Iraq Economic News and Points to Ponder Late Tuesday Evening 12-5-23
Tlm724 Administrator Bondlady’s Corner
Report… Currency Fluctuations In Iraq: The Role Of Private Banks In The Dollar Crisis
December 4, 2023 Last updated: December 4, 2023 The Independent / Report / – In light of the economic and political transformations, Iraq is witnessing significant fluctuations in the value of its currency and their effects on the national economy.
This report explores the role of private banks in settling the dollar crisis and its challenges.
The Iraqi dinar has witnessed continuous fluctuations in value against the US dollar, which raises concerns among citizens and affects various economic sectors.
This volatility is attributed to several factors, including political tensions and widespread corruption in financial and banking institutions.
The Dollar Crisis And Its Effects:
The dollar crisis is reflected in the increased demand for hard currency and the deterioration of the value of the Iraqi dinar.
Citizens and businesses suffer from difficulty obtaining dollars, which affects purchasing power and economic stability.
The Role Of Private Banks:
Private banks play a vital role in managing this crisis.
By offering foreign exchange services and providing options to deal with fluctuations, the banking sector plays a pivotal role in providing financial support to individuals and businesses.
Challenges For Private Banks:
Private banks face challenges in managing currency fluctuations, including increased demand for the dollar and the effects of the financial distress resulting from the crisis.
It requires them to adapt to these challenges and provide innovative solutions to meet customer needs.
The role of the government and oversight:
The importance of the government’s role is highlighted in strengthening oversight of financial markets and ensuring the stability of the national currency.
The authorities must take the necessary measures to stimulate investment and promote economic stability.
Solutions And Directions:
To overcome these challenges, the private banking sector must cooperate with the government to provide effective solutions.
This includes enhancing financial security, offering innovative investment options, and enhancing financial technology to facilitate transactions.
Currency fluctuations and the dollar crisis remain major challenges in Iraq,
but by coordinating the efforts of private banks and cooperating with the government, solutions can be provided that contribute to achieving economic stability that benefits citizens and companies alike.
Economist: Switching To Electronic Cards Will Allow The Central Bank To Track The Movement Of The Dinar
Information / Baghdad… Economic expert, Safwan Qusay, confirmed on Tuesday that the shift towards adopting electronic cards in financial transactions will allow the Central Bank to track the movement of the dinar, pointing out that working with cards will contribute to launching projects, creating new job opportunities, and ensuring that currency is not stored inside homes.
Qusay told Al-Maalouma, “The Central Bank will be able to track the movement of the dinar through the Ministry of Oil’s procedures to activate electronic cards at fuel filling stations, as well as reduce cases of corruption that may occur when supplying generator owners with kerosene.”
He added, “The more federal ministries expand their procedures to shift toward electronic cards in financial transactions,
the more they will be able to convert transactions from paper dinars to electronic ones that go directly into the banking system.” He stated that
“working with the electronic system for trading in the dinar will allow the currency to be moved instead of storing it in homes and companies.
It will be placed in the banking system and re-injected in the form of projects and job opportunities.”
The Date Of “Cancellation Of Cash” And The Reality Of The Additional Fees.. New Details About Electronic Payment At Gas Stations
Politics |12-3-2023, Baghdad today – Baghdad Today, Sunday (December 3, 2023), the Petroleum Products Distribution Company affiliated with the Ministry of Oil revealed new details regarding stopping cash payment at gas stations at the beginning of the new year.
The company’s general manager, Hussein Talib, told “Baghdad Today”,
“Closing cash transactions at gas stations completely will not happen at the beginning of next year, but rather in the first quarter of 2024, and
the process will also take place gradually at the stations, one after the other.”. Talib stated,
“There are kiosks that will be opened in most gas stations in order to issue an electronic payment card, in order to facilitate this matter for many citizens, and
payment via the card will not deduct any additional amount other than the amount that appears on the payment screen, without any Other wages.
The Director General of the Petroleum Products Distribution Company added,
“Payment devices will be available at every pump so that there will be no delay in the issue of paying wages, and the process will be easy and fast and will not cause any rush.
On the contrary, it will speed up the payment process, but rather cash payment, which takes time to complete.” Count the money.”
Under The Patronage Of The Prime Minister, The Conference On Reforming The Tax System In Iraq Will Start Tomorrow
Economy News – Baghdad At nine o’clock tomorrow morning, Wednesday, Baghdad will witness the launch of the conference on reforming the tax system in Iraq, under the auspices of Prime Minister Muhammad Shiaa Al-Sudani, and under the slogan (Towards a transparent and fair tax system).
The conference’s main topics will include tax policies, legislation, governance and automation, tax administration and accounting.
The conference aims to
amend tax legislation that is not friendly to the business environment,
develop tax administration and the skills of its employees to raise the level of tax performance,
correct defects in the tax work environment in a way that serves the process of economic development,
achieve tax justice and
reduce the tax burden on taxpayers,
facilitate tax procedures and
adopt tax governance. And
reconsidering tax and customs policies in Iraq in light of the market economy,
strengthening Iraq’s position in international classifications in the field of tax work, and
spreading a tax culture among those charged with paying taxes by reflecting tax revenues by providing good services and
creating investments that contribute to providing job opportunities that generate sustainable income.
During which 12 winning papers will be discussed, specializing in several topics, out of 40 papers submitted by governmental and academic bodies, private sector companies, and international organizations. Views 12 12/05/2023 – https://economy-news.net/content.php?id=38177
Iraq Offers 90 Investment Opportunities In Petrochemicals And Mining
The first 12/05/2023 Baghdad: Haider Al-Jaber The majority of experts and observers agree that two internal and external factors are behind the disruption of local Iraqi industry, despite successive governments pumping millions of dollars over the past years without a noticeable improvement at the market level.
A few days ago, the Ministry of Industry and Minerals launched the Industrial Partnerships Forum in Basra in the presence of Prime Minister Muhammad al-Sudani, as part of a plan to operate the ministry’s factories and laboratories.
The ministry’s media director, Duha Muhammad Saleh, explained to “Al-Sabah” that
“the forum comes within the ministry’s plan to operate old and stopped factories,” adding that
“most of the factories have stopped due to the end of their lifespan, and
we plan for these factories to enter into partnership with the private sector and with local successful investors.” Or Arabs or foreigners.” Saleh explained that
“during the forum, about 90 investment opportunities were presented in the presence of many investing companies and various industries, including food, textiles, petrochemicals and mining,” noting that
“the Ministry had previously organized a conference for factories during which many partnerships were signed with the private sector in the phosphate and petrochemical sectors.” Sulfur and fertilizers, and
the Ministry continues to study the offers to choose the best and most appropriate to bring modern and advanced lines and factories.” https://alsabaah.iq/88428-.html
Provoking Points To Ponder on Difficulty:
WHAT IS DIFFICULTY? Only a word indicating the degree of strength requisite for accomplishing particular objects; a mere notice of the necessity for exertion; a bugbear to children and fools; only a stimulus to men — Samuel Warren
The greatest difficulties lie where we are not looking for them — Goethe
It has been the glory of the great masters in all arts to confront and to overcome; and when they had overvc0me the first difficulty, to turn it into an instrument for new conquests over new difficulties; thus to enable then to extend the empire of science – Burke
Difficulty is a severe instructor, set over us by the Supreme guardian and legislator, who knows us better than we know ourselves, and loves us better too. — He that wrestles with us strengthens our nerves and sharpens our skill — Our antagonist is our helper — Burke
The weak sinews become strong by their conflict with difficulties — hope is born in the long night of watching and fears – Faith visits us in defeat and disappointment, amid the consciousness of earthly frailty and the crumbling tombstones of mortality — E H Chapin