Wednesday Evening Iraq Economic News Highlights 6-28-23
Wednesday Evening Iraq Economic News Highlights 6-28-23
The Appearance Of Muhammad Salih Explains The Factors Stabilizing The Purchasing Power Of The Iraqi Dinar
2023.06.28 - Baghdad - Nas The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed, on Wednesday, the strength of the quantitative and price monetary policy tools in managing public liquidity, while identifying factors for stabilizing the purchasing power of the Iraqi dinar.
Saleh said in a statement to the official agency, followed by "NAS", (June 28, 2023), that "some are betting on the impossibility of being able to control the levels of local liquidity generated by government spending, especially in the federal general budget 2023, which is based on methods of financing the budget in Iraqi dinars in exchange for returns."
Oil is mostly in foreign currency, as oil revenues constitute the reserves of the Central Bank of Iraq, which help to intervene in the money market to sterilize local liquidity levels and control them when they rise through the ability to meet the growing demand for foreign exchange.
He added, "The bet is losing on the inability to intervene and control the levels of liquidity in dinars, which will rise with the rise in government expenditures due to the conditions of the compliance platform and the fear of them in meeting the demand for foreign exchange.
Monetary policy and the strength of foreign reserves, which are the highest in the country's financial history, are the only ones that possess the price tools." And the different quantity affects the levels of liquidity that government spending mostly generates.
And Saleh continued, "There is a strong coordination and integration between monetary policy and the joints of economic policy and financial policy, and it affects drawing the rules of price stability factors and building an efficient commodity supply in order to achieve the goals of the Central Bank in stabilizing the purchasing power of the Iraqi dinar, based on the goals of Decree Law No. 56 of 2004." ".
He noted, "There is a very pessimistic extremist imagination that is spread from time to time and is not at all commensurate with the strength of the monetary and price policy tools in particular, and the opportunities available for government policies in general in addressing the shocks that are seen from time to time in the issue of public liquidity management." https://www.nasnews.com/view.php?cat=109969
Adviser To The Sudanese: Approving The Budget Does Not Prevent The Submission Of The Final Accounts
Time: 06/28/2023 Read: 611 times {Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the final accounts of the financial budgets have not been submitted to the House of Representatives for years.
Saleh told {Euphrates News} agency: "Governmental institutions have not submitted the final accounts for years, and with the approval of the budget law, this does not prevent them from being submitted and audited by the Federal Financial Supervision Bureau, and those accounts are presented to the Council of Ministers and the House of Representatives for the purpose of voting on them."
The House of Representatives approved the financial budget on the 12th of this month, and it was published the day before yesterday, Monday, in the Official Gazette, to enter into force.
Raghad Daham LINK
Al-Shammari: Al-Kadhimi Squandered The Iraqis’ Money On The Communication Pages For The Purpose Of Political Projection
Information / Baghdad.. A member of the legal movement, Ahmed Shahid Al-Shammari, accused, on Wednesday, the former Prime Minister, Mustafa Al-Kazemi, of squandering money and spending it without a constitutional basis, indicating that Al-Kazemi used officers and advisors to work as electronic armies.
Al-Shammari said in an interview with Al-Maalouma Agency, "The former Prime Minister, Mustafa Al-Kazemi, is accused of squandering Iraqi funds in files that are not related to the issues and concerns of the Iraqi people.
" Pointing out that "the former prime minister formed a media team that includes a number of writers and bloggers on social media with the aim of sowing discord,"
and that "all these electronic teams receive huge salaries from the government budget and the Iraqi people's sustenance."
Suhaila Al-Sultani, a deputy from the Al-Fateh Alliance, had confirmed earlier that the Iraqi citizen had not touched a trace on the ground of the funds allocated for energy and improving services during the time of the caretaker government, accusing Al-Kazemi of "squandering" the people's money on fake projects. LINK
Parliamentary Energy: Three Committees Follow Up On Kurdistan's Oil To Ensure Transparency
June 27 Information / Baghdad .. A member of the Parliamentary Oil and Gas Committee, Bassem Al-Gharibawi, confirmed, on Tuesday, the existence of three committees to follow up the oil export file from the Kurdistan region.
Al-Gharibawi said in an interview with Al-Maalouma agency that, "The continuation of the Kurdistan region in selling oil outside the legal frameworks and disrespecting the decision of the Federal Court is unacceptable and we will not allow it."
He added, "The three committees are closely following the oil file, its sale, and how it is exported by Iraq, including the Kurdistan region."
He pointed out that "the Parliamentary Oil, Energy and Natural Resources Committee is determined to follow up the oil file in the Kurdistan region and control oil revenues.
He explained that "the distribution of oil revenues is fair and efficient and gives the budget a high effectiveness to ensure the achievement of the desired goals of the federal government according to the population ratios of the provinces." LINK
HITEX 2023 Conference
Take a look at what HITEX’s guests had to say about the event and technology's importance to the region See what HITEX's panelists have stated about the technology https://hitex.tech/
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Economic Integration Is The Key To Political Stability
WED, 06-28-2023, TAYSEER AL-ASADI Written by: Abbas Al-Sabbagh
The reason for carrying out this integration is because the relative calm enjoyed by the Iraqi affairs and the geopolitical openness to the regional environment played a major role in preparing the atmosphere for drawing a road map in creating the foundations of economic integration with those countries thanks to The calm and balanced policy pursued by the Sudanese government, in addition to the positive neutrality with the combination of parties and not slipping in the mazes of axes for any reason.
And because the government platform (the advertiser) is a service platform for a government that helps described itself as a service, so it is in dire need of what it to implement its promises, and a large part of this endeavor is to proceed with positive Openness that leads to economic integration with the countries of the regional periphery and for the benefit of the Iraqi people.
The closest example of this is the development path project Which was announced recently, not to mention the signing of a large number of memorandums of understanding and cooperation with countries of geopolitical importance such as Egypt, Qatar and others.
ATFX Launches Operations in Iraq with Ashur Bank Partnership
NEWS PROVIDED BY ATFX 27 Jun, 2023 KUALA LUMPUR, Malaysia, June 27, 2023 /PRNewswire/ -- ATFX, a global leader in online trading, proudly celebrated its momentous one-year anniversary in Jordan and the launch of its operations in Iraq at the prestigious Ritz Carlton hotel in Roberto's.
The first speech at the event was delivered by Joe Li, the Global Chairman of ATFX, resonated with the audience as he acknowledged the remarkable achievements and milestones that ATFX had reached within its first year in Jordan, setting a solid foundation for the future.
Following Mr. Li's address, the Managing Director of ATFX Levant, Mr. Ahmad Disi, highlighted the significance of expanding into Iraq, emphasizing the immense potential of the Iraqi market and the valuable opportunities it presented. The audience was captivated by Mr. Disi's insights into the company's vision and strategies for success in Iraq.
One of the most significant moments of the evening was the signing ceremony between Joe Li and Ziad Fatayer, the CEO of Ashur Bank. This landmark agreement solidified the partnership between ATFX and Ashur Bank, symbolizing a commitment to mutual growth and shared success in the Iraqi market.
Acknowledging the collective efforts that made this milestone possible, ATFX presented awards to all the individuals and teams involved in the successful establishment. These awards recognized their unwavering dedication, hard work, and invaluable contributions to the company's growth and prosperity.
The one-year anniversary celebration in Jordan and the launch of Iraq mark significant milestones in the company's growth, positioning ATFX Levant as a key player in the global online trading industry.
ATFX
ATFX is an award-winning currency pairs/CFD broker with a global presence offering customer support in over 15 languages. With over 300 tradable financial assets, including currency pairs, precious metals, energy, indices, and shares traded as CFDs, ATFX is regulated by the UK's Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, the Financial Services Commission (FSC) in Mauritius, and the Financial Services Authority (FSA) in Saint Vincent and the Grenadines. (ATFX Website: https://www.atfx.com) SOURCE ATFX
Diyala .. Governmental Demands To Reconsider The Provisions Of The Investment Law To Attract Investment Tourism
Wednesday 28, June 2023 14:12 | General Number of readings: 195 Baquba / NINA / The District Commissioner of Baquba Abdullah Al-Hayali attributed the reasons for the decline of the tourism sector in Diyala to the provisions of the investment law.
Al-Hayali told the correspondent of the National Iraqi News Agency ( NINA ) that the investment law is still an obstacle for investors, which requires a reconsideration by the federal government of its provisions and work to implement concessions that attract investment tourism.
He added that Diyala includes strategic tourist sites, including Lake Hamrin and Saddat Al-Sudur, northeast of Baquba, if invested properly, it is qualified to be distinguished green tourist areas due to the presence of tourism elements of abundant water and fertile lands.
For his part, the District Commissioner of Muqdadiya / Agency / Hatem Al-Tamimi confirmed that Diyala Governorate did not have real investment opportunities that put it in the tourism competition, due to the dependence of local administrations on limited budgets that are divided into basic service areas. Part of it is invested in simple and primitive tourism projects that include parks and gardens that do not live up to the ambition of the people of the province.
He pointed out that the advancement of tourism in Diyala depends on government investments, and local governments do not have a real interest in the tourism sector, despite the investors' pursuit of economically productive sites in the province./ End To receive more news,