TNT – “Tidbits From TNT” Saturday 12-2-2023

CandyKisses:  Sudani: We have the natural resources that enable us to export products outside Iraq

Prime Minister Mohamed Shia al-Sudani said on Saturday that Iraq has the natural resources that qualify it to meet the market’s need for local products and export the surplus outside the country.

Al-Sudani said in a speech during the launch of the Industrial Partnerships Forum in Basra, that this government has placed among the five priorities the reform of the economy, and no economic reform in any country such as Iraq, or change the philosophy of a monoeconomic state and dependence on oil depending on the sectors of industry, agriculture, tourism and trade.

“We have the natural resources to establish a sustainable and advanced industry that meets the needs of the local market, and it can also be an industry that leads to the export of its products outside Iraq,” he said.

CandyKisses:  At the beginning of the week New low in dollar prices in Baghdad and Erbil

Shafaq News / Dollar prices fell, on Saturday, in the markets of Baghdad, and in Erbil, the capital of the Kurdistan Region.

The correspondent of Shafaq News said that the dollar prices fell with the opening of the stock exchanges of Al-Kifah and Al-Harithia to record 156,250 dinars against 100 dollars, while prices last Thursday were 156,500 dinars against 100 dollars.

Our correspondent pointed out that the selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 157,250 Iraqi dinars, while the purchase amounted to 155,250 dinars per 100 dollars.

In Erbil, the stock exchange does not trade on public holidays, but it also recorded a decrease in exchange shops, the selling price is 156,300 dinars against 100 dollars and the purchase price is 156,000 dinars for 100 dollars.

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Tishwash:  Al-Sudani: We cannot continue to watch Iraq remain a consumer market

The Prime Minister, Muhammad Shiaa Al-Sudani, stressed the government’s work methodology in establishing economic partnerships and industrial cities with neighboring countries. While he pointed out that Iraq has the natural resources to establish a sustainable and advanced industry, he stressed the government’s endeavor to achieve an industry that exports its products outside Iraq.

He stressed in his speech during the Industrial Partnerships Forum in Basra, followed by Al-Iqtisad News, that the government “provided sovereign guarantees to the private sector and seeks to achieve an industry that exports its products abroad   link

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Tishwash:  Sudanese advisor talks about the digital dollar and the electronic payments system

Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, explained the benefits of adopting the electronic payments system in transactions inside Iraq, and while he pointed out that among them is providing the most efficient use of the monetary mass, he stressed that Iraqi law rejects the use of the cash dollar in internal settlements.

Saleh said in a press interview, “The cash payments system is linked to a high degree of certainty whenever payments are made by electronic or digital means, which provides an indicator of liquidity for the banking system and reduces the degree of uncertainty in banking liquidity.”

He added, “The payments system provides sufficient information about the flow of cash into the banking system, makes clear the amounts of paid and accumulated amounts, and indicates their actual balances at all times during the banking working day. Conversely, in light of monetary systems that rely on direct cash payment, banking liquidity management policies surround… It also uses additional hedges of idle liquidity in order to guard against liquidity risks.

He continued, “This matter disrupts an aspect of banking operations and credit in particular, so as electronic payments increase as a behavior in daily dealings, the management of the cash mass and its flow in the banking system will be subject to the rule of clarity in cash management and then directing bank credit towards profitable areas by expanding activity.” Credit is what provides efficient use of the cash mass, as well as a decrease in the rate of cash leakages outside the banks, which means that a structural change in the behavior of cash demand among individuals and at banks will tend towards a decline due to dealing with electronic payment systems that are linked to bank accounts.”

Saleh continued, “Thus, the development of the payments environment and its transition from the direct cash environment or cash payment in payment and receipt operations to the use of electronic payment will, in all cases, reduce the risks of local cash payment in currencies other than the dinar and distance the national economy’s transactions from cash payment in foreign currency.”

Because digital payment systems do not allow transactions in the local economy in anything other than the dinar, i.e. the national currency, and certainly the economy’s tendency in its transaction payments is to (the digital dinar) instead of (the cash dollar), whose transactions in internal settlements are legally rejected completely by virtue of the principle of monetary sovereignty of the dinar. link