Iraq Economic News and Points to Ponder Monday Afternoon 5-13-24

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Iraq Economic News and Points to Ponder Monday Afternoon 5-13-24

An Economic Expert Warns Against Excessive Selling Of The Dollar At The Currency Auction

Monday 13, May 2024 15:58 | Economical Number of readings: 160  Baghdad / NINA / Economic affairs expert, Raad Tawij, warned today, Monday, against excessive selling of the dollar in the currency auction.  Twig said in a statement to the National Iraqi News Agency ( NINA ) that, “It is surprising that the Central Bank of Iraq has excessively sold the dollar at a rate of 275 million dollars per day, at a value of 1,400 million dollars during the past week.”

He stressed that “these amounts sold are above Iraq’s consumer needs or the cash supply is above the level of cash demand, and such a matter will represent a depletion of Iraq’s cash reserves.”

The economist continued, “It is possible to control or reduce by reducing unjustified monetary demand within the framework of a strict monetary policy.” https://ninanews.com/Website/News/Details?Key=1126341

The Association Of Private Banks Praises The Iraqi Central Bank’s Approach To Establishing Digital Banks

Economy News – Baghdad  The Executive Director of the Iraqi Private Banks Association, Ali Tariq, praised the Central Bank’s approach to establishing digital banks to keep pace with the great development in the global banking sector.

Tariq said in an interview with Al-Iqtisad News, “The world is moving towards the digitization of banking services, and Iraq has begun its first steps in establishing digital banks, as until now there is a digital bank licensed inside Iraq, and it provides its services normally to the public.”

He pointed out that “the Central Bank of Iraq issued instructions to license banks, which set their number at a rate not exceeding 10% of the total banks operating inside the country, with a capital of 100 billion dinars, with traditional banks participating at a rate of 30%.”

He added, “Digital banks are similar to traditional banks, but they differ in that they do not have branches, and most of their services are via mobile phones,” noting that the size of central banks in the world has increased significantly and has reached more than 500 digital banks.

Tariq noted that “traditional banks are still providing their services through applications, and they are keeping pace with the development taking place in the banking sector.”

193 views  05/13/2024 – https://economy-news.net/content.php?id=43371

Al-Sudani Chairs The First Meeting Of The Supreme Committee For Digital Transformation

Monday 13, May 2024 16:56 | Political Number of readings: 148 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani chaired, today, Monday, the first meeting of the Supreme Committee for Digital Transformation./

https://ninanews.com/Website/News/Details?key=1126346

Involving And Integrating The Private Sector Into The Investment Map For Sustainable Development

Samir Al-Nusairi  Economy News – Baghdad  Within the activities carried out by the Ministry of Planning in implementation of the government curriculum and the government strategy to support and develop the sector

Private sector and its integration into the implementation of the Sustainable Development Goals Investor Map, which was launched yesterday

It discussed in detail the main challenges facing the private sector and the main goals aimed at achieving its effective contribution to improving the investment environment.

While we agree on what is stated in the map, we emphasize the necessity of adding the basic pillars contained in the private sector development strategy, in particular its three time stages and four pillars, what has been achieved since its launch in 2014, and what has not been achieved.

It is also necessary to clarify what has been achieved from Iraq’s Vision 2030, which clearly charted the path to…

Reaching a strong and developmental private sector, in addition to determining what was achieved during the implementation of previous development plans

The economic, financial and banking reform strategy contained in the government’s curriculum of the current government, and what is the real role through which the private sector must contribute with participation and government support in managing the overall economy.

This requires providing a legislative environment and a stable business environment and focusing on the axes that aim to build sound premises for the transition to economic reform. This is what we all agree on, but this requires that the government and the private sector in all its fields of banking, industry, agriculture, energy, health, building, construction, tourism and services participate and cooperate in implementing the interim, medium and long-term economic reform strategy.

This means involving the private sector in a greater role in economic decision-making and market leadership, institutionally and legislatively, through the following:

1- Contributing with the government to improving the business environment in Iraq and providing an encouraging investment climate to attract national and foreign capital.

2- Contributing with the government in creating a new legislative environment based on Article 25 of the Permanent Constitution and strategies and laws for economic reform.

3- Sustaining and activating the partnership, dialogue and cooperation between the private sector and the government by taking rapid measures to activate the Private Sector Development Council and begin its work under the chairmanship of the Prime Minister.

4- Work with the government to provide additional funding sources for the state’s general budget by adopting the development and diversification of resources towards raising the proportion of resources other than oil in the gross domestic product. Activating the real economy

5- Working to encourage the establishment and development of micro, small and medium enterprises in order to achieve comprehensive and sustainable development, including the formation of specialized institutions for this purpose and issuing a special law for the development and development of these projects and determining their economic feasibility and benefiting from the Riyada initiative launched by the Prime Minister, the National Mortgage Strategy and the Riyada Bank. Which the Central Bank is working to launch this year.

6- Activating the role of specialized banks and private banks to provide soft loans to the national private sector.   Views 106 05/13/2024 – 11:59 AM   https://economy-news.net/content.php?id=43378

Iraq’s Internal Debt Rises To More Than 76 Trillion Dinars

Money  and business  Economy News – Baghdad  A new economic statistic revealed that the total internal debt in Iraq rose last April to more than 76 trillion dinars.

According to the statistics published by the head of the Future Iraq Foundation for Economic Research and Consultation, Manar Al-Obaidi, and viewed by Al-Iqtisad News, the total internal debt in April 2024 rose to reach 76.9 trillion dinars, an increase from the month of March 2024 by 5%, as the total debt was Iraq’s internal debt is 73.2 trillion Iraqi dinars, which is 10.39% higher than in April 2023, as the total internal debt at that time was 69.7 trillion Iraqi dinars.

Bonds launched by the Ministry of Finance under the management of the Central Bank also increased by an annual rate of 138%, in addition to an increase in government bank loans to reach 6 trillion dinars, according to Al-Obaidi, who confirmed that the internal debt currently represents 20% of the gross domestic product.   Views 106 05/13/2024 – https://economy-news.net/content.php?id=43382

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