Iraq Economic News and Points to Ponder Tuesday AM 9-19-23

The US Treasury: We are ready to cooperate with Iraq in the files of financial liquidity and commercial transfers

Time: 09/19/2023  Read: 1,170 times  The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, met in New York, after midnight (Baghdad time), with the Under Secretary of the US Treasury, Mr. Brian Nelson, on the sidelines of his participation in the meetings of the United Nations General Assembly at its seventy-eighth session.

The meeting witnessed a discussion of cooperation mechanisms between Iraq and the US Department of the Treasury, and a review of the government's priorities in implementing economic and administrative reforms that fall within the government program.

The Prime Minister confirmed that the government has taken several measures with the Central Bank of Iraq in implementing financial reform, which is considered a key to economic reform in achieving the government’s goal of moving from a unilateral economy towards a productive and multi-economic economy, where, for the first time, a financial database for banking transactions was created, In order to achieve the required confidence in dealings with international banks.

He also pointed out the expansion of the government’s work in reducing money laundering operations at the procedural and judicial levels, by applying the required international standards, and enabling it to achieve real trade that supports the economy towards further development.

Al-Sudani stated that the government supports the private sector through a package of decisions and procedures, in addition to providing it with all necessary facilities in the federal budget for the three years.

For his part, Nelson appreciated the government reforms in the banking and financial sectors, and the government’s success in restoring the confidence of global financial institutions, such as Citibank and JP Morgan, stressing the US Treasury’s readiness to work closely with the Central Bank of Iraq and cooperate with Iraq in the files of financial liquidity and Iraqi commercial bank transfers outside the country. He renewed his country's support for the stability of the Iraqi economy.   LINK

Parliamentary Finance Calls For Controlling The Runaway Dollar

 Information / Baghdad..   On Tuesday, Member of the Parliamentary Finance Committee, Khalil Dusky, called on the Central Bank to take urgent measures to dry up the sources of dollar smuggling and control the black market.

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Dosky said in an interview with the Maalouma Agency, “Merchants’ failure to adhere to the electronic platform and resorting to the black market led to an increase in the price of the dollar in local markets.”

He added, "The only solution is to force merchants to adhere to the platform and control the black market."

Dosky pointed out that “there is a reluctance among traders to enter the electronic platform to buy the dollar.”

The Iraqi dinar has been going through an unenviable situation for nearly 20 years. After one dinar was worth 3 and a half dollars during the past century, it reached more than 1,550 to one US dollar, which caused the Iraqi economy to worsen. LINK

Integrity And Financial Oversight Pledge To Protect The Budget From The Lurking Of Corrupt People

Policy  09-19-2023 | 146 views  Al-Sumaria News - Local Affairs   The head of the Federal Integrity Commission, Haider Hanoun, and the head of the Federal Financial Supervision Bureau, Ammar Sobhi Khalaf, discussed today, Tuesday, the development of mechanisms to develop the preventive aspect in order to achieve proactive oversight, while pledging to protect the budget from the lurking of corrupt people.

The Integrity Commission stated in a statement received by Alsumaria News, that “Hanoun and Khalaf confirmed, during their meeting at the Commission’s headquarters, an increase in the pace of cooperation between the Commission and the Bureau in the field of combating corruption, preventing its spread and recovering its revenues, and positive interaction with the paragraphs of the government program and the ministerial approach to combating corruption.” And prosecute the perpetrators, and take the necessary preventive measures to prevent the waste of public money,” noting that “the government’s success in combating corruption is a duty placed on the oversight bodies.”

They stressed “the necessity of following up on contracts and tenders for the draft federal budget law that were approved for three years, pledging to protect the funds allocated thereunder for the projects, preventing them from reaching the pockets of the corrupt and thieves of public money, and ensuring that they go to their destinations in providing basic services and raising the standard of living.” and achieving economic development.”

According to the statement: “It was agreed to enhance cooperation by forming joint committees to save time and effort, to speed up the preparation of reports and the completion of joint work in accordance with the requirements of judicial decisions, and for the committees formed in the Prime Minister to complete their work.”   LINK

An Economist Explains The Reasons For Continuing To Sell Oil In Dollars

Information / Baghdad...Economic expert Safwan Qusay explained, on Tuesday, the reasons for continuing to sell oil in the dollar currency instead of dealing directly with countries to obtain revenues without going through the US Federal Bank.

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Qusay told Al-Maalouma, “Oil in all countries of the world is sold in dollars, and this matter came through the agreement after World War II to make oil sales in dollars, and this connection is still in effect to this day.”

He added, "If Iraq wants to sell oil to China in the yuan instead of the dollar, this means that Iraq sells in dollars and then converts it to the Chinese currency in order to move away from the US Federal Bank."

He stated, "There are many corrupt people who may be encouraged to own this money if they deal with the Chinese currency, so it is better to continue dealing with countries in the dollar currency because there is oversight from the Federal Reserve over this currency, in addition to ensuring that billions do not go into the hands of corrupt people under different titles." . LINK

Points to Ponder on Feelings:

Our feelings were given us to excite to action, and when they end in themselves, they are cherished to no good purpose -- Sanford

Strong feelings do not necessarily make a strong character -- The strength of a man is to be measured by the power of the feelings he subdues - not by the power of those which subdued him -- Richter

Cultivate consideration for the feelings of other people if you want not have your own injured -- Those who complain the most of ill-usage are those who abuse others the oftenest - Richter

The heart that is soonest to awake to the flower is always the first to be touched by the thorns -- Moore

Thought is deeper than all speech; feeling deeper than all thought; soul to souls can never teach what unto themselves was taught -- Cranch