Bondlady’s Corner – Iraq Economic News and Points to Ponder Wednesday Evening 11-1-23


Iraq Economic News and Points to Ponder Wednesday Evening 11-1-23

Tlm724 Administrator Bondlady’s Corner

The Iraqi Central Bank is moving towards the US Federal Reserve to increase its dollar transfers

Political| 06:35 – 01/11/2023  Baghdad – Mawazine News  The Parliamentary Finance Committee revealed, today, Wednesday, a move by the Central Bank with the US Federal Reserve to increase Iraqi dollar transfers.

A statement by the committee, followed by Mawazine News, stated that  “external and internal factors stand behind the crisis of fluctuations in the dollar exchange rate,” stressing that   “the governor of the Central Bank of Iraq is working hard to solve these problems in order to reach understandings with the US Federal Reserve to increase Iraqi dollar transfers, as well as About confronting speculators and brokers internally.”

 The statement called on “citizens to support the procedures and policy of the Central Bank because the crisis requires the combined efforts of everyone.”  He added,

 “The Finance Committee is in constant contact with the Central Bank of Iraq and other concerned parties regarding the problem of the fluctuation of dollar selling prices and supports all steps and measures that would restore stability to the exchange rate,” pointing out that

 “several immediate and future proposals are being presented in this regard, with the aim of finding alternatives and solutions.” Effective for this crisis and in a way that preserves the strength of the Iraqi dinar and also preserves the strength of our cash reserves of hard currency.” End 29

Al-Rasheed Bank Launches An Electronic Reservation Form To Sell Dollars To Travelers

 PM:07:56:01/11/2023  240 views   Today, Wednesday, Al-Rasheed Bank announced the launch of an electronic reservation form to sell dollars to travelers.

 This step comes within the framework of the bank’s efforts to facilitate the sale of hard currency and provide a convenient means for citizens wishing to obtain dollars for the purpose of traveling and meeting their needs outside the country.

 The electronic reservation form will enable travelers to order dollars and reserve in advance online, reducing waiting time at banks and providing them ease of obtaining hard currency.

 – Form link:

Muhammad Al-Najjar: Plans To Establish Joint Development Funds

 Money  and business  Economy News – Baghdad  The Executive Director of the Iraqi Development Fund, Muhammad al-Najjar, advisor to the Prime Minister for Investment Affairs, identified 4 goals for establishing the Iraqi Development Fund, while confirming that there is work to form 6 funds during the next stage.

Al-Najjar said in an interview with “Al-Sabah” followed by “Al-Iqtisad News” that

 “the main goal of establishing the fund is direct investment for development and diversification of the economy and changing its philosophy by introducing the private sector into investment as a major force, whether from inside or outside, and developing human capital and returning it to its previous state.”

 His reign came after the wars and disasters that befell Iraq, which led to the erosion of a lot of experience,” adding that

 “the other goal is to restore spirit to the small or medium-sized companies sector,

and to work to withdraw the monetary mass of citizens that do not have investment outlets and do not enter into the economy or the banking system.” By creating new outlets.  Al-Najjar continued,

 “There is a trend to create joint funds with other countries, which allows the trillion dinars that were allocated to create projects through the fund to increase, to reach 7-8 trillion through foreign investments,” noting that

 “the local economy faces a number of problems and we aim to solve them by Through the establishment of 6 specialized funds, including those related to digital transformation, as Iraq is the country that uses the least technology among middle-income countries in the world.”  He explained that

 “the second fund is specialized in finding housing for citizens through the (rent and own) program by working through investors to build houses and rent them to citizens with the guarantee of those in charge of the fund, so that the citizen can own them after a period,” noting that

 “one of them is concerned with education and from it will start a group of schools established by the private sector.”

The state rents it in order to create great job opportunities in the construction sector and solve the problem of the lack of schools.”  The Prime Minister’s advisor pointed out that

 “the industry, agriculture, and environment funds do not conflict with the work of the relevant ministries,

 but rather work to introduce technology, find new methods for irrigation, invest in water treatment methods, and introduce artificial intelligence to industrial projects, through investments for which the private sector is a guarantor.”  Views 63  11/01/2023

The Sudanese Financial Advisor Reveals The Intention To Bring In An International Audit Force To Reduce Corruption

 Politics   11/01/2023 20:17  Number of readings : 177   Baghdad – Iraq today:   Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Wednesday, that government agencies’ contracts with reputable international financial auditing companies represent an international auditing force that contributes to reducing the phenomena of multilateral corruption.  Saleh said in a press interview,

 “International auditing companies have long experience in investigating the most complex financial transactions, especially financial and administrative activities and transactions with broad and complex connections, called branching activities with long arms.”  He added,

 “The use of an additional international audit force for important financial centers in our country has become clear in reducing the phenomena of multilateral systemic corruption, and that

the positive effects of this comprehensive, multi-purpose audit undoubtedly represent a new dimension in providing a climate based on assessing the level of financial discipline in addition to its role in

 Strengthening long-term paths that are of fundamental importance in government administration, and at the same time extend across the joints of multi-purpose government financial activities in our country.”  Saleh continued,

  “In accordance with international standards, in developing the efficiency of public money management and auditing mechanisms and adopting modern accounting principles, the international procedures that are adopted in auditing are procedures that have left a positive impact in providing an additional climate of financial protection that is directly consistent with the general principles stated in the government program.” In developing the digital government administrative system,

 it is a trend that has become coherent and continuous and touches on financial governance in accordance with international standards to protect public money and apply the force of law.”

 The Prime Minister’s Advisor for Financial Affairs noted that

 “the role of international auditing companies is, in all cases, based on the principles and foundations of the effective Federal Financial Management Law No. 6 of 2019, as amended, as well as the applicable national supervisory instructions and procedures.”مستشار-السوداني-المالي-يكشف-عن-التوجه-لاستقدام-قوة-تدقيقية-دولية-للحد-من-الفساد

Deputy: The Sudanese Government Opened 12 Files Regarding Al-Kadhimi’s Corruption

 Today 14:16  Information / Baghdad   Representative Baqir Al-Saadi confirmed on Thursday that the government had opened 12 corruption files throughout the country.

 Al-Saadi said in an interview with Al-Maalouma, “The Sudanese government is aware of the  seriousness of the scourge of corruption, its impact within state institutions, and the  amount of money that has been looted in various ways over many years.”

He added, “It is not possible to build a real path for the state while it lies under corruption,” stressing that  “the Sudanese government has begun opening 12 corruption files, the most prominent of which are the violations committed by the  Al-Kadhimi government, in addition to other files in ministries, institutions, and government bodies.”

He pointed out that  “dozens of cases are under investigation, and quite a few arrest and recruitment orders have been issued, along with the return of money to the country’s treasury that was in the possession of dozens of corrupt people,” pointing out that

 “the battle with corruption is complex and requires time and procedures in order to track down its networks and recover the money.”

Iraq’s institutions are suffering from the emergence of corruption in some of its ministries and government institutions, despite efforts to combat it by Integrity. Ended 25 Februaryنائب:-حكومة-السوداني-فتحت-12-ملفا-بفساد-الكاظمي

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Provoking Points to Ponder on Riches & Wealth:

Men pursue riches under the idea that their possession will set them at ease and above the world.  But the law of association often makes those who begin by loving gold as a servant, finish by becoming its slaves; and independence without wealth is at least as common as wealth without independence. — Colton

In proportion as nations become more corrupt, more disgrace will attach to poverty and more respect to wealth. —

The larger the income, the harder it is to live within it. — 

Misery assails riches, as lightning does the highest towers; or as a tree that is heavy laden with fruit breaks its own bough, so do riches destroy the virtue of their possessor. — 

To have what we want is riches, but to be able to do without is power. —
 G. Macdonald

There are two things needed in these days; first, for rich men to find out how poor men live; and second, for poor men to know how rich men work. —
 E. Atkinson