place restrictions on sales operations at all and has never specified for the bank how much a dollar it can buy, nor has it set an upper or lower limit for a merchant, importer, or user of the dollar, or anything else.” This gave the impression that there was no problem in responding to demand for the dollar and that speculation was useless because the rules for this speculation were not available and incorrect.”

He added, “Some groups are still trying, from here and there, to stay away from the platform for various reasons, whether to evade taxes, customs, etc., or for the presence of illegal trade, as the drug dealer cannot transfer it through the central bank, or if it is corruption money, it cannot be transferred.” Through the Central Bank.

Meeting all requests to purchase the dollar.

He pointed out that “the Central Bank is in a comfortable position to respond to the requests to purchase the dollar and we have sufficient reserves. On the other hand, there are some countries that do not have sufficient reserves to respond to the demand, and therefore they have a large difference in the price between the parallel and the official price.”

Regarding providing the dollar to travelers, Al-Alaq said, “After the experience we had in how to sell the dollar to travelers and citizens, we found many observations, including that it is difficult for the real traveler to obtain the dollar, and therefore we had a meeting in this regard, and we will finalize a new mechanism after developing its programs related to this.” The subject, according to which only the real traveler will receive the dollar.”

He stated, “One of the things that helped calm and reassure the market is the stability of the exchange rate and the central bank’s provision of payment options after currencies such as the euro, the dirham, the Turkish lira, and the Indian rupee, which are expanding.”

The Best In The Region… International Praise For The Infrastructure Of Electronic Payment Systems In Iraq

Economy | 02/07/2024  Mawazine News – Baghdad  The World Bank confirmed on Wednesday that the infrastructure for electronic payment systems in Iraq is the best in the region.

A statement from the Central Bank received by Mawazine News stated, “The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received a delegation from the World Bank headed by the Director of the World Bank’s office in Iraq, Richard Abdel Nour.”

He added, “During the meeting, strengthening bilateral cooperation between the Central Bank of Iraq and the World Bank was discussed, and electronic payment projects and financial inclusion were discussed, as well as reform programs to enhance the stability and development of the financial sector.”

He explained, “The two parties discussed the support of the World Bank to provide advice in establishing the Riyada Bank dedicated to financing small projects in Iraq, with the support of the International Finance Corporation.”

In turn, the World Bank delegation praised “the Central Bank of Iraq’s procedures in facilitating financial transfers to different segments in Iraq,” noting that “the infrastructure for electronic payment systems and software systems in Iraq is among the best systems in the region.”

Iraq Increased Its Possession Of The Yellow Metal To More Than 142 Tons

Wednesday 07, February 2024 14:06 | Economical Number of readings: 285  Baghdad/ NINA /The World Gold Council announced today, Wednesday, that Iraq has increased its possession of the yellow metal to more than 142 tons.

The Council said in its latest table for last January, “Iraq maintained its 30th ranking globally out of 100 countries included in the table with the largest gold reserves and raised its possession to 142.6 tons from 132 tons, which represents 8.3% of the rest of its other reserves.”

He added, “Iraq ranked fourth in the Arab world after Saudi Arabia, which possessed 323.1 tons, followed by Lebanon, which possessed 286.8 tons, and Algeria, which possessed 173.6 tons.”

He pointed out that “the United States of America sits on the throne of the rest of the countries with the largest possession of gold in the world at 8133.5 thousand tons, followed by Germany with 3352.6 thousand tons, then Italy came with 2451.8 thousand tons, while Bosnia and Herzegovina came at the bottom with 1.5 tons.”

The Council stated, “Iraq announced the purchase of gold in the year 2023, amounting to approximately 12.25 tons.”

It is noteworthy that the World Gold Council is based in the United Kingdom and has extensive experience and deep knowledge of the factors causing market change. Its members consist of the largest and most advanced gold mining companies in the world.

High Dollar Exchange Rates In Baghdad

Economy  Wednesday, February 7, 2024 10:35 AM  Baghdad/National News Center  The prices of the US dollar rose slightly against the Iraqi dinar, today, Wednesday, in the markets of the capital, Baghdad.

The prices were as follows:

The selling price is 153,250 dinars per 100 dollars.

The purchase price is 151,250 dinars per 100 dollars.


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Points To Ponder On Advice Quotes and Quotations   

Simplicity, simplicity, simplicity. I say, let your affairs be as two or three, and not a hundred or a thousand; instead of a million count half a dozen, and keep your accounts on your thumbnail.  – Henry David Thoreau

What is important is to keep learning, to enjoy challenge, and to tolerate ambiguity. In the end there are no certain answers.  – Marina Horner

It is well enough, when one is talking to a friend, to lodge in an odd word by way of counsel now and then; but there is something mighty irksome in its staring upon one in a letter, where one ought to see only kind words and friendly remembrances.  – Mary Lamb

Men of much depth of mind can bear a great deal of counsel; for it does not easily deface their own character, nor render their purposes indistinct.  – Arthur Helps

Old men are fond of giving good advice, to console themselves for being no longer in a position to give bad examples.  – La Rochefoucauld