Iraq Economic News and Points To Ponder Monday Afternoon 11-11-24
Researcher: Mismanagement And Politics Negatively Affected The Value Of The Iraqi Dinar Against The Dollar
November 10 Information / Baghdad.. Iraqi affairs researcher Qasim Balshan confirmed today, Sunday, that mismanagement and policy have negatively affected the value of the Iraqi dinar against the dollar.
Balshan said in an interview with the Maalouma Agency that "the current political mismanagement has negatively affected the value of the Iraqi dinar against the dollar, making prices fluctuating and unstable in Iraq." He stated, "Until this moment, no person specialized in the field of currencies and banking has been chosen to manage the Central Bank of Iraq well," pointing out that all those who are chosen follow certain political blocs.
He added, "When the Central Bank of Iraq puts the dollar up for sale, we notice that citizens are far from the issue and the sale is limited to some companies and banks." He pointed out that
"the Iraqi money that comes from selling oil does not go to the Iraqi government directly, but rather to the US Federal Bank, which is the one who deals with these matters." He continued,
"The political disputes and crises, the lack of good distribution of wealth, and the
lack of real investment are what led to the deterioration of the Iraqi dinar against the dollar."
Iraq Needs To Address Financing Problems
Economical 11/12/2024 Baghdad: Al-Sabah Economic circles explained that the reason for the decline in the expansion of projects inside Iraq lies in the financing for these projects, which represent the cornerstone for the development of the service and production economic sectors in the country, and indicated that the paths to revitalizing financing require that we have elements that attract foreign capital to Iraq, which is an important labor market for many.
Of international companies, especially after the development path began to appear on the horizon, and its first steps began from the port of Al-Faw.
Member of the Businessmen Union Dr. Murtada Al-Khafaji told "Al-Sabah":
Iraq needs capital that can be employed in Iraq and achieve a major benefit for Iraq and for the global partner who brings its capital and the advanced technology it possesses.
Al-Khafaji added that the lack of funding represents an obstacle to developing economic performance, pointing out that Iraq’s need requires more than 200 billion to begin serious work on building development projects in all regions of Iraq and creating a work cell of great benefit to Iraq and the global market, especially since the reality of Iraq matters to many people.
Specialized international companies with capital and advanced technology are aware of Iraq's weight on the global economy.
In turn, member of the Baghdad Economic Forum, Jassem Al-Aradi, pointed out the inevitability of activating the real economic sectors that represent the focus of addressing the chronic economic problems in Iraq, and which contribute to achieving a real multiplicity of financial revenues.
He said: The economic reality in Iraq requires serious work to attract specialized investments to the Iraqi field of work, which requires the presence of solid companies capable of bringing technology and production lines that move the Iraqi economy to a new stage.
He stressed that financing problems in Iraq are addressed through the local and international private sector, which has the executive capabilities, and here we must work carefully and carefully to communicate with the targeted companies that can within the promising Iraqi market.
It is noteworthy that economic experts have stressed on more than one occasion to overcome these limitations by providing funding sources, and the
importance of providing a specialized economic vision that is compatible with investment, which demands the availability of an investment environment that guarantees its rights, pointing out the
necessity of benefiting from global openness towards Iraq and the presence of international delegations at their various governmental and informal levels. Especially those who expressed a desire to work inside Iraq https://alsabaah.iq/105780-.html
Parliamentary Finance Reveals A Move To Question The Governor Of The Central Bank Of Iraq: We Are Working To Change It
Politics 2024-11-10 04:53 Shafaq News/ Member of the Parliamentary Finance Committee, Muhammad Nouri, revealed on Sunday a move within the committee and the House of Representatives to question the Governor of the Central Bank of Iraq, Ali Al-Alaq, due to the lack of control over the stability of the dollar price, and the dominance of private banks over the currency selling window. Nouri told Shafaq News Agency,
“There is a move within the Parliamentary Finance Committee and the House of Representatives to interrogate the Governor of the Central Bank, Ali Al-Alaq, because there are many files, most notably the bank’s lack of control over the stability of the dollar exchange rate in the market.” He pointed out that
"the other reason that is considered one of the reasons for questioning the Central Bank Governor is the dominance of some private banks owned by foreign nationalities over the window for buying and selling currency and foreign transfers."
Nouri stated, “There are other works that we are doing through letters and official correspondence to change the governor of the Central Bank because he is over the legal age and continues in the position while he must be referred for retirement.”
On Monday, August 19, a member of the Parliamentary Finance Committee, Mustafa Al-Karawi, revealed that a request had been submitted to the Presidency of the House of Representatives to set a date for questioning the Governor of the Central Bank of Iraq regarding several files, most notably the exchange rate of the dollar against the local currency.
Al-Karaawi told Shafaq News Agency,
“Members of the Parliamentary Finance Committee had previously submitted a request to the Speaker of the House of Representatives to interrogate the Governor of the Central Bank, Ali Al-Alaq.”
He added, "The interrogation concerns several files, the most important of which are the dollar exchange rate and its sale to travelers, the currency buying and selling window, financial transfers abroad, monetary financing, American sanctions, and negotiations with the American Federal Bank."
It is noteworthy that, on August 19, the Supreme Judicial Council of Iraq supported the findings of the State Council regarding referring the Governor of the Central Bank, Ali Al-Alaq, to retirement after reaching the legal age.
The Supreme Judicial Council said in an official document received by Shafaq News Agency, that the same subject was studied by the study committee at the presidency of the Judicial Supervision Authority, and the same opinion was reached by the State Council in the two aforementioned decisions.
The House of Representatives had sent a letter to the Supreme Judicial Council inquiring about the judiciary’s opinion regarding the permissibility of the bank governor continuing to serve after reaching the legal age for retirement.
The State Council decided the official position on whether or not the Governor of the Central Bank, Ali Al-Alaq, should continue in his position, stressing that he has exceeded the legal age for retirement.
It was stated in correspondence between the State Council and Parliament, that in response to the House of Representatives’ clarification of the opinion from the State Council regarding the permissibility of the Governor of the Central Bank continuing to serve after reaching the legal age for retirement. He pointed out that
the legislator has explicitly stipulated that referral to retirement upon reaching the legal age is an inevitable referral by law unless excluded by a special text, and since there is no special text that excludes the Governor of the Central Bank from the provisions of the inevitable referral to retirement upon reaching the legal age.
The State Council confirmed that the legal principle stipulates: “Heads of independent bodies are subject to the legal age for retirement.” https://shafaq.com/ar/سیاسة/المالية-النيابية-تكشف-عن-تحرك-لاستجواب-محافظ-البنك-المركزي-العراقي-نعمل-لتغييره
The Association Of Banks Is Considering Granting Privileges To Electronic Card Users
Time: 11/09/2024 20:46:04 Read: 4,043 times {Economic: Al-Furat News} The advisor to the Association of Private Banks, Abdul Rahman Al-Sheikhli, revealed intentions to grant some privileges such as gifts or competitions and a reduction in payment fees {currencies} to encourage the acquisition of an electronic card.
Al-Sheikhli said {to Al-Furat News} that: “The government program emphasized the necessity of economic and financial reform in the country, and the measures taken in this regard are continuing,” stressing “the necessity of expanding banking awareness campaigns and making citizens aware of the importance of working with banks and circulating money through banking channels to ensure that it does not go abroad.”".
He added, "The country is witnessing a revolution in the field of banking technologies and electronic payment, and all citizens are supposed to have a bank account that can be dealt with through a mobile phone or any other means."
Al-Sheikhli explained, "Some citizens still prefer to deal with direct cash, but there are intentions to grant some privileges such as gifts or competitions and a reduction in payment fees (currencies) to encourage the acquisition of an electronic card."
https://alforatnews.iq/news/رابطة-المصارف-تدرس-منح-امتيازات-لمستخدمي-البطاقة-الالكترونية
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