Iraq Economic News and Points to Ponder Late Friday Evening 1-5-24
Iraq Economic News and Points to Ponder Late Friday Evening 1-5-24
Tlm724 Administrator Bondlady’s Corner
The Central Bank Announces The Imminent Issuance Of Decisions To Support The Iraqi Dinar
Economy | 01/05/2024 Baghdad - Mawazine News Today, Friday, the Central Bank of Iraq revealed anticipated measures and decisions to support the dinar and maintain its strength against other currencies, and other measures that will positively affect the exchange rate, while indicating that it has taken measures in the field of gradually ending the electronic platform.
Assistant Director General of the Investment Department at the Central Bank of Iraq, Muhammad Yunus, said, “The Central Bank will monitor and follow up on all banks and customer complaints that are received if the banks are forced to convert customer accounts to the US dollar,” stressing that “this issue is easy to follow.” It will be monitored, and banks that do not comply with this decision will be held accountable.”
He added, “This decision and the decisions that will follow it in the coming days are all in the interest of supporting the Iraqi dinar and increasing confidence in it,” noting that “what confirms the strength of the dinar and the public’s confidence in it is the continuation of the Central Bank of Iraq and its failure to fulfill any of the needs of the various sectors.” It now finances the commerce, electronic payment, travel and other sectors.”
He pointed out that "in the coming days there will be more measures in the field of meeting all the needs of the market and supporting the Iraqi dinar and maintaining its strength against other currencies," noting that "the Central Bank, as part of its new procedures, prevented banks from automatically converting customer accounts in the dollar currency to the Iraqi dinar." Without the customer’s consent, customers were allowed to open accounts in different currencies.”
He noted that “what is new in updating the procedures is that it allowed companies that have contracts with the state to receive their incoming transfers, including workers’ salaries, as well as ongoing contracts for grants and loans in accordance with the Council of Ministers,” adding: “The other point is also in this new decision, It is to allow banks to agree with their customers to bring their incoming remittances in cash to Iraq.”
He stressed that "these measures will positively affect the exchange rate in the market, will increase the supply of the dollar, and contribute to serving and supporting important sectors in the economy, including the exporting sectors and the sector of companies operating in the government field and in the field of infrastructure development and strategic projects, in addition to supporting community organizations." Al-Madani, which contributes to the humanitarian and charitable field in Iraq.
He explained, “The main goal behind this update or these instructions is to expand the largest possible segment’s access to the cash dollar by meeting its current needs for this dollar, as these instructions expanded the number of entities that benefit from the cash dollar, including civil society organizations, and these measures supported an important segment.” In the economy, they are the exporters’ sector, as it allowed them to obtain 40 percent of the remittances received as a result of their exports and receive them in cash.”
He pointed out that “the decision clearly specified the mechanisms for its implementation by banks, and focused on the issue of incoming transfers, as it allows some groups to receive their incoming transfers in cash,” explaining that “this decision relates to incoming transfers and not the cash sale of dollars to travelers, as cash sales to travelers will continue as This is the case now, in addition to meeting the needs of customers and companies through this decision, and thus it will reflect positively on the exchange rate in the coming days.”
He stressed that “there are no restrictions applied to banks in the field of money transfer, because there are procedures in the field of gradually ending the Central Bank of Iraq platform by supporting interests to open accounts in foreign banks abroad, and the role of the Central Bank is limited to enhancing these balances and following up on operations.” the transfer".
He concluded by saying: “There are no restrictions on money transfers in different currencies within the banking system in foreign currencies, but this decision relates to the cash dollar (cash withdrawal).”
Issuing Third Reconstruction Bonds Worth Two Trillion Dinars
Economy | 01/05/2024 Today, Friday, the Ministry of Finance announced the issuance of third reconstruction bonds worth two trillion dinars.
The media office of the Ministry of Finance said in a statement received by Mawazine News: “The Ministry of Finance issued the third bonds under the name of reconstruction bonds in the amount of (2) trillion dinars, based on Budget Law No. 13 for the years (2023-2024-2025), for the period from 12/31/ 2024 until 1/30/2024.”
He added, "The categories offered for these bonds will be as follows: a bond in the category of 500,000, five hundred thousand Iraqi dinars, with an annual interest of 6% for a period of two years, and a bond in the category of 1,000,000 million Iraqi dinars, with an annual interest of 8% for a period of four years."
He pointed out, “Those wishing to purchase from the public must submit purchase requests through licensed banks, and we call on investors and citizens to take advantage of the offer and take the initiative to benefit from this investment opportunity, as the size of the issuance will be very limited.”
The statement concluded, "These bonds are tradable on the Iraq Stock Exchange."
https://www.mawazin.net/Details.aspx?jimare=239922
Planning: Develops A Plan To Implement The General Census And Explains Its Most Prominent Requirements
Economy News – Baghdad On Friday, the Ministry of Planning confirmed the development of a detailed plan for the general census of population and housing, which is expected to be implemented during the current year 2024, while revealing the stages of implementation and the most prominent requirements.
Ministry spokesman Abdul Zahra Al-Hindawi said, in a statement reported by the official news agency, and seen by Al-Eqtisad News, that “the Ministry of Planning continues to prepare and complete the requirements for implementing the general census of population and housing, which it is hoped will be implemented before the end of the current year 2024, and there are a number of requirements.”
We are working to complete the basic basics that we are working to complete during the remaining months until the date set for implementing the census.”
Al-Hindawi added, “We have important stages that begin with contracting with an international consulting company, and then after that we begin importing tablets through which the census can be carried out, as we need at least 120 to 130 thousand tablets, and then after that we conduct the census.”
The trial census process in selected areas in each governorate to know or test our capabilities in the process of implementing the general census.
Then we come to another stage, which is the inventory and numbering stage, which includes the process of numbering houses, buildings, and establishments throughout Iraq, and this requires approximately two months to be completed.
He continued, "There are other requirements, including the establishment of a data processing center, including the provision of satellite images to administrative units at the governorate, district, district, and village levels, including also providing telephone coverage for all regions of Iraq, to facilitate the task of direct data transfer, and other requirements," warning, “
We have developed a detailed plan with specific stages and timings, and there is cooperation with all ministries and all relevant authorities in the process of implementing the plan to ensure providing the appropriate environment for implementing the general population and housing census.” https://economy-news.net/content.php?id=39178
Oil Prices Rise Supported By The Statements Of The US Central Bank
Friday 05, January 2024 | Economical Number of readings: 511 Baghdad / NINA / Oil prices rose today, Friday, after the minutes of the Federal Reserve (US Central Bank) meeting indicated that inflation was under control. Brent crude futures rose 37 cents, equivalent to 0.5 percent, to $77.96 per barrel. And US West Texas Intermediate crude futures increased 50 cents, equivalent to 0.7 percent, to $72.69.
The two standard crude oils recovered almost all of their losses incurred yesterday, Thursday, when Prices at settlement recorded a decline after a volatile session due to a large weekly increase in gasoline and distillate inventories in the United States.” https://ninanews.com/Website/News/Details?key=1099268
Sudanese announces the formation of a bilateral committee to schedule the withdrawal of international coalition forces from Iraq
Friday 05, January 2024 11:12 | PoliticalNumber of readings: 1042
Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani announced today, Friday, the formation of a bilateral committee to schedule the withdrawal of international coalition forces from Iraq./End 5
https://ninanews.com/Website/News/Details?Key=1099283
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Provoking Points To Ponder on Adversity:
Fire tries gold, misfortune men.- Anonymous
The fiery trials through which we pass will light us down in honour or dishonour to the latest generation.- Abraham Lincoln
Thou hast shown thy people hard things: thou hast made us to drink the wine of astonishment.- Bible
A wounded deer leaps the highest.- Emily Dickinson
The difficulties which I meet with in order to realize my existence are precisely what awaken and mobilize my activities, my capacities.- Jose Ortega y Gasset
Whenever there is chaos, it creates wonderful thinking. I consider chaos a gift.- Septima Poinsette Clark
I have always been pushed by the negative.... The apparent failure of a play sends me back to my typewriter that very night, before the reviews are out. I am more compelled to get back to work than if I had a success.- Tennessee Williams
http://famousquotesandauthors.com/topics/adversity_quotes.html
Famous Quotes and Authors, Famous Quotations for all Occasions-