Iraqi News Highlights Tuesday Evening 3-21-23
Iraqi News Highlights Tuesday Evening 3-21-23
Tlm724 Administrator Bondlady’s Corner
The Central Bank Launches A New Electronic Platform
Tuesday 21 March 2023 11:42 | Economical Number of readings: 420
Baghdad / NINA / The Central Bank of Iraq announced, today, Tuesday, the launch of the e_Donate electronic platform application, in cooperation with the Unified Iraqi Medical Society for Relief and Development, and in the presence of the Governor of the Central Bank Ali Al-Alaq and the Director of the Non-Governmental Organizations Department Ashraf Al-Dahan and the Governor of Anbar Ali Farhan, and representatives of the banking sector and the Association Iraqi private banks./End 5
The Central Bank: Large Financial Allocations To Support Green Economy Projects
Economy| 12:14 - 03/21/2023 Baghdad - Mawazine News, the Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed, on Tuesday, large financial allocations to support green economy projects.
Al-Alaq said in a speech during a conference to launch the first electronic financial application (E-Donate), that "the central bank meets the trend towards green Iraq, and the central bank is also focusing on it at the present time through its democratic initiatives for projects related to the green economy and climate change." Pointing out that "there are large allocations to support and finance projects related to this aspect."
Al-Alaq added, "The Central Bank meets with the Unified Iraqi Medical Society for Relief and Development in more than one direction and more than one level in coordination, cooperation and support," noting that "the Unified Iraqi Medical Society for Relief and Development has presented many initiatives and achievements that serve the people of the country."
https://www.mawazin.net/Details.aspx?jimare=222487
European Praise For The Iraqi Government's Steps In The Areas Of Developing The Economy And Combating Corruption
Political | 02:19 - 03/21/2023 Baghdad - Mawazine News The Committee on Relations with Iraq in the European Parliament praised the "positive" steps taken by the Iraqi government in the areas of developing the economy and combating corruption.
The Ministry of Foreign Affairs said, in a statement received by Mawazine News, that "the Committee on Relations with Iraq in the European Parliament hosted, at the Parliament's headquarters in Brussels, Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein and his accompanying delegation."
During the meeting, they discussed enhancing the prospects for cooperation between the two sides and ways to enhance the work of the Iraq Committee in the European Parliament in a way that serves the development of bilateral relations and the implementation of mutual obligations in the Partnership and Cooperation Agreement between Iraq and the European Union, and the European side stressed that the European Parliament is in the process of final approvals for the establishment of the Parliamentary Partnership Committee joint venture between the two sides, which was agreed to be formed during the European delegation's visit to Iraq.
The statement added, "The minister stressed the important role that parliamentary diplomacy plays in strengthening relations between Iraq and the European Union, stressing the need to strengthen this important role."
He continued, "The deputies exchanged views with the minister on developments in the political, economic and security situation in Iraq, and praised the positive steps taken by the Iraqi government in the areas of developing the economy, combating corruption, and linking this government with political stability."
The Minister of Foreign Affairs referred to "the Iraqi government's priorities represented in respecting sovereignty, building balanced relations with regional and international actors, and moving away from the policy of axes, in addition to the government's primary mission to advance the economic reality by carrying out radical economic reforms and combating corruption."
He stressed, "Iraq has become a positive regional actor, as the Baghdad 1 and 2 conferences led to a great rapprochement between many regional powers, and the recent agreement between Saudi Arabia and Iran had a major role in preparing for it and making it possible."
He stressed "the importance of the role played by the European Union in supporting Iraq in its serious steps towards strengthening the democratic system, which led to confirming the principle of peaceful transfer of power and the development of civil society and free media in Iraq after decades of dictatorship." https://www.mawazin.net/Details.aspx?jimare=222498
Economists: Most Of The Merchants Without A Banking Culture
Economical 2023/03/19 Baghdad: Shukran Al-Fatlawi Economists agreed on the importance of enhancing the culture of small merchants banking, attracting them to apply the conditions of the electronic platform, and facilitating the process of obtaining dollars in order to mitigate the effects of the parallel market.
The Central Bank recently launched three reform packages to facilitate obtaining dollars, especially after the introduction of the electronic platform for remittances, as the country relies on importing most goods and merchandise by merchants.
The economist, Dr. Mustafa Hantoush, told Al-Sabah:
The Central Bank continues the process of attracting small merchants, because most of them lack the banking culture in terms of bringing the invoice, customs and tax processes, carrying out dollar purchases and retail sales, and withdrawing bills.
He added that the third package of reforms of the Central Bank aims to increase the supply,
but some companies and individuals have violated this mechanism to obtain dollars and benefit from the parallel market for the currency.
Hantoush added that the central bank moved to a wiser mechanism, which is selling cash at a rate of 2000 dollars, so the amount became useless for fictitious companies that took advantage of that when the specified amount was 7 thousand dollars, in addition to its tendency to fill out the (Master Card) when going to any country in the world, As the card holder performs the withdrawal process, reinforcing the currency of that country, and the dollar withdrawal is at the official rate.
Despite the Central Bank's extensive treatment packages and its high hard currency sales, the dollar's exchange rate is still high in the parallel market, with a difference of up to 200 dinars from the official rate.
For his part, economist Dr. Nabil Al-Marsoumi told Al-Sabah: The dollar crisis is not in the money supply, but rather the import remittances crisis that pushed the price up and put pressure on the dinar.
He warned that the current year will be difficult for the country because of this crisis, although Iraq possesses large reserves that exceed 100 billion dollars, and
this is a paradox that requires a solution, because the central bank is shackled and cannot use the reserves to defend the exchange rate of the dinar, and thus the price of dollar exchange.
https://alsabaah.iq/73581-.html
just a reminder -
Al Bunnia Group since 1910 Investments
Al Bunnia Group maintains an investment portfolio which holds shares in publicly traded companies.
Al Bunnia Group holdings include:
• Iraqi National Bank
• Al Warka’ Bank
• Iraqi Commercial Bank
• Ahlia Insurance Company
• Baghdad Company for Soft Drinks (Pepsi Cola Company)
• Al Razi Chemicals and Cosmetics Company
• Iraqi Packing and Canning Company
• National Company for Chemical Products and Plastics
https://albunnia-group.com/en/investments/
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