Iraqi News Highlights Late Sunday Evening  7-23-23

Iraqi News Highlights Late Sunday Evening  7-23-23

Tlm724 Administrator Bondlady’s Corner

Iraq Announces Compensation To Citizens And Companies Who Buy Dollars At The Unofficial Rate

Economy      Dollar prices     breaking  2023-07-23T18:20:50+00:00  Shafaq News / The Iraqi Prime Minister, Muhammad Shia'a al-Sudani, directed the Central Bank of Iraq to compensate citizens and companies who buy dollars at the unofficial price, by deducting the financial difference from banks and exchange companies that sold the dollar at more than the price set in the bank.

This came during a meeting of the Prime Minister with the Governor of the Central Bank, Ali Mohsen Al-Alaq, in the presence of the advisors and the Director General of Investment in the bank.

The measures taken by the Central Bank regarding the stability of the currency in the Iraqi market were discussed, and

the most prominent plans prepared for reforming, developing and enabling the banking sector were discussed. To take its role in achieving sustainable development and facing challenges.

According to a statement received by Shafaq News agency,

Al-Sudani listened to clarifications about the most important facilities provided by the Central Bank, which include allowing small merchants and importing individuals to finance their imports without the need to establish a company, and that is through government and private banks that have direct relations with correspondent banks.

In this regard, the Prime Minister directed that greater efforts be made to simplify procedures for citizens, as emphasis was placed on implementing the content of the Council of Ministers' decision regarding the payment of investment project installments by allowing citizens to pay in Iraqi dinars for the values of housing units that they previously purchased in foreign currency.

Al-Sudani also ordered the application of Article 48 of the Federal General Budget Law, to unify and simplify tax procedures on the one hand, and not link them to external transfers on the other hand.  And

he stressed the continuation of the measures that the Central Bank will take, related to compensating citizens and companies who buy dollars at the unofficial rate, through the Central Bank deducting the financial difference from banks and exchange companies that sold the dollar at more than its price specified in the bank, after the purchase from those companies is proven.

For his part, the Governor of the Central Bank, Ali Al-Alaq, revealed during the meeting the bank's intention to resume selling cash dollars through licensed banks in Nineveh Governorate.

https://www.shafaq.com/ar/اقتصـاد/العراق-يعلن-تعويضا-للمواطنين-والشركات-مم-ن-يشترون-الدولار-بالسعر-غير-الرسمي

Keywords: The Central Bank Intends To Resume Selling Dollar Cash Through Licensed Banks In Nineveh

Political      Yesterday, 21:20   Baghdad – conscious  Today, Sunday, Prime Minister Muhammad Shia al-Sudani directed the central bank to make greater efforts to simplify procedures for citizens, while the governor of the central bank, Ali Al-Alaq, stressed the tendency to resume the sale of cash dollars through licensed banks in Nineveh Governorate.

The media office of the Prime Minister said, in a statement received by the Iraqi News Agency (INA), that

"Prime Minister Muhammad Shia' al-Sudani met today with the Governor of the Central Bank, Ali Mohsen Al-Alaq, in the presence of the advisors and the Director General of Investment in the bank," noting that

"during the meeting, the measures taken by the Central Bank were discussed regarding the

stability of the currency in the Iraqi market, and the

most prominent plans prepared to reform, develop and enable the banking sector;

to take its role in achieving sustainable development and facing challenges."  He added,

"The Prime Minister listened to clarifications about the most important facilities provided by the Central Bank, which include allowing small merchants and importing individuals to finance their imports without the need to establish a company, and that this be through government and private banks that have direct relations with correspondent banks."  The Prime Minister directed,

"The Central Bank to make greater efforts to simplify procedures for citizens, as it was stressed on implementing the content of the Council of Ministers' decision regarding the payment of installments for investment projects by allowing citizens to pay in Iraqi dinars for the values of housing units that they previously purchased in foreign currency."

The meeting witnessed an emphasis on proceeding with the measures that the Central Bank will take, related to compensating citizens and companies who buy dollars at the unofficial rate, through the Central Bank deducting the financial difference from banks and exchange companies that sold dollars at more than the price set in the bank, after the purchase from those companies is proven.

And revealed the central bank governor during the meeting, "the bank's intention to resume the sale of cash dollars through licensed banks in the province of Nineveh."  https://www.ina.iq/190045--.html

Sumer Bank: We Work According To The Laws And Rules In Force In Order To Achieve The Interests Of Customers And Shareholders And The Interest Of The Iraqi Economy

Sunday 23 July 2023 17:59 | Economical     Number of readings: 623    Baghdad / NINA / The Sumer Commercial Bank expressed its keenness to protect and care for the interests of its customers, stressing that all customer deposits are fully covered and there is nothing to prevent the customer from his deposit.

He would like to clarify the following: ..

The Sumer Commercial Bank, since its establishment in 1999, has been operating in accordance with the laws and rules in force in order to achieve the interests of customers and shareholders and the interest of the Iraqi economy in general, and is keen to protect and care for the interests of its customers, and

we confirm that all customer deposits are fully covered and there is nothing that prevents the customer from his deposit...

Sumer Commercial Bank is working to overcome this crisis as soon as possible in cooperation with and under the supervision of the regulatory authorities..

And while Sumer Commercial Bank works in accordance with the rules of governance in order to achieve the interests of all relevant parties, it affirms its commitment in all its transactions to the relevant controls and instructions.

We are convinced that depriving the bank of dollar transactions is a temporary issue, and it will be able to overcome this fleeting crisis as soon as possible.  The bank concluded its statement by saying,

“We emphasize the smoothness of work in all of our branches, and we call on our customers to be reassured and assure them of the continuation of our services to them as usual.”

https://ninanews.net/Website/News/Details?key=1066592

Iraq And Successful Economies

Economical 2023/07/22  Yasser Al-Metwally,  with a simple definition, means that successful economies are those countries in which the size of the impact of financial and economic crises is little, and it is almost non-existent in some countries.

Here, the criterion is determined according to countries that are considered emerging, that is, their rapid growth rates in their various economic sectors.

Most of these emerging economies are those that have transformed from their totalitarian system to a free economy and their countries have left the management of productive and economic activities to the private sector.

Their impact on the global economy is also small.

While countries with developed economies have a large impact when they go through financial or economic crises on the global economy, such as the American, European and Japanese economies.

As for the emerging economies, the size of their financial crises will have a much less impact on the global economy, except for China.

If it is exposed to an economic crisis, it affects the entire international environment, given the volume of dealings with China, and we noticed the effects of the Covid-19 (Corona) crisis, how severe its impact was on the global economy.

It is important to mention that emerging countries are the ones whose growth history is close and not far, and China is among them.

As for the fragile and weak economies, if they are exposed to any crisis, they have no effect on the global economy.

Likewise, emerging countries, if one of their countries is exposed, can be pulled out by other emerging countries, with the exception of China, as you indicated.

And the biggest indicator of the exposure of large economies and its impact on the global economy was devastating, as the global financial crisis in 2008 still has its effects remaining and affecting, and it was a lesson that emerging countries benefited from in their dealings, dealings, and self-reliance.

Therefore, emerging countries are considered among the successful economies.

We don't care where Iraq is from these economies?

Unfortunately, the Iraqi economy has not been classified as one of the emerging economies, despite its possession of diverse and enormous wealth, but it is not invested properly.

The biggest indicator of this is that the distorted balance of payments tends to favor imports at the expense of exports, with the exception of oil exports, which is the secret of the delay in classifying Iraq into emerging countries, which makes Iraq resistant to crises.

But here lies the danger and what we always warn about of the risks of price fluctuation because expectations are not often accurate if we take into account the international changes and their economic challenges.

This article is part of our attempts to spread economic culture and benefit from global analyzes and experiences, hoping that our message will reach.

When will Iraq be among the countries with successful economies?

When reviewing the reality of the productive sectors, relying on their capabilities, and activating the role of the private sector in them.    https://alsabaah.iq/80938-.html

The Prime Minister Stresses The Need To Review And Develop The Oil Export System

 political     Yesterday, 19:05   Baghdad – conscious  Today, Sunday, the Prime Minister, Muhammad Shia'a Al-Sudani, stressed the need to review and develop the oil export system.

The media office of the Prime Minister said, in a statement received by the Iraqi News Agency (INA), that

"Prime Minister Muhammad Shia' al-Sudani chaired a meeting devoted to discussing the progress of implementing the strategic projects of the Ministry of Oil, in the presence of the Minister of Oil and the advanced staff in the ministry."  He added,

"The meeting discussed the

progress of work in completing licensing rounds, practical steps in gas and energy projects, and the

progress of efforts in the field of attracting investments for these economic sectors, and

creating the optimal conditions and environment for the settlement of investment in Iraq.

It also reviewed ways to expand cooperation with major specialized international companies, and promote development in the oil sector."

The Prime Minister referred to "the importance of these projects, which represent the backbone of the national economy," indicating "the need to review and develop the export system."  He stressed,

"The continuation of these meetings periodically, for the purpose of closely following up the progress in implementing projects, and the government will work to prepare appropriate decisions in the Council of Ministers, which will facilitate the completion of these projects."

https://www.ina.iq/190033--.html

 

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