Iraq Economic News and Points to Ponder Late Friday Evening 11-3-23

Tlm724 Administrator Bondlady’s Corner

Advisor To The Prime Minister: Launching The (Visa Direct) Service Will Contribute To Reducing The Exchange Rate

 Economy     Baghdad - IA - Hassan Al-Fawaz   Today, Friday, Fadi Al-Shammari, Advisor to the Prime Minister, Fadi Al-Shammari, considered the launch of the “Visa Direct” service for transferring money abroad a successful step that will facilitate the work of small merchants, stressing that  it will contribute to reducing the exchange rate in the parallel market, and the   procedures take only 5 minutes.

Al-Shammari told the Iraqi News Agency (INA):

“The launch of banking work during the era of the current government is taking place with a new vision and modern mechanisms, and First Bank of Iraq is the first bank to launch the direct financial transfer service digitally through the (Visa Direct) service.”  He added,

 "This development is a major achievement that is linked in one way or another with the strategic vision held by the government and launched by the Prime Minister in financial, banking and economic management, and

 is also consistent with the new directions of the Central Bank in the process of re-evaluating, restructuring, organizing and maturing the banking work in Iraq, and

 we are now witnessing the start of "It will have a significant impact on the commercial and banking reality in Iraq." 

He continued,  "We hope that citizens will interact with this banking service, which will contribute to cutting off speculators in the black market, and the

 Visa Direct service will include many small merchants and will help them access a clear, explicit, official, and legal platform to transfer money abroad easily and conveniently, from account to account, at the official exchange rate."  He pointed out that

 "this service will contribute to a decrease in the exchange rate in the parallel market within the framework of ongoing government work to regulate banking work."

 Earlier, the Central Bank of Iraq announced the launch of the “Visa Direct” service to facilitate financial transfers, in coordination with the international company “Visa” and cooperation with the First Bank of Iraq.

 The bank confirmed that the “Visa Direct” service is for direct financial transfer to the bank’s customers in Iraq, and  it was launched digitally for the first time through a special application, and

every customer in the First Iraq Bank (FIB) can transfer five million dinars daily, and 13 million dinars monthly, which will be calculated at a price. Official exchange.

 Central Bank Governor Ali Al-Alaq said during his speech at the service launch conference:

 “The Visa Direct tool came at the right time to facilitate transfer operations, especially simple transfers at the citizen level.” 

He stated,   “This tool facilitates the demand for foreign currencies, and  we are trying to expand access to these currencies in easy ways,” stressing,

 “The issue of foreign transfers, selling the dollar, and the exchange rate are fundamentally linked to employing as many electronic tools as possible.”    https://www.ina.iq/196636--.html

Al-Mandalawi: The Next Stage Will Witness A Process Of Modernizing The Foundations Of Life In Baghdad

Political     Baghdad – IA  The First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, confirmed today, Friday, that the next stage will witness a process of modernizing the foundations of life in Baghdad.

 The media office of the First Deputy Speaker of the House of Representatives said in a statement received by the Iraqi News Agency (INA):

 “Al-Mandalawi stressed that the areas south of Baghdad deserve greater attention in terms of services and infrastructure development, and utmost efforts must be made to achieve this.”

 During his meeting with a number of sheikhs and notables from the regions of southern Baghdad - Mahmoudiyah district, according to the statement,

 Al-Mandalawi stressed “the necessity of working hard to eliminate the service and urban disparities between cities and regions located on the outskirts,” stressing,

 “his daily follow-up of the process of providing services to citizens and monitoring the implementation of development projects for the budget.” "With those concerned." 

He added, "The basis is providing public services to citizens," pointing out that  "the next project will witness a process of modernization of all the foundations of life in Baghdad and its various regions."    https://www.ina.iq/196650--.html

After Meeting With Macron.. Barzani: The Region’s Oil Exports Have Stopped Technical, Not Political

Time: 11/03/2023 Read: 325 times   {Politics: Al-Furat News} The President of the Kurdistan Region, Nechirvan Barzani, announced that stopping the export of the region’s oil caused Iraq to lose $5 billion, indicating that the resumption of oil exports depends on Baghdad.

Barzani said in a press conference, held today, Friday, after the end of his meeting with French President Emmanuel Macron in Paris, that “the resumption of oil exports depends on Baghdad,” adding: “I do not say that the failure to resume oil exports is a political issue, but rather a technical issue,” explaining that “stopping the export of oil The Kurdistan region caused Iraq to lose $5 billion.”

He added, "Not exporting oil harms not only the Kurdistan region but all of Iraq," expressing the hope that Baghdad will look at the issue in the same way and "find an appropriate solution for it."

Regarding his meeting with Macron, the President of the Kurdistan Region explained: “We had a good meeting with President Macron,” stressing that “France was a major supporter of Iraq.”

Barzani noted that “President Macron expressed his readiness to help solve the problems between Erbil and Baghdad,” pointing out that an invitation was extended to President Macron to visit the Kurdistan Region, and he will visit the Kurdistan Region.

Nechirvan Barzani noted that "there is no excuse left for Baghdad not to send salaries to the Kurdistan Region," stressing that "the Kurdistan Regional Government provided the data to Baghdad transparently," referring to the data of Kurdistan Region employees.  LINK

Stability Of Oil Prices In Global Markets

Economy |  03/11/2023   Follow-up - Mawazine News   There was little change in oil prices today, Friday, but they are heading to record a second consecutive week of losses with the US Central Bank leaving the door open to possible increases in interest rates in the future, as well as declining fears that the conflict in the Middle East could lead to... to disruption in supplies.

Brent crude futures rose six cents to $86.91 per barrel, while US West Texas Intermediate crude futures increased 12 cents, or 0.2%, to $82.58 per barrel.

The two benchmark crude oil rose by more than $2 a barrel yesterday, Thursday, and Brent is heading to record a decline of about 4% this week, while West Texas Intermediate crude is heading to close down 3.5%. Ended     https://www.mawazin.net/Details.aspx?jimare=237208

This Month...The Central Bank Launches The Financial Sustainability Map

 The second and third 11/02/2023     Baghdad: Rula Wathiq   This month, the Central Bank launches a financial sustainability map in cooperation with international institutions.

 Bank Governor Ali Al-Alaq told Al-Sabah:

 The map, which is based on financial sustainability, was designed to manage environmental and social risks, noting that it will clarify the directions that the bank will take related to the awareness and educational aspect, as well as risk management and sustainable financing.  He pointed out that

 the map will support financial inclusion, including the Bank’s initiatives in supporting small and medium enterprises that are being adapted or pushed towards being consistent with what we aspire to, taking into account the environmental and social aspects, pointing out that

 Iraq can address the backwardness of industry, agriculture, and the economy by developing them according to modern foundations and standards using methods. Which leads to achieving this purpose.  Al-Alaq pointed out that

the factors for regulating trade are not achieved with the diversification of the economy and the provision and support of projects that operate within this framework, with the presence of chaos in them and the lack of control over this large activity that is drowning the country, undermining the opportunities for growth and development, and expanding the production base in a large and frightening manner, in addition to the fact that it introduces a lot of Goods that lack many health and environmental specifications and standards. 

He added that   financing is a complementary link when appropriate conditions are available, as happened with the launch of an initiative to lend for the use of clean energy, especially at the household level in the use of solar cells, indicating that we do not find any interest in this initiative, which forces us to review other factors related to the awareness process, as The vast majority of citizens do not have an adequate understanding of the benefits these cells bring on the personal and environmental levels.

 https://alsabaah.iq/86616-.html

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Provoking Points to Ponder on DREAMS:

Expect your every need to be met, Expect the answer to every problem, Expect abundance on every level, Expect to grow spiritually - Ellen Caddy - The Dawn of Change 

Expect the best: Convert problems into opportunities; Be dissatisfied with the status quo: Focus on where you want to go, instead of where you're coming from; and most importantly, Decide to be happy, knowing it's an attitude, a habit gained from daily practice, and not a result or payoff - Dennis Waitley - The Winners Edge

When you are inspired by some great purpose - some extraordinary project - all your thoughts break their bonds - your mind transcends limitations - your consciousness expands in every direction -- and you find yourself in a new, great and wonderful world -- Dormant forces, faculties and talents become alive, and you discover yourself to be a greater person by far than you ever dreamed yourself to be - Patanjali

Trials are but lessons that you failed to learn presented once again - so where you made a faulty choice before you can now make a better one - and thus escape all pain that what you chose before has brought to you - A Course in Miracles

Your pain is the breaking of the shell that encloses your understanding - Kahlil Gibran

Take heart - truth and happiness will get you in the end -- You can't lose in this game - have fun -- It goes on too long to be taken seriously "all" the time -- John & Lyn St Clair Thomas - Eyes of the Beholder