"Tidbits From TNT" Tuesday Morning 10-19-2021

TNT:

Tishwash:  Al-Handal: Dubai Expo is a promising opportunity to invest in Iraq

The head of the Iraqi Private Banks Association, Wadih Al-Handal, said that the Dubai Expo 2020 is an important and promising opportunity to open the door for investment in Iraq.

Iraqi Foreign Minister Fouad Hussein inaugurated the Iraq pavilion at Expo 2020 Dubai, in the presence of Deputy Central Bank Governor Ihsan Al-Yasiri, Chairman of the Investment Authority Suha Al-Najjar, President of the Association of Private Banks Wadih Al-Handal, and UAE Minister of State Khalifa Shaheen Al-Marar.

Al-Handal added in an interview with "Economy News", that "the Iraqi pavilion in the exhibition will show its visitors the civilization, heritage and great successes that Iraqis have achieved over the past and current years," noting that "the Central Bank and the Association of Private Banks provided financial support through the Tamkeen Fund to establish the pavilion." .

He pointed out that "Expo Dubai is an opportunity for Iraqi and foreign businessmen to find investments inside the country and contribute to the development of its economy," explaining that "the coming days will witness many big events to activate the pavilion through coordination with the committee responsible for the pavilion, including the establishment of an exhibition for the banking sector  link

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Tishwash:  The Central Bank organizes workshops for digital transformation in the business (10/19)

The Central Bank of Iraq, with the participation of the Association of Private Banks, is intensifying their efforts aimed at implementing training programs for large sectors of Iraqi youth, on the new specialties required in the labor market in order to qualify them to lead the transition to the digital economy. 

Economists agree that digital transformation will establish a new economy in Iraq that keeps pace with global developments, but this depends on the active participation of all institutions that aspire to develop and improve their services and facilitate their access to beneficiaries.

 E-Marketing

The financial affairs specialist, Shirwan Mustafa, explained that "the effective and effective use of communication networks in the field of electronic marketing works to encourage and consolidate the idea of ​​marketing local products strongly through these networks," adding, "What we are doing is part of a large program to create a training environment for young people to invest These are opportunities that fit their hopes and aspirations in the era of the information revolution.”

Academics believe that the digital transformation of the Iraqi economy requires long-term economic reforms that cover the pillars of the digital economy, such as ensuring access to an ideal, efficient and high-speed Internet service, improving the delivery of digital government services, and improving secure access to data. 

digital transformation

Academic Saud Jayed says, "The first step in the Iraqi digital transformation should be through the provision of electronic payment services and means in full, including all Iraqis," adding: "The Iraqi economy currently appears to lag behind its peers in neighboring countries, due to the absence of modern technologies that The whole world is currently pursuing it, but this does not mean that we have the necessary capabilities and resources in digital transformation, and most banks have recently expanded the method of electronic payment and providing loans after it was done according to a cumbersome mechanism for customers.”

 Work Governance

As for the lecturer at the College of Administration and Economics, Dr. Muhammad Samir Dheereb, he said to (Al-Sabah) “We must have clear laws regulating the work of dealings with companies that provide us with telecommunications and Internet services before we begin to govern the banking business and turn it into a fully digital field.”

He continued, “The world of banking is in dire need. to modern digital technologies, but this requires huge efforts and capabilities at the highest level in providing the appropriate infrastructure, as well as ensuring cyber security, lest hackers and fraudsters penetrate those digital networks and sites banks}.

It is known that the digital economy occupies an advanced position in the priorities of decision-makers in various countries of the world, for its important role in increasing economic growth and improving competitiveness in markets by improving access to information, characteristics and requirements of markets in order to achieve comprehensive development.  link

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Tishwash:  Al-Kazemi's Financial Advisor Talks About Changing The Exchange Rate

The Financial Advisor To The Prime Minister, Mazhar Muhammad Salih, Confirmed Today, Monday, That The Financial Surplus From The Rise In Oil Prices Will Cover Three Important Axes, Including Filling The Expected Deficit In The Current Year's Budget.

Saleh Said, "The Financial Surpluses Achieved From The Rise In Oil Prices And Their Reaching $75 Per Barrel Will Cover At Least Three Axes," Noting That "The First Axis Is Covering The Planned Deficit In The General Budget For The Year 2021, Which Amounts To 29 Trillion Dinars, While The Second Axis Is Related To Covering The Real Additional Deficit Gap Of Less Than 10 Trillion Dinars, Which Is Caused By The Failure To Estimate Non-Oil Revenues, Which Achieve Only 40% Of Their Estimated Or Planned Estimates In The Budget, Which Unfortunately Causes Pressure On The Planned Annual Spending And Its Ceilings, Which Is Caused By The Failure Of The Financial Collection Institutions In The Country.

He Added, "The Third Axis Goes Towards Supporting Faltering Projects Whose Operation Is Intended To Continue, And For Which Many Business Contractors Demand An Amendment Of Implementation Costs (Spare Parts) Due To The Exchange Rate Change Before The Initial Contract Or Other Changes In The Operating Costs Of Ongoing Projects,"

Noting That "The Disposition Of With Financial Surpluses, It Is Not Easy Due To The Many Restrictions And Obligations Within The General Budget Itself, Including Postponing The Payment Of Many Of The Expenses That Are Payable And Were Not Spent In Previous Years.”

He Pointed Out That "There Are Dozens Of Laws That Carry Financial Burdens That The Public Finances Are Unable To Implement The Resulting Increases, Even According To The Hypothesis Of Achieving An Annual Average Price Of A Barrel Of Oil Of $75 Compared To The Price Fixed In The Federal General Budget For The Year 2021 Of $45 A Barrel." 

On The Extent Of The Possibility Of Adjusting The Exchange Rate Of The Dollar Against The Iraqi Dinar, Saleh Said, “Adjusting The Exchange Rate Is One Of The Actions Of Monetary Policy In Achieving Stability, Targeting Inflation And Limiting Its Heights Under The Effective Central Bank Law,”

Noting That “This Is A Matter That Takes Into Account Monetary Balance Considerations, Two Restrictions, The First The Coverage In Foreign Currency Of The Local Liquidity, Which Has Increased Significantly, Due To Financing The Deficit In Government Expenditures, Which Led To The Expansion Of The Monetary Base, Or What Is Sometimes Called In The Literature The (Domestic) Cash Reserve

And If The Foreign Reserves Outweigh The (Domestic) Cash Reserve In A Way That Does Not Threaten The Country’s Foreign Reserve Wealth Or Its Depletion And Maintains Its Stability, Accumulation And General Stability In Prices.

He Pointed Out That "The Second Limitation Is That The Effects Of The Adjustment In The Exchange Rate Should Be Fully Consistent With The Objectives Of The Country's Fiscal Policy And Its Level Of Stability, Meaning That It Should Not Threaten The Sustainability Of The Budget Or Cause Sudden Stumbles In Public Revenues Due To The Change In Monetary Values ​​And The Entry Into Failures (Compensatory Value Deficit) In The General Budget

I.E. Itself, Due To The Fluctuation Of Monetary Policy,” He Explained, “This Requires Always High And Accurate Coordination Within The Country’s Supreme Economic Policy Operations.”  link

Ulued:  SUPREME Economic Policies Operations are now pushing ..IRAQ.. .into raising or .....Reinstating DINAR value.....we are there...the tipping point toward....RI...

Ulued:  We at at the finish line ...we are stepping over the line in ....slow motion.... into a photo finish.....cards loaded....button pushers are pointing at the button...

Mot:  ~~~ Again!! ~~~

Mot:  -- Yet another Tidbit of Marital Insight! ~~~ from Mot of Course! ~~~