Iraq Economic News and Points to Ponder Sunday Evening 10-15-23
Iraq Economic News and Points to Ponder Sunday Evening 10-15-23
Tlm724 Administrator Bondlady’s Corner
Parliamentary Finance Discusses The Reasons For The Rise In Dollar Exchange Rates
Sunday 15, October 2023 15:18 | Economical Number of readings: 279 Baghdad / NINA / The Parliamentary Finance Committee discussed the reasons for the rise in dollar exchange rates, calling for controlling the labor market.
Parliamentary Finance stressed the necessity of developing packages to confront the challenges facing monetary policy to control the dollar exchange rates./End 7
Parliamentary Finance Stresses The Necessity Of Developing Packages To Control The Dollar Exchange Rates
Economy | 03:20 - 10/15/2023 Baghdad - Mawazine News The Parliamentary Finance Committee stressed the necessity of developing packages to confront the challenges facing monetary policy to control the dollar exchange rates.
The Media Department of the House of Representatives stated in a statement, which Mawazine News received a copy of, that “the Finance Committee held a meeting, headed by Atwan Al-Atwani and in the presence of members of the Subcommittee (Central Bank and Banking Committee) today, Sunday 10/15/2023, to discuss the report prepared by the Subcommittee.” About the procedures of the Central Bank and private banks, as well as monetary policy in the country.”
During the meeting held at the committee’s headquarters, Al-Atwani stressed “the importance of following up on all measures related to economic affairs and automating taxes as they are the basis for money and the economy, in addition to creating a practical and realistic study by the committee in implementation of the supervisory role, to maintain financial and banking stability, as well as the mechanism of dealing.” With monetary policy.
The statement added, "The committee discussed at the same time the reasons for the rise in the exchange rates of the dollar against the dinar and the necessity of controlling the labor market and putting it on the right track, as the committee stressed the importance of activating the private sector and inviting investors and merchants to listen to relevant opinions and proposals."
He continued, “The Finance Committee listened to the report of the subcommittee on the policy of the Central Bank and private banks and conducted an evaluation of the dealing management and the bank’s tasks in financial trading and developed confrontation packages and challenges facing monetary policy, to control exchange rates, in addition to the issues of granting loans and the housing initiative.”
https://www.mawazin.net/Details.aspx?jimare=236393
The Baghdad Stock Exchange closes with a decline in dollar exchange rates
Economy | 04:23 - 10/15/2023 Baghdad - Mawazine News The Baghdad Stock Exchange closed, with a decline in the exchange rates of the dollar against the Iraqi dinar. The selling price at closing was 158 thousand dinars for every 100 dollars. While the purchase price recorded 156 thousand dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=236400
Stability In The Exchange Rate Is Achieved Through Comprehensive Financial And Banking Reform
Samir Al-Nusairi In light of our follow-up to the measures of the Central Bank and the government to control the stability of the exchange rate, we clearly and accurately noticed that there is an organized lobby working against achieving monetary stability, led and implemented by multiple parties linked to speculators and corrupt people who have a special agenda to weaken the national economy and harm it by fabricating news, media statements and economic analyses. It is incomplete and transforms it from reassuring news for the market and citizens into news that confuses the market and creates panic among citizens, and this is what is actually happening now.
Which requires clarification here. Almost ten years ago, especially after the financial and security shocks in mid-2014, the culture of relying on the Central Bank to confront economic and financial crises and challenges took root.
This was done by using its means and tools related to monetary policy to overcome the government’s lack of liquidity, its inability to pay salaries, and the failure to implement... Its government programs rely on foreign monetary reserves, which in reality are not the government’s reserves, but rather the central bank’s reserves to control the stability of the exchange rate according to the target, cover the local currency in circulation, and cover imports.
Because of these accumulated crises, the central bank was previously forced to lend to the government up to 46 trillion dinars during the past years. None of it has been paid so far, which has reflected in this policy exposing the national economy to complex problems.
The solution is always the central bank, and it is also held responsible for the problems of other concerned parties, which is not its primary role, as it is not responsible for the deficit in non-oil revenues, the deficit in the balance of payments, and the deficit in... The trade balance is not responsible for the rise and fall of global oil prices.
Therefore, the obligatory cash reserve rose and fell due to these wrong policies that were not based on clear and specific economic strategies and approaches. Therefore, the return of stability in the exchange rate to its rates targeted by the Central Bank is achieved with the support of the concerned authorities in the government by activating other productive sectors and reforming the financial and banking sector.
And drawing up clear financial policies and in coordination with monetary policy and its currently approved applications and tools, and overcoming the challenges of achieving economic stability, which means achieving stability in the financial system and the monetary system.
This is not only the duty of the central bank alone, but rather it is a fundamental duty of financial policy and the government’s methodology in managing the economy and activating sources of national income without Oil, supporting, protecting and encouraging local production, activating dealing in the Iraqi dinar in all internal monetary trading activities, and expanding the use of electronic payment methods whenever possible.
The expectations of the Central Bank and specialists that the exchange rate will return to a stable state requires time, which we hope will not be long, despite the daily and new procedures adopted by the Central Bank in issuing packages and instructions and taking daily executive measures for the purpose of finding facilities and openness to all segments that need the US dollar in foreign transactions at the official rate.
He concluded a series of negotiations and agreements with the US Treasury, the US Federal Reserve, and some international correspondent banks to regulate foreign trade with China, India, Europe, the Emirates, and Turkey, and to adhere to the standards of international banking transactions.
We affirm that the criterion adopted and confirmed by the Central Bank and specialists in achieving this is the availability of cash reserves of foreign currency exceeding 100 billion dollars and the continued flow of dollar revenues from oil sales on a daily basis in accordance with the quantities planned to be marketed in 2023 and at the prices of the product that are expected to continue at their current limits, or as energy experts expect that Prices exceed $100 at the end of this year.
Views 108 10/15/2023 - https://economy-news.net/content.php?id=36966
Saleh: The Economic Reform Law Is A Complementary Element To The Advancement Of Productive Wealth
Time: 10/15/2023 12:07:40 Read: 1,118 times {Economic: Al-Furat News} The financial and economic advisor to the Prime Minister, Mazhar Muhammad Saleh, explained today, Sunday, that the issuance of the economic reform law is a complementary element to the advancement of wealth produced from outside oil wealth.
Saleh told {Al-Furat News}: “The Iraq Fund for Development, which was approved as a system based on the government curriculum, will work in an important aspect of its functions and objectives to design mechanisms consistent with the management of internal sovereign wealth funds.”
He added: "What can be expected is the importance of issuing the economic reform law, which will be considered the complementary element for managing the country's material and human resources within the framework of promoting the wealth produced from outside oil wealth." LINK
Sudanese Advisor: 70% Of Iraq’s Imports Are Made With BRICS Countries
Money and business Economy News – Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Sunday, that 70% of Iraq’s imports are made with the BRICS countries.
Saleh told the official news agency, “The BRICS group includes Brazil, Russia, India, China, and South Africa. The origin of the name (BRIC or BRICS), which was launched in 2001 by the economist at Goldman Sachs Financial Group (Jim O’Neill), goes back to describing fast-moving economies.” Growth that is expected to collectively dominate the global economy by 2050.”
He added, "Iraq announced its desire to join the BRICS group, as there is an objective basis related to the connections of the Iraqi economy with the markets of the BRICS group itself, as it reflects the current account of the Iraqi balance of payments with the countries of that economic group, which includes the strongest emerging markets in "The world," noting that "there is a direct dependence on the BRICS group of countries on an important percentage of Iraq's oil exports, which are no less than 55 percent, especially the countries of India and China."
He explained, "Approximately 70 percent of Iraq's imports are currently made with the BRICS countries themselves, which means that the commercial partnership and Iraq's strong economic interests automatically push towards international economic cooperation with our country's commercial partners, especially in the issue of looking towards broader areas in the flow of... The group’s investments, and obtaining benefits for joining in order to serve the future of sustainable development and economic progress in our country.”
He continued, "The BRICS group currently occupies about 27 percent of the world's land area and 42 percent of the world's population, as Brazil, Russia, India, and China are among the ten largest countries in the world in terms of population, area, and gross domestic product (according to the standard). Purchasing power parity), and the last three countries (India, China and Russia) are considered potential emerging great powers, while all five countries in the “BRICS” group are also members of the G20, which includes the United States of America and the rest of the G7.
Prime Minister Muhammad Shiaa Al-Sudani earlier confirmed Iraq's readiness to join the BRICS group if it received an invitation from the founding countries.
Views 16 10/15/2023 - https://economy-news.net/content.php?id=3697
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Points to Ponder on The Value of Challenge By Ralph Marston:
Challenge is life's way of making sure that you truly desire the things you achieve. Challenge is an excellent tool for keeping you focused on the things that really matter to you.
Imagine for a moment what it would be like to live in a world with no challenge. In such a world, you could obtain anything and everything with no need for effort, discipline or commitment.
Does that sound like a great setup, with your every wish fulfilled the moment you think of it?
Well, it might be nice for 20 minutes or so,but it would soon grow extremely tiresome. For such a world would literally overwhelm you with meaningless triviality.
Sure, every wish would be instantly granted, but it would all be painfully empty.
The value of achievement is in the achieving, in the overcoming of the challenges, in the person you become as a result of going through the process.
To have the reward without the effort is to have no reward at all, nothing but an empty and meaningless token.
Challenge is difficult, often painful, always demanding, and as such, challenge is what makes true value, beauty and fulfillment possible. Challenge can be tough, yet indeed it brings about the richness and fullness of life.