Bondlady’s Corner – Iraq Economic News and Points to Ponder Wednesday Evening 2-21-24

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Iraq Economic News and Points to Ponder Wednesday Evening 2-21-24

Tlm724 Administrator Bondlady’s Corner

Parliamentarian: The Diversity Of Currencies Accounts For 20% Of Iraq’s Foreign Trade

Information/Baghdad..   Member of the House of Representatives, Baqir Al-Saadi, acknowledged today, Wednesday, that the diversification of the currency basket now accounts for 20% of Iraq’s foreign trade.

Al-Saadi said in an interview with “Al-Ma’louma” that  “the pressure on the dollar and its repeated use as a tool by America to promote its interests in the world, including Iraq,has

     begun to produce adverse results by  introducing the concept of a  basket of diverse currencies as strategic reserves for countries within their central banks, in addition to     bilateral dealing in other currencies.””.

He added, “Iraq actually began to diversify the basket of currencies and     began pumping some of them and     pushing traders to deal with them according to economic mechanisms,      which led to an increase in foreign trade by up to 20%, and this is a positive indicator.”

 He pointed out that “the demand to deal in other countries’ currencies will reduce the pressure of the dollar on the parallel market and lead to a reduction in its prices, and

thus its impact will no longer be greater,” pointing out that “there is a different strategy in the financial dealing mechanisms that will  contribute to protecting hard currencies,  blocking the path to smuggling, and      supporting the sale of… The dollar at official rates.

The parallel market for dollar exchange rates witnessed relative stability in the past weeks despite the pressure due to the decisions of the Iraqi Central Bank by warding off the risks of smuggling and determining import mechanisms. Ended 25 February

https://almaalomah.me/news/56744/economy/برلماني:-تنوع-العملات-يستحوذ-على-20-من-تجارة-العراق-الخارجية

Central Bank: More Than 30 Islamic Banks Operate In Iraq And Their Growth Is Accelerating

 Economy     Central Bank of Iraq     Islamic banks  2024-02-20 00:30  Shafaq News/ The Central Bank of Iraq announced, today, Tuesday, that the number of Islamic banks in Iraq exceeded 30 banks, while

the Iraqi Banks Association indicated that it is working under the supervision and instructions of the Central Bank to develop the banking sector despite the economic challenges and difficulties that Iraq is suffering from.

Deputy Governor of the Central Bank of Iraq, Ammar Hamad, said during a speech about governance and compliance in Islamic financial institutions, which was attended by Shafaq News Agency; “Islamic banks have begun to grow very significantly in the world as well as in Iraq.

There are more than 30 Islamic banks in Iraq, and there is an opportunity for an increasing market boom for Islamic banks.”

He added, “Governance in banks is considered a basic starting language for financial institutions, and

Iraq, since last year, has been interested in the issue of international standards and laws issued by the Central Bank of Iraq,” noting that  “banks have witnessed great openness in order to avoid international or local sanctions from the Central Bank of Iraq.”

For his part, Chairman of the General Council of Islamic Banks and Financial Institutions, Abdelilah Belatiq, said during his speech at the conference attended by Shafaq News Agency:

“The Council is an international organization that represents Islamic banks around the world and currently includes 140 Islamic financial institutions in 37 countries in the world.”

He added,  “The Council’s role is pivotal in supporting Islamic financial banking across the world and tracking developments in the global financial sector,” noting that

“one of the most important goals the Council is working on is the role of Islamic banks and keeping pace with the latest developments and digital transformations.”

In turn, Vice President of the Iraqi Banks Association, Samir Al-Nusairi, said during a speech attended by Shafaq News Agency,

“Iraqi banks have demonstrated their ability and national positions during the last period in confronting economic challenges and maintaining communication and commitment to the instructions of the Central Bank of Iraq, which focused on economic initiatives, trade regulation, and the transition from a cash economy to a digital one.” In accordance with international and banking standards.  He added,

“The Iraqi Banks Association is working under the supervision and instructions of the Central Bank to develop the banking sector and financing projects and create an appropriate environment despite the economic challenges and difficulties that Iraq is dealing with.”

https://shafaq.com/ar/اقتصـاد/البنك-المركزي-كثر-من-30-مصرفا-سلاميا-تعمل-في-العراق-ونموها-يتسارع

Specialist: Iraq’s Economic Environment Is Qualified To Attract International And Arab Banks

Economy |02-19-2024, Baghdad today – Baghdad  Economist and professor of financial economics at the University of Baghdad, Hammam Al-Shamaa, confirmed today, Monday (February 19, 2024), that

Iraq’s economic environment is qualified to attract international and Arab banks.  Al-Shamaa told “Baghdad Today” that

 “Iraq and its economic and even security and political environment are ready to attract international and Arab banks,” considering that

“this is an important step for developing the banking sector in Iraq, whether governmental or private, especially since there are international banks currently operating in Iraq”. He stressed that

“the work of any bank, even if it is international, must be in accordance with compliance with international standards in financial transfers, and any bank that violates this exposes itself to sanctions, whether American or even by the Central Bank of Iraq.”

He pointed out that  “attracting international banks   must not be limited to one country alone, but rather  it must be comprehensive without any discrimination, and  this is the case in all developed countries of the world.”

The talk about attracting banks from outside the country comes as many Iraqi banks continue to be banned from dealing in dollars as a result of non-compliance with the controls of the Central Bank and the US Federal Bank.

https://baghdadtoday.news/242998-مختص-بيئة-العراق-الاقتصادية-مؤهلة-لجذب-المصارف-العالمية-والعربية.html

A foreign desire to participate in it.. Parliamentary Finance reveals the importance of the “Iraqi Fund for Development”

 Economy |02-19-2024, 17:03 |  Baghdad today – Baghdad  Today, Monday (February 19, 2024), the Parliamentary Finance Committee commented on the positives of the Iraq Fund for Development, confirming that there is a great desire for foreign and private sector participation within this fund.

 Committee member Mustafa Al-Karaawi told “Baghdad Today” that “there are certainly many great positives for the Iraq Fund for Development in economic and financial terms, as well as urban and various services,” considering that “this Fund will be a real partner in the various development processes.” Al-Karaawi stated,

  “There is a real desire on the part of various foreign parties, as well as private sector entities, to be a real partner in supporting many sectors, most notably various investments and addressing the housing, industry, and agriculture crisis, and there are major countries that will be within this fund.”

The government previously revealed that the Iraq Fund for Development was established in the budget for the purpose of speeding up its launch, and its budget amounts to one trillion dinars annually, indicating that there is an intention to write a special law for the Fund, and it works to implement projects with the private sector away from the government.

https://baghdadtoday.news/242927-رغبة-اجنبية-للمشاركة-به.-المالية-النيابية-تكشف-أهمية-صندوق-العراق-للتنمية.html

Parliamentary Finance: 30 Countries Are Racing To Invest In Iraq

Information / Baghdad   Member of the Parliamentary Finance Committee, Representative Mudar Al-Karawi, confirmed on Sunday that there is a desire of 30 countries to create a strategic partnership with Baghdad in 6 vital sectors.

 Al-Karawi said in an interview with Al-Maalouma,  “The security factor no longer worries these countries, especially after achieving high rates of stability in the past four years.” He added,

“Half of this number of countries are European and Asian countries that want to invest in the fields of energy, trade, transportation, and building economic cities, pointing out that the development path will serve as the beginning of the path toward building a diversified economy in the country.”

He pointed out that “the volume of investments in Iraq has increased in the past two years at remarkable rates, especially local investment, which indicates the presence of confidence and reassurance that has prompted businessmen to compete for investment licenses in various sectors.”

In recent years, Iraq has witnessed tangible security stability, which has had a positive impact on the internal situation in general.

https://almaalomah.me/news/56404/economy/المالية-النيابية:-30-دولة-تتسابق-للاستثمار-في-العراق

Economy    02-19-2024, 14:11  Baghdad – conscious  Today, Monday, Finance Minister Taif Sami Mohamed confirmed the government’s determination to continue promoting reforms related to financial policies.

 The Ministry said in a statement received by the Iraqi News Agency (INA):

“Minister of Finance, Taif Sami Muhammad, received today Winston Cole, Director of the Financial Management Project at the World Bank, and members of the accompanying delegation,” indicating that

 “during the meeting, aspects of relations between Iraq and Iraq were reviewed.” And the World Bank, especially in light of the existing cooperation program to complete the implementation of the economic reforms adopted by the Iraqi government.”

According to the statement, the Minister of Finance expressed  “appreciation for the fruitful partnership between the two sides,” stressing  “the Iraqi government’s keenness to continue it, and the   positive climate it provides for all investors and global financial markets regarding the Iraqi economy.” 

At the same time, she stressed “theIraqi government’s determination to continue promoting structural reforms related to financial and monetary policies and to   maximize the role of the private sector in development.”

 For his part, Cole stressed “the World Bank’s     aspiration to continue the distinguished cooperation relations with Iraq and its     support for its economic reforms,”praising “the  performance of the Iraqi economy and the     flexibility and steadfastness it has shown in the face of the negative repercussions resulting from global economic fluctuations.”

He pointed out that”the bank continues to strengthen joint work with the Iraqi government to     improve the overall indicators of the economy,  deepen the participation of the private sector and     complete the ongoing development work.”  https://www.ina.iq/203435–.html

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