Iraqi News Highlights Sunday Evening 6-18-23
Tlm724 Administrator Bondlady’s Corner
Al-Sudani’s Advisor Talks About The Phenomenon That “Threatens Price Stability”
Money and business Economy News – Baghdad On Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, recommended activating the Anti-Monopoly and Competition Law of 2010 to prevent monopoly and control prices, while noting that what he called the dark market dominates more than 60% of private sector activities.
Saleh told the official news agency, “The Iraqi market suffers from a phenomenon called market deficiencies, in which the level of available supply of goods and services is insufficient to meet the needs and desires of consumers, as a percentage of potential demand is met, which leads to price disturbances that lose economic stability its objective conditions and cause the emergence of dangerous monopolies.
He added, “The dark-colored or unofficially defined market dominates more than 60% of the private sector’s activities, a phenomenon that threatens price stability and leads to disturbances in the organization of storage and the quality of supply, in addition to the rapid birth of monopolies, causing great damage to the organization of economic life.” .
He continued, “The House of Representatives approved in 2010 (Law on Competition and Prevention of Monopoly) No. 14, which aims to regulate competition and prevent monopolistic practices harmful to society by investors, producers, marketers, or others in all economic activities.”
He pointed out that “the law did not take its course in implementation due to the dangerous influence of commercial liberalism, the unregulated commercial market, and the loss of many of its conditions by market institutions, especially the broad regulation of commercial companies,” adding that “the law emphasizes ensuring freedom of competition, preventing monopoly in markets, and creating an incentive to reduce costs.”
And the price and quality improvement in relation to the goods and services offered in the market, which leads to encouragement and development of the private, mixed and public sectors in support of the national economy and the good flow of goods and services, and at the same time there is a complete absence of the application of the text of Article Four of the law related to the establishment of the Council for Competition Affairs and Prevention of Monopoly.
And he indicated that “the Council for Competition and Anti-Monopoly Affairs lies in its importance for essential tasks, foremost of which is preparing the general plan for competition and preventing monopoly, applying legislation related to competition and preventing monopoly with the relevant authorities, and working to spread the culture of competition and preventing monopoly,
protecting and encouraging it, as well as working to investigate information and practices that violate the rules Competition and preventing monopoly in cooperation with the relevant authorities in accordance with the provisions of the legislation, and conducting investigations into the practices that it reveals or based on the complaints and news it receives or those that come at the request of the court and preparing reports on its results.
He stressed that “the council is also responsible for issuing a guide on everything related to issues of monopoly, merger and restricted commercial practices, as well as seeking help from experts or consultants to complete any of the works that fall within its competence, and coordination and cooperation with similar bodies outside Iraq in the field of information and data exchange and what is related to the implementation of competition rules and preventing Monopoly within the limits permitted by international treaties, on the condition of reciprocity, and submitting an annual report to the Council of Ministers on the status of competition and preventing monopoly.
He pointed out that “work must be done to put the law into effect, starting with announcing the formation of the Competition Affairs and Monopoly Prevention Council, in accordance with what was stipulated in Law No. 14 of 2010.” Views 115 06/18/2023 – https://economy-news.net/content.php?id=34805
The Central Bank Announces The Launch Of Strategies To Enhance Financial Depth
Economy | 10:17 – 06/18/2023 Baghdad – Mawazine News Today, Sunday, Central Bank Governor Ali Mohsen Al-Alaq announced the launch of strategies to enhance financial depth.
The media office of the Central Bank said in a statement: “The Governor of the Central Bank, Ali Mohsen Al-Alaq, received today the Assistant Secretary-General of the United Nations and the Regional Director for the Arab Countries of the United Nations Development Program (UNDP) Abdullah Al-Dardari and his accompanying delegation,”
noting that “the two parties discussed strengthening Bilateral cooperation and discussing the possibility of creating institutional cooperation in the field of development support and the success of the development programs that Iraq wishes to implement.
Al-Alaq stressed that “the contribution of the Central Bank of Iraq to diversify the economy and empower the private sector through an unconventional monetary policy was characterized by direct support and stimulation of the economy,” noting that “this bank has adopted many initiatives to support small, medium and large projects, as well as the renewable energy initiative.” .
He added, “The Central Bank of Iraq works with sufficient flexibility that qualifies it to build a distinguished economic model that helps the Iraqi economy by providing various job opportunities in the private sector,” announcing “the launch of strategies to enhance financial depth,
including the establishment of a Riyada Bank, a loan guarantee company, a financial center for business, and setting priorities for financing Small and medium enterprises as the basic nucleus for economic growth and employment are among the initiatives adopted by this bank.”
In turn, the head of the delegation, Abdullah Al-Dardari, reviewed the “incentives of international support for Iraq,” stressing that “the United Nations Development Program seeks to provide support to the Iraqi banking sector to create greater job opportunities in the private sector.”
The head of the delegation expressed “the desire of the United Nations to create partnership and institutional cooperation in technical fields,” stressing “his interest in the initiatives of the Central Bank of Iraq in renewable energy and financing small and micro development projects, as well as the possibility of working to reduce risks in the field of loan support through a conceptual package.”
It will be a document of a promising development program between the Central Bank of Iraq and the United Nations Development Program (UNDP). https://www.mawazin.net/Details.aspx?jimare=229596
In Cooperation With Private And Government Banks, The Governor Of The Central Bank Proposes Large Financial Projects
Sunday 18 June 2023 | Economical Number of readings: 291 Baghdad / NINA /- The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, chaired today, Sunday, the periodic meeting of governmental and private banks.
Al-Alaq confirmed during the meeting, which was attended by the bank departments, a number of projects that are consistent with the requirements of the economic reality in Iraq, explaining that these projects establish a qualitative shift in the Iraqi economy and enhance its stability.
At the same time, he revealed the project to establish a Riyada Bank, and the project to establish a loan guarantee company that facilitates the lending process for medium, small and micro projects, as well as the direction of the Central Bank of Iraq, in cooperation with the government and the contribution of the financial, banking and business sector, to establish a city “the financial and business center in Iraq”.
Al-Alaq participated in the discussions put forward by a group of banks regarding the Central Bank’s initiatives, the relationship between banking institutions and customers, and what is related to developing mechanisms for entering the electronic platform for selling foreign currency.
He noted the possibility of opening new channels for external transfers and the high rate of daily transfers. To visit the website: https://cbi.iq/news/view/2359./end8
https://ninanews.com/Website/News/Details?key=1060339
Al-Alaq: There Is A Tendency To Establish A City That Is The Financial And Business Center In Iraq
Iraq Sunday, June 18, 2023 10:12 PM Baghdad / The National News Center The Governor of the Central Bank, Ali Mohsen Al-Alaq, announced today, Sunday, a plan to establish the city of the financial and business center in Iraq.
The media office of the Central Bank stated, in a statement received by the National News Center, that “the Governor of the Central Bank, Ali Mohsen Al-Alaq, received today the Assistant Secretary-General of the United Nations and the Regional Director for the Arab Countries of the United Nations Development Program (UNDP) Abdullah Al-Dardari and his accompanying delegation.” Noting that “the two parties discussed strengthening bilateral cooperation and discussing the possibility of creating institutional cooperation in the field of development support and the success of development programs that Iraq wishes to implement.”
Al-Alaq stressed that “the Central Bank of Iraq’s contribution to diversifying the economy and empowering the private sector through an unconventional monetary policy was characterized by direct support and stimulation of the economy,” noting that “this bank has adopted many initiatives to support small, medium and large projects, as well as the renewable energy initiative.” .
He added, “The Central Bank of Iraq works with sufficient flexibility that qualifies it to build a distinguished economic model that helps the Iraqi economy by providing various job opportunities in the private sector,” announcing “the launch of strategies to enhance financial depth, including the establishment of a Riyada Bank, a loan guarantee company, a financial center for business, and setting priorities for financing Small and medium enterprises, being the basic nucleus of economic growth and employment, are among the initiatives adopted by this bank.”
In turn, the head of the delegation, Abdullah Al-Dardari, reviewed the “incentives for international support for Iraq,” stressing that “the United Nations Development Program seeks to provide support to the Iraqi banking sector to create greater job opportunities in the private sector.”
The head of the delegation expressed, “the desire of the United Nations to create partnership and institutional cooperation in technical fields,” stressing “his interest in the initiatives of the Central Bank of Iraq in renewable energy and financing small and micro development projects, as well as the possibility of working to reduce risks in the field of loan support through a conceptual package.” It will be a document of a promising development program between the Central Bank of Iraq and the United Nations Development Program (UNDP). https://nnciraq.com/211819/
Iraq Is The Fourth Largest Oil Exporter To America In One Week
Economy | 09:36 – 06/18/2023 Follow-up – Mawazine News The US Energy Information Administration announced, on Sunday, that Iraq’s oil exports to America exceeded 250,000 barrels on a daily average, becoming the fourth largest exporter to America during the past week.
The administration said, in a report seen by Mawazine News, that “the average US imports of crude oil during the past week from eight countries amounted to 5.562 million barrels per day, up by 265,000 barrels per day from the previous week, which amounted to 5.297 million barrels per day.”
She added, “Iraq’s oil exports to America amounted to an average of 252 thousand barrels per day last week, decreasing by 178 thousand barrels as a daily average compared to the previous week, in which oil exports to America amounted to an average of 430 thousand barrels per day, and thus Iraq ranks fourth among the largest exporters of oil to America.” during the past week.”
The administration also indicated that “most of America’s oil revenues during the past week came from Canada at an average of 3.339 million barrels per day, followed by Mexico at an average of 845 thousand barrels per day, and oil revenues from Saudi Arabia amounted to an average of 677 thousand barrels per day, and then Colombia at an average of 184 thousand barrels per day.” “.
According to the report, “the amount of US imports of crude oil from Nigeria amounted to an average of 132,000 barrels per day, from Brazil at a rate of 79,000 barrels per day, and from Ecuador at an average of 54,000 barrels per day, while it did not import any quantity from Russia or Libya.”
https://www.mawazin.net/Details.aspx?jimare=229533
The Exchange Rates Of The Dollar Against The Dinar For Today
Economy | 10:41 – 06/18/2023 Baghdad – Mawazine News Today, Sunday, the exchange rates of the dollar recorded stability in the stock exchange and local markets in the capital, Baghdad.
A Mawazine News correspondent said, “The buying and selling prices of the dollar witnessed stability in exchange shops in the local markets, as the selling price reached 148,000 dinars per 100 dollars, while the purchase prices reached 146,000 dinars per 100 dollars, in the capital, Baghdad.”
https://www.mawazin.net/Details.aspx?jimare=229540
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/