Iraq Economic News and Points To Ponder Sunday AM 7-21-24
Parliamentary Finance: Iraq Adopts A Vision To Increase Its Reserves With The Central Bank
July 19 16:24 Information/Baghdad… A member of the Finance Committee, Mudar Maan, confirmed on Friday that Iraq had increased its balance in what he called a safe haven. Maan said in an interview with Al-Ma’louma,
“Iraq has adopted a good strategy in diversifying the financial reserves it has in the Central Bank, especially gold, the balance of which has risen according to the latest readings to about 150 tons.”
He added, "There are three positives to Iraq's strengthening of its gold balance, the most notable of which is
confronting the fluctuations of the international financial markets. It also represents a
desirable guarantee in the markets, in addition to
strengthening the country's financial capacity."
He pointed out that "Iraq is adopting a vision to increase its reserves with the Central Bank, expressing his hope to move to dealing in a diversified basket of currencies and
committing to setting sufficient reserves that will make us more capable of facing any financial fluctuations in global markets."
It is noteworthy that gold reserves in banks affect financial dealings by adding another advantage to the strength of the currency and the economy and the possibility of resorting to them in times of need.
Referring The {Arab Economic Unity} Agreement To Parliament To Cancel It
Iraq 07/21/2024 Baghdad: Huda Al-Azzawi The Council of Ministers recently approved the cancellation of the Arab Economic Unity Agreement signed on June 3, 1963 and referred to the House of Representatives.
This agreement, which failed at the time, was considered one of the most important steps towards achieving economic integration between Arab countries, whether in establishing a common Arab market or liberalizing exchange. Trade, as well as encouraging investment among member states, and one of its most prominent items is the establishment of a Council for Arab Economic Unity.
Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Saleh, indicated in an interview with “Al-Sabah” that
“although more than sixty years have passed since the signing of the Arab Economic Unity Agreement, it has faced great difficulties in achieving the principles of minimum steps toward Complete economic unity among the member countries,” noting that
a number of Arab countries did not join that agreement that was announced in 1963 due to issues related to their economic policies or their vision for economic integration among the member countries, including the Kingdom of Saudi Arabia, Oman, Bahrain, the United Arab Emirates, Qatar, and others.
He stressed, "In light of the above, it has become futile to commit to a restricted regional economic organization that has not provided anything real for joint Arab action for six decades."
For his part, the specialist in development and financial affairs, Dr. Aqeel Jabr Ali Al-Muhammadawi, said in an interview with “Al-Sabah”:
“We must carefully examine the
essence of the content of the agreement, and be exposed to the
challenges expected from the loss of the characteristics of exercising freedom of trade, transportation services, production and industry requirements, and the
enjoyment of the five freedoms ( The freedom of movement of people and capital and the freedom to exchange goods and products) and others, as well as looking at the
agreement to facilitate and develop Arab trade exchange, which links the commercial, productive, service and financial aspects, and the
unified Arab investment agreement, and the
corresponding restriction of the work of Arab organizations, councils and unions specialized in the fields of economics, development and education.
And others, falling under the umbrella of economic unity Arabic".
He pointed out, "The importance of developing and maturing this agreement and activating the decisions issued with countries that share characteristics, economic and social environment, and some legislation and constitutions.
Development aims to satisfy the basic needs of citizens and raise their standard of living, and share the goal of building and consolidating an economic base and freedom of trade exchange with a high level of productivity."
Quantitatively and qualitatively, in addition to increasing their ability to compete as components and an initial structural model for entry that facilitates engagement in global free trade agreements, as understood from another point of view is anticipating the future economic and trade effects of the parties continuing with the exit of some countries and the parties not continuing with the Economic Unity Agreement, and in accordance with the text of Article 19 of this agreement, withdrawal may be made during the five-year transitional period Years". Al-Muhammadawi suggested,
“Discussing mechanisms for engaging in the common Arab economic market on the basis of common interests and benefits and how to build competitive standards for the Iraqi market, and benefiting from the experience of the successful joint economic integration of the Eurasian countries, the economic integration of the East Asian countries, and the model of economic and geopolitical integration of the BRICS bloc.” https://alsabaah.iq/99661-.html
Electronic Payment Products Meet Citizen Needs
July 20, 2024 Last updated: July 20, 2024 Independent/- An official source at the International Smart Card Company “K” described the current electronic payment products as “acceptable,”
but the Iraqi market needs more and in a way that makes the citizen’s life easier. He said:
The company realizes the extent of the Iraqi market’s need for advanced financial services, especially after Iraqi society has opened up to the world and it has become easy to communicate and learn about global experiences. He added that the
support of the government and the Central Bank of Iraq represents an incentive to expand the range of products provided to a wide segment of Iraqi society, especially since interaction with electronic payment continues. He pointed out that
being present in all places and providing services to the public in a way that suits their needs represents a lofty goal for the company’s management and its work team. https://mustaqila.com/منتجات-الدفع-الإلكتروني-تلامس-حاجة-ال/
Rafidain Bank Announces The Implementation Of The Comprehensive Banking System In 33 Of Its Branches
Friday 19 July 2024 09:24 | Economic Baghdad / NINA / Rafidain Bank announced the implementation of the comprehensive banking system in Al-Nour branch in Kirkuk, indicating that the number of branches in which the comprehensive banking system was implemented reached 33 branches.
It said in a statement that "in implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens, Rafidain Bank announces the implementation of the comprehensive banking system in Al-Nour branch in Kirkuk, thus joining the branches in which the comprehensive system was activated in Baghdad and the governorates in addition to the border crossing branches (Zurbatiya - Safwan - Arar - Trebil) so that the number of branches that have implemented and completed the system becomes (33) branches in an important step to strengthen the banking system and achieve its requirements and leave paper work and move completely to electronic systems."
The bank confirmed that "the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timings to include all bank branches in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions." https://ninanews.com/Website/News/Details?key=1142195
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