Iraq Economic News 5-23-2024
Mazhar Muhammad Saleh: Increased Bank Lending Activity Increases Growth And Prosperity
Economical 05/23/2024 Baghdad: Al-Sabah Yesterday, Wednesday, the Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Saleh, identified three benefits and advantages of bank credit, while noting that the increase in bank lending activity increases growth rates and economic well-being. Saleh said to the Iraqi News Agency (INA):
“The function of credit, in its monetary and pledged forms, is one of the most important aspects of banking activity in spreading a sound financial system, so bank credit, or granting bank loans specifically, is the vital financial tool that banks use to provide the required cash liquidity.” And financing the economic activity of individuals and companies.
He added, “The feasibility of bank credit lies in several main economic and social aspects, including:
First: supporting small and medium enterprises, as bank credit plays an important role in financing small and medium enterprises, and at the same time helps in
generating new job opportunities,
stimulating innovation,
enhancing economic and social growth, and
raising Growth rates in the incomes of individuals and projects.
He pointed out that “stimulating economic growth can only be achieved by mobilizing the necessary funds for economic activities to expand the businesses of individuals and projects,” noting that
“bank credit enhances economic activity and increases the level of productivity and investment rates, whether in the industrial, real estate, commercial, agricultural, or other fields.” He continued:
“Secondly: granting loans helps encourage saving, as
bank credit activity is linked to increasing bank savings rates for the public through higher bank deposit rates, as
banks provide distinct savings or savings accounts to customers who will use their borrowing or credit products.” He continued:
“Thirdly: Bank loans have an effective role in organizing financial resources among real activities within the overall economy and
meeting the needs of productive sectors for financing in order to create capital accumulation by investing in real assets.
However, bank credit, or granting bank loans, also meets the needs of individuals to generate benefit.
Bank credit allows them to access financing to
purchase residential real estate, transportation, or to
cover educational or medical expenses, which improves the standard of living.”
He pointed out that “the greater the activity of lending or bank credit, the greater the economic activity and the higher the rates of growth and economic well-being,
provided that these activities do not conflict with the overall objectives of monetary policy in
achieving stability in the general level of prices and
combating monetary inflation, and that they do not conflict with the
policy of high employment in the labor force and promoting.. Economic growth rates. https://alsabaah.iq/97137-.html
Statement Issued By The Presidency Of The Anti-Money Laundering And Terrorist Financing Council
May 22, 2024 Statement issued by the Presidency of the Anti-Money Laundering and Terrorist Financing Council
The Middle East and North Africa Financial Action Task Force (MENAFATF), at its general meeting, held in the Kingdom of Bahrain for the period from 19-23 May 2024,
approved the mutual assessment report for the Republic of Iraq, which reflects its great commitment to applying international standards to combat money laundering and the financing of terrorism.
The report issued by the organization highlighted the
ability of the committed system to combat money laundering and terrorist financing in Iraq, and the
great efforts made by the state in combating these crimes, in accordance with solid international standards.
The report stressed
understanding the risks of money laundering and terrorist financing, and the
effectiveness of implementing measures to combat these crimes, including
international cooperation and
confiscation of proceeds of crime, as well as
investigation and prosecution.
The Presidency of the Anti-Money Laundering and Combating the Financing of Terrorism Council takes advantage of the opportunity to extend sincere thanks and appreciation to His Excellency the Honorable Prime Minister and the Honorable President of the Judicial Council,
for the support they provided to raise the evaluation process, as well as to extend its thanks to the members of the Anti-Money Laundering and Terrorist Financing Council and the Anti-Money Laundering and Terrorist Financing Office.
Money and terrorist financing, and all judicial and governmental bodies and all formations of the Central Bank of Iraq, which have contributed and worked over the past two years to provide the evaluation requirements in a way that reflects the real reality of effective judicial and government procedures in developing the system to combat money laundering and terrorist financing.
Ali Mohsen Ismail
Chairman of the Anti-Money Laundering and Terrorism Financing Council
Governor of the Central Bank of Iraq https://cbi.iq/news/view/2588
Advisor To The Prime Minister Highlights The Importance Of Bank Credit In Strengthening The Economy
May 22, 2024 Baghdad/Iraq Observer Today, Wednesday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, identified three main benefits of bank credit, stressing that
increasing bank lending activity
raises growth rates and
economic well-being. Saleh explained,
“Bank credit is a vital financial tool for providing liquidity and financing economic activity to individuals and companies.” He pointed out
three main benefits of bank credit, which are that it contributes to financing it,
generating job opportunities,
stimulating innovation, and
promoting economic and social growth.
It is linked to an increase in bank savings rates through an increase in bank deposits, as banks provide distinct savings accounts.
It also contributes to
meeting the needs of productive sectors and
financing the purchase of real estate and educational and medical expenses,
which improves the standard of living.
Saleh added that increased lending activity
enhances economic activity and
raises growth rates and prosperity,
provided that it does not conflict with the goals of monetary policy and economic stability.
https://observeriraq.net/مستشار-رئيس-الوزراء-يبرز-أهمية-الائتم/
Minister Of Electricity: We Are Working To Support The Private Sector By Establishing National Production Lines
Minister of Electricity Ziad Ali Fadel energy Economy News – Baghdad The Minister of Electricity, Ziad Ali Fadel, confirmed on Thursday that the ministry is working to support the private sector in the country by establishing national production lines.
The media office of the Minister of Electricity said in a statement, seen by Al-Eqtisad News, that “the Minister met with a delegation from the Riyadh Cable Company and a coalition of Al-Rowad companies for the production of electrical wires and cables.”
The Minister of Electricity confirmed, according to the statement, that “we have an intention to support the private sector and stimulate the industrial movement in the country by establishing national production lines that attract labor and contribute to meeting the electricity sector’s need for spare parts.”
He added: “We need to produce wires and cables (11, 33, and 132 kV) to keep up with demand and address bottlenecks.”
He pointed out that “there are controls for laboratory and factory tests conducted by the Ministry to proceed with competitive transactions in accordance with the approved specifications.”
The Minister of Electricity continued, “Private sector companies have successful experiences with the ministry’s formations, and we hope to strengthen them and develop production facilities in a way that serves and achieves the public interest.”
– https://economy-news.net/content.php?id=43682
Provoking Thoughts and Points to Ponder on Money
Money is the poor people’s credit card. – Marshall McLuhan
A man is rich in proportion to the things he can afford to let alone. – Henry David Thoreau
Money is like a sixth sense, and you can’t make use of the other five without it. – W. Somerset Maugham
Money swore an oath that nobody who did not love it should ever have it. – Irish proverb
I’m so happy to be rich, I’m willing to take all the consequences. – Howard Ahmanson
http://www.famousquotesandauthors.com/topics/money_quotes.html
