Iraq Economic News and Points to Ponder Sunday Evening 5-5-24


 Iraq Economic News and Points to Ponder Sunday Evening 5-5-24

Revealing The Latest Developments In Changing The Exchange Rate And The Barrel Of Oil In The 2024 Budget

 Economy| 02/05/2024  Mawazine News – Baghdad,  Deputy Chairman of the Parliamentary Planning Committee, Muhammad Karim, confirmed today, Thursday, that the current year’s budget will proceed after completing the changes in its schedules for allocations for governorate and ministries projects only. Karim told Mawazine News,

  “The exchange rate of the dollar, the barrel of oil, and the quantity exported will remain the same according to what was proven in last year’s budget.”

He pointed out that  “the tripartite budget approved by the Sudanese government and approved by the House of Representatives allowed the government to make changes and amendments imposed by the impact after the parliament’s vote.” 

He pointed out that  “the changes to the schedules will include projects of ministries and governorates in accordance with the requirements of the government program.”

Savings And Financial Inclusion

 Economical 05/06/2024  Muhammad Sharif Abu Maysam   There is a close relationship between saving and financial inclusion, as

economies with good levels of saving are usually more


     stable, and

     consistent in financial trades and exchanges,

     growth rates, and the

     ability to withstand shocks.

 It seems that this relationship was an impetus for adopting the slogan

“Towards encouraging saving to enhance… Financial Inclusion” on the occasion of the Arab Financial Inclusion Day, which falls on April 27th every year.

 Financial inclusion means providing financial services to all societal groups and encouraging them to open bank accounts, by

     opening more bank branches in places far from city centers, and

     introducing more payment systems and technologies that contribute to

     reducing episodes of slackness in performance and

     resoring confidence between the public and the banking sector.

 This establishes the withdrawal of the cash mass stored in homes and other places of hoarding, and thus recycling it in credit operations and economic projects in order to  support the business environment and  address the problem of unemployment in the labor market and  thus achieve sustainable development.

 The banking sector in our country participates in financial inclusion activities that promote and open up to the public in public places, universities, and commercial centers, with the aim of encouraging the public to deal with the banking sector and increasing the proportion of transactions and transactions in the banking arena, thus achieving the highest levels of savings.

 Such productive activities may have a degree of impact depending on the regions in which they are held, and complement what the relevant authorities are working for in the context of adopting electronic payment systems and protecting the public.

 However, there are obstacles that need to be contemplated and reconsidered if we want to achieve positive results in the file.

 Encouraging savings, and  achieving the complementary relationship between financial inclusion and     withdrawing the public’s accumulated cash mass,  which the relevant authorities estimate at approximately 70 percent of the issued cash.

The first of these problems that need study and contemplation is the problem of the difference in the currency exchange rate, which prompts the public to buy foreign currencies as a safe haven. From exchange rate fluctuations,

 solving this problem contributes significantly to creating trust between the public and banks, in addition to the possibility of raising the interest rate in light of the increase in government spending on service projects, which may result in an increase in inflation rates, and  we believe that providing banking privileges to savers is the way.

 It is appropriate to encourage saving, such as guaranteeing access to housing units for savers, especially children and young women, at half the price after ten or fifteen years of saving at certain rates, or offering a free marriage grant if these age groups continue saving for about a number of years.

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Provoking Thoughts and Points to Ponder on Wealth

I have enough money to get by. I’m not independently wealthy, just independently lazy, I suppose. – Montgomery Clift

I have no complex about wealth. I have worked hard for my money, producing things people need. I believe that the able industrial leader who creates wealth and employment is more worthy of historical notice than politicians or soldiers.  – Paul Getty

I was born into it and there was nothing I could do about it. It was there, like air or food, or any other element. The only question with wealth is what you do with it.  – John D. Rockefeller

I wish to become rich, so that I can instruct the people and glorify honest poverty a little, like those kind-hearted, fat, benevolent people do.  – Mark Twain

 In big houses in which things are done properly, there is always the religious element. The diurnal cycle is observed with more feeling when there are servants to do the work.  – Elizabeth Bowen