Iraq Economic News and Points to Ponder Sunday Evening 12-17-23

Tlm724 Administrator Bondlady’s Corner

Advisor To The Prime Minister: Iraq Today Has The Highest Levels Of Foreign Reserves In Its Financial History

Money  and business  Economy News – Baghdad  Advisor to the Prime Minister, Mazhar Saleh, confirmed that Iraq today has the highest levels of foreign reserves in its financial history.  Saleh defended the banking restrictions aimed at “verifying these transfers,” with the aim of reassuring “the international financial community and also for reasons related to Iraqi society: Do these transfers actually go to finance Iraq’s trade?”

He added, “What is happening has nothing to do with the strength of the Iraqi economy. Iraq today is at the highest levels of foreign reserves in its financial history.” Rather, “structural changes have occurred in issues of dealing with foreign currency.” Views 190 12/17/2023 - https://economy-news.net/content.php?id=38586

Central Bank Auction Records An Increase In Foreign Remittances By 90%
Economy   Sunday, December 17, 2023 3:38 PM  Baghdad/National News Center  The Central Bank announced today, Sunday, that foreign remittances increased by 90% during its daily auction, with total cash sales reaching 221 million, 898 thousand and 486 dollars.

The cash sales provided by the bank included under the ceiling of the basic price of 1,305 dinars to the dollar, for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars to the dollar for external transfers and cash transfers.

According to the report issued by the Central Bank, most of the sales were aimed at enhancing balances abroad in the form of transfers and credits, as these transfers reached 200 million 898 thousand and 486 dollars, indicating an increase of 90% compared to cash sales that amounted to 21 million. dollar.

The report indicated that five banks purchased cash dollars, while the number of banks that responded to requests to enhance balances abroad reached 20 banks. 43 exchange companies participated in the auction and brokered financial transactions.   https://nnciraq.com/241550/

Decrease In Exchange Rates In Baghdad.. 156 Thousand For Every 100 Dollars

Time: 12/17/2023 10:22:18 Read: 2,353 times  {Economic: Al-Furat News} The prices of the US dollar fell against the Iraqi dinar, today, Sunday, in the markets of the capital, Baghdad.  The prices were as follows..   The selling price was 156,750 dinars, while the purchase price was 154,750 dinars per 100 dollars.   LINK

Expert: The Behavioral Aspect Of Iraqi Merchants Is Similar To “Retail Trade.”

Time: 12/17/2023 19:42:41 Read: 1,625 times  {Economic: Al-Furat News} The economic expert, Salah Nouri, likened the behavioral aspect of Iraqi merchants to “retail trade.”

Nouri said {to Al-Furat News} that: “Iraqi merchants raise prices on all occasions, and the reason is due to the behavioral aspect of merchants {seizing opportunities} and obtaining the highest profit.”

He added, “The behavior of retail trade in Western countries is to reduce prices and then buy more and then make a profit.”  Nouri explained, “In Iraq, the buyer is exploited, and in Western countries, the buyer is attracted.”   LINK

A Fruitful Week In The Footsteps Of Financial And Banking Reform

Samir Al-Nusairi   The last week, ending on 12/14/2023, witnessed clear activity and efforts by the government and the Central Bank to implement the visions, drawn-up plans, and road map contained in the financial and banking reform methodology in Paragraph 7 and other relevant paragraphs of Axis 12 of the government curriculum and the new strategy that the Central Bank is working on for banking reform and financing.

 Foreign trade and reconsidering lending policies in accordance with building a national lending strategy that adopts new mechanisms for bank financing and a leadership initiative to develop the capabilities of young people and provide a wide scope for them to choose their small, medium and pioneering projects in all areas of development and technology.

In addition to confirming plans for digital transformation in the financial and banking sector and the transition to a cashless society, and a clear focus on electronic payment applications in all fields, with fruitful cooperation and high coordination with the relevant government agencies and with continuous support from the Prime Minister.

Therefore, this was achieved during the past week and in light of the negotiating visits to organize financing. Foreign trade conducted by delegations from the Central Bank, the government, and banks to Turkey and the United Arab Emirates, and meetings with the US Federal Reserve Bank, the US Treasury, the Turkish Central Bank, and the concerned authorities in Turkey are as follows:

First - Directly opening accounts for our banks in Turkish lira and euros, with support from the Central Bank of Iraq, in accordance with special arrangements and understandings.

Secondly - Initiating the strengthening of our banks’ balances in UAE dirhams and agreeing with First Abu Dhabi Bank on all arrangements in a clear manner.

Third - Establishing and strengthening our banks’ relationships with foreign correspondent banks and achieving compliance of the Iraqi banking system with international banking standards. And enhancing the advance balance in our bank accounts. This will lead to a gradual reduction in reliance on the electronic platform in 2024.

Fourth: Meeting the Central Bank’s requests for foreign exchange shipments for the year 2024.

Fifth - Emphasis on the electronic link between the Central Bank, customs and tax, and the automation of the customs and tax system.

In continuation of the Central Bank’s procedures to employ the strategy of financial inclusion and electronic payment, a decision was issued by its Board of Directors to establish the National Company for Electronic Payment Systems in Iraq.

Which will organize, develop and manage the national electronic payment systems with high efficiency, and the role of the Central Bank will be regulatory and supervisory over these systems, and implementation and development of the legal and operational framework will be necessary with the participation of all relevant authorities in accordance with the Central Bank Law.

This confirms that the Central Bank and the government are working in coordination and with continuous efforts to achieve financial and banking reform, which is the beginning of successful economic reform.

The central goal is to stabilize the exchange rate and not accept the existence of another price for trading on the black market that is higher than the official price. And to eliminate speculation in the black dollar and harm to the national economy. Views 83 12/17/2023 https://economy-news.net/content.php?id=38577

The Iraqi Stock Exchange Closed Up By 1.22%

Market   Economy News – Baghdad  The Iraqi Stock Exchange closed, on the first day of trading this week, up by 1.22%.  The session traded shares of 31 companies, with the number of shares traded reaching more than 1 billion shares, with a value of more than 1.3 billion dinars.

Shares of the Islamic Bank rose by 15%, followed by meat marketing by 13.2%, and tourism investments by 9.09%.  Sumer Bank shares fell by 7.1%, followed by agricultural products by 6.3%.

Views 47  Added 12/17/2023 - https://economy-news.net/content.php?id=38585

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Provoking Points To Ponder on Money

Be the business never so painful, you may have it done for money.   - Thomas Fuller

But then one is always excited by descriptions of money changing hands. It's much more fundamental than sex.   - Nigel Dennis

God makes, and apparel shapes: but it's money that finishes the man.   - Thomas Fuller

If a man has money, it is usually a sign too, that he knows how to take care of it; don't imagine his money is easy to get simply because he has plenty of it.   - Edgar Watson Howe

Interest works night and day in fair weather and in foul. It gnaws at a man's substance with invisible teeth.   - Henry Ward Beecher

Inflation is determined by money supply growth.   - Roger Bootle

Laws go where dollars please.  - Portuguese proverb

Money can't buy friends, but you can get a better class of enemy.   - Spike Milligan

Money is not an aphrodisiac: the desire it may kindle in a female eye is more for the cash than the carrier.   - Marya Marines

Money is the fruit of evil as often as the root of it.  - Henry Fielding

Money, like a queen, gives rank and beauty .   - Latin proverb

Riches are for spending.  - Francis Bacon

Famous Quotes and Authors, Famous Quotations for all Occasions