Banking Association: Reducing Inflation Helped Stabilize Commodity Prices

Political | 02/11/2024  Mawazine News – Baghdad  The Private Banks Association confirmed today, Saturday, that the government's success in reducing the inflation rate to 3.8% helped stabilize commodity prices.

The Executive Director of the Private Banks Association, Ali Tariq, told Mawazine News Agency: "The Private Banks Association and the Central Bank of Iraq held a symposium entitled (The Statistics Cycle in Formulating Monetary Policy)," indicating that "the use of statistical data and information is a methodology adopted by 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 that "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 website of the Central Bank of Iraq; to clarify progress and shortcomings related to the financial sector or monetary policy."

Tarek 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 on the gross domestic product,” explaining that “

on the other hand, as economic indicators, the most important of which were inflation rates, which decreased significantly in the recent period to reach 3.8 percent,” noting that “this is considered an excellent rate that maintains the stability of commodity prices, and thus the price increase is less for the citizen.”  https://www.mawazin.net/Details.aspx?jimare=256297

Within A Week.. More Than One Billion Dollars In Sales From The Central Bank Of Iraq

Saturday 02 November 2024 15:22 | Economic Number of readings: 188  Baghdad/ NINA / The Central Bank of Iraq's total sales of hard currency for the dollar during the days in which the auction was opened last week exceeded one billion dollars.

The Central Bank sold, during the past week and for the 5 days in which the auction was opened, one billion, 396 million, 679 thousand, and 657 dollars, at a daily average of 279 million, 335 thousand, and 931 dollars, higher than the previous week, which amounted to one billion, 338 million, 650 thousand, and 762 dollars.

The highest sales of the dollar were last Tuesday, when sales amounted to 299 million, 165 thousand, and 952 dollars, while the lowest sales were on Monday, when sales amounted to 266 million, 165 thousand, and 952 dollars.

Foreign remittance sales during the past week amounted to 1 billion, 349 million, 829 thousand, and 657 dollars, an increase of 97% compared to cash sales, which amounted to 46 million, 850 thousand dollars. / End 7   https://ninanews.com/Website/News/Details?key=1165782    

$282 Million Is The Volume Of Sales Of The Central Bank Of Iraq In The Currency Auction

Banks  Economy News – Baghdad  The Central Bank of Iraq announced today, Sunday, its sales of hard currency, which amounted to more than 282 million dollars in today's transactions, according to the official price of 1310.

The bank's data showed that the total internal cash withdrawals amounted to $2,650,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $279,414,798, while the total sales amounted to $282,064,798.   https://economy-news.net/content.php?id=49435

Iraq's Oil Exports To America Decline During The Week

Energy  Economy News – Baghdad  The US Energy Information Administration announced, today, Sunday, that Iraq's oil exports to the United States decreased during the past week.

The administration stated, in a table reviewed by "Al-Eqtisad News", that "the average US imports of crude oil during the past week from 10 major countries amounted to 5.299 million barrels per day, down by 348 thousand barrels per day from the previous week, which amounted to 5.647 million barrels per day."

She added that "Iraq's oil exports to America amounted to 216 thousand barrels per day last week, down by 21 thousand barrels per day from the previous week, which amounted to 237 thousand barrels per day."

The administration indicated that "the largest oil revenues for America during the past week came from Canada at a rate of 3.660 million barrels per day, followed by Mexico at an average of 621 thousand barrels per day, then Venezuela at an average of 250 thousand barrels per day, and Colombia at an average of 150 thousand barrels per day."

According to the table, "the amount of US imports of crude oil from Nigeria amounted to 145 thousand barrels per day, from Libya 89 thousand barrels per day, from Brazil 88 thousand barrels per day, from Ecuador 67 thousand barrels per day, and from Saudi Arabia at a rate of 13 thousand barrels per day. https://economy-news.net/content.php?id=49417

Parliamentary Investment And Development Committee Calls For Commitment To The “Investment Law”

Money and business  Economy News - Follow-up  The Parliamentary Investment and Development Committee called on the National Investment Commission and investment authorities in the governorates to oblige investors and developers to abide by the Investment Law, stressing the endeavor to amend its provisions to appear in the form of an integrated draft law that guarantees the investor's right and at the same time guarantees the state's right.

The committee stressed the importance of attracting real estate developers to contribute to the development of residential lands, in implementation of an item in the budget stipulating the necessity of distributing government lands after preparing them for housing. Committee member, Diaa Al-Hindi, explained in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "this item gives developers the opportunity to develop areas by paving roads and providing basic services, which makes them ready to receive residents, provided that the collection of revenues is allocated to them after the development process."

He pointed out that "current housing projects focus on building complexes that aim to achieve quick profits without paying full attention to the quality of infrastructure or services," noting that "most countries in the world are currently moving towards resorting to real estate developers to ensure an appropriate housing level that meets the needs of citizens and achieves sustainable development."

Regarding the laws that the Parliamentary Investment Committee is working on, Al-Hindi revealed that the committee has completed the "Industrial Investment" law, which is now ready for voting in Parliament, and has also completed discussing the "Investment Law Amendment" to present it as an integrated project that supports investment efforts in the country and encourages attracting local and international investors.

In turn, committee member Susan Mansour said, "The investment law exists and is legislated, and although it is relatively solid, some of its provisions are elastic and need to be amended, as it is one of the most important laws, especially at this stage when Iraq needs to open up to the economic world," indicating that "the investment law is the tool that properly regulates the investment process in the country."

She added, "Most investors do not adhere to the current investment law, calling on the National Investment Commission to adhere to the standards of the law and implement its provisions on investors in a real manner, so that investment in Iraq can rise and become an attractive international environment for investment."   https://economy-news.net/content.php?id=49415

Iraqi Post Makes Progress In Digital Transformation

November 2, 2024  Baghdad - Ibtihal Al Arabi  The General Post and Savings Company, affiliated with the Ministry of Communications, is developing its work on the digital transformation of financial transactions, by converting postal books into electronic cards.

The ministry’s spokesman, Omar Abdul Razzaq, said in a statement yesterday that (the company seeks to enhance the postal service and facilitate the use of postal books electronically, which allows citizens to view their balance and know all movements in their account through the electronic application), according to his expression,

noting that (the digital transformation operations achieved their desired goals of reducing corruption and manipulation of citizens’ deposits), Abdul Razzaq added that (this activity contributed to enhancing citizens’ confidence in the procedures adopted by the Post and Savings Company, within the framework of commitment to the directives of the government program that emphasize the importance of activating digital transformation and electronic payment instead of cash circulation of currency).

The Minister of Communications, Hiyam Al-Yasiri, discussed a package of issues related to the cybersecurity file, as a basic pillar of digital transformation, and how to protect electronic systems and personal data from digital hacking.

 A statement received by Al-Zaman yesterday stated that (a meeting was held between Al-Yasiri and the Information Technology and Cyber ​​Security departments, to review the ideas and opinions presented by the specialized technical teams, to reach a clear vision in preparing applicable analytical studies, keeping pace with the technological development that the countries of the world have reached).

Overcoming obstacles

Al-Yasiri stressed the "necessity of accelerating the pace of work, overcoming obstacles by the competent authorities in the ministry and its formations, and working to prepare professional cadres, in coordination with international companies." In a related context, the Supreme Judicial Council began activating electronic services in all appellate court presidencies.

A statement received by (Al-Zaman) yesterday stated that "it was decided to activate electronic services in all appellate court presidencies, for the systems of oaths and legal arguments, in a manner that ensures the framework of digital transformation adopted by the Council,"

indicating that "this step comes to enhance efforts to digitize judicial procedures," and the statement added that "digital transformation serves to improve the speed of completing transactions, facilitate communication between citizens and judicial authorities, abandon paper records, enhance operational efficiency in time and effort, enable quick and secure access to data and information, and ensure transparency and credibility in litigation procedures and judicial transactions."

Modern techniques

For its part, the Ministry of Interior is moving towards enhancing communications security, relying on modern technologies. Thamer Al-Hussaini, commander of the ministry's Rapid Response Division, said in a statement yesterday that (the Military Industrialization Authority is working to equip the Rapid Response Division with modern technical equipment that contributes in a way to supporting communications security), according to his expression,

stressing that (mutual support is essential for the development witnessed by security institutions). Al-Hussaini explained that (cooperation between ministries and government agencies serves to improve security performance and raise the capabilities of combat units, which enhances their readiness), pointing to (the provision of modern technical equipment by the Manufacturing Authority to improve the Ministry's communications security). LINK

Iraqi National Security Adviser Discusses Strengthening Cooperation With NATO Mission In Iraq

Iraqi National Security Advisor Qasim Al-Araji received today, Saturday, the Commander of the NATO Mission in Iraq, Lieutenant General Lukas Schroers, where the meeting discussed enhancing cooperation between Iraq and the NATO Mission and the importance of exchanging expertise and information between the two sides, with a focus on supporting and training the Iraqi security forces.

Al-Araji reiterated Iraq's keenness to work with the NATO Mission, stressing the importance of the mission's role in supporting the Iraqi forces as an advisory and training mission, not a combat one.

For his part, the Commander of the NATO Mission stressed the continued need to exchange expertise and mutual benefit, pointing to Iraq's long and accumulated experience in the security field, which enhances the opportunities for successful cooperation between the two sides. https://www.radionawa.com/all-detail.aspx?jimare=40042

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