Iraq Economic News and Points to Ponder Tuesday 5-7-2024
Why Does Iraq Depend On Foreign Banks For Dollar Transfers?
Economy |Today, 18:12 |Baghdad today – Baghdad Today, Tuesday (May 7, 2024), expert in financial and economic affairs, Nabil Jabbar Al-Tamimi, revealed the reason for Iraq’s reliance on foreign banks for financial transfers, especially with regard to the dollar.
Al-Tamimi told “Baghdad Today” that “Iraq has more than (70) banks, approximately five of which are government and the remaining number are private banks,
but Iraq relies heavily on financial transfers, especially with regard to the dollar, to various foreign banks, due to the failure of… Iraqi private banks in arranging their legal and technical conditions regarding the issue of financial correspondence.
He stated, “After implementing the electronic platform, many banks stopped making remittances, as they did not want to comply, but foreign banks were not afraid of this matter because they had experience and all of their work was sound and in accordance with the required conditions, and that is why they became dependent on those banks, and this confirms the existence of a major defect.” In the work of Iraqi banks.
Earlier, a member of the Parliamentary Integrity Committee, Alia Nassif, revealed that the
Iraqi Jordanian National Bank obtained $3.6 billion from the currency auction during the first three months of the current year, which enabled it to obtain a profit of about 40 billion dinars.
https://baghdadtoday.news/248830-لماذا-يعتمد-العراق-على-المصارف-الاجنبية-بحوالات-الدولار؟.html
Using The National Currency In Commercial Transactions With Iran.. An Expert Comments On Iraq’s Losses
Economy | Baghdad today – Baghdad Today, Tuesday (May 7, 2024), expert in financial and economic affairs, Alaa Glob Al-Fahd, commented on the possibility of Iraq losing money through its use of the national currency in commercial transactions with Iran. Al-Fahd told Baghdad Al-Youm,
“The idea of commercial dealings being in the local currency between Iraq and Iran is not new today.
Rather, it is a decision by the Central Bank of Iraq as well as the Iraqi government to negotiate this issue with more than one country, not just Iran, including Iran.” The UAE”. He explained that
“exchange is in the UAE dirham, with China in the yuan, with Iran in the toman, and even with Turkey there is negotiation that trade exchange be in the lira.”
He continued, “This matter creates confidence in the local currency, when it has value at the global level and this follows the strength of the Iraqi dinar, and this issue does not constitute any loss for Iraq and Iran.”
He added, “This currency will be transformed into goods or exchanged and bartered, if there is a joint trade exchange between the two countries.
We believe that this issue has many more positives than negatives, and
this gives strength to the local currency and gives it confidence even at the level of the citizen and merchant as well as the foreign merchant and not Local only.”
Yesterday, Monday, Iranian Vice President Mohammad Mokhber called on Iraq to use “national currencies” in trade and economic exchanges between the two countries.
The office of the Iranian Vice President said in a statement followed by “Baghdad Today”,
“The necessity of expanding economic relations and improving the level of trade cooperation between the Islamic Republic of Iran and Iraq was emphasized.” He added,
“The relations between Tehran and Baghdad are close, strong and sincere, and the union of the two countries is a source of loss and fear for enemies and a point of hope and prosperity.
They are two countries and their people will taste the sweet taste of this union in expanding economic relations between them.”
In The Document… The Central Bank Decides To Return The “Al-Mal” Bank To Work… In This Case
Monday 06, May 2024 14:08 | Economical
https://ninanews.com/Uploads/Images/2024/5/1124993-2b765dda-9687-4a11-a971-bf5e0005596a.jpg
Baghdad / NINA / The Central Bank of Iraq decided to return the Money Bank to work, while preventing it from dealing in the US dollar in any way. / https://ninanews.com/Website/News/Details?key=1124993
Provoking Thoughts and Points to Ponder on Wealth
It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God. – Matthew
I am rich beyond the dreams of avarice. – Edward Moore
All wealth is the product of labor – John Locke
Get place and wealth, if possible, with grace; If not, by any means get wealth and place. – Alexander Pope
Riches certainly make themselves wings. – Proverbs
He that maketh haste to be rich shall not be innocent. – Proverbs
He heapeth up riches, and knoweth not who shall gather them. – Bible
No good man ever became suddenly rich. – Syrus
