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Iraq Economic News and Points to Ponder Thursday AM 1-4-24

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An Economic Center Proposes Changing The Mechanism For Delivering Dollars To Travelers At Iraqi Airports  

Economy     breaking  center     Proposal     changing     Dollar delivery mechanism     Iraqi travelers

2024-01-03 Shafaq News/ Today, Thursday, the Iraqi Political and Economic Center presented a proposal to change the mechanism for delivering dollars to travelers at Iraqi airports, while recording several observations on the currently approved mechanisms.

The center’s director, Wissam Hadmal Al-Helu, said in a statement received by Shafaq News Agency,

“The mechanism for delivering the dollar to travelers has witnessed in the past months   a lot of complexity and    did not provide it to many of its beneficiaries for the purposes permitted by the Central Bank.”

He added,  “The mechanism adopted links that open at limited times, which causes great pressure on it and deprives many people of the ability to enter and reserve to request dollars, as well as

banks specifying specific numbers that are allowed to purchase, and then closing the application according to what was reported by the complaints of many that reached the Iraqi Central Bank.”

Al-Helu continued,  “Accordingly, the Center proposes another mechanism that is simple and protected at the same time, and that  it should be under the supervision of the Central Bank of Iraq and the competent authorities in Iraqi airports,” explaining that

“the proposed mechanism includes enabling the traveler who meets the conditions to request what he needs from the 3,000 US dollars allocated to him.”

The traveler brings an amount equivalent to the Iraqi dinar and delivers it immediately from inside the airport after stamping his passport upon departure and presenting the stamp, ticket, and board to the bank outlets located at the airports, whose employees are present 24 hours a day.

He pointed out that “this measure will facilitate the way travelers receive the dollar and ensure fair distribution and that the majority of travelers will not be forced to buy the dollar from the black market with a large difference from the official price, which constitutes pressure that represents one of the factors that contributed to raising the exchange rate months ago.”اقتصـاد/مركز-اقتصادي-يقترح-تغيير-لية-تسليم-الدولار-للمسافرين-في-المطارات-العراقية

The Center For Banking Studies Announces Its Training Plan For The Year 2024

January 04, 2024    The Center for Banking Studies at the Central Bank of Iraq announced its training plan for the year 2024, which included (12) axes, each of which was distributed over a number of courses, with a total of (80) courses for all axes.

This year’s plan was characterized by the creation of a special axis for non-banking financial institutions, in addition to adding a number of new courses to the other axes in line with the developments witnessed by the international banking sector, and meeting the needs of local banks and the aspirations of the Central Bank of Iraq in the process of reforming the Iraqi banking sector.

A Significant Increase In The Rate Of External Remittances To The Dollar At The Central Bank Of Iraq Auction

Wednesday 03, January 2024 | Economical Number of readings: 390  Baghdad / NINA / External remittances increased at the Central Bank auction, today, Wednesday, by 91% at the expense of cash sales, to reach $188 million.

The Central Bank stated in a statement that, “During its auction today for buying and selling the US dollar, it sold 205 million, 298 thousand and 248 dollars, which the bank covered at a base exchange rate of 1,305 dinars, per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for foreign transfers.” At a price of 1,310 dinars per dollar in cash form,

he added that most of the bank’s dollar sales went to strengthening balances abroad in the form of (transfers, credits), which amounted to 188 million 706 thousand and 693 dollars, an increase of 91%, compared to cash sales amounting to 16 million 592 thousand and 20 dollars.

He pointed out that the number of banks that purchased cash dollars reached 3 banks, while the number of banks that responded to requests to enhance balances abroad reached 18 banks, while the total number of exchange and brokerage companies participating in the auction was 34 companies./End 8

Global Variables And Their Impact On The Iraqi Economy

Economical  Yasser Al-Metwally:    In the midst of the events that the world witnessed during the past five years, including 2024, which complement the challenges the world faces, intentions are moving towards a multipolar economy after the events struck the last nail in the coffin of obscene globalization, beginning a new era.

This is what the opinions of economists agreed upon, based on indicators of the events of the five years that ravaged the global economy (Corona, the Russia-Ukraine war, and most recently the Israel-Gaza war), which prompted them, and

I mean countries, to rise up against the unilateral hegemony controlling the global economy, and the reasons are known to far and wide. One of the most influential of which is the strict American policy towards the world.

One of the indicators of the escape forward from globalization is the coalition of the five BRICS countries in an attempt to get rid of the dollar’s control over the global economy.

The events that took place foreshadowed expectations of a global global war on the verge of occurring had it not been for the wisdom of some countries, such as China, for example, which was able to defuse it by postponing its invasion of Taiwan before it happened.

It has become certain for everyone that there will be no globalization in the future, but that everyone will sing his praises (protectionism).

America has realized this fact and is trying to recover what remains of its power and maintain its role in leading the global economy.

It began to maneuver at times and to be lenient at other times, indicating – with satisfaction and conviction – that the future is multipolar in managing the global economy and there is no room for monopolization of power that has become useless with… Countries have reached the point of certainty that the solution lies in sharing influence, so they began to work in this manner.

Between these two scenes, some emerging countries broke out of the net of economic dependency and entered the challenge by adopting policies and measures that, to say the least, are the beginnings of a real confrontation with the status quo and an attempt to evade dependency.

Perhaps the closest The example of Saudi Arabia, which took balanced steps in response to the events, taking advantage of its own capabilities to maneuver and the independence of its decision in dealing with countries according to their interests.

This is a simple example that I will cite to reach what concerns us in Iraq.

How much have we been able to meet this challenge? In other words, how capable is Iraq of the challenge?

We acknowledge that Iraq’s circumstances may prevent this challenge from being met, so it requires the liberalization and independence of the economy, but how?

Starting with the slogan of protectionism raised by countries, it is summed up by securing food and medicine, possessing technology, and developing education.

These matters require a national will and a unified decision. Is this will available in Iraq?

It is noted that the Prime Minister is trying hard to experience this important trinity of liberalizing the economy and influence and achieving independence for the country’s economic decision.

On the public policy side, he has maneuvered well in distributing his interests among all countries and keeping them at the same distance, represented by American, Chinese, Russian, Arab and regional investments, and this is a successful and sound beginning.

But in conclusion, Iraq must liberate its commercial market from monoactivity (reliance on imports) only and try to revitalize and strengthen the position of the local industrial and agricultural production sectors with the aim of providing food and medicine.

We hope that these trends will receive support that expresses the national will with the importance and inevitability of prioritizing our country’s interests and strengthening its economy.

Iraq Is Second In The Middle East With A Large Number Of Children During 2023

Saturday, December 30, 2023   Baghdad/National News Center  Iraq ranked 48th globally in birth rate density, which measures the number of births per thousand people in a country, and is known internationally as the birth rate.

This indicator gives a clearer picture of the density of births per thousand people, and  it gives a more accurate result than classifying countries according to the number of births because countries are not equal in number of inhabitants and areas.

According to statistics provided by the US Central Intelligence Agency, Iraq is ranked 48th globally out of 228 countries, with a birth density of 24.2 births per thousand people annually.

On the Arab level, Iraq ranked fifth in the Arab world in terms of birth rate density in 2023, after Somalia, Sudan, Palestine, and Mauritania.

The country with the highest birth rate is Niger, with a birth rate of 46.9 births per thousand people. The country with the lowest birth rate is Ukraine, with a birth rate of 5.8 births per thousand people.

If Iraq’s location is analysed, it will be in the first quarter of the countries with the most children in the world, and  in the Middle East, Iraq comes in second place in the number of children after the West Bank and Gaza.


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 Provoking Points To Ponder on Adversity:

An earthquake achieves what the law promises but does not in practice maintain – the equality of all men.  – Ignazio Silone

I don’t deserve this award, but I have arthritis and I don’t deserve that either. – Jack Benny

I have an inward treasure born within me, which can keep me alive if all the extraneous delights should be withheld; or offered only at a price I cannot afford.  – Charlotte Bronte

Nothing is more desirable than to be released from an affliction, but nothing is more frightening than to be divested of a crutch.  – James Baldwin

People don’t ever seem to realize that doing what’s right is no guarantee against misfortune. – William McFee

The struggle to the top is in itself enough to fulfill the human heart. Sisyphus should be regarded as happy.  – Albert Camus

There are three modes of bearing the ills of life: by indifference, by philosophy and by religion. – Charles Caleb Colton

Weeping may endure for a night, but joy cometh in the morning. – Bible

Night brings our troubles to the light rather than banishes them. – Seneca

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