Iraq Economic News and Points To Ponder Monday Afternoon 11-4-24

Imports And Dependence On Oil Are Two Obstacles To Iraq's Accession To The World Trade Organization
 
Economical 11/03/2024  Baghdad: the mainstay of the emirate   Membership in the World Trade Organization allows access to international trade policies, and despite the economic policies that Iraq has pursued during the last two decades in terms of international openness and the pursuit of establishing modern economic and legislative rules, attempts for the country to obtain a seat in the World Trade Organization have not succeeded so far, noting that Iraq became an observer member of the organization in 2004.

Financial Advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, said:
 
The Iraqi economy lacks supervisory and regulatory regulations within the scope of trade relations and international requirements in accordance with internationally approved standards.
 
Supporters of joining the World Trade Organization believe that this path allows the organization’s member states to have wider access to global markets, while Membership in the World Trade Organization ensures access to international trade policies. Saleh stated that
 
there is a lack of some important economic legislation, especially related to the rights of workers in the private sector, and the field of social security and union organization. He touched on the presence of
 
two restrictions that weaken Iraq’s role in the international institution.

The  first is that Iraq is an importing country and does not have the competitive ability to export, and the
 
     second is semi-reliance. Total on oil.
 
For his part, academic Dr. Amr Hisham explained: 
Supporters of joining the World Trade Organization have a number of reasons that encourage joining, including that international trade agreements give broader vital access to global markets in the fields of goods and services, and the agreements and their rules create a trade climate that allows a reasonable amount of trade. Commercial forecasting, to achieve the goal of preparing marketing and export plans.

He explained that  trade agreements include obligations and rights, and the exercise of the rights contained in the agreements is limited to member states in the region alone, and resorting to the Trade Dispute Settlement Authority imposes seriousness in applying the rules to all parties, with the presence of a special mechanism to take punitive measures in the event of non-implementation.
 
Hisham cautioned that membership in the World Trade Organization guarantees access to other trade policies and the measures they contain that would affect access to markets, the extent of their consistency with international agreements, and participation in future negotiations to ensure the defense of commercial interests that concern those countries, and the formulation of agreements.

New measures approved by ministerial meetings.
 
The World Trade Organization (WTO): An intergovernmental organization that regulates and facilitates international trade between nations.
 
Governments use the organization to establish, review and implement the rules governing international trade.
 

The organization officially began its operations on January 1, 1995 in accordance with the Marrakesh Agreement, thus replacing the GATT Agreement concluded in 1948.
 
The World Trade Organization is the largest international economic organization in the world.
 
It has 164 member states that account for more than 98 percent of global trade and global commercial GDP.

https://alsabaah.iq/105164-.html   

How Did Reducing Inflation Help Stabilize Commodity Prices In Iraq?
 
November 2, 2024  Baghdad/Iraq Observer    The Association of Private Banks confirmed on Saturday that the government's success in reducing the inflation rate to 3.8% helped stabilize commodity prices.
 
The Executive Director of the Association of Private Banks, Ali Tariq, told the official agency, followed by “Iraq Observer,” that
 
“the Association of Private Banks and the Central Bank of Iraq held a symposium entitled
(The Statistics Cycle in Drawing up Monetary Policy),” indicating that
 
“the use of statistical data and information is a methodology adopted by the Bank.” The Central Bank of Iraq, especially in the recent period in making decisions, whether at the level of
     monetary policy or
     decisions that affect the economy in general.” He added,
 
 “The aim of the symposium is to
 
     clarify economic, financial and banking data to the public by specialists. To view the data published on the Central Bank of Iraq website: To
     clarify progress and shortcomings regarding the financial sector or monetary policy.” Tariq stressed that
 
 “one of the important indicators is related to the banking sector, the
     size of deposits, or the
     size of the monetary mass, and the
     distribution of deposits between the government and private banking sectors, in addition to the
     impact of credit and loans and on the gross domestic product,” explaining,

“On the other hand, as economic indicators, the most important of them was the inflation rates that It decreased significantly in the recent period to reach 3.8 percent,” noting,
 
“This is considered an excellent percentage that maintains the stability of commodity prices and
     thus the price increase is less for the citizen.”   https://observeriraq.net/كيف-ساعد-تخفيض-التضخم-باستقرار-أسعار-ا/   

Al-Sudani Directs Taking A Number Of Steps To Enhance And Develop Electronic Payment Systems And Services

Monday 04 , November 2024  | General Number of readings: 129  Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani directed to take a number of steps to enhance and develop electronic payment systems and services.

The Prime Minister's Media Office stated in a statement: "In implementation of the financial and economic reform approach, which represents one of the most important priorities of the government, the Prime Minister directed to take a number of steps to enhance and develop electronic payment systems and services:

First: Work to localize the salaries of private sector employees, similar to the government sector, and assign both the Ministry of Labor and Social Affairs and the Central Bank of Iraq, with the participation of a number of private sector institutions, to prepare an appropriate mechanism for this purpose.

Second: Ministries and all government institutions to leave cash payments and use electronic payments in collection and other related transactions, through an integrated plan submitted by each ministry or government institution before December 31, 2024, with actual implementation to begin no later than July 1, 2025." / End7  https://ninanews.com/Website/News/Details?Key=1166212

The Governor Of The Central Bank Of Iraq Meets With Employees Of The Erbil Branch
 
November 03, 2024   His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, visited the bank’s branch in Erbil.
 
    His Excellency the Governor inspected some departments in the branch building, where he was briefed on the progress of their work and the achievements achieved by the branch.
 
His Excellency the Governor directed to the necessity of  cooperation and work on stimulating financial policies, to    improve the banking sector and the services that banks provide to citizens, in addition to making observations about the need to  intensify efforts to enhance the capabilities of banking work.

His Excellency urged the branch’s employees to   provide the best banking services to the residents of the geographical area supervised by the branch, directing the need to    strengthen the Central Bank’s supervisory and supervisory position over banks operating in the Kurdistan region of Iraq.  Central Bank of Iraq    Media office   November 3, 2024     https://cbi.iq/news/view/2705  

The Central Bank Organizes A Symposium On The Role Of Statistics In Formulating Monetary Policy
 
November 03, 2024      The Central Bank of Iraq and the Iraqi Private Banks Association organized a symposium entitled “The Role of Statistics in Drawing Monetary Policy,”
 
in the presence of the Deputy Governor of the Central Bank of Iraq, Dr. Ammar Hamad Khalaf, and the President of the Iraqi Private Banks Association, Mr. Wadih Al-Handal, along with a number of bank representatives and professors. Universities and economists.
 
    The symposium witnessed Dr. Samir Fakhri, Director General of the Department of Statistics and Research at the Central Bank of Iraq, giving a detailed presentation that included a set of data related to monetary policy, indicating that
 
monetary and banking indicators are witnessing remarkable growth, thanks to the policies of the Central Bank.
 
    It is noteworthy that this symposium comes within the framework of the Central Bank of Iraq’s keenness to enhance awareness of the role of statistics and data in supporting monetary and economic policies, in a way that serves the sustainable economic development of Iraq.
      
    Central Bank of Iraq   Media office  November 3, 2024    https://cbi.iq/news/view/2704   

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