Iraq Economic News and Points to Ponder Tuesday Evening 10-24-23
Tlm724 Administrator Bondlady’s Corner
Sudanese: Private Banks And Money Changers Seek To Keep Dollar Prices High
Politics | Baghdad today – Baghdad Today, Tuesday (October 24, 2023), Prime Minister Muhammad Shiaa Al-Sudani revealed the existence of private banks and money changers seeking to keep dollar prices high, while he acknowledged the need for “strict” legal penalties against currency speculators.
Al-Sudani said during the weekly press conference, followed by “Baghdad Al-Youm,” that “there are problems in banking reform and major challenges facing the government, and the current dollar exchange rate in the markets is the price of currency speculators.” He added, “There are entities, private banks, merchants, and owners of banking companies who are seeking to keep the dollar exchange rate at the current price.”
On the other hand, the Prime Minister confirmed that he is working on a conditional financial settlement with Kurdistan, indicating that “there are observations on the numbers of employees.”
https://baghdadtoday.news/234007-السوداني-مصارف-أهلية-وصيارفة-يسعون-لتبقى-أسعار-الدولار-مرتفعة.htm
In The Document, The Central Bank Obliges Dollar Outlets To Provide The Customer With An Instant Image Feature To Prevent Penalties
Today 13:18 https://media.almaalomah.me/archive/image/2023/10/24/f062a384-6fb4-42eb-8c17-feea782fc9ce.jpg?preset=w750
Partial and approximate translation} / All approved banks Exchange companies Fenty (tA) 8 all
Brokerage companies for buying and selling foreign currencies (all categories).
The previous circular issued by this bank and numbered 5/14537/1 is 11/59/415.
We direct you to the necessity of purchasing a webcam with appropriate resolution in preparation for launching the instant image feature for the customer.”
This feature will be launched starting Saturday, 160 AH, and we hope that you will commit to implementing it
When registering a customer or when making a cash sale to him. We also ask you to be careful and careful when providing information
Return to the platform according to what is required in any of your activities to avoid exposing your institutions to serious penalties.
It amounts to being denied entry to the currency selling window in the event of repeated mistakes and violations. Self relevance, with respect.
The Prime Minister’s Advisor Determines The Priorities And Conditions For Reforming The Banking System
Political Today,Baghdad – IA – Nassar Al-Hajj Today, Monday, the financial advisor to the Prime Minister, Mazhar Mohamed Saleh, set the priorities for reforming the banking system and the conditions for achieving it, while noting that 85% of the monetary supply is outside banking circulation.
Saleh told the Iraqi News Agency (INA):
“The basic function of the banking system is bank credit or granting loans and is based on a basic lever aimed at attracting hoarded funds from outside the banking system and putting them into banking channels.”
He added, “This is done by encouraging the public’s interaction with banking units in a smooth and easy manner with high confidence, and by providing attractive means provided by banks to the public to open deposit accounts in very simplified ways in exchange for providing encouraging benefits and features to attract deposits.”
He continued, “Based on the above, banking reform can play its effective role in searching for easy banking mechanisms that help at the same time strengthen credit activity or grant loans, and proceed with financing economic activity in a broader manner without stumbles in banking liquidity.”
He stressed that “this will achieve the goal of central banking reform in achieving easy, low-risk credit, through the availability of reform mechanisms capable of regularizing the flow of funds within the banking system and transferring them from economic surplus units (saved and hoarded) outside the banking system to become in the form of bank deposits that are protected.”
Sufficient liquidity risks are then transferred through credit or lending operations to financial deficit units that are looking to obtain financing to carry out investment and economic activity. He pointed out that “the fundamental problem that the banking system suffers from, and the aspiration to reform that system, lies in the following question, which is:
How can banks reverse the hoarding equation represented by the public’s retention of about 85% of the issued currency, which is still in the form of hoarded balances outside the banking system and is considered inactive, inactive balances?” Effective, and does not provide any important service to the national economy, and that some of it operates with very high usurious borrowing risks?
He believed that, “Therefore, one of the priorities of banking reform is to work to reverse the hoarding equation to become a savings equation with the public’s surplus funds flowing in the form of safe bank deposits, which requires that banks compete toattract deposits and provide loans in accordance with the banking management requirements that banks must work with regardless of Whether governmental or private.
The Prime Minister’s advisor continued, “Therefore, the basics of banking reform are for banks to search for adequate, effective and influential means that attract the public to open bank accounts, because the bank account is one of the basics of financial inclusion and
encouraging individuals of all segments to make bank deposits, and by encouraging means the priority for the depositor to be obtained is On bank credit or banking facilities when needed before others, to ensure that the public is encouraged to make double deposits.
He noted that “the banking system still deals with only 15% of the monetary mass issued into circulation until today, which is called cash leakage outside the banking system, and it is one of the basic indicators from which banking reform begins.”
He pointed out that “the priorities of banking reform are achieved in providing competitiveness by winning public deposits by facilitating cash deposit procedures and
creating an effective atmosphere of reassurance that the deposited funds are protected according to the law and that the Iraqi Deposit Guarantee Company is the primary protector of deposits against banking risks.”
He stated that “the first and final goal of reforming the banking system will remain based on quickly providing facilitated banking services to economic activity with the highest levels of facilitation, in addition to providing positive incentives to the public in order to deposit, whether with encouraging bank interest or facilitating (easy and safe) deposit and withdrawal methods for their money, in addition to obtaining loans.” “Before others.”
He pointed out that “the overall banking reform that we are looking forward to requires searching for means that embody the ability to transfer funds from the surplus units that hoard cash wealth (the public), which are mostly unemployed and hoarded, to be transferred to the investment forces that are searching for funds to complete the national income cycle and contribute to economic growth through…
Granting credit and carrying out the real productive activity necessary to sustain development, which at the same time requires sustainable bank financing coupled with banking reforms as a precondition. https://www.ina.iq/195977–.html
Oil Prices Rise Again Amid Uncertainty Over The Conflict In Gaza
Economy | 11:25 – 10/24/2023 Baghdad – Mawazine News Oil prices rose again during early trading in Asia on Tuesday, compensating for some of the previous day’s losses as investors continued to worry about the ongoing war in Gaza between Israel and Hamas that may escalate into a broader conflict in the oil-exporting region, which could cause potential supply disruptions.
Price movement
By 0032 GMT, Brent crude futures rose 70 cents, or 0.8 percent, to $90.53 per barrel, while US West Texas Intermediate crude futures increased 71 cents, or 0.8 percent, to $86.20 per barrel.
The two benchmark crude oil prices fell more than two percent yesterday, Monday, as diplomatic efforts intensified in the Middle East, the largest oil supply region in the world, to contain the conflict in Gaza, which allayed investors’ fears about supply disruptions.
Yesterday, the Palestinian Hamas movement released two Israeli women who were among more than 200 hostages it held during its attack on October 7. https://www.mawazin.net/Details.aspx?jimare=236797
The Real Estate Bank Announces Work To Provide An Electronic Platform For Collecting And Paying Citizens’ Installments
Economy News _ Baghdad Today, Tuesday, the Real Estate Bank announced 6 measures to implement the components of the government program to support citizens, and while it indicated the financing of about 9,000 housing units during the current year, it confirmed that the platform for submitting loan applications is in its final stages.
The Director General of the Real Estate Bank, Abbas Shihab Ahmed, said in an interview with the Iraqi News Agency, followed by Al-Iqtisad News, that “the bank implemented the components of the government program aimed at supporting citizens and facilitating their procedures,” noting that “the bank financed approximately 5,500 housing units during the first half of the year.” current in most Iraqi governorates.
He added, “The bank is working to complete the financing of 3,450 housing units during the last two months of the current year,” pointing out that it is “keen to complete the financing of all previous loan applications for citizens who did not have the opportunity to obtain loans to purchase housing units due to the exhaustion of the funds of the Central Bank initiative.” “.
He stressed, “Entering in the final stages of providing a platform for submitting loan applications in a safe and transparent manner, to be open to all citizens,” pointing out, “Working to automate the bank’s work and provide an electronic platform for collecting and paying citizens’ installments electronically without the need to visit the bank branches.”
He stated that “the bank’s supervisory devices have been strengthened and advanced modern systems have been introduced in monitoring cash flow and financing housing units.”
Views 75 10/24/2023 – https://economy-news.net/content.php?id=37073
Saleh: The Continued Rise In Oil Will Lead The Budget To Balance And Reduce Its Deficit
Time: 10/24/2023 Read: 1,027 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, stressed the importance of rising oil prices in reducing the fiscal budget deficit.
Saleh told {Al-Furat News} agency, “Any increase in the average price of a barrel of exported crude oil above the price approved in the federal general budget of $70 during the fiscal year on average, will help reduce the deficit gap and lead the budget to balance.”
He added, “The financial policy provides sufficient flows to implement investment programs and projects without expanding financing the deficit from its external or internal sources, which is the annual deficit estimated at about 63 trillion dinars, and it is expected that the aforementioned deficit will not be reached in the current fiscal year, with the exception of some very limited bridge borrowings.”
In light of the increase in global oil prices, expectations are that this will reflect positively on Iraq, which has been suffering from a stifling economic crisis for years due to the war that destroyed many regions and exhausted the state budget.
With the increase in demand for oil, prices rose to record levels after the recent crisis the world is witnessing as a result of the events of the Russian-Ukrainian war and the continuation of the Israeli aggression on the Gaza Strip and its impact on the tense conditions of the oil-rich countries of the region. LINK
Points To Ponder:
The man who does not read has no advantage over the man who can not read — Mark Twain
Disappointment — too many people miss the silver lining because they are expecting gold
–– Maurice Seltter
Fortunes made in no time are like shirts made in no time; its ten to one if they hang long together — Douglas Jerrold
Disappointment to a noble soul is what cold water is to burning metal; it strengthens, tempers, intensifies, but never destroys it — Eliza Tabor
Man must be disappointed with the lesser things of life before he can comprehend the full value of the greater — Edward G Bulwer-Lytton
Doubt — There are two ways to slide easily through life: to believe everything or to doubt everything; both ways save us from thinking — Alfred Korzybski
