TNT – “Tidbits From TNT” Sunday 10-29-2023

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Tishwash:  More than 100 billion dinars in fines from the Iraqi Central Bank on banks and exchange companies

The Central Bank of Iraq announced on Sunday that the fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 104 billion Iraqi dinars during the past nine months.

A table of the bank, seen by Shafaq News Agency, showed that the fines imposed on banks and financial companies during the past nine months, starting from January and until September, amounted to 104 billion, 769 million, 332 thousand and 606 dinars, indicating that “the fines also included 348 administrative penalties.” For these banks and non-banking institutions, there was a range of warnings, warnings, and grace periods.”

The table showed that “the month of April witnessed the highest fines for banks and non-financial institutions, as these fines amounted to 17 billion, 440 million, 383 thousand and 447 dinars, with administrative penalties amounting to 17 penalties, while the month of June witnessed the lowest fines, as they amounted to 8 billion, 353 million, 387 thousand and 476 dinars.” dinars with administrative penalties amounting to 50 penalties.

The table did not show the names of the banks on which fines and administrative penalties were imposed.

The Association of Investors in the Iraqi Stock Exchange had criticized, in early June, the Central Bank of Iraq’s increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks.  link

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CandyKisses:  Trade: International participation in the largest Baghdad International Fair in years

Economy News _ Baghdad

The Ministry of Commerce announced the increase of the exhibition spaces allocated inside the pavilions of the Baghdad International Fair, after doubling the number of companies and countries that will participate in the work of its 47th session, the largest compared to previous years.

The director of the General Company for Exhibitions and Commercial Services in the ministry, Talib Hassan Nehme, said in an interview withAl-Sabah” followed by “Economy News”, that his ministry, after doubling the number of Arab and foreign companies to 150, and countries to 23, which announced their intention to participate in the work of the Baghdad International Fair in its 47th session, raised the areas by seven thousand m2, to reach the total area to 23 thousand square meters, through the establishment of large halls equipped in accordance with international controls.

He pointed out that logistical preparations began early for the exhibition under the slogan (Iraq Continues), which will start its activities at the beginning of January next year for ten days, as it is a major and important economic event for the country, in light of the ongoing development reconstruction booms within the government program.

Nehme attributed the reason for postponing the date of the Baghdad exhibition from the beginning of next month to January, to the ministry’s continuation so far to receive requests from countries and companies to contribute to its activities, in addition to Iraq’s move towards the regional and Arab space and changing the compass of trade exchange.

Regarding the ministry’s plans to establish a major exhibition city on the outskirts of Baghdad between the Abu Ghraib district and Al-Amriya, he stressed that its work will be started immediately after obtaining the land from the ministry’s General Company for Central Markets, to show the civilized face of Iraq, and to receive the largest number of countries, turning the exhibition into a global destination that meets ambition.

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Tishwash:  The Prime Minister’s advisor explains the importance of legislating the economic reform law

 Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, outlined the paths of partnership between the state and the private sector, while explaining the importance of legislating the economic reform law.

Saleh said to the Iraqi News Agency (INA): “The government’s current and future economic vision was touched upon by the government program through many axes focused on describing the future of the economic system in the country,” indicating that “the description took its way in building a real partnership between the state and the private sector, with the aim of Creating a gradual departure from the dominance of oil rents in keeping the country captive to economic unilateralism and adopting oil wealth revenues alone as a sole basis for financing productive activities in the economy.

He explained, “Partnership opportunities with the private sector have taken different paths today, including financing partnerships, which include issuing carbon bonds or reconstruction bonds toward market resources,” noting that “the private sector will contribute to financing economic development, in addition to the role of the Iraq Development Fund, which There will be an increase in direct financing from the government to meet the need of civil society activity to finance its investments at various levels, according to a strategy targeting small and medium-sized activities and others.”

He pointed out that “among the paths is the government’s role as an actual guarantor in supplying Western technology to private activity, especially in the industrial sector, agricultural industries, and other digital activities,” stressing that it is “a guarantor partnership for the supply of advanced technology to the country with financial government guarantees within the vision of partnership between the state and the private sector.”

To achieve a unified development goal in which human, financial and organizational resources are mobilized between the state and the private sector and with advanced external technological support.”

He continued, “The legislation of the economic reform law, the implementation of which will represent a new pattern of partnership in investing in strategic economic activities, especially between the arms of the productive private sector and the government, to extend investment activities to wide areas such as unexploited natural resources and forms of jointly operated infrastructure.”  link