Iraq Economic News and Points to Ponder Late Monday Evening 4-22-24

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Iraq Economic News and Points to Ponder Late Monday Evening 4-22-24

Parliamentary Finance Expects The Dollar Exchange Rate To Stabilize Within Its Current Limits

Time: 04/22/2024 12:25:40 Read: 2,847 times  {Economic: Al-Furat News} A member of the Parliamentary Finance Committee expected the dollar exchange rates to stabilize at their current limits of 1,470 dinars.

Haitham Al-Zahwan told Al-Furat News Agency, “We expect that the dollar exchange rates will remain within these limits and prices.”

He added, “We expect these prices to remain within the current rates, but we cannot witness a decline in them as long as there is currency smuggling.   LINK

The Iraqi Central Governor Reveals The Plan To Reform The Banking System And Talks About “Sanctions”

Economy News – Baghdad   Today, Monday, the Governor of the Central Bank of Iraq presented a plan to reform the banking sector in Iraq, and while he touched on the issue of sanctions on Iraqi banks, he stressed that these measures did not threaten the Iraqi economy.

The Governor of the Central Bank, Ali Al-Alaq, said in a televised interview followed by “Al-Iqtisad News” that “the current Iraqi government is very focused on the economic dimension and renaissance, and the expansion of infrastructure and services,” indicating that “this matter requires the presence of an active and effective financial sector that can To accompany, activate, organize and finance, so this file goes hand in hand with the government’s plan within the framework of economic reform.”

He added, “Iraq has a very large financial relationship with the United States of America, given that the oil resources that form the basis of the Iraqi state’s budget come from the export of oil via the dollar, and this is what is agreed upon globally,” pointing out that “the first stop for Iraqi funds is in the Federal Reserve.” The central bank then deals with these funds by investing them in various areas inside the United States and abroad in central banks of other countries.”

The Governor of the Central Bank continued, “There is diversity in the nature of these reserves, such as geographical and qualitative diversity in these investments, which are in the form of bonds, gold, goods, and others.”

Regarding the issue of financial reform in Iraq, Al-Alaq explained, “Iraq has a multi-faceted program in this framework, as the first aspect is harmony, adaptation, the adoption of international standards in financial transactions, and the application of compliance rules and laws related to combating money laundering and terrorist financing,” stressing that “there is interest.” Dollin is very focused on ensuring that transactions are free of any violations, violations, or suspicious issues.”

He continues by saying: “Given that the financial relationship with the United States of America is broad and large, the Iraqi financial system must be protected, as well as the system in America, and any money laundering or terrorist financing operations must be prevented from entering through it,” noting that “there is continuous coordination and common understanding, throughout the years.”

The past in order to achieve this goal, which includes the presence of broad plans and programs, relying on international consultations and contracting with major offices specialized in this field, with which the Central Bank is organizing these matters in order to achieve the great goal, which gives positive messages to financial institutions all over the world.

As for the second matter, he stated, “This matter revolves around reforming the banking sector itself, and many details revolve around it with plans being worked on, starting with government banks such as Al-Rashid, Al-Rafidain, Al-Sina’i and Agricultural, which constitute 80% of the Iraqi banking sector,” adding by saying:

“If we want to think about the reform process, we have to start from the largest part, as it was agreed in direct coordination with the Prime Minister, the government, and the Central Bank to reform these banks, through a large plan that is now underway in contract with one of the large international companies, which includes restructuring.”

He continued his speech, saying, “There is a great focus on targeting the structure to advance these banks by introducing strategic partners from outside Iraq, who have accumulated experience in this field,” stressing that “there are clear desires from some internationally accredited banks to participate in this field, and we are still awaiting a study.

” The company in charge of this matter in order to attract investors from inside Iraq, as it will be like public joint-stock companies that absorb capital from within the country, in addition to the necessity of having a strategic partner to modernize government bank departments in a way that reaches the advanced level.”

He pointed out, “Government banks were very late due to the circumstances that the country went through, and it is necessary to keep pace with the process of major changes,” explaining that “the detailed study of this project will be presented in the eighth month, and then there will be clarity about the road map and the next steps so that appropriate measures can be taken.” “In this regard.”

Al-Alaq stated, “This is one of the things that was discussed during the meeting with the US Treasury, and it was very welcomed by all parties, not just in the United States, as it is an existing and ongoing question by the parties of international institutions.”

Regarding the US sanctions on Iraqi banks, he added: “We have a close relationship with the US Federal Bank, and what happened was the emergence of a list of bank names, where the issue was not imposing sanctions on these banks, or including them in the sanctions list, but rather depriving them of dealing in dollars only.”

Pointing out that “the Central Bank took a serious look at the merits of the issue and how to take future measures, and this is part of the dialogue that took place, whether it was in the presence of the Prime Minister with the US Treasury, or even during the meetings held by the Central Bank with the US Federal Reserve.”

He noted, “Violations in the banking sector exist, and may occur, and this is the work of the Central Bank constantly, as we have a committee specialized in fines and penalties, which receives inspectors’ reports, and imposes these fines on an ongoing basis in accordance with the Money Laundering and Anti-Terrorism Law.”

Regarding the repercussions of this suspension on the Iraqi economy, Al-Alaq stated, “This suspension certainly has negative effects, but it will not threaten the Iraqi economy, especially since external transfer operations and the exchange rate continue normally.”

As for the fictitious companies that sell the dollar, the Governor of the Central Bank stated, “These phenomena exist in other countries as well, and due to technical developments and dealing through websites, they are an opportunity for fraud at the same time, and the Central Bank has a careful follow-up of these matters and they are reported in the judiciary.” Considering the use of these means to trap others, we warn against them.”

Al-Alaq touched on government debts, explaining: “The current government focused on the external debt, which amounts to a minimum of $9 billion to multiple parties, which is the lowest over the past years due to continuous repayments. As for the domestic debt, it has reached approximately 70 trillion dinars.”   336 views 04/22/2024 – https://economy-news.net/content.php?id=42696

Iraq Sixth: The International Monetary Fund Expects Inflation Rates For Arab Countries During 2024

Economy | 11:58 – 04/22/2024   Mawazine News – Baghdad  On Monday, the International Monetary Fund revealed its expectations for the inflation index for Arab countries for the year 2024, as Iraq ranked sixth among the countries of the region.

According to the Fund’s report, which Shafaq News Agency reviewed, the inflation index in Sudan was 145.5%, Egypt was 32.5%, and Yemen was 16.9%, as the highest expectations for Arab inflation rates for the current year.

While Algeria ranked fourth in the Arab world with an expected inflation rate of 7.6%, followed by Tunisia in fifth place with an expected inflation rate of 7.4%.

Iraq came in sixth place with 4%, followed by Kuwait 3.2%, Mauritania 2.8%, Jordan 2.7%, Qatar 2.6%, Saudi Arabia 2.3%, and Morocco 2.2%.

While the UAE came at 2.1%, Bahrain at 1.4%, and Oman at 1.3%, achieving the lowest expectations for Arab inflation rates for the current year.

These ratios are affected by several factors, including currency exchange pressures in some Arab countries, fluctuations in energy and food prices, and other factors specific to each country.

Last year, the International Monetary Fund expected that inflation in Arab countries would witness a relatively high rate of 9.3% in 2023, affected by various factors such as the decline in currency exchange rates for a number of Arab countries, and fluctuations in energy and food prices.

However, the report expects inflation to decline to about 3.6% during the current year, and these inflation trends underscore the complex economic landscape in which Arab countries operate and the need for careful policy management.   https://www.mawazin.net/Details.aspx?jimare=246442

The Ministry Of Planning Discusses The Next Steps Of The National Development Plan (2024-2028)

Monday 22 April 2024 | Economical Number of readings: 325 Baghdad / NINA / Today, Monday, the Ministry of Planning held a meeting of the Preparatory Committee to prepare the National Development Plan for the next five years (2024-2028), as part of its ongoing series of meetings in this regard, headed by the Undersecretary for Technical Affairs, Maher Hammad Johan.

A statement by the Ministry of Planning stated: “The meeting witnessed a review and discussion of the next steps of the plan, and the procedures for designing, printing, reviewing and drafting the plan with the possibility of providing support in this regard, as well as the media campaigns dedicated to the plan, and a discussion of the results that will be presented through technical support to the private sector.”

The meeting also dealt with technical support to the Statistics and Geographic Information Systems Authority regarding the labor market observatory, as well as a discussion about the steering committee for the economic reform project./    https://ninanews.com/Website/News/Details?key=1122403

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Provoking Points To Ponder on Failures and Mistakes

Failure is only an opportunity to begin again more intelligently.- Henry Ford

Disappointments are to the soul what the thunder-storm is to the air.- J. C. F. von Schiller

The wisest person is not the one who has the fewest failures, but the one who turns failures to best account.- Richard R. Grant

One of the advantages of defeat in life – maybe the main advantage – is that it provides an excuse for change. Defeat… invariably leads to new adventures.- James Reston

Failure is God’s own tool for carving some of the finest outlines in the character of his children.- Thomas Hodgkin

I quit being afraid when my first venture failed and the sky didn’t fall down.- Allen H. Neuharth

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