WOTS MON NOV 22 21The Central Bank of Iraq begins activating the self-management of foreign reserves
These are the articles I discussed on the My FX Buddies Podcast
Nov 20th
Gulf Cooperation: We are ready to work with Iraq
Foreign Minister Fouad Hussein met on Friday with Nayef Al-Hajraf, Secretary-General of the Arab Gulf States, in the context of the regional security summit / Manama Dialogue 17.
According to a statement by the Ministry of Foreign Affairs, the two sides discussed ways to enhance cooperation between the Gulf Cooperation Council and the Republic of Iraq.
The minister stressed, "The government is interested in developing relations with the countries of the Cooperation Council at all levels," noting that "Iraq is a promising and safe investment environment."
He called on investment companies to "work in Iraq in the field of infrastructure."
He briefed the minister on the latest political situation and the results of the elections, which are expected to be finally announced in the coming days. To begin the official political movement around the formation of the new government.
For his part, Al-Hajraf affirmed the "Cooperation Council's support for the security and stability of Iraq," stressing "the Gulf countries' keenness to advance Gulf-Iraqi relations in the service of common interests."
Al-Hajraf indicated that he is "following up on the results of the elections," expressing his "support for the people's choices."
And he valued the Iraqi government's position to allow the GCC Committee to attend the elections, and declared: "We are ready to work with Iraq and bilateral cooperation in various fields."
He noted that "the Gulf-Iraqi investment conference to be held next year at the Expo in the UAE will be devoted to discussing mechanisms for activating the strategic partnership with Iraq," calling for "the importance of activating the outcomes of the Kuwait Conference for the Reconstruction of Iraq."
New international praise for the Iraqi government's reforms
The Iraq Economic Contact Group, which includes the seven countries, the European Union and the World Bank, praised the economic reform steps adopted by the Iraqi government in accordance with the White Paper plan.
The group stated, according to a statement by the Ministry of Finance, that "the Iraq Economic Contact Group welcomed the success of the democratic electoral process in Iraq, and expressed his hope for the formation of a new government that would take upon itself the completion of the economic and financial reform program."
The statement stressed that "economic reforms are required to ensure diversified and inclusive economic growth, create sustainable job opportunities for young people, empower the private sector, and diversify sources of revenue outside the scope of oil revenue."
He stressed the "importance of continuing to implement reforms in the interest of developing human capital and providing basic services."
The contact group's statement also called on "the future Iraqi government to pay great attention to the reform package and to ensure its rapid and orderly implementation, and to provide all forms of support to the White Paper as it is an important tool in continuing to achieve reform goals."
It is worth noting that the Iraqi Economic Contact Group is an international alliance that emerged from the Group of Seven industrialized countries, the European Union, in addition to the World Bank last year, to support the efforts of the Iraqi government towards implementing its pivotal reform program represented in the White Paper
Housing strategy and integrated economy
Reassurances are raised about the possibility of reviving the Iraqi economy, and there are ways that can put the development train back on track, as we can employ successful international experiences that have achieved rapid and effective growth worldwide, even though they do not have what Iraq possesses of the elements of economic advancement. Economist Muhammad Al-Najjar between: “Adopting quick and discreet solutions can change the shape of the national economy in light of the availability of success data from natural and human resources that enhance the possibility of achieving goals.”
Population growth
He stressed that "the most prominent solutions to the problem of the national economy start from the advancement of the housing sector, which in turn leads to the development of other sectors because of their connection to the life of the citizen," noting that "Iraq's need for housing continues to rise in conjunction with the large population growth witnessed by the country, which is almost the most The world level, where specialized centers confirm that Iraq doubles its population every 26 years.
central planning
Al-Najjar urged the need to find a developed strategy for housing commensurate with the current capabilities of Iraq in the absence of central planning for this sector, after distortions occurred due to the fragmentation process of the houses that changed their urban form, and here there must be coordination between the state and the private sector to manage this sector through The first party supports the investment process in the housing sector, and the private sector manages this chapter. Here, banks must be encouraged to lend to these projects and create a real capital cycle that will lead to the money being transferred from the specific project to the other project and so on
The cycle continues.
money cycle
He had warned in a press interview that “the dollar cycle around the world rotates 23 times, while inside Iraq it continues for three cycles and hoards, and this matter does not serve the capital cycle in this aspect, and here we can benefit from global experiences, where the citizen works on Operating an exaggeration that cannot be hidden, and here it achieves the benefit of the country and its personal economy by adopting sound mechanisms through the stock exchange or investment companies
Contribution.”
It is noteworthy that Iraq needs more than 3 million housing units in all governorates, and the need for housing units rises with the increase in Iraq.
rapid development
In turn, the expert in economic affairs, Ahmed Maklaf, stated that “the housing sector represents a major driver of the reality of the national economy, and it can be the first important investment gateway in the country and the region, because there is a great need for housing in Iraq, which absorbs local, regional and international efforts.”
Pointing out, "the possibility of using the experiences of other countries that have achieved rapid development in this field, such as Singapore, South Korea, and most recently Dubai, which has managed during the past ten years to create a major economic power."
He indicated that “it started from the urban and housing aspect, so if we want to develop, we must choose a specific sector and rally around it to advance its joints, and it is preferable that housing be for the availability of raw materials and resources.” Humanity".
NoV 21st, 2021
In dollars, Iraq sets the controls for declaring money entering and leaving Iraq
when a better translation comes out I will update the post
On Sunday, the Central Bank issued controls related to a permit for funds entering and leaving the country, in order to "limit the entry and exit of funds across the Iraqi borders, and the exploitation of this in money laundering or terrorist financing operations."
According to a statement issued by the Central Bank today, the controls are as follows:
The following must be adhered to: 1. It is allowed to enter or take out amounts less than (10,000) dollars (ten thousand US dollars) or its equivalent in other currencies without declaring them 2. It is allowed to enter or take out amounts that exceed (10,000) dollars (ten thousand). US dollars) to (20,000) dollars (twenty thousand US dollars), provided that they are declared, with the need to show what supports the purpose of entering or removing these amounts. Hide Preview Preview nail me whe never there is a new post to this topic . 6 Image ( s ) ed Files rch
if not indicated, as for (10,000) thousands of dollars, an order 0 A declaration of negotiable financial instruments for their bearer to be transported inside Iraq that outside it through a person that a postal service that a shipping service that any other means that the value of it does not exceed (1,0000) Ten thousand US dollars
The World Conference of Traders in Financial Markets comes out with 10 recommendations to achieve economic growth
link this was in Iraq's news
The work of the 59th ACI International Conference and the 45th ICA 2021 Conference, which was launched and organized by the Emirates Association of Traders in Financial Markets, under the slogan “The World in Transition”, concluded at the Hilton Hotel in Al Habtoor Village in Dubai. With the participation of more than 600 guests from economic figures and former political leaders from around the world.
Following the end of the conference sessions, the participants reached 10 recommendations that would achieve the goals of economic growth, develop its tools, and expand the base of its dealings with various markets around the world, taking into account the role of the UAE and its early awareness and initiative to employ artificial intelligence in economic sectors, and activate the system Blockchain technologies, in a step that confirms its keenness to anticipate the future and develop plans and strategies necessary to meet its challenges.
The recommendations reached by the participants included the need to take advantage of the Covid-19 crisis, by employing lessons learned and mistakes committed by some global economies in enhancing the flexibility of economic tools, in order to be able to fully shift towards blockchain and digital systems, while providing the necessary solutions to the accompanying challenges, which It includes maintaining data security to enhance privacy, improve performance, and raise the efficiency of cryptocurrencies as an emerging and new type of asset.
The participants also announced the importance of identifying controls and mechanisms capable of enhancing the capabilities of institutions and enabling them to develop a general framework for governance that contributes to facilitating their movement and mobility in the technological digital world, in addition to attaching these controls to a system of policies and strategies regulating the use and application of digital technologies, as well as specifying texts in The work environment includes specific policies for the application of the blockchain, and raising the capabilities of financial
markets in times of crisis and turmoil by clarifying and identifying the status of encrypted assets.
The participants recommended the necessity of directing the abundance of options offered by technology, including artificial intelligence, in assessing the risks of epidemics, and anticipating them with guiding solutions, in addition to maximizing the role of information exchange through national information and communication centers, which contribute to rapid response, confronting crises and assessing their risks, in addition to promoting The role of data coordination between the components of the economic sectors, and the shift towards adopting flexible models within the tools of economic work, to be able to keep pace with changes in the technological reality, and activate the reality of innovation and its culture to be
the starting base towards achieving the desired success, through growth in the field of application of blockchain technology.
The conferees said that artificial intelligence has brought about a major shift in money management, as most banks and investment houses are now competing to apply the best technologies. of costs and shift its focus in research and development in order to use the best technology technology.
The speakers pointed out the importance of a balanced mindset and how it affects decision-making, as situations must be studied and analyzed, then decisions must be taken accordingly, and rely on studies, numbers and strategies followed, stressing the importance of leaders’ mental health to guide individuals for a better future.
The participants discussed the supported economic laws that enable financial companies to grow in an effective manner, as well as the partnership between the government and the private sector to achieve the public benefit of the economy, especially during the era of the pandemic, and the UAE was chosen as an example for the rest of the countries in how to provide support to the public and private sectors to ensure business continuity correctly.
Mohammed Al Hashemi, Chairman of the Emirates Association of Financial Markets Traders, said, "The meeting of this large number of influential guests in their societies, and in the reality of global economies, and their participation in the conference sessions, contributed to enriching the event, and led to the placement of many pivotal and pivotal points on the discussion table. This led to many recommendations that we hope will contribute to the rapid recovery of the economy and the financial sector, adapting to new technologies, understanding the new effects of interest rates, and investments using artificial intelligence.”
In turn, Ohoud Al Ali, a member of the Board of Directors of the Emirates Association of Financial Markets Traders, explained that the conclusion of the conference for its activities is a starting point for the next step of diligent work towards implementing its recommendations, and gradually dropping them on the economic sectors, while continuing research and innovation in order to enhance the continuity of economic growth, and the development of Its tools are in line with the successive developments witnessed by the world, and keep pace with the rapid developments achieved by technological development.
For their part, the participants in the conference expressed their happiness at attending the conference, describing it as the most organized conference rich in detailed sessions and pivotal discussions, in which a group of pioneers in financial markets, central banks, political leaders specialized in the economic sector, businessmen, and economic academics participated, praising the ability of the organizers. The conference will focus on implementing social distancing policies, precautionary measures, and providing an in-place PCR testing team for the needs of participants.
Following the conclusion of the conference, a delegation from the Emirates Association of Financial Markets Traders accompanied all the delegations participating in the conference on a tour that included a visit to the Expo 2020, and a view of the participating pavilions, in addition to visiting a number of facilities and tourist places that are abundant in the Emirate of Dubai, with the aim of Inform them of the reason that makes it a first destination for tourists from all over the world.
International Monetary: Iraq will achieve the highest economic growth among the Arab Gulf countries
The International Monetary Fund expected that Iraq will achieve the highest economic growth among the Arab Gulf countries during the year 2021.
The fund said in its schedule, seen by Shafak News Agency, that "it is expected that Iraq will achieve economic growth for the year 2021 that is higher than the rest of the oil-rich Arab Gulf countries, by 3.6%."
And she added, "The economic growth of the Arab Gulf states and the countries neighboring Iraq will witness unevenness," noting that "Saudi Arabia is expected to witness an economic growth of 2.8%, Oman will witness an economic growth of 2.5%, Qatar will witness an economic growth of 1.9%, and Kuwait will witness an economic growth of 2.5%." 0.9%, and the UAE is experiencing an economic growth of 2.2%."
She added that "Jordan is expected to witness an economic growth of 2%, Iran an economic growth of 2.5%, and Turkey an economic growth of 9%, noting that Yemen will witness a decline in its economic growth for 2021 by 2%."
He pointed out that "Egypt will witness an economic growth of 3.3% for 2021, and the Maghreb countries will witness a rise in economic growth, as Tunisia is expected to witness an economic growth of 3%, Algeria will witness an economic growth of 3.4%, and Morocco will witness an economic growth of 5.7%.
International Monetary: Iraq will achieve the highest economic growth among the Arab Gulf countries
The International Monetary Fund expected that Iraq will achieve the highest economic growth among the Arab Gulf countries during the year 2021.
The fund said in its schedule, seen by Shafak News Agency, that "it is expected that Iraq will achieve economic growth for the year 2021 that is higher than the rest of the oil-rich Arab Gulf countries, by 3.6%."
And she added, "The economic growth of the Arab Gulf states and the countries neighboring Iraq will witness unevenness," noting that "Saudi Arabia is expected to witness an economic growth of 2.8%, Oman will witness an economic growth of 2.5%, Qatar will witness an economic growth of 1.9%, and Kuwait will witness an economic growth of 2.5%." 0.9%, and the UAE is experiencing an economic growth of 2.2%."
She added that "Jordan is expected to witness an economic growth of 2%, Iran an economic growth of 2.5%, and Turkey an economic growth of 9%, noting that Yemen will witness a decline in its economic growth for 2021 by 2%."
He pointed out that "Egypt will witness an economic growth of 3.3% for 2021, and the Maghreb countries will witness a rise in economic growth, as Tunisia is expected to witness an economic growth of 3%, Algeria will witness an economic growth of 3.4%, and Morocco will witness an economic growth of 5.7%.
An Economic Expert: Paying Kuwait’s Debts Will Return To Iraq 3% Of Oil Revenues
The economic expert, Safwan Qusay, confirmed, on Monday, that the full payment of Kuwait’s debts will return to Iraq 3 percent of the oil revenues, pointing out that Iraq is able to overcome the budget deficit and pay its foreign debts after the rise in oil prices and the payment of its debts to its neighbors.
Qusay told Al-Maalouma, "Iraq will be able to overcome the budget deficit and pay its foreign debts if the budget is built on the price of 70 dollars per barrel of oil, especially after the devaluation of the dinar against the dollar, which rationalized consumer spending by 20 percent."
He added, "Iraq is going to pay Kuwait's debts in full next year, with no less than 600 million dollars, and here 3 percent of the oil revenues that are directly deducted and go to Kuwait's debts will be released, and these amounts will be a new source of spending or used to pay off external debts amounting to 20 billion dollars."
And he indicated that "the debt repayment process will reclassify the Iraqi credit and thus move the investment compass and reassure the investor that the Iraqi economy is able to pay off debts and create job opportunities through the investment window."
A source reveals two reasons behind the decline in dollar prices in Iraq
Today, Sunday, a government source attributed the decline in dollar prices in local markets to the continuation of central bank sales and the lack of travel during this season of the year.
The source said in an interview with Shafaq News Agency, "The decline in dollar prices in the stock exchange and local markets is due to the lack of demand for it compared to what is offered in the stock market," noting that "dealers in the dollar try from time to time to raise and lower prices for profit purposes, but they remain limited. ".
The source, who preferred not to be named, added that "the bank's continuation of selling the cash dollar in the auction that it conducts daily contributed to increasing the dollar's supply in the local markets, as well as providing traders with what they need from the dollar to cover their imports of hard currency at prices lower than the market."
The source pointed out that "the lack of travel during these days of the year is another factor in the decline in dollar prices," adding at the same time that "the security conditions and rumors have a significant impact on dollar prices."
It is noteworthy that the price of the dollar gradually decreased in the Iraqi markets, bringing these prices on the main stock exchange to 147,900 dinars per 100 dollars.
McGurk: Very clearly, "America will not leave the Middle East."
The US National Security Council Coordinator for the Middle East, Brett McGurk, said during the Manama dialogue that everyone should make sure that the United States will not leave the Middle East region, sending an explicit message to the opponents in which he said that they should not bet against America.
To form the government… the Sadrists are moving to gather 180 seats, including representatives from the coordination framework
An informed political source revealed, on Sunday, a move by the Sadrist movement to gather 180 seats in the Iraqi parliament to form the next government.
The source told Shafaq News Agency, “The negotiating delegation of the Sadrist movement moved the Kurdish and Sunni parties to collect 180 seats in the House of Representatives in preparation for the formation of a national majority government in the next stage.”
He added that “the Sadrist movement now has 75 seats instead of 73, in addition to the fact that there are five independent candidates close to the movement, bringing the total number of their seats to 80.”
The source added, “The Kurdish Democratic Parties and the Patriotic Union own up to 50 seats, while the Progress Party, along with the independents close to it, have up to 40 seats in the next parliament,” noting that “there are 10 deputies from the coordinating framework that may join this movement during the coming period.”
The source explained, “The Sadrists now own up to 180 seats, and this is a prelude to the formation of a national majority government,” stressing that “this move and the new alliance led by the Sadrist movement will be announced after the Federal Court ratifies the election results.
Government Institutions "Drain" The State's Treasury... This Is What It Will Be Like In 5 Years!
The economic expert, Manar Al-Obeidi, revealed, on Sunday, details about the salaries of some ministries and what they constitute of the total public spending, noting that three government institutions drain the Iraqi treasury.
Al-Obaidi said, in a post on his Facebook page and seen by / the information / that “the salaries of the Ministries of Defense and the Interior and the Council of Ministers with its affiliated bodies constitute 55% of the total salaries, which in turn represents up to 50% of the total expenditures of the Iraqi government, meaning that the salaries of the entities The three represent about 28% of the total monthly government expenditures.
He added, "From 2016 to 2021, the salaries of the three entities grew by 34% to reach 1.87 trillion dinars per month, after it was only 1.39 trillion Iraqi dinars in 2018."
The economic expert continued, "The growth rate in the salaries of the Council of Ministers and related bodies grew by 153%, while the growth rate in the salaries of the Ministry of Defense reached 21%, and the growth rate in the salaries of the Ministry of Interior amounted to about 20%."
He pointed out that "the total of salaries increased, by 31% from 2016 to 2021, to reach 3.4 trillion Iraqi dinars per month, after it was in 2016 up to 2.6 trillion Iraqi dinars."
And he indicated that "the rates of increase in monthly salaries in general and for the three parties above with this ratio, constitute a great burden on the Iraqi government if it is noted that the annual growth rates are almost equal and did not witness a significant decrease."
He pointed out that "the growth rates, if they continue at the current rates, it is expected that the monthly salaries of the three parties during the next five years will reach more than 2.5 trillion Iraqi dinars."
He believed that "it is necessary to convert a large part of this human mass into productive energies by converting its military and security effort into an industrial and agricultural effort, which contributes to building the infrastructure of Iraq as well as contributing to building industrial and agricultural projects that can contribute to increasing the Iraqi GDP in a way." old
The Commission sets the date for announcing the final results of the 2021 parliamentary elections
Today, Sunday, the Independent High Electoral Commission set the date for announcing the final results of the elections, while noting that the appeals strongly affected the results.
A member of the media team of the commission, Imad Jamil Mohsen, said, during a press statement, that "the commission is ready to announce the results after the judiciary has decided on all appeals," noting that "it is hoped that the final results will be announced within two days."
He explained, "The appeals had a strong impact on the results, as the stations canceled by the judiciary changed the number of seats, except for the final results, which are not resolved until they are announced." He added, "The Federal Court ratifies the names of the winners of the elections, and the judiciary approves the appeals and considers them final," noting that "the Commission will announce the results after their completion, and the names of the winners of Parliament seats will be submitted to the Federal Court for approval.
Al-Kazemi’s advisor reveals the reason for the high food prices
Today, Sunday, an advisor to the Prime Minister revealed the reason for the rise in food prices.
Mazhar Muhammad Salih said: "Food prices globally have witnessed a remarkable rise, and some of them have entered a wave of massive inflation."
"There is a great hedge in food prices, especially in the Americas, and the increase will be in foodstuffs in the markets," he added.
Saleh pointed out that "the world benefited from the harsh experience of the closure, which affected the economy and led to many slips, and it will be dealt with intelligently."
It is noteworthy that the local markets are witnessing a significant increase in the prices of food and consumer goods.
in this video the words are in English on the bottom but he says something different in the video than what is in this article
the problem is due to the delay in implementing the 2021 budget law "There's no way except for the implementation of all the articles in the budget bill.
Passing the budget and implementing it as it is will resolve all the issues. This will lead to economic stability.
***The Central Bank of Iraq begins activating the self-management of foreign reserves
say what?
The Central Bank of Iraq announced, on Monday, that it has started activating the self-management of foreign reserves.
And the central bank stated in a statement seen by "Economy News", that it had begun "activating tools for direct communication and negotiation with clients and external correspondents on the Bloomberg and Refinitiv (FXALL, RFQ) platforms."
He added that this is a simulation of "the latest global developments in using the best executive tools for managing and investing foreign
reserves in order to achieve the best returns in trading and investment operations.
from google
Refinitiv Data Platform provides simple web based API access to a broad range of content. ... The Refinitiv Trade Discovery product supports banks adopting their own market risk models to comply with the Risk Factors Eligibility Test (RFET) under the Fundamental Review of the Trading Book market risk regulation.
FXall is a foreign exchange aggregator providing electronic trading to banks and brokers using an electronic communication network with headquarters in New York. The company provides electronic trading in the foreign exchange market to institutional clients using straight through processing
The College of Administration and Economics at the University of Al-Qadisiyah holds a symposium on the impact of the exchange rate on the local currency in Iraq
The College of Administration and Economics at the University of Al-Qadisiyah held a scientific symposium on the impact of the exchange rate on the local currency in Iraq for the period from “2019 to 2020” with the participation of researchers and specialists in this field .
A source at Al-Qadisiyah University told Al-Mawred News that "the symposium aims to identify the importance of the
exchange rate and its impact on the economic activity of any country, not just Iraq, for the short and long terms alike. As well as being one of the most variables that address and affect economic stability." The exchange rate is one of the pivotal variables on which the effectiveness of monetary policy is based in influencing monetary variables (the most important of
which is inflation) through the amount of money supply .
He stressed, "The symposium raised a number of questions, including how the expected and unexpected fluctuations of the exchange rate can be reduced from their direct impact on the Iraqi local currency, and what contributes to causing these fluctuations and makes the exchange rate unstable, especially since economic theory explains its impact on external variables, not the variables interior ".
He pointed out that the symposium recommended the need to work on stabilizing local prices in the event the state wants to reduce the value of cash to ensure that the cost of local products does not rise .
Also, the exchange rate is a matter of monetary policy, determined by the Central Bank, so it is necessary for the independence of the Central Bank in the matter of determining it, not to mention that the exchange rate is
Iraq Announces Its Imminent Accession To The World Trade Organization
don't get excited the RV has been imminent for years hahaha and look at the bolded part
Today, Monday, The Ministry Of Commerce Revealed An Upcoming Visit Of Its Minister To Geneva To Discuss Iraq's Accession To The World Trade Organization, While Noting That Iraq Needs To Pass Laws And Legislation To Support Its Position Internationally.
The Official Spokesman For The Ministry Of Commerce, Muhammad Hanoun, Said, "The Ministry Of Commerce Is Mobilizing Its Efforts Towards Iraq's Accession To The World Trade Organization, And Its Minister And At The Head Of A Government Delegation Will Go To Geneva Next Week To Reach An Agreement With European Trade Ministers And European Countries Regarding Accession."
He Stressed That "We Look Forward To Finalizing The File Of Iraq's Accession To The World Trade Organization Soon," Noting That "The Accession Process Is Complex And Includes Many Great Conditions."
He Pointed Out That "Iraq Needs To Pass Laws And Legislation On Many Topics, Including The Economy, Customs, And Other Required Details And Controls."
He Explained, "The Ministry Of Commerce Has Prepared An Integrated File, And We Hope To Discuss It With The European Side With The Aim Of Joining The Organization."
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