{Financial digitization}.. a factor to reduce inflation and absorb hoarded funds
link they mention denominations less than 250 like they already exist... hmmmmm
Economic affairs specialists have identified the most prominent advantages that digital transformation can achieve in banking, placing at the forefront of these advantages the elimination of inflation through the use of small denominations, and the absorption of citizens’ hoarded cash mass, estimated at more than 95 trillion dinars, while they praised the Central Bank’s measures. In providing the appropriate ground for achieving financial digital transformation, they stressed the necessity of doubling the distribution of points of sale and working to oblige all government and private institutions to operate with electronic cards.
“The electronic transformation of the use of money in daily transactions” is of utmost importance in the government’s directions, which is making great efforts to complete this direction, especially after “the Council of Ministers had previously obligated private educational institutions, universities, private colleges, fuel processing stations, centers and shops of all kinds, In addition to restaurants, pharmacies, private medical clinics, stores, all wholesale and retail marketing outlets, and professionals, there must be a minimum amount of their cash receipts through the electronic point-of-sale (POS) system.
Despite the short period of time during which it was officially decided to actually start using electronic payment methods (POS) in the country, “the World Bank believes that the infrastructure for electronic payment systems in Iraq is the best in the region,” praising during a previous meeting with the Governor of the Central Bank, Ali Mohsen Al-Alaq, Director of the World Bank Office in Iraq, Richard Abdel Nour, briefed on “the Central Bank’s procedures for facilitating financial transfers to different segments in Iraq.”
The process of “banking digitization” also represents a vital factor in achieving many economic advantages in the country, according to the banking expert and member of the Board of Directors of the Iraqi Association of Islamic Banks, Dr. Abbas Fadel Rahim, who stressed that “digital transformation has become an important factor in all countries of the world, and it is “This makes it imperative for all banking institutions in Iraq to use the latest knowledge in this field to keep pace with the development of banking work that most countries of the world have reached.”
In an interview with “Al-Sabah” on the sidelines of an economic symposium on the importance of digital transformation in banking, Abbas believes that “technical developments in banking can help financial institutions and individuals achieve a number of positives, including investigation, financial inclusion, security, profitability, and liquidity,” indicating that “All banks in Iraq, private and government, operate under the umbrella and laws of the Central Bank, which has achieved important steps in the field of electronic banking, and has worked to provide the appropriate ground for achieving electronic banking transformation, as well as enabling financial institutions to work and advance in this direction to be able to It provides advanced financial business.”
Abbas pointed out that the electronic transformation of banking carries a number of advantages that can be reflected positively on the economic reality in the country, especially in the field of absorbing part of the citizens’ accumulated cash mass, as the digital transformation will relieve citizens of the need to carry or hoard sums, in addition to that The transformation is able to play a vital role in reducing the high rates of inflation, due to the use of parts of the currency in electronic trading, and therefore the matter will save families sums of money that can meet other parts of their daily requirements when using electronic cards, indicating that trading in small denominations of less than 250 dinars is almost non-existent, so the use of electronic cards will use those amounts, noting at the same time that the high inflation rates are the result of many global factors that have greatly affected prices, especially the Russian-Ukrainian war.
Abbas also explained that among the advantages that the digital transformation of banking in Iraq can bring is the complete elimination of the circulation of counterfeit currencies, and the reduction of bribery operations due to reducing friction and direct dealing between citizens and employees, calling for intensifying efforts to increase electronic card sales stations ( POS).
In turn, the researcher specializing in economic affairs, Durgham Muhammad Ali, explained that there are a number of steps that would make electronic payment operations successful in Iraq, noting that among those steps is “the availability of promotional and procedural elements,” indicating that “the procedural elements are primarily based on encouraging economic activities.” From shops, restaurants, malls and markets to acquire electronic payment devices (POS) and provide financial privileges represented by granting tax allowances or other incentives to users of electronic cards.
Muhammad also stressed the importance of “facilitating the process of citizens obtaining electronic payment cards, by spreading more outlets for selling and charging these cards in residential and commercial areas outside banks,” pointing out at the same time that expanding the process of using electronic cards will achieve many positive economic factors. At the forefront of which is reducing the need for annual printing of cash, and increasing circulation in cash denominations of less than 250 dinars, which is reflected at the end of the month in the family budget.
The economic affairs specialist called for the necessity of “reducing the operator’s commission or paying it by the state to encourage the adoption of these technologies to increase financial inclusion in the country.”
Mashreq Arab Islamic Bank opens horizons of cooperation with the largest Chinese banks
The Levant Arab Islamic Bank and the Chinese Bank of China are studying ways of joint cooperation and opening new cooperation horizons that are commensurate with the needs of the Iraqi market and the commercial reality between the two countries, which is witnessing continuous growth.
An official source at the Arab Levant Islamic Bank said that this meeting comes to strengthen the bank’s international relations, and that there will be a large Chinese bank with huge financial and technological capabilities as a correspondent for the Arab Levant Bank, pointing out that an account will be opened for cooperation purposes and that the Bank of China will be considered a correspondent for the Iraqi side.
The source stated that the bank has a plan to receive Chinese companies operating in Iraq and major Iraqi companies working with China, which made the guest delegation welcome this important step.
In turn, the delegation of the Chinese Bank of China, which is considered the first in the People's Republic of China, expressed its admiration for the performance of the Levant Arab Islamic Bank after reviewing the operations and financial services and the strength of its practical movement with companies, praising the services it provides to the commercial sector and facilitating the process of credits and transfers to China.
It is noteworthy that this is the second meeting after the first meeting that took place in the United Arab Emirates, and the Arab Mushrif Bank is also continuing its meetings with major international banks to enhance cooperation and open new business horizons in accordance with what the Iraqi market requires.
Accurate government detail on three benefits of "ASYCUDA" in Iraq
link FRIDAY
Saleh said {to Al-Furat News} that: “The ASYCUDA system will undoubtedly provide our country with three benefits. The first is reducing evasion of customs and tax duties. This is due to the availability of the ability and accuracy to know the details of imported materials and their conformity with the certificate of origin and purchase invoices, which maximizes public revenues, specifically customs revenues or so-called taxes.” indirect".
He added, "As for the second, it will lead to the availability of detailed information about the import content through the accuracy of the digital system in tracking and detection, which provides the required basic elements of qualitative and commodity control and avoiding the entry of prohibited goods into our country. The third is to limit human interference in the processes of control, evaluation, demarcation, and the consequences." It sometimes includes violations that contradict the legal system between the parties to the relationship.”
Saleh continued, "It also provides the digital system with a detailed statistical information base on our country's foreign trade in terms of quantity and quality with greater accuracy, in addition to providing speed in completing customs transactions and collecting fees after making estimates through the applications of the ESCODA system, which will reduce the costs of commercial transactions and reflect positively." To stabilize the value of goods and merchandise in our country’s markets.”
He added, "The staff of the General Authority for Customs and Border Ports have been qualified to operate the ASYCUDA system and the relevant annexed digital system in preparation for the automation of customs and border ports for all our countries."
President of the Federation of Chambers of Commerce: The development path will be the gateway to economic communication between East and West
President of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, confirmed today, Friday, that the development road will be the gateway to economic communication between the East and the West.
A statement received by the Iraqi News Agency (INA) stated that “The President of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, received at the Federation’s headquarters the new Pakistani ambassador to Iraq, Muhammad Zeeshan Ahmed, and during the meeting, ways of developing cooperation and trade relations were discussed, especially since the two countries had previously signed Memorandum of Understanding on 6/5/2023, emphasizing its activation and providing all facilities in this field and urging Pakistani companies to establish companies with Iraqi businessmen.”
Al-Zuhairi pointed out that "the Iraqi government is serious about starting to establish a development road that will be the gateway to economic communication between the East and the West."
The President of the Republic: Iraq wants to establish good relations with America
The President of the Iraqi Republic, Abdul Latif Jamal Rashid, expressed his country’s desire to establish “good” relations with America, and not to be limited to military affairs only, but to include other areas.
Rashid said in an interview with the English "Sky News" channel, "Iraq wants to establish good relations with the United States, not only in military matters, but also in economic, commercial, political, diplomatic, scientific and cultural aspects."
He added, "The Iraqi government is working on understandings regarding the presence of international coalition forces in the country, and setting a timetable for their stay, missions, and date of departure."
Rashid continued by saying, "The security stability that Iraq enjoys now is important, and the situation today is better than it was in past years," stressing that "the Presidency of the Republic, the government, and the House of Representatives are working greatly to consolidate this stability."
Including a 10% discount... A parliamentary request for petroleum products to increase facilities for issuing electronic payment cards
Al-Mousawi told {Al-Furat News} agency, “The major shift in cash dealing from cash to electronic witnessed a significant expansion that reached a rate of 25% during the first quarter of the current year 2024, and we hope that it will reach a rate of 100% throughout Iraq, as this experience is young and evidence of Iraq’s progress.” In the financial sector to take its place among the developed economic countries, and from our position we call on the Petroleum Products Distribution Company to increase marketing and promotion of the use of the electronic card to all car drivers, especially taxi owners who do not have a job or high education, in addition to providing great facilities in the process of issuing the electronic card, such as delivering it free of charge to a home. The beneficiary and the cost of issuing it are symbolic from the increase in the number of users.”
Al-Moussawi expressed her support for “going towards using celebrities on social media to promote the use of the electronic card for cash payment instead of cash payment. We also support the company if it goes towards making discounts for fuel refills at a rate of 10% of the full refill price, provided that the driver carries a card.” Electronic payment.
On December 7, 2023, the General Company for Petroleum Products Distribution announced the distribution of the electronic card at gas stations for free, while indicating the existence of banking cooperation to make the electronic payment mechanism at gas stations successful.
We are ready to open the bank account for the region’s employees
The concerned authorities in Baghdad confirmed to Channel 8 their readiness to take measures to open the bank account for Kurdistan Region employees, based on the decision of the Federal Supreme Court.
The crisis of employee salaries in the Kurdistan Region began in 2014, and is still ongoing. Sometimes they are delayed, sometimes they are saved, and sometimes their salaries are cut, or within one year they receive salaries for eight months or nine months, without knowing the fate of the salaries that were not granted, saved, or cut.
Member of the Legal Committee in the Iraqi Parliament, Representative Muhammad Anouz, confirmed that the decision of the Federal Supreme Court to localize the salaries of Kurdistan Region employees in federal government banks has become binding and the federal government and the regional government must implement it.
“As for the Federal Court, it is the Supreme Court, and its decision is final and binding, and I am certain that the regional government will work to implement this law, and this does not affect the essence of the federal status of the region, because there is participation in the administration of the country, and there are political agreements, but the issue of salaries came based on requests from popular bases.” ".
A source in the Central Bank of Iraq told Channel 8 that they are fully prepared to open their branches in the Kurdistan Region, but they are awaiting the approval of the regional government, while Hassan Al-Dulaimi, from the media team of the Qi Card company accredited by the Rafidain Bank to distribute the salaries of Iraqi employees, confirmed that the procedures for opening the bank account for the region’s employees It is not difficult and we can complete thousands of bank accounts in a short period of time.
“If we receive the data today, within 24 hours the employee will receive the bank account, and we can issue a thousand cards within one day. We currently issue more than forty thousand cards through the application to our customers and have them delivered to their homes.”
Meanwhile, the former Undersecretary of the Federal Ministry of Finance, Fadel Nabi, said in a statement to Al-Thamena that implementing the decision of the Federal Supreme Court to open the bank account for the employees of the Kurdistan Region and grant them the smart card, will cause a major problem for the employees of the region because opening the bank account requires many steps.
The ball is now in the court of the Kurdistan Regional Government to implement the decision of the Federal Supreme Court in order to reassure the region’s employees that they will receive their salaries like employees of the rest of the Iraqi governorates, as the court decided on the twenty-first of February for the current year 2024 not to delay the salaries of Kurdistan Region employees and distribute them via bank card. .
No money, high prices: Kurdistan’s bazaars quiet ahead of Ramadan
https://www.youtube.com/
Kurdistan Region’s bazaars are quiet ahead of Ramadan because of delays in payments of government salaries and increased prices for certain essential goods.
“There is no salary, nothing,” Iskandar Rahim, an Erbil resident, told Rudaw’s Horvan Rafat on Friday. “Everything has become so expensive and people do not dare to go to the market.”
Sdiq Ahmad, another resident of Erbil, commented on how quiet the market was when he went to do some shopping.
"If they have salaries, people would buy necessities such as meat, chicken, and other home necessities, but now people cannot afford them,” he said. “People are borrowing money for the month of Ramadan.”
Market vendors say that government delays in distributing salaries have slowed their business and many goods are priced beyond the reach of their customers.
Committees from Erbil’s governor’s office are actively overseeing market activity and plan to expand their monitoring during the holy month of Ramadan to more effectively curb price hikes. Shops are usually busy during Ramadan as people buy special foods for the holy month and clothing ahead of Eid.
“A kilogram of meat has gone up to 20,000 [Iraqi dinars]. It is very expensive,” said Gaylan Maghdid, a butcher.
It has been 40 days since the Kurdistan Regional Government (KRG) last distributed salaries for its civil servants and pensioners.
The government has failed to pay its civil servants on time and in full for nearly a decade. The situation worsened over the past year after Turkey suspended the flow of Kurdish crude oil through the Iraq-Turkey pipeline to its Ceyhan port in March following a ruling from a Paris arbitration court, causing the KRG billions of dollars in losses.
Without the funds to meet its payroll, the KRG has turned to Baghdad, which is sending Erbil 618 billion dinars monthly.
Kurdistan's allocations and delayed projects prevent the current year's budget from reaching
Parliament
Member of the Parliamentary Finance Committee, Jamal Kujar, revealed the reasons for the delay in sending the 2024 budget schedules, holding the government responsible for not adhering to the deadlines.
Cougar said in a press interview, “The delay in sending amendments to the 2024 budget schedules to Parliament is due to several reasons, including the ministries not completing their plans regarding the lagging projects,” pointing out that “the government is working to close this file.”
He explained that among the reasons are the difference in prices and currency values, as well as the schedules and amounts allocated to the Kurdistan region, especially after the recent decisions issued by the Federal Court, which obligated the government to do so.
He added, “The government is considered late in sending the schedules, and it bears responsibility, given that the law stressed that they be sent before the end of the last fiscal year,” indicating “the need for there to be seriousness in sending them so that they can be voted on quickly, so that the budget approves all matters.” “Her vertebrae.”
Koger continued, “There is no real information about when the budget schedules and amendments will be sent, and they may be delayed until next month.”
Announcing the formation of an alliance to “support the private sector” in Baghdad, and these are its goals
It was announced in the Iraqi capital, Baghdad, on Saturday, the formation of the "Baghdad Alliance to Support the Private Sector", to enhance participation between representatives of the private sector and the federal and local governments.
A member of the “Baghdad Alliance to Support the Private Sector,” Ali Nimah, said during the coalition’s launch conference, which was attended by a Shafaq News Agency correspondent, “Since mid-2023, a focused group of decision-makers and representatives of the private sector and civil society has worked intensively to study the reality of the private sector, and evaluate the steps that have been taken.” Taken at the executive and legislative levels to support the market-oriented economy.”
He stressed "monitoring real and serious steps from the government and local sides to work to address all the challenges facing the private sector," stressing "the participatory approach in making decisions related to the market economy, because it is the most important tool for developing the private sector."
He continued, "The participatory approach must include the inclusion of representatives of the private sector, owners of entrepreneurial projects and representatives of civil society in the process of formulating policies that support investment and development, especially at the local level."
He added, "In continuation of the efforts made at the executive and legislative levels in this regard, we announce the formation of the Baghdad Alliance to Support the Private Sector, which is the first space of its kind at the level of Baghdad Governorate to enhance the approach based on participation between representatives of the private sector, the federal and local government, and civil society organizations."
Nimah explained, "The Baghdad Alliance is working on a set of goals, including being an advisory body for decision-makers. The Alliance provides practical recommendations that contribute to formulating policies related to investment and development, and creating an interactive environment between the allied parties that work to create an interactive environment among themselves to point out the problems that arise." On the ground and proposing practical solutions to them.
He pointed out that "one of the coalition's primary tasks is to strengthen strategic partnerships between the private sector, the government, and academic institutions, to achieve sustainable development that serves the interest of the nation and society."
He stressed the commitment, “to achieve the goals in the spirit of teamwork and continuous cooperation,” calling on all interested companies, institutions and individuals to join the Baghdad Alliance to support the private sector, in order to build a prosperous and developed future.
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The Secretary of the Iraqi Communist Party explains the details of his meeting with Al-Sudani
Secretary of the Central Committee of the Iraqi Communist Party, Raed Fahmi, said today, Friday, that the government’s measures must provide radical solutions in various fields, noting that some of the legislation submitted to Parliament “restricts freedoms.”
Fahmy stated in a televised interview, “The steps taken by the government in various fields, although positive and useful, should take into account the social aspects that the country is experiencing.”
Regarding his meeting with Prime Minister Muhammad Shiaa Al-Sudani, he indicated that he "discussed developments in the country and the general situation from various aspects, and stopped at the steps and policies adopted by the government in various fields, especially in the fields of reconstruction and construction."
He pointed out that the party noted “still high levels of poverty, inflation in prices, weak purchasing power, and large segments suffering from educational and health conditions that are handled by the private sector at high costs,” and stressed during the meeting the need for these aspects to be “present in government policies.”
He pointed out that they spoke in their meeting with Al-Sudani about the reality of freedoms, saying: “We have noticed in recent times the emergence of some arrests and restrictions on bloggers and others and some security confrontations,” while Rais considered that there is “chaos in the field of media and there are those who seek to use media platforms for purposes excretion and others.
The Prime Minister's Media Office had indicated that the meeting with the Secretary of the Central Committee of the Iraqi Communist Party and members of the committee witnessed discussion of the most important files and topics at the national level, and "the necessity of supporting the government's efforts in implementing the provisions of its program, which expresses the aspirations of all segments and spectrums of society." Iraq, and ways to consolidate the steps of development and economic reform and meet the aspirations of citizens.”
The Kurdistan Government announces the registration of more than 220,000 employees in the “My Account” project
Erbil (Kurdistan 24) - The Ministry of Finance and Economy of the Kurdistan Regional Government announced today, Thursday, that the number of the region’s employees registered in the “My Account” project has so far reached more than 220,000.
The Ministry said in a blog post on its official page on the Facebook platform, “One of the achievements of the (My Account) project for this year is the registration of more than 220,000 government employees.”
The Ministry indicated that, "At the same time, the project began in seven cities in the Kurdistan Region, and bank cards were returned to more than 100,000 employees," indicating that "many private banks participated, and will participate more in the future."
“My Account” is one of the long-term initiatives of the ninth ministerial formation, which is represented in the electronic transformation of public services, achieving greater prosperity for citizens, and facilitating business.
The “My Account” initiative, launched by Prime Minister Masrour Barzani on February 28, 2023, includes a number of advantages and benefits, both for citizens and for the economy of the Kurdistan Region, which are:
For citizens:
Ease of handling and safety of accounts, because the financing of salaries will be regular and will be paid in a timely manner and without queues, in addition to reducing the risk of theft of salaries and savings.
For financial products:
Generate additional income by putting idle (immobile) money into savings, purchasing goods or financing personal expenses through soft loans, in addition to enhancing financial culture.
For digital payments:
Payment through the “online” system to purchase goods and services available on the Internet, via bank cards, the possibility of transferring money between different accounts via phone applications, and receiving international transfers without the need for banking and transfer offices.
Regarding the economy of the Kurdistan Region:
Increasing the local product as a result of citizens’ participation in the banking sector, raising the rate of consumer spending due to the increase in the proportion of individual loans, creating job opportunities in the banking sector, reducing dependence on cash transactions, raising government performance and transparency, and including digital payments within public services.
During a special meeting at the fourth edition of the Middle East Peace and Security Forum, which was hosted by the American University of Duhok, Prime Minister Masrour Barzani expected that more than one million government employees would register in the “Hasbi” project by the end of 2024.
The number of banks participating in the “My Account” project so far is five, which are: “Ashur Bank, Bank of Beirut and Arab Countries BBAC, Cihan Bank, RT Bank, and the National Bank of Iraq (BNI).
An Iranian official told "Baghdad Today": Iran has begun to lose the Iraqi market for internal reasons
The head of the Agriculture Committee in the Iranian Parliament, Muhammad Jawad Askari, confirmed today, Friday (March 8, 2024), that Iran has begun to lose its markets abroad for internal reasons, which reveals that the decline in exports is not limited to the dollar financing crisis in Iraq.
Askari said in his interview with "Baghdad Today", "Turkey easily takes Iran's place in Iraq, and even Saudi Arabia takes over the markets in the production of agricultural products, and this is a serious danger."
Referring to the decline in Iranian agricultural product exports, he said, “Today, about 500 million people from the population surrounding the country are interested in exporting agricultural products, so if an encouraging environment is not created, and a good product is not produced, that space and opportunity will definitely be lost.”
He continued, "Three months ago, I traveled to the Emirates, Iraq and Qatar, and I realized that we were completely losing our popularity among consumers, especially with regard to dried fruits and vegetables."
Askari revealed that there were problems in the legal legislation inside Iran that disrupted the private sector. He said, “In the legislative field, my colleagues and I summarized matters, and we even got a proposal from the private sector and said that we will continue to work based on your proposal.”
Askari held the Iranian Tax Organization responsible for the decline in exports of agricultural products, and said, “The Tax Affairs Authority makes mistakes in some aspects of the export of agricultural products, which leads to a lack of incentive in the export of agricultural products.”
He also pointed out, “Due to the water crisis, we pushed all farmers towards greenhouse products, and we are trying to work not to lose markets, but with the current circumstances, markets are being lost and others are replacing us, and now Turkey is easily replacing Iran in Iraq, and even Saudi Arabia is taking over the markets in Iraq.” “Producing agricultural products, this is considered a serious danger.”
It is noteworthy that Turkish exports of all kinds to Iraq exceeded $11 billion last year, while the volume of Iranian exports stopped at about $9 billion.
There are many neighboring countries competing for Iraqi markets because of their importance as the country is considered one of the consumers in light of the decline in agriculture and the cessation of factories in the country since 2003.
one of the projects he visited today
Al-Sudani: Basra has entered the gateway to economic advancement
they tweeted about this too
Prime Minister Muhammad Shiaa Al-Sudani confirmed on Saturday that Basra Governorate no longer only hosts Iraq's ports and oil production, but has become an industrial incubator for the weight of government industry.
His media office said in a statement that Al-Sudani opened the rolling mill, one of the factories of the General Iron and Steel Company in Basra, which he arrived this morning, to follow up and open a number of strategic industrial and service projects.
The Prime Minister praised the efforts that resulted in operating and rehabilitating these factories, and considered them an important milestone in the “Year of Achievements” adopted by the government, in addition to the DAP and urea fertilizer factories that will be opened today, indicating that international financial institutions recorded growth in the non-oil economic domestic product, which... It reached 6%, which is an encouraging and positive percentage, and can be increased.
He stressed that Basra no longer only hosts Iraq's ports and oil production, but has become an industrial incubator for the weight of government industry and private sector industry alike, and thus it deserves the description (the economic capital of Iraq).
Prime Minister Muhammad Shiaa Al-Sudani said during the opening ceremony of the rolling mill that the completion and rehabilitation of these factories, after years of delay, disruption and problems, is an important step that has overcome all these reasons and been able to overcome the challenges.
He added, "Today we are opening the rolling mill, and after a short time we will open the steel factory, to complete the cycle of iron production and manufacturing with all choices and types," and that these factories were implemented according to the latest production lines from international origins, and represent an important opportunity to cover the need of the local market.
He explained that operating this factory will enable Iraq to reduce the import of iron, preserve foreign currency and provide a national product and new job opportunities. Every direct job opportunity in the industrial sector means providing 4-6 other indirect job opportunities in the corresponding economic sectors and residential cities. The urban renaissance represents an entitlement, and we await the provision of the outputs of this factory. To be the most important source of covering the need for iron, and the rehabilitation of these factories represents part of the government’s vision and program within economic reform.
He continued, "Today we will open factories and production lines for fertilizers, of both types, DAP and urea, in partnership with the private sector... The partnership with the private sector adds modern technology to us, and covers part of the budget requirements... The reality of agriculture requires the provision of fertilizers, to secure food and to rely on our efforts." Subjectivity.
Al-Sudani stressed that Basra has entered the gateway to economic advancement, which is reflected in all of Iraq, and that the completion of Al-Faw port, the initiation of the development road project and the economic city, and the revival of factories, all require the combined efforts of those concerned in the federal and local government. We also emphasize the reform aspect that we adopt related to the automation of customs, To ensure revenues for the state, regulate the entry of imports in accordance with the law and regulations, regulate trade, and block the way for manipulators and exploiters.
He pointed out that the Ministry of Finance is continuing to automate customs and the ASYCUDA system, in cooperation with United Nations agencies... The automation program is subject to our personal follow-up and supervision, and we will address any observation that arises, and the program will continue... The service government is proceeding with confidence and consistency in implementing its program, based on To the political forces, the coordination framework, and the state administration coalition.
The rolling mill is one of the factories of the General Iron and Steel Company, which has been discontinued since 2003. During the past years, there have been procedures and plans to implement an integrated project to rehabilitate the iron and steel factories, which include (the rolling mill, the steel factory, and their engineering services). His Excellency has followed the rehabilitation of this The factory took over the responsibility of the Ministry of Industry and Minerals, which culminated in the issuance of Cabinet Resolution 25 of 2017, the release of appropriations, and an increase in the nodal capacities of the various lines in the factory.
The rolling mill, along with the steel factory and the engineering services attached to them, primarily feeds the local consumption need for rebar, with a production capacity of up to 500 thousand tons annually, within the latest international standards, and according to an automated production process, and programmed electronic control.
Preventing the collapse of the currency... praising the government's steps to control the price of the dollar
Today, Saturday (March 9, 2024), Professor of Economics at Halabja University, Farman Hassan, praised the Iraqi government’s steps to control the dollar and prevent speculators.
Hassan said in an interview with "Baghdad Today" that "the government's measures, including the steps of Prime Minister Muhammad Shia al-Sudani and the Central Bank, are good and prevented the collapse of the Iraqi currency," stressing that "if the measures continue, the price of the dollar will gradually decline."
Hassan added, "The government controlled speculation and prevented monopoly," pointing out that "most materials are traded in Iraqi dinars, and thus the local currency has rebounded, and the dollar has not risen to record levels."
He stated that "the gradual decline will continue because people's demand for the dollar has gradually decreased, after the reassurances sent by the government and the central bank that the dollar will not rise to significant levels, and therefore people no longer have major fears, and those who buy the dollar are now only those who have an actual need."
The Parliamentary Finance Committee confirmed on Wednesday (March 6, 2024) that the dollar is controlled by the relevant government agencies, calling for not taking into account the rumors of losing and corrupt parties.
Committee member Moeen Al-Kazemi told “Baghdad Today” that “there are some politically losing parties and personalities who have major suspicions of corruption, working to continue spreading rumors that the government is not in control of the dollar market and the Iraqi dinar is declining, for the purpose of political influence as well as influencing the market".
Al-Kadhimi added, "The government is currently in complete control of the dollar in all its transactions, and there is real and serious work to strengthen the Iraqi dinar," stressing that "everyone is required not to take into account the rumors of losing and corrupt parties, as they do not want economic stability, to achieve their suspicious agendas."
The expert in economic affairs, Ahmed Al-Tamimi, confirmed earlier today, Wednesday, that the dollar crisis in Iraq is behind corruption mafias, with political protection from some influential people and parties that are trying to obstruct economic reforms.
Al-Tamimi told "Baghdad Today", "The politically protected corruption mafias were the primary beneficiaries of the dollar crisis and they worked to exacerbate this crisis for their own interests and gains. They are also currently working to obstruct any government reforms in the financial and economic sector."
He added, "These mafias have political protection from some influential people and parties, and these parties work politically to create problems so that any government efforts that want reform fail. This is why we see that the dollar crisis is still continuing and ongoing despite all government steps. The parallel market is still witnessing a significant increase." at the official price.
The highest since 2003.. Foundation: Iraq’s public internal debt exceeds the barrier of 70 trillion dinars
The "Future Iraq" Foundation for Economic Studies and Consultations announced on Saturday that the Iraqi government's public internal debt exceeded the barrier of 70 trillion dinars at the end of 2023, rising by 1.5% compared to 2022, which is the highest number Iraq's internal debt has reached since 2003.
The institution stated in a report published today that the highest growth rate in public internal debt occurred in 2020, as it jumped from 38 trillion Iraqi dinars at the end of 2019 to 64 trillion Iraqi dinars at the end of 2020, an increase amounting to 26 trillion dinars, with an increase rate of 67%, indicating that Public debt decreased by a “small” amount in 2022 and rose again in 2023, exceeding the barrier of 70 trillion Iraqi dinars.
According to the report, the internal debt was distributed between loans from commercial and government banks, which amounted to approximately 37% of the total debt, and approximately 62% from the Central Bank of Iraq as obligations of government institutions.
The institution indicated in its report that the public debt represents 19% of Iraq’s gross domestic product, and if the external debt, amounting to 40 trillion Iraqi dinars, is added to it, the total debt amounts to approximately 110 trillion Iraqi dinars, meaning it represents 29% of the gross domestic product. This is a fairly acceptable percentage compared to the percentages of other countries.
The report noted that the main problem is that most of these debts are operational expenses, not investment, meaning that these debts cannot be recovered from the investment projects that were supposed to be established to contribute to increasing the domestic product and thus return the contribution to its creditors, warning that... The continuation of these internal debts without plans to pay them costs the state budget additional expenses, represented by the interest amounts that internal and external government institutions place on these debts.
The report suggested to the Iraqi government either to extinguish internal debts as they are non-recoverable debts, or to develop a clear plan to extinguish them and transform them into productive debts by paying off previous debts, and benefiting from new debts whose goal is investment and development capable of increasing the domestic product of various sectors, and contributing to generating premiums. Debts and their interest come exclusively from the proceeds of these projects.
“Including fleeing from the dollar.” Revealing the reasons for the rise in gold prices in Baghdad
An economic expert revealed the reasons for the rise in gold prices in local markets currently in the capital, Baghdad.
Salah Nouri told {Al-Furat News} agency, “Gold in general is a commodity for saving, as it is a precious metal, and at the level of central banks it is considered an investment and reserve for the local currency.”
He added, "The increase in gold jewelry that is happening at the present time results from the increase in demand for it. When demand for every commodity increases, its price rises, and so far this is economically logical."
Nouri added, "But more importantly, why has the demand for gold jewelry increased at the present time? I think that the citizen tends to save in it instead of the dollar, and this is a weak reason. It is more likely that traders speculating in the dollar are turning to gold instead of the dollar for reasons of speculation or smuggling, because Individual citizens’ need for gold jewelry is limited to special occasions.”
Meanwhile, an informed source told {Al-Furat News} that one of the reasons for the rise in gold prices was due to “citizens’ weak confidence in banks, so they withdrew the amounts deposited in the banks and turned to gold.”
Local markets in Baghdad are witnessing a rise in gold prices, as the selling price of a gram reached {the mithqal}. 465 thousand dinars.
The Iraqi market decides to launch trading on construction bonds
The Iraq Stock Exchange decided to launch trading in reconstruction bonds starting from March 19.
A source in the Iraq Stock Exchange told Al-Eqtisad News that the construction bonds will be traded starting from the Tuesday session, March 19, 2024, and will be in two denominations: 500 thousand dinars, with an interest of 6%, and one million dinars, with an interest of 8%.
He added that the second issuance of reconstruction bonds will be launched for trading in the Wednesday session, March 27, 2024.
my favorite article of today so far
Baghdad seeks to restore Iraqi competencies abroad through a community conference
The Iraqi government is seeking to restore the competencies of the immigrant country by launching a conference for the Iraqi community residing on three continents, which will be held on the twentieth of next month.
Conference objectives:
- Gathering competencies, businessmen and merchants from the Iraqi community in Europe, Canada, Australia and North America.
- Encouraging them to return to Iraq and invest in it.
- Introducing them to the real reality of Iraq and removing the stereotypical image about it.
- Creating investment opportunities for members of the community in cooperation with the Investment Authority and the governorates.
- Holding special workshops in the ministries of higher education, health and industry to attract Iraqi talent working abroad.
Stages of preparing for the conference:
- Forming a committee by the Prime Minister’s Advisor for Component Affairs to supervise the preparations.
- Cooperating with the Ministry of Foreign Affairs and checking the names of invitees according to specific criteria.
- Conducting field visits for members of the community to large investment projects in Iraq.
Expected effects of the conference:
- Creating a state of optimism and hope among members of the Iraqi community abroad.
- Encouraging them to return to Iraq and participate in its development.
- Attracting foreign investments to Iraq.
- Strengthening cooperation between Iraq and the international community.
This conference is an important step by the Iraqi government to restore the country's competencies abroad and build a new, prosperous Iraq.
The Iraq Fund for Development presents its first investment projects
text
IRAQ DEVELOPMENT FUND
Investment opportunity
We are pleased to announce our first projects
Yadoba Investment Schools
For more information or to apply, please click on the link
An Iraqi between me Iraq
Good news for Iraqis... taking into consideration cutting off electricity during iftar and suhoor
Electricity spokesman Ahmed Al-Abadi said {to Al-Furat News} that: “The Ministry of Electricity has prepared a special plan for the holy month of Ramadan, in which all the ministry’s companies have been directed, with an emphasis on fair distribution between residential neighborhoods.”
He added, "The Ministry also stressed its keenness to continue providing energy to religious shrines to take into account their overcrowding with visitors."
Al-Abadi continued, "The times of iftar and suhoor were also taken into account, and service was provided to citizens."
Prime Minister: We cannot witness reconstruction and services without achieving stability
INA Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Sunday, that we cannot witness reconstruction and services without achieving stability.
Al-Sudani stated in a speech during his meeting with a group of residents and notables of the city’s district in Basra, which was followed by the Iraqi News Agency (INA), that “north of Basra is witnessing the presence of projects, some of which are implemented,” pointing out that “fighting corruption is not only the task of the official, but rather requires community awareness.”
He added, "We must improve the type of service provided to citizens by addressing negatives and corruption," stressing that "we cannot witness reconstruction and services without achieving stability."
He continued, "The issue of tribal conflicts must end and the state must be supported in performing its duties," indicating that "Iraq today is on the right track."
He concluded by saying: "It is time for the people to enjoy security and stability."
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