Iraq Economic News 5-27-2024
A Positive Report From The World Bank On Iraq’s Monetary Policy
Economy | 05/27/2024 Baghdad – Mawazine News The report issued by the International Monetary Fund mission for the current year 2024 for Article Four consultations, today, Monday, praised the Iraqi government’s measures, including the monetary policy led by the Central Bank of Iraq.
The report indicated, according to a statement issued by the Central Bank and received by “Mawazine News,” that “the Central Bank of Iraq has taken several measures aimed at stabilizing the national currency and controlling monetary inflation,” adding that “the Central Bank has raised the interest rate on monetary policy tools from 4% to 7.5%.” % and increasing banks’ mandatory reserve requirements from 15% to 18%.
These steps were decisive in reducing the inflationary pressures that Iraq suffered from, and this contributed to creating a more stable economic environment.
The report stressed that “important reforms in the banking sector such as gradually increasing In bank capital and mergers between small banks aim to strengthen the banking sector and increase its efficiency and flexibility in the face of economic shocks.”
The report noted that “Iraq has implemented new compliance measures to improve the transparency of cross-border financial transactions, by launching an electronic platform that imposes the disclosure of financial beneficiaries, which enhances the integrity of financial transfers in accordance with international banking standards, in addition to the role of the Central Bank of Iraq in expanding Correspondent banking relationships, to facilitate smoother international trade financing operations.”
https://www.mawazin.net/Details.aspx?jimare=248722
The Minister Of Finance Confirms The Government’s Commitment To Implementing The Financial Management Law
Economy Monday, May 27, 2024 3:54 PM The Minister of Finance confirms the government’s commitment to implementing the Financial Management Law https://nnciraq.com/256545/
The Iraqi Central Bank Sells More Than $275 Million During Today’s Auction
Economy News – Baghdad The Central Bank of Iraq announced, on Monday, its sales of hard currency, amounting to more than 276 million dollars in today’s transactions, according to the official rate of 1310.
The bank’s data showed that the total internal cash withdrawals amounted to $25,100,000, while the total amounts of transfers abroad, which include remittances and credits, amounted to $251,787,116, while the total sale amounted to $276,887,116.
https://economy-news.net/content.php?id=43768
Iraq Is Close To Opening The First Factory To Produce Naval And Military Boats
Money and business Economy News – Baghdad During the current year, the Military Industries Development Company will open the first factory of its kind in the country to produce military naval boats, revealing that it has concluded pre-manufacturing contracts with the leadership of the Naval Force.
The company’s general manager, Ali Mohsen Khudair, said in a statement followed by Al-Ahed News Agency, “The authority, as part of its plans to develop the military industry in the country in cooperation with international companies, will open during the current year the first factory of its kind for the production of military naval boats, and it will also specialize in rehabilitating and maintaining ships.” River and marine vessels.
He added, “The factory, which was equipped with the latest advanced devices and equipment, and is currently in operation, is located within the site of the (Uqba bin Nafi) facility in the Yusufiyah region, noting that the production of boats of various types was carried out before 2003 within the Dhat Al-Sawari Company affiliated with the Ministry of Industry and Minerals.” However, it was not at the required level.”
Khudair revealed that “the Authority had concluded prior contracts with the leadership of the Iraqi Naval Force to equip it with naval boats with specific specifications, which reflects the success of the economic feasibility achieved previously, which focused on the factory’s production of boats of various types, in accordance with the requirements and specifications of the beneficiary in the security services of the maritime police.” And the river.”
He pointed out that “the manufactured boats are characterized by being fast interceptors, designed according to international specifications, operating with high efficiency in various marine conditions, and also enjoying high stability.”
The company director confirmed, “The Authority intends to develop the work of the fleet of boats and military naval boats of various types, which will contribute to supporting the country’s economy as well as creating great job opportunities for the workforce:. https://economy-news.net/content.php?id=43765
Decrease In Dollar Exchange Rates In Baghdad And The Provinces
Economy | 05/27/2024 Baghdad – Mawazine News Today, Monday, the dollar exchange rates recorded a decrease in the local markets in Baghdad and the governorates. Below is a list of exchange rates:
Baghdad 145,000 Erbil 144,925 Basra 145,000 Najaf 145,000 Mosul 145,000 Kirkuk 144,950 Sulaymaniyah 144,850 https://www.mawazin.net/Details.aspx?jimare=248730
Provoking Thoughts and Points to Ponder on Money
Never ask of money spent Where the spender thinks it went. Nobody was ever meant To remember or invent What he did with every cent. – Robert Frost
The almighty dollar, that great object of universal devotion throughout our land, seems to have no genuine devotees in these peculiar villages. – Washington Irving
Jesus went into the temple… overthrew the tables of the money changers, and the seats of them that sold doves. – Bible
When I had money everyone called me brother. – Polish proverb
Take care of the pence, and the pounds will take care of themselves. – William Lowndes
Ah, take the Cash, and let the Credit go, Nor heed the rumble of a distant Drum! – Omar Khayyam
When money speaks the truth is silent. – Russian proverb
Money is not required to buy one necessity of the soul. – Henry David Thoreau
Not greedy of filthy lucre. – Bible
The love of money is the root of all evil. – Bible
http://www.famousquotesandauthors.com/topics/money_quotes.html
