Monday, November 18, 2024
FINANCIAL INCLUSION AND BANKING RESTRUCTURING, 19 NOV
FINANCIAL INCLUSION AND BANKING RESTRUCTURING
The current government ‘s interest in the banking sector has become striking to the point that it can be said that the government is actually undertaking the “financial inclusion program, whose founders aim to deliver services to all regions of the country and include all societal and age groups with these services with the aim of encouraging all citizens to open bank accounts, and then withdraw the cash mass hoarded by the public, which the Central Bank estimates at about 70 percent of the issued cash, and circulate it in the banking arena activities, with the aim of raising credit rates and contributing to creating real development.
On this basis, the Prime Minister’s Office’s statement came in this regard recently, which referred to some of the challenges facing the efforts to reform the financial and banking system, as one of the priorities of the government program, while the statement identified a number of steps with the aim of confronting these challenges and ensuring the strengthening of confidence in the financial and banking sectors, facilitating the process of economic development, and raising indicators of financial inclusion.
However, the clear intersection between the government’s direction and the banking restructuring program indicates a number of observations that are directly related to these steps, such as the contradiction between what was stated in the content of these government steps, and the banks’ procedures regarding restructuring, as some government banks have taken steps.
The issue of restructuring, which was apparently limited to the merger of large numbers of branches of operating government banks, included branches on the outskirts of governorate centers and in the middle of them, which undermined the service area in which these banks operate. This completely intersects with the financial inclusion program, one of the tools of which the statement specified is “providing banking services to different segments of society, including districts and sub-districts in villages and rural areas.”
The steps mentioned in the statement, which are in the process of intensifying efforts, did not indicate the issue of the conditions previously set regarding raising the capital rates of banks to about 450 billion dinars by the end of December 2024, which obligated all private and government banks in this regard, otherwise these banks will be merged or liquidated, if we know that some government banks whose many branches have been merged still have a large number of branches, and these branches still provide their daily services to large numbers of the public, while they are exposed to merger or liquidation, even some administrations are unable to make some decisions related to developing services, because they realize that the fate of their banks will end in merger or liquidation, and this is what makes the intersection clear in the government’s direction regarding developing the performance of banks and expanding the scope of services with the restructuring program implemented by the relevant authorities.
MARKZ: DISCUSSION ABOUT THE PROJECT DELETE ZEROS IN IRAQ, 19 NOV
DISCUSSION ABOUT THE PROJECT DELETE ZEROS IN IRAQ
AL-ALAQ DISCUSSES WITH HIS TURKISH COUNTERPART THE LAUNCH OF NEW MECHANISMS FOR TRADE TRANSFERS BETWEEN THE TWO COUNTRIES, 19 NOV
AL-ALAQ DISCUSSES WITH HIS TURKISH COUNTERPART THE LAUNCH OF NEW MECHANISMS FOR TRADE TRANSFERS BETWEEN THE TWO COUNTRIES
The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, discussed with his Turkish counterpart, the Governor of the Central Bank of Iraq, Fatih Karahan, the launch of new direct mechanisms for trade transfers between the two countries.
The Central Bank’s media stated in a statement received by “Al-Eqtisad News” that “Al-Alaq and the accompanying delegation met with his counterpart, the Governor of the Turkish Central Bank, Fatih Karahan, in Istanbul.”
The two parties discussed “the launch of new direct mechanisms for trade transfers between Iraq and Türkiye, marking the beginning of a new phase in strengthening banking relations between the two neighboring countries.”
During the meeting, the governor stressed “cooperation in the field of settlements for users of Iraqi cards in Turkey, and urging Turkish banks to open accounts for Iraqi banks to expand financing channels for importing goods and services from neighboring Turkey.”
EXCERPTS FROM MARKZ
EXCERPTS FROM MARKZ
EXCERPTS FROM MARKZ, 18 NOV
EXCERPTS FROM MARKZ
Member: rates on the dong seem lower than previously estimated, Do you think VND will be .39 for us?
IMF PRAISES POSITIVE DEVELOPMENTS IN IRAQ IN FINANCIAL AND BANKING ASPECTS, 18 NOV
IMF PRAISES POSITIVE DEVELOPMENTS IN IRAQ IN FINANCIAL AND BANKING ASPECTS
The International Monetary Fund praised, on Wednesday, the positive developments witnessed by Iraq in the financial and banking aspects.
A statement by the Presidency of the Republic received by (Al-Rabia) stated that “President of the Republic, Abdul Latif Rashid, received today, Wednesday, at his residence in the Azerbaijani capital, Baku, the Director of the International Monetary Fund, Kristalina Georgieva, within the framework of His Excellency’s participation in the United Nations Climate Conference (COP29).”
He added, “During the meeting, the cooperation relations between Iraq and the International Monetary Fund and ways to enhance them in the context of supporting the development path in Iraq were reviewed. During the meeting, His Excellency the President of the Republic stressed Iraq’s endeavor to implement integrated programs and plans to stimulate the economy and support the financial and banking reform process.”
Numbers are still holding which means this Isn’t A GLITCH!!, 18 nov
DINAR REVALUATION REPORT
Numbers are still holding which means this Isn’t A GLITCH
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PARLIAMENTARY FINANCE: 2025 BUDGET AIMS TO ACHIEVE MORE ECONOMIC STABILITY, 18 NOV
PARLIAMENTARY FINANCE: 2025 BUDGET AIMS TO ACHIEVE MORE ECONOMIC STABILITY
The Finance Committee revealed that the government has begun preparing the budget schedules for next year 2025, while indicating that the desired goals are to achieve development and increase non-oil revenues, in addition to achieving more economic stability for the country.
The head of the committee, Atwan Al-Atwani, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that “the government has begun preparing the infrastructure for the 2025 budget and has determined the requirements for reviewing this budget, as we look forward to these tables arriving next year or perhaps some of the items that the government needs to complete the requirements for their implementation, indicating that the goals set and desired from this budget are to achieve development, increase non-oil revenues, and search for means for clear economic stability.”
Al-Atwani added, “The operating budget has begun to extend over the investment budget, and this burdens the budget and makes it limited in its set objectives. Therefore, from now on, we must search for additional resources and achieve non-oil revenues that can provide stability to the economy,” indicating that this matter led to “our move towards rationalizing consumption because it is an important matter.”
Regarding the digital transformation process, the Chairman of the Finance Committee believes that this matter is “an essential structure for achieving a significant and noticeable increase in non-oil revenues, and all of this will be included and solutions sought for it in the 2025 budget.”
The head of the Finance Committee also explained that “the budget deficit may be the same as in 2024 because the government has been paying off its foreign loans, and in return, investment projects have been achieved and entered service, and there are other projects being implemented that have had a noticeable impact on the budget and its current expenditures.”
The head of the committee continued, saying: “The government has started financing projects in the governorates with a second batch that reached 400 billion dinars for all governorates, and the same is true for financing some ministries to achieve their goals,” noting that “the financing batch during the coming months will be large and in line with what the ministries and governorates need, given that there are projects that these ministries and governorates have started and the governorates and ministries will be required to pay their financial requirements, especially towards private sector companies.”
You’ll be able to hear the new exchange rate and see it’s imminent!!! , 18 NOV
DINAR REVALUATION REPORT:
Read all highlighted parts and
You’ll be able to hear the new exchange rate and see it’s imminent!!!Al-Atwani to the French Embassy delegation: Halting external borrowing indicates an improvement in Iraq’s financial policy
Economy News - Baghdad
" Al-Atwani pointed out "the priorities that his committee is currently working on, most notably maximizing non-oil revenues to avoid the risks of fluctuations in global oil prices on the Iraqi economy, in addition to preparing a package of important legislation that would bring about a qualitative shift in the financial and banking sector."
He explained that "the decline in foreign borrowing indicates an improvement in our financial policy," noting that "the decline in foreign debts came after conducting a comprehensive review of the feasibility of these loans, as we stopped them and began to pay off the old ones, and we obligated that borrowing be only for productive projects that achieve a financial return and not for consumer sectors."
Al-Atwani called on French companies to "enter the Iraqi market forcefully, especially since they have previous successful experiences in implementing strategic projects."
For his part, the French delegation expressed its happiness with this fruitful meeting, stressing "his country's desire to strengthen relations in various development fields with Iraq in a way that achieves the interests of the two friendly peoples."
BUDGET 2025: TOWARDS ECONOMIC DEVELOPMENT AND INCREASING NON-OIL REVENUES IN IRAQ, 18 NOV
BUDGET 2025: TOWARDS ECONOMIC DEVELOPMENT AND INCREASING NON-OIL REVENUES IN IRAQ
The Iraqi government has begun preparing the 2025 budget schedules, amid aspirations that this budget will be a focus for achieving sustainable development and increasing non-oil revenues, in addition to enhancing the country’s economic stability. The head of the Finance Committee in Parliament, Atwan Al-Atwani, confirmed in a statement to Al-Sabah newspaper that efforts are directed towards completing the infrastructure for next year’s budget, as the requirements for reviewing the budget have been determined, noting that the government hopes to complete some important items to meet national needs.
Budget Goals: Comprehensive Development and Economic Stability
Al-Atwani explained that the main objectives of the 2025 budget include achieving economic development and increasing non-oil revenues, through developing means to enhance economic stability. With the operating budget increasingly dependent on available resources, it has become necessary to search for additional resources to boost the economy, where the focus has been on rationalizing consumption as a basic measure to achieve this goal.
Digital transformation and its role in increasing revenues
Al-Atwani pointed out the importance of digital transformation as a means of enhancing non-oil revenues, as he believes that this transformation constitutes an essential structure to support the national economy. This goal will be included in the 2025 budget by expanding the scope of digital transformation in various sectors, which will contribute to increasing revenues and developing financial management methods.
Challenges and financial deficit
Despite the ambitious trends, the Chairman of the Finance Committee indicated that the budget deficit may remain the same compared to 2024, given the government’s commitment to repaying its external debts and directing its resources towards investment projects. These commitments have been reflected in the budget through the financing of development projects and the entry of many of them into service, which has allowed for a significant improvement in economic stability.
Supporting projects in the governorates
In support of the governorates, the government has begun financing projects worth up to 400 billion Iraqi dinars, and is preparing to launch a new financing batch that matches the needs of the ministries and governorates. Al-Atwani stressed that the concerned ministries and governorates will bear the responsibility of paying their financial obligations towards private sector companies, which will enhance the role of the private sector in driving the wheel of development.
MILITIAMAN CC HIGHLIGHTS, 18 NOV
Summary
Investment contracts in Iraq’s strategic industries are on the rise, signaling a shift towards activating the private sector and diversifying non-oil revenue streams.
Highlights
- 📈 Investment Opportunities: Iraq launched 256 investment opportunities confirmed through recent conferences.
- 🏗️ Major Contracts: Contracts signed for refined sulfur production, fertilizers, and glass projects show industrial growth.
- 💰 Japanese Loan: A new loan agreement for refinery development indicates ongoing economic cooperation with Japan.
- 🌍 International Collaboration: Turkish officials are visiting to discuss the vital development road project, enhancing regional connectivity.
- 🚀 Economic Growth: The development road project could create up to a million jobs, significantly boosting the economy.
- 🔄 Non-Oil Revenue Focus: Experts emphasize the need for Iraq to diversify its economy beyond oil dependency.
- 💵 Financial Strategy: The President is advocating for a transparent financial policy to bolster the banking sector and economic stability.
Key Insights
- 🔍 Investment Surge: The signing of multiple investment contracts highlights Iraq’s commitment to attracting foreign investors and enhancing industrial capabilities. This could significantly improve the economy.
- 🌱 Strategic Industries: Focusing on strategic industries like sulfur and fertilizers not only diversifies revenue sources but also strengthens local production capacities.
- 🤝 Japanese Collaboration: The continued partnership with Japan for refinery development supports Iraq’s long-term economic goals, showcasing the importance of international loans for infrastructure projects.
- 🚧 Infrastructure Development: The development road project represents a key strategy for economic integration, linking Iraq with neighboring countries and potentially boosting trade.
- 👷 Job Creation Potential: With projections of up to a million jobs from major projects, Iraq is poised for substantial labor market growth, which is essential for social stability.
- 📊 Diversification Imperative: The push for non-oil revenue streams reflects a broader strategy to stabilize Iraq’s economy and reduce vulnerability to oil price fluctuations.
- 🏦 Financial Modernization: Developing a clear financial strategy with transparency in banking practices is crucial for enhancing investor confidence and economic resilience.
GOLD RESERVES BOOST CONFIDENCE IN NATIONAL CURRENCY, 18 NOV
GOLD RESERVES BOOST CONFIDENCE IN NATIONAL CURRENCY
Baghdad: The pillar of the emirate
Gold plays a vital role in the monetary reserves of countries for several reasons related to financial stability, hedging against economic risks, enhancing confidence in the national currency, as well as being an effective tool for hedging against inflation. This prompted the Central Bank of Iraq, on several occasions and in successive years, to increase its gold reserves, which reached 148 tons and 305 ounces.
Regarding the reason that prompted banks to rely on the yellow metal and nothing else, financial expert Mahmoud Dagher explained to “Al-Sabah” that the reason central banks, including the Central Bank of Iraq, increased their purchases of monetary gold is because it is suitable as a reserve compared to industrial gold, indicating that the Chinese Central Bank and the Indian Reserve are among the largest buyers of gold in the world.
TOTAL RESERVES
Dagher added that the Central Bank of Iraq has increased its gold holdings more than once during the past two years, the last of which was in the first quarter of 2024, until the total gold reserves reached 148 tons and 305 ounces after the last deal in May 2024 by 2 tons and 644 ounces.
BANK ASSETS
He explained that although gold is not the best asset for generating returns when investing compared to currencies, deposits and securities that are permitted to be acquired within the assets of central banks, it is a haven for balance between other assets whose values are affected by the nature of the economic cycle (recession and inflation), noting that the price of gold decreases during recession and increases during inflation, reflecting its balancing role.
GLOBAL TREND
He added that gold is also a haven when currencies fluctuate sharply against each other, as happened in the last two years for the ruble, yuan and rupee, and thus reduces the impact of what is called currency risk, pointing out that the Central Bank of Iraq did not deviate from the global trend in buying gold despite the rise in its price accompanying the global wave of inflation that hit major economies until it approached 10%; because the rule of purchasing assets by central banks is based on the principle of buying the asset when its price falls in the hope of selling it when it rises, which did not happen with gold because expectations during the last two years were towards an increase in gold prices in addition to the continued significant fluctuation of currencies among themselves.
AVOID INFLATION
For her part, the economic affairs specialist, Dr. Ikram Abdul Aziz, said that Iraq is the fourth Arab country in possessing large quantities of gold as an element indicating the soundness of the Iraqi economy, indicating that gold and hard currency reserves become a supportive means and an important framework for hedging and avoiding inflation and rising prices.
Abdul Aziz added, in an interview with “Al-Sabah”: Gold and foreign currency work to preserve the value of money and the resulting interest; therefore, countries seek to own large quantities of gold, noting that owning large quantities of gold reserves in light of the current fluctuations, geopolitical changes and the situation of the Iraqi economy is a safe haven to preserve value and hedge against inflation.
DEVELOPMENT PATHS
She explained that the presence of large quantities of gold at the Central Bank of Iraq is an important element in limiting dollar control and reducing instability, noting that Iraq achieved this increase in its gold reserves to serve development paths.
She added that the Central Bank of Iraq has a variety of reserves, including gold, whose stock is an effective means and a basic pillar for maintaining purchasing power, stressing that the presence of strong reserves and their diversity in the investment portfolio of the Central Bank of Iraq is a basic pillar and a factor that limits the rise in prices and hedges against inflation, and thus confidence in the existing economic system is achieved.
vEVERYTHING TRIGGERED SAT. NIGHT 16 NOV BY WOLVERINE, 18 NOV
Sat. 16 Nov. 2024 Wolverine
“I’ve had a lot of very positive messages come in that it has either started or was about to start. The Med Beds are coming this week. A Whale received his blessing and it was so emotional for him that he had a heart attack.”
- Tier 4A (Admirals Group) notified on Saturday 16 Nov. with access to funds on Monday 18 Nov. 2024.
- Everything triggered Sat. night 16 Nov.
- Tier 4B and Tier 3 Bond Sellers to be notified on Monday morning before Noon 18 Nov. 2024. We may start Monday afternoon, otherwise Tuesday morning 19 Nov. 2024.
- No more delays, this is the last Call. Christmas before Thanksgiving!
Al-Sudani: Iraqi openness to a comprehensive partnership with Turkey and the development of the trade balance, 18 NOV
Prime Minister Mohammed Shia Al-Sudani stressed on Monday the Iraqi government’s openness to strengthen relations with Turkey in various fields, stressing the importance of achieving a serious and real partnership that contributes to the development of the trade balance between the two countries.
The Sudanese media office said in a statement received by {Al-Furat News}, that “the latter received Turkish Trade Minister Omar Bolat, who is visiting Iraq at the head of a large delegation of about 150 businessmen from the Council of Exporters and the Turkish Contractors Union, on a working visit that includes the cities of Baghdad and Basra.”
During the meeting, the Sudanese stressed Iraq’s openness to building a serious and genuine partnership with Turkey in various fields, especially with the economic reforms carried out by the government recently, which contributed to creating a suitable investment environment inside the country. He also stressed the government’s desire to develop the trade balance between the two countries, in conjunction with the rapid growth of the Iraqi industry.
The two sides discussed preparations for the meeting of the Iraqi-Turkish Economic and Trade Committee scheduled to be held over the next two weeks.
For his part, Minister Bolat conveyed the greetings of Turkish President Recep Tayyip Erdogan to the Prime Minister, stressing the importance of growing relations between the two countries as an opportunity to strengthen cooperation, in line with the agreements reached during Mr. Erdogan’s recent visit to Iraq.
Bolat referred to the strategic development path project, stressing Turkey’s readiness to provide all necessary support to move forward in the implementation of this important project for the region and the world.
https://alforatnews.iq/news/السوداني-انفتاح-عراقي-لشراكة-شاملة-مع-تركيا-وتطوير-الميزان-التجاري
A Workshop In Basra Discusses With Foreign Oil And Gas Companies Encouraging Investment And Development In The Province, 18 NOV
A Workshop In Basra Discusses With Foreign Oil And Gas Companies Encouraging Investment And Development In The Province
Sunday 17 November 2024 Economic Number of readings: 128 Basra / NINA / The Security Committee of Basra Provincial Council sponsored, on Sunday, a workshop to reach a sustainable and effective partnership with foreign companies and encourage them to work and invest in the province.
The head of the committee, "Aqeel Talib Al-Furaiji," said according to his media office, "The workshop aims to reach a real, sustainable and effective partnership to reach a common vision between government sectors and security agencies with foreign companies operating in Basra through security, technical and informational communication according to the borders, contexts and controls in effect to encourage the active investment movement witnessed by Basra to return with economic, reconstruction and developmental benefits to Basra and Iraq in general."
He stressed the importance of this pivotal strategy that Basra Governor "Asaad Al-Eidani" worked on in the previous period, and what Basra witnessed in terms of development, reconstruction, construction, competition, rise and renaissance over the rest of the other provinces, including the capital Baghdad and the Kurdistan Region, and his giving the utmost importance to this vital file as it is one of the files of common interest that serves the interests of the local government and foreign companies wishing to invest and work in Basra."
For his part, the Director of Schlumberger Company in Iraq praised the holding of this workshop, which strengthens the relationship and work between the Iraqi authorities and foreign oil and gas companies, indicating that "this workshop represents an important link in the efforts to enhance cooperation and joint coordination to enhance security in the province, and enhance stability and development to create a more secure environment to encourage more investment and create a balance aimed at accelerating economic growth and deepening the spirit of cooperation between the Iraqi authorities and the oil and gas industry in the province." / End https://ninanews.com/Website/News/Details?key=1169515
IRAQ IS GOING TO FOREX TOMORROW, 18 NOV
Credit to Darth Vader Actual regarding First Basket of Currencies to encounter rate change. A sampling. Observe but don't absorb please. Vietnamese Dong. Iranian Rial, Iraqi Dinar.... 11.16.24