PETRA: Don’t pass by this article!! BIS is the Central Bank of all Central Banks. Who better knows they are under Article 14 and cannot transact internationally…unless???
So why make this commitment of investment???? It’s a rhetorical question!
And yes, of course they would know about the rate change because they are the ones who will notify all the other CB’s around the world when it is formally announced by the CBI. Somethings coming!!!
Watch the CBI!!!! IMO
Samson: The Iraqi Central Bank and the Bank for International Settlements agree to increase investment opportunities
The Central Bank of Iraq agreed, today, Saturday, with the Bank for International Settlements to increase investment opportunities.
A bank statement said, “The Central Bank of Iraq held a remote meeting with the Bank for International Settlements (BIS) to discuss prospects for joint cooperation and investment mechanisms between the two parties.”
The statement pointed out that “the two sides agreed on the contribution of the Bank for International Settlements to enhance the capabilities of the Central Bank of Iraq and increase investment opportunities in foreign reserves.”
The Bank for International Settlements is an international institution that provides services to central banks that seek to enhance global monetary and financial stability, through its activities in achieving a balance of priorities of strategic importance for central banks in managing reserves, and ensuring a good understanding of liquidity management and diversification in order to obtain good returns To meet their needs, as well as providing credit, gold and foreign exchange brokerage services and asset management, including the function of integrated financial and operational risk management and properly controlling them. LINK
MilitiaMan: Yesterday Iraq Finance Minister is given the green light to negotiate with AYSCUDA. The negotiations would have to be with information that would need to have been obtained from the CBI to negotiate Iraq’s procedures to get up to international standards as that is expected of a Country that to be a modern market economy.. The BIS may be our icing on the cake. Imo IT IS!!! ~ MM PS… If it is in print it could be dated … jmtc..
“CUSTOMS MODERNIZATION PROJECT CUSTOMS MODERNIZATION PROJECT
To reform and modernize the Customs Administrations, aligning
the legal framework, their organization and procedures to
international standards and best practice, and ensuring their
IT Component IT Component
To modernize the Customs IT infrastructure and build e-government facilities for information and interaction with the
trade community, including electronic filing of declarations
ASYCUDA ASYCUDA provides the core software and related expertise to
create an efficient and effective environment for the
management of Customs operations“
Don961: The Iraqi economy between bankruptcy and rescue
Engineer Mohammed Sahib Al-Darraji Member of the Finance Committee in the Iraqi Parliament
Special article for Policy Making Forum IFPMC_LONDON November 20, 2020
After the end of the clamor that accompanied the session of approving the financial deficit financing law and the attention shifted from the seriousness of the financial situation to the component bickering of the general policy of the distorted system that manages the relationship between the center and the region, the game of throwing balls in the other court between the government and parliament regarding managing the financial situation continues, forgetting that the public
The spectator of this game may enter the arena of the two parties and end the game completely and demolish the stadium on the heads of the local and external players and coaches, and the final whistle will be a loud cry for a people who may not find their strength if the economic and financial situation continues in this confused way that lacks the touches of statesmen who think about the future of generations rather than the results of the elections
After this enthusiastic introduction, let us rely on the calm of the brave in crises and open up to our people with the truth of the matter and the bitterness of the result.
Mismanagement of the economy is not the result of the moment, but rather the accumulation of wars, sieges and political mismanagement.
Whoever runs the state is unaware that he is ignorant of the economy and believes that he is doing what is right when he burdens institutions with appointments or increases the number of people directly benefiting from government imports, and at the same time he is proud that he followed the policy of the open market as an example, and he does not know what it means and does not listen to those who know and other disasters that have transformed Iraq To a consumer quagmire for the products of others, and it has become like a station to sell oil to others in exchange for money that directly turns into consumer imports that end up in garbage or “sewage streams“
Consequently, Iraq lost the economic and financial compass and became without a clear economic doctrine, and the bad performance was exposed when oil prices fell
. Regardless of the reasons and causes, we have to face the current reality, as the expenditures are very high not commensurate with the productivity of society and there is an accuracy in calculating the gross product accompanied by a large decrease in imports, which creates a financial deficit whose effects reach the level of the daily sustenance and income of the citizen, and even exceed it to the contractual breach between the state and its employees by not paying Pay or delay.
Unfortunately, the government could not deal with the crisis except by borrowing, and Parliament approved internal and external borrowing in June 2020, conditional on measures represented in providing reforms within 60 days and controlling spending for salaries through the biometric number of employees. However, the competent authorities in the government failed to achieve this. They were unable to obtain any external loan, but rather borrowed internally only. A reform paper was not presented in a timely manner, nor did the employment number activate
In general, let us accept the name in order to advertise the solution, if any! I will express a frank and brief opinion of this document: – A research paper that information was gathered from here and there and placed at the top of the paper in a manner similar to the method of second-class consulting offices, and then compiled a set of solutions that are not without validity from various papers and meetings, the most important of which is the IMF paper presented to the committee Finance in the Iraqi Parliament in 2017 at a workshop held in Jordan.
Despite this, the paper does not need to be presented to Parliament, as the law referred to reforms and not to submit them for approval in the House of Representatives! Also, most of the proposed solutions can be initiated immediately by governmental institutions without any legislative interference.
Here we are surprised at the governmental stalemate in starting any financial or economic measure to save what can be saved. On the contrary, a new law was introduced to borrow for the remainder of the year and with sums of money, with which it was reluctantly approved by the House of Representatives after it was linked to the salaries of employees and the media agitation against the House of Representatives, which made the specialists within the Council between the hammer of the necessity of paying salaries and the anvil of the danger of borrowing Over the Iraqi economy, the hammer prevailed over its anvil, and God is our helper
What is more dangerous than that is that there is still the possibility of borrowing in 2021, and here we must be very frank, as internal borrowing is an unreal metaphor for the reality of using money from the Central Bank of Iraq as Iraqi banks are unable to lend to the government because it suffers from a lack of liquidity mainly . On this basis, the Central Bank issues its treasury transfers to government banks to give them to the government to fill the deficit.
The important question here is where the central bank comes from this money? The answer is that the bank has two solutions, the most bitter
The first is to use reserve storage from hard currency and convert it into dinars by increasing the sales window of currency sale
Second, it was printed for the Iraqi currency without a corresponding cover of gold or hard currency
These two solutions will sooner or later lead to very negative results that may reach a complete collapse through either the bankruptcy of the central bank’s reserves or the loss of control over the exchange rate without being prepared for that and the protection of the fragile classes in society.
These two dilemmas remained. Accordingly, the state, represented by the government and all other legislative and social institutions, must start a series of measures to save the situation, and these measures may involve some sacrifices, but they fall under the principle of warding off the worst from the bad.
Lack of control over the economic situation may push the country to slide into the tunnel of dark chaos, and here I can suggest some measures Which may contribute to a temporary adjustment of the economic rhythm. I hope that the decision-makers will look at it seriously and professionally, lift the reverence in their ears, remove the blindness of their eyes, and open their hearts to reach the country to Paraman
Asking OPEC to exempt Iraq from reducing the quantities of exported oil and adhering to the original quota
Converting the state’s assets and assets into cash and selling the overrun lands and selling agricultural lands to contracting parties
Government control of retirement, insurance, and insurance investment funds and their operation to bring in adequate returns
Stopping consumer spending in state departments and closing embassies and missions in countries that do not have diplomatic representation in Iraq
Freezing allocations for presidencies and some ministries and achieving the principle of equal salary and allowances for all state employees
Compulsory collection of services such as electricity, water and sewage, and the collection of all state debts
Imposing compulsory insurance on all commercial activities
Stop all cuts in oil prices, internally and externally
Changing the exchange rate provided that it is accompanied by a series of measures to control prices and protect the poor and middle-income classes
Imposing sales tax and increasing customs on some luxury items and increasing the tax base, not taxes
Announcing all government factories as investment opportunities, protecting the local product, and preventing some imports
Withdrawing the cash liquidity in the community and re-employing it in productive projects. This is done in various ways that were previously explained in previous articles
Impose electronic payment, reduce the use of cash payment to a minimum, and encourage e-commerce
Approving the biometric card or the unified job number when distributing the salary
Giving privileges and facilities to investors who pay flat sums to the state
Opening the door to competition in the telecommunications and Internet sector and ending the commercial monopoly of some companies
Opening the door for investment in mineral resources such as phosphates, sulfur, and others
The Ministry of Finance sells hard currency directly to those wishing to buy
Pumping loans to operate the private sector and giving sovereign guarantees to international companies equipped for the production lines of factories in the event that the private sector imports these production lines
Restructuring the ration card or converting it to cash sums delivered to the unemployed, retired people, and small employees, and those who prove that their monthly income is less than one million dinars
It goes without saying that there are dozens of other applicable ideas that can positively affect the financial and economic performance of the government and move away from being constructive points inappropriate for the Iraqi reality. Finally, solving the economic problem and steadfastness in rising the economic slope requires concerted efforts between the government, legislative institutions, citizens and social actors.
To stop the collapse and preserve public order and civil peace and we are torn apart from the curse of oil towards building a sustainable economy that prepares for a better life for our present and the future of future generations link
Samson: The Saudi Monarch Calls For Opening Borders Between Countries To Facilitate The Movement Of Trade
21st November, 2020
Saudi King Salman bin Abdulaziz said that 2020 was an exceptional year, as the emerging Corona pandemic constituted an unprecedented shock that affected the whole world in a short period of time.
“We must continue to support the global economy and open borders between countries to facilitate the movement of trade and provide support to developing countries,” he added in a speech upon opening the works of the virtual summit of the leaders of the G20 countries.
King Salman called for providing opportunities for all, especially youth, to enhance their role in the labor market through education, training, creating jobs, supporting entrepreneurs, bridging digital gaps, creating conditions for creating a more sustainable economy and effectively promoting the principle of the circular economy.
He also called for providing opportunities for all, especially youth, to enhance their role in the labor market through education, training, creating jobs, supporting entrepreneurs, bridging digital gaps, creating conditions for creating a more sustainable economy and effectively promoting the principle of the circular economy. LINK
The G20 Summit Allocates 11 Trillion Dollars To Help The Global Economy
21st November, 2020
The Saudi Minister of Investment, Khalid Abdulaziz Al-Falih, said that the global economy will contract less than previously expected, due to the steps taken by the G20.
Al-Falih added, in statements on the sidelines of the G20 summit today, Saturday, that $ 21 billion has been allocated to support efforts to reach a vaccine for Covid-19, as well as $ 11 trillion to help the global economy. He stressed that helping the poorest countries was one of the priorities of the Saudi Presidency of the G20.
Al-Falih indicated that the impact of the G20 summit this year will not be limited to the repercussions of the pandemic, explaining that the importance of the G20 summit this year is to prepare the world in the future to face challenges such as the pandemic. LINK