Iraq Economic News and Points to Ponder Sunday Afternoon 11-12-23
Iraq Economic News and Points to Ponder Sunday Afternoon 11-12-23
Tlm724 Administrator Bondlady’s Corner
The Central Bank Achieves One Of The Basic Goals Of Monetary Policy In 2023
Samir Al-Nusairi Economy News – Baghdad The objectives of the monetary policy of the Central Bank are to achieve economic growth and stability, and one of its primary objectives is to reduce inflation rates and stabilize the prices of goods and services in very complex economic, security and political conditions in 2023 that the world is going through, especially the countries of the geographical region in which our country is affected negatively and positively.
Our economy has suffered from these conditions for decades, and the reason is the rentier economy and the dependence of 93%,
as an average, of the general budget on oil, which constitutes approximately 60% of the gross domestic product, while the active economic sectors, which are agriculture, constitute 4.7% and industry do not exceed 2%.
These are indicators that led to the lack of Local production covers the consumption needs of citizens for food and other basic materials. Therefore, the reliance was almost entirely on imports for the private commercial sector and from various origins.
Successive governments were unable to control internal trade and regulate foreign trade, and control over illicit trade and unofficial border crossings was weak, which led to the impact of The monetary and commercial market, and the prices of food and essential items for citizens rose at high rates during the years 2021 and 2022.
Therefore, this indicator was the most prominent challenge facing monetary policy and directly affected the stability of the exchange rate, which led the Central Bank to take many measures in cooperation with the government in 2023 to regulate foreign trade.
And controlling external transfers and regularity in the global financial and banking system by developing the electronic platform and working to prepare and launch a new strategy for banking reform and classification in all its basic links at the level of internal and external banking transactions, the most prominent of which is securing the US dollar for large and registered merchants and for every merchant, regardless of his classification, at the official rate via The platform exclusively helped reduce prices for most food and essential items within balanced rates commensurate with their prices in the global commercial market, in the country of origin, and in the markets of most regional countries.
This was achieved through analyzing the indicators of the annual inflation rate for the year 2023, which was published by the Central Bank, in comparison with the annual inflation rates.
For the year 2022 achieved in Iraq and in the regional countries, as it is clear from official data that the annual inflation rate reached 3.7% in 2023 and 4.4% in 2022, and that most other countries with unstable economies have reached very high rates of inflation, reaching % in Turkey. 80.2%, in Sudan 117.4%, in Iran 40.0%, in the Arab Maghreb countries with relative economic stability in Tunisia, Algeria and Morocco 9.3%, 9.0% and 5.0% respectively, and in Egypt it reached 37.4% and ranged In the Gulf countries with stable and oil-rich economies, the range is between (2.4%-4.8%).
This confirms beyond doubt that the Central Bank’s strategy and procedures during this year achieved one of the basic goals of monetary policy, which is reducing the rate of inflation and maintaining the general level of commodity prices. And services, and he is currently working to achieve other goals, which are stabilizing the exchange rate and maintaining a foreign reserve covering the local currency in circulation and imports, which exceeded 100 billion dollars.
So, the economic results and outcomes confirm that the policies and procedures undertaken by the Central Bank this year have achieved an important goal of achieving stability in the monetary system, which is an important step in achieving the other goals of monetary policy.
Views 171 11/12/2023 - https://economy-news.net/content.php?id=37458
The Federal Court Obliges The Council Of Ministers And The Minister Of Finance To Submit The Final Accounts
Sunday 12, November 2023 | Political Number of readings: 221 Baghdad / NINA / The Federal Supreme Court (the highest judicial authority in the country) accepted a lawsuit submitted by the Secretary of the Communist Party in Iraq, in which he demanded that the Council of Ministers and the Ministry of Finance submit the final accounts for the implementation of the general budget.
Lawyer Zuhair Diaa El-Din, who was assigned, along with lawyer Salam Zuhair Diaa El-Din, by the Secretary of the Communist Party, Raed Fahmy, to carry out the duties of the lawsuit, in a statement today, “The Federal Court issued a decision obligating both the Council of Ministers and the Minister of Finance to submit the final accounts.”
The Federal Court issued its decision, in Case No. 190/Federal/2023, based on the implementation of the text of Article (62/First) of the Iraqi Constitution, which stipulates that “the Council of Ministers shall submit the general budget law and the final account to the House of Representatives for approval, in accordance with the provisions of Article (34). ) of the Financial Management Law No. (6) of 2019.
According to Diaa El-Din, this decision constitutes “a major achievement, given that the state’s final accounts reflect the processes of applying the general budget in accordance with the legal regulations, systems and financial instructions in force, to show the financial position of the state with its rights that must be collected, and the obligations that must be paid.”
This comes after the Council of Ministers and the Ministry of Finance hesitated to submit the final accounts that were last submitted for the year 2018, according to what was stated in the statement, which indicated that the accounts that are submitted are Years behind its timing,
the lawyer for the case expressed his hope, after the issuance of the decision, that the Council of Ministers and the Ministry of Finance would commit to completing and submitting the final accounts for the ending year with every budget that is referred to the House of Representatives for the purpose of approval, in implementation of the decision of the Federal Court, whose decisions are considered final and binding on all authorities based on the text Article (94) of the Constitution.
He also expressed his aspirations that the issuance of this decision would contribute in an effective way to preserving public money through monitoring disbursement operations, according to the statement.
On June 13, 2023, the House of Representatives voted on the country’s general financial budget for the years 2023, 2024, and 2025, after a difficult struggle that extended for months, and forced the holding of a series of parliamentary sessions. https://ninanews.com/Website/News/Details?key=1089489
Iraq Signs An Agreement With An International Bank To Finance A Power Plant Maintenance Project
Minister of Finance, Taif Sami, signed an agreement to finance the maintenance project loan for the Ministry of Electricity’s stations with JPM Bank, in partnership with (GE) General Electric International Inc., within the annual maintenance project (fifth phase, PUP5/B, at a total cost estimated at (257) million dollars. A Ministry statement
stated Finance: The signing of the agreement falls within the framework of the fourth axis of Article Two / State General Budget Law, and based on Cabinet Resolution No. (23588) of 2023, in which the Minister of Finance is empowered to sign the loan financing agreement for the project with JPM Bank and with the guarantee of the Export-Import Bank.
The Minister of Finance indicated during the signing ceremony, according to the statement, that “financing the project loan will contribute effectively to increasing the efficiency of electric power generation plants in Iraq, which will reflect in the interest of raising energy productivity and thus reducing the gap between supply and demand in energy and bridging The needs of citizens in all governorates.” https://www.radionawa.com/all-detail.aspx?jimare=3624
The Iraqi Stock Exchange Closed Up By 0.66%
Iraqi Stock Exchange Market Economy News – Baghdad The Iraqi Stock Exchange closed, on the first day of trading this week, up by 0.66%. Investors traded 301.7 million shares, worth 711.5 million dinars, through 389 transactions.
Shares of The United Bank rose by 14.29%, Mosul Bank by 5.88%, and Ishtar Hotels by 4.17%. Shares of agricultural products fell by 4.30%, Gulf Insurance by 4%, and Al Khazir Construction by 3.03%.
Views 38 11/12/2023 - https://economy-news.net/content.php?id=37474
A New Decline In The Dollar Exchange Rate In Iraq
Economy | 07:17 - 11/12/2023 Baghdad - Mawazine News The exchange rate of the dollar decreased today, Sunday, with the closure of the Al-Kifah and Al-Harithiya stock exchanges. The selling price of $100 was 162 thousand dinars. The purchase price was 161,500 thousand dinars per 100 dollars
https://www.mawazin.net/Details.aspx?jimare=237674
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Provoking Points to Ponder on FEAR for Living the Bold Life by Tess Marshall
15. All that ever holds somebody back, I think, is fear. For a minute I had fear. [Then] I went into the [dressing] room and shot my fear in the face… ~ Lady Gaga
16. Fear can force obedience, but it can never transform a heart. ~ Stacey Jay
17. I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain. ~ Frank Herbert
18. Expose yourself to your deepest fear; after that, fear has no power, and the fear of freedom shrinks and vanishes. You are free. ~ Jim Morrison
19. Ones fear of rejection is ones fear of love. ~ Alexandria Honey
20. I’m intimidated by the fear of being average. ~ Taylor Swift
21. We can easily forgive a child who is afraid of the dark; the real tragedy of life is when men are afraid of the light. ~ Plato
22. “What do you fear, lady?” [Aragorn] asked. “A cage,” [Éowyn] said. “To stay behind bars, until use and old age accept them, and all chance of doing great deeds is gone beyond recall or desire.” ~ J.R.R. Tolkien
23. Love is like jumping out of an airplane with no parachute. But there’s no need to be frightened, because that plane is still on the ground. ~ Jarod Kintz
24. There are two kinds of fears: rational and irrational – or in simpler terms, fears that make sense and fears that don’t. ~ Lemony Snicket
25. Men go to far greater lengths to avoid what they fear than to obtain what they desire. ~ Dan Brown