BondLady’s Corner

  In Bondlady’s Corner

More Iraqi News Thursday PM 10-1-20

TLM724 Administrator BondLady’s Corner

The Dollar Records A New High In Iraq

Time: 10/01/2020 11:41:23 Read: 17,524 times  {Baghdad: Al Furat News} The exchange rates of the dollar continue to rise in the main stock market and local markets in Iraq.

The Kifah Stock Exchange recorded 1238.5 dinars, or 123 thousand and 850 dinars, compared to 100 US dollars, while yesterday prices were 1223.5 dinars.

While the dollar on the Al-Harithiya Stock Exchange reached 1239 dinars, or 123 thousand and 900 dinars for one hundred dollars.

The dollar scored a jump in Basra Governorate, reaching 1240 dinars, or 1240 thousand dinars for one hundred dollars, which is the same price in Erbil Governorate in the Kurdistan region.

It is noteworthy that the price difference in exchange shops is 500 dinars in buying and selling.

Economists attribute this steady rise in the dollar to the scarcity of financial liquidity and the increase in domestic demand for the US currency   LINK

Retirement Pension Launches October Salaries

Time: 2020/10/01 15:43:43 Read: 689 times

The Retirement Authority announces the payment of the salaries of civilian and military retirees for the month of October and through official exchange channels (banks and electronic payment channels   LINK

Finance: We Spent About 51 Trillion Dinars Since The Beginning Of The Year Until The Middle Of Last Month

Money  and business  Economy News – Baghdad   The Ministry of Finance announced that it had spent about 51 trillion dinars since the beginning of this year until the middle of last month.

The Ministry of Finance said, in a press release received by Al-Iqtisad News, “ The Ministry of Finance categorically rejects social media allegations that 6 trillion Iraqi dinars cannot be tracked through the 15 trillion dinars borrowing approved by the House of Representatives in May 2020.”

She added that the loan amounts approved by the House of Representatives were used in full to finance the deficit in spending on salaries and retirement for the months of June, July and August .

She emphasized that the net oil and non-oil revenues for the period 1/1 _ 17/9/2020 amounted to 33.6 trillion dinars, and the balance from 2019 to 2020 amounted to 5 trillion dinars, and the total borrowing amounted to 14.5 trillion dinars, thus the total funding was 53.1 One trillion dinars

She noted that an amount of 50.9 trillion dinars was funded for salaries, retirement, social protection network, indebtedness, benefits, ration card, wheat, and operating expenses for security departments, presidencies, health departments, medicines … etc. and an amount of 380 billion dinars for investment projects, according to work achievements .

She indicated that the remaining amount is 1.8 trillion dinars, and the Accounting Department continues to finance the loan from the original loan .

She explained that the amount of foreign borrowing approved by the House of Representatives in the amount of 5 billion dollars will be directed to investment projects .

The ministry concluded its statement by saying that the Ministry of Finance is using all its energies to successfully manage the current financial crisis, and the Ministry of Finance warns that such statements in light of the current financial crisis are absolutely irresponsible and generate unnecessary anxiety among the general public.

Number of observations 78 Date added 10/1/2020   https://economy-news.net/content.php?id=22076

Al-Nujaifi: Closing Down The US Embassy In Baghdad Will Harm Iraq’s Higher Interests

Thursday 01, October 2020 15:31 | PoliticalViews: 61   Baghdad ( NINA) / The head of the Salvation and Development Front, Osama Al-Nujaifi, said that closing the American embassy in Baghdad would harm Iraq’s higher interests.

The front said in a statement received by the Iraqi National News Agency ( NINA ): “Al-Nujaifi today received the Pakistani ambassador to Iraq, Sajid Bilal, on the occasion of the end of his duties as ambassador to Iraq.”

And she added: “Al-Nujaifi presented his vision of the political situation in the wake of the news indicating the intention of the United States of America to close its embassy in Baghdad, confirming his position, which informed him to the American ambassador to reconsider the decision because this harms the supreme interests of Iraq and encourages the formation of an unreal picture of the forces trying to strike The state is working to hijack the Iraqi decision from the government according to agendas that do not coincide with the people’s interests. ”

Al-Nujaifi called to “continue to support Iraq and stand with it to overcome the obstacles it faces at this delicate stage.”

For his part, the ambassador referred to “the volume of cooperation and support provided to Iraq in the fields of military and technical training as well as investments in oil and other fields where thousands of Pakistanis work in Iraq.” / End 10    https://ninanews.com/Website/News/Details?key=860212

The World Bank: Iraq Stands At A Crossroads And Its GDP Is The Worst Since 2003

Time: 2020/10/01 09:51:44  Read: 4,485 times

{International: Al Furat News} The World Bank considered Iraq’s GDP now to be the worst since 2003.

A bank report obtained by the Euphrates News Agency, a copy of which, stated, “Iraq is now at a crossroads. After nearly two decades have passed since the 2003 war, the country is still stuck in the reality of fragility, and is facing an increasing state of political instability and escalating social unrest.” And an ever-deepening gap between the state and the citizen. ”

The report added, “In the midst of a number of crises (including the decline in oil prices, the Corona pandemic, and recent protests), in addition to the accumulation of the effects of weak economic policies, the absence of reforms, and the inability to address corruption, Iraq is now witnessing the worst performance of growth in annual GDP. (GPD) during the year 2020 since the fall of Saddam’s regime (in 2003). ”

“Lack of stability, lack of job opportunities, corruption and poor service provision remain among the most important risks surrounding the country’s long-term growth,” he stressed.

And the World Bank continued that “with every crisis there appears an opportunity for reform, but Iraq’s path towards reform will be difficult and uncertain. If we take into account the current oil prices and the continuing decline in global oil demand due to the Corona pandemic, the country will face difficulty in meeting the needs of its people in the short term.” .

He added, “However, Iraq can embark on a long road, but an urgent need for it, towards structural transformation and reform, a path that may make its economy less dependent on oil and be driven more by private sector activity. There are doubts about the country’s current political economy, that such a path towards reform can no longer be avoided. ”

Nevertheless, this report demonstrates that the path towards reform will require more persistence and may face many long-standing challenges to change the status quo.

This report highlights what Iraq can accomplish to maintain future growth, but it also explains the reasons that have made the country unable to date to achieve high levels of diversified growth alongside achieving peace, stability and better living standards for its citizens. ”

The World Bank also proposes . Strategic paths through which Iraq can be liberated from the reality of fragility, and where peace and stability can create the appropriate conditions for citizens to realize their aspirations, create jobs in the private sector, and achieve prosperity.

In this context, the four chapters of the report provide an insight into the main causes of fragility in Iraq and the challenges of the political economy and their effects on the diversified growth model, an analysis of the characteristics of growth in Iraq and the country’s potential and the benefits of economic diversification, a diagnostic framework for trade and an assessment of Iraq’s potential for trade and regional integration in order to create growth and stability, A review of the agricultural sector in Iraq, from primary farming to agri-food systems, and its ability to support economic diversification, growth and stability   LINK 

The World Bank: Iraq Stands At A Crossroads And Its GDP Is The Worst In Seventeen Years

Thursday 01, October 2020 15:27 | EconomicalViews: 85   Baghdad / NINA / The World Bank confirmed that Iraq is now witnessing the worst growth performance in annual gross domestic product since 2003, between: “Corruption, instability and lack of job opportunities are among the risks surrounding the country’s long-term growth.”

A bank report said, “Iraq is now at a crossroads. After nearly two decades have passed since the 2003 war, the country is still stuck in the reality of fragility, and is facing an increasing state of political instability, mounting social unrest, and an ever-deepening gap between the state and the citizen.”

The report added, “In the midst of a number of crises (including the decline in oil prices, the Corona pandemic, and recent protests), in addition to the accumulation of the effects of weak economic policies, the absence of reforms and the inability to address corruption, Iraq is now witnessing the worst growth performance in annual GDP ( GPD) during the year 2020 since the fall of Saddam’s regime in 2003. ”

“Lack of stability, lack of job opportunities, corruption and poor service delivery remain among the most important risks surrounding the country’s long-term growth.”

The World Bank stated that “with every crisis there appears an opportunity for reform, but Iraq’s path towards reform will be difficult and uncertain. If we take into account the current oil prices and the continuing decline in global oil demand due to the Corona pandemic, the country will face difficulty in meeting the needs of its people in the long term.” Short “.

He added, “But Iraq can embark on a long road, but the need for it is urgent, towards structural transformation and reform, which is a path that may make its economy less dependent on oil and move it more, by private sector activity.”

He pointed out: “The path towards reform requires more persistence and may face many long-standing challenges to change the status quo.

The World Bank proposed strategic paths through which Iraq could liberate itself from the reality of fragility, and where peace and stability could create the appropriate conditions for citizens to achieve Their aspirations, to find jobs in the private sector, and achieve prosperity ./   https://ninanews.com/Website/News/Details?key=860215

Islamic Banking And The Prospective Role

Articles   Dr.. Basem Brahimi  The development of the banking sector in any country is often linked with the development of the real economic sector in that country in a negative feedback relationship, as the growth of one enhances the growth of the other sector.

Despite what some believe that the rapid development of the financial sector in general has become a generator of financial crises, we find that banks are still a driver for advanced economies even in light of the global financial crises, but with an urgent need for more regulation and supervision of the banking sector, which is one of the lessons produced by these crises.

In this context, some opinions and calls emerged that see that Islamic banks were the most prominent survivor of the financial crises (compared to commercial banks) as a result of the nature of the work of these banks that are identified with the real economy and then are associated with the up and down trend of its commercial cycle so that the (Islamic) bank and its customers can bear Shared investment results in accordance with the rule of sheep in fines, which is the cornerstone of the work of these banks.

The beginning of the Islamic banking business in Iraq was with the establishment of the Iraqi Islamic Bank for Investment in 1993, after which the work of these banks developed and their number increased, especially after the legislation of the Islamic Banking Law No. (43) for the year 2015, as their number today reached thirty-one banks, which constitute (40) Percent) of the total number of banks in Iraq with a capital of nearly seven trillion dinars, and this increase comes in line with the great development witnessed by Islamic banking at the international level, as we find that many international traditional banks have worked to open Islamic windows to simulate the increasing demand for this type of products .

It is expected that Islamic banks in Iraq will have an important developmental role, especially with the great potential available to these banks on the one hand, and the governmental economic reforms aimed at stimulating the real sector to diversify the Iraqi economy and reduce dependence on oil on the other hand, which coincided with the preparation of a paper for banking reform in the bank.

The Iraqi Central Bank, however, this expected role of these banks remains dependent on their ability to overcome the challenges they face, whether in the field of quickly gaining practical experience or in the field of ability to compete with traditional banks, and then the extent of their ability to win the confidence of the public.

Number of observations: 73 Date added: 10/01/2020   https://economy-news.net/content.php?id=22062

Islamic Banking And The Prospective Role

Thursday 01 October 2020   29 Dr.. Basem Brahimi   Often the development of the banking sector in any country is linked with the development of the real economic sector in that country in a negative feedback relationship, as the growth of one enhances the growth of the other sector, despite what

Some believe that the rapid development of the financial sector in general has become a generator of financial crises. We find that banks are still a engine for advanced economies even in light of global financial crises, but with an urgent need for more regulation and supervision of the banking sector, which is one of the lessons produced by these crises.

In this context, some opinions and calls emerged that see that Islamic banks were the most prominent survivor of the financial crises (compared to commercial banks) as a result of the nature of the work of these banks that are identified with the real economy and then are associated with the up and down trend of its commercial cycle so that the (Islamic) bank and its customers can bear Shared investment results in accordance with the rule of sheep in fines, which is the cornerstone of the work of these  Sinks.

The beginning of the Islamic banking business in Iraq was with the establishment of the Iraqi Islamic Bank for Investment in 1993, after which the work of these banks developed and their number increased, especially after the legislation of the Islamic Banking Law No. (43) for the year 2015, as their number today reached thirty-one banks, which constitute (40) Percent) of the total number of banks in Iraq with a capital of nearly seven trillion dinars, and this increase comes in line with the great development witnessed by Islamic banking at the international level, as we find that many international traditional banks have worked to open Islamic windows to simulate the increasing demand for this type of products .

It is expected that Islamic banks in Iraq will have an important developmental role, especially with the great potential available to these banks on the one hand, and the governmental economic reforms aimed at stimulating the real sector to diversify the Iraqi economy and reduce dependence on oil on the other hand, which coincided with the preparation of a paper for banking reform in the bank. The Iraqi Central Bank, however, this expected role of these banks remains dependent on their ability to overcome the challenges they face, whether in the field of quickly gaining practical experience or in the field of ability to compete with traditional banks, and then the extent of their ability to win the confidence of the public.   LINK

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

https://www.bondladyscorner.com/