Iraq Economic News and Points to Ponder Monday Afternoon 12-11-23


Iraq Economic News and Points to Ponder Monday Afternoon 12-11-23

Tlm724 Administrator Bondlady’s Corner

Report: More Than 90 Trillion Dinars In Cash Are In Circulation Outside The Banking System In Iraq
Economy     Iraq     breaking     Economic institution     Money in circulation     Outside the banking system
2023-12-09 21:55  Shafaq News/ The Future Iraq Foundation for Economic Studies and Consultations counted, on Sunday, the local currency circulating outside the banking system in the country during the year 2023, and said that it exceeded 90 trillion dinars.

The institution stated in a report published today that the value of the issued cash currency increased from 78 trillion dinars at the beginning of the year 2022 to reach more than 102 trillion dinars at the end of the year 2023, with a
growth rate in the issued cash currency amounting to 9.24% during 2023 and a growth rate in 2022 amounting to 20%, an increase.

For the year 2019, by 58 trillion Iraqi dinars, according to data from the Central Bank of Iraq. The report added that the  cash currency outside the banking system amounted to approximately 93 trillion Iraqi dinars, an increase of 30% compared to 2022, and
it is the highest volume of funds existing outside the banking system throughout the history of the Iraqi banking system.
According to data from the Ministry of Planning, the  population of Iraq reached 43 million people in 2023, representing only 60% of them over the age of 15 years.
Therefore, the number of Iraqis’ population who are more than 15 years old exceeds 26 million people, and based on the Ministry’s figures Work, which indicates that the size of
social welfare beneficiaries is approximately 14 million people, while the number of adult Iraqi citizens who are not covered by social welfare is approximately 12 million people.
The report indicated that, based on data from the Ministry of Labour, the Ministry of Planning, and the Central Bank of Iraq, it can be concluded that the average value of each Iraqi’s 12 million people hoarding money in the Iraqi currency “exclusively” is approximately 7.2 million Iraqi dinars per citizen, higher than in 2019, which was approximately 4 million. Iraqi Dinar.
According to the Foundation, considering that each home contains at least two adults (a man and a woman) who are not covered by social care, the rate of each Iraqi home hoarding money exclusively in the Iraqi currency amounts to 15 million Iraqi dinarswhich is a higher percentage than in 2019which was approximately 8.12 million dinarsIraqi.
The report noted that, based on these official figures issued by official bodies, every adult Iraqi citizen over the age of 15 (man and woman) who is not a beneficiary of social welfare was able to increase his money stored in Iraqi dinars by 1.2 million Iraqi dinars during the years 2022 and 2023 despite From the decline in the value of the dinar compared to the dollar in the local market, in addition to the rise in commodity prices and the rise in inflation rates by 4%, according to data from the Ministry of Planning.

Hoarded money is defined as the value of money that a person keeps away from the banking system, and does not invest it or buy his own assets, but rather keeps it away from financial institutions and exclusively in the Iraqi currency and not in other currencies.
The institution concluded in its report that some believe that these numbers may be illogical, and that Iraqis are suffering from a major shortage of funds and deteriorating social conditions.
However, what is proven is that the Central Bank of Iraq has, in two years, exported more than 24 trillion Iraqi dinars, warning that more Of the 22 trillion Iraqi dinars that were hoarded by adult citizens and non-beneficiaries of social welfare.اقتصـاد/م-سسة-اقتصادية-كثر-من-90-تريليون-دينار-العملة-النقدية-المتداولة-خارج-المنظومة-المصرفية-بالعراق

A Fine Of 3 Times The Price.. Iraq Reveals How To Deal With Goods That “Violate Specifications”

Economy |12-7-2023, 20:49 |  Baghdad Today – Baghdad  Today, Thursday (December 7, 2023), the Central Organization for Standardization and Quality Control of the Ministry of Planning commented on the sale of “traditional” goods of international brands in the Iraqi market.

The director of the media and relations department of the agency, Shaker Al-Abadi, told “Baghdad Today” that

“there are controls that prevent the entry of any industrial goods that do not meet the specifications, and there are international companies that Iraq has contracted with in all countries of the world.

They examine the materials before they enter the country, and upon their arrival they are examined.” And also check it during the first examination. Al-Abadi stated,

 “Any goods that come to Iraq after being examined by the foreign company and do not conform to international specifications, those companies will be fined three times the price of the goods, and

for this reason there are strict procedures to follow up on the work of these companies, and they are all international companies and most countries in the world deal with them in this way.” the field”. He added,

“Non-original materials that do not meet specifications enter Iraq through smuggling and fraudulent methods and are not subject to oversight and approval by the Central Standardization and Quality Control.

Most of these materials enter through the border crossings of the Kurdistan region, which are outside the control of the federal government, and more.” Of the 80% of non-original goods hit the market, their origin is in the region.  They enter from there and are then smuggled to other Iraqi provinces.”  

Prime Minister Muhammad Shiaa Al-Sudani announced yesterday during his speech at the conference on reforming the tax system in Iraq, that   

“total imports, according to data from the Ministry of Planning, indicate imports worth 42 billion dollars, of machinery, goods and products, and data from the Central Bureau of Statistics indicate the presence of imports worth 16 billion dollars.”  This means that $26 billion was not subject to customs duties and taxes.”غرامة-3-أضعاف-السعر.-العراق-يكشف-كيفية-التعامل-مع-البضائع-المخالفة-للمواصفات.html

In 2023.. Iraq Is Eighth Globally In The Organized Crime Index

 security     2023-12-11 | 357 views  Al-Sumaria News – Statistics  The Global Organized Crime Index showed that Iraq’s ranking in the crime index increased during the year 2023 compared to 2021, as Iraq ranked eighth in the world and second in the Asian continent.

According to the index reviewed by Al-Sumaria News, the degree of crime in Iraq during the year 2023 reached 7.13 degrees, compared to the year 2021, which then reached 7.05 degrees.

The index shows that  Iraq is ranked eighth out of 193 countries globally in the crime index, and ranked second out of 46 countries on the Asian continent, and first out of 14 countries in the West Asia region.

The types of organized crime spread in Iraq included many cases, and the criminal markets represented by human trafficking and smuggling, extortion, trade in counterfeit goods, and arms and drug trade came in first place.

In 2023.. Iraq is eighth globally in the organized crime index Clip_image004لثقلثقلثقلثقلثقلث-638378761075778764.pngفي-2023-العراق-الثامن-عالميا-بمؤشر-الجريمة-المنظمة

To read more current and reliable Iraqi news please visit BondLady’s Corner:

Provoking Points To Ponder on Adversity:

Since your behaviors on the outside are the real indicators of who you are on the inside, only by observing how you behave when things go wrong can you tell what you really have inside you.

Let’s make one thing clear at the beginning. Life is a continuous succession of both small and large problems. They never end. No sooner do you get control of one situation when you are hit by another. Life is a process of “two steps forward and one step back.” 

When you become a great success, you simply exchange one type of problem for another. 

Before, you had small problems with limited consequences; now you have large problems with enormous consequences. 

No matter how smart and clever and careful you are, you’ll face challenges, difficulties and sometimes heartbreaking adversities every day, week and month of your life.

And thank heaven for that! You couldn’t possibly have become the person you are today if you had not had to contend with adversity on your way up.

Perhaps your chief aim in life is to develop a noble character, to become an excellent human being, to become everything you are capable of becoming. 

Only by contending with challenges that seem to be beyond your strength to handle at the moment can you grow more surely toward the stars.

The starting point in dealing with any difficulty is simply to relax. Clear your mind. Get yourself into a state where you’re calm and cool and in full control of your emotions and senses. Back off mentally, and become as objective as possible.

Step back and look at the problem with a certain amount of detachment, as if it were happening to someone else. When you can analyze your adversities clearly, you sometimes see opportunities to turn them to your best advantage.

Remember, too, that you are never sent a difficulty that is too big for you to handle. Whatever problems or adversities you face, you have within you the resources to deal with them. You have the creative ability to find a solution to your problem. 

You have within you, right now, everything you need to deal with whatever the world can throw at you.

Now, here are three steps you can take immediately to put these ideas into action.

Continued…………………………. More to Come