Sunday Weekend Catch-UP Government source: Security tensions are behind the dollar's rise in Iraqi markets

Sunday Weekend Catch-UP Government source: Security tensions are behind the dollar's rise in Iraqi markets

Only a My FX Buddies Podcast today:

This is the Video I mentioned:

Nov 7th

Because of the attempt to assassinate Al-Kazemi.. the rise in the exchange rate of the dollar

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A government source attributed the rise in dollar prices in the local markets to the security tensions in the capital, Baghdad.

The source said in a press interview, which was monitored by The Independent today, Sunday, that "what the Kifah Stock Exchange is witnessing now is the lack of supply compared to the demand for the dollar."

He added that "the exchange offices are now keeping the dollars, and citizens have resorted to buying dollars for fear of the current unstable conditions," noting that "the central bank's cash sales, which amount to nearly 50 million dollars per day, have no effect on local markets."

He expected that "the coming days will witness a further rise in the price of the dollar in the local markets if these security tensions remain."

It is noteworthy that the price of the dollar rose gradually in the Iraqi markets to reach in the main stock exchange 148,200 dinars per 100 dollars.

This comes at a time when Al-Kazemi's house in the fortified Green Zone in the center of the Iraqi capital, Baghdad, was bombed at dawn today by a drone, which resulted in the injury of three members of his protection, and severe material damage to the contents of the house without the first being hurt.

The failed assassination attempt on Al-Kazemi occurred two days after the ignition of the crisis between the demonstrators against the election results, who are supporters of Shiite forces close to Iran, and the security forces charged with protecting the fortified Green Zone, which includes government buildings, and the headquarters of diplomatic missions in the center of the capital, Baghdad, after the protesters decided to storm the area from some Violent clashes erupted at its entrances, resulting in a number of victims and dozens of wounded on both sides.

Government source: Security tensions are behind the dollar's rise in Iraqi markets

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Today, Sunday, a government source attributed the rise in dollar prices in the local markets to the security tensions in the capital, Baghdad.

The source said in an interview with Shafaq News Agency, "What the Kifah Stock Exchange is witnessing now is the lack of supply compared to the demand for the dollar."

He added that "the exchange offices are now keeping the dollars, and citizens have resorted to buying dollars for fear of the current unstable conditions," noting that "the central bank's cash sales, which amount to nearly 50 million dollars per day, have no effect on local markets."

He expected that "the coming days will witness a further rise in the price of the dollar in the local markets if these security tensions remain."

It is noteworthy that the price of the dollar rose gradually in the Iraqi markets to reach in the main stock exchange 148,200 dinars per 100 dollars.

This comes at a time when Al-Kazemi's house in the fortified Green Zone in the center of the Iraqi capital, Baghdad, was bombed at dawn today by a drone, which resulted in the injury of three members of his protection, and severe material damage to the contents of the house without the first being hurt.

The failed assassination attempt on Al-Kazemi occurred two days after the ignition of the crisis between the demonstrators against the election results, who are supporters of Shiite forces close to Iran, and the security forces charged with protecting the fortified Green Zone, which includes government buildings, and the headquarters of diplomatic missions in the center of the capital, Baghdad, after the protesters decided to storm the area from some Violent clashes erupted at its entrances, resulting in a number of victims and dozens of wounded on both sides

Planning reveals the inclusion of mega projects in the 2022 budget

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Undersecretary of the Ministry of Planning, Maher Hammad Johan, revealed on Sunday that there is an effort to include giant projects in the 2022 budget, expecting their ability to cover basic expenses, and that their deficit will be less than the current year's budget.

Johan said, in a statement to the official newspaper, that “next year’s budget can provide an initial ability to move the economy that has been exhausted from the Corona pandemic,” noting that “there is an effort to include projects that did not enter into force in this year’s budget, within the 2022 budget.” Those giant projects that relate to people’s services, such as providing combined cycles in electric power, the cable car, Nasiriyah and Mosul airports, and infrastructure in Basra Governorate, as well as the rapid response of cities to the peak of the congestion.”

And he indicated that "all governorates have begun to breathe a sigh of relief due to the existence of budgets that move infrastructure projects, such as those that absorb the labor market by any name and satisfy people with the services provided to them."

Regarding job grades, Johan pointed out, "Any budget was not without these grades even in the worst circumstances, noting that the issue is related to the Federal Service Council and the state's ability to absorb more citizens into the public service."

The Undersecretary of the Ministry of Planning explained, "Iraq needs the (works program) proposed by Parliament, which proceeds with more absorption of the capabilities of the flabby public job, and opens paths for more important job opportunities for citizens at the level of the secured private sector, with their sense that the opportunity that was provided to them is the best, And that they are socially and health protected from any emergency situation they are going through.”

Financial inclusion and the formula for achieving economic development

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Financial inclusion is achieved by enabling members of Iraqi society to obtain an integrated set of good financial services at reasonable prices, low costs and an appropriate manner, in a way that contributes to poverty reduction, economic development and financial stability.

Dean of the College of Business Administration at Al-Nahrain University, Dr. Nagham Hussein Nehme, said: {Achieving financial inclusion for its goals requires the collaboration of all financial and banking institutions in the public and private sectors, mobilizing their financial resources and benefiting from their expertise; In order to simplify the regulatory and supervisory procedures that ensure the improvement of the financial infrastructure), indicating: {the importance of diversifying sources of financing, developing financial and banking services, and introducing financial technologies, taking into account the level of risks that may occur and spreading financial education among the public, and then these efforts support the promotion of financial inclusion, and here We say that financial inclusion issues should be made a priority for policy 

economic }.

 

Financial Services

Nehme added that “the means and mechanisms for achieving financial inclusion are achieved by promoting geographical spread and expanding the network of branches and financial service providers, and paying attention to the establishment of branches and small offices for financial service providers, especially for microfinance, as well as establishing access points for financial services such as bank agents, telephone banking, points of sale, and money changers. The mechanism, insurance services, securities and others in accordance with the legislation

Country}.

He pointed out that {Achieving the goals of financial inclusion requires the development of national payment and settlement systems, especially of small value, and this works to facilitate the implementation of financial and banking operations and their settlement between providers in a timely manner to ensure the stability of financial services.}

 

financial education

In turn, the economic affairs specialist, Dr. Amr Hisham, pointed out that “the success of financial inclusion is achieved through financial education and the awareness and ability of community members to test the appropriate financial products and services for them. The issue of financial education has gradually gained importance all over the world, and many countries have developed national strategies To learn and financial culture in order to reduce or prevent the negative effects of low levels of literacy and to enhance the daily life skills of community members.” He continued that {strengthening the mechanisms of financial inclusion in Iraq is important in expanding the circle of beneficiaries of financial services for individuals and achieving sustainable economic development that reduces poverty rates}

The United States condemns the assassination attempt on Prime Minister Mustafa Al-Kazemi, describing it as a terrorist act

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The US State Department condemned the attempted assassination of Prime Minister Mustafa Al-Kadhimi.

And the US State Department said in a statement, which was seen by Mawazine News, that "the attempt to assassinate Iraqi Prime Minister Mustafa Al-Kazemi is a terrorist act."
She added, "We strongly condemn this clear terrorist act that was directed at the heart of the Iraqi state," stressing, "We are relieved that the Iraqi Prime Minister was not harmed."

Earlier, the Security Media Cell announced that the Prime Minister, Commander-in-Chief of the Armed Forces, Mustafa Al-Kazemi, was subjected to a failed assassination attempt with a booby-trapped drone.

The cell stated in a statement, that "a failed assassination attempt against the Prime Minister, the Commander in Chief of the Armed Forces, by a booby-trapped drone, tried to target his residence in the Green Zone in Baghdad," noting that "the president was not harmed and he is in good health." 
She added, "The security forces are taking the necessary measures in connection with this failed attempt."

The Iraqi government: Armed groups have bypassed the state and its symbols

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Whoever thinks that the hand of the security cannot reach him is delusional...there is no great man before the law!"

In a strongly worded statement, the Iraqi Council of Ministers condemned today, Sunday, the attempt to assassinate Prime Minister Mustafa Al-Kazemi , considering that the criminal armed groups have bypassed the state and its symbols.

He also described the attack that took place at dawn on Al-Kazemi's house, through booby-trapped drones, as a "cowardly terrorist.

An outright threat'

He also stressed that this assassination attempt "is considered a serious targeting of the state by criminal armed groups, which have read the restraint and high professionalism of the security and military forces as weakness, so they bypassed the state and its symbols, and rushed to the explicit threat to the Commander in Chief."

In addition, he stressed that the security forces pledged to protect the country and its sovereignty in front of all those who challenge the state, and will carry out their national duty to pursue the aggressors and bring them to justice

He pointed out that the security services will work to uncover the parties involved in this terrorist act, arrest them, and bring them to trial. He concluded, saying, "Whoever thinks that the hand of the security does not reach him is delusional," stressing that there is no great man before the law.

"The assassination scenario and the mobilization campaign"

The Ministry of Interior had announced earlier today that 3 booby-trapped drones were launched at Al-Kazemi's house at dawn, but the security forces managed to shoot down two of them.

The third targeted the house located in the heavily fortified Green Zone, which includes several foreign embassies and official government institutions, which caused material damage, and led to the injury of a number of protection elements of the Prime Minister.

This attempt came after a campaign of incitement and mobilization against Al-Kazemi , launched by pro-Iranian factions, affiliated with the Popular Mobilization Forces.

Officials in Asa'ib Ahl, Kata'ib Hezbollah, and "Sayyid al-Shuhada" accused Al-Kazemi of being involved in the clashes that erupted between the security forces and supporters of those factions in Baghdad during the past two days, and led to the killing of a protester against the results of the parliamentary elections that took place in Baghdad. The 10th of last month (October 2021).

It is noteworthy that for more than two weeks, the Popular Mobilization factions loyal to Iran have been camping in the heart of the Iraqi capital, accusing the government and the commission of falsifying the election results, which showed a significant decline in their popularity, a clear and bitter decrease in the number of electoral seats

Groups and people from all over the country and the world are making similar calls and statements too many to post.

Britain condemns the attempt to assassinate Al-Kazemi

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Today, Sunday, the British Foreign Office condemned the attempt to assassinate Prime Minister Mustafa Al-Kazemi, while calling for calm and restraint.
British Foreign Secretary Liz Truss said in a tweet on Twitter: "We condemn the attack on Prime Minister Mustafa Al-Kazemi in Baghdad last night," noting, "We are relieved that the Prime Minister is fine and in good health, but our thoughts are with the injured as a result of this incident."
"We stand with the Iraqi government, security forces and the Iraqi people in their rejection of political violence, and we strongly support the Prime Minister's call for calm and restraint," she added.

The European Union strongly condemns the attempt to assassinate Al-Kazemi

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The European Union has strongly condemned the attempt to assassinate Prime Minister Mustafa Al-Kazemi.
In a statement received by Mawazine News, the union said, "The perpetrators of this attempted attack must be held accountable," noting that "any violence is unacceptable and must not be allowed to undermine the democratic process."
He added, "Calm, restraint and dialogue are essential in the post-election period, and all parties must engage in political dialogue and cooperation to face the challenges facing Iraq, for the benefit of the country and the Iraqi people."
The union affirmed that it "continues to support the Iraqi people on their path towards peace, stability and prosperity."

Al-Kazemi: Cowardly missiles and drones do not build our homelands or our future

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Prime Minister Mustafa Al-Kazemi called on everyone to have a meaningful and constructive dialogue for the sake of Iraq and its future, while noting that cowardly missiles and drones do not build our homelands nor our future.

Al-Kazemi said in a speech to him, which was followed by / Mawazine News /: "To my family and my people everywhere in the great Iraq, to everyone who is worried this night, my house has been subjected to cowardly aggression, and I and those who work with me are a thousand good."
He added: "Your heroic security and military forces are working to stabilize and protect Iraq," noting that "cowardly missiles and drones do not build our homelands nor our future."

He continued: "We are working to build our homeland by respecting the state and its institutions and by establishing a better future for all Iraqis," calling on everyone to "meaningful and constructive dialogue for the sake of Iraq and its future."

Earlier, the Security Media Cell announced that the Prime Minister, Commander-in-Chief of the Armed Forces, Mustafa Al-Kazemi, was subjected to a failed assassination attempt with a booby-trapped drone.

The cell stated in a statement received by the Iraqi News Agency (INA), that "a failed assassination attempt against the Prime Minister, the Commander in Chief of the Armed Forces, by a booby-trapped drone, tried to target his residence in the Green Zone in Baghdad," noting that "the president was not harmed." He is in good health." 

She added, "The security forces are taking the necessary measures in connection with this failed attempt."

nov 6th

Banking, investment and development

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The eyes of the giant investment companies around the world are directed to the presence of sober banks that possess high technical capabilities and financial solvency, and can provide their services to them to the fullest, and to meet the needs of companies to attract their investments to a country or even in their own countries.

From here we have to realize the importance of the banking sector for any country as it is the main link for development by attracting investment.

Therefore, banks are one of the pillars and basics of investment and development requirements.

Where are we from this concept?

There are no comparisons between the role of banks in development here in Iraq than in other regional and Arab countries, and we do not say global for the purposes of comparison. The reason is definitely the size of the challenges that the banking sector has faced, most notably the lack of mutual trust between banks and customers, which expanded previously and now trust has returned to some extent. 

This challenge led to the weakness of the public's deposits with banks, as well as to the weakness of credit, which created a rift in the objectives of establishing private banks in particular, and certainly weakened their banking services at a time when they are relied upon to play a role in development.

Then comes the other challenge and in the same context, as public banks acquire the majority of government deposits, if not all of them, which are almost frozen funds without providing them to the investment market except rarely. 

This contradicts the spirit of the free economic system, which is supposed to be the approved approach in accordance with the constitution. These challenges make private banks embarrassed in front of the world and society's view of their supposed role in achieving development. But for the truth and for the press honesty, we say that the banks have taken a role in development to be reckoned with, and it is a successful start that the banks grabbed by presenting some successful attempts to support development projects.

What is required of this fact?

We need to reconsider the nature of the laws and instructions in force in order to achieve financial leverage that helps private banks play their required role in development. If this goal is achieved, i.e. enabling banks to move the elements of development through credit by supporting production and service projects, this success will be reflected in attracting global investments through partnership between them and the banking sector and the private sector with its other arms. The role of the banking sector by supporting various development programs through lending small and medium projects, as well as housing projects, has become clear. Perhaps what the initiatives of banks have provided in supporting the social responsibility of banks through the Tamkeen Fund is the best witness to the vital role in revitalizing the basics of development. For this reason, we said and affirm that the tripartite syndrome between banking, investment and development is the basis for building the country and achieving economic growth in Iraq.

It remains to be asked: Will the banking sector witness support from the next government to take its required role and achieve the world and society's view of its desired role in real development.. We meditate and watch to see?!.

Kuwait's planned compensation of $52 billion is about to expire... and Iraq will enter a different new economic phase

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Iraq is preparing to enter a new economic phase in its history, after it is about to complete the payment of huge compensations estimated at 52.4 billion dollars.

The Iraqi Prime Minister's Adviser for Financial Affairs, Mazhar Salih, stressed the need to take advantage of the money flowing towards Kuwait's compensation, which is nearing completion, in the interest of the national economy.

Saleh said that "the money that has been going outside the national economic cycle in the form of war compensation since 1996, amounting to $52.4 billion, will turn its deducted annual flows into the interest of the national economy, with an average of no less than two billion dollars annually according to current oil prices, to contribute to the national economy." Strengthening the financial sustainability of Iraq.

Saleh explained, "I find it necessary to maintain the path of the transformation of the corresponding amounts of compensation to be savings that flow into the national economic cycle, especially the trend towards financing income-generating investment projects, which is a positive cumulative development process that contributes to promoting growth in the gross domestic product at accelerated rates, after the war compensations were It constitutes a negative deduction and a drain on the national income cycle over the last 30 years."

He continued by saying: "During this period, Iraq paid a direct high price between war compensation and the costs of the inspection teams, and indirect compensation represented in the destruction of Iraq's infrastructure due to the operations of the previous Gulf War, reckless war conflicts and disruption of economic growth opportunities, all of which constituted costs and burdens that may be dozens of times more than the aforementioned compensation amounts.

Salih explained that "the shift from the political economy of the war that Iraq fought between 1990-2003, to the political economy of peace means a shift towards development, progress, stability and building prosperity in a new Iraqi era."

Al-Kazemi's advisor, Mazhar Muhammad Salih, had confirmed earlier that Iraq would end the Kuwait compensation file in early 2022, while revealing the size of the financial compensation paid by Iraq during the past three decades.

Salih stated that "based on UN Security Council Resolution 692 issued on March 20, 1991, it was decided to establish the so-called United Nations Compensation Committee (UNCC) to deal with compensation claims resulting from Iraq's invasion of Kuwait in August 1990, as Iraq had to pay compensation to individuals and entities. International and Kuwaiti, totaling nearly $52.4 billion, according to compensation lists approved by the United Nations Compensation Fund.

490 million dollars

And last Tuesday, Kuwait received 490 million dollars from Iraq in compensation for damages resulting from the Iraqi invasion of Kuwait in 1990.

The Iraqi embassy in Kuwait said in a statement, "Iraq has paid the State of Kuwait an amount of (490) million dollars, and it will work to pay the remaining amount of compensation early 2022, estimated at $629 million.

The compensation money comes from a tax levied on sales of Iraqi oil and its products.

According to the French news agency, the financial payments were stopped between 2014 and 2018 due to the security crisis in Iraq and the control of the terrorist organization "ISIS" over large parts of the country.

The forces of the tyrant Saddam Hussein's regime invaded Kuwait in August 1990.

Last March, the Iraqi government handed over to the State of Kuwait a new batch of Kuwaiti archives.

The batch included books belonging to a number of Kuwaiti colleges and institutes, as well as large numbers of videotapes belonging to the Ministry of Information.

The handover report was signed under the supervision of the United Nations representative in the State of Kuwait.

From time to time, the Iraqi authorities hand over to the Kuwaiti side the archives of the State of Kuwait, which were seized by the Iraqi authorities during the era of the criminal Saddam Hussein during the invasion of Kuwait in August 1990.

The digital economy brings additional financial returns

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The digital economy contributes to solving human problems in terms of economic, social and environmental terms, and technology comes to be a catalyst and catalyst in all of these answers. In practice, improving the experience of flexibility and innovation is one of the main factors for developing new sources of revenue and ecosystems, which are supported by information, which leads to transformations in the business model.

 

Dr. Nagham Hussein, Dean of the College of Business Economics at Al-Nahrain University, said: “Before any institution can implement a successful digital transformation strategy, it needs concrete goals to work on, including establishing a culture of data-based decision-making, which includes adopting a digital mindset in all regions of the world. Optimizing resources, including reducing costs related to the use of electricity. 

Hussein stressed the importance of government services that can be implemented through data, as they are concerned with processing and documenting information, which eliminates the need for bureaucracy that people currently resort to to process and verify information.

Hussein considered that “one of the most important roles of the government is to enact and implement regulations, which means that individuals will gradually determine the systems that govern their transactions through the terms and conditions of smart contracts, so that individuals’ choices for the terms and conditions of smart contracts become the decisive factor in shaping the prevailing economic and social system.”

The government called for “providing trust between people and institutions in money, contracts and property rights, especially in the event of conflicts and disasters, a role that blockchain technology can play, as a way to build trust between people without the need to know each other in advance,” explaining that “ This means that this alternative, in light of what is promised by the technologies of the fourth industrial revolution, especially the “chain of blocks”, has become more capable of turning into something reality".

This is the video about the future I discussed in the podcast: