Iraqi News Tuesday AM 8-17-21
Iraqi News Tuesday AM 8-17-21
TLM724 Administrator BondLady’s Corner
The Central Bank Talks About A Vision That Ensures The Inclusion Of All Segments Of Society In Banking Services
Economie| 02:13 - 17/08/2021 Baghdad Mawazine News The Central Bank of Iraq spoke, on Tuesday, about a vision that ensures the inclusion of all segments of society in banking services.
A statement by the bank's media office, a copy of which was received by Mawazine News, stated that "the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, chaired today the meeting of the Supreme Committee for Financial Inclusion in Iraq."
The statement added, "The attendees stressed the importance of the committee's role in spreading financial inclusion, its economic and social dimensions, and other important aspects."
He continued, "The need to draw an integrated vision for financial inclusion was discussed, especially since this issue is of interest to all countries, not only in Iraq, especially since its goals are multiple, foremost of which is the inclusion of all segments of society with banking services, which is no longer a secondary issue but a daily necessity."
The Governor of the Bank explained, "The Central Bank of Iraq has provided the necessary infrastructure to advance the reality of financial inclusion, foremost of which is the best payment systems in the world, which represent the cornerstone of financial inclusion."
The statement said: "After that, a presentation was presented to prepare the preparation of the national strategy for financial inclusion, which included the most prominent steps and goals undertaken by the Central Bank of Iraq so far in order to achieve the goal sought by the framework of this committee."
And he indicated, "The members of the committee presented their interventions on the importance of the participation of their institutions in this committee and expressed their readiness to provide support as far as promoting financial inclusion." https://www.mawazin.net/Details.aspx?jimare=164191
The Governor of the Central Bank chairs the meeting of the Supreme Committee for Financial Inclusion in Iraq
Tuesday 17 August 2021 14:30 | Economic readings: 222 Baghdad / NINA / - The Governor of the Central Bank, Mustafa Ghaleb Mokhief, chaired the meeting of the Supreme Committee for Financial Inclusion in Iraq.
The committee stressed the importance of the committee’s role in spreading financial inclusion and its economic and social dimensions and other important aspects.”
The committee discussed the need to draw an integrated vision for financial inclusion, especially since this issue is of interest to all countries and not only in Iraq, especially since its goals are multiple, foremost of which is the inclusion of all segments of society. With banking services, which is no longer a secondary issue but a daily necessity.
The Governor explained: "The Central Bank of Iraq has provided the necessary infrastructure to advance the reality of financial inclusion, foremost among which is the best payment systems in the world, which represent the cornerstone of financial inclusion; The Iraqi Central Bank until now in order to achieve the goal sought by the framework of this committee."
The members of the committee presented their interventions on the importance of the participation of their institutions in this committee and expressed their readiness to provide support as far as promoting financial inclusion is concerned./ https://ninanews.com/Website/News/Details?key=921945
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad The exchange rates of the dollar against the Iraqi dinar stabilized today, Tuesday, in the local markets.
The selling prices of the dollar were 148.250 dinars per 100 dollars, while the purchase prices of the dollar were 147.750 dinars per 100 dollars.
And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar.
Views 103 Date Added 08/17/2021 https://economy-news.net/content.php?id=26009
An Increase In Central Bank Sales Of Hard Currency
Economie| 12:47 - 17/08/2021 Baghdad - Mawazine News, sales of the Central Bank of Iraq rose, on Tuesday, to reach 215 million dollars, after a decrease in sales during the past days.
Today, the Central Bank's auction for the sale and purchase of foreign currencies witnessed an increase in sales by 12.57% to reach 215 million and 620 thousand and 472 dollars.
The purchases amounting to 147 million and 760 thousand and 472 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 67 million and 860 thousand dollars went in cash.
34 banks responded to requests to enhance balances abroad, and 19 banks to meet cash requests, in addition to the participation of 27 exchange companies. https://www.mawazin.net/Details.aspx?jimare=164177
Directions To Diversify Sources Of Income And Increase Revenue
Tuesday 17 August 2021 96 Morning: Nafeh Al-Naji Not so long ago, and the Iraqi economy is described as “rentier” because it is a one-sided economy that depends entirely on oil sales to finance the state’s public treasury, despite the efforts of successive governments since the oil boom in the mid-seventies of the last century to diversify sources of income, but the confusion and lack of clarity of trends entered the country With confusion, the Iraqi economy has not recovered until today, especially after the wars and conflicts that have continued since 1973.
The fluctuation in oil prices has cast a severe shadow over most of the economies of countries whose revenues in financing the budget revolve around oil sales, including Iraq. During the past two decades, the economies of those countries have been subjected to violent vibrations, in which the price of a barrel has reached less than twenty dollars, which has plunged them into violent financing crises. Iraq has lost a third of its gross domestic product, and has become obliged to borrow to finance the salaries of public sector employees.
Exorbitant Debts
The economic affairs specialist, Majid Abdel Hamid, told Al-Sabah, "There is great optimism on the part of international financial institutions, such as the World Bank and the IMF, about Iraq's financial future for the next two years, especially after the liberalization of the exchange rate and the lifting of government support for some sectors, but the optimism It is still fraught with some risks in light of remaining on the country's only resource, which is oil.” He added that "reform initiatives and the white paper still "need to be activated," adding, "But it is possible that we will witness tangible reform steps after holding the next elections and stabilizing the internal political situation."
Positive Signs
For his part, industrialist Faleh Al-Hatimi believes that {the expansion of the vaccination area against the Corona epidemic may restore the full cycle of the Iraqi economy, and that we witness a good recovery in this regard}. Recalling the great trend towards adopting and opening a number of industrial cities in the governorates and seeking important economic partnerships with neighboring countries, such as the “new Levant axis with Egypt and Jordan,” pointing out that “the government has serious directions to diversify sources of income and increase customs revenues, border crossings, taxes and various tariffs to revitalize the economy.” Iraqi}.
Economic Indicators
The fluctuation of oil prices caused a significant increase in Iraq’s debt, which prompted the government to obtain a parliamentary mandate allowing it to borrow more than fifteen billion dollars to bridge the public budget deficit last year, when the oil price fell, before it was borrowed from internal and external institutions, which increased the size of his debts.
Academic Dr. Hakem Urjil Al-Jabri says, "In order for Iraq to be able to pay its debts, the price of a barrel of oil needs to stabilize at (91) dollars, and to continue on this upward trend for three consecutive years." Pointing out, "Without deep reforms, the Iraqi debt will remain high and the benefits to creditors will increase with it."
Financial Abundance
After Parliament approved the budget for the current year, which adopted a price of (45) dollars per barrel, economists believe that the difference resulting from the fixed in the budget and the current price (which exceeded $ 70 per barrel) will contribute to achieving financial abundance that contributes to reviving the Iraqi economy.
The Iraqi economy, in light of the Corona pandemic, had lost more than thirty percent of the gross domestic product, which amounts to 240 billion dollars, and the pandemic had caused painful damage to the country’s economic development process, confused many plans and halted hundreds of projects. structural. LINK
Adopting Financial Rules Achieves Economic Stability
Tuesday 17 August 2021 86 Baghdad: Imad of the emirate
The strong link between volatile oil revenues and increased spending may involve risks that impose unsustainable future obligations in the event that oil prices are exposed to a negative shock, which prompts the government to make financial adjustments that are costly and then undermines the development objective in fiscal policy, which requires the adoption of financial rules for assistance In isolating fiscal policy from these pressures.
Member of the Iraqi Economists Association d. Ikram Abdel Aziz explained that {in order to find the appropriate financial base that is suitable for application in countries rich in natural resources, the International Monetary Fund has called for adopting the hypothesis that government public spending should be regular and described as a general trend line that mediates the fluctuations of various revenues resulting from price changes, and that is from Through the establishment of funds in which financial assets are deposited in years characterized by high export returns, in order to be used in unfavorable later years in which the terms of international trade exchange are disrupted.
Financial Sustainability
Academic Dr. Imad Al-Ani said that {for financial sustainability and curbing the financial deficit and the ability to meet future obligations, it is necessary to follow rules that guarantee financial sustainability and curb the deficit}, pointing out that {these rules are the first of the financial balance rule, as this rule aims to reduce the deficit The general budget to a certain level, by rationalizing public spending and raising its efficiency, and the experience of the European Union is the best example, as the Union has set a maximum budget deficit not exceeding 3%.
Economic growth
He added that {the other rule is called the debt rule, and this rule aims to determine a safe limit for the public debt, which society cannot bear without negative effects on stability and economic growth, and IMF experts believe that the ratio of public debt to GDP should not exceed 60%, However, this ratio cannot be relied upon in determining an ideal ratio for the public debt, especially since this ratio varies from country to country else}.
Public Expenditure
In the same context, the expert in economic affairs, Muhammad Shehab, stated, “The public spending rule is one of the important financial rules, because it puts an end to total spending or current spending in terms of absolute value or growth rates or as a percentage of GDP with a period of time that often ranges between ( 3-5 years, which can be employed on appropriate growth as a required operational tool.
He continued, "There is also a revenue base, as it sets the upper and lower limits for expected revenues in order to reduce excessive tax burdens and improve revenue collection as a proportion of GDP." LINK
To read more current and reliable Iraqi news please visit BondLady’s Corner: