Iraq Economic News and Points to Ponder Friday Evening 1-26-24
Tlm724 Administrator Bondlady’s Corner
Parliamentary Finance: We Are Close To Ending The Phenomenon Of “Parallel Markets” And Prices Are Heading To Decline
Economy |01-24-2024, Baghdad today – Baghdad The Parliamentary Finance Committee confirmed today, Wednesday (January 24, 2024), that Iraq is close to resolving the crisis of the high dollar exchange rate and ending the phenomenon of “parallel markets.”
Committee member Moeen Al-Kazemi said, in an interview with “Baghdad Today,” that “the Iraqi government and the central bank were able to truly control the exchange rate of the dollar and prevent its rise, after taking various steps and decisions over the past months that led to the gradual decline of the dollar in the parallel markets.”
He added, “Work is currently underway to end the so-called (parallel markets) and we are approaching that. The dollar will not be exchanged except at the rate approved by the Central Bank of Iraq, and this matter requires a short time,” pointing out that “the decline in the parallel markets “It will continue gradually over the coming days.”
Earlier, the Central Bank of Iraq announced in a statement that, as of this January, it had decided to “limit all commercial and other transactions to the Iraqi dinar instead of the dollar” inside the country, in an attempt to control exchange rates in parallel markets.
Yesterday, Tuesday (January 23, 2024), a member of the Parliamentary Economics Committee, Representative Briar Rashid, monitored the danger of the “parallel market” in Iraq. Rashid said in an interview with “Baghdad Today,” that
“many factors contributed to creating the parallel market for dollar exchange in Iraq, which is currently far from the official price set by the Central Bank at about 20 thousand dinars for every 100 dollars (the official price is 132 thousand dinars for every 100 dollars). $)”.
Rashid pointed out that “the continuing gap between the parallel and the official is putting strong pressure on the markets and increasing the rate of price rise,” stressing that
“his committee will hold a series of sessions with the Central Bank starting next week in order to coordinate towards supporting the markets and responding to the requirements of companies and traders in order to reduce prices as much as possible.” Possibility.
He explained that “supporting banks and openness in the labor market and production is a priority during the next stage,” stressing that “increasing national production will reduce the demand for hard currency and lead to reducing the parallel market, and this is what we are seeking to achieve at the present time.”
In 2023… Fines From The Iraqi Central Bank On Banks And Banking Companies Amounting To Approximately 141 Billion Dinars
Economy Central Bank of Iraq fines 2024-01-24 00:51 Shafaq News/ The Central Bank of Iraq revealed, on Wednesday, that it had imposed financial fines on banks and banking companies exceeding 140 billion dinars during the past year 2023.
A bank table, seen by Shafaq News Agency, showed that the fines imposed on banks and financial companies during the past 12 months amounted to 140 billion, 924 million, 318 thousand and 901 dinars. He stated that “the fines also included 402 administrative penalties for these banks and non-banking institutions, distributed between warnings, warnings, and grace periods.”
According to the table, last April witnessed the highest rate of fines for banks and non-financial institutions, amounting to 17 billion, 440 million, 383 thousand and 447 dinars, with administrative penalties amounting to 17 penalties, while last November witnessed the lowest rate of fines, amounting to 8 billion, 337 million. And 645 thousand and 628 dinars with 8 administrative penalties.
The table did not show the names of the banks on which fines and administrative penalties were imposed.
In early June, the Iraqi Stock Exchange Investors Association criticized the Central Bank of Iraq’s increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks.
The Central Bank Refers A Number Of Electronic Cards To The Judiciary
Thursday, January 25, 2024 3:11 PM Baghdad/National News Center Today, Thursday, the Central Bank of Iraq decided to refer a number of electronic cards to the judiciary due to misuse outside Iraq. The bank stated in a statement received by the National News Centre, that
“based on the supervisory and regulatory role of this bank, the misuse of electronic cards outside Iraq and during short periods has recently been observed, which affects and harms the financial and banking sector and its customers in the Republic of Iraq.”
He added, “This came after what was revealed by the reports of the competent security authorities and the supervisory procedures of this bank and the Anti-Money Laundering and Combating the Financing of Terrorism Office, and the reports showed the use of employees’ nationalized salaries cards and retirees’ and social welfare cards,” noting that
“a number of cards were referred to the Supreme Judicial Council for the purpose of taking measures.” Legal in accordance with the Anti-Money Laundering and Terrorist Financing Law No. (39) of 2015 and the instructions issued pursuant thereto, and referring public sector employees to the Integrity Commission for the purpose of taking the necessary action on their part.” According to the statement, the bank warned
“those who benefit from electronic payment services from the fake pages that have spread recently and which lure citizens (taking advantage of the citizen’s lack of awareness) to obtain their card information in exchange for their promises to provide services that are not true, and that
obtaining the services is through the official and private applications of the entity.” The card issuer (the bank, the electronic payment company) exclusively.” He stressed his “strong keenness to provide all appropriate tools for the purpose of facilitating financial operations for citizens, which preserve the integrity of the financial operations of the Iraqi financial sector.” https://nnciraq.com/247594/
The Credit Bank Of Iraq Achieves A Profit Of 17.5 Billion Dinars During The Year 2023
The Credit Bank of Iraq achieved a profit of 17.5 billion dinars during the year 2023.
The bank announced its financial budget for the year 2023. Its assets rose to 507.7 billion dinars, while it was 406.7 billion dinars in the year 2022, a growth rate of 24.8%.
The bank’s revenues amounted to 27.1 billion dinars, divided into 18.3 billion dinars resulting from banking interest revenues and 3.7 billion dinars through banking commission revenues, in addition to revenues from the dollar and capital platform.
The bank’s profits grew by 63.5% during the year 2023 compared to the year 2022, which reached 10.7 billion dinars. Views 74 01/26/2024 – https://economy-news.net/content.php?id=39828
Oil Prices Stabilize At Their Highest Levels Since December
Economy | 09:42 – 01/26/2024 Mawazine News – Baghdad Oil prices closed higher by about 3%, settling at their highest levels since December, driven by strong economic data in the United States that showed faster-than-expected growth in the last quarter, with the continued impact of tension in the Red Sea on global trade.
Brent crude futures rose $2.39, or 2.99%, to $82.43 per barrel. US West Texas Intermediate crude also increased $2.27, or 3.02%, to $77.36 per barrel.
The focus remains on geopolitical tensions in the Middle East and the disruption of shipping traffic in the Red Sea.
We are reducing the volume of trade through the Suez Canal, which is suffering as a result of Houthi attacks in the Red Sea, by 42% during the past two months, according to what the United Nations announced.
Jan Hoffmann, an official at the United Nations Trade and Development Organization (UNCTAD), said in a press conference, “We are very concerned about attacks against shipping in the Red Sea (…) which increase trade disruptions linked to geopolitics and climate change.”
Maersk, the giant shipping company, said that nearby explosions forced two ships operated by its unit in the United States and carrying American military supplies to turn back when they were crossing the Bab al-Mandeb Strait towards the north, accompanied by pieces of the American Navy.
This came as the leader of the Houthis in Yemen announced that they would continue targeting ships linked to Israel until aid reaches the Palestinian people in Gaza.
In the United States, the US Energy Information Administration said that US crude inventories fell by 9.2 million barrels last week, more than analysts expected in a Reuters poll.
Oil prices also received support from hopes for economic recovery in China after the central bank announced a significant reduction in banks’ reserve requirements, while the European Central Bank on Thursday kept interest rates at four percent without indicating any possibility of monetary easing soon.
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Top 100 Inspirational Quotes Compiled By Kevin Kruse
Inspirational quotes and motivational quotes have the power to get us through a bad week, and can even give us the courage to pursue our life’s dreams. In my book, 4 Keys to Happiness and Fulfillment at Work, By Kevin Kruse, I share surprising research into the true triggers of workplace motivation.
So in the spirit of self motivation, here are 100 inspirational quotes.
- Life shrinks or expands in proportion to one’s courage. – Anais Nin
- If you hear a voice within you say “you cannot paint,” then by all means paint and that voice will be silenced. – Vincent Van Gogh
- There is only one way to avoid criticism: do nothing, say nothing, and be nothing. – Aristotle
- Ask and it will be given to you; search, and you will find; knock and the door will be opened for you. –Jesus
- The only person you are destined to become is the person you decide to be. – Ralph Waldo Emerson