Iraq Economic News and Points to Ponder Wednesday Afternoon 10-25-23
Iraq Economic News and Points to Ponder Wednesday Afternoon 10-25-23
Tlm724 Administrator Bondlady’s Corner
An Economist Identifies The Causes Of The Ongoing Crisis In Exchange Rates
Economy| 03:54 - 10/24/2023 Mawazine News – Baghdad The financial and economic expert, Mahmoud Dagher, today, Tuesday, identified the reasons for the ongoing crisis in the exchange rates of the US dollar against the Iraqi dinar.
Dagher said in a Facebook post, viewed by Mawazine News, that “the current crisis in the exchange rate is caused by the bad Iraqi policy of accepting that ports of entry remain open to countries subject to sanctions.” He pointed out that “this policy is followed by some partisan forces participating in the political process.”
The exchange rate of the US dollar against the Iraqi dinar in the parallel markets is still recording a significant increase compared to the official rate.
Despite the approval of the country's general budget several months ago, and the Central Bank selling more than 200 million dollars per day, many questions are being asked about the reason for the continued rise in the price of the US dollar against the Iraqi dinar in the parallel markets. Exchange.
https://www.mawazin.net/Details.aspx?jimare=236828
Al-Sudani Reveals The “Reasons” For The Rise In The Price Of The Dollar And Admits To A Legal Problem: We Need Strict Penalties
Politics Dollar prices breaking Sudanese 2023-10-24 Shafaq News/ Prime Minister Muhammad Shiaa Al-Sudani revealed, this evening, Tuesday, the reasons for the rise in the exchange rate of the US dollar against the Iraqi dinar, and while he acknowledged the need for “strict” legal penalties against currency speculators, he pointed out the presence of private banks and money changers seeking to keep dollar prices high..
Al-Sudani said during the weekly press conference attended by Shafaq News Agency, “There are problems in banking reform and major challenges facing the government, and the current dollar exchange rate in the markets is the price of currency speculators.”
He added, "There are entities, private banks, merchants, and owners of banking companies who are seeking to keep the dollar exchange rate at the current price."
Al-Sudani stressed, "We support some banks that we trust are good and have achieved success, in order to be part of the solution," adding, "One of the problems we face is that Iraqi law does not contain strong and strict penalties against those who are arrested as speculators at the dollar exchange rate."
He pointed out that "despite the high exchange rate of the dollar, food prices are stable and good, and the government will take on the role of some merchants in some matters.
There is also a good initiative to provide medicines from international origins for chronic diseases and sell them in the market at subsidized prices, as well as construction materials that we will provide and sell." "At a subsidized price, this will force traders and speculators to reduce the price of the dollar in the market."
On the other hand, Al-Sudani pointed out that “the Development Fund is one of the important projects that we adopt and is supposed to have a special law, and the Fund project has been included in the budget law.” He said, "Today this fund was voted on, and this is a glimmer of hope for the Iraqi economy.
This fund will be exclusively for the private sector and will provide investment opportunities.
One of its priorities is building schools with approximately a thousand schools, and after that it will have a role in other sectors such as industry, environment, and housing."
Regarding the electricity file, Al-Sudani explained,
“The costs of producing electricity are very high, and the government today has given the green light to the Ministry of Electricity to adopt very modern electronic systems to measure the wages of electric energy consumption.
We will take into account those with limited income according to a specific mechanism.
This system will contribute to preventing the waste of electricity and provide energy stability.” He stated,
"There will be a trial for these organizations in 10 regions, with 10 sectors in each region, and 50,000 subscribers in each sector. They will receive electricity 24 hours a day." He stressed that
"these systems will be under the supervision of major companies, and the Prime Minister and the Iraqi government have granted the Ministry of Electricity a license to contract with companies. There will also be a treatment for any defect in reading the consumption fees recorded by the systems in a short time, and there will be teams dedicated to addressing any defect in record time."".
In another context, Al-Sudani said, "On the 27th of this October, a full year will have passed since the formation of the government, and we asked the House of Representatives to be a host to talk about the achievements and failures that have been achieved since the formation of the government until now."
Minister Of Industry: Basra Will Host A Conference For Partnership With The Private Sector
Economy Yesterday, Baghdad – IA Minister of Industry and Minerals Khaled Battal confirmed that Basra will host a partnership conference with the private sector.
Battal said to the “Al-Ashra” program, which is broadcast on Al-Iraqiya News and affiliated with the Iraqi News Agency (INA),
“We have increased the salaries of employees from the lower grades,” pointing out that “the established certification system has burdened the general budget.” He added, "There are old factories that still operate in the traditional way," stressing that "one of the ministry's most important problems is the process of building cadres."
He continued: "We found defeatism within the ministry's leaders and employees," noting that "the mining sector is comparable to the oil sector and needs great attention." He pointed out that "Basra will host a conference for partnership with the private sector," explaining that "there are 102,000 employees in the ministry and we need only half of them."
The Minister announced that the Ministry has achieved self-sufficiency in the cement industry sector.
Minister Of Transport: The Development Road Project Constitutes A Qualitative Shift In The Economic Reality
Money and business Economy News _ Baghdad Today, Tuesday, Minister of Transport Razzaq Muhaibes Al-Saadawi affirmed the pursuit of economic integration through the Development Road Project, indicating that the project constitutes a qualitative transition in the economic reality.
Al-Saadawi said in the opening speech during the meeting of the Arab Transport Ministers Council at its thirty-sixth session in Egypt, received by Al-Iqtisad News,
“We strongly denounce and reject the aggression and barbaric massacres committed by the Zionist occupation against our people in Gaza,” noting that “the Palestinian issue requires Arab solidarity.” Islamically and with major efforts by everyone to restore this people’s right to their land and sanctities and to live in freedom, dignity and security.”
Al-Saadawi added, "The agenda of the current session is full of many topics aimed at strengthening joint Arab action in the field of transportation."
He continued, "Our government pays great attention to the transportation file, and the Development Road Project constitutes a qualitative shift in the economic reality," stressing, "We seek, through the Development Road Project, to achieve economic integration, and the project does not intersect with any project in the region."
He explained: "We have adopted plans and policies aimed at developing the transport sector," pointing out that "the government gives the transport and communications sector file great attention because it constitutes a measure of the progress of the renaissance of nations and societies."
Views 63 Added 10/24/2023 - https://economy-news.net/content.php?id=37074
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Points To Ponder on Daily Reflections For Highly Effective People By Stephen Covey:
Our character - basically - is a composite of our habits -- Because they are consistent - often unconscious patterns - they consistently - daily - express our character and produce our effectiveness ................ or ineffectiveness -- p. 46
It becomes obvious that if we want to make relatively minor changes in our lives -- we can perhaps appropriately focus on our attitudes and behaviors -- But if we want to make significant -- quantum change - we need to work on our basic paradigms -- p. 31
Change -- REAL CHANGE -- comes from the inside out -- It doesn't come from hacking at the leaves of attitude and behavior with quick fix personality ethic techniques -- it comes from striking at the root -- the fabric of our thought - the fundamental - essential paradigms - which give definition to our character and create the lens through which we see the world -- p. 317
You can decide within yourself how circumstances will affect you -- Between what happens to you or the stimulus - and your response to it -- is your FREEDOM or POWER to CHOOSE that response -- p. 69
The word proactive means more than merely taking initiative -- It means that as human beings - we are responsible for our own lives -- Our behavior is a function of our decisions - not our conditions -- We can subordinate feelings to values -- We have the initiative and the responsibility to make things happen -- p. 71
If you're proactive -- you don't have to wait for circumstances or other people to create perspective expanding experiences -- You can consciously create your own -- p. 131
The law of the harvest governs: we will always reap what we sow -- no more - no less -- The law of justice is immutable - and the closer we align ourselves with correct principles - the better our judgment will be about how the world operates and the more accurate our paradigms -- our maps of the territory -- will be -- p. 305