Bondlady’s Corner Iraqi News Highlights Tuesday Afternoon 5-30-23

Iraqi News Highlights Tuesday Afternoon 5-30-23


Tlm724 Administrator Bondlady’s Corner


The Minister Of Commerce Affirms Keenness To Deal With American Companies To Supply Wheat To Iraq


Political | 03:40 – 05/30/2023   Baghdad – Mawazine News,  Minister of Commerce, Atheer Al-Ghurairy, affirmed, on Tuesday, keenness to deal with American companies to supply American wheat to Iraq.


And the Ministry of Commerce stated in a statement, which Mawazine News received a copy of, that “Minister of Commerce Atheer Dawood Al-Ghurairy met in his office with a delegation of experts from the American Wheat Council to discuss the possibility of importing wheat for the purposes of producing commercial zero flour within the ministry’s project that it adopted with the private sector.”


Noting that “the meeting took place in the presence of the Director General of the General Company for Grain Trade, Haider Nuri Al-Karawi, and the Director General of the Department of Foreign Economic Relations, Riyad Fakher Al-Hashemi.”


She added, “The visit of the delegation of experts of the American Wheat Council came as a continuation of the invitation that the Council had previously extended to the Ministry of Commerce to visit Washington and conduct discussions of cooperation in this field, which resulted in the agreement on the experts’ visit to Iraq to see the need of the Iraqi market for the purpose of studying it and supporting Iraq in the place of supplying wheat for the purpose of Producing the best types of zero flour.


During the meeting, Al-Ghurairy reviewed “the work of the Iraqi private mills sector, the ministry’s project to produce zero flour, and the possibility of developing those mills.”


Al-Ghurairy stressed during the meeting, “The Ministry of Commerce’s keenness to deal with discreet American companies to supply American wheat to Iraq with the best quality and prices. The possibility of international and American companies entering and cooperating in this field to reach suitable prices that serve both parties.”


Central Bank: Our Initiatives Have Funded Nearly 12,000 Projects


Political | 09:51 – 05/30/2023  Baghdad – Mawazine News  The Central Bank revealed the financing of nearly 12,000 projects as part of its lending initiatives, indicating that these projects provided more than 60,000 job opportunities in various specializations.


“The Central Bank is serious about continuing its support for the banking sector in particular and the national economy in general,” said the Director General of Banking Control at the bank, Kisma Saleh Ali, to the official newspaper, stressing, “Work to install effective infrastructure for a sober financial sector that rises to the world in performance and is able to support economic operations.” in all sectors.”


She added, “The Central Bank is supportive of government directives aimed at moving towards electronic governance, and this has affected the development of performance in all institutions without exception and undermined many challenges that confuse development trends,” noting “the Central Bank’s support for the private sector in its efforts aimed at reviving the national economy.”


Especially through small and medium-sized projects and the easy financing provided for this type of important projects in reviving the economy.


And she continued, “The Central Bank’s initiatives have funded nearly 12,000 projects, 38 large projects, and in total have provided more than 60,000 job opportunities in various specialties,” noting that “the Central Bank realizes the importance of Iraq moving in a manner that parallels global trends in the field of climate change and the transition to clean energy.” He worked on launching the Clean Energy Initiative, which aims to support renewable energy projects.


Governor Of The Central Bank Of Jordan: Iraq’s Electronic Transformation Initiative Is “Promising”


Money  and business  Economy News – Baghdad  On Tuesday, the Governor of the Central Bank of Jordan, Adel Sharkas, described Iraq’s electronic transformation initiative as “promising.”


Sharkas referred to “the importance of trade between Iraq and Jordan,” expressing “his ambition to increase the export of products to Iraq, as they are of high quality.”


He added, “Iraq is moving towards electronic payment, and Jordan has a successful experience in this field, and efforts will be harnessed to support Iraq in order to benefit from the experience in all fields,” stressing “the readiness of the Central Bank of Jordan to cooperate in cybersecurity and everything that the Central Bank of Iraq needs.”


He pointed out that “Iraq’s electronic transformation initiative is promising, in addition to the interest in leadership, which is the focus of the success of any economy.”


Views 89   Added 05/30/2023 –


An Iraqi Tendency To Stop Foreign Borrowing, Except For One Case


Money  and business  Economy News – Baghdad  Deputy Prime Minister and Minister of Planning Muhammad Ali Tamim confirmed, on Tuesday, the government’s intention to stop external borrowing.


A statement by the Ministry of Planning stated that “Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, received the Chinese ambassador to Iraq, Cui Wei and his accompanying delegation,” noting that “during the meeting, they discussed mechanisms for activating and implementing the provisions of the framework agreement between Iraq and China, In line with the priorities of the government program, and the directions of the Iraqi government, to improve the reality of services, especially in the field of schools, hospitals, electricity, and the rest of the service sectors.


Tamim stressed that “the government tends to stop external borrowing, except in the case of necessity, and the loans are directed to the implementation of giant strategic development projects, such as electricity projects, roads, irrigation stations and ports,” pointing to “Iraq’s sincere desire to develop bilateral relations and benefit from the Chinese development experience, By attracting large companies to invest in various regions of the country, and in all fields.


For his part, Wei expressed his country’s readiness “to support the Iraqi government’s efforts in the development field, and to achieve economic partnership with Iraq, in accordance with the common interests between the two countries.”


He stressed “the Chinese government’s interest in implementing the provisions of the framework agreement, and preparing all related procedures that contribute to advancing the implementation process forward.”   Views 77  05/30/2023


Features Of The Upcoming Central Bank Strategy In Banking Development And Reform


Sameer Al-Nusairi  In his speech at the opening of the annual banking conference, the governor of the Central Bank of Iraq outlined the banking reform strategy for the next stage by clarifying the visions and policies that will be included in the new strategy in line with what was stated in Article Twelve of the government curriculum (financial and banking reform) and what Paragraph 7 referred to, which emphasizes Reforming the banking sector and enabling it to contribute to stimulating development and investment.


From an analysis of the governor’s speech, it can be considered that the visions, plans and policies it contained are the axes of the Central Bank’s future strategy in banking development and reform, which we include below:


First – the establishment of a Riyada Bank for Social Development, and the new bank will work to support the segments of Iraqi society, and it will have social and economic dimensions.


The Central Bank of Iraq will provide the necessary support through various initiatives to make this project a success, which is in line with the vision and initiative of the Prime Minister in the government project (Riyada) to support youth.


And that “the bank will be the first in Iraq to care for low-income people through soft loans and simple guarantees in support of the vulnerable segments, and to diversify the non-oil economy through small and micro projects to revitalize the private sector and reduce unemployment and poverty rates.”


Second: Putting the final touches to prepare a national strategy for bank lending.


Third – Launching a project to establish a financial and business center, which will serve as an integrated city that includes the stock market, the business sector, and financial institutions.


Fourth – Work to achieve an integrated structure, sustainable rules and policies to overcome technical challenges, information security and cybersecurity, and implement security and privacy measures to protect the information of users and the public.


The above recommendations require the competent departments of the Central Bank to lead specialized committees with the participation of the Association of Banks and Banks for the purpose of converting them into executive policies to achieve the desired banking reform.


Views 110  Added 05/30/2023 –


Increased Central Bank Sales


Tuesday 30, May 2023  Economical Number of readings: 322  Baghdad / NINA / – The Central Bank of Iraq’s sales of foreign currency increased today, Tuesday, as it recorded more than 267 million dollars.


According to the schedule of the currency sale window, the Central Bank sold during its auction today 267,083,785 dollars, which the bank covered at an exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar in cash.


Most of the dollar sales went to enhance the balances abroad in the form of (remittances, credits), amounting to $209,783,785, while the remaining $57,300,000 went in the form of cash sales. /End 11


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