Iraq Economic News and Points To Ponder Monday Afternoon 7-22-24
Al-Sudani's Advisor: Auditing Foreign Transfers Enhances Dollar Stability And Strengthens Monetary Policy
Economy |07/22/2024 Mawazine News – Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Monday, that the approval of an auditing company for foreign transfers is an important step to enhance the stability of the dollar and achieve the objectives of monetary policy.
Saleh explained, in a statement to the official agency, that "the accreditation of an auditing company for foreign transfers will provide additional guarantees for the integrity of compliance processes and the speed of functional performance in market transactions, especially foreign transfers."
He added that this will enhance the efficiency of the money market thanks to the clear information it provides, which contributes to the stability of transactions and raises the level of certainty in the market.
Saleh pointed out that this step will achieve two main objectives of monetary policy: first, improving control over local liquidity and controlling money supply growth rates; and second, stabilizing the exchange market by strengthening the role of the official market and outweighing its positive effects on the parallel market.
He added that the two objectives are linked to the role of monetary policy in stabilizing prices and containing inflationary expectations, which ensures stable real flows through the stability of the external value of money and its compatibility with the stability of the velocity of money circulation internally and the general function of the demand for money in the national economy.
https://www.mawazin.net/Details.aspx?jimare=251709
Al-Nusairi: Implementing Banking Reform Strategies Is The Main Pillar For Reforming The National Economy
Banks Economy News – Baghdad The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed today, Monday, that the banking reform and development strategy is the main pillar for reforming the comprehensive national economy.
Al-Nusairi said in a special interview with “Al-Eqtisad News” that “the strategy of banking reform and development is the basic pillar for comprehensive and radical reform of the national economy in line with what is stated in Article Twelve, Paragraph (7) of the government program, which clearly and accurately stated that (banking reform, with what it provides of a real and effective basis for the advancement of the Iraqi economy and the activation of investment through the restructuring and mechanization of government banks, reviewing their work, and stimulating and enabling private banks to be able to support investment and development in a real way).”
Al-Nusairi touched on the "importance of the banking sector, as it occupies a vital position within the financial structure of the economy in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform."
He pointed out "the measures currently taken by the Central Bank with the support of the government to launch its new third strategy for reforming and developing the banking sector for the years 2024-2026 according to seven main objectives, 24 sub-objectives and 75 initiatives to implement the objectives focusing on achieving monetary and financial stability, strengthening the banking sector, enhancing digital transformation, activating electronic payment, enhancing financial inclusion, maintaining a sound financial system, developing the organizational structure and human resources, strengthening the internal and external relations of the Central Bank, and the banking sector's compliance with international standards."
Al-Nusairi pointed out that "a national strategy for bank lending in Iraq for the years 2024-2029 was launched, aiming to increase credit granted to the private sector by 4% of the non-oil GDP, which is equivalent to approximately 7 trillion dinars, and the second goal is to increase credit to small and medium enterprises by 3% of the non-oil GDP, which is equivalent to approximately 5 trillion dinars."
He stressed that "the new mechanisms depend on organizing the granting of loans to develop small, medium and micro enterprises by relying on and relying on a new approach to determine the basic objectives of economic development, evaluating the current situation of private sector financing, and benefiting from international experiences in this field, as well as continuing the procedures and using monetary policy applications to control the exchange rate and reduce the gap between the official rate and the parallel rate towards reaching the targeted and balanced exchange rate."
Al-Nusairi explained that, "If it were not for the many services provided by the banking system in developed countries, these countries would not have been able to achieve the progress and economic growth they have achieved."
He explained that "the strength of the banking structure has become a necessity for building a prosperous economy that adopts modern systems and sound sustainable development. The development of banking habits and awareness of the importance of developing banking institutions in a way that ensures the building of a national savings base and develops the financial resources necessary to build the economy have become priorities for decision-makers."
The advisor to the Private Banks Association continued: “The soundness of the banking system and the mobilization of sound decisions in the field of economic policies towards developing and modernizing banking systems ensures the achievement of momentum in the world of real and financial investment, which stimulates financial and monetary markets, which leads to attracting foreign capital seeking profit.
Therefore, the decision-maker should take the necessary measures to fortify and strengthen local banking systems in a way that makes them capable of facing the challenges of transferring capital to and from abroad without causing money laundering or smuggling foreign currency, and then increasing the profitability of financial and banking institutions and strengthening the structure of the gross domestic product, which is what the government and the Central Bank are currently active in.”
254 views 07/22/2024 https://economy-news.net/content.php?id=45452
Iraq, US Discuss Future Of International Coalition Mission In Washington
July 22, 2024 Baghdad - Al-Zaman US Ambassador to Baghdad Alina Romanowski announced on Monday the start of discussions between Iraq and America regarding the future of the international coalition mission.
“Today, the US-Iraq Joint Security Dialogue begins in Washington, DC,” Romanowski wrote in a post on the X platform.
She added, "Security officials from the United States and Iraq will discuss the future of the international coalition mission and strengthening security cooperation between our two countries." LINK
Prices Have Risen 95% In The Past 16 Years.. Iraq Rethinks The “Poverty Line” Standard
Economy 2024-07-22 | 2,090 views Alsumaria News – Economy The Ministry of Planning is looking into reconsidering the poverty line in Iraq, based on the poverty line survey that began a year ago and is supposed to end at the end of this month, at a time when the prices of all types of goods, services and real estate in Iraq have differed from 2007 until now by about 95%.
The spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said, "The survey that the ministry began in July of last year is expected to end by the end of this month, so that we will have new results to update the poverty line annually in light of inflation indicators and the results of the ongoing annual surveys of the social and economic status of the family."
He pointed to "preparing a national map that highlights the geographical pockets of poverty at the level of the smallest administrative unit and updating it," noting that "the ministry is preparing to prepare a new five-year strategy 2024-2028, in addition to awaiting the results of the survey to be a vision based on realistic principles," according to Al-Sabah newspaper.
Data and annual reports indicate that overall prices in Iraq have increased by about 95% from 2007 to 2023, as food prices increased by about 84%, and rents by 78%, according to the Iraq Future Foundation for Strategic Studies. LINK
More Than $279 Million.. Central Bank Sales Today
Monday 22 July 2024 | Economic Number of readings: 172 Baghdad / NINA / The Central Bank of Iraq announced, on Monday, the total sales of foreign currency through the electronic window.
The window recorded the total amounts of transfers abroad (remittances, credits) of $ 266,511,934, while the total cash sales amounted to $ 13,300,000, and the total sales amounted to $ 279,811,934.
The sale was assigned to transfers and cash at a price of 1310 dinars per dollar, while the price for bond credits and international settlements for the electronic card was 1305 dinars. https://ninanews.com/Website/News/Details?key=1142838
Stock Exchange: 341 Million Shares Traded In Monday's Session0
Market Economy News – Baghdad Monday's session at the stock exchange witnessed the trading of 341.7 million shares, worth 773.3 million dinars.
The stock exchange index decreased by 0.65% after the shares of 19 traded companies decreased.
On the other hand, the shares of 5 companies rose and 647 deals were executed.
45 views 07/22/2024 -https://economy-news.net/content.php?id=45468
Al-Sudani Directs To Focus On Supporting The Iraqi Olympic Mission In The Paris Olympics
Local | 07/22/2024 Mawazine News – Baghdad Prime Minister Mohammed Shia al-Sudani directed, on Monday, to follow up on the needs of the Iraqi mission to the Paris Olympics and support the national team in the World Cup qualifiers.
His media office stated in a statement received by / Mawazine News /, that "al-Sudani followed up on the procedures related to the three sports initiatives that he launched last June, during his reception of his advisors for sports affairs, Khaled Abdul Wahid Kabyan and Iyad Binian."
He stressed "continuing to follow up on the needs of the Iraqi Olympic mission participating in the Paris Olympics, and providing all facilities and care for it, especially the Olympic football team. As well as supporting the national team in its upcoming entitlements, related to the decisive qualifiers for the World Cup."
Last June, Al-Sudani launched three foundational projects in the sports sector, in order to develop the sports reality. These are the (Olympic Champion) project, which includes preparing champion players qualified to participate in the 2028 and 2032 Olympics, to achieve the goal of obtaining Olympic medals. The second project is to support hosting the (West Asian Youth Olympics for individual games).
The third project includes allocating a budget to the Olympic federations to complete the infrastructure facilities within the current investment plan for the coming year. https://www.mawazin.net/Details.aspx?jimare=251698
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