Iraqi News Thursday AM 11-4-21
Iraqi News Thursday AM 11-4-21
TLM724 Administrator BondLady’s Corner
Iraq's Possession Of US Bonds Decreased To $ 18.934 Billion
Economie| 09:37 - 04/11/2021 Follow-up - Mawazine News The US Treasury Department announced, on Thursday, that Iraq's holdings of US bonds decreased to 18.934 billion dollars during the month of August.
The treasury said in its table, which was reviewed by / Mawazine News /, that "Iraq's possession of US Treasury bonds for the month of August decreased by 0.59% to reach $18.934 billion, after it was $19.047 billion last July," noting that "these bonds are still high. For the month of December of the year 2020, by 10.53%, when Iraq’s possession of bonds amounted to 17.1 billion dollars.
She added that "Iraqi bonds, including long-term guarantees amounting to 8.655 billion dollars and short-term guarantees amounting to 10.279 billion dollars."
She noted that "the largest holder of US bonds is Japan, with a value of 1.319 trillion dollars, followed by China, with a value of 1.
In the Arab world, Saudi Arabia is at the forefront of the most possessing countries, with a value of 124.1 billion dollars, followed by the UAE with 58 billion dollars, and Kuwait third with 46 billion dollars, then Iraq and Oman fifth with 5 billion dollars.” https://www.mawazin.net/Details.aspx?jimare=173581
Iraq Assigns International Companies To Follow Up And Audit The Movement Of Funds Within The Chinese Agreement
Economie| 11:21 - 04/11/2021 Baghdad - Mawazine News, Mazhar Muhammad Salih, financial advisor to the head of the caretaker government, announced, on Thursday, the activation of the Iraqi investment account within the Chinese agreement, while referring to the government's assignment of international companies to follow up and audit the movement of funds within this agreement.
Saleh said, in a statement to the official agency, that "the Iraqi investment account in the cooperation framework agreement between Iraq and China was activated more than five months ago this year," noting that "the funds of this agreement will be allocated to important infrastructure projects, including the school building project Project 1000." School and others, as well as important income-generating investment projects, which Chinese companies with world-class standards will compete for implementation.
He added, "There is a credit line from the Chinese side, which amounts to about $1.8 billion for the year 2021, as it is available as financial liquidity that can be borrowed for spending on other important projects, but the Federal General Budget Law for the fiscal year 2021 has allowed benefiting by an amount that does not exceed a little more than one trillion dinars." That is, a line of credit provided by Chinese banks this year and under the guarantee of the Chinese Credit and Export Guarantee Agency (Sino Shore), which is the guarantor and guarantor, and the equivalent of nearly 700 million dollars, according to the budget law.
And he indicated, "This will be devoted to urgent and important development projects in the electric power sector in Iraq," noting that "there is a major international auditing company that monitors the movement of funds and accounts and the overall financial transactions concerned with the agreement of the cooperation framework between the two countries, which have been appointed and whose oversight and auditing tasks have been determined by the government." Iraqi". Ended 29/A 4
https://www.mawazin.net/Details.aspx?jimare=173592
Relative Stability Of The Dollar Exchange Rates In The Local Markets
Economie| 11:12 - 04/11/2021 Baghdad - Mawazine News The dollar exchange rates witnessed, on Thursday, recording relative stability in the main stock exchange and local markets in the capital, Baghdad.
And the dollar exchange rates on the Central Kifah Stock Exchange in Baghdad recorded today, 148,000 thousand dinars, for each $100 bill.
The prices of buying and selling the dollar also stabilized in exchange companies and local markets in Baghdad, where the selling price amounted to 148,500 dinars, for each paper denomination of 100 dollars, while the purchase prices amounted to 147,500 dinars for each paper denomination of 100 dollars. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=173591
A Tribute To The Central Bank's Measures Against Money Laundering
Thursday 04 November 2021 188 Baghdad: Haider Falih Al-Rubaie Banking and financial expert, Rajaa Bandar, praised the government’s efforts to confront money laundering crimes, praising the role played by the Central Bank to avoid the banking sector in particular and the Iraqi economy in general, the negative effects of money laundering and terrorist financing crimes, which led to Iraq’s exit from the “follow-up area.” .
National Strategy
Al-Bandar said, "The Central Bank has a major role in deterring money laundering operations, as it issued the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015, establishing the Anti-Money Laundering and Terrorist Financing Office and granting it complete independence and the power to receive reports and refer them to the judiciary, and to issue instructions rules Customer Due Diligence for Financial Institutions (Banks and Non-Bank Financial Institutions) No. 1 of 2017 and the issuance of the 2016 Terrorist Funds Freezing Committee Regulations.
The Bank also issued a national strategy to combat money laundering, as well as acceding and ratifying the International Convention for the Suppression of Terrorism, and concluding international cooperation agreements for the exchange of information and legal assistance regarding the recovery of terrorist funds, in implementation of the decision National Security Council.
International Cooperation
The banking expert explained that among the important measures that the Central Bank has taken with the aim of defeating money laundering operations, is the signing of a contract with the International Monetary Fund, the legal department to provide technical support with regard to anti-money laundering legislation and procedures, as well as concluding bilateral memoranda of cooperation with the units. counterparts in other countries and with Iraqi institutions related to combating money laundering and terrorist financing.
Bandar indicated that the procedures also included "keeping pace with the technical development in the field of combating money laundering in accordance with internationally approved standards and lists, as well as training the cadres of the banking system to obtain accredited professional certificates in combating money laundering and terrorist financing (CAMS) issued by the Association of Certified Money Laundering Specialists. and Terrorism Financing (ACMES).
Follow-up area
The banking expert indicated that these important government steps, and as a result of the great progress made by the Central Bank and the Anti-Money Laundering Office in improving and addressing deficiencies, and for fulfilling all its obligations towards the directions of the International Financial Action Task Force (FATF), the group officially announced that Iraq had left the “follow-up area.” According to the report of the International Financial Action Task Force on the Middle East (MENA FATF). LINK
Digital Transformation Affects The Labor Market
Thursday 04 November 2021 165 Baghdad: Mustafa Al-Hashemi Digital services are rapidly spreading in Iraq, for various reasons, including the growing need for them, including the restrictions imposed by the pandemic conditions and the neutralization of life uses in digital transactions, such as selling, buying and shopping via the Internet, as well as the delivery services attached to them, although the infrastructure for these services is still Under its upbringing, it achieved acceptance with the public who interacted positively with it, despite some problems facing young people working in this field.
In this regard, the Market Research and Consumer Protection Center, in cooperation with the College of Business Economics at Al-Nahrain University, organized a workshop (remotely), entitled (Digital Transformation of Services in Iraq / A Future Vision), with the participation of the General Secretariat of the Council of Ministers.
The Director of the Market Research and Consumer Protection Center, Professor Dr. Yahya Al-Bayati, stressed the necessity of institutional integration between the various state departments and the private sector, in order to reach partnership contracts between the two sectors to address the problem of youth unemployment, indicating the importance of {activating the Consumer Protection Law No. 1 of 2010}.
The lectures included a definition of digital services and their importance and the development in the use of services through the development and digital and technological transformation of the management of state institutions and the importance of their use. The workshop resulted in a number of recommendations and proposals, which can contribute to achieving the optimal use of digital transformation in Iraq.
3 working papers were discussed in the symposium, the first was entitled (Digital Transformation in Iraq / Reality and Ambition) presented by the Dean of the College of Business Economics, Dr. Nagham Hussein, and the second was entitled (Digital transformation and its impact on the state and society) presented by Dr. Mazen Mahdi Al-Aqabi from the General Secretariat of the Council of Ministers. The third paper, entitled (Digital Transformation through the Lens of Governance), was presented by the Head of the Economics Department of Investment and Resources Management at the College, Assistant Professor Dr. Tariq Ali Jassim.
The workshop focused on the topic of global digital transformation in development, and shed light on government and private institutions to confront these challenges, the most prominent of which is a significant decline in economic sectors, including (air transport, tourism, insurance and finance) and technological wars on 5G, as well as the tremendous development in the digital sectors, And the shift towards electronic services around the world instead of jobs traditional.
The topic of the tremendous development in digital transformation and electronic services, creating an incentive for young people to train in the new disciplines required in the labor market, and building work teams by adopting their technical marketable ideas to the environments of industrial, agricultural and service construction.
In the workshop, many questions, discussions and inquiries were asked about digital transformation programs, the obstacles that young people face in their work, and how processed. LINK
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