Iraq Economic News and Points to Ponder Saturday Afternoon 11-11-23
Tlm724 Administrator Bondlady’s Corner
An Economic Institution Attributes The Problem Of Increasing Demand For The Dollar In Iraq To The Large Consumption Of Imported Goods
Economy Iraq Dollar 2023-11-10 00:06 Shafaq News/ The Future Iraq Foundation for Economic Studies and Consultations, on Friday, attributed the problem of increasing demand for the dollar in the markets to the large consumption of imported goods, as its volume during the current year, which is about to end, reached 55 billion US dollars.
The head of the Foundation, Manar Al-Obaidi, said in a report published today,
“The basis of the problem of demand for the dollar is the consumption of imported goods and the rise in their bill annually until our imports for the year 2023 reached as follows: UAE $19 billion, China $13 billion, Turkey $10 billion, Iran $9 billion.” India: $4 billion.
He added, “What we need is a clear strategy that works, firstly, to limit the annual growth of imports, and then work to reduce it by adopting an agricultural, industrial, and extractive policy that reduces our need for raw materials,” stressing
“the necessity of building a strategy for industrial transformation and supporting manufacturing industries.””.
Al-Obaidi continued to say, “Any other solution will make us always follow a policy of reaction to disasters that occur as a result of the absence of a clear strategy and anticipation of the future.”
https://shafaq.com/ar/اقتصـاد/م-سسة-اقتصادية-ت-شر-مشكلة-زيادة-الطلب-على-الدولار-في-العراق
Experts Call For Changing Some Economic Laws
Iraq 11/09/2023 Baghdad: Muhannad Abdul Wahab The opinions of economic experts varied regarding Iraq’s need to change or amend a number of economic laws, including the law of the Central Bank, Securities and Investment Authority, while they called for dividing the budget law into three investment budgets and others for the Investment Authority and the Central Bank to support loans.
The economic expert, Mustafa Hantoush, said in an interview with “Al-Sabah”:
The Iraqi economic reality needs to amend some of the laws that work to restore its economic growth in accordance with the development that the world is witnessing, as they need to be reformulated or amended to their paragraphs, noting that the laws that need to be amended
They are
Central Bank Law No. 56 of 2004,
Banks No. 4 of 2004,
Securities Commission No. 72 of 2004,
Investment No. 50 of 2015,
Tax Law No. 113 of 1982 amended in 2004, and
Companies Law No. 21 of 1999 amended in 2019.
He explained that these laws have a number of problems and do not help direct the Iraqi economy
or manage banking operations or state funds correctly, stressing that we need to activate investment in another way and with a greater flow.
Even the budget law needs to be divided and made into three budgets, one for investment and another for the Investment Authority and the Central Bank. To support loans.
In this context, economic expert Hazem Hadi pointed out, in an interview with Al-Sabah, that the Iraqi economic system has a number of distortions, especially since it is burdened by widespread unemployment, deteriorating services, and others, warning that
all of these factors, unless they are addressed, cannot improve the economy. The Iraqi.
He pointed out that the solutions lie in changing a number of laws, including the Central Bank Law, which must take its role in controlling the foreign currency in a positive manner and not leave matters to the currency auction, adding that Iraq since 2003 has not witnessed an import plan or approach for what the country needs, and it must Be clear to those working in the industrial and commercial sector And Their Import Needs. Https://Alsabaah.Iq/87002-.Html
The Anti-Money Laundering Office Determines The Amount Of Cash A Traveler Is Allowed To Bring In And Out Of Iraq
Economy |Yesterday, Baghdad today – Baghdad Today, Thursday (November 9, 2023), the Anti-Money Laundering and Terrorist Financing Office determined the amount of cash a traveler is allowed to bring in and out of Iraq.
According to a document issued by the office and received by “Baghdad Today”, the amount allowed without a permit was set to not exceed one million Iraqi dinars, while it was set at 10,000 US dollars or its equivalent in foreign currencies, while it was allowed to carry precious stones equivalent to 10,000 dollars. American.
According to the document, the office prohibited the traveler from exceeding the value of the amounts mentioned above without permission.
Below is the text of the document:
https://baghdadtoday.news/uploads/posts/2023-11/0701d692-3996-44ca-86be-2407e81c9fb1.jpg
A Reading Of The Central Bank’s Decision To Allow “Importing The Dollar”… What Does It Mean And How?
Economy |Yesterday, Baghdad today – Baghdad The instructions issued by the Central Bank of Iraq yesterday, Wednesday (November 8, 2023), regarding allowing banks to import foreign currency from abroad, raised a number of questions and discussions in economic circles about the legality, motives, and goals of this step.
The discussion was topped by some recalling the decision of the State Shura Council in 2011, to infer the lack of legal basis for the decision to import foreign currency, as the State Shura Council issued Resolution 2/2011, in January of the year 2011, based on a request for an opinion that came to the Council by the Office Financial oversight, as the State Shura Council relied on several legal texts, to infer the absence of a legal basis for the Central Bank to grant licenses to import foreign currency from abroad.
To view the decision click here https://www.moj.gov.iq/view.48/
On the other hand, researchers in economic affairs have proven the validity of the Central Bank’s instructions, as the Central Bank had previously issued instructions to import foreign currency in July of 2011, and they were published in the Al-Waqe’at newspaper at that time, that is, 6 months after the decision of the State Shura Council, which makes it a document. Legally enforceable.
https://baghdadtoday.news/uploads/posts/2023-11/1699556842_11.jpg
https://baghdadtoday.news/uploads/posts/2023-11/1699556852_1.jpg
https://baghdadtoday.news/uploads/posts/2023-11/1699556863_12.jpg
A package of questions
On the other hand, observers and specialists raised a number of questions about the Central Bank’s decision, about the reason for opening the door to importing foreign currency, and whether this means or indicates that the Central Bank has begun to find difficulty in obtaining the dollar or sufficient quantities of it from the US Federal Reserve, and thus The central bank has become unable to meet the demand for the dollar because it does not possess it in sufficient quantity.
Among the other questions that were raised:
In what currency will Iraqi banks buy or import the dollar from banks outside the country?
Is it in the Iraqi dinar?
Or in other currencies?
Is it basically correct for the Iraqi dinar to be circulated outside the country, which will lead to a reduction in the monetary supply inside the country?
If the dollar will be purchased in other currencies, where will these banks obtain the other currencies?
How is the dollar priced by other banks?
This means how much will the dollar be worth when purchased from abroad and when transferred to Iraq?
Will its cost be lower or higher than the official price?
The National Card Launches The “Second Phase” Within Days
Iraq 11/09/2023 Baghdad: Huda Al-Azzawi Remitting efforts are being made by the Directorate of National Card Affairs in order to develop the national card and facilitate its work by overcoming obstacles and routine procedures and reducing loopholes.
It is expected that the directorate will announce in the next few days the inauguration of the “expansion” and entry into the second phase of the national card, which includes issuing it outside the country.
The country is in countries with a high density of Iraqi communities, in addition to opening central registration offices in the governorates to alleviate the burden of the citizen and issuing the card in his place of residence.
The Minister of Interior, Abdul Amir Al-Shammari, said in a speech during the Seventh Ambassadors’ Conference, which was held recently by the Ministry of Foreign Affairs:
“The Ministry of Interior always seeks to provide the best services to the Iraqi community by opening new sites for the national card and electronic passport in a number of countries around the world, to facilitate the granting of “The holdings.” He pointed out,
“The Ministry is working on an electronic entry visa (visa) project that will solve many of the obstacles facing the work of Iraqi missions abroad.”
In turn, the Assistant Director of National Card Affairs, Brigadier General Engineer Ali Hamdi Khalaf, said in an interview with “Al-Sabah”:
“The Directorate of National Card Affairs, and in the coming days, will enter into the (expansion) contract for the second phase of the National Card, which includes opening stations outside Iraq to receive the community.” Iraqi nationality card and conduct the necessary operations to issue the national card “Similar to passports.”
He pointed out that “this stage is a set of steps that we began by holding workshops with the Ministry of Foreign Affairs, training cadres, and preparing places,” noting that
the opening of stations outside Iraq will take into account countries with large numbers of Iraqi communities, gradually until they include all embassies.”“.
Khalaf pointed out that “the (expansion) contract includes – in addition to what was mentioned above – establishing an expansion in each governorate by opening a central registration office that allows citizens to issue their national cards according to the geographical area,”
indicating that “opening central registration offices will reduce the burden on citizens who despair.” In one governorate, and their souls in another governorate.”
He explained, “33 million and 200 thousand citizens registered and received the national card, and we are working to end the work on the paper ID at the beginning of 2025.
Therefore, we call on citizens to complete the requirements related to issuing the national card, especially after past crises have been overcome and after it has become printed first-hand, both in Baghdad or the governorates.” https://alsabaah.iq/87000-.html
Provoking Points to Ponder on FEAR for Living the Bold Life by Tess Marshall
1. Fear is the worst kind of grave, because it buries one alive. ~ Beth Fantaskey
2. What you fear will not go away; it will take you into yourself and bless you and keep you. That’s the world, and we all live there. ~ William Stafford
3. There are two basic motivating forces: fear and love. When we are afraid, we pull back from life. When we are in love, we open to all that life has to offer with passion, excitement, and acceptance. We need to learn to love ourselves first, in all our glory and our imperfections. If we cannot love ourselves, we cannot fully open to our ability to love others or our potential to create. Evolution and all hopes for a better world rest in the fearlessness and open-hearted vision of people who embrace life. ~ John Lennon
4. Fear kills everything. Your mind, your heart, your imagination. ~ Cornelia Funke
5. Children have a lesson adults should learn, to not be ashamed of failing, but to get up and try again. Most of us adults are so afraid, so cautious, so ‘safe,’ and therefore so shrinking and rigid and afraid that it is why so many humans fail. Most middle-aged adults have resigned themselves to failure. ~ Malcolm X
