More Iraqi News Sunday Afternoon 12-12-21
More Iraqi News Sunday Afternoon 12-12-21
TLM724 Administrator BondLady’s Corner
Expectations Of The Effects Of Changes In The Global Economy On The Iraqi Economy In 2025
Articles Samir Al-Nusairi Samir Al-Nusairi* Since the first quarter of 2020, the Iraqi economy has complex and accumulated challenges due to changes in the global economy and the slowdown in global economic growth due to the conditions of the US-Chinese conflict, the Corona pandemic, the drop in global oil prices in 2020, and its decline in rates of more than 70%, economic stagnation, and most countries of the world were affected by these repercussions, which It had its effects on the Iraqi economy, and what concerns us is what are the results of these repercussions and what are the expectations, effects and repercussions on the current economic reality in Iraq during the coming years until 2025.
In the light of the study and analysis, Mayati can be expected at the level of the global economic system and its repercussions on Iraq:-
1- A decrease in growth rates is expected in the American economy and the economies of the European Union countries, as well as in China, but at lower rates, and recession and economic stagnation will prevail in most countries in the world. And the non-oil producing countries, especially after the new mutation of Corona entered more than 60 countries now, and it is expected that the number of countries will increase and it will certainly reach the Arab region and Iraq. Also, the inability of our health systems to withstand and confront will cause prices to rise, unemployment will increase, the number of those below the poverty line will double and citizens in different economic sectors will lose their jobs.
3 - The new global economic system that humanity is waiting to appear after the Corona crisis will inevitably be formed and will have clear economic and financial leadership for America and China, and the Silk Road will activate to include the countries that it was planned to go through to revive their economies, including Iraq and some Arab countries, and that this has positive and negative repercussions on the economy.
3- Likewise, the philosophy of economic management will, in most cases, shift from a capitalist market economy to a social market economy that is currently adopted as a disciplined ideology, as in China, and to state capitalism in Eastern Europe, as is the philosophy of Russia now.
They are just early expectations, and the Arab economy will mostly be dependent on the new, largest and most powerful economic pole, so what is required of the economic decision-makers in the countries of Iraq regarding these developments and changes that will sweep the world economically.
I see, with a penetrating analytical view of the current economic reality, that we urgently need a radical comprehensive economic change that adopts the following main axes:-
First - Re-change the map of national income resources by reducing dependence on oil as a major resource by activating other resources during the next four years, to bring them to 30% and to 50% within the next ten years of the total resources.
Second, a radical and comprehensive change of agricultural, industrial, commercial, oil and water policies by adopting local resources in securing food security, encouraging, protecting and supporting the Arab and Iraqi local product, setting programs and strategies in consumer protection, and emphasizing Arab economic integration.
Third - Supporting, developing and motivating the private sector and benefiting from its capabilities, capabilities, capital and investments in building the national economy and involving it in economic decision-making and management of the economy.
Fourth - Drawing clear strategies for coordination between monetary and financial policies, drawing clear financial policies, and restoring the foundations for preparing and presenting annual public budgets on the basis of programs and not items.
Fifth- Develop a new methodology to overcome the challenges of instability in the financial system and the monetary system, which means developing coordination and balanced plans to overcome the challenges of monetary policy and the challenges of the deficit in non-oil revenue, the deficit in the balance of payments and the trade balance, and the contribution rate of the productive sectors (real economy in GDP).
* Advisor to the Association of Iraqi Private Banks
Views 197 Date Added 12/12/2021 https://economy-news.net/content.php?id=26925
The Governor Of The Central Bank Inaugurates The Activities Of The Iraqi Banking Week At Expo Dubai 2020
Banks Economy News _ Baghdad Today, Sunday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, inaugurated the activities of the Iraqi Banking Week at the Iraq Pavilion at Expo 2020 Dubai.
The events were launched in the presence of the head of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, the head of the Association of Iraqi Private Banks, Wadih Al-Handal, a number of general managers of the Central Bank, and heads of bank boards.
The Governor of the Central Bank said, in a speech during the launching ceremony of the events, according to a statement received by "Economy News", that the launch of the Banking Week activities in the Iraq pavilion contributes greatly to the openness of the Iraqi banking sector to the Arab and international world, adding that the Central Bank's oversight contributed significantly. Significant development in the banking sector.
He explained that there are many Iraqi banks that began expanding outside Iraq, and this is what made them obtain good ratings by the competent financial institutions, indicating that Iraq today has become an attractive arena for investments and requires an effective banking sector to keep pace with these investments.
The governor noted that all indicators of the Iraqi banking sector are on the rise, and this is a good indicator for the outside world, of the need to open up prospects for cooperation with the Iraqi banking sector.
On the other hand, the head of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, praised the central bank's policy that contributed to the development of the banking sector.
Al-Hamidi said that the Governor of the Central Bank of Iraq, Chairman of the Board of Governors of the Arab Monetary Fund, Mustafa Ghaleb, is now working to ensure the openness of the Iraqi banking sector to Arab and foreign banks.
In turn, the head of the Iraqi Private Banks Association, Wadih Al-Handal, said that the event of the Iraqi Banks Week in the Dubai Expo represents an important sign, and a very strong start, to revitalize banking relations with the outside world, noting that the banking sector today represents a major point in the development of the country's economy.
He pointed out that the participation of banks and electronic payment companies in the activities of the Banking Week represents a strong and clear message to the world, that Iraq today is witnessing an openness carried out by the private sector, and the state must protect it and facilitate its tasks.
It is noteworthy that the Iraqi Banks Week, at Expo 2020 Dubai, includes many banking activities, informing the public about the banking services provided by banks, in addition to holding bilateral meetings between Iraqi banks and banks operating in the United Arab Emirates.
Views 148 Date added 12/12/2021 https://economy-news.net/content.php?id=26921
Central Bank Governor: Iraq Has Become An Attractive Arena For Investment
The Governor of the Central Bank of Iraq, Mustafa Ghaleb, stressed that all indicators of the Iraqi banking sector are on the rise, indicating that Iraq has become an attractive arena for investment.
A statement by the Central Bank stated, "The Governor of the Central Bank of Iraq, Mustafa Ghaleb, inaugurated the activities of the Iraqi banking week in the Iraq pavilion at the Dubai Expo 2020, in the presence of the head of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, the head of the Association of Iraqi Private Banks, Wadih Al-Handal, and a number of general managers in the Central Bank." and heads of bank boards.
The Governor of the Central Bank said: "The launch of the activities of the Banks Week in the Iraq Pavilion contributes greatly to the openness of the Iraqi banking sector to the Arab and international world," noting that "the supervision of the Central Bank contributed significantly to the development of the banking sector."
He added, "There are many Iraqi banks that have begun to expand outside Iraq, and this is what made them obtain good ratings by the competent financial institutions," noting that "Iraq today has become an attractive arena for investments and requires an effective banking sector to keep pace with these investments."
He pointed out that "all indicators of the Iraqi banking sector are on the rise, and this is a good indicator for the outside world, of the need to open up prospects for cooperation with the Iraqi banking sector."
On the other hand, the head of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, praised the central bank's policy that contributed to the development of the banking sector.
Al-Hamidi said, "The Governor of the Central Bank of Iraq and Chairman of the Board of Governors of the Arab Monetary Fund, Mustafa Ghaleb, are now working to ensure the openness of the Iraqi banking sector to Arab and foreign banks," noting that "we commend the measures taken by the Central Bank of Iraq."
The head of the Iraqi Private Banks Association, Wadih Al-Handal, also confirmed that "the effectiveness of the Iraqi Banks Week in the Dubai Expo represents an important sign and a very strong start for revitalizing banking relations with the outside world," noting that "the banking sector today represents a major point in the development of the country's economy. ".
And he indicated that "the participation of banks and electronic payment companies in the activities of the Banking Week represents a strong and clear message to the world," explaining that "Iraq is witnessing an openness carried out by the private sector, and the state must protect it and facilitate its tasks."
It is noteworthy that the Iraqi Banks Week, at Expo 2020 Dubai, includes many banking activities, informing the public about the banking services provided by banks, in addition to holding bilateral meetings between Iraqi banks and banks operating in the United Arab Emirates.
https://www.radionawa.com/all-detail.aspx?jimare=27013
The Central Bank signs a memorandum of understanding with the Emirates Bank
Central Bank Governor Mustafa Ghaleb Makheef With His Emirati Counterpart Khaled Muhammad Balama
Banks Economy News _ Baghdad Today, Sunday, the Central Bank announced the signing of a memorandum of understanding with the Central Bank of the United Arab Emirates.
A central bank statement received by Al-Iqtisad News stated that "the governor of the Central Bank of Iraq, Mustafa Ghaleb, met with the governor of the Central Bank of the United Arab Emirates, Khaled Muhammad Balama."
The statement indicated that "the two sides signed a memorandum of understanding on enhancing cooperation and developing banking relations between the two brotherly countries," noting that "the two sides stressed the importance of developing banking relations, training cadres, facilitating the transactions of the private banking sector on both sides, and opening opposite accounts in a manner that ensures that international standards are followed and that due diligence is taken. Duty in accordance with anti-money laundering and terrorist financing laws.
And he continued, "The meeting was attended by a number of officials of the Central Bank of Iraq and their counterparts from the Central Bank of the United Arab Emirates."
Views 144 Date added 12/12/2021 https://economy-news.net/content.php?id=26926
Iraq And The UAE Sign A Memorandum Of Understanding To Develop Banking Relations Between The Two Countries
Economie| 01:58 - 12/12/2021 Baghdad - Mawazine News The Central Bank announced today, Sunday, the signing of a memorandum of understanding with the Central Bank of the United Arab Emirates.
A statement by the bank, received by Mawazine News, stated, "The Governor of the Central Bank of Iraq, Mustafa Ghaleb, met with the Governor of the Central Bank of the Emirates, Khaled Muhammad Balama."
The statement explained that "the two sides signed a memorandum of understanding on enhancing cooperation and developing banking relations between the two brotherly countries," noting that "the two sides stressed the importance of developing banking relations, training cadres, facilitating the transactions of the private banking sector on both sides, and opening opposite accounts in a manner that ensures that international standards are followed and that due diligence is taken. Duty in accordance with anti-money laundering and terrorist financing laws.
And he continued, "The meeting was attended by a number of officials of the Central Bank of Iraq and their counterparts from the Central Bank of the United Arab Emirates." finished 29
https://www.mawazin.net/Details.aspx?jimare=178140
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