Iraqi Economic News & Points to Ponder Wednesday Evening 9-13-23
Tlm724 Administrator Bondlady’s Corner
With The Market Closed In Baghdad.. The Dollar Soars And Exhausts The Dinar By 157 Thousand
Economy | 09/13/2023 Baghdad – Mawazine News The dollar exchange rates recorded a new high on Wednesday evening in local market transactions.
Selling prices in the local markets in the capital, Baghdad, recorded 157,000 dinars for 100 dollars, while purchasing prices reached 156,000 dinars for 100 dollars. Ended 29/99
https://www.mawazin.net/Details.aspx?jimare=234924
Al-Sudani Discusses Financial And Banking Reforms With The US Treasury
Iraq Wednesday, September 13, 2023 Baghdad/National News Center Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani discussed with the US Treasury Department financial and banking reforms.
A statement from his office received by the Al-Khabari News Center stated, “Prime Minister Muhammad Shiaa Al-Sudani received, today, Wednesday, US Assistant Secretary of the Treasury, Elizabeth Rosenberg, and her accompanying delegation.”
The statement continued, “During the meeting, joint cooperation between financial institutions in Iraq and the US Treasury was discussed, and the government’s measures to implement financial and banking reforms were discussed to reduce corruption operations in all its forms.”
The Prime Minister indicated, “The government is continuing to implement its priorities in reforming the banking sector, which is a basic basis for developing the economy, by adopting international standards, addressing the distortions and imbalances that accompanied its work, and keeping pace with developments,” stressing that “those reforms have contributed, significantly, to reducing… Money laundering operations, as well as addressing suspicious trade and reducing corruption.”
Al-Sudani stated, “The government has come a long way in implementing its reforms in financial institutions, in the public and private sectors.”
For her part, Rosenberg praised “the great steps taken by the government in the field of financial and banking reform, which will help Iraq advance its economy and enhance its programs and plans in the field of sustainable development.” https://nnciraq.com/226746/
The Governor Of The Central Bank Of Iraq Receives The Assistant Secretary Of The US Treasury
Money and business Economy News – Baghdad On Wednesday, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, discussed with the Assistant Secretary of the US Treasury, Elizabeth Rosenberg, bilateral relations and discussed the measures taken in the field of combating money laundering and terrorist financing.
The media office of the Central Bank stated, in a statement received by Al-Iqtisad News, that “Governor Ali Mohsen Al-Alaq received the Assistant Secretary of the US Treasury, Elizabeth Rosenberg, and her accompanying delegation,” indicating that “the meeting discussed bilateral relations and discussed the measures taken by the Central Bank of Iraq in the field of Combating money laundering and terrorist financing.
He pointed to “confirmation of the continued support provided by the US Treasury and joint efforts to enhance transparency, integrity, and implementation of international compliance instructions in the Iraqi banking system.”
The two parties discussed “following up on the outcomes and results of previous meetings between the Central Bank of Iraq on the one hand, and the US Treasury Department and the US Federal Bank on the other hand, as well as the possibility of providing technical support in the field of financing foreign trade through solid banking channels with mechanisms that enable financing legitimate foreign trade, in various currencies, including (Euro, Chinese yuan, and UAE dirham), as well as regulating trade with the Turkish Republic.
The US Treasury Department appreciated “the efforts and steps of the Central Bank of Iraq in contracting with international auditing companies to ensure the accuracy and transparency of procedures.” Views 85 09/13/2023 – https://economy-news.net/content.php?id=36334
The Minister Of Commerce Discusses With The Armenian Minister Of Economy Ways To Develop Trade, Economic And Investment Relations
Wednesday 13, September 2023 18:23 | Economical Number of readings: 123 Baghdad / NINA / Today, Wednesday, the Minister of Trade, Atheer Daoud Al-Ghurairi, discussed with the Armenian Minister of Economy, Vahan Keropian, the development of trade, economic and investment relations, and increasing the volume of trade exchange, on the sidelines of the joint Iraqi-Armenian committee.
During the meeting, Minister Al-Ghurairi confirmed the Iraqi government’s intention, within its program, to give the private sector a role to improve the business environment in Iraq and with the countries of the world.
He added: “The opportunities are promising in light of the security and political stability, which has had an impact on many countries entering into various investment projects inside Iraq.”
Al-Ghurairi said: “We are working to consolidate and frame relations and agreements and activate joint committees with all countries of the world in light of governmental openness to open channels of cooperation in all fields and to serve common interests,” stressing the readiness to provide facilities for the participation of Armenian companies in the 47th Baghdad International Fair so that it will be an opportunity for their presence.
Armenian businessmen and companies to find opportunities to enter into real partnerships with Iraqi sectors through investment projects.”
For his part, the Armenian minister stressed his country’s keenness to develop economic and trade relations with Iraq and increase the volume of trade exchange.
In this regard, he said: “As a first step, we will participate in the Baghdad exhibition with representation Governmental and we seek to encourage a number of companies to participate in the exhibition,” stressing his government’s readiness to cooperate in the fields of electricity, agriculture, and renewable solar energy in a way that serves the interests of the two friendly countries./End 8
https://ninanews.com/Website/News/Details?key=1077527
Al-Sudani Says That His Government Will End The Dollar Crisis After An Agreement With Iran
Monday, Prime Minister Muhammad Shiaa Al-Sudani announced new steps in the issue of the dollar exchange rate crisis, and said that these steps would “break down” the parallel market.
Al-Sudani spoke about the currency market file during a meeting with a number of media professionals held at the government palace, indicating that “the dollar issue requires reform of the banking and financial sector, and is linked to taxes, customs, and fees to protect products and economic policies.”
Al-Sudani said that this sector “has not witnessed any reform since 2003, and it was necessary to adhere to global compliance standards, which were supposed to be implemented in the previous government,” noting that “the decision to reduce the exchange rate to 1,320 dinars per dollar was a correction to the decision to raise “The previous exchange rate, which was not well thought out.”
Al-Sudani stated that the existence of “the parallel market is linked to a number of commercial operations, including trade with Iran,” and in this regard, he explained that merchants cannot send money legally in light of the American sanctions on Tehran, “which forces them to deal with the parallel market.”
The Prime Minister confirmed that “the Iranian side informed the government in the last meeting to stop dealing in the dollar, and to replace it with the euro, the yuan, the dirham, the Iraqi dinar, or the Iranian toman,” and revealed that there is “a mechanism that the Central Bank of Iraq and its Iranian counterpart are working on to prepare a plan to regulate this trade.”
Al-Sudani said that the new mechanism with Iran “will break the back of the parallel market,” while he explained that other problems associated with the parallel market relate to the trade in tobacco, gold, and medicines.
The Prime Minister indicated that “his government is working to solve the problems and organize the work of major traders in these sectors in preparation for including them in the procedures for purchasing the dollar from the Central Bank.” https://economy-news.net/content.php?id=36299
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Points to Ponder on Extravagance and Extremes:
Laws cannot prevent extravagance; and this, perhaps is not always an evil to the public — A shilling spent idly by a fool may be picked up by a wiser person, who knows better what to do with it; it is, therefore, not lost — Franklin
Extremes are dangerous — A middle estate is safest, as a middle temper of the sea, between a still calm and a violent temper, is most hopeful to bear the mariner to his haven —Swinnock
All extremes are error — The reverse of error is not the truth, but error still — Truth lies between these extremes — Cecil
The man who can be nothing but serious, or nothing but merry, is but half a man — Leigh Hunt
Extremes meet in almost everything; it is hard to tell whether the statesman at the top of the world, or the ploughman at the bottom, labors hardest — Tancred
Extreme views are never just; something always turns up which disturbs the calculations founded on their data — Tancred
The blast that blows loudest is soonest overblown — Smollett
We must remember how apt man is to extremes — rushing from credulity and weakness to suspicion and distrust — Bulwer
The Greatest flood has soonest ebb; the sorest tempest, the most sudden calm; the hottest love, the coldest end; and from the deepest desire often ensues the deadliest hate — Socrates
Neither great poverty, nor great riches will hear reason –– Fielding
No violent extremes endure; a sober moderation stands secure — Aleyn