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Iraqi Economic News and Points to Ponder Thursday Afternoon 9-14-23

 Iraqi Economic News and Points to Ponder Thursday Afternoon 9-14-23

Tlm724 Administrator Bondlady’s Corner

America Threatens New Punitive Measures Against Banks In Iraq

Iraq  Thursday, September 14, 2023 7:25 PM Follow-up / National News Center

A senior US Treasury official said on Thursday that the Central Bank of Iraq must address the ongoing risks resulting from the misuse of the dollar in Iraqi commercial banks in order to avoid imposing new punitive measures targeting the financial sector in the country, pointing to acts of fraud and laundering. Money and Iran evading sanctions.

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In July, the United States prevented 14 Iraqi banks from conducting transactions in dollars as part of a broader campaign against the illegal use of the American currency.

The official told Reuters that there are still other Iraqi banks operating with risks that “must be addressed” despite the campaign.

With reserves of more than $100 billion in the United States, Iraq relies heavily on Washington's good faith to ensure that its oil revenues and funds are not subject to US sanctions.

The official added that the measure, which his country took in July, was based on clear indications of illegal financial activity. He explained that the alleged crimes being considered by the Treasury Department include acts of money laundering, bribery, extortion, embezzlement and fraud.

The Iraqi Central Governor says, “His country is committed to implementing stricter regulatory rules for the financial sector and combating dollar smuggling.” The Iraqi Central Bank did not immediately respond to a request for comment on Thursday.

Iraq has more than 70 private banks, a relatively new feature in a sector that was almost entirely under state control until the fall of Saddam Hussein after the US invasion in 2003.

Of these banks, just under a third are on the US blacklist.

“I choose to focus on banks that still have access and where I see continued risks,” the official told Reuters in Baghdad.

He added, "It would be great if the central bank seized the opportunity to address the matter directly, which might negate the need (in the United States) to take further measures."

https://nnciraq.com/226956/

Planning Discusses Preparations For Holding A Workshop To Present Sectoral Papers For The National Development Plan For The Next Five Years

Thursday 14, September 2023 12:21 | Economical Number of readings: 253

Baghdad / NINA / Today, Thursday, the Ministry of Planning held a meeting of the preparatory committee to prepare the national development plan for the next five years.

The Ministry said in a statement: The Preparatory Committee held its regular meeting headed by the Undersecretary for Technical Affairs, Maher Hammad Johan, which comes within a series of its ongoing meetings in this regard, adding: “The meeting discussed the necessary preparations to hold the workshop on presenting the sectoral papers for the plan, as well as assigning experts.” From the United Nations Development Program to work with sectoral teams according to specialization in preparing the plan, as well as presenting its general framework.”

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The statement indicated that the meeting also included a presentation of the completed sectoral papers for the national development plan for the next five years after formulation by the heads of the sectoral committees.

The meeting was attended, according to the statement, by the head of the Central Bureau of Statistics, Zia Awad Kazem, a number of general directors in the ministry, and an elite group of national, international and academic experts, as well as representatives of the relevant departments in the ministry, in addition to representatives of the United Nations Development Programme./ End

 https://ninanews.com/Website/News/Details?key=1077657

The Dollar Continues To Rise With The Closure Of The Stock Market In Baghdad

Economy   Thursday, September 14, 2023 4:41 PM  Baghdad/National News Center  The exchange rates of the dollar rose today, Thursday, in Baghdad markets, with the stock market closed.

The National News Center correspondent said, “Dollar prices rose with the closure of the Al-Kifah and Harthiya stock exchanges to record 155,800 dinars against 100 dollars, while dollar prices recorded this morning 155,600 dinars against 100 dollars.”

He added, “Selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 157,000 Iraqi dinars for 100 dollars, while the purchase price reached 155,000 dinars for 100 dollars.”    https://nnciraq.com/226929/

Al-Sudani Chairs The Second Session Of The Supreme Committee For Reconstruction And Investment

Thursday 14, September 2023 | Political Number of readings: 35   Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani chaired, today, Thursday, the second session of the Supreme Committee for Reconstruction and Investment.

Al-Sudani stressed, at the beginning of the session, that the committee’s work supports the efforts of the ministries in completing strategic and development projects, and implementing public policy and the objectives of the government program, within the work of the ministries and sectoral agencies, especially pushing major projects and enabling them to move forward, and moving stalled projects.

During the session, a number of projects under implementation were reviewed, and the chronological steps of the completion stages and progress were followed, in addition to following up on the files and topics on the agenda, and taking the necessary decisions regarding them.

The session witnessed a follow-up of the tasks and powers of the committee, and a review of the Diwani Order (22430) of 2022, for the purpose of amending the tasks. The tasks prepared by the body of advisors in the Prime Minister’s Office were also approved, taking into account the observations raised by the members of the committee, and the body of advisors undertaking the preparation A paper containing clear and specific definitions (for development, strategic and infrastructure projects).

The project for constructing Highway No. 2 and its requirements for financing and implementation were also discussed, and it was decided that the Ministries of Planning and Reconstruction, Housing, Municipalities and Public Works would undertake the inclusion of a component of preparing a study and surveys for the route of the new road, which connects (Samarra - Baghdad - Holy Karbala - Al-Najaf Al-Ashraf).

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The session discussed the comprehensive survey of the Rafael project, and it was decided that the National Investment Commission would present the results of the surveys of the area surrounding Baghdad International Airport to a consulting office for the purpose of preparing a study on its possible uses, and presenting the results of the study to the Supreme Committee for Reconstruction and Investment.

The two investment projects of Zour Al-Jadriya and Lake Al-Jadriya were also discussed, and it was decided as follows:

1- The General Directorate of Real Estate Registration shall register the land of Zour Al-Jadriya in the name of the Tourism Authority, provided that the uses of the land are determined exclusively for entertainment and tourism purposes, without establishing fixed facilities, taking into account the establishment of a bridge through This land is being implemented by the Ministry of Construction, Housing and Municipalities.

2- Approving the committee’s recommendations contained in the letter of the General Secretariat of the Council of Ministers on August 27, 2023, without establishing fixed facilities, and taking into account the establishment of a bridge through the land, which was approved by the Diwani Order Committee No. 37 of 2019, and the bridge implemented by the Ministry of Construction, Housing, Municipalities and Public Works./End 8    https://ninanews.com/Website/News/Details?key=1077805

Central Bank Sales Amounted To More Than $199 Million

Economy News – Baghdad   Today, Thursday, the Central Bank of Iraq’s sales in the foreign currency sales window amounted to more than 199.5 million dollars.

The Central Bank’s website published its dollar sales schedule, which Al-Eqtisad News reviewed. It included the participation of 26 banks and 62 exchange companies, and foreign transfer requests covered $158.2 million, while cash requests amounted to more than $41.2 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. Views 35 09/14/2023 - https://economy-news.net/content.php?id=36355

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Oil Records Its Highest Levels In 2023 Amid Expectations Of Supply Shortages

Energy   Economy News _ Baghdad  Oil prices rebounded on Thursday, with Brent crude exceeding $93 a barrel for the first time this year, as expectations of tightening supplies for the rest of 2023 overshadowed concerns about weak economic growth and rising US inventories.

The International Energy Agency said earlier that Saudi Arabia and Russia's extension of oil production cuts would lead to a market deficit during the fourth quarter, before a pessimistic report on US inventories led to a slight decline in prices.

By 11:00 GMT, Brent crude rose $1.20, or 1.3%, to $93.08 per barrel after touching $93.11, its highest level since November 2022.

American West Texas Intermediate crude gained $1.14, or 1.3%, to $89.66, after also recording its highest levels in ten months.

A day before the IEA report, the Organization of the Petroleum Exporting Countries (OPEC) issued an updated forecast for strong demand and also pointed to a supply deficit in 2023 if production cuts are maintained.   Views 25 09/14/2023 - https://economy-news.net/content.php?id=36361

Integrity Announces The Launch Of The “Where Did You Get This” Campaign For Election Candidates

Political | 01:13 - 09/14/2023   Baghdad - Mawazine News   The head of the Integrity Commission, Judge Haider Hanoun, announced today, Thursday, the launch of a campaign (Where did you get this from) for candidates in the provincial council elections.

Hanoun said, during a press conference regarding efforts to combat corruption and recover funds: “Today we announce the launch of a campaign (Where did you get this from) regarding the inflation of candidates’ funds in the upcoming local elections,” adding: “We must bring honest men to the provincial councils.”

He added, "The success of the campaigns (Anti-Corruption) and (Where Did You Get This) for provincial council candidates requires, first of all, the cooperation of citizens and cooperation with regulatory bodies to expose the corrupt."

He called on all citizens to "read the Integrity and Illegal Gain Commission Law to know the path towards combating corruption," stressing that "citizen silence and complacency in combating corruption and punishing the corrupt increases the power of the corrupt and weakens the state apparatus."

He continued: “Yesterday, we held an important meeting with the Independent High Electoral Commission to oblige party candidates to disclose and submit their financial liabilities,” stressing that “the process of combating corruption is a complex and complex process and requires everyone’s contribution and assistance.”

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He stressed that "the government is cooperating with the Integrity Commission on the issue of combating corruption, and the Prime Minister is seriously seeking to cooperate with the Integrity Commission to recover the funds, the wanted persons, and the accused," announcing that "he will soon go to Egypt to conclude an important memorandum of understanding to follow up on the wanted persons and recover the funds, in addition to signing memorandums of understanding with Several countries have the same issue.”

He revealed "the seizure of 10 properties, the follow-up of funds smuggled into Turkey worth $6 million, and the follow-up of the retrieval of a building in Turkey."

In response to a question by the correspondent of the Iraqi News Agency (INA), regarding the issue of tax deposits, Hanoun said, “Some of the defendants and those involved in the issue of tax deposits are asking the Integrity Commission to be neutral with them, and therefore we say to the defendants abroad that you are going the wrong way. The Commission "It is not a neutral party with the corrupt, but rather an opponent to them."

He added, "The Integrity Commission is working to prove the cases, charges, and suspicions against the accused, and whoever claims to have no connection to corruption must submit evidence to the Commission to conduct the procedures and submit it to the competent courts," stressing that "all those involved in the tax deposits case will be tried before a fair judiciary."

https://www.mawazin.net/Details.aspx?jimare=234956

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Points to Ponder on Exaggeration:

Some persons are exaggerators by temperament -- They do not mean untruth, but their feelings are strong, and their imaginations vivid, so that their statements are largely discounted by those of calm judgment and cooler temperament  -- They do not realize that "we always weaken what we exaggerate"  Tryon Edwards 

Exaggeration is a blood relation to falsehood, and nearly as blameable -
- H Ballou 

Exaggeration as to rhetoric, is using a vast force to lift a feather; as to morals and character, it is using falsehood to lift one's self out of the confidence of his fellowmen -- 
Paget 

There are some persons who would not for their lives tell a direct and willful lie, but who so exaggerate that it seems as if for their lives they could not tell the exact truth -- 
Paget 

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