Iraq Economic News and Points to Ponder Wednesday Evening 1-31-24
Tlm724 Administrator Bondlady’s Corner
Parliamentary Finance Calls On The Government To Get Rid Of The Dominance Of The Dollar And Diversify The Monetary Reserve
Wednesday, January 31, 2024 Baghdad/National News Center Parliamentary Finance calls on the government to get rid of the dominance of the dollar and diversify the monetary reserve https://nnciraq.com/248492/
The Central Bank Expects Dollar Prices To Decline In The Middle Of This Year
Economy | 01:41 – 01/31/2024 Mawazine News – Baghdad, former official in the Central Bank of Iraq, Faleh Dawoud, said that the exchange rate of the US dollar will fall to less than 1,500 Iraqi dinars by next June.
Faleh Daoud said in a statement followed by Mawazine News, “The dinar’s exchange rate depends on the market and demand, because the currency market plays a role in its price, not the central bank,” noting that “the recent actions of the US Treasury Department and the Federal Reserve regarding transferring the dollar to Iraq caused… In the decline in the value of the currency, which is the reason for the instability of the dinar against the dollar.”
He explained, “Relying on the electronic platform had a positive side effect on the exchange rate against the dollar and created quasi-stability in the dinar’s exchange rate, and it may rise slightly by next June.”
He noted that “the dinar’s exchange rate in the coming days will depend on the market and the demand for the dollar, and that there is a gap between the demand for American policy and the supply of dollars, and that the central bank’s policy since the second half of 2023 has been bilateral agreements with countries to trade in local currencies.”
He continued, “According to my information, trade exchange between Iraq and Turkey is now in the Turkish lira in addition to the dollar, and the agreement was successful,” according to Faleh Daoud, who added: “This will give indirect control over the issue and Turkey will obtain dollars if necessary.”
He pointed out “the necessity of forming a special joint committee between the Central Bank of Iraq, the Money Laundering Office, the Federal Reserve Bank, and the US Department of the Treasury to recommend imposing sanctions on Iraqi banks.”
He stated, “Al-Huda Bank was licensed before 2010,” wondering: “What investigation will be conducted in 2024? What are the charges of which it was convicted and why was the Central Bank of Iraq not opened and held accountable?” https://www.mawazin.net/Details.aspx?jimare=241378
Central Bank Governor: We Prevented Banks And Companies From Obtaining The Dollar… And Work On The Electronic Platform Will End During The Current Year
Wednesday 31, January 2024 17:22 | Economical Number of readings: 629 Baghdad / NINA / The Governor of the Central Bank, Ali Al-Alaq, confirmed: “The bank prevented a number of banks and companies from obtaining the dollar for not adhering to the requirements,” indicating: “The electronic platform will end its operation during the current year.”
Al-Alaq said in an interview with the official agency: “The banks against which decisions are issued are only prevented from obtaining the dollar and can carry out their normal activities,” noting that: “Banks can correct their conditions and obligations required to enter into their foreign transactions.”
He added: “The Central Bank has reached the final stages of regulating external transfers to banks, and the bank has continuous reviews, and banks that apply the standards are allowed to obtain the dollar.”
Al-Alaq continued: “The US Treasury praised the Central Bank’s provisions for banks, which included conditions and standards for external transfers and the opening of accounts with internationally accredited foreign banks,” denying the issuance of decisions by the US Treasury to punish a number of Iraqi banks with the exception of Al-Huda Bank and the Chairman of its Board of Directors./ End
https://ninanews.com/Website/News/Details?key=1104117
The Central Bank Denies The Issuance Of Decisions By The US Treasury To Punish A Number Of Iraqi Banks
Economy | 05:17 – 01/31/2024 Mawazine News – Baghdad Central Bank Governor Ali Al-Alaq denied today, Wednesday, the inclusion of other Iraqi banks under US Treasury sanctions.
Al-Alaq said in an interview, followed by Mawazine News: “There is a big difference between including a bank on the sanctions list by the Office of Foreign Assets Control (OFAC) and stopping a bank from dealing in dollars, which does not represent a punishment as much as it motivates the bank to adhere to local and international requirements in Compliance and combating money laundering and terrorist financing.
He added, “Banks can correct their positions and obligations required to enter into their foreign transactions in a way that ensures the safety of the local and international system from risks.”
He pointed out that “talk about the issuance of decisions by the US Treasury to punish a number of Iraqi banks is inaccurate, and what was issued recently only relates, so far, to Al-Huda Bank and the Chairman of its Board of Directors.”
He pointed out that “the US Treasury praised the Central Bank’s regulations for banks, which included conditions and standards for external transfers and opening accounts with internationally accredited foreign banks.”
He explained that “what is mentioned regarding other banks is that the Central Bank, in continuous operations, deprives some banks for reasons related to factors or issues of compliance with instructions, controls, and rules for combating money laundering and terrorist financing,” noting that “there is a Fines and Penalties Committee that issues dozens of decisions weekly, especially since and after the platform was implemented.” Electronic banks have become obligated and required to follow compliance rules and sound international standards.”
Al-Alaq stressed that “the Central Bank has continuous reviews from time to time and issues decisions to prevent banks from dealing in the dollar with the aim of ensuring that compliance is at the required level and within international standards,” noting that “there are decisions taken against a number of banks and dozens of exchange companies and preventing them from accessing…
The dollar after recording notes on it. Also, in order for banks to be able to carry out external transfer operations or sell the dollar, they must have a response to compliance requirements and international standards, and whoever records that they do not meet such requirements will be prohibited from dealing in the dollar, not as a punishment for those banks, but rather as an incentive for them to implement the standards. International”. https://www.mawazin.net/Details.aspx?jimare=241390
Minister Of Finance: We Are Adopting A Promising Development Program That Is Consistent With The Provisions Of The Government Curriculum
Wednesday 31, January 2024 | Economical Number of readings: 620 Baghdad / NINA / Minister of Finance, Taif Sami Muhammad, confirmed: “The Ministry is adopting a promising development program that is consistent with the adoptions of the government approach aimed at correcting the financial and monetary policy.”
The Ministry stated in a statement: “The Minister met today in her office with a parliamentary delegation that included MPs (Donia Al-Shammari, Nermin Masoud, Hoda Thamer, Tariq Al-Khikani, Hassan Al-Khafaji, Fatima Al-Hawi, Iman Al-Obaidi, Haider Al-Shamkhi, Hassan Al-Masoudi, Saad Awad, Muhammad Al-Rumaithi, Ali Al-Bandawi, Hoda Al-Nashi, Mudar Al-Karawi).
The Minister of Finance expressed her welcome to the visit of members of the House of Representatives, which comes within the framework of maintaining communication and strengthening the principles of partnership between the executive and legislative authorities.
During the meeting, a number of common files were discussed and it was agreed to intensify the level of cooperation and coordination between the two institutions.
The Minister also reiterated her confirmation that the Ministry has adopted a promising development program consistent with the adoptions of the government curriculum aimed at correcting the financial and monetary policy, which is achieved with the support and assistance of the legislative authority, in the interest of advancing the economic and financial reality, achieving the elements of sustainable development, and providing services to citizens. https://ninanews.com/Website/News/Details?key=1104114
During The Month Of January.. Iraqi Stock Market Indices Rise By 7.70%
Money and business Economy News – Baghdad In the last session of January 2024, the traded stock price index closed at (961.95) points, an increase of (7.70%) from the close of December 2023 of (893.15) points.
The Iraq Stock Exchange organized (22) trading sessions in January 2024, which lasted from Sunday to Thursday every week.
The number of shares traded reached (59,065,589,502) shares, with the value of shares traded reaching (58,790,441,773) dinars, and the number of contracts executed reached (19,611) contracts.
The number of companies listed in the market reached (103) joint-stock companies, and trading is carried out through (38) brokerage companies from their headquarters spread in Baghdad using main platforms that regulate the percentages of change for each type:
- The Regular M platform, and the percentage change in price is 15% of the previous closing price
- The second platform, Second M, and the percentage of change in price is 20% of the previous closing price.
- The third platform – the platform for companies with the least disclosure, and the percentage of change in price is 5% of the previous closing price.
- The government bonds platform in which Emaar bonds ((first issue)) were listed.
- ISX-OTC Unlisted Companies Platform: The platform was launched on 1/2/2024, and the number of companies registered in it is as high as the Securities Commission’s approval. Finance (2) joint stock companies and (2) other companies are still under audit for the purpose of inclusion.
114 views 01/31/2024 – https://economy-news.net/content.php?id=40009
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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.
- If you want your children to turn out well, spend twice as much time with them, and half as much money. – Abigail Van Buren
- Build your own dreams, or someone else will hire you to build theirs. – Farrah Gray
- The battles that count aren’t the ones for gold medals. The struggles within yourself – the invisible battles inside all of us – that’s where it’s at. – Jesse Owens
- Education costs money. But then so does ignorance. – Sir Claus Moser
- I have learned over the years that when one’s mind is made up, this diminishes fear. – Rosa Parks
http://www.forbes.com/sites/kevinkruse/2013/05/28/inspirational-quotes/