PM Barzani briefs investors on KRG enhancing banking system, digitalization
RBIL (Kurdistan 24) – Kurdistan Region Prime Minister Masrour Barzani on Tuesday briefed Kurdish investors on his government’s efforts to strengthen the banking system and digitalize the public service provision.
Since its inception, the Kurdistan Regional Government's (KRG) ninth cabinet has worked to facilitate investment for both domestic and foreign investors as well as overcome the obstacles, according to a statement from the premier’s office.
Barzani briefed the businesspeople on the government’s efforts to enhance the banking system and financial inclusion program as well as digitalizing the public services, the press release said.
Barzani reassured that the government will continue accelerating efforts to work for an enhanced investment climate.
He had extended his gratitude to the investors for their support and joint work with the KRG.
In a question-and-answer session, Barzani responded to a number of questions that were asked by the attendees.
A number of KRG top officials, including the head of the Board of Investment and trade and tourism ministers, attended the meeting.
...we have learned that the global system for the automation and modernization of customs (ACYCUDA) project is making headway.
This system will require a link to the international currency exchange to convert rates of currencies between countries for up-to-the-minute rates.
The system is planned to take in any international currency not just the US dollar for payments of customs duties and tariffs. With this is a huge plan to make Iraq a central hub for commerce in the middle east and this revenue, as they told us, could rival the oil revenue.
This new ACYCUDA system is due to come online when? ...does January 2024 sound familiar?
...Just be patient, the reinstatement is coming.
The saga about the Iraqi dinar RV only gets better as the months roll on. More and more pieces are put in place for the inevitable revaluation and reinstatement of the dinar. It has become not a matter of “if” these events will occur but “when”.
The Dollar Crisis In Iraq... “Poor” Government Measures And “Psychological Anxiety” Afflict Citizens
Economy |Baghdad today – Baghdad There are many measures that the government has taken in order to control the price of the dollar, but day after day it proves its failure to control it, which reflects negatively on the lives of citizens day after day because it is closely linked to their trade and their ability to purchase consumer goods.
The Dollar Is On The Minds Of Iraqis
Professor of Psychology, Ali Al-Zubaidi, confirmed in an interview with “Baghdad Today” today, Wednesday (October 18, 2023), that “the dollar occupies 30% of Iraqis’ minds 24 hours a day.”
Al-Zubaidi adds, “The dollar, for several reasons, has become the compass of market movement in Iraq, and any rise or fall leads to impacts, some of which are harsh on millions of simple people and those with limited income because of its direct impact in determining the compass of prices up and down, and is accompanied by speculation and the attempt of some to create any crises to earn more money.” ".
He confirms, "The dollar occupies the minds of Iraqis by 30% 24 hours a day, and the percentages rise, especially for professions directly linked to the currency market, and large losses may lead to a psychological state that sometimes leads to suicide."
The Dollar Crisis "Worries" The Poor
Al-Zubaidi pointed out that "even simple people, the dollar has become a source of concern for them because it leads to an increase in financial burdens by raising the prices of basic materials and medicines."
He continued, “The salaries of state employees lost 25-30% of their value after the price of the dollar was 125 thousand dinars per 100 dollars, and now the barrier of 160 thousand dinars per 100% has been broken, meaning that their salaries have weakened and they must pay a higher price to purchase materials,” adding: “The dollar crisis creates varying psychological states resulting from overthinking, but it does not lead to chronic diseases.”
High Dollar Contributions
Last Saturday (October 14, 2023), economic expert Farman Hussein confirmed that transfer cards and Western Union contributed to the smuggling of millions of dollars abroad, considering that the Association of Private Banks is responsible for the rise in dollar exchange rates for the benefit of the private banks affiliated with it.
Hussein said in an interview with "Baghdad Today" that "millions of dollars were smuggled out of Iraq, especially the Emirates and Turkey, and contributed to the wealth of hundreds of merchants, money changers and private banks."
He added, "The Association of Banks is the first and last responsible for the dollar crisis, and it is the one who created the large difference in the official and parallel rates with the aim of achieving benefit for banks and private companies."
The dollar exchange rate has witnessed a noticeable increase in recent days, exceeding the barrier of 160 thousand dinars per 100 dollars, while the Central Bank is taking many measures and decisions to prevent the circulation of the dollar in local markets above the official price (1320), but to no avail, despite the fact that the dollar is its only source. The Central Bank, although those who take the dollar, namely private banks and exchange companies, are known to it, but it is unable to control them and oblige them not to leak dollars through fake transfers, according to observers. LINK
After The Continued Crisis Of The Rise Of The Dollar... Accusations Against The House Of Representatives, And The Latter Is Justified By The “Lack Of Powers” - Urgent
Economy |Baghdad today - Baghdad For months, Iraq has witnessed a noticeable rise in the exchange rate of the US dollar against the Iraqi dinar, exceeding on some days the barrier of 160 thousand dinars for every 100 dollars.
The government, with continuous steps and meetings, tried to contain the crisis and control the parallel market, sometimes by striking smuggling gangs, and at other times by pursuing speculators and manipulators of exchange rates. Here, the position of the House of Representatives was not “clear,” as a large number of citizens accused Parliament of being “silent” in the face of a threat to the country. Their livelihood and aims for their livelihood.
Parliamentary Comment
For his part, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, commented today, Thursday (October 18, 2023), on the accusations of “the silence of the House of Representatives” regarding the rise of the dollar in the local market.
Al-Kadhimi said, in an interview with “Baghdad Today,” that “the House of Representatives is not silent about the rise in the exchange rate of the dollar in the local market, but it is working according to the constitutional powers it possesses,” noting that “the House of Representatives worked during the last period to host a number of The relevant authorities in the Central Bank will discuss this matter to discuss ways to find quick solutions.”
Constitutional Powers
Al-Kadhimi explains that “the House of Representatives does not have any powers to make any decision related to the monetary authority, but it is a supervisory body that follows up and submits recommendations to the government and the relevant parliamentary committees are closely following the issue of the rise of the dollar in the local market and are in constant communication with those concerned.”
On (October 16, 2023), the Governor of the Central Bank of Iraq, Ali Al-Alaq, identified several factors that affect the dollar exchange rate, the most important of which is the leakage of the dollar to neighboring countries.
During his attendance at the meeting of the Ministerial Council for the Economy, headed by Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein, and hosting the Parliamentary Finance Committee, Al-Alaq provided “a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq,” noting that “the exchange rate depends primarily on imports and not on local production, and that The exchange rate in Iraq has characteristics because it is linked to the price of oil, as it is the largest source of providing hard currency.”
He pointed out, "Many factors affect the exchange rate, the most important of which is the leakage of the dollar to neighboring countries, internal dealing in local markets in a currency other than the national currency, as well as the lack of complete control over ports and smuggling." LINK
KRG Committed to Building Modern Banking Institutions: PM Barzani, 19 OCT
ERBIL — Kurdistan Region Prime Minister Masrour Barzani on Thursday stressed that his cabinet's ongoing efforts to digitalize public services and establish a modern banking system will soon bear fruit.
"Our work to create a digital economy continues to evolve. Soon core transactions with our government will be conducted through digital payments, through a banking system that connects every Kurdistani with the global economy. We will have opportunities for graduates who want to help us consolidate this new and exciting sector, the success of which will unlock opportunities across our business sector," the Kurdish leader said during his remarks at the graduation ceremony of the class of 2023 at the University of Kurdistan - Hawler.
My government will always prioritise education. I am committing to unlocking the potential of our greatest asset, our nation’s youth. The Kurdistan Region is on its way to becoming a knowledge nation; a nation that produces the next innovative ideas to tackle climate change, food security, and poverty; that invests in technology and digital start ups through public and private investment; and plays its role on the international stage to advance global issues."
Also this evening, the prime minister addressed a group of medical doctors who received their board certificates in different specialties in the Kurdistan Region: "Congratulations to this year’s graduates at the Erbil Board of Medical Specialties. I wish you all success and I hope Kurdistani doctors achieve their goals in this integral sector."