"Tidbits From TNT" Monday 5-1-2023

TNT:

CandyKisses:  Financial inclusion events kick off tomorrow to introduce banking services and reduce cash movement

{Economic: Al-Furat News} Financial inclusion activities will be launched tomorrow, Tuesday, under the auspices of the Central Bank of Iraq and the Association of Private Banks.

It is attended by government and private banks to introduce banking services such as advances, loans, facilities and investment projects, open bank accounts for citizens, and adopt the government's approved plan to adopt POS devices in electronic payment for government institutions and the private sector and reduce the movement of cash in the market.

Tishwash:  The launch of an international real estate and investment conference in Baghdad, with Arab and foreign participation

Today, Monday, the proceedings of the Second International Conference on Real Estate and Investment kicked off in Baghdad.

And the official newspaper reported, "The opening of the second international real estate and investment conference in Baghdad, in the presence of the head of the Parliamentary Investment and Development Committee, Hassan al-Khafaji, and the deputy head of the Investment Authority, Salar Muhammad Amin, and the Baghdad Investment Authority."

The newspaper referred to "the participation of Arab and foreign businessmen and companies specialized in the investment sector" in the conference.

************

Tishwash:  Parliamentary Finance announces the intensification of its meetings to complete the budget law

The Parliamentary Finance Committee announced today, Monday, the intensification of its meetings in order to complete the budget law, according to the official newspaper.

Last Wednesday, the Finance Committee resumed discussing the Federal General Budget Law for the years 2023-2024-2025.

On the 18th of last April, the House of Representatives completed the second reading of the draft budget law, while the deputies are likely to approve the budget at the end of this month. Ended 29/N33  link

************

Tishwash: Association of Private Banks: The dinar is recovering and will return strong and stable

 Today, Sunday, the Association of Iraqi Private Banks confirmed that the dinar is recovering and will return strong and stable.

The Association’s advisor, Samir Al-Nusairi, told the Iraqi News Agency (INA): “Our dinar is recovering and returning strong and stable,” stressing that “with a close eye on the reality of monetary policy applications and procedures of the Central Bank and its careful follow-up of the foreign currency market situation locally and abroad, and facilitating access mechanisms to the electronic platform for external transfer and application of standards.”

And the commitment of banks to implement the new external transfer instructions for the year 2023 and address the obstacles first led to the refutation of the extremist and pessimistic views that say that the crisis will continue, and our situation will be like the case of Lebanon, Iran, Syria and Turkey when it counts The dollar is the local currency of these countries.

Al-Nusairi added, "Through our accurate knowledge of the monetary situation of the Central Bank and its escalating reserves of foreign exchange, its balance exceeded 110 billion dollars, which covers up to 118% of the exported local currency and 130 tons of gold, and what is available continuously and daily in dollar revenues from oil sales in addition to its assets in the national currency."

 The exported and available ones in the central bank’s coffers made it dominant by implementing its procedures to cover the demand for the dollar in the circulation market and through its various official outlets,” explaining, “This is what I confirmed in my previous articles that the dinar will recover and the crisis is temporary despite all the external and internal reasons.”

He pointed out that "the bank's measures to increase meeting the demand for the dollar and the negotiating and shuttle rounds of the governor of the Central Bank in Istanbul and Washington and the understandings reached with the support of the bank's measures to control foreign transfers and reform and develop the banking sector and facilitate the mechanisms of external transfers and supportive government support to implement the Central Bank's procedures and the right decisions of the Council

 The central bank management issued procedural packages to set instructions, facilities, and flexibility to mitigate the crisis, and its important decision to raise the exchange rate for the dinar and adjust the price to 1300 dinars for finance, 1310 for banks through the platform, and 1320 for the public, and the speed in the government’s approval of the new price and immediately proceeding to deal with it led to the return of the money market to a state of stability ".

He continued, "One of the other main reasons that contributed to the recovery of the Iraqi debt is the increase in the currency window sales for foreign remittances to the target rates between (150-200) million dollars per day, and the increasing entry of small merchants and importers to the platform after realizing their benefit from importing at the official price and their regularity with the foreign trade system." In accordance with international standards, which strengthened the position of monetary stability in the trading market, which helped bridge the gap between the official price and the parallel price.

Al-Nusairi called on the Central Bank to make the next stage an assessment and analytical stage for the reasons that exacerbated the crisis in a timely manner, re-evaluating banks and licensed and unlicensed exchange offices, classifying them in a new way, and developing their work in all fields, pointing out that its next strategy must include new policies and instructions.

It ensures maintaining stability in the financial system and the monetary system and achieving important steps in stimulating and enabling the banking sector to contribute to investment and development, as stated in Paragraph 7 of Article Twelve to reform the financial and banking sector, because banking reform is the beginning of economic reform  link

CandyKisses:  I KNOW IT'S MONDAY BUT......

Mot: ..... Welcome You Is!!! ~~~~~