Coffee with MarkZ 08/28/2023

Parliamentary Committee: The Industrial Investment Law Will See The Light Soon, 28 AUGUST

Parliamentary Committee: The Industrial Investment Law Will See The Light Soon

Information / Baghdad.. On Sunday, the deputy head of the Parliamentary Investment Committee, Susan Mansour, confirmed her committee's intention to pass the industrial investment law during the next stage, noting that "there are 100,000 industrial licenses in Baghdad."

Mansour said in an interview with Al-Maalouma Agency, "One problem in the law is the ownership of lands located within the basic design in Baghdad."   She added that "the industrial investment law will soon see the light," noting that

"her committee is one of the strongest supporters of investment of all kinds, provided that the state lands are not exploited."  

Mansour pointed out, "The reason for the investment committee's refusal to legislate the law is that the lands are state assets, and we have demanded that they be owned outside the basic design of Baghdad."

The Parliamentary Industry, Economy and Trade Committee had confirmed, earlier, the importance of enacting the industrial investment law during the upcoming sessions. End / 25 h

https://almaalomah.me/news/economy/لجنة-نيابية:-قانون-الاستثمار-الصناعي-سيرى-النور-قريبا

----

The Future Of Government Banking

Economical 2023/08/27  Muhammad Sharif Abu Maysam   The decision to merge banks, "including government ones", that are unable to raise the value of their capital to no less than 400 billion dinars within a maximum period of 12/31/2024 was not surprising, as it was mentioned in the economic reform paper or the so-called white paper that approved In October 2020, in Seventh - the second axis - first - qualifying the financial sectors, a text stating "addressing the level of capital of all government banks, and organizing the process of increasing their capital if necessary."

As stated in it with regard to the financial and administrative restructuring of government banks in preparation for the merger, since some of these banks suffer from financial imbalances resulting from high rates of suspensions and uncollectible debts, in addition to being late in the axis of introducing technologies and automating banking operations.

Since then, all possibilities have become available regarding the future of government banks, and we are in the process of preparing for a new banking reality that is in line with the scene of the market economy, in addition to what was said about replacing the private banking sector with the government banking sector in the task of managing the development process under the conditions of economic reform.

This matter was not hidden from some observers and some workers in the banking sector, according to what was stated in the same paper regarding the privatization or liquidation of loss-making public companies, which makes government banks, as public companies, candidates for privatization if they are losing.

This means that the banking sector will witness a new transition, paving the way for the transition of government banks to the market under the economic reform program that the country was committed to, according to the conditions of indebtedness and integration with the economy led by the institutions of globalization.

However, what is important in this matter is to give an opportunity to government banks whose departments achieve success and growth before the merger, through the independence of their boards of directors and their exit from the routine routine performance and liberation from bureaucratic restrictions under the pretext of complying with instructions and orders, especially those instructions and orders that are not productive, and

thus maximizing the role of successful departments To be a building block for the foundation of partnership between the public and the private, and we are in the process of strengthening the state’s support in the scene of market liberalism, in which globalization capitalists are trying to replace their authority with the authority of the state, and it is also important to adopt a mechanism that does not overlook the small details in the stages of integration.

A legal system that regulates the transition process and prevents the “comrador” class from taking over the state banking sector, as in the experiences of developing countries that witnessed such a transformation.   https://alsabaah.iq/83172-.html

"RV UPDATE" BY MILITIAMAN, 28 AUGUST

 MilitiaMan (KTFA)

Article Quote:
“Iranian Deputy foreign minister…announced his county no longer has any frozen funds in Iraq and South Korea after the understanding between Tehran and Washington… Funds in Iraq has already begun to be solved…“

If Iran has the full authority to manage its funds there’s no sanctions…That’s phenomenal…Iran is a major trading partner with Iraq and they will need to do trade with local currencies.  From this deal…the process of money moving should have not problem…They should be on a competitive exchange rate system with local currencies…Iraq is the heart of this whole deal.

The parallel market is an illegal market…it’s a manipulation situation and It’s not something that’s going to last forever…raising the value to an International acceptable exchange rate, Article VIII compliant will make that go away.  The private sector along with the CBI is moving in that direction…You can’t buy real estate…cars and you’re gonna have to buy gold in Iraqi dinars…

  Article quote "Joint efforts to attract investors and developing the economic plan."   The Securities Commission is looking to make headway now big time. 

 Global investors are not going to come into Iraq Stock Exchange at 1310.  They've not done it before and they're not going to do it tomorrow.  Something is going to have to change for them to be motivated.

RV is Ready to Pop!💣CBI and IMF Working Together?🤔Iraq Dinar RV Updates ...

“Strengthening the Iraqi currency” .. Will the dollar be banned and prestige restored to the dinar?, 28 AUGUST

 “Strengthening the Iraqi currency” .. Will the dollar be banned and prestige restored to the dinar?

Saturday August 26, 2023

Strengthening the Iraqi currency .. Will the dollar be banned and prestige restored to the dinarBaghdad / Sky Press

The expert in economic affairs, Mustafa Akram Hantoush, stressed the difficulty of canceling dealing in dollars, especially since Iraq imports everything in hard currency.

Hantoush said in a press statement, “The existence of the government’s tendency to sell cars in Iraqi dinars instead of the US dollar is very difficult from a practical point of view, despite the government’s attempt to impose pledges on exhibition owners and carry out a massive arrest campaign.”

He added, “The decision from a practical point of view is difficult to implement, because the car trade passes through a global market that deals in hard currency, because we do not have the ability to manufacture cars inside Iraq, and we only have the Mahmoudiya factory.”

He pointed out that “large quantities of cars are imported from abroad and in the currency of the dollar, and therefore they are priced in hard currency, and even if they are priced in dinars, this will be done on the basis of the last price of the dollar, and therefore the citizen will not benefit anything from the process of selling cars in dinars.”

And that “the central bank is trying to strengthen the currency by reducing access to the dollar by traders only.”

The government is trying to control the continuing rise in the exchange rate of the dollar against the Iraqi dinar in the market, about seven months after its official decision to raise the value of the Iraqi dinar at a price of 1320 per dollar.

The government had taken a decision last February to raise the value of the Iraqi dinar against the dollar, after its price at the end of 2020 reached 1,470 dinars per dollar. It was implemented by the previous government to bridge the deficit in expenses and salaries due to the drop in oil prices in global markets.

The Ministry of the Interior prevented merchants and citizens from dealing in dollars in markets and shops, and restricted transactions to Iraqi dinars.

It seems that the security solution to the rise in the price of the dollar in the parallel market inside Iraq did not achieve any significant results, but rather complicated the economic scene and led in part to a rise in prices in the Iraqi markets.

Economic specialists point out that the market requires many measures to maintain the stability of the currency, most notably preventing smuggling.

skypressiq.net

Iran confirms the release of a “significant” part of its frozen assets in three countries, including Iraq, 28 AUGUST

 Iran confirms the release of a “significant” part of its frozen assets in three countries, including Iraq

2023-08-27 21:58

Iran confirms the release of a significant part of its frozen assets in three countries including IraqShafaq News/ The Vice President of the Republic, Head of Iran’s Planning and Budget Organization, Daoud Manzour, stated that a “remarkable” part of the Iranian frozen assets in South Korea, Turkey and Iraq had been released.

This came in a meeting he had with planning elites and economic experts, according to the semi-official Iranian Fars news agency on Sunday.

Manzoor said during this meeting that: A significant part of the Iranian assets frozen in South Korea, Iraq and Turkey have been released, and of course, these assets are from the reserves of the Central Bank and not belonging to the government.

On August 25, the Iranian Ministry of Foreign Affairs announced that within about a month, about 7 times the Iranian funds frozen in Iraq had been released.

The political assistant to the Iranian Foreign Minister, Ali Bagheri Kani, said in an interview with the Iranian semi-official “Mehr” agency, that: With the exception of South Korea, part of our money is also in Iraq.

He added, “In the understanding that we concluded with the American side about Iran’s money held in South Korea, the issue of Iran’s money in Iraq was also raised, and its release began.”

Bagheri Kani added, “Since the past three weeks, we have been able to release nearly 7 times the total money that we used in Iraq last year, in the process of economic activities, and of course we expect an acceleration of the liberation process.”

On August 11, official Iranian media revealed the details of the agreement reached by Tehran with the United States of America under the auspices of a third country, which provides for the exchange of prisoners between the two countries and the release of Iranian funds frozen in South Korea and Iraq.

The official Iranian News Agency, IRNA, quoted an official source familiar with this agreement as saying, “This agreement requires Iran to release 5 American prisoners in exchange for the release of 5 Iranian prisoners in the United States of America.”

He explained that “in addition to that, 6 billion dollars of Iranian funds frozen in South Korea will be released, along with a large part also of Iranian funds in the Iraqi TBI Bank,” noting that “the first stages of the process of releasing Iranian funds in European banks have begun.” “.

On July 11, Prime Minister Muhammad Shia’ al-Sudani announced Baghdad’s contact with the US regarding the payment of Iran’s dues for Iraq’s gas imports, amounting to 9 billion and 250 million euros, adding that Iraq had paid “up to one billion and 842 million euros in the seven-month period of The life of the government according to the agreed mechanism.

Al-Sudani added that a delegation from the Central Bank of Iraq and the Iraqi Trade Bank left Iraq for the Sultanate of Oman with the aim of “agreeing on a formula for transferring these funds to the Sultanate of Oman in agreement with the US Treasury.”

shafaq.com

Iraq News SUMMARY OF BRICS Expansion URGENT NEWS BY SANDY INGRAM