DINARRECAPS8 3/6/23 DINARRECAPS8 3/6/23

Monday Morning Iraq Economic News Highlights 3-6-23

The Sudanese Government Is Preparing For The Unified Treasury System.. It Regulates Spending And Curbs Corruption

March 5, 2023 Baghdad / Obelisk: In an important step on the road to organizing financial policy and developing its mechanisms, the office of the Iraqi Prime Minister, Muhammad Shia' al-Sudani, announced the implementation of the "unified treasury account" system, in coordination with those responsible for monetary and financial policy.

The Sudanese Government Is Preparing For The Unified Treasury System.. It Regulates Spending And Curbs Corruption

The project aims to end corruption and chaos in spending, and to provide real information about the amount of expenditures, which are distributed over large numbers of accounts, which makes auditing difficult and provides wide opportunities for manipulating public money.

The unified treasury system provides centralization in monitoring government bank account balances.

Iraqi institutions used to have their own accounts, which they controlled separately.

The International Monetary Fund emphasized that the “sound financial framework” in Iraq is “a critical element in overcoming economic challenges,” as “policy makers should carefully find a balance between the goals of saving exceptional and unexpected oil profits, in order to enhance the ability to withstand in the face of The volatility of oil prices in the future, the increase in social spending is very important, and spending on public investments, while gradually reducing the level of dependence on oil.

He added, in a statement, at the end of last December, that “the implementation of the public finance framework … must be accompanied by sustainable efforts,” which include “raising the efficiency of public financial management, especially by establishing the unified treasury account, and implementing the Integrated Financial Management Information System (IFMIS), urgently, in addition to strengthening control over potential contingent liabilities and liabilities.

The Iraqi economic expert, Salam Sumaisem, attributed Iraq’s delay in implementing this system to “the multiplicity of decision-making bodies in Iraq, and the fragmentation of powers in some years.”

And if the unified treasury system is implemented, it will control public spending.

Prime Minister Muhammad al-Sudani said the unified treasury account system would contribute to reducing corruption.

And the journalist Ahmed Ali talks about the weakness of the financial policy in Iraq, but rather it is almost missing, forming a knot before approving the budget in light of the price of the dinar, and a barrel of oil pending resort to the financial management system or law.

Ali al-Rubaie, who is interested in Iraqi affairs, also talks about that working on the electronic platform is the real challenge for the success of financial policy, and one of the most important ways of success is the approval of the money settlement law for all importing companies, communications, and Iraqi and foreign investors, considering that all of these must have bank accounts in Iraq.

https://almasalah.com/archives/44910

A New Rise In Dollar Prices In The Local Market

Economy | Baghdad today – Baghdad Today, Monday, the exchange rates of the dollar against the dinar witnessed a rise in the stock exchange and exchange shops in the capital, Baghdad.

The (Baghdad Today) correspondent said, "The Al-Kifah and Al-Harithiya stock exchanges recorded an exchange rate of 157,000 dinars for every 100 dollars.

He added, "The buying and selling prices increased in exchange shops in the local markets in Baghdad, where the selling price reached 158,000 dinars per 100 dollars, while the purchase prices reached 156,000 dinars per 100 dollars." LINK

An Economist For / Nina /: All The Measures Of The Central Bank Did Not Succeed In Controlling The Rise In The Price Of The Dollar

Monday 06 March 2023 09:04 | Economical Number of readings: 434 Baghdad / NINA / - The specialist in economic affairs, Dergham Muhammad Ali, confirmed: "All the measures of the Central Bank and economic security did not contribute to controlling the rhythm of the commodity and dollar market."

Muhammad Ali said in a statement to the National Iraqi News Agency ( NINA ) that "the intermediate link, represented by the banks, is the cause of the problem. None of the treatments succeeded in achieving price stability, and the only beneficiaries are the bank brokers.”

He pointed out, "Linking dollar sales to travel outside Iraq is a kind of legal smuggling of foreign currency, and the local market does not benefit from it, and most of the goods and products are still at high prices without real solutions."

The economic specialist stressed, "The economic security must monitor the selling prices of imported goods to the beneficiaries of remittances at the official price, especially basic commodities."

The Central Bank of Iraq had issued several packages of economic measures to control the exchange rate of the dollar against the dinar in the Iraqi market. The dollar is still high, and today it reached 158 thousand dinars for every 100 dollars.

https://ninanews-com.translate.goog/Website/News/Details?key=1038591&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

The Iraqi Central Bank’s Sales Increased To More Than 172 Million Dollars

Economy |Today, 11:27 Baghdad today – Baghdad Today, Monday, the sales of the Iraqi Central Bank increased to more than 172 million dollars.

According to the schedule of the currency sale window, and followed by (Baghdad Today), the Central Bank sold during its auction today 172,821,581 million dollars, which the bank covered at a basic exchange rate of 1305 dinars per dollar for documentary credits and international settlements for electronic cards and at a price of 1310 dinars per dollar for external transfers and at a price of 1310 dinars per dollar in a manner monetary.

Most of the dollar sales went to enhance the balances abroad in the form of (transfers, credits) at a rate of 110,721,581 million dollars, while the rest of 62,100,000 went in the form of cash sales. LINK

An American Report Reveals The Details Of The Electronic System For The Exchange Of Dollars For The Iraqi Customer

2023.03.05 - Baghdad - people A report by the American newspaper "The New York Times" dealt with the unintended "difficulties" and "great suffering" caused by ordinary Iraqis from the country who intend to travel outside Iraq and need dollar currency, resulting from the recent banking procedures and provisions that the United States and Iraq followed to limit From the illegal leakage of hard currency to criminal beneficiaries outside the country and from those accused of money laundering,

"Nass" channel on Telegram.. our latest updates

Pointing out that the demand for the dollar has increased and that the cost of buying it in Iraqi dinars has risen at some of the local currency dealers.

The following is the text of the report:

Long queues of Iraqis who plan to travel outside the country form in the early hours of the day outside the exchange shops, carrying bags full of Iraqi currency with them. These days, it is difficult to find an exchange shop that has remaining dollar balance, and the shops that have balance run out early.

Abu Ali, the owner of a money exchange shop in the Karrada area, says, "I have no dollars left."

The new provisions, which were applied by agreement between the United States and Iraq, require more transparency regarding bank transfers of dollar currency from the Iraqi reserve account for currency deposited with the Federal Reserve Bank in New York.

These provisions came into force late last year, and are part of a long-awaited plan to modernize Iraq's financial system as it begins to comply with provisions that most countries follow and adapt to provisions requiring greater transparency in international money transfers.

However, some Iraqi merchants and others who used to pay in dollars via international transfers did not like this procedure or they were unable to implement the requirements of transparency, and for this they resorted to exchange shops, causing a great demand for the dollar in the Iraqi street and its high price against the dinar.

Every day, the Central Bank of Iraq facilitates financial transfers from its account at the Federal Bank in New York for the benefit of Iraqi merchants and people to pay the prices of goods imported from outside Iraq. Money transfers are important because few commercial entities have international bank accounts.

On the other hand, a share of the hard currency is sent in cash to the Central Bank of Iraq, which goes to exchange shops and banks, and is disbursed in large part to Iraqis who intend to travel abroad.

Until the day when these provisions were implemented, American officials were unable to track the course of financial transfers of hard currency and whether they ended up with parties that were originally included in the economic sanctions lists.

According to the new provisions, it requires persons or companies that request money transfers for dollar currency to reveal their identity and return and the identity of the party or persons that will receive the money, and then the information is reviewed by an electronic system as well as by experts in the Central Bank of Iraq and the Federal Bank in New York before The transfer is being disbursed.

The Iraqi economist, Ahmad al-Tabaqjali, head of the Asian Union Fund for Iraq, says that the new system allows banks around the world to conduct electronic checks on remittances issued from Iraq to other countries.

Tabaqjali adds, "In short, this banking system makes it easy to detect suspicious cases."

The financial advisor to the Iraqi government, Mazhar Salih, says that many requests are now rejected, noting that sometimes questionable identities are the reason, and at other times the reason is that many Iraqi merchants do not have the required licenses to import goods or that they are not legally registered. They are commercial entities and therefore constitute a breach of Iraqi law. Salih added that these refusals created an increased demand for the dollar at the Iraqi exchange shops, and its exchange rate rose significantly to Iraqis who have a legitimate need for it.

Since 2003, there are two rates for the exchange rate of the dollar against the Iraqi dinar. There is the official rate set by the central bank and an unofficial rate for the black market and is often higher. When there is a scarcity of the dollar currency, its price increases on the black market in exchange shops.

The differences between the two prices create difficulties for the Iraqis, as happened to the woman, Jannah, who is a mother of four children. She says she is saving money to buy a $250 refrigerator.

In October, it cost 320,000 dinars in Iraqi dinars, but today, due to the scarcity of the dollar, its price has risen to 375,000 dinars, and she says, "The new price is beyond my purchasing power." According to Central Bank data on daily dollar financial transfers, the new provisions have reduced the flow of dollars into the market by approximately 65% compared to the period preceding these measures, and the daily rate of dollar sales decreased from 180 million to 67 million dollars.

Since that time, transfers began to rise, but they are still less than half of the rate they were before the implementation of the new banking system.

The report indicates that until now it is not clear exactly the extent of the decrease in illegal financial transfers.

Douglas Suleiman, president of the Gulf States Institute in Washington and former US ambassador to Iraq, says, "I cannot limit the rate of manipulation and fraud at 90%. Perhaps the rate of manipulation is 45% and another 45% is incompetence or just not knowing how to deal with the new provisions."

Translated by: Hamed Ahmed - Al-Mada https://www.nasnews.com/view.php?cat=103229

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"Tidbits From TNT" Monday Morning 3-6-2023

TNT:

Tishwash: Iraq Falls in Prosperity Index

Iraq has fallen two place in this year's Legatum Institute Prosperity Index, ranking in 140th place out of the 166 countries measured.

The Index consists of 12 pillars of prosperity, split into 67 discrete policy-focussed elements, and is underpinned by 299 indicators.

Denmark, Sweden and Norway took the top three positions.

The least prosperous country is listed as Yemen, followed by the Central African Republic and Afghanistan. More here. link

TNT:

Tishwash: Iraq Falls in Prosperity Index

Iraq has fallen two place in this year's Legatum Institute Prosperity Index, ranking in 140th place out of the 166 countries measured.

The Index consists of 12 pillars of prosperity, split into 67 discrete policy-focussed elements, and is underpinned by 299 indicators.

Denmark, Sweden and Norway took the top three positions.

The least prosperous country is listed as Yemen, followed by the Central African Republic and Afghanistan. More here. link

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Tishwash: With a financial surplus of "a quarter"... 161 trillion dinars, the Iraqi state's revenues in 2022

The Iraqi Ministry of Finance announced, on Monday, that the state's revenues during the year 2022 exceeded 161 trillion dinars, with a financial surplus of more than 40 trillion dinars.

According to the accounts of the Iraqi state for the month of December for the fiscal year 2022, which was seen by Shafaq News Agency, the contribution of oil to the federal budget amounted to 95%, which indicates that the rentier economy is the basis of Iraq's general budget.

And the financial accounts showed that the total revenues until last December amounted to 161 trillion and 697 billion and 436 million and 746 thousand and 338 dinars, indicating that the total expenditures with advances amounted to 119 trillion and 805 billion and 546 million dinars.

According to the finance table, oil revenues amounted to 154 trillion and 38 billion and 649 million and 122 thousand dinars, which constitute 95% of the general budget, while non-oil revenues amounted to 7 trillion and 657 billion and 787 million and 624 thousand dinars, indicating that the budget surplus for the past year 2022 amounted to 41 One trillion and 891 billion and 890 million dinars, equivalent to 31.9 billion dollars.

For his part, financial expert Muhammad al-Hassani stressed, in an interview with Shafaq News agency, the need for the government to accelerate a "comprehensive economic revolution by diversifying economic sectors to reduce imports and benefit from human capital and labor, in which young people constitute nearly 60% to eliminate unemployment and poverty." in Iraq".

He added that "all the Gulf oil countries tended to diversify their economy, and therefore the impact of oil on their economy has become a small percentage of their budget," pointing out that "successive governments of the Iraqi state did not develop effective solutions for that and relied on the budget to bridge public expenditures without paying attention to investments and developing the sector." private".

The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed in March 2021, in an interview with Shafaq News agency, that the reasons for the economy to remain rentier are due to wars and the imposition of siege during the past era, and what we are witnessing today of political conflicts, which led to the dispersal of economic resources.

And the continuation of the Iraqi state relying on oil as the sole source of the general budget puts the country in danger from the global crises that occur from time to time and which are affected by oil prices, which makes Iraq tend every time to cover the deficit by borrowing from abroad or internally, and thus indicates the inability effective management of state funds, and the inability to find alternative financing solutions. link

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Tishwash: Al-Sudani is discussing with the World Bank delegation ways of joint cooperation and support for the government's plans

Prime Minister Mohamed Shiaa Al-Sudani received, on Monday, the Regional Director for the Levant Countries Region at the World Bank, Jean-Christophe Carré, and his accompanying delegation.

During the meeting, they discussed various aspects of cooperation between Iraq and the World Bank, ways to support the growing indicators of the Iraqi economy, and government efforts in this context, as well as an emphasis on cooperation in the field of banking reform adopted by the government, and areas for enhancing progress in addressing service priorities and reform pursued by it. government programme.

The meeting discussed, according to a statement by Al-Sudani's office, which Mawazine News received, "opportunities for financial cooperation in supporting social protection programs that have witnessed a comprehensive expansion, as well as areas of supporting the transport sector in Iraq, and government plans to expand its infrastructure." link

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Tishwash: Global Gold: Central banks buy 30 tons of the yellow metal, and Iraq maintains its rank

Today, Sunday, the World Gold Council announced that global central banks have bought 30 tons of gold, while noting that Iraq has maintained its global rank.

In its latest schedule for the month of March 2023, which was seen by "Al-Iqtisad News", the Council said, "The global central banks added during the month of January an amount of 30 net tons of gold to the global international reserves, up by 16% from the previous month," indicating That "sales of gold in the same period amounted to 12 tons."

And she added, "The Turkish Central Bank bought 23 tons of gold, the Chinese Central Bank also bought 15 tons of gold, and Kazakhstan bought 4 tons," noting that "the Central Bank of Uzbekistan was the only one who made the sale, at 12 tons."

He added, "Iraq maintained its rank of 30 globally out of 100 countries listed in the table with the largest gold reserves, after it rose ten ranks in July by purchasing 33.9 tons of gold, bringing its gold possession to 130.3 tons, which represents 8.6% of the rest of its other reserves."

Globally, according to the table, the United States of America still leads the rest of the countries with the largest possession of gold in the world, with 8,133 thousand tons, followed by Germany with 3,355 thousand tons, and then Italy came with 2,451 thousand tons, while Mauritania ranked 100th with 1 ton, preceded by El Salvador with 1.4 tons.

On June 27, Iraq announced the purchase of new quantities of gold, approximately 34 tons, an increase of 35% over what was in its possession.

It is noteworthy that the World Gold Council, which is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world ink

CandyKisses: GOOD MORNING

Mot: He always was the smart one .....

DINARRECAPS8 3/5/23 DINARRECAPS8 3/5/23

Iraqi News Highlights Sunday Evening 3-5-23

Tlm724 Administrator Bondlady’s Corner

Alia Nassif: The Corrupt Are Running Free Flights To Take Possession Of The Dollar At The Official Rate

Posted On2023-03-05 By Sotaliraq Representative Alia Nassif called on the National Security and Intelligence Service to prosecute the corrupt companies that operate flights to the UAE, Lebanon and Egypt with the aim of buying travelers’ dollars and smuggling them or reselling them, calling on the Iraqi judiciary to apply the maximum penalties to saboteurs and tampering with the country’s economy, whether the owners of companies or officials who are complicit with them, whatever their positions. .

Iraqi News Highlights Sunday Evening 3-5-23

Tlm724 Administrator Bondlady’s Corner

Alia Nassif: The Corrupt Are Running Free Flights To Take Possession Of The Dollar At The Official Rate

And she said in a statement today: “It has become clear, with evidence and witness testimonies, that the currency mafias, which have become almost besieged by the regulatory authorities, have begun to use a new method by running (free trips) for people to Dubai, Beirut and Cairo for a week or less with free hotel accommodation, and in return These mafias defraud the state and buy the dollars that travelers get at the rate of seven thousand dollars from each traveler, and take advantage of the currency difference between the official price and the market price.”

Nassif emphasized, “The need for the intelligence and national security services to intervene to prosecute companies that practice this deliberate sabotage of the national economy, and for the judiciary to issue maximum sentences against those who tamper with the people’s capabilities to become an example to others.” LINK

American Newspaper: The Measures Of The Dollar Crisis Are Causing Suffering To Some Iraqis

Translated by: Hamed Ahmed Posted On2023-03-05 By Sotaliraq A report by the American newspaper The New York Times dealt with the hardships and great unintended suffering caused by ordinary Iraqis from the country who intend to travel outside Iraq and need dollar currency, resulting from the recent banking procedures and provisions that the United States and Iraq followed to limit the illegal leakage of hard currency to criminal entities. beneficiary outside the country and accused of money laundering,

Pointing out that the demand for the dollar has increased and that the cost of buying it in Iraqi dinars has risen at some of the local currency dealers.

Abu Ali, the owner of an exchange shop in the Karrada area, says, “I have no dollars left.”

Tabaqjali added, “In short, this banking system facilitates the detection of suspicious cases.”

The differences between the two prices create difficulties for the Iraqis, as happened to the woman, Jannah, who is a mother of four children. She says she is saving money to buy a $250 refrigerator.

In October, it cost 320,000 dinars in Iraqi dinars, but today, due to the scarcity of the dollar, its price has risen to 375,000 dinars, and she says, “The new price is beyond my purchasing power.” According to Central Bank data on daily dollar financial transfers, the new provisions have reduced the flow of dollars into the market by approximately 65%compared to the period preceding these measures, and the daily rate of dollar sales decreased from 180 million to 67 million dollars.

Since that time, transfers began to rise, but they are still less than half of the rate they were before the implementation of the new banking system.

The report indicates that until now it is not clear exactly the extent of the decrease in illegal financial transfers.

Douglas Suleiman, president of the Gulf States Institute in Washington and former US ambassador to Iraq, says, “I cannot limit the rate of manipulation and fraud at 90%. Perhaps the rate of manipulation is 45% and another 45% is incompetence or just not knowing how to deal with the new provisions.” LINK

The “Central” Is Facing Political Pressure To Ease The Controls Of The Platform Experts: Government Banks Are “Backward” And The Hoarded Funds Are Estimated At 50 Trillion

Posted On2023-03-05 By Sotaliraq Experts in the field of technology and digital transformation considered the recent government statements about the process of digitizing banking transactions, to conduct citizens’ transactions and combat corruption and money laundering, as talk for media consumption only, and that the issue has become similar to anti-corruption slogans launched by officials.

The experts emphasized that the government is unable to lead this process alone, and that the digital transformation process in the country must be led by an independent body, far from quotas, and carried out according to sober policies and a predetermined plan, subject to the process of continuous development.

Official Statements

Yesterday, Tuesday, the Prime Minister, Muhammad Shia'a Al-Sudani, received a delegation from the international company, Visa, for electronic payment cards, stressing that his government is proceeding with plans for financial inclusion and digitization of banking transactions, and upgrading them. To meet international standards and applicable specifications at an international level.

Al-Sudani indicated, according to the official office statement that was received by “Tariq Al-Shaab,” that “the government’s steps in this field will facilitate financial transactions for citizens, reduce time and strengthen the umbrella of the law by implementing controls that combat money laundering.”

For her part, the Minister of Finance, Taif Sami, stressed the need to transfer banking dealings from paper to electronic to reduce time and simplify procedures for citizens, according to what was reported by the Rafidain Bank, in a statement received by “Tariq Al-Shaab”.

And she stressed the necessity of "implementing the government program in applying the banking system and the goals that are achieved through it in the transition from paper-to-electronic transactions, reducing time, simplifying procedures and overcoming obstacles, away from routine, in addition to intensifying efforts to improve the level of services provided to customers."

The statement added, "The goal of the visit comes to identify obstacles and diagnose weaknesses in the performance of the banking sector and work to overcome them by strengthening the capabilities of the comprehensive banking system and providing its requirements to ensure the provision of the best services to the bank's customers."

Many Requirements

In this regard, the expert in the field of technology and electronic governance, Ali Anwar, said that the Iraqi state does not differentiate between the concepts of automation, governance and digitization and mixes them with each other, while each of them is not similar to the other and has differences, pointing out that these official statements are nothing more than media talk. Just; The problem of banks is not digitization, because the banking sector is highly developed in this respect.

Anwar added, in his interview with “People’s Way,” saying that the government “on its own is unable to lead this process, because at first we suffer from a lack of legal legislation, and this is related to the work of the Parliament, and we have a problem in the absence of an independent body that manages digital transformation, as there are more One side wants to manage the file, including the General Secretariat of the Council of Ministers, the Ministry of Communications and the Ministry of Interior.

The spokesman - who is a consultant to 12 banks in Iraq to draw governance and digital transformation plans - pointed out that "the process of digital transformation and automation is a program that does not stop but continues to evolve, so we must have that" the process of digital transformation and automation is a program that does not stop but rather It continues to evolve, so we must have a strategy in digital transformation, and plans,” indicating, “We have not yet clearly distributed roles and responsibilities between state institutions on the one hand, and between the relationship of the private sector and civil society organizations on the other hand.”

He continued his speech, saying: “The government is still working with the mentality of unilateral action, and these results are clear. We are living experiences and slogans only, without a clear plan starting from drafting correct drafts of laws and legislation that we need in this field, drawing up policies, plans and a road map, and then forming an independent body that leads the process of digital transformation as in the countries of the world, and we keep it away from quotas, and this talk may be a dream.”

According to the expert, the banking sector is one of the advanced sectors in digitization in Iraq, compared to the health, education, transportation and other sectors, and this is due to the fact that it is governed by the Central Bank to implement international standards and systems.

He pointed out that “the Central Bank issued a complete guide in 2019 called (Governance Guide), and imposed it on banks, and the paradox here is that government banks are lagging behind in terms of applying central bank standards and global systems, while they are the ones that have the largest cash block.”

He noted that “AML systems impose international laws and policies on central banks, and the latter reflect them on the banking sector,” continuing to talk that “the central bank always puts requirements on banks, but some banks hesitated, and unfortunately used political pressure on the central bank to evade Implementation of controls and instructions.

Accountability First

On a related level, the expert in the field of combating corruption, Saeed Yassin, said that Iraq has three files before it, which are money laundering, smuggling and financing of terrorism, and there are procedures and requirements that Iraq must implement in this aspect.

Yassin added, in an interview with him about “The People’s Way,” that “the first of these measures is the issue of automation;

The monetary mass available to the citizen is around 50 trillion dinars, stored outside the banking system, and those concerned should think about how to integrate this money into the economy through a series of procedures. Part of it is by establishing trust through cooperation with international companies, which are recognized and have precedents in this field. On the other hand, control over financial transfers.

Yassin stressed that digitization and electronic transfer are not sufficient, “without accountability of the parties that were evading and practicing the money laundering process, and we will continue to spin in the same vortex, as digitization and automation only determine and through which we know the path of money, and it enhances the citizen’s confidence in the banking system in Iraq, and the great challenge remains to be held accountable these parties.”

He concluded that the government should adopt clear policies developed by financial and monetary experts, in addition to adopting the principle of law policy and enforcing it strictly and fairly without discrimination. LINK

The Minister Of Defense And The US Ambassador Discuss Issues Of Common Interest

Iraq Sunday, March 5, 2023 Baghdad / National News Center Today, Sunday, the Minister of Defense, Thabet Muhammad Saeed Al-Abbasi, met with the US Ambassador to Iraq, Alina Romanowski.

A statement by the ministry, received by the National News Center, stated that “Defense Minister Thabet Muhammad Saeed Al-Abbasi received today, in his office, at the ministry’s headquarters, the US ambassador to Iraq, Alina Romanowski, and her accompanying delegation.”

The statement added, "The two sides discussed, during the meeting, issues of common interest between the two countries." https://nnciraq.com/190890/

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

DINARRECAPS8 3/5/23 DINARRECAPS8 3/5/23

Iraqi News Highlights Sunday Afternoon 3-5-23

Tlm724 Administrator Bondlady’s Corner

The Stability Of Dollar Prices In Baghdad

Market Economy News _ Baghdad Today, Sunday, the exchange rates of the dollar are stable in the local markets. And the selling prices of the dollar were recorded, 152,500 dinars per 100 dollars, while the buying prices of the dollar were recorded at 152,000 dinars per 100 dollars.

Iraqi News Highlights Sunday Afternoon 3-5-23

Tlm724 Administrator Bondlady’s Corner

The Stability Of Dollar Prices In Baghdad

And the Central Bank of Iraq decided, earlier, to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of purchasing a dollar from the Ministry of Finance reached 1,300 dinars per dollar and sold it at (1310) dinars per dollar to banks through the electronic platform, and sold at (1320) dinars per dollar. Dollars from banks and non-bank financial institutions to the final beneficiary.

199 views Added 03/05/2023 - 9:57 AM https://economy-news.net/content.php?id=32775

The Central Bank Confirms The Continuation Of Its Initiative To Finance The Purchase Of Housing Units

Economy| 03:45 - 05/03/2023 Baghdad - Mawazine News The Central Bank of Iraq confirmed today, Sunday, the continuation of its initiative to finance the purchase of housing units.

The bank stated in a statement, received by Mawazine News, that it "continues to finance the requests of citizens wishing to purchase housing units through the housing lending initiative."

And he added, "All requests that were previously submitted to the banks included in the initiative and the Iraqi Housing Fund will be funded according to the controls established for the initiative." Ended 29 / m99 https://www.mawazin.net/Details.aspx?jimare=221034

Minister Of Finance: The Government Is Proceeding With A Package Of Reforms To Provide The Requirements For A Balanced Economic Renaissance

Economy| 01:36 - 05/03/2023 Baghdad - Mawazine News, Finance Minister Taif Sami confirmed, on Sunday, that the government is proceeding with a package of fundamental reforms in order to provide the requirements for a balanced economic renaissance in the country.

And a statement by the Ministry of Finance, received by Mawazine News, said, "The Minister of Finance, Taif Sami Muhammad, received, today, Sunday, the Director of the World Bank's office in Iraq, Richard Abdel Nour, and the Director of the Regional Office for the Middle East and North Africa, John Christophe."

The meeting witnessed a discussion of ways to consolidate joint cooperation between Iraq and the World Bank, and an emphasis on continuing bilateral coordination in the field of cooperation to promote sustainable development in the financial, economic and investment sectors, in line with the vision of the Iraqi government aimed at benefiting from all forms of international support necessary to support development projects in Iraq".

Sami appreciated, "The role played by the World Bank in supporting the government's reform directions, especially as it is determined to proceed with a package of fundamental reforms in order to provide the requirements for a balanced economic renaissance in the country by diversifying sources of income, involving the private sector in all economic activity, and opening horizons New promising development opportunities in Iraq.

For his part, representatives of the World Bank expressed their "support for the efforts of the Iraqi government in the package of reforms that it is working to implement, despite the global economic challenges." Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=221020

The Cabinet’s Decision To Publish The Use Of Point-Of-Sale (POS) Devices And Implementation Requirements

Articles Sameer Al-Nusairi Referring to the Cabinet’s decision to spread the use of point-of-sale (POS) devices widely in financial transactions and to move from a cash society to a cashless society in line with what was stated in the government program to develop banking work and the Prime Minister’s affirmation, during his meeting with a delegation from the global Visa company, to proceed with financial inclusion plans And digitization of banking transactions in a manner that meets international standards and specifications in force at the international level.

While we support the decision of the Council of Ministers in this regard and stress the need for strict adherence to the parties mentioned in the implementation of the decision in accordance with the procedures and mechanisms specified in the paragraphs of the decision, we must, on this occasion, clarify the efforts made and are being made by the Central Bank since its launch of the technical revolution for digital transformation in the banking sector since 2016 in implementation For the objectives of his first and second strategy and until the present time in achieving banking reform and development and with determination and high confidence in the ability of the Iraqi financial and technical cadres working in the Central Bank to overcome the challenges of the technical gap in the information systems that Iraq suffered from due to the repercussions of the blockade, wars, terrorism and instability during the period of the information revolution.

Where the Central Bank was able to overcome the challenges of digital transformation and development in banking technologies, establish infrastructure in banks, and lead an advanced system of payments at the level of the state's financial system.

It is certainly an important national effort for the employees of the Central Bank and banks, and this comes because of the procedures and developments that the Central Bank has taken, to stand in the right direction in the darkest economic conditions that our country suffered from, and to draw a sound road map to catch up with technical developments in the countries of the world.

The Central Bank and the banking sector believe that the decision of the Council of Ministers is moving in a direction and steps consistent with the strategy of the Central Bank in digitizing and developing daily financial and banking transactions with the latest developments, developments and standards in the developed countries of the world in this field, but we believe that setting the date of implementation on 1/6/2023 needs to be Technical discussions with specialists in the Central Bank and electronic payment companies in the private sector with the aim of determining the foundations, standards and technical infrastructure and the availability of the necessary number of (POS) devices, of which the current availability is about (8500) devices and the number of activated electronic cards exceeds (15) million cards and a number Automated teller machines (ATMs) with a limit of more than 1566 ATMs.

It also requires great educational, media and advertising efforts, and for a time that exceeds the currently specified times, and in partnership with banks and electronic payment companies, because the banking culture of citizens using this modern technical means to move from cash payment to Paying in this way is very weak, in addition to the lack of knowledge and means of motivation for the owners of malls, commercial and service stores, agencies and areas that can use this type of daily financial and banking transactions.

There are no legislations that oblige citizens as well as service providers to apply digital transformation and motivate them to use electronic payment methods to pay bills. Noting that the esteemed Council of Ministers’ decision allowed citizens to use electronic payment along with cash, in addition to the lack of infrastructure integration, through networking between The ministries and agencies referred to in the decision. ...and the need to develop communication services and facilitate the use of Internet services.

Therefore, it requires government support for the process of expanding the use of electronic cards and points of sale by obliging the ministries to cooperate with the Central Bank of Iraq. The work has been completed and all routine procedures have been facilitated. It also requires the provision of incentives to service providers and the provision of banking facilities.

We propose to develop a plan to implement the decision gradually and with time limits agreed upon by all concerned authorities in the government, the Central Bank and electronic payment companies operating for the purpose of completing the implementation requirements in full.

190 views Added 03/05/2023 - 10:54 AM https://economy-news.net/content.php?id=32776

Integrity: Exposing A Waste Of Public Money In One Of The Companies Of The Ministry Of Industry And Minerals

Money and business Economy News _ Baghdad Today, Sunday, the Federal Integrity Commission revealed the seizure of cases of waste of public money in one of the companies of the Ministry of Industry and Minerals.

The Commission's Investigation Department stated, in a statement received by "Al-Iqtisad News", that "the cadres of the Commission's investigation office in Babil Governorate were able to control the initial cases of waste of public money in the General Company for the Automotive Industry, one of the formations of the Ministry of Industry and Minerals," explaining that "the preliminary investigations led to Those who cause waste reduce the company’s profits in contracts concluded with other parties.”

And she added, "The cases of wastage were represented by reducing the company's profits from (7% to 5%), contrary to the instructions of the company's management and the binding decisions of its board of directors, which caused losses to the company and a waste of public money."

And she continued, "The staff of the Commission in the Babel Investigation Office was able to seize the initials and present them to the competent investigating judge. The latter issued summons orders against eight of the defendants, based on the provisions of Article (331) of the Penal Code, and they are each of the assistant general manager of the company, and the director of departments." Previous internal control, legal, financial and commercial in the company, and officials of the departments of contracts, purchases and records therein.

Views 177 Added 03/05/2023 - 9:33 AM https://economy-news.net/content.php?id=32774

Parliamentary Meeting With The Head And Officials Of The Customs Authority

Sunday 05 March 2023 15:34 | Economical Number of readings: 127 Baghdad / NINA / - Today, Sunday, the Parliamentary Finance Committee held a joint meeting, in the presence of the head of the Customs Authority, Hassan Al-Agaili, and its general managers.

The head of the committee, Representative Atwan Al-Atwani, said during the meeting that "the parliamentary committee considers this institution very important to enhance the state's resources through the application of the customs tariff and work to standardize it at all border crossings."

He added, "The hosting session is to inform the Finance Committee about the work of the Customs Authority and the problems that accompany its work, and the ceiling achieved during the past years compared to the plan set for the coming years."/ End 5

https://ninanews.com/Website/News/Details?key=1038495

To read more current and reliable Iraqi news please visit BondLady’s Corner:

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Dinar Recaps 20 3/5/23 Dinar Recaps 20 3/5/23

"Tidbits From TNT" Sunday 3-5-2023

TNT:

Tishwash: Finance Minister: We are determined to proceed with a package of fundamental reforms

Today, Sunday, Finance Minister Taif Sami announced the proceeding with a package of fundamental reforms, while confirming the continuation of bilateral coordination with the World Bank.

A statement by the ministry, which was received by (Baghdad Today), stated that "Sami received the Director of the World Bank's office in Iraq, Richard Abdel Nour, and the Director of the Regional Office for the Middle East and North Africa, John Christophe."

TNT:

Tishwash: Finance Minister: We are determined to proceed with a package of fundamental reforms

Today, Sunday, Finance Minister Taif Sami announced the proceeding with a package of fundamental reforms, while confirming the continuation of bilateral coordination with the World Bank.

The statement added that "the meeting witnessed a discussion of ways to consolidate joint cooperation between Iraq and the World Bank, and an emphasis on the continuation of bilateral coordination in the field of cooperation to promote sustainable development in the sectors of finance, economy and investment, in accordance with the vision of the Iraqi government aimed at benefiting from all forms of international support necessary to assign projects." development in Iraq.

Sami appreciated, according to the statement, "the role played by the World Bank in supporting the government's reform directions," indicating that she is "determined to proceed with a package of fundamental reforms in order to provide the requirements for a balanced economic renaissance in the country by diversifying sources of income and involving the private sector in all economic activity." And opening new horizons of promising development opportunities in Iraq.

For his part, the representative of the World Bank expressed, according to the statement, "their support for the efforts of the Iraqi government in the package of reforms that it is working to achieve, despite the global economic challenges," praising the "trends to achieve regional economic integration in partnership with the rest of the region's countries in a way that serves to strengthen the pillars of the national economy and its prosperity." link

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

CandyKisses: Semi-final agreement” to give Kurdistan a 14% share of the budget

Economy News - Baghdad

Kurdistan Democratic Party MP Jay Taimur revealed that the federal government and the Kurdistan Regional Government have reached a "semi-final agreement" to adopt 14% as a share for the region in the 2023 budget.

“Negotiations between the federal government and the Kurdistan Regional Government on the 2023 budget have made important strides and currently need to be finalized and things are coming to an end,” Timur said.

He added, "A semi-final agreement between the two parties stipulated the adoption of 14% of the budget for the Kurdistan region according to the statistics of the Ministry of Planning and the ration card of the Ministry of Commerce, which is the closest to final approval."

He continued, "The region demanded 17% and the federal government set 12.67% before agreeing on 14% to proceed with the budget project," adding that "the two parties have an opportunity to end all outstanding files that govern the relationship between Baghdad and Erbil and the atmosphere is positive between the two parties."

Timur predicted that "the 2023 budget from the government will reach parliament soon," stressing "the vote on it and legislate it in a month after its arrival."

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

Tishwash: Parliamentary dissatisfaction with the delay in the arrival of the budget to Parliament

On Sunday, a member of the Parliamentary Legal Committee, Abdul Karim Abtan, expressed his deep dissatisfaction with the government's delay in sending the federal budget law to the House of Representatives for approval, stressing that the delay had negative effects on the interests of citizens.

Abtan said in an interview with Al-Maalouma Agency, "The budget law concerns all segments of society, especially the vulnerable and poor classes, who are awaiting financial support through its approval."

He added, "The government should have adhered to the legal contexts and hastened to send the budget law to the House of Representatives." He pointed out that "the government bears the responsibility for delaying the approval of the budget until the present time. .

And the representative of the Al-Fatah Alliance, Suhaila Al-Sultani, confirmed earlier that there are obstacles to completing the budget and sending it to the House of Representatives, pointing out that the outstanding files with the region represent the most prominent of these obstacles to the completion of the budget by the government. link

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

Tishwash: Iraq: We have no American requirements regarding the issue of the dollar, and we will not allow the collapse of the dinar

The Iraqi Prime Minister, Muhammad Shia' al-Sudani, said that there are no conditions imposed on Iraq by America regarding the issue of the dollar, "and we will not accept conditions from anyone."

And Al-Sudani added - in an interview with Al-Arabiya news channel on Saturday - "We discussed with Washington the economic situation, and we said that we want to adhere to transfer operations in accordance with the international system."

He pointed out that reducing the price of the dollar was on the table, noting that the Iraqi financial situation is in the best conditions now, and we will not allow the collapse of the dinar.

He explained that the total balance of the currency in the country exceeded 100 billion dollars, and there is an economic situation that is the best in the history of Iraq in terms of revenues and balance.

And he believed that dollar speculation and smuggling is present in all countries of the world, and there are countries and traders who benefit from this process, indicating that the Kurdistan Regional Government is showing support in limiting the dollar smuggling process.

Regarding Iraq's fears about the future of water, Al-Sudani said that the low water levels result from the scarcity of rain, indicating that drought is not only in Iraq, but in all countries of the region, noting that the Iraqi neighboring countries have resorted to water policies "contrary to the binding agreements between the riparian countries." We are trying to secure water for farmers and keep drinking water."

On the Iraqi-Saudi relations, Al-Sudani said that the Kingdom of Saudi Arabia is a pivotal country and a strategic partner for Iraq, adding, "There was a meeting with the Saudi Crown Prince in Riyadh on the sidelines of the Arab-Chinese summit, and we agreed on a three-year agenda that begins with visits, meetings and activation of partnerships, and we also signed a memorandum Security understanding with Saudi Arabia, the first in 40 years.

He pointed out that the Iraqi government adopts preserving the leading role of Iraq in the region.

He pointed out that the interests of Arab countries require understanding and interaction in economic projects and partnerships, and there are elements of strength in each country, saying: "In the event of integration between these countries, it will add more strength and stability to all of us." link

Mot: hmmmmm - I Dont know but I Think They Do!!! - Do fur Me!! LOL

Mot: .... Being Seasoned sure is Tough Ya Knows! ~~

DINARRECAPS8 3/5/23 DINARRECAPS8 3/5/23

Sunday Morning Iraq Economic News Highlights 3-5-23

The Iraqi Bank’s Dollar Sales Increased By 52% In Today’s Auction

2023-03-05 03:47 Shafaq News/ The Central Bank of Iraq's sales of dollars increased in an auction today, Sunday, by 52%, to record $125 million.

Shafaq News agency reporter stated that the Central Bank sold today, during its auction, 125,670,000 and 8 dollars, a 52% increase compared to last Thursday, in which sales amounted to 82,617,564 dollars, which the bank covered at a basic exchange rate of 1,305 dinars per dollar. For documentary credits and international settlements of electronic cards, at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar in cash.

Sunday Morning Iraq Economic News Highlights 3-5-23

The Iraqi Bank’s Dollar Sales Increased By 52% In Today’s Auction

2023-03-05 03:47 Shafaq News/ The Central Bank of Iraq's sales of dollars increased in an auction today, Sunday, by 52%, to record $125 million.

Our correspondent added: The dollar sales were distributed between strengthening the balances abroad in the form of transfers and credits by 64,870,000 and 8 dollars, while the rest of 60,800,000 dollars went in the form of cash sales.

He pointed out that the banks that bought cash dollars amounted to 17 banks, while the number of banks that met requests to strengthen balances abroad reached 18 banks, while the total number of exchange and mediation companies participating in the auction was 139 companies. LINK

Dollar Exchange Rates In The Iraqi Market

https://www.alsumaria.tv/uploadImages/DocumentImages/Doc-P-449346-638135955467165525.jpg

Economy 2023-03-05 | 01:44 Source: Alsumaria News 7,038 views Alsumaria News – Economy Alsumaria News publishes, today, Sunday, the exchange rates of the dollar in the local markets.

The selling price of the dollar was recorded at 152,500 dinars per 100 dollars.

While the purchase price of the dollar was recorded at 152,000 dinars for every 100 dollars.

And it wasCentral Bank of Iraq He decided to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of buying a dollar from the Ministry of Finance reached 1300 dinars per dollar and sold it at (1310) dinars per dollar to banks through the electronic platform, and it is sold at (1320) dinars per dollar from banks and non-financial institutions. banking to the final beneficiary. LINK

Sudanese Advisor Reveals The Reason For The Continued Rise Of The Dollar And The Date Of Its Stability

Today, Saturday, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, described the continued rise in the dollar exchange rate in Iraq as “interim” and ends when the equilibrium point is reached.

Saleh said, in a press interview seen by “Takadam”, that “the compliance of local banks with the conditions and controls of global compliance is constantly improving, and that what is happening in terms of fluctuations in the exchange rate in the parallel market is a temporary matter.”

He added, "This is a temporary matter, until the total stability in the convergence of exchange rates at the point of balance in all markets, and what is currently happening in terms of price fluctuations is an expression of a temporary stage of the labor of conditioning for compliance and discipline, and it requires some time." https://takadum-news.com/archives/152606

Iraq Ranks 30th In The World With The Largest Gold Reserves

Baghdad today - follow-up Today, Sunday, the World Gold Council announced that global central banks have bought 30 tons of gold, while noting that Iraq has maintained its 30th rank in the world with the largest gold reserve rating.

In its latest schedule for the month of March 2023, which I viewed (Baghdad Today), the council said, “During January, global central banks added 30 net tons of gold to global international reserves, up by 16% from the previous month.” “Gold sales in the same period amounted to 12 tons,”

he added, “The Turkish Central Bank bought 23 tons of gold, the Chinese Central Bank bought 15 tons of gold, and Kazakhstan bought 4 tons,” noting that “the Central Bank of Uzbekistan was the only one who He made the sale of 12 tons.”

He pointed out that “Iraq maintained its rank 30 globally out of 100 countries listed in the table with the largest gold reserves, after it rose ten ranks in July by purchasing 33.9 tons of gold, bringing its gold possession to 130.3 tons, which represents 8.6% of the rest of its other reserves.” .

Globally, according to the table, the United States of America still leads the rest of the countries with the largest possession of gold in the world, with 8,133 thousand tons, followed by Germany with 3,355 thousand tons, and then Italy came with 2,451 thousand tons, while Mauritania ranked 100th, with 1 ton, preceded by El Salvador, with 1.4 tons.

On June 27, Iraq announced the purchase of new quantities of gold, approximately 34 tons, an increase of 35% over what was in its possession.

An American Report Reveals The Details Of The Electronic System For The Exchange Of Dollars For The Iraqi Customer

"Nass" channel on Telegram.. our latest updates

Pointing out that the demand for the dollar has increased and that the cost of buying it in Iraqi dinars has risen at some of the local currency dealers.

The following is the text of the report:

Abu Ali, the owner of a money exchange shop in the Karrada area, says, "I have no dollars left."

Tabaqjali adds, "In short, this banking system makes it easy to detect suspicious cases."

The differences between the two prices create difficulties for the Iraqis, as happened to the woman, Jannah, who is a mother of four children. She says she is saving money to buy a $250 refrigerator.

Since that time, transfers began to rise, but they are still less than half of the rate they were before the implementation of the new banking system.

The report indicates that until now it is not clear exactly the extent of the decrease in illegal financial transfers.

Translated by: Hamed Ahmed - Al-Mada https://www.nasnews.com/view.php?cat=103229

DINARRECAPS8 3/4/23 DINARRECAPS8 3/4/23

Iraqi News Highlights Saturday Evening 3-4-23

Tlm724 Administrator Bondlady’s Corner

The Stability Of The Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Exchange

Economy Saturday, March 4, 2023 4:08 PM Baghdad / The National News Center The exchange rates of the US dollar stabilized against the Iraqi dinar, today, Saturday, with the closure of the main stock exchange in Baghdad. The correspondent of the National News Center said, “The central Kifah Stock Exchange in Baghdad closed at 155,300 Iraqi dinars for 100 dollars, which are the same prices that were recorded this morning.”

Iraqi News Highlights Saturday Evening 3-4-23

Tlm724 Administrator Bondlady’s Corner

The Stability Of The Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Exchange

He added, "The buying and selling prices in exchange shops in the local markets in Baghdad have stabilized, as the selling price reached 156,250 Iraqi dinars, while the purchase prices amounted to 154,250 dinars per 100 dollars." https://nnciraq.com/190696/

More Than 700 Million Dollars, The Total Sales Of The Central Bank Of Iraq Within A Week

Posted On2023-03-04 By Sotaliraq The total sales of the Central Bank of Iraq in hard currency dollars during the past week amounted to more than 700 million dollars.

He stated that the Central Bank sold during the past week for the five days in which the auction was opened, starting from Sunday to Thursday, an amount of 727 million and 307 thousand and 546 dollars, at a daily rate of 145 million and 461 thousand and 509 dollars, up by 2.3% from the previous week.

Our correspondent added that the highest dollar sales during the past week were on Tuesday, when sales amounted to 233 million 921 thousand and 34 dollars, while the lowest sales were on Thursday, when sales amounted to 82 million 617 thousand and 564 dollars.

He pointed out that sales went in the form of cash and transfers abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards amounted to 1,305 dinars per dollar, while the selling price of remittances abroad and the cash sale price amounted to 1,310 dinars per dollar. LINK

Iraqi Oil Exports To America Increased Last Week

Saturday 04 March 2023 09:51 | Economical Number of readings: 331 Baghdad / NINA / - The US Energy Information Administration announced, today, Saturday, that the average Iraqi oil exports to America increased to 290 thousand barrels per day during the past week.

A report of the administration stated, "The average US imports of crude oil during the past week from eight countries amounted to 5.343 million barrels per day, down by 261 thousand barrels per day from the previous week, which amounted to 5.604 million barrels per day."

And he continued, "Iraq's oil exports to America amounted to an average of 290 thousand barrels per day last week, higher than the previous week, in which oil exports to America amounted to 251 thousand barrels per day."

He explained: "Most of America's oil revenues during the past week came from Canada with an average of 3.605 million barrels per day, followed by Mexico with an average of 725 thousand barrels per day, and oil revenues from Saudi Arabia amounted to 310 thousand barrels per day, and then Colombia at an average of 143 thousand barrels per day."

And the administration stated, “The amount of US imports of crude oil from Nigeria amounted to 98 thousand barrels per day, from Ecuador 97 thousand barrels per day, and from Brazil 75 thousand barrels per day, while it did not import any quantity from Russia and Libya.”/ End 8 To

https://ninanews.com/Website/News/Details?key=1038197

A New Reform Package For The Central Bank Related To The Banking Sector

SATURDAY 04 March 2023 12:04 | Economical Number of readings: 425 Baghdad / NINA / - The Central Bank announced today, Saturday, that the current year will witness a significant, remarkable and tangible development in the banking sector. And while he referred to the tendency to use cash machines and reduce cash, he stressed the existence of a clear commitment in the Anti-Money Laundering Law.

The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in a speech during the forum and exhibition of banking and commercial services for merchants and businessmen, that "the banking sector is witnessing clear reforms that started with the pressure of external transfers, and we are continuing reforms at all levels, and there is a reform in electronic payment."

He added, "The state's orientation in general is to use cash machines and reduce the use of cash in the process of exchanging the banking sector, which suffers from some old problems," noting that "

He continued, "The Central Bank has worked on facilities for financing merchants and external transfer of trade, and there is a clear commitment in the Anti-Money Laundering Law to Financing Terrorism," pointing out that "the banking sector is the main sector in any economic development, and the infrastructure in the financial sector is a fundamental pillar of any development." and economic growth."

He stated that "the current year will witness a significant, remarkable and tangible development for the banking sector and the electronic payment process," pointing out that "there are extensive procedures within the powers of the Central Bank, but there is also an important aspect that falls on the ground in need of legislation, and therefore the issue of the exchange rate that occupies all citizens and its stability Everyone's responsibility.”/ https://ninanews.com/Website/News/Details?key=1038241

A Semi-Final Agreement To Grant Kurdistan A 14% Share Of The Budget

Money and business Economy News – Baghdad The representative of the Kurdistan Democratic Party, Jay Taymur, revealed, on Friday, that the federal government and the Kurdistan Regional Government had reached a "semi-final agreement" to adopt 14% as a share for the region in the 2023 budget.

Timur said, "The negotiations between the federal government and the Kurdistan Regional Government regarding the 2023 budget have made important strides and currently need to put the final touches, and things are heading to an end."

He added, "A semi-final agreement between the two parties stipulated the adoption of 14% of the budget for the Kurdistan region, according to the statistics of the Ministry of Planning and the ration card at the Ministry of Trade, which is the closest to its final approval."

And he continued, "The region demanded 17%, and the federal government set a rate of 12.67%, before agreeing on a rate of 14% to proceed with the draft budget," adding that "the two parties have an opportunity to end all outstanding files that govern the relationship between Baghdad and Erbil, and the atmosphere is positive between the two parties."

Taymour expected that "the 2023 budget from the government will reach Parliament soon," stressing "a vote on it and legislative legislation within a month after its arrival."

Views 545 Added 03/03/2023 - 10:05 PM https://economy-news.net/content.php?id=32767

An Economist Highlights The (Major Challenge) Facing The Sudanese Government

Economy| 10:24 - 04/03/2023 Baghdad - Mawazine News, economist Nabil Al-Marsoumi revealed, today, Saturday, the total non-oil revenues of Iraq in the past year.

Al-Marsoumi wrote on his wall on Facebook: “A step back, oil revenues for the year 2021 = 96.622 trillion dinars, non-oil revenues for the year 2021 = 12.495 trillion dinars, the ratio of non-oil revenues to public revenues = 11%, oil revenues for the year 2022 = 154.038 trillion dinars.”

Non-oil revenues for the year 2022 = 7.658 trillion dinars, the ratio of non-oil revenues to public revenues = 5%.

He added, "The decrease in the percentage of non-oil revenues to total revenues from 11% in 2021 to 5% in 2022 is not only related to the significant increase in oil revenues, but also to the significant decrease in non-oil revenues from 12.495 trillion dinars in 2021 to 7.658 trillion dinars." With a decrease of 39%, which is an indication of the failure of government reform efforts to diversify sources of income in Iraq.

He continued, "This constitutes a major challenge for the Sudanese government in implementing its government program, which refers in one of its paragraphs to reducing the percentage of oil revenue contribution to public revenues to 80%, that is, raising the percentage of non-oil revenues to 20% of public revenues within a period of 3 years." https://www.mawazin.net/Details.aspx?jimare=220911

Parliamentary Finance: A True Partnership Between The Public And Private Sectors Is Necessary

Political | 01:11 - 04/03/2023 Baghdad - Mawazine News Today, Saturday, the Parliamentary Finance Committee confirmed its continuation of work on the partnership law between the public and private sectors, while calling on the government to search for non-oil partnerships.

The head of the committee, Atwan Al-Atwani, said, in a speech during the forum and exhibition of banking and commercial services for merchants and businessmen, according to the official news agency, that "this forum and gathering comes to discuss the country's situation, especially economically," noting that "there is a problem, but it is not difficult to solve, given that The elements of Iraq's success and its economic integration are solid, with the necessity of diagnosing the imbalance.

Al-Atwani added, "There is a problem, which is the reluctance of merchants from the platform of the Central Bank, and there are reasons among merchants that must be heard and addressed, and non-oil partnerships must be sought," stressing that "depending on oil only will keep the problem stuck and continuing."

He pointed out that "in building the state, it is necessary to search towards achieving sustainable development and economic integration, and oil cannot be harnessed in the development of other sectors to be an essential tributary for building the state."

He pointed out, "The private sector is a key factor in supplying the budget, and we must take real practical measures to support this sector with regard to facilitating customs and taxes."

He continued, "We are in the committee working on the partnership law between the private and public sectors, and the state cannot manage all institutions by itself, even the removal of waste, repairing electricity, the telephone network, etc., as a real partnership is necessary with the private sector to carry out this task to relieve pressure on the public sector." .

https://www.mawazin.net/Details.aspx?jimare=220926

To read more current and reliable Iraqi news please visit BondLady’s Corner:

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DINARRECAPS8 3/4/23 DINARRECAPS8 3/4/23

Iraqi News Highlights Saturday Afternoon 3-4-23

Tlm724 Administrator Bondlady’s Corner

Prime Minister: It Is Not Possible To Accept The Disruption Of Tasks And Projects, And Everyone Will Be Subject To Evaluation

Political Today, 12:41 Baghdad – conscious Today, Saturday, Prime Minister Muhammad Shia Al-Sudani affirmed that the loyal employee is the main tool that the government relies on in implementing its programs and reforms, while indicating that everyone will be subject to evaluation, starting from the simplest employee to the highest level.

Iraqi News Highlights Saturday Afternoon 3-4-23

Tlm724 Administrator Bondlady’s Corner

Prime Minister: It Is Not Possible To Accept The Disruption Of Tasks And Projects, And Everyone Will Be Subject To Evaluation

A statement by the media office of the Prime Minister, received by the Iraqi News Agency (INA), stated that

"Prime Minister Muhammad Shia' al-Sudani honored a group of distinguished and creative employees in state institutions, during the activities of the fifth season of the (Job Day) festival that it held, this morning. Baghdad Governorate, in cooperation with the Universities of Baghdad and Al-Mustansiriya.

Al-Sudani said in a speech during the occasion:

“We meet this distinguished group of employees who represent role models in altruism, sincerity and integrity, as each one of them carries a great story that deserves appreciation, including the story of the

truck driver whose son was assassinated by terrorism, who was also driving a loaded truck.” With goods belonging to the state, he refused his funeral until the goods were delivered to their place, and he set an example of integrity, patience and commitment. He continued: "Likewise, the story of the

director of the examination center who woke up in the morning to screams in his house because of his son's death, and instead of his funeral, he went to the examination center and opened the school for students to take their exams, so it was a testament to the beautiful patience and concern for the students' future, as well as the epic of the

medical team at Al-Wasiti Hospital." Who worked a full day, day and night, to transplant an Iraqi child's arm that was separated from his body, in addition to the story of

an Iraqi woman working in the Kimadia company, who was able, with her integrity, diligence and sincerity, to recover (50) million dollars, which could have gone into the pockets of the corrupt, after she lowered one of Vaccine contracts from (80) million dollars to (30) million dollars. He pointed out,

"These stories are examples of many stories whose heroes were Iraqi men and women,

but what is regrettable is that many media outlets only transmit negative images and stories, and do not deal with positive stories, of which we have many." He stated that

"national duty and professionalism require that the media pay attention to these bright images, and not preoccupy themselves with sowing frustration and melancholy among people, by portraying all employees as corrupt, bribed, and insincere in the performance of their duties." Pointing out that

"a successful employee is wherever he is, and in any service location."

As for the hesitant and lazy employee who spreads negative energy, or who takes paths of bribery, corruption and disrupting people's interests, he will be a burden on the successful, and a source of distortion for the efforts of loyal employees. The Prime Minister stated that

"the government has drawn an integrated approach in administrative reform in all state institutions, to achieve its program and vision, represented in streamlining the performance of institutions, and putting an end to corruption, nepotism and red tape," noting that

"the loyal, keen, honest and efficient employee, whatever his title, is It is the main tool that the government relies on in implementing its programs and reforms, and

no program can be implemented without successful tools, and

it is not possible to accept the disruption of tasks and projects due to delay, hesitation, corruption, or failure here or there. He stated that

"everyone will be subject to evaluation, starting from the simplest employee up to the highest level, including the speaker (the prime minister)," pointing out that

"we cannot continue to suffer and ask the people to bear the favoritism here or there, which brought this negligent official or employee or corrupt.” The Prime Minister concluded by saying:

"I salute you, and I salute the Baghdad governorate for this great work, and a tribute to the work team that brought us these samples from the employees who will be a source of radiation in all departments of the state." https://www.ina.iq/uploads/posts/2023-03/upload_1677923247_583455736.jpeg

https://www.ina.iq/179710--.html

The Prime Minister's Adviser Outlines The Benefits Of Establishing The Treasury Single Account

Economy Yesterday, 12:17 Baghdad - Conscious - Nassar Al-Haj Today, Friday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, outlined the benefits of establishing the unified treasury account, while

he considered it the basic tool for managing the government's monetary resources.

Salih said, to the Iraqi News Agency (INA), that

"the unified treasury account is the main tool for unifying and managing resources or cash flows of the central government, as

Iraq, unfortunately, still depends on government banking arrangements in a fragmented manner." He added,

"The effective oversight of the financial administration cannot achieve its goals in controlling public funds unless it relies on unified and undivided government banking arrangements," adding,

"Therefore, the unified treasury account is an essential tool for unifying and managing the government's monetary resources." He continued:

"And then reduce the costs of borrowing, as the Iraqi government often borrowed from government banks in past years to fill the deficit in the annual budget, and

the sources of that borrowing were mostly surplus government deposits in various government accounts, due to the absence of sufficient information about the financial abundance scattered in various bank accounts".

He pointed out that "Iraq is still among the countries that have fragmented government banking arrangements in dealing with government revenues and payments,

which necessitates work today, for the government financial administration to have the launch of the project to establish the unified treasury financial account and in accordance with the priorities that came in the principles of reforming public financial management." And which was stipulated in the ministerial platform of the Iraqi government.

He stressed that; "the proliferation of sub-accounts of ministries, departments, and public institutions in the current form has made financial management and control authorities lose the ability to be accountable in following up on financial actions, so

pooling funds in a single or unified treasury account means pooling all government funds in one account, which would It

reduces borrowing costs,

expands credit,

improves the government's fiscal policy, and at the same time

improves oversight and accountability in the scope of work of government spending units, and

reduces corruption in financial behavior and abuse of public money. He noted that

"launching the establishment of the unified treasury account comes as a necessary condition for completing the digital system, which is called: the Integrated Financial Information Management System (IFMIS).

Yesterday, Thursday, Prime Minister Muhammad Shia’ al-Sudani presided over a meeting of the Nationalization Committee for salaries and the unified treasury account, in the presence of the governor of the Central Bank of Iraq, the Minister of Finance, the prime minister’s advisors, the general managers of the Rafidain and Rasheed banks and the Iraqi Trade Bank, and the representative of the Federal Office of Financial Supervision.

The meeting discussed, according to the Prime Minister's Media Office, the

unified treasury account, the

settlement of employee salaries in all state departments, the

application of the electronic payment system (pos), and the

negotiation of contracting with an international consulting company, to advance the reality of lagging banks.

During the meeting, the Prime Minister, Muhammad Shia'a Al-Sudani, confirmed that the unified treasury account system will contribute to reducing corruption.

While the meeting witnessed the emphasis on the importance of the government's unified account, which allows access to the actual daily balance of the government to determine its expenditures, instead of distributing it to more than one account, and

it also allows the liquidation of accounts and the removal of duplicates from them.

https://www.ina.iq/179639--.html

Alia Nassif Praises The Suspension Of Electronic Payment Companies' Contracts. People's Money Was Unjustly Plundered

Saturday 04 March 2023 11:26 | political Number of readings: 402 Baghdad / NINA / - The deputy of the State of Law Coalition, Alia Nassif, described the Prime Minister's decision to stop monopolistic contracts for electronic payment companies as "a step in the right direction to break the monopoly of these companies that plundered the pockets of citizens," calling for "any government bank manager who proves to be complicit with this to be held accountable." companies.”

And she said in a statement today: “These monopolistic companies have been looting people’s money for many years unjustly through arbitrary deductions, such as the Iraq Gate Company for its owner, Muhammad Al-Jarjafji, which deducts large sums of money from citizens’ salaries and prevents any other company from entering this field through collusion with important personalities.”

In government banks, and the Qi Card company of its owner, Bahaa Abdul Hussein, which defies the state and refuses to hand over the citizens’ database, bearing in mind that the presence of a database of Iraqi citizens in the possession of a private company based abroad is treason to the homeland.

And Nassif continued: "We hope that the Prime Minister will begin to hold these companies accountable and recover people's money from them, and the most important thing is to hold accountable some government bank managers and branch managers who are complicit with the owners of these notorious monopolistic companies."/ End 9 To https://ninanews.com/Website/News/Details?Key=1038213

Central Bank: This Year Will Witness A Great Development In The Banking Sector And The Electronic Payment Process

Economy| 11:39 - 04/03/2023 Baghdad - Mawazine News The Central Bank announced, on Saturday, that the current year will witness a "big, remarkable and tangible" development in the banking sector, while confirming the existence of a clear commitment in the anti-money laundering law.

The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in a speech during the forum and exhibition of banking and commercial services for merchants and businessmen, that "the banking sector is witnessing clear reforms that started from the pressure of external transfers," noting that "we are continuing reforms at all levels, and there is a reform in electronic payment." , according to the official agency.

He added, "The state's orientation in general is to use cash devices and reduce the use of cash in the process of exchanging the banking sector, which suffers from some old problems," noting that "the Central Bank continues in the reform process with these challenges that direct public and private banks that have an important role." in meeting the needs of the banking sector.

And he continued, "The Central Bank has worked on facilities for financing merchants and external transfer of trade, and there is a clear commitment in the Anti-Money Laundering Law for Financing Terrorism," pointing out that "the banking sector is the main sector in any economic development, and the infrastructure in the financial sector is a fundamental pillar of any economic development and growth.

He pointed out that “the current year will witness a significant, remarkable and tangible development for the banking sector and the electronic payment process,” noting that “there are broad procedures within the powers of the Central Bank, but there is also an important aspect that falls on the ground that needs legislation, and therefore the issue of the exchange rate that concerns all citizens.” Its stability is everyone's responsibility."

He stressed, "The Central Bank works, legislates, and issues instructions and orders to facilitate proper access to foreign currency, whether they are travelers or merchants," pointing out that "this meeting will be the beginning of continuous communication between the real sector and the banking sector to reduce the challenges and problems facing the two sectors, and we will be present as a central bank." And listen to any challenges and overcome all difficulties. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=220919

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Dinar Recaps 20 3/4/23 Dinar Recaps 20 3/4/23

"Tidbits From TNT" Saturday 3-4-2023

TNT:

CandyKisses: Parliamentary integrity 31 accused of stealing the century

Information / Baghdad..

A member of the Parliamentary Integrity Committee, Ali Turki Al-Jamali, revealed, on Saturday, the involvement of 31 accused in the tax secretariat file, the theft of the century, indicating that there are personalities who held high positions in the previous government involved in the tax secretariat process.

Al-Jamali said in an interview with Al-Maalouma Agency, "The government and judicial investigations are continuing regarding the file of theft of tax secretariats to recover the looted funds in full and to hold those involved in this major crime accountable."

TNT:

CandyKisses: Parliamentary integrity 31 accused of stealing the century

Information / Baghdad..

He added, "There are approximately 31 people accused of stealing the century, and their files have not been followed up," noting that "the Parliamentary Integrity Committee is closely following up with the judiciary the procedures for searching for the parties involved in stealing the century."

He demanded "an in-depth investigation to uncover all those involved in these thefts," pointing out that "there are personalities who held high positions in the previous government involved in the theft of tax secretariat funds."

The head of the parliamentary fact-finding committee, Hanan Al-Fatlawi, revealed, in a previous interview with Al-Maalouma Agency, new details regarding the theft of the century, amounting to 3 trillion and 811 billion and 3,700 million of tax secretariat funds, indicating that the money transfer books in favor of the accused Prime Minister, Nour Zuhair, were issued by the office of Prime Minister Mustafa. Al-Kazemi.

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

CandyKisses: The largest inflows into global monetary funds since the beginning of the Corona pandemic

Investors pumped money into cash funds at the largest pace in nearly 3 years last week.

According to data from Bank of America's weekly report, monetary funds received $68.1 billion in cash flows last week, the largest pace since April 2020, <>.

Global equities hit a two-month low while bond yields rose last week.

This coincided with the assessment of monthly inflation data, and the follow-up of statements by monetary policy officials on interest rates.

Bond funds received inflows of $8.4 billion, while global equities recorded an outflow of $7.4 billion, while investors pumped $900 million into gold funds.

Emerging bond funds recorded an outflow of $1.8 billion, while investors poured $2.4 billion into emerging equity funds.

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

CandyKisses: Central Bank: There is a tendency to use cash machines and reduce the use of cash

The Central Bank confirmed today, Saturday, that the current year will witness a significant and tangible development for the banking sector, pointing to the trend to use cash machines and reduce cash.

"The banking sector is witnessing clear reforms that began with the pressure of external transfers," said the assistant governor of the Central Bank Ammar Hamad Khalaf in a speech followed by NRT Arabic, noting that "we are continuing reforms for all levels, and there is reform in electronic payment."

Khalaf added, "The state's orientation in general is in the use of cash machines and reducing the use of cash in the process of exchanging the banking sector, which suffers from some old problems," noting that "the Central Bank is continuing the reform process with these challenges that guide public and private banks that have an important role in meeting the needs of the banking sector."

He continued, "The Central Bank has worked on facilities for traders of financing and external transfer of trade, and there is a clear commitment in the Anti-Money Laundering Law to finance terrorism," pointing out that "the banking sector is the main sector in any economic development, and infrastructure in the financial sector is a fundamental pillar of any economic development and growth."

He explained, "The current year will witness a great, noticeable and tangible development for the banking sector and the electronic payment process," pointing out that "there are wide measures within the powers of the Central Bank, but also there is an important aspect on the ground that needs legislation, and therefore the issue of the exchange rate, which occupies all citizens and its stability is the responsibility of everyone."

Khalaf stressed that "the Central Bank works, initiates and issues instructions and orders to facilitate proper access to foreign currency, whether they are travelers and traders," pointing out that "this meeting will be the beginning of continuous communication between the real sector and the banking sector to reduce the challenges and problems facing the two sectors, and we will be present as a central bank and listen to any challenges and overcome all difficulties."

In conclusion, he thanked "Prime Minister Mohammed Shia Al-Sudani for his continuous support, communication and meetings with various sectors."

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

Tishwash: The Central Bank announces reforms in electronic payment and banking operations

Today, Saturday, the Central Bank announced a package of reforms in electronic payment operations and the banking sector, indicating that the current year will witness a significant, remarkable and tangible development for the banking sector.

The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in a speech during the forum and exhibition of banking and commercial services for merchants and businessmen: "The banking sector is witnessing clear reforms that started with the pressure of external transfers," noting that "we are continuing reforms at all levels, and there is a reform in electronic payment." .

He explained, "The Central Bank has worked on facilities for financing merchants and external transfer of trade, and there is a clear commitment in the law to combat money laundering for financing terrorism," pointing out that "the banking sector is the main sector in any economic development, and the infrastructure in the financial sector is a fundamental pillar of any development." and economic growth."

He pointed out that "the current year will witness a significant, remarkable and tangible development for the banking sector and the electronic payment process," noting that "there are extensive measures within the powers of the Central Bank, but there is also an important aspect that falls on the ground in need of legislation, and therefore the issue of the exchange rate that concerns all citizens Its stability is everyone's responsibility."

And Khalaf stated, "The Central Bank works, legislates, and issues instructions and orders to facilitate proper access to foreign currency, whether they are travelers or merchants," pointing out that "this meeting will be the beginning of continuous communication between the real sector and the banking sector to reduce the challenges and problems facing the two sectors, and we will be present as a bank." Central, listening to any challenges and overcoming all difficulties. link

Mot: ..... the Line! - You KNows! - ""The Line"" .....

Mot: ..... What a Mean Mum!! -- LOL

DINARRECAPS8 3/4/23 DINARRECAPS8 3/4/23

Saturday Morning Iraq Economic News Highlights 3-4-23

Al-Rafidain Begins Depositing The Iraqi Dinar And Handing Over The Dollar

AM:09:11:03/03/2023 8036 views Al-Rafidain Bank announced, today, Friday, that it has started procedures for expanding the Iraqi dinar deposit outlets for travelers through the electronic platform, as of Sunday. And the bank's media stated in a statement that NRT Arabia received a copy of it, that "the procedures for expanding the outlets for depositing the Iraqi dinar for travelers through the electronic platform will be initiated, starting on Sunday, through a number of Baghdad branches designated for that."

Saturday Morning Iraq Economic News Highlights 3-4-23

Al-Rafidain Begins Depositing The Iraqi Dinar And Handing Over The Dollar

The statement added, "After depositing the amount in dinars, the dollar currency will be received exclusively from the bank's outlet at Baghdad International Airport."

And he explained, "The branches in which the dinar will be deposited are (Palestine Street Branch - Firdous Square - Arboretum - Officers' House - Al Mohit - Al Rafi'i - Al Marefa)."

Earlier, the Rafidain Bank announced a package of measures to expand the outlets for depositing the Iraqi dinar and selling the dollar to travelers through the electronic platform of the Central Bank of Iraq.

The bank's media office said in a statement, "Travellers, starting next Sunday, must review the designated branches in Baghdad, which are (Palestine Street - Firdaus Square - Al-Wahda neighborhood - Officers' Floor - Arab neighborhood - Al-Moheet - Al-Rafi'i)."

And he stated, "For the purpose of depositing and delivering cash amounts in those branches, along with bringing the official documents, which are (a valid passport, travel ticket, and visa required by the electronic platform, within a period of three days or less, prior to the date of travel indicated on the ticket."

He pointed out, "The traveler receives the value of the amount that was deposited with the card in dollars from the airport outlet exclusively." N.A. https://www.nrttv.com/ar/detail3/10836

Sudanese Advisor Explains The Size Of Iraq's Reserves Of Foreign Currency And Monetary Gold

Economy 19:12 - 2023-02-28 Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, clarified the size of Iraq's reserves of foreign currency and monetary gold, and while he indicated that the management of foreign reserves is subject to international standard investment guides, he clarified the mechanism for recovering looted and frozen funds outside Iraq.

Salih said, in a press interview, that "Iraq's foreign currency reserves have reached their highest levels in Iraq's financial history and have now touched $115 billion," stressing that "the monetary authority in Iraq has high efficiency in managing reserves."

He added, "The coverage of reserves from foreign exchange to the exported national currency amounts to approximately 150%, which is a very high percentage and represents optimal efficiency in reserves management standards, in addition to covering the external debt that is obligatory to pay Iraq by about five times."

He stated, "Nearly half of the amount of reserves is in the currency of the United States of America (US dollar), and a high percentage of the country's dollar reserves is being invested in safe financial instruments, most of which are short-term United States Treasury bonds, which carry interest of more than 4% annually, currently on average, and have a very advanced credit rating." And it can be converted into liquid dollars immediately, when needed.

And he stated, "The management of foreign reserves is all subject to international standard investment guides issued by multilateral international financial institutions, within the framework of managing an optimal investment portfolio that avoids risks, the most important of which is avoiding legal risks and the risks of fluctuations in exchange rates, interest rates and other operational risks."

He continued by saying: “The rest of the remaining foreign reserves, which are 50% (except for the dollar), are deposited with reliable European global central banks and a global monetary institution, and in currencies such as the pound sterling, the European euro, the Chinese yuan, the Japanese yen, and the currency of the International Monetary Fund called special drawing rights units, in addition to gold.” Cash in excess of 132 tons of gold or more as officially declared and deposited in safe global gold vaults.

He pointed out, "There are reinforcements in foreign exchange for Iraqi private banks in US dollars, and they take place through the window of the Central Bank of Iraq and the current compliance platform, and are deposited with private bank correspondents in banks abroad, and they are intended to cover documentary credits or documentary transfers for the purposes of financing private trade in goods."

and services, as well as payment of electronic payment card dues, in addition to the deposits of the Iraqi Trade Bank with its correspondents, which is concerned with opening external credits to finance foreign trade for government imports.

He continued, "All of these external deposits are moving balances, and their average is no less than $12-15 billion."

At the same time, regarding the frozen Iraqi funds, he indicated that "the pursuit of the Iraqi state's funds that date back to the time of the former regime or the operations of encroaching on public money as a result of corruption after the year 2003 are all subject to the provisions of Law No. 7 of 2019, which is the amended money recovery fund law that is currently administered." From a board of directors headed by the head of the National Integrity Commission, which takes recovery decisions according to legal and administrative work mechanisms, in cooperation with the state’s oversight agencies.

He explained, "The fund's management is responsible for providing the House of Representatives with periodic reports on its follow-ups in recovering public money, especially outside the country."

He pointed out, "Article 14 of Law No. 7 of 2019 obligated the government, when concluding investment or economic agreements with any country that has funds for Iraq, to include the provisions of the Money Recovery Law, including funds that fled after 2003 due to corruption operations."

Regarding China's influence on the world economy and the central bank's decision to finance imports from it in yuan, he explained that "China has contributed to lowering levels of consumer basket prices in the world and has led price stability in the world during the last two decades, due to its high competition and the invasion of its goods into world markets at low prices, generating movement It is called (disinflation or moderation of growth in prices around the world).

He added, however, by saying: "China is still the subject of a complaint and dispute before the World Trade Organization due to its fierce competition, which has reached the point of commodity dumping, which has caused a drop in prices globally to indicate whether it is a result of the efficiency of the Chinese economy or as a result of the devaluation of the Chinese currency to the extent that its goods invaded the world's markets." He noted that “equipment from the Chinese market is still the cheapest compared to other world markets.” https://kirkuktv.net/AR/Details/13567

A Government Comment About The Continued Rise In The Price Of The Dollar Despite The Decisions And Procedures

Shafaq News/ Mazhar Muhammad Salih, the financial and economic advisor to the Iraqi Prime Minister, commented today, Saturday, on the continuing rise in the exchange rate of the dollar in the local market, despite all decisions and measures by the government and the central bank.

Saleh told Shafaq News agency, "Transfers in foreign currency related to financing the current account of the balance of payments, and I mean (trade in goods and services specifically), are still not sufficiently adapted, either by some banks or by their importing customers, to the controls of the compliance platform and the new mechanisms for external transfer, with the same effect."

High governance and fast enough, especially after the dealers got used to the external transfer (banks and individuals) and for nearly twenty years of liberal use in the external transfer by merging the current account transactions with the capital account of the Iraqi balance of payments, while the compliance platform that oversees the regulation of external transfer transactions has I revealed such an implication in the request for an external transfer.

And he indicated that "the method of financing border trade in cash dollars, to which large patterns of small cross-border trades are accustomed, has also been subject to the same restriction through the compliance platform related to cash dollar sales, which fed border trade exchanges, which the trade pattern used to finance in cash as a primitive but accelerated method in Securing financing for fast-moving consumer goods such as vegetables, fruits and other processed commodities from neighboring countries and through border trade.

He added, "While the available financing controls, many of them cannot be covered by transfers through the mechanisms of the compliance platform for reasons related to the economic boycott or regional tensions and many factors for some of the major neighboring countries exporting and supplying Iraq with these goods, which creates pressure on the parallel exchange market."

And the financial and economic advisor to the Prime Minister continued, "Despite the foregoing, the procedures related to the flow of capital outside the country have not yet become clear, and its transactions are still rejected (usually) despite the legal availability provided by Article 28 of the Central Bank of Iraq Law No. 56 of 2004, which allows for unconditional soft transfer of external transfer.

Saleh revealed that “the (customary) rejection over the past twenty years has encouraged the phenomenon of capital flight through violations that were committed through import transactions of goods and services, which were represented in two forms of violations, the first: exaggerating the prices of imported materials

and the second, by imposing requests Capital transactions that are not permitted by custom or even legally with current account transactions (and I mean import transactions of goods and services),

that is, without knowing the final beneficiary of the external transfer due to the lack of detection of that merger, which caused problems with global compliance circles in inquiring about the fate of the transferred foreign currency and the beneficiaries thereof. actually".

The financial and economic advisor to the Prime Minister concluded by saying, "Changing the habits and patterns of importing fast-consumable commodities within compliance controls in our country that imports small and large via border trade requires some time to organize and adapt according to the international compliance system, and that the central bank's packages that are launched in order to facilitate external transfer."

It works to stabilize the exchange market, some of which touch the transfers of the financial or capital account from the external transfer within the legal and accepted limits. LINK

The Chinese yuan between acceptance and rejection..and the Iraqi economic arena governs

Saturday 04 March 2023 13:56 | Reports and investigations Number of readings: 66 [rtl]Baghdad / NINA / Report .. Renas Al-Radi: Opinions differed on the Central Bank's recent decision to use the Chinese currency in Iraqi trade instead of the US dollar, as some described it as positive, while others described it as a "political maneuver" .”

As for the central bank, he stressed that its main goal in issuing such a decision is to maintain the stability of the general monetary and economic situation and to face the risks of fluctuation of the Iraqi dinar exchange rate against the US dollar.

Since the beginning of 2023, the Central Bank of Iraq issued several decisions that would maintain the stability of the general monetary and economic situation and face the risks of fluctuation of the Iraqi dinar exchange rate against the US dollar, in addition to facilitating import and export. Operations by opening new horizons with international banks, including Chinese banks.

Among the decisions of the Iraqi Central Bank is to strengthen the balances of Iraqi banks that have accounts with Chinese banks in Chinese yuan.

And the bank stressed: "The decision requires dealing in the Chinese yuan directly without the mediation of the US dollar in order to facilitate and accelerate financial transactions, and it will reduce import costs and protect against the risks of fluctuating exchange rates inside Iraq." But some economists have warned against this decision.

Economist Salam Sumaisem described the issue of dealing in the yuan as a "political maneuver" that will not achieve success in the long run.

Sumaisem said in a statement to Nina/, “The success of this decision requires the existence of a common value that takes place on the basis of evaluating the price of oil on which Iraq depends on one hand and the price of the Chinese yuan on the other hand, that is: how much is it equivalent to? He goes forward.

As for the expert in economic affairs, Raad Twij, he warned against using the yuan currency in Iraqi trade with China, saying: “Using the yuan in Iraqi trade with China means, in part, selling Iraqi oil in yuan, and this has caveats in making Iraqi oil revenues, under It governs the monetary policy of the Chinese Central Bank, and the possibilities of manipulating the value of the Chinese yuan in proportion to the interest of the Chinese economy, which may cause losses to Iraq, whether in selling Iraqi oil or in carrying out commodity trade.

Twigg added: "This decision must be cautious and studied carefully and in detail to know the pros and cons, calling for" the use of a cash basket of a group of international currencies that may preserve the value of the Iraqi dinar.

A first step of its kind in Iraq, as part of a package of measures aimed at facilitating access to foreign currencies, while the expert in economic affairs, Safwan Qusay, confirmed: “The Iraqi trade in foreign currencies requires several important things that must be followed for success.”

Qusay said in a statement to / Nina/ That "the Central Bank of Iraq is trying to re-evaluate all monetary policies to control the demand for the dollar in the parallel market by expanding the circle of direct dealings in international currencies, including the Chinese yuan, the European euro, the Japanese yen and the US dollar to facilitate the task of final conversion for the purposes of international trade with the currency of the supplier, especially after if the central bank noticed that the adoption of the fixed price of the dinar against the dollar and the increase in the value of the dollar globally caused the decline of the Chinese yuan in the parallel market,

And therefore traders tended to buy the yuan from the parallel market instead of the official market before the People's Bank of China (the central) adjusted the official value of the yuan and for more From once during the previous periods, in order to preserve its value , which is linked to the migration of most global currencies towards the US dollar, especially after raising interest rates on the US dollar in addition to the Russian-Ukrainian war.

And he stressed, "Dealing in foreign currencies needs to control the movement of imports by dealing with regular merchants and activating the role of local banks in financial transactions through documentary credits and controlled transfers, which contributes to the consolidation of the Iraqi trade system and thus Expand dealing with international brands and control the movement of imports and attract investment and stop the arrival of the dollar to the sanctioned countries and the survival of Iraq within the US dollar zone.

As for Dergham Muhammad Ali, a specialist in economic affairs, he described the use of the yuan in foreign trade as an unrealistic option, and Iraq may be subject to US economic sanctions that destroy its rentier economy, since Iraqi oil sales are exclusively in the dollar currency and that the area of the yuan currency is very limited globally and does not cover even 10 percent of Iraq imports.

Muhammad Ali said, "The conversion from the dollar to the yuan requires the payment of conversion commissions, and the United States may subject Iraq to economic sanctions that destroy its rentier economy, which is based entirely on imports."

So far, the features of the central bank's decision to deal with the Chinese yuan in trade or in the oil sector have not appeared..and the Iraqi citizen is waiting for the best for him to break the recent rise in the dollar exchange rate. /

https://ninanews-com.translate.goog/Website/News/Details?Key=1038256&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

DINARRECAPS8 3/3/23 DINARRECAPS8 3/3/23

Iraqi News Highlights Friday Afternoon 3-3-23

Tlm724 Administrator Bondlady’s Corner

Al-Rafidain Issues A Clarification Regarding Depositing The Dinar In Branches And Receiving The Dollar

Economie| 01:52 - 03/03/2023 Baghdad - Mawazine News , Al-Rafidain Bank issued, on Friday, a clarification regarding depositing dinars in branches and receiving dollars.

The bank stated, in a statement, that Mawazine News received a copy of it, that “the process of depositing the Iraqi dinar for the purpose of buying dollars will take place in the branches specified by the bank in Baghdad, starting on Sunday, which are (Palestine Street - Firdaus Square - Arboretum - Officers’ House - Al-Muhit - Al-Rafi’i - Al-Ma’rifah). ) And then after that he received the dollar from the bank’s outlet at Baghdad International Airport exclusively.”

Iraqi News Highlights Friday Afternoon 3-3-23

Tlm724 Administrator Bondlady’s Corner

Al-Rafidain Issues A Clarification Regarding Depositing The Dinar In Branches And Receiving The Dollar

Economie| 01:52 - 03/03/2023 Baghdad - Mawazine News , Al-Rafidain Bank issued, on Friday, a clarification regarding depositing dinars in branches and receiving dollars.

He added, "The aim of this is to expand the opening of new outlets, which comes within the framework of reducing the momentum occurring in the outlet and facilitating the smooth movement of selling the dollar without delay."

And the bank confirmed, according to the statement, that it was "one of the first banking institutions that started opening its doors to sell the dollar more than a month ago, according to the directives of the government and the Central Bank of Iraq, in a step to control the exchange rate of the dollar in the local market." Ended 29 / h https://www.mawazin.net/Details.aspx?jimare=220835

At 156 Thousand .. The Exchange Rate Of The Dollar In Iraq

Economie| 10:12 - 03/03/2023 Baghdad - Mawazine News The exchange rates of the dollar, Friday, are witnessing stability in the local markets.

The selling price of the dollar was recorded at 156,000 dinars per 100 dollars, while the buying price of the dollar was 155,000 dinars per 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=220817

Al-Sudani Confirms: We Have No Requirements From Washington Or Others

Friday, March 3, 2023 3:59 PM Follow-up / National News Center The Prime Minister, Muhammad Shia al-Sudani, saw that the first challenge to Iraq was “corruption,” not ISIS.

Al-Sudani said, during a clip from an interview that will be shown tomorrow, Saturday, on a TV channel: “There are no requirements for us, neither from America nor from anyone else,” noting that “the political kitchen is the cabinet, and there is no other place.”

"Corruption is the number one challenge, not ISIS," he added. https://nnciraq.com/190467/

Al-Azem Alliance Praises Al-Sudani's Decision: A Revolutionary Measure To Correct The Economic Situation

Friday 03 March 2023 15:30 | political Number of readings: 125 Baghdad / NINA / - Head of the Azm Alliance, Representative Muthanna al-Samarrai, praised the decision of Prime Minister Muhammad Shia'a al-Sudani to review the sums deducted from the salaries of employees and retirees, describing it as a "revolutionary" procedure.

Al-Samarrai said in a tweet: "The Prime Minister's directive to review the sums deducted from the salaries of employees, retirees, and social protection, and to review the contracts of banks and electronic payment companies that have monopolized this process for years by opening the door to competition for better service, is another revolutionary measure to correct the country's economic conditions."/ End https://ninanews.com/Website/News/Details?key=1038106

The World Bank Raises Iraq's Assessment Of The Prohibition Of Discrimination In Financial Services Index

Economie| 07:38 - 02/03/2023 Baghdad - Mawazine News The World Bank raised Iraq's assessment of the index of prohibiting discrimination in financial services according to a new report titled Women, Business Activities and the Law for the year 2023. The

report, which was followed up by the Iraqi News Agency, praised the Central Bank of Iraq's prohibition of discrimination on the basis of gender in financial services through an official notification Considering it a positive reform.

The report considered that this allowed raising Iraq's assessment of the prohibition of discrimination in financial services index. Ended 29 / h https://www.mawazin.net/Details.aspx?jimare=220797

Declining World Oil Prices

Friday 03 March 2023 09:10 | Economical Number of readings: 341 Baghdad / NINA / - International oil prices fell in early trading today, Friday, but are heading to record weekly gains of about 2%.

Brent crude futures fell to $84.43 a barrel, and West Texas Intermediate crude futures also fell to $77.85 a barrel. Yesterday, Thursday, oil prices recorded higher than 85 dollars per barrel./ End 9

https://ninanews.com/Website/News/Details?key=1038029

A Deputy Vows After Seizing Allawi And Juhi’s Money: “The Next Checkmate Is Coming.”

Iraq Friday, March 3, 2023 5:02 PM Baghdad / National News Center Today, Friday, a member of the House of Representatives, Mustafa Sanad, confirmed the circulating news regarding the issuance of a judicial decision to seize the funds of former Finance Minister Ali Allawi and the director of the office of the former Prime Minister, Raed Jouhi, while vowing, saying: “The next checkmate.”

Sanad said in a post seen by the National News Center, “The judge of the Second Karkh Court issues a decision to seize the movable and immovable funds of the former Minister of Finance, Ali Abdul Amir Allawi, the director of the Prime Minister’s Office and the former head of the intelligence service, Judge Raed Jouhi.” And Sanad added, in his talk about the judicial decision, saying: “The next checkmate is coming.” https://nnciraq.com/190482/

The Judiciary Decides To Seize The Funds Of The Former Minister Of Finance And Raed Jouhi

local| 02:31 - 03/03/2023 Baghdad - Mawazine News The Iraqi judiciary decided to seize the movable and immovable funds of the former Minister of Finance and three other officials.

According to a document obtained by Mawazine News, it was decided to seize the movable and immovable funds of the former Minister of Finance, Ali Abdul Amir Allawi, Raed Johi al-Saadi, director of the office of the former prime minister, Abdul Amir Hassoun Ali Taha, and Muhammad Hassoun Ali Taha, who both work as earners. https://www.mawazin.net/Details.aspx?jimare=220839

To read more current and reliable Iraqi news please visit BondLady’s Corner:

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