Iraqi News Thursday Morning 4-21-22
Iraqi News Thursday Morning 4-21-22
TLM724 Administrator BondLady’s Corner
Finance Minister: The Iraqi Economy Needs A "Real Revolution"
Economie Thursday, 21 April 2022 3:21 PM National News Center/Baghdad Today, Thursday, Finance Minister Ali Abdul-Amir Allawi confirmed that the Iraqi economy needs a "real revolution" to pull it out of the deterioration.
The minister said, in a speech during his leadership of the Iraqi delegation participating in the spring meetings of the International Monetary Fund and the World Bank held for the period from April 18 to 24, 2022 in Washington, with the participation of the Undersecretary and a number of general managers, he said that “saving the Iraqi economy and correcting the course of fiscal and monetary policy, It needs a real revolution to change its structure and transfer it from a rentier economy that depends on oil as a main source of revenue to a diversified economy, especially after indicators showed that it is not possible to rely on oil to build and develop the country.”
And he indicated the importance of involving the private sector to take its role in the overall economic activity and towards achieving comprehensive and sustainable development, adding, "We suffer from previous and inherited institutional laws and procedures that must be addressed if we want to invest the country's resources and its strategic location in the proper manner and adapt the economy to the post-oil phase." https://nnciraq.com/122887/
During A Seminar In Washington, The Minister Of Finance Reveals The Most Important Challenges Of The Next Government
Thursday 21 April 2022 12:27 | economic Number of readings: 166 Baghdad / NINA / - Minister of Finance Ali Allawi revealed, today, Thursday, the most important challenges facing the next government.
Allawi said, during a symposium organized by the Atlantic Research Institute in Washington: The most important Iraqi challenges that the next government will face are the inherited institutional laws and procedures, stressing the need to address them if we want to benefit from the country's resources and its strategic location and how to transform the economy into a post-oil phase.
Allawi stressed that this visit came to deepen the economic relationship with international institutions, the World Bank, the International Monetary Fund, the American Treasury and the American Development Agency, and we aspire to strengthen relations.
He added, that the IMF supports the overall economic and reform policy for Iraq, noting that the World Bank supports certain projects, and now they have several projects they are working on in Iraq.
He continued, there is cooperation with the US Treasury on several issues, including money laundering and Iraqi-American relations in light of the Russian-Ukrainian war, because there are economic aspects that must be taken into consideration.
Allawi indicated that in light of all these matters, it was necessary for us to come to Washington with a large and important team from the Ministry (Iraqi Finance) and from other ministries./End 3
https://ninanews.com/Website/News/Details?key=971332
Financial Disclosure And Transparency Is A Strategic Approach For The Central Bank Of Iraq
Articles *Samir Al-Nusairi The Central Bank of Iraq periodically announces its foreign cash reserves with the aim of informing the public and the concerned and competent authorities that the reserves are sufficient by 100% to cover the local currency in circulation and to cover Iraq’s import obligations to the government and the private sector in accordance with the standards of the International Monetary Fund, and that the gold reserve is up to 96 tons and occupies an advanced position in the Arab world And regionally.
The Central Bank also announced the absence of the Libyan dollar in circulation in Iraq. It also announced the ban on dealing in encrypted currencies and warned against that. The Central Bank’s data and daily reports are consistent with the transparency and disclosure that characterizes international banks because banks
The central bank in the countries of the world mainly aims to achieve economic stability by achieving monetary and financial stability in accordance with its programs and strategies that aim to maintain stability in the exchange of their local currencies against other foreign currencies and to build sufficient foreign reserves.
Banks are also evaluated based on other criteria related to facing crises, challenges and shocks. Economic and political control in their countries, control over stable rates of inflation and interest rates, application of compliance regulations and rules, and combating money laundering and terrorist financing.
The Central Bank of Iraq’s march during the past years has proven that it is moving at a steady pace to achieve the objectives of monetary policy and with a fixed and strategic approach that depends on transparency and disclosure of financial data and dealing with international financial organizations and institutions, based on the keenness to restore confidence in international banking transactions, which Iraq suffered before 2014 due to reputational risks And the negative media impact on the damage to the Iraqi economy and the leaking of inaccurate, fabricated and distorted data and information.
This led the Central Bank administration, which assumed responsibility in 2020 and 2021, to follow in the footsteps of the Central Bank’s policy in the Bank’s first strategy for the years ( 2016-2020) .
And to draw up a second strategy for the years 2021-2023 , one of its main and subsidiary objectives was to adopt transparency and disclosure locally and internationally about the march of results achieved for the financial and banking sector , and to adhere to the standard international standards applied by sober international banks, which led to the creation of a new and balanced relationship with banks and banking institutions. It is based on confidence in the financial statements presented and announced by the Bank
Also, the Central Bank announces daily its sales of dollars in the foreign currency sale window, distributed among the banks that enter the window, according to the classification of each bank and with a comprehensive disclosure.
Also, through its control and supervision of the banking sector, banks are obligated to adopt transparency and continuous disclosure and by all available means about the results of their work. And periodically and by adopting international accounting standards that ensure the transparency of financial statements.
From all of this, we note that the Central Bank, with this strategy and this approach, announces to local and international public opinion the following: 1- The statements issued by it and the Iraqi banking sector confirm the transparency and disclosure of the Central Bank of Iraq by announcing approved and transparent reports for the total revenues from the currency for the first time since 2003 at least. The foreign currency and the total expenditures of the foreign currency of the government according to the approved exchange chapters.
2- The statements contained in his daily reports on his official website refute all media statements made by non-specialists in the various media. In particular, the foreign currency sale window.
Through my analysis as a follower and specialist, I believe that the Central Bank’s disclosure of financial data, especially what is related to foreign currency, with the required accuracy, will greatly help restore confidence in our national economy and the Iraqi banking sector locally and internationally, because disclosure, transparency and credibility will raise the percentage of confidence in the Central Bank and banks’ procedures, which will contribute to the development of The banking sector and raising the percentage of financial inclusion.
* Adviser to the Association of Iraqi 8 Private Banks Views 147 Date Added 04/21/2022
https://economy-news.net/content.php?id=27704
Integrity Announces The Recovery Of More Than 9 Million Dollars From Lebanese Banks
Money and business Economy News – Baghdad Today, Thursday, the Federal Integrity Commission announced that it has succeeded in recovering more than $9 million from Lebanese banks, indicating that it has been working on this file since 2013 until now.
A statement by the Commission's Recovery Department stated, "The first president of the Beirut Court of Appeal, assigned to consider cases of the executive formula, issued a decision to hand over an amount of (9,384,499) dollars to the Iraqi government, in addition to an apartment in the Ras Beirut area, indicating that "the money that was smuggled By the convict (Zina Saud), she was deposited in five Lebanese banks and under pseudonyms.
The statement added that "the commission has worked on this file since 2013, in cooperation and coordination with the legal department in the Ministry of Justice, by investigating the convicted money after finding bank accounts for it outside Iraq," noting that "a request for legal aid was directed to the judicial authorities. The Lebanese government, with a view to obtaining a decision to give the executive form of the conviction decision issued by the Iraqi courts.
He continued, "The Lebanese judiciary initially issued a decision to refer the case file to the Beirut investigative judge, based on the misdemeanor of money laundering, in preparation for freezing it and then confiscating it for the benefit of the Lebanese government," explaining that "the commission instructed its lawyers in Lebanon to appeal these decisions."
And he indicated that "after submitting requests and appeals to the Lebanese judiciary, he issued a decision to confiscate those funds deposited in Lebanese banks, which were under pseudonyms, and hand them over to the Iraqi government," pointing out that "the commission has coordinated with the Ministry of Finance and the Central Bank of Iraq, in order to transfer the funds to the government treasury. Iraq".
With regard to the procedures for recovering the funds that the convict smuggled to the Hashemite Kingdom of Jordan, the recovery department confirmed, according to the statement, that “the commission, in cooperation with the legal department in the Ministries of Foreign Affairs and Justice, has moved in this context, and is working to appeal the Jordanian judiciary’s decision to freeze the smuggled funds amounting to (5,700,000) dollars. Based on the provisions of the Jordanian Anti-Money Laundering Law.
She pointed out that "a meeting was held on 11/4/2022 with the Supreme Judicial Council in Jordan, which included, in addition to the commission, the Supreme Judicial Council, the Presidency of the Public Prosecution and the Ministry of Justice," noting that "during the meeting, the issue of the frozen convicts' funds in Jordan was discussed." and his clothes.”
She explained that "the Jordanian side expressed its willingness to reverse the decision to freeze and hand over these funds to the Iraqi government," noting that "work is underway to submit a request from the commission's lawyer in Jordan to the Public Prosecution Presidency there, and work is underway to complete this file, in preparation for its final closure."
It is reported that the commission revealed the embezzlement of 17 billion dinars from the Baghdad Municipality by a number of its employees. In addition to the seizure of one million and one hundred thousand dollars in cash in a house in Baghdad, and gold jewelry weighing (2) kilograms, and the seizure of real estate that the accused had purchased with a value of two million dollars.
It is noteworthy that the Rusafa Criminal Court had previously decided to sentence the convict (Zina Saud) to life imprisonment, and confiscate her movable and immovable funds inside and outside Iraq.
Views 138 Date Added 04/21/2022 https://economy-news.net/content.php?id=27706
The Iraqi Stock Exchange Is Trading More Than 23 Billion Shares By The End Of The Week
Money and business Economy News – Baghdad During the third week of April 2022, the Iraq Stock Exchange organized five trading sessions from Sunday 04/17/2022 to Thursday 04/21/2022.
According to the market, the number of shares traded during this week reached more than (23) billion shares , while the value of shares traded this week amounted to more than (26) billion dinars .
The trading index closed in the market for the first session of the week at (598.49) points, while the index closed at the end of the week at (593.01) points, achieving a decrease of (0.92%) from its closing in the first session .
And executed during the week more than (3100) contracts of buying and selling on the shares of companies listed in the market . Views 5 Date Added 04/21/2022 https://economy-news.net/content.php?id=27711
A Slight Decrease In The Price Of The Dollar In The Local Market
Economie| 10:25 - 21/04/2022 Baghdad - Mawazine News The exchange rates of the US dollar fell against the Iraqi dinar, on Thursday, on the main stock exchange in the capital, Baghdad, according to the following table:
- The selling price was 148000 Iraqi dinars per 100 US dollars
- The purchase price amounted to 147,000 Iraqi dinars per 100 US dollars.
https://www.mawazin.net/Details.aspx?jimare=190801
Industry Plans To Open Four Important Production Plants
Economie| 12:36 - 21/04/2022 Baghdad - Mawazine News The General Company for Electrical and Electronic Industries announced today, Thursday, its intention to open 4 factories during the current year, provided that all of them will be important production plants and within the programs prepared to advance the economic reality of the country.
The Director General of the company affiliated to the Ministry of Industry and Minerals, Sufian Fawzi Al-Jubouri, said in a statement received by Mawazine News that "the company, within the medium-term plans that it has prepared to advance the economic reality, will open four important production plants during the current year."
Al-Jubouri added, "The first plant will produce air compressors, the second will produce control panels and electric generators, while the third will produce gas-powered and environmentally friendly generators, and the fourth will be specialized in manufacturing solar-powered coolers."
He stressed, "The company is proceeding with programs to revitalize the industrial sector, and considers it an important axis to achieve economic growth in the country," revealing in the same context that "the company has increased its production lines, such as the oxygen gas production line, which rose from 500 to 2000 cylinders, while the productivity of its other line increased from three to eight." Thousands of liters per day. Ended 29 https://www.mawazin.net/Details.aspx?jimare=190815
The Outlets Announce The Direct Linking Of The Electronic Program For Exempted Goods With The Investment Authority
Economie| 01:00 - 21/04/2022 Baghdad - Mawazine News Today, Thursday, the Border Ports Authority announced that it has started linking the electronic program for exempted goods with the Iraqi Investment Authority.
A statement by the authority, received by Mawazine News Agency, stated, "To complement the electronic work practiced by the Border Ports Authority under the supervision of the authority's president, Omar Adnan Al-Waeli, the Directorate of the Single Trade Exchange Window in the authority has started installing the exempted goods system for the National Investment Authority as an important step among the steps prepared by the authority to advance the reality of its work and the performance of its duties to eradicate the manifestations of financial and administrative corruption.
The statement added that, "a joint workshop was held in the presence of the head of the National Investment Commission and all the directors of the departments concerned with the matter, and they were instructed to use the system and submit weekly reports," noting that "the system is a qualitative transition from routine paperwork to electronic work to facilitate data access and eliminate forgery." and manipulation of quantities and descriptions of exempt goods.
He pointed out that "the next step will be to link the system with the General Authority of Customs so that the process is integrated with all relevant departments," noting that "the authority had earlier linked the program with the General Directorate of Industrial Development, and its efforts continue to implement government directives to reach electronic governance. perfect". https://www.mawazin.net/Details.aspx?jimare=190820
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