Sudanese Issues Several Directives To Stimulate The Activity Of The Private Banking Sector, 10 APRIL

 Sudanese Issues Several Directives To Stimulate The Activity Of The Private Banking Sector

Economy |  04/09/2024  Mawazine News – Baghdad   A government source revealed, today, Tuesday, that Prime Minister Muhammad Shiaa Al-Sudani issued a set of measures and steps to revitalize the private banking sector, while directing a study of the possibility of strengthening the needs of private bank branches abroad in foreign currency.

The source told the official agency, followed by Mawazine News: “As part of the Iraqi government’s efforts to formulate a strategy that stimulates the activity of the private banking sector during the next stage, allowing it to engage more in efforts to diversify the economy and strengthen its foundations, Prime Minister Muhammad Shiaa Al-Sudani directed the adoption of a set of measures and steps.” In this regard, including: -

1 - The Ministerial Council for the Economy studies the proposal to increase deposits of government institutions and the central government with private banks, enabling them to provide more banking operations and contribute to the development of various vital sectors and increase their ability to provide various financing services inside and outside Iraq.

2- The support of the Iraqi government and the Central Bank of Iraq to private Iraqi banks through foreign institutions and banks, taking into account the credit rating of each bank.

3- Studying the possibility of strengthening the needs of private bank branches abroad in foreign currency for the purposes of financing foreign trade - the private sector and in accordance with the applicable contexts.

4- The Board of Directors of the Central Bank of Iraq determines the contribution of foreign capital to Iraqi banks and evaluates the reality of the situation in a way that benefits the Iraqi economy and in accordance with what is stated in Banking Law No. 94 of 2004.

5- Participation of representatives of the private banking sector when discussing relevant issues in all state institutions. Including meetings of the Board of Directors of the Central Bank of Iraq.

6- Studying the reactivation of the financing initiative presented by the Central Bank of Iraq and in accordance with the contexts proposed by the Central Bank in this regard.

7- The Competition Affairs and Monopoly Prevention Council shall take the necessary measures under Law No. 14 of 2010 to prevent monopoly in banking services, provided that the Council shall submit reports to the Central Bank of Iraq and in coordination with it periodically and in accordance with the aforementioned law.   https://www.mawazin.net/Details.aspx?jimare=245580

 

The US Closes Iraq's Oil Revenue Account - The Details #iqd BY SANDY INGRAM

"SISTANI WHY DID YOU CHANGE THE DATE OF EID?" BY FRANK26, 10 APRIL

KTFA

FRANK26: "SISTANI WHY DID YOU CHANGE THE DATE OF EID?".......F26

urgent... Imam Al-Sistani’s Office: Tomorrow, Wednesday, is the first day of Eid Al-Fitr in Iraq and the entire region

  

The office of the Supreme Religious Authority, Grand Ayatollah, Imam Sayyid Ali al-Sistani, announced that tomorrow, Wednesday, is the first day of Eid al-Fitr.

A statement from the Office of the Supreme Authority in Najaf Al-Ashraf, a copy of which was received by {Al-Furat News}, stated, “It has been proven by the Sharia vision that tomorrow, Wednesday, is the happy day of Eid al-Fitr, the first of the holy month of Shawwal in the year 1445 AH in Iraq and throughout this region. We ask God Almighty to accept everyone’s fasting and prayers and to celebrate... May this happy occasion be filled with goodness and blessings.”

LINK

 

Financial Advisor: Government Measures Put Iraq At The Forefront Of Countries In Foreign Investment, 10 APRIL

 Financial Advisor: Government Measures Put Iraq At The Forefront Of Countries In Foreign Investment

Local | 11:04 - 04/09/2024  Mawazine News – Baghdad  Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed government measures that put Iraq at the forefront of countries with foreign investment, while noting that the development path and the Al-Faw port have strengthened the government’s vision in encouraging foreign investments.

Saleh said in a statement seen by Mawazine News: “The Iraqi economy is characterized by two basic features that help give it preference in foreign investment.

First, cash flows in foreign currency are reflected in the current account of the balance of payments relative to the gross domestic product, which is estimated by international economic and national centers at a surplus estimated at approximately ( Positive 7%) Iraq also ranks second in OPEC oil production and fifth in the world in that production.”

He added: “As for the second advantage, there is a wide range of available investment opportunities provided by transportation, digital communications, housing and construction activities, and it ends with encouraging partnership between the state and the private sector in the manufacturing industry and various technological fields, the latest of which was the Cabinet’s adoption of the facilitating instructions in its last meeting that encourages the existing partnership between...

The state and the private sector, which is based on the principle of mutual win-win and is an attractive signal for foreign direct investment,” pointing out that “the investment law frames the provision of an attractive investment environment for investors, especially the economic surplus trends of the countries of the region and their orientation towards profitable investments in Iraq in the industrial, agricultural and other fields, which...

It gives a positive signal to international investment in general to be attracted to Iraq and investigate promising opportunities there.”

He stressed that “the Development Road Project, as a development strategy that adopts the idea of ​​development-leading projects, constituted the central call for international companies to participate, starting from the port of Al-Faw and ending with the Turkish border, for economic connection with Europe, which... This means that the state's economic vision is based on encouraging direct foreign investments in development activity in Iraq, whose natural resources are abundant in the ground.

He explained, “Iraq is ranked ninth in the world in terms of natural resources in the ground, and ranked first in reserves per square kilometer of investable natural resources such as (phosphate, sulfur, and other important reserves).

A study conducted by the FDI Intelligence website, which specializes in foreign direct investment affairs, stated that “Iraq was ranked fourth among ten countries in the latest classification, and this classification was evaluated based on several criteria, including growth in gross domestic product, the inflation rate, growth in capital spending in foreign direct investment, and the growth rate in foreign direct investment projects.”

The study indicated that “the growth rate of Iraq’s gross domestic product reached 2.9%, while the inflation rate reached 3.6%, and the growth rate in capital spending in foreign direct investment witnessed an increase of 371%, and the growth rate in foreign direct investment projects reached 95 percent.” %”, indicating that “these numbers reflect the noticeable improvement in the investment climate in Iraq and the efforts made to strengthen the economic sector and attract more foreign direct investments.”

https://www.mawazin.net/Details.aspx?jimare=245572

"QFS CONVERSATIONS" WITH GOLDILOCKS, 10 APRIL

 GOLDILOCKS

"Last week the Bank for International Settlements dropped a bombshell of an announcement where it launched Project Agorá, along with seven central banks, which will focus on the tokenisation of wholesale central bank money and commercial bank deposits on programmable platforms."

The race towards International payments has begun. We currently have Global Regulations being tested in Europe and soon to be implemented through MICA. These assets have grown out of the ability to do so because of Protocol 20, whereby, the interfacing of International  Digital Networks have been given the green light to expand into Global connections capable of doing trades with Tokenized Assets at the push of a button. 

The next step is to move towards Cross-Border International Trading. Several countries have began the process of regulating Stablecoins which is a representation of a country's currency. These regulations will speed up the velocity of money and opportunity for companies to grow at a much faster pace.  ;

As each country moves toward manufacturing their own goods and services over time, this will create less bottleneck situations at our shipping ports and more opportunities for jobs within each country for their people.

Shipping port volumes have been increasing it the last few years until the pandemic hit, and to lower these prices on goods traveling around the world more manufacturing jobs at home is being encouraged and shorter routes between countries are being mapped out. This will decrease inflation, and it will increase the Gold Backed Tokenized Assets used on the shipping ports to trade between countries. 

Inflation tends to devalue a currency, and our ability to reduce cost in our shipping industry through more efficient mechanisms will move the pendulum of 80% trade around the world to a much smaller percentage.

Our ability to decrease inflation through digitizing our shipping ports and decrease premium prices on their movement will go a long way in adding more value to our currencies globally.

Watch the water. 

© Goldilocks

https://www.bis.org/fsi/publ/insights57.htm

https://www.coinspeaker.com/fsi-stablecoin-regulation/

https://www.thebanker.com/On-your-marks-a-cross-border-payments-race-has-begun-1712734148

https://www.imf.org/en/Blogs/Articles/2022/03/28/how-soaring-shipping-costs-raise-prices-around-the-world

https://www.investopedia.com/ask/answers/022415/how-does-inflation-affect-exchange-rate-between-two-nations.asp#:~:text=In%20general%2C%20inflation%20tends%20to,weaken%20relative%20to%20other%20currencies.

Iraq completes requirements to join WTO

Al-Araji: The Prime Minister's Visit To Washington Will Establish A New Era In Relations Between The Two Countries, 10 APRIL

 Al-Araji: The Prime Minister's Visit To Washington Will Establish A New Era In Relations Between The Two Countries

Tuesday 09, April 2024 14:39 | Political Number of readings: 96  Baghdad / NINA / National Security Advisor Qasim Al-Araji confirmed that the visit of Prime Minister Muhammad Shia Al-Sudani to Washington will establish a new era of relations between the two countries.

The National Security Advisory stated in a statement: “Al-Araji met in his office today with the US Ambassador to Baghdad, Alina Romanowski, and the two sides discussed the latest developments in the political and security situation at the regional and international levels, and the prospects for cooperation and partnership between Iraq and the United States of America.”

During the meeting, the two sides discussed issues and files of common interest, including the Al-Hawl camp file and continued cooperation in the field of combating terrorism.

During the meeting, Al-Araji expressed his optimism about the upcoming visit of Prime Minister Muhammad Shiaa Al-Sudani to Washington, noting that the visit will establish a new era in relations between the two countries.

He pointed out that the strategic framework agreement between Iraq and the United States of America is important and comprehensive and does not concern only the security aspect, but rather includes all fields, stressing the importance of countries withdrawing their nationals from Al-Hawl camp and drying up the human, financial and media sources of terrorism.

For her part, the American Ambassador confirmed that the Prime Minister’s visit to Washington is very important and that the two countries are moving towards the bilateral security agreement, and that the committees of the two countries are continuing meetings regarding the international coalition’s mission.   https://ninanews.com/Website/News/Details?key=1120309