Iraq Economic News Highlights and Points to Ponder Tuesday AM 10-24-23
Above 161… The Stability Of The Dollar Exchange Rates In Iraq
TUESDAY, 10-24-2023, KARAR AL-ASSADI Dollar prices stabilized today, Tuesday, in the markets of Baghdad and the rest of the governorates. With the opening of the Kifah and Al-Harithiya central stock exchanges in Baghdad, dollar prices recorded 161,000 dinars compared to 100 dollars, which is the same price at which the stock exchange closed yesterday, Monday.
Dollar prices also stabilized in banking shops in local markets in Baghdad, with the selling price reaching 162,000 Iraqi dinars, while the purchasing price reached 160,000 dinars for every 100 dollars.
https://non14.net/public/161227
A New Rise In The Price Of The Dollar Against The Dinar In Baghdad And Erbil
2023-10-24 Shafaq News/ Dollar prices rose today, Tuesday, in Baghdad markets and in Erbil, the capital of the Kurdistan Region.
Shafaq News correspondent said that dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 161,000 dinars against 100 dollars. While prices yesterday, Monday, were 160,300 dinars compared to 100 dollars.
Our correspondent indicated that selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 162,000 Iraqi dinars, while the purchase price reached 160,000 dinars for every 100 dollars.
As for Erbil, the dollar also recorded an increase, as the selling price in banking shops was recorded at 160,850 dinars against the dollar, and the purchase price was 160,750 dinars against 100 dollars. LINK
In The Document, The Central Bank Obligates Dollar Outlets To Provide The Customer With An Instant Image Feature To Prevent Penalties LINK
Overthrowing A Network That Disputes Dollar Prices Through Passports
The first 10/24/2023 Baghdad: Morning: Yesterday, Monday, intelligence agency detachments arrested three people who were forging travel tickets and using citizens’ passports in order to speculate in the exchange rate and harm the national economy.
This was mentioned in a statement issued by the agency and confirmed that its detachments arrested them inside a remittance and exchange company, in possession of 1,675,000,000 million Iraqi dinars and 462,440 thousand dollars along with printing devices for counterfeiting travel tickets, and a set of passports and personal phones that included correspondence related to illegal transfers. .
She explained that the intelligence agency units specialized in combating organized crime continue their proactive operations in pursuing exchange rate speculators who harm the national economy.
It indicated that the operation came after receiving accurate information that included a remittance and banking company printing forged travel tickets using citizens’ passports in order to harm the national economy by receiving the dollar at the official exchange rate and then selling it on the black market.
When interrogating the defendants, they frankly admitted that they had harmed the national economy, falsified travel tickets, exploited citizens’ passports, and practiced sending illegal transfers in violation of the instructions of the Central Bank, according to the intelligence agency, which called on citizens to report all outlaws in all parts of Iraq by calling the number. Hot free 144. https://alsabaah.iq/86048-.html
Saleh: The Continued Rise In Oil Will Lead The Budget To Balance And Reduce Its Deficit
Time: 10/24/2023 Read: 403 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, stressed the importance of rising oil prices in reducing the fiscal budget deficit.
Saleh told {Al-Furat News} agency, “Any increase in the average price of a barrel of exported crude oil above the price approved in the federal general budget of $70 during the fiscal year on average, will help reduce the deficit gap and lead the budget to balance.”
He added, “The financial policy provides sufficient flows to implement investment programs and projects without expanding financing the deficit from external or internal sources, which is the annual deficit estimated at about 63 trillion dinars, and it is expected that the aforementioned deficit will not be reached in the current fiscal year, with the exception of some very limited bridge borrowings.”
In light of the increase in global oil prices, expectations are that this will reflect positively on Iraq, which has been suffering from a stifling economic crisis for years due to the war that destroyed many regions and exhausted the state budget.
With the increase in demand for oil, prices rose to record levels after the recent crisis that the world is witnessing as a result of the events of the Russian-Ukrainian war and the continuation of the Israeli aggression on the Gaza Strip and its impact on the tense conditions of the oil-rich countries of the region. Raghad Dahham LINK
Financial Reform In Iraq: Moving Towards A Digital System And Development
Posted On 2023-10-24 By Sotaliraq Translated by / Hamed Ahmed A report by the Canadian Economic News website, Business Network BNN, addressed the aspect of economic and financial reform that Iraq seeks to achieve by implementing its transition in its financial sector and transitioning to the digital era and economic growth in order to achieve stability and prosperity.
The Canadian report states that there is an economic and financial reform revolution taking place silently in Iraq, a country that the press often portrays as troubled by conflicts and disagreements, but which is now moving forward towards a qualitative transition in its financial sector and beginning a new phase of digital technology and economic growth.
The Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, recently chaired a crucial meeting that focused on the unified bank account and the electronic payment system, and these are two poles that will broadly reshape the country’s financial landscape. Al-Sudani focused on the urgent need to activate the work and responsibilities of the Payments Council at the Central Bank. These are not bureaucratic directives, they are an urgent call to modernize Iraq’s banking sector and a fundamental step towards broader economic transitions.
The Prime Minister also stressed that he would receive a final report on the progress achieved, and this reflects a demand for accountability and transparency. His directive to all ministries to implement the fourth paragraph of Council of Ministers Resolution (3581 of 2023) and to accelerate the formation of committees only emphasizes the necessity of accelerating this task at hand.
The report states that Al-Sudani’s call to conduct an analysis of the immovable bank accounts of each ministry within a month is a testimony to the government’s determination to address the financial recession and inject momentum into the economy. It forms part of a larger effort to make the financial system more responsive and agile and align it with the changing dynamics of the global economic system.
In the first banking conference of the Central Bank of Iraq held in Erbil, the transformation towards a digital economy was at the forefront of the conference and its central topic. The conference, which was attended by the Prime Minister of the Kurdistan Region, Masrour Barzani, the Second Deputy Speaker of Parliament, Shakhwan Abdullah, and several political, economic and business figures, demonstrated Iraq’s pledge to the growth of its banking sector and international cooperation.
Central Bank Governor, Ali Al-Alaq, highlighted the risks associated with a cash-dependent economy, which include financial crimes and illegal practices. He painted a picture of a digital economy in which technology serves as a catalyst for growth and transparency. Al-Alaq stressed the importance of maintaining the stability of the exchange rate and giving priority to the components of financial systems and commercial provisions.
The governor also highlighted the importance of adhering to anti-money laundering and terrorist financing laws, which demonstrates Iraq’s pledge and commitment to international conventions and standards. These efforts aim to ensure the transparency and integrity of financial operations and make Iraq a more attractive location for global investments.
The report indicates that the developments taking place in the Iraqi banking sector are not separate events in themselves, but rather part of a larger issue about the progress and modernization approach that the country is witnessing. The country is taking important steps towards building a stable, safe and effective banking system that is vital for attracting investment, promoting economic growth and improving the standard of living of its citizens.
The Canadian report notes that, based on the Prime Minister’s directives and the initiatives of the Central Bank, Iraq’s pledge to change the financial infrastructure is clear. Amid challenges and complications, the country is pursuing a path towards a future that is not characterized by conflicts and crises, but rather by stability, growth, and towards achieving digital capabilities. It is the story of a patient and ambitious country determined to ensure a promising future for its citizens.
The United Nations envoy to Iraq, Jeanine Plasschaert, said in her briefing to the UN Security Council earlier this month regarding developments in the situation in Iraq, that the Iraqi government has taken important steps regarding reforming the financial and banking system in the country. She stated that the Iraqi government has taken steps in the budget that allow for increased private sector investments and efforts to increase transparency regarding the collection of customs revenues.
From the Canadian news site BNN LINK
Points To Ponder on The Value of Challenge:
Challenge is life’s way of making sure that you truly desire the things you achieve. Challenge is an excellent tool for keeping you focused on the things that really matter to you.
Imagine for a moment what it would be like to live in a world with no challenge. In such a world, you could obtain anything and everything with no need for effort, discipline or commitment.
Does that sound like a great setup, with your every wish fulfilled the moment you think of it?
Well, it might be nice for 20 minutes or so,but it would soon grow extremely tiresome. For such a world would literally overwhelm you with meaningless triviality.
Sure, every wish would be instantly granted, but it would all be painfully empty.
The value of achievement is in the achieving, in the overcoming of the challenges, in the person you become as a result of going through the process.
To have the reward without the effort is to have no reward at all, nothing but an empty and meaningless token.
Challenge is difficult, often painful, always demanding, and as such, challenge is what makes true value, beauty and fulfillment possible. Challenge can be tough, yet indeed it brings about the richness and fullness of life. Ralph Marston
