Iraqi News Highlights and Points to Ponder Wednesday AM 5-8-24


Iraqi News Highlights and Points to Ponder Wednesday AM 5-8-24

An Expert Comments On The Use Of The Iraqi Currency In Commercial Transactions With Iran

Baghdad today – Baghdad   Today, Tuesday (May 7, 2024), expert in financial and economic affairs, Alaa Glob Al-Fahd, commented on the possibility of Iraq losing money through its use of the national currency in commercial transactions with Iran .

Al-Fahd told Baghdad Al-Youm, “The idea of ​​commercial dealings being in the local currency between Iraq and Iran is not new today. Rather, it is a decision by the Central Bank of Iraq as well as the Iraqi government to negotiate this issue with more than one country, not just Iran, including Iran.” The UAE”.

He explained that “exchange is in the UAE dirham, with China in the yuan, with Iran in the toman, and even with Turkey there is negotiation that trade exchange be in the lira .  ”

He continued, “This matter creates confidence in the local currency, when it has value at the global level and this follows the strength of the Iraqi dinar, and this issue does not constitute any loss for Iraq and Iran .  “

He added, “This currency will be transformed into goods or exchanged and bartered, if there is a joint trade exchange between the two countries. We believe that this issue has many more positives than negatives. This gives strength to the local currency and gives it confidence even at the level of the citizen and merchant as well as the foreign merchant and not Local only.”

Yesterday, Monday, Iranian Vice President Mohammad Mokhber called on Iraq to use “national currencies” in trade and economic exchanges between the two countries .

The office of the Iranian Vice President said in a statement followed by “Baghdad Today”, “The necessity of expanding economic relations and improving the level of trade cooperation between the Islamic Republic of Iran and Iraq was emphasized .  “

 He added, “The relations between Tehran and Baghdad are close, strong and sincere, and the union of the two countries is a source of loss and fear for enemies and a point of hope and prosperity. They are two countries and their people will taste the sweet taste of this union in expanding economic relations between them.”  LINK

It Did Not Reach The Council.. Parliament Determines The Mechanisms For Dealing With The 2024 Budget Schedules

Politics |Baghdad today – Baghdad   Today, Wednesday (May 8, 2024), Member of Parliament Arif Al-Hamami revealed the mechanisms for dealing with the 2024 budget schedules, while indicating that there are no legal obstacles and that solutions are available.

Al-Hamami said in an interview with “Baghdad Today” that “after May 9, the recess for the legislative term of the House of Representatives will begin,” noting that “until this moment, the 2024 budget schedules have not arrived.”

He added, “The schedules arrived today or tomorrow. It is possible to extend the legislative term until the budget is completed, but if they arrive late, the Finance Committee will work in terms of auditing and then address the Presidency of the House of Representatives to hold an emergency session to vote.”

He pointed out that “there are no legal obstacles and solutions are available,” noting that “the Council is awaiting the 2024 budget schedules in order to know its provisions and proceed with voting on it according to legal mechanisms.”

On May 4, 2024, the Council of Ministers revealed the latest developments in passing the financial budget schedules for the year 2024, while indicating that the Ministry of Finance had not sent the schedules to the Council until now .

 The Minister of Culture, Ahmed Fakak Al-Badran, said in an interview with “Baghdad Today” that “the Council of Ministers is awaiting the arrival of the schedules from the Ministry of Finance for the purpose of discussing them and passing them to Parliament for the purpose of voting on them,” pointing out that “whenever those schedules reach us, we will be ready to vote on them.”

Prime Minister Muhammad Shiaa Al-Sudani discussed, on Tuesday (April 30, 2024), with Acting Speaker of the House of Representatives Mohsen Al-Mandalawi, the completion of the 2024 budget schedules and sending them to a vote .

Al-Mandalawi’s office said in a statement received by “Baghdad Today” that “Acting Speaker of the House of Representatives Mohsen al-Mandalawi met, on Tuesday, with the Prime Minister, Muhammad Shiaa al-Sudani,” noting that “the meeting discussed the latest local developments and political efforts to complete constitutional entitlements, by deciding the choice Speaker of the House of Representatives .”

Al-Mandalawi and Al-Sudani agreed, according to the statement, “on the necessity of completing the schedules of the budget law for the year 2024, and expediting their sending to the House of Representatives for the purpose of discussing and voting on them, due to their connection to the lives of citizens and their focus on investment spending for new projects,”

stressing “the importance of integrating the work of the legislative and executive authorities and reflecting that.” To speed up the adoption of important laws, and to support efforts to implement the government program and anti-corruption steps.”  LINK

Deficit” Is The Password.. Parliamentary Finance Decodes The Budget Delay

Economy | 08:03 – 05/07/2024  Mawazine News – Baghdad  A member of the Parliamentary Finance Committee, Muhammad Nouri, revealed on Saturday that there was a large deficit within the 2024 budget, which obstructed sending its schedules to the House of Representatives for approval.

Nouri said in an interview followed by Mawazine News, “The delay in sending the budget schedules from the Council of Ministers to the House of Representatives for approval and then starting work on them is evidence of the existence of a large deficit within this budget, which has exceeded more than 80 trillion.”

He explained, “There is significant government spending that accompanied the 2023 budget and continues until now, including paying the Kurdistan region’s dues and exceeding the original dues, and also the sanctions imposed by the US Treasury may have caused a weakness in revenues, which reflects negatively on the strength of the budget and the government’s ability to address this deficit.”

He continued, “There may be political reasons behind the delay in sending the budget, including the delay in choosing a new speaker for the House of Representatives, and that its delay may hinder the launch of some important and strategic projects.”

He stressed that “the government is currently looking for solutions to address this large deficit and the pressure on expenditures within this budget, as well as the pressure on actual spending to reach a deficit that can be worked on. Among these solutions is increasing the price of oil or maximizing other non-oil revenues.”

Iraq Adopts An Advanced System To Combat Money Laundering And Terrorist Financing[/Size]

May 7, 2024  Baghdad/Al-Masala Al-Hadath: Al-Rafidain Bank explained the importance of adopting a comprehensive banking system, while stressing the work on adopting two advanced systems in the field of combating money laundering and terrorist financing.

The bank’s general manager, Ali Karim Hussein, said that Rafidain Bank has begun, since we took over the bank’s management, to activate the comprehensive banking system in its branches spread across government institutions and border crossings where the collection system is large.

He explained that the comprehensive banking system will simplify the procedures for opening accounts as well as transfer operations, so that the customer will be able to manage his account without reaching the bank.

He pointed out that there are many reforms, including the adoption of the AML and GOAML systems, which are among the internationally required systems, specializing in the field of combating money laundering and terrorist financing, in addition to the adoption of electronic systems in which the human hand does not interfere, as they are the ones who prepare the lists and conduct the scanning process electronically and not manually.

As a result, the credibility of Rafidain Bank, as well as the banking sector in general, towards international institutions will be guaranteed by its commitment to the requirements and legislation for combating money laundering and terrorist financing.

The Director General of Rafidain Bank stated that the bank’s previous work, due to the lack of an electronic network linking the bank’s branches, meant that customers were businessmen, merchants, and simple citizens who could not carry out any banking operation within a short time.

However, at the present time, the system has been transformed electronically, so that the customer can go to any A branch of our branches spread across Baghdad and the governorates that contains a comprehensive banking system, and accesses his account, and all his data will be available with the employee, which will make it easier for the customer to perform banking operations, whether by withdrawal or deposit.

Provoking Thoughts and Points to Ponder on Wealth

Riches serve a wise man but command a fool.  – Old saying

The first wealth is health.              – Ralph Waldo Emerson

The smell of profit is clean and sweet, whatever the source.  – Juvenal

There are few sorrows, however poignant, in which a good income is of no avail. – Logan Pearsall Smith

The human race has had long experience and a fine tradition in surviving adversity. But we now face a task for which we have little experience, the task of surviving prosperity. – Alan Gregg

Riches enlarge, rather than satisfy appetites.- Thomas Fuller