Iraq Economic News and Points to Ponder Tuesday Evening 10-10-23

Tlm724 Administrator Bondlady’s Corner

Stop illegal imports and media mouthpieces... belonging to speculators and corrupt people

Samir Al-Nusairi   Economy News

After the visit of the US Assistant Secretary of the Treasury to Iraq a few days ago and her meeting with the Prime Minister and the Governor of the Central Bank, understandings and agreements were reached to strengthen the role of the government and the Central Bank in  implementing international standards to control the stability of the exchange rate and praising the measures taken to achieve monetary stability.

The yellow media affiliated with the corrupt and speculators began broadcasting Rumors and criticism of the Central Bank, as their media and analysts,

who have bad intentions and goals that are offensive to our national economy, and who

spread fabricated news to influence the monetary authority’s measures to control the market and

harm the people’s livelihood with the aim of narrow political and economic interests.

Forgetting that the insistence on circulating fake news Rumors and media analyzes from figures not specialized in economics and monetary policy.

Their goal is clear: to

confuse the monetary market and the movement of the commercial market, and

they are trying to suggest that the exchange rate of the Iraqi dinar will reach uncontrollable rates.

The executive packages to

facilitate obtaining the US dollar, the

instructions issued by the Central Bank, and the

statements, clarifications and

procedures that the Central Bank has taken and

is undertaking in accordance with its responsibilities stipulated in its effective law to intervene in

controlling and maintaining the exchange rate

is a measure taken by all banks in the world when needed.

He also repeatedly clarified that one of his most important basic duties is to

facilitate foreign trade procedures and

secure foreign currency at the official rate set for merchants in accordance with international standards approved to control foreign transfers and

ensure their safe arrival to the final beneficiary.

He also emphasized that the news about the existence of new sanctions on our banks is incorrect and that Mr. President The ministers have previously confirmed in a clear statement that the government supports the Central Bank’s measures and that the

plans of speculators and corrupt people will fail.

We say to them and to other rumor mongers:

Enough of manipulating the feelings of the poor and vulnerable segments of citizens.

Emphasizing the call on the government and the House of Representatives to

accelerate the activation of economic, financial and banking reform programs in the government curriculum, implement the 2023 budget,

find solutions and treatments for new appointments, activate non-oil economic sectors,

develop the food ration in the ration card,

increase social welfare allocations,

activate the retirement law for the private sector, and

establish the fund. Sovereignty for generations, the

formation of the Private Sector Development Council in its final form, and

support for local production.

In addition to implementing what was stated in the Central Bank’s statement issued on August 2, 2023, in which

it explained the executive procedures to control the stability of the exchange rate, among the most prominent of what was stated therein.

Adopting the electronic platform exclusively for foreign transfer transactions,

controlling illicit trade through official and unofficial border crossings,

stopping trading and transactions in the black dollar on the black market,

preventing all websites and media television channels from publishing exchange rates on the black market due to their violation of the law, and

having importers prove that all their imports were made through the platform and at the price.

Officially, Customs and the General Tax Authority implement the Central Bank’s proposals and procedures for small merchants to enter the platform in accordance with the rules.

We affirm the call on banks and banking companies to

adhere strictly and nationally to implement the instructions and procedures of the Central Bank to control the currency market and

not to withhold the dollar for the purposes of merchants, businessmen and citizens, which

they must obtain at the price set by the Central Bank because certainly the money market is now under internal and international control and supervision, and we have great hope for our banks.

During the crises that the country went through, its contribution was effective in achieving stability in the foreign currency trading market.

399 views    09/23/2023 - https://economy-news.net/content.php?id=36554

Announcing The Central Bank Of Iraq Transfer Auction For A Period Of (14) Days

October 10, 2023     We would like to inform you that the auction for traditional financial transfers of the Central Bank of Iraq has been announced for (14) days, with the number (B306), and

the implementation will be on 10/16/2023, according to the details included in the announcement published on the Central Securities Custody System (CSD), and the

banks can begin. By submission starting from the date of the announcement until the aforementioned implementation day.    https://cbi.iq/news/view/2439

The Center For Banking Studies Celebrates The Participants In Its Training Courses

October 10, 2023    Today, Monday, the Center for Banking Studies at the Central Bank of Iraq held a ceremony for participants in internationally accredited training courses.

 The ceremony, which was attended by a number of officials from this bank, witnessed the distribution of approved certificates in the field of anti-money laundering and compliance to the participants in the training courses and those who passed the exam to obtain the (CGSS), (CAMS), (KYCS), and (CCM) certificates.

 The Director General of the Center for Banking Studies at the Central Bank of Iraq, Dr. Bassem Abdul Hadi, indicated that obtaining this type of certificate for participants contributes to raising the ability of the banking sector in Iraq to confront the phenomenon of money laundering and terrorist financing and achieve international compliance requirements. Congratulations to the participants in these courses for the banking sector. The Iraqi.

It is noteworthy that the Center for Banking Studies of the Central Bank of Iraq provides dozens of training courses throughout the year in various banking fields, in addition to its cooperation with regional and international training centers.

   Central Bank of Iraq   information Office   9 - October – 2023   https://cbi.iq/news/view/2440

Roadmap For Financial Sustainability In The Iraqi Banking Sector

October 10, 2023       :diamonds: The general framework of the financial sustainability roadmap in the Iraqi banking sector for the period (2023-2029)... To view, click here     https://cbi.iq/static/uploads/up/file-169693836088921.pdf      https://cbi.iq/news/view/2441

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Points to Ponder on Endurance and Perseverance: 

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

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

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