WOTS THU SEP 23 21Washington: We are committed to supporting Iraq's efforts to implement the white paper on economic reforms
These are the articles I discussed on today's My FX Buddies Podcast:
Central Bank Governor: We are working to activate payment systems through financial inclusion to reach all citizens
The Governor of the Central Bank of Iraq, Mustafa Ghaleb, stressed, on Wednesday, that we need to combine the state’s measures to ease and reduce by launching a clearly defined strategy and starting with commodities that have an advantage such as agricultural products, noting that it is not hidden from everyone that the Central Bank plays an important role in achieving balance. Macroeconomic conditions that have passed since 2019 until now.
In his speech during the annual exhibition of finance and banking services, attended by "Economy News", he said that it is not hidden from everyone that the central bank plays an important role in achieving macroeconomic balance in light of the conditions that have passed since 2019 until now through monetary policy tools. We have faced many challenges, the most important of which are the decline in oil prices and domestic production, the high budget deficit of the state, and the high volume of the internal public debt.
He added that to stimulate economic activity and reduce unemployment, the bank launched an initiative with an amount of more than 5 trillion dinars, in addition to the previous initiative launched in 2015 to stimulate the various industrial and agricultural sectors, services and housing in a balanced manner with reduced interest rates and sometimes without interest, as in the housing sector to achieve an economic renaissance.
And between the governor of the Central Bank, we need to combine the state's measures by reducing and launching a clear strategy and starting with goods that have an advantage, such as agricultural products.
And he indicated that the Central Bank deducted treasury transfers 2020 and 2021 to finance the dues of the Ministry of Finance, despite the increase in debt and the negative impact, but it is a historical necessity to find a solution to the financial crisis that the country went through and to cross to safety.
He stressed that the Central Bank is working with the Ministry of Finance to reform government banks, as well as activating payment systems by activating financial inclusion and access to services to all citizens, as the number of accounts doubled from 3 million in 2019 to 6 million in 2020, and the number of electronic cards also increased From 10 million to 12 million cards.
He pointed out that as part of the Central Bank's efforts to combat money laundering and terrorist financing, it has succeeded in establishing an integrated system through the issuance of the Anti-Money Laundering Law No. 39 of 2015 and the Anti-Money Laundering and Terrorist Financing Office was established and issued several decisions that contributed to Iraq's exit from the gray area it issues. You missed, and the Central Bank seeks to establish a sovereign fund for future generations in which state institutions and oil revenues contribute. The presence of the sovereign fund reduces the potential risks in light of oil price fluctuations and contributes to building a secure future for future generations.
With regard to the issue of digital transformation, the Governor of the Central Bank confirmed that the bank is working on developing technical infrastructure and cybersecurity, automating services, and setting and opening electronic wallets
Minister of Finance: A series of measures taken by the government led to the stability of economic conditions
Finance Minister Ali Abdul-Amir Allawi confirmed, on Wednesday, that the collapse of oil prices caused a crisis in the Iraqi economy, and when the government assumed its duties, there was a billion dollars in its accounts, noting that the series of measures taken by the government led to the stability of economic conditions.
Allawi said in his speech during the annual finance and banking services conference, which was held in Baghdad and attended by "Al-Iqtisad News", that the collapse of oil prices caused a crisis in the Iraqi economy, and when the government assumed its duties, there was a billion dollars in its accounts and the financial surpluses of the previous year were spent on Excess expansion in the public sector.
He added that the government struggled to manage the subsequent effects of the economic and security crises, and the problems were exacerbated by the lack of a budget in 2020, the expansion of public sector obligations and previous accumulations, while we were trying to absorb employment obligations and pensions, and economic activity shrank sharply, noting that the Iraqi economy suffered from a decline. to 11% of GDP in 2020.
He explained that the series of measures taken by the government led to the stabilization of economic conditions, including the devaluation of the local currency, which had an important impact on the recovery of the domestic product, in addition to that, the price of oil began to recover in the fall of 2020, as it reached 62 dollars in the first eight months.
And he indicated that the 2021 budget was passed and our credit rating was preserved and the public sector payroll and pension obligations became more under control than before, noting that the government took the start of reform and put the reform of the public sector and the entire public administration and the white paper is the first real evidence to restore the prestige of the economy and we showed our serious determination to Issues that have been outstanding for years, through the provision of services and the ability to create good jobs for young people whose number is increasing by more than one million annually, and we still depend on oil revenues.
He noted that our financial sphere is constrained by a serious stagnation because the economy is not diversified and relies heavily on a single resource and a large degree of the state budget, the difficulty of creating jobs from the private sector, corruption is very high in all parts of the government and the political repercussions and public protests, although the government has reduced internal tensions We promised to hold early elections and we will fulfill these promises on the tenth of next October. Iraq will vote to elect a new House of Representatives.
He stressed that the government approved major projects, including G4 licensing rounds, the Total project, the Faw port, a number of renewable energy projects, and the Al-Bidaa Canal to pump water in Basra, which is the first water desalination project, and there are quite a few projects and initiatives launched by the government.
He added, “We have taken a new decision to subject large investments and are subject to scrutiny by the advisors of the competent departments. As for the financial sector, we were able, in cooperation with the Central Bank, to control the side effects that resulted from the new exchange rate and the emergence of positive effects with the registration of requests for investment licenses and new industrial projects,” he added. The UN Trade Organization project to automate customs, as well as reform government banks, was approved.
Allawi said, that Iraq is witnessing a good recovery during the year 2021, and in the medium term we must have positive results through the support of the International Monetary Fund for our reform program represented by the White Paper. Separating the future of Iraq from the massive technological changes and opportunities towards the digital economy. The digital economy will not lead to job creation, but rather contribute to a basic diversification of our economy. We need to develop the environment for the telecommunications sector, by creating a digital environment, supporting digital skills, creating digital platforms, digital financial services, and supporting pioneers Business and Finance Ministry is interested in the latter two aspects of the five pillars.
And he indicated that the Ministry of Finance is promoting a fund to support youth, and we have allocated 30 billion dinars in the 2021 budget, and work will begin in the coming weeks, and the adoption of high-speed and affordable Internet and the provision of government services. That country has to restore its economy to the global energy market, which is the main challenge.
He noted that the government launched a high-level committee on climate change and the environment, preparing a green paper and rationalizing us towards alternative energy.
Washington: We are committed to supporting Iraq's efforts to implement the white paper on economic reforms
US Ambassador to Iraq Matthew Tueller highlighted, Thursday, September 23, 2021, the projects supported by the American Development Finance Corporation to improve access to finance in Iraq, during . a welcome speech at the Iraq Finance Fair, which was held on Wednesday, September 22, 2021
In a statement received by Al-Masala, the US embassy said that the US Agency for International Development has provided more than (8) million dollars in loans since 2015 to help small and medium-sized enterprises recover . from the war against ISIS
The ambassador noted the US government's cooperation with the Ministry of Finance in the new financial transparency initiative to strengthen open budget procedures and improve public access to budget documents, . including state-owned companies
He pointed out the importance of the private sector, given that the three state-owned banks own about 85% of .the total deposits
And he indicated that the United States is committed to supporting Iraq's efforts to implement the White Paper on economic reforms and build a vibrant and developed economy that provides job opportunities in the private sector
Saudi-Iranian meeting on Iraq on the sidelines of the United Nations General Assembly
Dubai, United Arab Emirates (CNN)-- Iranian Foreign Minister Hossein Amir Abdollahian met with his counterparts from Saudi Arabia, Kuwait, Egypt, Jordan, Qatar and the European Union, according to the official news agency (IRNA).
The meeting on Iraq with representatives of the countries participating in the last Baghdad conference was held at the headquarters of the Iraqi mission in New York on the sidelines of the 76th session of the United Nations General Assembly.
The Iranian Foreign Minister stated that his country "always stresses that achieving security and stability in the region needs security arrangements emanating from within the countries of the region."
In a statement to the Iranian Foreign Ministry, Abdullahian said: "The history and reality of the past 100 years in the West Asian region shows that foreign variables were the main obstacle to rapprochement, and therefore the lack of sustainable development," according to a statement by the Iranian Foreign Ministry.
Abdullahian considered the Baghdad conference an important step to support peace and development in the region, pointing out that the priority of the new Iranian government is to strengthen and develop relations with neighboring countries and the region
Saleh meets at his residence in New York the Iranian Foreign Minister
President Barham Salih met at his residence in New York with Iranian Foreign Minister Hossein Amir Abdollahian.
A statement by his media office, a copy of which was received by Mawazine News, said that "Saleh met today at his residence in New York with Iranian Foreign Minister Hussein Amir Abdullahian."
The President of the Republic, Barham Salih, will participate in the work of the United Nations General Assembly at its seventy-sixth session in New York.
Parliamentary Economy: Arab and foreign desire to invest in Iraq
The Parliamentary Investment and Economy Committee identified, on Tuesday, two main reasons that stand in the way of achieving Arab and foreign investments in Iraq, while indicating that there is an international desire to invest in Iraq.
Committee member Mayada Al-Najjar said, "Reliance on oil alone leads to an economic disaster, prompting the government to borrow in order to finance the salaries of employees," noting that "the government should diversify the sources of the national economy, relying on the imports of border crossings, activating the sectors of industry, agriculture and trade and finding Strong infrastructure for the Iraqi economy contributes to the diversification of imports.
Al-Najjar pointed out that "there are many reasons that prevent major Arab and foreign investments in Iraq, including routine," stressing the importance of "opening Iraq's doors to Arab and foreign investors, regardless of their nationalities, because this is in the interest of Iraq."
She added, "If Iraq is open to all countries and international companies, it can attract the largest possible number of foreign investors, and bring capital to Iraq for investment," noting that "many Arab and foreign investors want to invest in Iraq."
Finance Minister: We are starting to see the positives of the currency devaluation decision
Baghdad - Stock Exchange of struggle
147,250
....
The price is in most Baghdad exchanges
Purchase
146,750
Sale
147,750
Najaf - Bursa
147,300
Erbil - Bursa
147,375
Basra - Bursa
147,300
Mosul - Bursa
147,400
Sulaymaniyah - Bursa
147,400
The Markets:
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1440.0000 |  1491.3000 | 1458.4000 | 1458.1000 | 1458.4000 | 0.1000 | 11:51 |
| USD/VND | 22762.0000 | 22770.0000 | 22744.1400 | 22744.1400 | 22744.1400 | 1.2300 | 00:21 |
| USD/CNY | 6.4544 | 6.4564 | 6.4688 | 6.4522 | 6.4605 | -0.0072 | 05:12 |
| USD/KWD | 0.3005 | 0.3015 | 0.3008 | 0.3008 | 0.3008 | -0.0001 | 00:45 |
| GBP/USD | 1.3659 |  1.3660 | 1.3679 | 1.3611 | 1.3611 | 0.0049 | 05:12 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14216.0000 | 14243.0000 | 14293.0000 | 14203.0000 | 14221.0000 | 3.0000 | 05:12 |
China Pumps $17 Billion Into System Amid Evergrande Concerns
Stocks Gain on Fed Taper Guidance; Treasuries Dip: Markets Wrap
Evergrande Debt Crisis Is Financial Stress Test No One Wanted
JPMorgan Team Says Flows Show the Buy-the-Dip Mantra Is at Risk
Extra Butter? Consuming More Dairy Fat May PREVENT Heart Attack!
Blue Ribbon Reefer: CA State Fair to Award Best State-Grown Marijuana!
POWELL: Fed mulls launching digital currency...
Mad diets of the tech billionaires...
Zuckerberg eats cold goat, Bezos roasts iguanas...
Oil Minister to Bloomberg: Iraq is ready to pump more crude if necessary
I tried to find the interview on the site but I couldn't yet ...
Iraqi Oil Minister Ihsan Abdul-Jabbar expected a rise in oil demand due to the natural gas supply crisis that is forcing consumers to search for alternative types of fuel.
Abdul-Jabbar indicated in an interview with Bloomberg Agency that Iraq is ready to pump more crude if the increase in consumption calls for it.
And Bloomberg Agency said that futures contracts in New York rose by two and a half percent, while crude stocks fell for the seventh week in a row to about four hundred and fourteen million barrels, according to the Energy Information Administration report.
Saleh puts the international community in the picture regarding Iraq in his speech today
The President of the Republic, Barham Salih, will deliver this evening, Thursday, Iraq's speech before the United Nations General Assembly, where he will talk about developments in the situation in Iraq and regional and international issues of concern.
Shell is in talks with Iraq to increase BGC capacity to 2 billion cubic feet per day
The head of the Shell group of companies in Iraq and the UAE, Ali Al-Janabi, announced that Shell is in talks with Iraq about increasing the processing capacity of the Basra Gas Company to 2 billion cubic feet per day in the near future, as the second largest producer in OPEC pumps more oil as its share rises.
BGC currently plans to increase its gas capacity to 1.4 billion cubic feet per day from the current 1 billion cubic feet per day over the next two years.
The company is currently investing in associated gas from three southern oil fields: Rumaila, West Qurna 1 and Zubair.
BGC is a 25-year joint venture that includes the state-owned South Gas Company with a 51% stake, Shell with 44% and Mitsubishi Corp. with 5%.
“With the increase in oil production, the associated gas will increase, and this is where discussions with the government take place, to look at the government’s intention and strategic vision for exploration and production suppliers,” Al-Janabi said in a statement to S&P Global Platts, and was seen by Al-Eqtisadiah News.
"For this reason, we have to reconcile expectations of upstream plans and investment from the Basra Gas Company," he added.
Iraq is working to increase its production as the OPEC + alliance continues to ease the historic cut of 9.7 million barrels per day. The 23-member alliance is reducing production by 400,000 barrels per day each month between August and December
Saleh to Abdullahian: The stability and security of Iraq and the guarantee of its sovereignty are indispensable to the stability of the region
link
The President of the Republic, Barham Salih, received, at his residence in New York, on the sidelines of the United Nations General Assembly meetings, Iranian Foreign Minister Amir Abdollahian.
The meeting dealt with the close bilateral relations between the two countries and the two neighboring peoples, and ways of enhancing them in various fields, consolidating economic and commercial cooperation between the two countries, and activating the understandings concluded between the two sides in this regard, according to a statement from Saleh's office.
President Barham Salih said that Iraqi-Iranian relations are important for the two countries and the whole region, referring to Iraq's efforts to achieve stability in the region and ensure its peace, and its keenness to be an arena for the convergence of the interests of its peoples for joint action and coordination in facing the challenges of terrorism, health conditions and the threat of climate change. Stressing that Iraq's stability and security and guaranteeing its sovereignty are indispensable elements for the stability of the region.
For his part, Minister Amir Abdullahian affirmed his country's support for the security and stability of Iraq, and his country's aspiration to strengthen bilateral relations, economic and trade cooperation, praising the diplomatic efforts led by Iraq to ease regional tensions.
CBI Update: Just a note:
including $64,050,000. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
9-22-2021 Newshound Guru BobTheTaxMan ...only cash in just enough to take care of the things you want to get done, to get some professional help and if you're going to buy a home, borrow the money. Borrow it. Believe me the interest rates are a heck of a lot lower than the taxes are by a long shot. And then when you do cash in pay the freaking taxes...Pay those taxes immediately. You don't need to have...the IRS show up. And then what happens? All those things that you bought have to be sold in order to satisfy a tax liability. [Post 2 of 2] [Note: At the appropriate time consult your tax professionals to create a tax strategy that's right for your unique circumstances and consult your financial advisor before making major financial decisions.]
9-22-2021 Newshound Guru BobTheTaxMan Keeping your taxes as low as possible saves you money...Cashing in - my suggestion if you have just a small amount of IQD just cash in enough to meet your goals. You want to reduce those taxes as much as possible. [for example] I'm gonna say $1 just for a number...I think it's gonna be lower than that but for calculation purposes I'm gonna say $1. Lest say it does come at $1 and let's say you've got 2 million IQD. If you run off and cash that in, remember, you bumped over that $400,000 mark, you also got that extra 3% tagged on there and you got the state coming after you as well. You lost. [Post 1 of 2]
9-22-2021 Intel Guru Bruce [via WiserNow] we did hear today from a qualified source that everything is ready to go and it could go at a moment’s notice...this blessing we are waiting for us is upon us – we believe that we will have this in the next couple of days...
9-22-2021 Intel Guru MarkZ [via PDK] ...they still believe they will be starting at any moment and wrapped up, even with all the groups by October first.
9-22-2021 Intel Guru Frank26 There are no 800 numbers, although... wouldn't it be something if the United States Treasury was to put out an 800 number to help you exchange your dinars. If I was the US treasury I would do that, 'Call me Mr. and Mrs dinar holder...I'll tell you what bank to go to.' The U.S. Treasury is going to be so desperate to help Joseph Biden because he's spending money left and right...if you want to exchange in an American bank go for it. In a bank outside of the United States of America, go for it, it's your prerogative. [Note: Consult your tax professional and always pay your taxes.]
9-22-2021 Newshound Guru Pimpy Article: "Vietnam dong seen weakening next year on deficit, FDI-HSBC Vietnam" They think the Vietnam dong next year is going to lose some of its value. Wow. How much? Quote: "Vietnam dong's currency is expected to weaken too 23,000 per U.S. dollar from 22,700 currency..." Vietnam they're slowing down just a little bit...they were doing really good. They were really rocking and rolling but they just had gotten hit by the coronavirus and it looks like the corona is doing the damage that it was doing to the rest of the countries...
9-22-2021 Newshound Guru Kaperoni From time to time people ask me why they just don't float the currency now? Part of the reason is because this is on Iraq's time table...But most importantly, Iraq needs to create the engine to drive the economy forward first and foremost. Once they do they can float the currency and let market forces dictate the rate. That engine is a process of passing laws, creating a suitable business environment, and encouraging a diverse diverse market economy. Be assured everything Iraq is doing is being watched by professional organizations such as the IMF and World Bank.
We are holding our session for today, and we are days away from holding the next elections, and we are confident and optimistic that these elections will be an Iraqi precedent in integrity and choosing the best for our people. We have fully accomplished all the requirements of the electoral process, security, logistical, and financial, and only time separates us from conducting it. Today we learned about conducting the third simulation of the voting process, which was excellent and successful by all standards. We will come out with a result based on integrity and transparency in the upcoming elections. Nepotism, fraud and corruption will not prevail at all costs. From here we urge everyone to go to the polls, and end an era of corruption that harmed our beloved Iraq. I warn against any attempt to buy votes through fake appointments or the distribution of plots of land, as they are false promises and citizens should not believe them. Seducing citizens with false allegations is completely unacceptable, and they should not be drawn into them, and they will be monitored by us. I register my thanks to the Electoral Commission and to the ministries; To create the atmosphere for holding the elections on time.
No comments:
Post a Comment