Iraq Economic News and Points to Ponder Saturday Evening 10-20-23
Iraq Economic News and Points to Ponder Saturday Evening 10-20-23
Tlm724 Administrator Bondlady’s Corner
The Governor Of The Central Bank Sets Criteria To Achieve Exchange Rate Stability
Political | 02:51 - 10/21/2023 Baghdad - Mawazine News The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, the progress of several measures to move to the digital economy in direct coordination with Prime Minister Muhammad Shiaa Al-Sudani, while pointing to standards that maintain the stability of the exchange rate.
Al-Alaq said, in his speech during the first banking conference of the Central Bank of Iraq, that “the conference is being held within the framework of continuing efforts to strengthen the banking sector to achieve a stable, safe and effective financial system in light of the rapid changes, developments and challenges that the world is witnessing in the transformations of the structure, financial systems and work rules and the accompanying changes.” Significant progress in the use of financial technologies.”
He added, "Following developments to arrange priorities in the infrastructure of financial systems and business rules is the strategic goal to employ this experience in the right and safe directions and to study the risks associated with it."
He continued, "This is done through: consolidating the compliance rules stipulated in the Anti-Money Laundering and Combating the Financing of Terrorism Law No. 39 of 2015, and applying international practices and standards in a way that preserves the integrity of the financial system from local and international risks and procedures, and in a way that ensures the transparency and safety of financial operations, as well as the transition... From cash economy to digital economy.
He pointed out that "these rules are what preserve the integrity of the financial system, and even protect Iraq from serious risks," noting that there is "a close relationship between the application of these standards and the smooth flow of transfer operations and maintaining the stability of the exchange rate."
He noted that "the phenomenon of the monetary economy constitutes a major obstacle to the optimal employment of cash and the development and stimulation of the economy, and a major challenge to achieving the objectives of monetary policy in achieving monetary stability. It also weakens control and oversight of the movement of funds and increases the risks of financial crimes and illicit practices."
He stressed that "many measures are being worked on regarding the transition to the digital economy, in direct and continuous coordination between the government represented by Prime Minister Muhammad Shiaa Al-Sudani personally, the Central Bank, and the relevant authorities."
This Saturday morning, the first banking conference of the Central Bank of Iraq began in Erbil Governorate. https://www.mawazin.net/Details.aspx?jimare=236681
At 161 Thousand Dinars.. An Increase In The Dollar Exchange Rate In Local Markets
Economy | 10:47 - 10/21/2023 Baghdad - Mawazine News The exchange rate of the dollar rose against the Iraqi dinar in local markets. The selling price was 161 thousand dinars, compared to 100 dollars. The purchase price was 159 thousand dinars compared to 100 dollars.
Baghdad Deposits 250 Billion Dinars Into The Erbil Government Account
Political | 10/21/2023 Baghdad - Mawazine News A local source reported today, Saturday, that Rafidain Bank will deposit an amount of 250 billion dinars into the account of the Kurdistan Regional Government.
The source told Mawazine News, “Tomorrow, Sunday, Rafidain Bank is scheduled to deposit an amount of 250 billion dinars into the regional government’s account, after which the Ministry of Finance will determine the schedule for disbursing employee salaries in Kurdistan, provided that the process of distributing salaries will continue for two weeks.” Ended 29/ M99
https://www.mawazin.net/Details.aspx?jimare=23668
Al-Alaq: Many Measures Are Being Worked On Regarding The Transition To The Digital Economy
Money and business Economy News – Baghdad The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, the progress of several measures to move to the digital economy in direct coordination with Prime Minister Muhammad Shiaa Al-Sudani, while pointing to standards that maintain the stability of the exchange rate.
Al-Alaq said in his speech during the “Iraqi Banking Conference in the Kurdistan Region,” that “the conference is being held within the framework of continuing efforts to strengthen the banking sector to reach a stable, safe, and effective financial system in light of the rapid changes, developments, and challenges that the world is witnessing in the transformations of the structure, financial systems, business rules, and what accompanies them.” "There is a significant advance in the use of financial technologies."
He added, "Following developments to arrange priorities in the infrastructure of financial systems and business rules is the strategic goal to employ this experience in the right and safe directions and to study the risks associated with it."
He continued, "This is done through: consolidating the compliance rules stipulated in the Anti-Money Laundering and Combating the Financing of Terrorism Law No. 39 of 2015, and applying international practices and standards in a way that preserves the integrity of the financial system from local and international risks and procedures, and in a way that ensures the transparency and safety of financial operations, as well as the transition... From cash economy to digital economy.
He pointed out that "these rules are what preserve the integrity of the financial system, and even protect Iraq from serious risks," noting that there is "a close relationship between the application of these standards and the smooth flow of transfer operations and maintaining the stability of the exchange rate."
He noted that "the phenomenon of the monetary economy constitutes a major obstacle to the optimal employment of cash and the development and stimulation of the economy, and a major challenge to achieving the objectives of monetary policy in achieving monetary stability. It also weakens control and oversight of the movement of funds and increases the risks of financial crimes and illicit practices."
He stressed that "many measures are being worked on regarding the transition to the digital economy, in direct and continuous coordination between the government represented by Prime Minister Muhammad Shiaa Al-Sudani personally, the Central Bank, and the relevant authorities."
Views 41 10/21/2023 https://economy-news.net/content.php?id=37044
From Erbil.. Al-Handal Announces The Opening Of The “Iraqi Banking Conference In The Kurdistan Region”
Money and business Economy News – Baghdad The head of the Iraqi Private Banks Association, Wadih Al-Handal, announced today, Saturday, the launch of the “Iraqi Banking Conference in the Kurdistan Region.”
Al-Handal said in his speech: “I am pleased to welcome you with the warmest welcome from Erbil, the capital of the Kurdistan region, and to convey to you my greetings, my brothers and colleagues, the chairmen of the boards of directors of private banks, the authorized directors and the executive management of the Iraqi Private Banks Association (the Iraqi Banking Conference in the Kurdistan Region) under its generous patronage.” From the Prime Minister of the Regional Government, Masrour Barzani, and announced the opening of the conference for its work on 10/21/2023.
He added: “Today, through the sessions of this conference, we will focus on important topics, including: The role of the banking sector in supporting growth and stimulating investment, and the importance of transforming the country into an attractive environment for internal and external investments in all sectors, and the great opportunities available in this field and innovative solutions that will Activating the private sector, and we will also address the obstacles that hinder this goal, including providing the necessary financing for investment projects and the consequent provision of job opportunities and growth in the private sector to alleviate the continuing pressure on the government’s operating expenses, which is a matter to which we must pay great attention. ".
- We will also discuss the duty of developing the banking sector for its international relations, the role of the Central Bank in this field, and the plans drawn up to reform, improve and equip the banking sector to be able to meet the future demand for diverse banking services and to be a strong alternative to the government banking sector in a way that is more organized, flexible, and in keeping with the latest international standards in Compliance, anti-money laundering, technology adoption, and human capacity development.”
Al-Handal continued, “In light of the great acceleration of events and challenges in the world, there has recently been a major development in the field of the structure of the banking sector, through the plans drawn up by the Central Bank of Iraq and clear government programs for digital transformation on both sides of transactions and payments, and through the continued implementation of these plans.” At a rapid pace, this will produce significant positive results that will significantly impact the economy of our country.”
Al-Handal concluded his speech by saying: “We aspire to emerge from this conference with a common and future vision based on the importance of unifying efforts in order to improve the reality of the economy and improve the standard of living of the people of our country.”
197 views 10/21/2023 - 10:37 AM https://economy-news.net/content.php?id=37041
Decline In Iraq's Oil Exports To America
Economy Saturday, October 21, 2023 Follow-up/National News Center The US Energy Information Administration announced on Saturday that Iraq's oil exports to America decreased during the past week.
The administration’s table showed that “the average US imports of crude oil during the past week from eight major countries amounted to 4.975 million barrels per day, down by 324 thousand barrels per day from the previous week, which amounted to 5.299 million barrels per day.”
She added, "Iraq's oil exports to America amounted to 127,000 barrels per day last week, down by 120,000 barrels per day from the previous week, which averaged 247,000 barrels per day."
She pointed out that “most of America’s oil revenues during the past week came from Canada at an average of 3,723 million barrels per day, followed by Mexico with an average of 609 thousand barrels per day, and oil revenues from Saudi Arabia amounted to an average of 208 thousand barrels per day, and then Colombia at an average of 150 thousand barrels per day.”
According to the administration, “the amount of American imports of crude oil from Brazil is at a rate of 63 thousand barrels per day, from Nigeria at a rate of 48 thousand barrels per day, and from Libya at a rate of 47 thousand barrels per day, while no quantity is imported from Russia or Ecuador.”
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Points to Ponder on FEAR:
61. The human race is a monotonous affair. Most people spend the greatest part of their time working in order to live, and what little freedom remains so fills them with fear that they seek out any and every means to be rid of it. ~ Johann Wolfgang von Goethe
62. Laughter is poison to fear. ~ George R.R. Martin
63. Be fearful when others are greedy and greedy when others are fearful. ~ Warren Buffet
64. Surely if we knew what bitterness fate held in store, we would shrink back in fear and let the cup of life pass us by untasted. ~ Jacqueline Carey