Iraq Economic News and Points to Ponder Tuesday Evening 1-9-24

Tlm724 Administrator Bondlady’s Corner

There Is No Stability In The Exchange Rates Of The Dollar Against The Dinar

 The first 01/09/2024   Baghdad: Haider Al-Jaber  Measures to strengthen monetary sovereignty in the country by reducing dealing with the dollar and relying on the Iraqi dinar in financial transactions continue to confuse daily life in local markets, as they witness a large difference between the official and parallel prices.

Speaking to Al-Sabah, a member of the Parliamentary Economics Committee, Soran Omar, accused influential parties of being behind the manipulation of the exchange rate.

He explained that  the government did not control the exchange rate radically, and all measures to reduce it have limited impact, in light of the continued smuggling and money laundering through some banks and money exchangers, noting that the Central Bank’s measures are continuing.  https://alsabaah.iq/90128-.html

To Strengthen Monetary Sovereignty In Iraq... Chaos In Currency Markets And Accusations Of Manipulation

09/01/2024  352 views  Local markets in Iraq are witnessing a state of turmoil as a result of measures to strengthen monetary sovereignty,  as dealing in the dollar is abandoned and the Iraqi dinar is adopted in daily financial transactions,  as a large difference appears between the official and parallel prices, which raises tension in the markets.

In this context, a member of the Parliamentary Economics Committee in Iraq, Soran Omar, accused influential parties of being behind the manipulation of the exchange rate. He pointed out that the government was unable to radically control the exchange rate, and that the measures taken to reduce it are still having limited impact.

He added that the ongoing smuggling and money laundering through some banks and money changers is working to complicate the situation, noting the continuation of the Central Bank’s measures in this context.    https://www.nrttv.com/ar/detail3/21561

The Sudanese Advisor Details The Types Of Loans.. What About The Repayment Mechanism?

Economy News – Baghdad Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, revealed the types of loans granted to citizens and companies, while explaining the repayment mechanism for each loan.

 Saleh told the official agency, followed by Al-Eqtisad News, that “a loan is an amount of money borrowed by an individual or company from banks or financial institutions, in order to manage planned events financially, and thus the borrower bears a debt and must repay it with interest within a certain period of time.”.  He pointed out that "banking applications appear within the scope of granting loans.

The subject of the so-called (term loan) is a cash loan that is usually repaid in regular payments over a specific period of time.

Loans usually last between one and ten years, but they may continue for a period of time." Up to 30 years in some countries. He added, "The term loan usually includes an unfixed interest rate (also known as floating), which may add an additional balance to be repaid," noting that  

"economic life includes financial deficit units willing to invest that borrow from surplus units, who are the depositors in return." Interest paid by the borrower to finance an investment project or a specific economic activity in the fields of housing, industry, trade, agriculture, or services.

This is what is called bank credit, which is the essence of the banking process.

 Views 58     Added 01/09/2024 - https://economy-news.net/content.php?id=39267

A Dialogue Session Discussing “Electronic Payment And Its Role In The Economic Future”...These Are Its Details

 Economy News – Baghdad  The Electronic Payment Culture Platform in Iraq organized a dialogue session regarding electronic payment in the presence of many government and parliamentary figures.

 The session, which was chaired by Ali Al-Hilli - Marketing Director at Miswak Company, and speakers, witnessed the presence of

Sabah Al-Baghdadi: Vice President of the Iraq Traders Association, Representative Hussein Arab, Vice Chairman of the Parliamentary Labor and Non-Governmental Organizations Committee.

 Adnan Asaad: Director General of the Information Technology and Payments Department at the Central Bank of Iraq   Ali Tariq: Executive Director of the Iraqi Private Banks League IPBL.

Ahmed Kazem: Executive Director of Investments at the International Smart Card Company (QiKi).

The dialogue session, which was entitled “Electronic Payment and its Role in Shaping the Economic Future,” addressed the vision of the various sectors regarding electronic payment, where

the point of view of Iraqi merchants was presented by Sabah Al-Baghdadi and the most important obstacles they face regarding the use of electronic payment tools, especially the aspect of not standardizing commissions.

And the fees are in addition to the challenges that merchants faced during the previous period when using cards outside Iraq and stopping them without prior notice, stressing the  need to ensure the stability of the work of electronic payment tools so that they are a safe and stable means for adoption by the merchant segment.

Al-Baghdadi also addressed the  obstacles of merchants with regard to tracking external transfers, which is considered Its delay and the lack of clarity of the reasons for this are a reason for the merchant segment to be exposed to embarrassment,

calling on the Central Bank of Iraq to work to establish mechanisms and direct banks to enable the merchant to track his foreign transfers, similar to developed regional and global countries.

The dialogue moved to Representative Hussein Arab, Vice Chairman of the Parliamentary Work and Non-Governmental Organizations Committee, “for the purpose of discussing   legislation and laws supporting electronic payment, the  role of the Iraqi Council of Representatives in issuing legislation to regulate electronic payment and protect the users of these tools, and the  importance of the private sector in general and the   banking sector and financial institutions in particular in the success of this.”

"The important project for the country to leave cash payment."

Adnan Asaad, Director General of the Information Technology and Payments Department at the Central Bank of Iraq, explained,  "The importance of the transformation taking place in electronic payment, describing the year 2023 as the year of the great launch in the field of electronic payment, and that

the Iraqi government, represented by the Iraqi Prime Minister - Muhammad Shiaa Al-Sudani, is very interested in achieving the best achievements in The field of electronic payment, and that  follow-up is continuing by parliamentary and governmental bodies to activate electronic payment in Iraq.”

Adnan Asaad expressed his great optimism in the year 2024, as it will be the year of achieving great achievements in the field of electronic payment, stressing that

the crisis that passed through the country in mid-2023, specifically the bad use of cards and electronic payment tools, had left a negative impact,

but thanks to the measures that were taken in cooperation with... International financial institutions have addressed many problems and the electronic payment system has stabilized, indicating that

the public should know the importance of opening bank accounts and using cards linked to bank accounts more since prepaid cards are intended for limited operations and this is the practice globally, and  this was an answer to an inquiry about The issue of restricting the ceilings of prepaid cards, which occurred on the first of December of the previous year.”

Ali Al-Hilli continued the dialogue with Ali Tariq, Executive Director of the Iraqi Private Banks Association, “about the role of the private sector, especially private banks and financial institutions, to support the governmental and legislative approach to spreading electronic payment,” where Ali Tariq emphasized

“the great role of financial institutions in this aspect and the role of the Association in supporting financial institutions.” To achieve the goals of spreading the culture of electronic payment,

Mr. Ali Tariq stressed the importance of spreading the culture of electronic payment, due to its positive repercussions on the economy.

He pointed out that electronic payment indicators are growing well, and there is a high response from the public in using bank cards,

but we need greater interaction from Before retailers use POS. He noted that

"the government, the central bank, banks, and electronic payment companies have worked over the past period to develop the infrastructure of the electronic payment sector."

The dialogue session concluded with a talk by Ahmed Kazim, Executive Director of Investments at the International Smart Card Company (Ki), about

“the importance of electronic payment and the role of electronic payment companies in promoting this culture and the importance of keeping up with developments in this field to provide high-level services to the public and encourage them to use electronic payment tools,” stressing that

the company (Ki) has taken the decision to transfer investment in advertising into loyalty programs and discounts offered to the public and merchants for the purpose of encouraging the digital transformation of payments.”  Views 106     Added 01/09/2024 - https://economy-news.net/content.php?id=39259

Communications Open The Way To Civilizations And Enter Into Commercial Operation.. What Are Its Advantages?

Economy News – Baghdad  Today, Tuesday, Minister of Communications Hiyam Al-Yasiri announced the opening of the Civilizations Road project and its commercial operation, indicating that this project is the first transit project linking Iraq to neighboring countries and the outside world.

Al-Yasiri said, in a statement received by Al-Eqtisad News, “The Civilizations Road transit project, which is the largest strategic optical cable project in Iraq, has begun its commercial operation.”

The Minister stressed "the great importance of the project by providing financial revenues, as well as enhancing Iraq's distinct strategic geographic location and  achieving security and economic stability for the country  because it is linked to the stability of a large number of countries in the world."

Al-Yasiri pointed out that  “the project includes five ports: (Al-Faw, Safwan, Al-Mundhiriya, Arar, and Rabia), and the maximum capacity of the project is 12 Tera, while the capacity of the optical cable is 96 clans.” She pointed out that  “there are other transit projects and submarine cables, some of which are in the trial operation phase and others in the study and referral phase.”

The Minister stressed "developing an appropriate price policy for the project and providing technical solutions to facilitate transit passage, as well as resolving any administrative or legal obstacles in the project." Al-Yasiri pointed out that

"there is an importance for the project to become a competitor to the Suez Canal route, especially since

 many countries in Asia and the Gulf prefer to pass their freight through Iraq because it is considered a safe, land and short route compared to sea and ocean routes."

It is noteworthy that the companies that passed through the Path of Civilizations project are T_HEIX, GCX and other companies that are on their way to operation, namely VODAFONE and TURK CELL.

Views 107   01/09/2024 - https://economy-news.net/content.php?id=39262

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Provoking Points To Ponder on Adversity:

"The world is a wheel always turning," philosophized Mrs. Pelz. "Those who were high go down low, and those who've been low go up higher."- Anzia Yezierska

Life begins on the other side of despair.- Jean-Paul Sartre

It constantly happens that the Lord permits a soul to fall so that it may grow humbler.- Teresa of Avila

In order to change, we must be sick and tired of being sick and tired.- Anonymous

I have been in sorrow's kitchen and licked out all the pots. Then I have stood on the peaky mountain wrapped in rainbows, with a harp and sword in my hands.- Zora Neale Hurston 

http://famousquotesandauthors.com/topics/adversity_quotes.html

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