Iraq Economic News and Points to Ponder Friday Evening 3-8-24

Tlm724 Administrator Bondlady’s Corner

Investment And Exchange Rate

Economical 03/04/2024  Muhammad Sharif Abu Maysam  Among the most important elements of investment is the state of exchange rate stability, and
 
stability means the stability of the price in foreign exchange exchanges and trades with the national currency, and
 
this stability is extremely important in a business environment that attracts foreign investment and a basic goal among the goals of monetary policy, as it constitutes
 
Monetary stability is an important element in the calculations of feasibility studies, especially for foreign capital, as
 
feasibility studies for projects financed by foreign investment cannot be completed without financial stability, because
 
financial feasibility takes into account the stability of the exchange rate and the margins of change in this price during the project establishment period and the operating period, and those in charge of it seek

The financial feasibility study involves knowing the margins of change in the exchange rate to determine the final exchange rate during the life of the project, with the aim of arriving at perceptions of the equation of construction and operating costs and revenues with the surplus value and then making the appropriate decision regarding investment or not.
 
On this basis, promising investment environments cannot be considered attractive unless
 
     monetary stability is achieved alongside security stability and the presence of an
 
     effective executive apparatus with an integrated legal system that fights corruption,
 
     contributes to protecting the investor and local production, and
 
     puts an end to commodity dumping in a business environment in which the infrastructure is integrated.
 
It is certain that the state of monetary stability in light of the digital transformation of banking tools, exchanges, and financial transactions requires great effort and work, and requires sufficient time to complete these transformations in the episodes related to trading, most notably the mechanisms of the commercial system, including the financial transfer mechanisms for compliance with the anti-money laundering law and financing... Terrorism No. 39 of 2015 and
 
the application of international standards and instructions related to the integrity of the financial system mitigate the risks of this phenomenon in light of the many obstacles that still constitute the largest barrier to the lack of transparency and integrity of financial operations.
 
The continued state of inconsistency between the application of rules and standards in the external transfer process and
 
its consequences as a result of the growth of the black market and the difference between the official exchange rate and the selling prices of imported goods according to the market movement,

in addition to the sale of the dollar in various forms, will contribute to a state of monetary instability and the continued growth of black market parasites
 
in addition to the growth Capitals benefiting from the difference in the official exchange rate and the prices that fluctuate daily depending on the movement of the black market.
 
Therefore, the factors that will result from these disturbances that drive away investment constitute a danger that is no less harmful than the danger of rising prices of goods and services, if not more harmful due to the continued need of the business environment for investment and the revitalization of the role of the private sector.   https://alsabaah.iq/92803-.html

Saleh Confirms Iraq's Monetary Sovereignty And Reduces The Effects Of Speculation In The Parallel Market
 
    Time: 03/05/2024 Read: 2,405 times  {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, ruled out any effects on the exchange market due to “speculation” of the dollar in the parallel market. Saleh told Al-Furat News Agency,
 
 “The effects on the exchange market no longer represent the real price operations of the basic market forces.”  He stated,
 
“Parallel market operations are nothing but illegal speculative acts that profit from accidental profits on individual or marginal transactions and are undertaken by forces of speculators working against the law.
 
This irregular parallel market has become isolated from the power of the official or regular market
 
since the end of the legalization of economic transactions and the prohibition of... Any transactions in dollars in clearing debts within the national economy between natural and legal persons,
 
as today any internal contracts, transactions or obligations concluded in foreign currency and denominated in a currency other than the national currency are not legally accepted.”  Saleh noted that
 
"this confirms the monetary sovereignty of our country through the stability of the national currency and
 
dealing in it alone without the participation of foreign currencies in internal economic operations."   
 
https://alforatnews.iq/news/صالح-يؤكد-السيادة-النقدية-للعراق-ويقلل-من-تأثيرات-المضاربة-في-السوق-الموازي  

What Is The Importance Of Financial Automation For Iraqi Customs? An Expert Explains In Detail

Time: 03/08/2024 14:06:18 Read: 1,586 times  {Economic: Al-Furat News} The Iraqi economic affairs researcher, Ali Karim Dhahib, explained the importance of the Ministry of Finance adopting the automation system in customs.

Dhaheeb told {Al-Furat News} agency, “Information technology contributes effectively to simplifying and facilitating customs procedures, in addition to its major role in the accuracy of work, reducing costs and time spent on completing tasks, high transparency in customs work, and the quality of reports prepared for senior departments that help them in taking decisions.” Appropriate decisions and building an important database.”

He stated that "the increase in the volume of trade in Iraq was greatly and clearly reflected in the futility of paperwork for customs procedures, as it creates a state of bureaucracy and personal diligence, and the spread of financial corruption."

Karim explained, "The decision of the Iraqi Ministry of Finance to work with the ASYCUDA system will provide the General Authority of Customs with adopting the latest technologies and electronic applications applied in many countries of the world, and also implements the recommendations of international organizations concerned with foreign trade and professional organizations specialized in customs work."

He pointed out that "Jordanian Customs, in cooperation with WebFuntain Company, launched its new website linked to the ASYCUDA system services on the Internet, with the aim of providing customs facilities and procedures and simplifying them for the recipients of the service, including citizens, merchants, manufacturers, and clearance companies."

He explained that "the application of everything new and advanced through the use of modern technology in work meets all the needs of partners from the private and public sectors to access distinguished electronic customs services for all those dealing with them and provide all information and computerized automated systems.

The ASYCUDA system also contributes to development projects with the aim of facilitating and simplifying procedures." “In order to reduce the effort and burden on the service recipients and reduce the time required to complete customs transactions.”

He stressed that "activating the ASYCUDA system allows all those dealing with the department, including citizens, industrialists, merchants, and brokers, to benefit and search through the ASYCUDA system service for all information related to customs work, including customs tariff items, value, and currency calculations.

In addition, the new system is characterized by the introduction of search technology using artificial intelligence to search."  About tariff items and trade descriptions according to the latest contemporary technology on the website.  LINK

Blaschaharat: Iraq Has Become A Part Of Me, And Its People Are Beyond Imagination

Political |  03/08/2024  Mawazine News – Baghdad  The UN representative in Iraq, Jeanine Plasschaert, praised the character of the Iraqi people, noting that Iraq has become a part of my life after I served there for five years.

In a televised interview followed by Mawazine News, Plasschaert said, “Many Iraqis welcomed me with open arms and made me understand their country, and that the Iraqi people are known for their hospitality and generosity.”

She added, “Iraq is a wonderful country, and I spent five years serving it, and I got to know every governorate, its characteristics, and its tribes, from the south to Kurdistan."

She pointed out that "Iraq has achieved great development in its security and politics over the past years, but the situation in Gaza has cast a shadow over the region, especially with the launch of armed groups against foreign forces in Iraq."    https://www.mawazin.net/Details.aspx?jimare=243432

To read more current and reliable Iraqi news please visit BondLady’s  Corner: https://www.bondladyscorner.com/  

Provoking Points to Ponder on Decisions 

I couldn't claim that I have never felt the urge to explore evil, but when you descend into hell you have to be very careful.  - Kathleen Raine

If decisions were a choice between alternatives, decisions would come easy. Decision is the selection and formulation of alternatives.  - Kenneth Burke

You cannot have your cake and eat it.  - Anonymous

It is better to arm and strengthen your hero, than to disarm and enfeeble your foe. - Anne Bronte

You cannot sell the cow and sup the milk.  - Anonymous

There is only one answer to destruc-tiveness and that is creativity.  - Sylvia Ashton-Warner

A door must either be shut or open.  - Anonymous

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