Iraqi News Highlights Saturday Afternoon 12-10-22
Tlm724 Administrator Bondlady’s Corner
Iraq.. The Dollar Exceeds 1,500 Dinars
Economie| 10:52 – 10/12/2022 Baghdad – Mawazine News Today, Saturday, the exchange rates of the dollar witnessed stability in the local markets. Selling price: 150,300 dinars per 100 dollars Buying price: 150,200 dinars per 100 dollars https://www.mawazin.net/Details.aspx?jimare=213764
Central Bank: The Exchange Rate Of The Dollar Will Be Returned To Normal Within Two Weeks
Economy News – Baghdad The Central Bank of Iraq explained, on Saturday, the reasons for the rise in the price of the dollar, while setting a date for its return to normal
The Central Bank’s advisor, Ihsan al-Yasiri, said in a statement to the official news agency, “The problem of the exchange rate is related to the money supply,” noting that “the Central Bank has established a platform for banks to submit their requests to obtain the dollar.”
He pointed out that “this platform has procedures, because Iraq is still complying with international requirements on the issue of the dollar and combating money laundering and terrorist financing,” explaining that “some banks took time to implement these requests.”
Al-Yasiri added, “The banks previously submitted their requests and came to the central bank and obtained the dollar, but now the banks raise their requests on the platform and when they reach the central bank they are checked by the bank, and this process may take some time,” noting that “some banks have restrictions.” international and there is no longer any dealing with it by the Central Bank.
He explained, “The Central Bank dealt with this by raising the level of supply of demand for cash sale and increased the shares of banks and companies of category (A – B – C) from the dollar,” noting that “auditing procedures will take their usual ranges, and the exchange rate will return to balance.” natural.”
And he stressed that “the exchange rate is still disciplined and will be returned to normal within two weeks, no more.” Views 113 Added 12/10/2022 – 3:42 PM Updated 10/12/2022 – 4:37 PM
https://economy-news.net/content.php?id=31257
The Central Bank Explains The Reasons For The Rise In The Price Of The Dollar And Sets The Date For Its Return To Normal
Political | 03:39 – 10/12/2022 Baghdad – Mawazine News , the Central Bank of Iraq clarified, on Saturday, the reasons for the rise in the price of the dollar, while setting a date for its return to its normal state. The Central Bank’s advisor, Ihsan Al-Yasiri, said, “The problem of the exchange rate is related to the money supply,” noting that “the central bank has established a platform for banks to submit their requests in Get a dollar.
He pointed out that “this platform has procedures, because Iraq is still complying with international requirements on the issue of the dollar and combating money laundering and terrorist financing,” explaining that “some banks took time to implement these requests.”
Al-Yasiri added, “The banks previously submitted their requests and came to the central bank and obtained the dollar, but now the banks raise their requests on the platform and when they reach the central bank they are checked by the bank, and this process may take some time,” pointing out that ”
He explained that “the Central Bank dealt with this by raising the level of supply of demand for cash sales and increased the shares of banks and companies of category (A – B – C) from the dollar,” noting that “audit procedures will take their usual ranges, and the exchange rate will return to the natural balance.” “.
And he stressed that “the exchange rate is still disciplined and will be returned to normal within two weeks, no more.” Ended 29 / H https://www.mawazin.net/Details.aspx?jimare=213793
An Economist Showing The Importance Of Iraq In The Silk Road
Reconstruction and building Economy News-Baghdad Today, Saturday, the economic expert, Nabil Al-Marsoumi, explained the importance of Iraq in the Silk Road, indicating that transportation through Iraq will provide a substantial reduction in the cost of transporting goods, amounting to more than half.
Al-Marsoumi mentioned in a post entitled “Iraq’s Importance in the Silk Road” that “the sea journey for ships loaded with goods traveling at a speed of 15 miles per hour from the Chinese port of Shanghai to the port of Rotterdam takes about 33 sea days, while it takes only 15 days when goods are transported from Shanghai to the Pakistani port of Gwadar, then to the great port of Faw, and from there through the dry channel to the Mediterranean ports in Syria and Turkey, and from there to the port of Rotterdam.
The economist explained, “This means that transportation through Iraq will provide a substantial reduction in the cost of transporting goods, amounting to more than half, and according to the Chinese Ministry of Foreign Affairs, the Arab countries, including Iraq, are an important part of the Silk Road civilization.”
And he stated, “Iraq’s strategic importance lies in its geographical location, which is located in the heart of the Middle East region, which is a region of contact and convergence of the continents of the ancient world. As for the Chinese strategic importance of Iraq, although there is no explicit indication in the strategic map towards Iraq, it will revive the importance of Iraq.” and its pivotal role in trade and economic exchanges.
Al-Marsoumi continued, “As it was in its earlier days in the days of the ancient Silk Road, and this means that Iraq represents the heart of the land and sea Silk Road project, as the project provides Iraq with a strategic opportunity to achieve its national interests in economic and commercial terms (transit through Iraq) towards Europe and the Levant region.” And vice versa.
He continued, “Therefore, China is increasingly looking to establish a key position in Iraq – not only because of the country’s vast oil reserves, but more importantly, its strategic location, which is crucial to establishing a dominant position linking trade routes between Europe and Asia.”
Views 102 Added 12/10/2022 – 11:35 AM Updated 10/12/2022 – 4:29 PM
https://economy-news.net/content.php?id=31252
Economy Committee: Iraqi Industry Needs New Legislation
Economie| 09:18 – 10/12/2022 Baghdad – Mawazine News The Parliamentary Committee on Economy, Industry and Trade said, on Saturday, that the Ministry of Industry has drawn up a new plan to advance the industrial reality during the first half of next year, pointing to the Iraqi industry’s need for new legislation.
The head of the committee, Ali al-Moussawi, confirmed in an interview with the official newspaper, “Al-Sabah”, followed by Mawazine News, that “the most important law of the committee is the partnership law between the public and private sectors,” noting that “its importance lies in opening the way for private companies to take their role in the reality of the wheel of the local economy.” “.
Al-Moussawi added, “The Ministry of Industry has developed a new plan to promote large strategic factories such as iron and steel, petrochemicals, the food industry, and other large industries in the country,” noting that “the Minister of Industry, during his hosting, confirmed that the next six months will change the Iraqi industrial reality, and the Made in Iraq mark will return to all Industrial products with the support of legislation that will be supported by the House of Representatives to advance the industrial sector.
He continued, “The committee” is discussing subsidizing loans for the industrial sector from within the next budget, explaining that “Iraqi legislation includes many laws that maintain support for industry in the country, including the product support law, which is one of the most important laws, and if it is implemented correctly, the Iraqi industry will have An important role in advancing the industrial reality.”
https://www.mawazin.net/Details.aspx?jimare=213757
With 250 Thousand Barrels Per Day.. Iraq’s Oil Exports To America Within A Week
Economie| 12:04 – 12/10/2022 Baghdad – Mawazine News The US Energy Information Administration announced, on Saturday, that Iraq’s oil exports to America exceeded an average of 250 thousand barrels per day during the past week.
The administration said in a report, “The average US imports of crude oil during the past week from eight countries amounted to 5.173 million barrels per day, down by 244 thousand barrels per day from the previous week, which amounted to 5.417 million barrels per day.”
She added, “Iraq’s oil exports to America amounted to an average of 252,000 barrels per day last week, down from the previous week, when oil exports to America amounted to 363,000 barrels per day.”
She pointed out that “most of America’s oil revenues during the past week came from Canada at a rate of 3.423 million barrels per day, Mexico came at a rate of 585 thousand barrels per day, and oil revenues from Colombia amounted to an average of 292 thousand barrels per day, and then Saudi Arabia at a rate of 274 thousand barrels per day.”
According to the administration, “the amount of US imports of crude oil from Ecuador and Nigeria amounted to an average of 159,000 barrels per day, and from Brazil at an average of 29,000 barrels per day, while it did not import any quantity from Libya and Russia.” Ended 29/M99
https://www.mawazin.net/Details.aspx?jimare=213772
The Central Bank Decides To Postpone The Collection Of Loans Granted To Industrial And Agricultural Projects
Economie| 11:25 – 10/12/2022 Baghdad – Mawazine News, the Governor of the Central Bank, Mustafa Ghaleb Makhaif, confirmed today, Saturday, that the Central Bank decided to postpone the collection of loans granted to industrial and agricultural projects until the end of the year 2024. And the Governor of the
Central Bank, Mustafa Ghaleb Makhaif, said in his speech during the celebration of the founding of the Central Bank of Iraq in its anniversary (75), “The Central Bank worked to establish balanced relations with international banking and financial institutions.”
He added, “On these days, seven and a half decades ago, this institution that you are proud of today, the Central Bank of Iraq, was established under the name (The National Bank of Iraq in 1947), and it was not established without a foundation. In 1931, the Currency Affairs Committee, which is The nucleus of the monetary authority is the efforts of the patriots who believed that the country needed a monetary entity to complete the requirements of building the state.
He pointed out that “since then, a long journey began for this institution in establishing a solid monetary system in Iraq, and it contributed to strengthening the economic system and walked side by side with the financial authority to assign it as an advisor to the government, and to stand behind it in times of adversity,” noting:
“He was distinguished The performance of the Central Bank of Iraq for more than seven decades is that it is always at a sufficient distance from politics and its repercussions, powers and fluctuations, so we established authentic work traditions that were completely politically neutral about what our country went through in terms of fluctuations and well-known circumstances.
And Makhaif explained: “The financial administration of the state was, and still is, believing that the Central Bank of Iraq is the support and backer for it and other state institutions,” noting that ”
And he pointed out that “when our country went through complex circumstances from 1980 to 2003, the Central Bank played a leading role in it by taking the reasons to support public finances and state institutions, as if it was our destiny to restore what was cracked due to undisciplined policies and procedures.”
And the Governor of the Central Bank stated, “After the year 2003, the new Central Bank Law was issued, as its independence was clearly enshrined, and its powers and position in the hierarchy of the economic system in Iraq were consolidated, and its oversight powers were also manifested, and its roles and tasks became more clear, so a reserve of foreign exchange was built to support our currency.”
National and its support, and securing the requirements of foreign trade, and those reserves were also diversified in terms of their quality, investment sites, or deposits, and our banknotes were issued with the highest quality and the most reliable security features available in the techniques of printing banknotes globally through contracting with the best international printing companies, and we have a system To supervise the banking sector, based on the legal provisions contained in the Central Bank and Banking Laws and related laws, all of which guarantee the existence of a sober banking system despite the technical and security challenges surrounding this complex environment.
He stressed: “Since 2004, we started planning to establish advanced payment systems and gradually shift to digitization, and we established rules to achieve financial inclusion as one of our strategic goals, by working with the banking sector, which has become more confident that development, financial inclusion, and payment tools are intuitive options that are not It was necessary to delve into it,
and we worked to establish balanced relations with international banking and financial institutions, so the Central Bank of Iraq became its affiliated positions with those institutions, and when the Corona pandemic came with its challenges and effects on life and economic activity,
the Central Bank was at the head of Al-Nafida, as it donated, along with the banks, With sums of money to support the health effort of the Ministry of Health, and other sums for the affected families, in addition to what has been allocated by the public finances.
He added, “To support bank customers in those difficult circumstances, private banks were instructed to stop collecting loans from their customers for a period, and the Ministry of Finance did that with government banks.
And we did that again in 2022 when it was decided to postpone the collection of loans granted from the funds of our initiative on industrial and agricultural projects to At the end of 2024, private banks, with the encouragement of the Central Bank, took the initiative to establish the Community Initiative Fund (Tamkeen), in which many problems were solved by financing projects for hundreds of widows, youth and entrepreneurs, and the construction of some educational, cultural and religious facilities, as banks have a new image. their desired social roles.
Makhaif continued: “When the Ministry of Environment launched its appeals regarding the risks of climate and environmental change and the transition to clean energy, we launched a large initiative with an amount of (1) trillion dinars to lend to the family and economic sector to acquire means of generating electricity from renewable energy, hoping that this initiative will contribute to transforming society’s behavior towards Clean energy and taking into account the economics of its use,” explaining:
“Central banks represent the largest repositories of financial and banking expertise, and consulting centers for their governments. In this regard, we hope that the concerned authorities will focus on several matters, which we see as a priority in implementing their development goals instead of dispersing efforts and resources.”
And he went on: “When corruption behaviors prevail in some parts of the state, the search for honest people to manage it is not enough to solve the problem. Rather, it is correct to adopt procedures and policies (transient to corruption), in a way that guarantees that it is not committed by corrupt people, and this requires national will and experience in designing Work procedures that lead to this, and we believe that priority strategic projects such as roads and railways are the keys to successful development, and that relying on state agencies to repair existing roads or construct new ones is unrealistic, and we suggest that investors be resorted to, in exchange for traffic fees It does not burden its users, and the same applies to railways. In the field of national development in its economic, human and cultural aspects, we believe that development should be done by stimulating targeting the less developed regions and groups.
And he stated, “In order to reduce the pressure on government jobs, it requires expediting the adoption of social security laws that provide guarantees for all business workers in the private sector to ensure a happy and secure life upon reaching the retirement age,” stressing that “the economic recovery in the state begins with the private sector, and experimenting with Inducing recovery through the public sector has proven ineffective, and some public sector institutions have become a burden on the state.
Makhaif stressed “the importance of strengthening non-oil resources through automating the customs and tax sector, unifying border crossings, and drawing on the experiences of other countries that have introduced the private sector in these areas.” Ended 29 / m99
https://www.mawazin.net/Details.aspx?jimare=213768
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