Iraq Economic News and Points to Ponder Monday Afternoon 11-20-23
Iraq Economic News and Points to Ponder Monday Afternoon 11-20-23
Tlm724 Administrator Bondlady’s Corner
Al-Nusairi: The Central Bank’s New Measures To Regulate Foreign Trade Are The Beginning Of Banking Reform And An End To The Exchange Rate Crisis
Economy News _ Baghdad Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed that the Central Bank’s recent measures and understandings with the US Federal Reserve and the banks of the countries with which Iraq has important trade exchanges and with solid international correspondent banks to open bank accounts for a new number of Iraqi banks to enhance their balances in the US dollar, the Chinese yuan, the European euro, and the Indian rupee. The UAE dirham is the beginning of banking reform and the end of the exchange rate crisis.
Al-Nusairi said in an interview with Al-Iqtisad News: These banks have been approved in accordance with basic conditions and controls approved by the US Central and Federal Banks, so that these Iraqi banks can carry out external transfers by covering their external transfers from correspondent banks directly without going through the electronic platform,
and this method It will shorten the external transfer period and ensure that the transfer reaches the final beneficiary through quick mechanisms, as well as address the cases of rejection that occurred for some transfers transferred on the platform.
He added that implementation of the new agreements will begin in the coming days and weeks, and these measures will certainly be reflected in controlling the movement of the US dollar in the black market and reducing demand for it, in the hope of reducing fluctuations in exchange rates. This will be helped by a set of new instructions and mechanisms that the Central Bank intends to achieve.
Its announcement will be a sign of goodness and a breakthrough in the crisis for which the Central Bank has begun making plans and taking measures since the beginning of this year to overcome it calmly, wisely, and with the support of the government and the Association of Iraqi Private Banks.
Al-Nusairi pointed to the Central Bank’s strategy for the next stage in the field of banking reform, which is to increase banks’ capital to $400 billion, launch the national loan strategy, develop electronic payment systems, implement the procedures of the Riyada Initiative, and establish the Riyada Bank in accordance with the directives of the Prime Minister. Views 88 11/20/2023 - https://economy-news.net/content.php?id=37680
Dollar Sales Outside Iraq Increased By 91%
Economy | 01:31 - 11/20/2023 Baghdad - Mawazine News Foreign remittances increased at the Central Bank of Iraq auction, today, Monday, by 91% at the expense of cash sales, to reach $213 million.
Today, during its auction for buying and selling the US dollar, the Central Bank sold 233 million, 107 thousand and 562 dollars, which the bank covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at 1,310 dinars per dollar in general. monetary.
Most of the bank's dollar sales went to strengthening balances abroad in the form of (transfers, credits) which amounted to 213 million 517 thousand and 562 dollars, an increase of 91%, compared to cash sales amounting to 19 million and 590 thousand dollars.
The number of banks that purchased cash dollars reached 4 banks, while the number of banks that responded to requests to enhance balances abroad reached 17 banks, while the total number of exchange and brokerage companies participating in the auction was 46 companies.
The Minister Of Oil Confirms Commitment To Enhancing Standards Of Transparency And Governance In Wealth Management
Economy | 05:58 - 11/20/2023 Mawazine News - Baghdad, Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayyan Abdul-Ghani, confirmed today, Monday, the commitment of the government and the ministry to enhancing standards of transparency and good governance in the management of oil and gas wealth through disclosing and publishing accurate data on the reality of production, export, and revenues with high transparency, and in accordance with requirements. Transparency Initiative standards.
The Ministry stated in a statement received by Mawazine News, that “Abdul Ghani chaired the meeting of the Board of Trustees of the Natural Resources Transparency Authority, in the presence of the Executive Director of the Authority, Alaa Mohieddin, and members representing the relevant ministries, international companies, and civil society.”
Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, said, according to the statement, “The Ministry directed the national oil formations and international extractive companies operating in Iraq to provide the necessary facilities for the success of the Authority’s work and to disclose the data required to issue its annual reports in accordance with international standards.”
Abdul Ghani added, "Over the past years, the Ministry has continued to cooperate with the Authority and the relevant and supervisory authorities, in addition to positive interaction with all initiatives that achieve the goals of good governance and transparency in the oil sector."
For his part, the Executive Director of the Authority, Alaa Mohieddin, praised the support of the Deputy Prime Minister for Energy Affairs and Minister of Oil for the work and tasks of the Authority in order to enhance Iraq’s role in building bridges of trust with the international community.
Mohieddin pointed out, "The meeting included a review of the tasks, duties, and obligations of the concerned parties to achieve common goals, in addition to examining the required standards and discussing the continuation of cooperation and strengthening the relationship between Iraq, the World Bank, and the International Secretariat of the Transparency Initiative."
The Ministry stated, "At the conclusion of the meeting, it was emphasized to adhere to the standards and principles approved by the International Secretariat of the Transparency Initiative, and to work to develop the work of the Transparency in Natural Resources Authority.
The Central Bank Warns Against The Misuse Of Electronic Payment Cards Outside Iraq
Economy | 09:52 - 11/20/2023 Baghdad - Mawazine News The Central Bank of Iraq warned on Monday against the misuse of electronic payment cards outside Iraq.
The bank’s media stated in a statement, received by Mawazine News, “We warn against some misusing the electronic payment cards it provides to meet the natural, legitimate needs of citizens.”
According to the statement, the bank stressed “its commitment to implementing strict measures to reduce this phenomenon and protect the financial system and ward off risks from it,” indicating that it “will include the names of bank card holders whose misuse or smuggling is caught on blacklists and take legal measures against this group.”
He pointed out that "they will be deprived of issuing other cards and all financial products, and all necessary measures will be taken against violators, based on the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 and the instructions and controls issued pursuant to it."
https://www.mawazin.net/Details.aspx?jimare=238166
/The Central Bank Sells More Than $233 Million In Its Auction
Monday 20, November 2023 14:23 | Economical Number of readings: 312 Baghdad / NINA / The Central Bank of Iraq sold, in its currency auction today, Monday, more than 233 million dollars.
The Central Bank stated in a statement that it sold today, 233 million, 107 thousand and 562 dollars, which it covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements of electronic cards, and at a price of 1,310 dinars per dollar for external transfers and in cash.
He added that “most of The bank’s dollar sales went to strengthen balances abroad in the form of (transfers, credits) amounting to 213 million 517 thousand and 562 dollars, an increase of 91% over cash sales amounting to 19 million 590 thousand dollars. He pointed out that “the banks that bought the dollar
The number of cash banks reached 4, while the number of banks that responded to requests to enhance balances abroad reached 17 banks, and the total number of exchange and brokerage companies participating in the auction was 46 companies. https://ninanews.com/Website/News/Details?key=1090983
Dollar Prices In Baghdad On Monday Evening
Time: 11/20/2023 Read: 1,859 times {Economic: Al-Furat News} The price of the dollar recorded an increase this evening, Monday, against the Iraqi dinar with the closure of the markets.
With the closure of the Al-Kifah and Al-Harithiya stock exchanges, dollar prices recorded $157,800 against $100, while this morning they recorded $157,500 against $100.
Until the selling prices in the exchange shops in the local markets in Baghdad also rose, as the selling price reached 158,750 Iraqi dinars for 100 dollars, while the purchase price reached 156,750 dinars for 100 dollars. LINK
The Iraqi Stock Exchange Closed Up By 0.18%
Market Economy News – Baghdad The Iraqi Stock Exchange closed, rising for the second day in a row this week, by 0.18%. The session traded shares of 21 companies, with the number of shares traded reaching more than 751.5 million shares, worth more than 1.2 billion dinars.
United Bank shares rose by 12.5%, followed by Mosul Bank by 10%, and Sumer Bank by 8.3%.
Mineral and bicycle stocks fell by 4.3%, followed by seed production by 3.05%.
Views 36 11/20/2023 - https://economy-news.net/content.php?id=37688
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Provoking Points to Ponder on Endurance & Perseverance:
He conquers who endures -- Persius
I feel that most of you reading this not only know the meaning of endurance and perseverance but know it first hand by being tested through the investment --
Moses did not give up - Columbus did not give up - Lewis & Clarke did not give up - The Wright brothers did not give up -- Thomas Edison did not give up - It was Napoleon who said - "Victory belongs to the most persevering" --
Great strides are made by Pressing Down - Pressing Through - and Pressing On !!
I trust you will read these wonderful quotes from some very brave and persistent people from our past -- Their lives and their quotes are an inspiration for me to keep pressing !! I hope they will be encouraging and inspiring to you as well -
ENDURANCE -- Not in the achievement, but in the endurance of the human soul, does it show its divine grandeur, and it alliance with the infinite God -- E H Chapin
The greater the difficulty - the more glory in surmounting it -- Skillful pilots gain their reputation from storms and tempests -- Epicurus
Hard pounding - gentlemen; but we will see who can pound the longest -- Wellington at Waterloo
Victory belongs to the most persevering -- Napoleon
The divine insanity of noble minds - that never falters nor abates - but labors - endures - and waits - till all that it foresees it finds - or what it cannot find - creates -- Longfellow
The palm tree grows best beneath a ponderous weight - and even so the character of man -- The petty pangs of small daily cares have often bent the character of men - but great misfortunes seldom -- Kossuth
There is nothing in the world so much admired as a man who knows how to bear unhappiness with courage -- Seneca
Our strength often increases in proportion to the obstacles imposed upon it -- It is thus we enter upon the most perilous plans after having had the shame of failing in more simple ones -- Rapin
The difference between perseverance and obstinacy is -- that one often comes from a strong will and the other from a strong won't -- H W Beecher