Iraq Economic News and Points to Ponder Tuesday Afternoon 9-26-23

Tlm724 Administrator Bondlady’s Corner

Al-Sudani Threatens Private Banks That Violate The Terms Of Selling The Dollar With Penalties

Nawa:   Prime Minister Muhammad Shiaa Al-Sudani confirmed that the early elections come after the House of Representatives approved a solution for itself, threatening private banks that violate the conditions for selling the dollar with penalties.

Al-Sudani said during the press interview he conducted with The National newspaper, according to a statement by his media office, that “the political disputes in Iraq are within their natural context, and resorting to the Federal Court is a healthy sign for the political system, and that all forces are talking today about providing services and developing the economy, after the talk was about Sectarian, ethnic and components.”

Regarding the dollar crisis and the war on corruption, Al-Sudani stressed, “There is a war on corruption, and we have included the recovery of funds and wanted persons, within a systematic anti-corruption policy, and that reforms in tax, customs, and electronic payment all establish an environment that attracts the private sector and facilitates its work.”

He continued, “The price of the dollar is related to the special reforms of the banking and financial sector, and the government has begun implementing the reforms, despite their social cost,” explaining that “exchange rate fluctuations are a battle between the state that wants to stabilize correct transactions, and a group that used to live on the dollar.” He added that “illegal

outlets Goods enter from it, and no taxes are paid, and it is money that goes to the parallel price, and private banks take the dollar from the central bank and sell it in the parallel market, and these will be subject to sanctions.”  https://www.radionawa.com/all-detail.aspx?jimare=35831

The Association Of Private Banks Reveals The Development Of Electronic Payment After Al-Sudani’s Decisions

Economy News – Baghdad  The Iraqi Private Banks Association revealed the significant development in the use of electronic payment tools after implementing the directives of the Prime Minister, Engineer Muhammad Shiaa Al-Sudani, by publishing them in all ministries and government institutions since the first of last June.

The Executive Director of the Iraqi Private Banks Association, Ali Tariq, said in a press statement that electronic payment is witnessing a major transformation during the current stage, under the supervision of the Central Bank of Iraq, which has contributed to providing infrastructure and technical and advisory support to government institutions, indicating that the directives of the Prime Minister Engineer Muhammad Shiaa Al-Sudani contributed to promoting the concept of electronic payment by disseminating it within government institutions, in addition to the intensive advertising campaigns launched by the Central Bank and the Association of Private Banks.

Tariq pointed out that the number of ministries and government institutions that have contracted with electronic payment companies and published points of sale is 337 institutions.

He added that points of sale have grown by 123% since the Cabinet’s decision, and until now, there were 10,718 devices, while now, 23,906 points of sale distributed to 19,696 in stores and private institutions, 4,210 in ministries and government institutions, stressing that the number of financial settlements that took place through...

Points of sale, amounted to about 1.56 million transactions, including 1.15 million transactions for the private sector, and 403.7 thousand transactions for government institutions since the decision began until today.

Tariq concluded his speech by saying that electronic payment is the most important step towards reforming the economy, by enhancing the concept of financial inclusion and increasing trust between citizens and the banking sector, which will have a significant impact on increasing deposits and the ability of the banking sector to finance strategic projects. It also contributes to reducing corruption and activating... E-government by completing citizens’ transactions remotely.

Views 80    09/26/2023 - https://economy-news.net/content.php?id=36633

The Minister Of Finance Participates In The Meetings Of The Asian Infrastructure Investment Bank

Tuesday 26, September 2023 06:10 | Economical Number of readings: 426  Baghdad / NINA / The Minister of Finance, Taif Sami, Governor of Iraq, participated in the Board of Governors of the Asian Infrastructure Investment Bank, Director of the Iraqi External Development Fund, within the eighth annual meeting of the Asian Infrastructure Investment Bank, held on September 25/26 in Sharm El-Sheikh.

The Minister of Finance indicated, during the meeting, which was opened by Egyptian President Abdel Fattah El-Sisi, with the participation of 106 countries, including Iraq, which is participating for the first time, that “this meeting is of the utmost importance for Iraq, as it is the first meeting after joining the bank, and out of belief in the role that the bank plays with Iraq’s need to rehabilitate it.”

And the development of its infrastructure, which is considered one of the most promising markets, especially in the field of industry, transportation and energy. All legislative and legal procedures were completed and the Iraqi flag was raised among the member states.

Sami stressed the bank’s role in deepening cooperation between all parties, enhancing communication between Asia and the countries of the world, stimulating investments, and financing infrastructure projects in light of the global financial crises.

She added, "The meeting is of great importance for the effective contribution to opening new horizons for the Bank with member states, as they are in dire need of huge infrastructure projects, reconstruction, climate efforts, and the green economy," and pointed out the projects that the Bank can finance that would achieve economic development in developing countries. Including Iraq.

In a related context, Finance Minister Taif Sami met with the Vice President of the Asian Bank, Konstantin Lemdtovsky, and they discussed entering into joint projects related to the public and private sectors in the field of industry, transportation, and energy.

Sami explained that their desire to enter the field of infrastructure investment will be conveyed to the Iraqi government and provide them with projects that Iraq considers top priorities. She pointed out that Iraq aims to benefit from the experiences and capabilities of the Asian Bank in mobilizing financial resources for private investments, in order to achieve comprehensive and sustainable development goals. ./End 5    https://ninanews.com/Website/News/Details?key=1079767

The Central Bank Sells More Than $190 Million In Currency Auction

Economy News – Baghdad  Today, Tuesday, the Central Bank of Iraq’s sales in the foreign currency sales window amounted to more than 190 million dollars.

The Central Bank's website published its dollar sales schedule, which Al-Iqtisad News reviewed. It included the participation of 29 banks and 134 exchange companies, and foreign transfer requests covered $167.5 million, while cash requests amounted to more than $22.8 million.

The Central Bank of Iraq sells the dollar for documentary credits and international settlements for electronic cards at a price of 1,305 dinars per dollar, for every dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.

113 views  Added 09/26/2023 - https://economy-news.net/content.php?id=36636

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Points to Ponder on Endurance:

Victory belongs to the  most persevering -- Napoleon

The  divine insanity of noble minds - that  never falters nor abates - but  labors - endures - and waits - till all that it  foresees it finds - or what it cannot find - creates -- Longfellow

The palm tree grows best beneath a ponderous weight - and even so the character of man -- The petty pangs of small daily cares have often bent the character of men - but great misfortunes seldom -- Kossuth

There is nothing in the  world so much admired as a man who knows how to bear  unhappiness with courage -- Seneca

Our strength often increases in proportion to the obstacles imposed upon it -- It is thus we enter upon the most perilous plans after having had the shame of failing in more simple ones -- Rapin 

The  difference  between perseverance and  obstinacy is -- that one  often comes from a strong will  and the  other from a strong won't -- H W Beecher

Much rain wears  the marble --Shakespeare

See first that the design is wise and just -- that ascertained -- pursue it resolutely - do not for one repulse forego the purpose that you resolved to effect -- Shakespeare

By bravely enduring - an evil which cannot be avoided is  overcome -- Old Proverb

Every man who observes vigilantly and resolves steadfastly - grows unconsciously into genius -- Bulwer