More Iraqi News Monday PM 2-7-22
More Iraqi News Monday PM 2-7-22
TLM724 Administrator BondLady’s Corner
A Record Rise In The Rate Of “Domestic Cash” Outside Iraqi Banks In 2021
Economic 02/07/2022 | 3:21 pm Information / Baghdad.. The economic expert, Manar Al-Obaidi, revealed, on Monday, the high proportion of the local monetary mass outside the scope of Iraqi banks at the end of last year.
Al-Obaidi said, in a Facebook post followed by / the information, that “the local cash outside the banking system has increased by 50% since the beginning of 2020 to reach more than 70 trillion dinars at the end of 2021, after it was 47 trillion dinars at the beginning of 2020.”
He attributed this to "the weak banking culture and the lack of confidence in the banking system, which kept many from dealing with local banks."
The expert explained that “deposits with Iraqi banks increased by 15% to reach 93 trillion dinars, after it was at the beginning of 2020 81 trillion Iraqi dinars,” noting that “the ratio of cash outside the banking system to the volume of deposits is about 75%, which is a high percentage. Very much compared to other countries.
He pointed out that “the private sector deposits constitute 45% of the total deposits, while government institutions’ deposits amount to 27%, while the central government’s deposits with banks amount to 28%, in contrast, the contribution of the banking and insurance sector to the GDP is less than 1.5%.”
He called for "the adoption of banking policies that increase confidence in the banking sector, as well as the adoption of stricter policies in monetary transactions outside the banking system that would increase the value of deposits and reduce the cash outside the banking system, which would lead to an increase in the banking sector's contribution to the domestic product, which would create job opportunities.
Reality in a country where the unemployment rate is more than 30%.”
Al-Obaidi considered that “Iraq is among the countries with a low banking mass, where there is a bank for every 32 thousand people, while the global average is 10 thousand people for each bank, and
Iraq needs to open 3 times the number of banks and their branches that currently exist, and many of the existing banks are weak banks that depend on an auction Work on the sustainability of its work.” finished/25h https://almaalomah.me/2022/02/07/580993/
Al-Hajj: America Aims To Distort The Economy Of Iraq
Last update 02/06/2022 | 7:19 pm information/special... On Sunday, political analyst Kazem Al-Hajj stressed that the role of the United States of America in Iraq, especially in the economic aspect, is an attempt to distort the country's economy and drag it towards the subversive American economic dependence.
Al-Hajj told the "Information" agency, "Washington is working to distort the Iraqi economy and drag it towards subversive economic dependence by obstructing all attempts to advance the country's economic reality," noting that "any orientation of all Iraqi economic institutions outside the American direction is opposed."
He added, "The Iraqi government does not have the options and the real will that qualifies it to stand against the subversive American will," noting that "some political forces want Iraq to go towards the American axis to serve their political interests."
He explained that "the compass of the American will opposes all service agreements, starting with the Iraqi-Chinese agreement, the energy file, and the agreement with the German company Siemens, which specializes in electrical affairs, and other files that confirm this subversive trend."
Al-Hajj held “the Iraqi people and the new parliament responsible for liberating Iraq from American hegemony and its economic occupation, and going towards what is in the country’s economic interest.” Ended / 25 R. https://almaalomah.me/2022/02/06/580840/
Iraqi-Lebanese MOU To Strengthen Agricultural Cooperation
Economy Yesterday, 20:29 INA – BAGHDAD Lebanese Minister of Agriculture, Abbas Hajj Hassan confirmed on Monday, that his country will sign a memorandum of understanding with Iraq on Tuesday, in the field of agriculture, on the sidelines of the Food and Agriculture Conference for the Near East and North Africa, held in Baghdad, while revealing the most prominent opportunities for cooperation with Iraq that are being worked on.
"The messages that the conference can send by the convening for the first time in Baghdad are that Iraq has recovered after its victories over terrorism," said Hassan in a statement to the Iraqi News Agency (INA).
He pointed out that "Iraqi-Lebanese relations are rooted, and we will sign a memorandum of understanding with the Iraqi Minister of Agriculture that concerns both countries, specifically the Iraqi consumer, according to which Lebanese products will easily reach Iraq and Iraqi products will also reach smoothly to Lebanon, as we have eased all obstacles in order for there to be unity in agriculture that is reflected in political rapprochement,”
"Lebanon exports everything to Iraq from agricultural products.
There are some products in which they compete, and Iraq is able to produce some of the items that are produced in Lebanon," he included, explaining that "We will work to find a clear agricultural calendar between the two countries that helps the Iraqi farmer and relieves the Lebanese farmer and vice versa.
We aspire to be trade between the two countries, as well as cooperation, and we want to make it easier for our peoples because our suffering is one,”
He stressed that "there is cooperation in various fields with Iraq, including energy, and we aspire to have bilateral and quadripartite agreements with Iraq, Jordan, Syria and Lebanon, and this needs maturation with the concerned ministers,"
“There are specific clauses in the memorandum of understanding that we will announce after signing the agreement between the two countries, and we are waiting for the signing to announce it," he included,
calling on "all Arab countries to come to Iraq to establish and start with bilateral and tripartite agreements until reaching a real agricultural partnership, which will reflect positively on the political situation,"
https://ina.iq/eng/17375-iraqi-lebanese-mou-to-strengthen-agricultural-cooperation.html
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