How will Aki profit by having these banks? By exchanging the Iraqi dinar for dollars. This is a profit for the bank. For Aki...
The economic reform is blossoming...because the monetary reform was a success...It is due to the security and stability that Sudani and Alaq have created for the reforms.
[Iraqi bank friend Aki update]
When Saddam was removed, many retirees...expatriots...soldiers...citizens left Iraq...A great portion has come to the United States of America therefore these [CBI affiliated] private banks are needed for the reinstatement for the Central Bank of Iraq to re-collect the 3-zero notes that are missing...They turned the private exchange centers into private banks for...the change in the exchange rate of the Iraqi currency.
The Federal Court Obliges The Council Of Ministers And The Minister Of Finance To Submit The Final Accounts
Sunday 12, November 2023 | Political Number of readings: 221 Baghdad / NINA / The Federal Supreme Court (the highest judicial authority in the country) accepted a lawsuit submitted by the Secretary of the Communist Party in Iraq, in which he demanded that the Council of Ministers and the Ministry of Finance submit the final accounts for the implementation of the general budget.
Lawyer Zuhair Diaa El-Din, who was assigned, along with lawyer Salam Zuhair Diaa El-Din, by the Secretary of the Communist Party, Raed Fahmy, to carry out the duties of the lawsuit, in a statement today, “The Federal Court issued a decision obligating both the Council of Ministers and the Minister of Finance to submit the final accounts.”
The Federal Court issued its decision, in Case No. 190/Federal/2023, based on the implementation of the text of Article (62/First) of the Iraqi Constitution, which stipulates that “the Council of Ministers shall submit the general budget law and the final account to the House of Representatives for approval, in accordance with the provisions of Article (34). ) of the Financial Management Law No. (6) of 2019.
According to Diaa El-Din, this decision constitutes “a major achievement, given that the state’s final accounts reflect the processes of applying the general budget in accordance with the legal regulations, systems and financial instructions in force, to show the financial position of the state with its rights that must be collected, and the obligations that must be paid.”
This comes after the Council of Ministers and the Ministry of Finance hesitated to submit the final accounts that were last submitted for the year 2018, according to what was stated in the statement, which indicated that the accounts that are submitted are Years behind its timing,
the lawyer for the case expressed his hope, after the issuance of the decision, that the Council of Ministers and the Ministry of Finance would commit to completing and submitting the final accounts for the ending year with every budget that is referred to the House of Representatives for the purpose of approval, in implementation of the decision of the Federal Court, whose decisions are considered final and binding on all authorities based on the text Article (94) of the Constitution.
He also expressed his aspirations that the issuance of this decision would contribute in an effective way to preserving public money through monitoring disbursement operations, according to the statement.
On June 13, 2023, the House of Representatives voted on the country’s general financial budget for the years 2023, 2024, and 2025, after a difficult struggle that extended for months, and forced the holding of a series of parliamentary sessions. https://ninanews.com/Website/News/Details?key=1089489
The Central Bank Achieves One Of The Basic Goals Of Monetary Policy In 2023
Samir Al-Nusairi Economy News – Baghdad The objectives of the monetary policy of the Central Bank are to achieve economic growth and stability, and one of its primary objectives is to reduce inflation rates and stabilize the prices of goods and services in very complex economic, security and political conditions in 2023 that the world is going through, especially the countries of the geographical region in which our country is affected negatively and positively.
Our economy has suffered from these conditions for decades, and the reason is the rentier economy and the dependence of 93%,
as an average, of the general budget on oil, which constitutes approximately 60% of the gross domestic product, while the active economic sectors, which are agriculture, constitute 4.7% and industry do not exceed 2%.
These are indicators that led to the lack of Local production covers the consumption needs of citizens for food and other basic materials. Therefore, the reliance was almost entirely on imports for the private commercial sector and from various origins.
Successive governments were unable to control internal trade and regulate foreign trade, and control over illicit trade and unofficial border crossings was weak, which led to the impact of The monetary and commercial market, and the prices of food and essential items for citizens rose at high rates during the years 2021 and 2022.
Therefore, this indicator was the most prominent challenge facing monetary policy and directly affected the stability of the exchange rate, which led the Central Bank to take many measures in cooperation with the government in 2023 to regulate foreign trade.
And controlling external transfers and regularity in the global financial and banking system by developing the electronic platform and working to prepare and launch a new strategy for banking reform and classification in all its basic links at the level of internal and external banking transactions, the most prominent of which is securing the US dollar for large and registered merchants and for every merchant, regardless of his classification, at the official rate via The platform exclusively helped reduce prices for most food and essential items within balanced rates commensurate with their prices in the global commercial market, in the country of origin, and in the markets of most regional countries.
This was achieved through analyzing the indicators of the annual inflation rate for the year 2023, which was published by the Central Bank, in comparison with the annual inflation rates.
For the year 2022 achieved in Iraq and in the regional countries, as it is clear from official data that the annual inflation rate reached 3.7% in 2023 and 4.4% in 2022, and that most other countries with unstable economies have reached very high rates of inflation, reaching % in Turkey. 80.2%, in Sudan 117.4%, in Iran 40.0%, in the Arab Maghreb countries with relative economic stability in Tunisia, Algeria and Morocco 9.3%, 9.0% and 5.0% respectively, and in Egypt it reached 37.4% and ranged In the Gulf countries with stable and oil-rich economies, the range is between (2.4%-4.8%).
This confirms beyond doubt that the Central Bank’s strategy and procedures during this year achieved one of the basic goals of monetary policy, which is reducing the rate of inflation and maintaining the general level of commodity prices. And services, and he is currently working to achieve other goals, which are stabilizing the exchange rate and maintaining a foreign reserve covering the local currency in circulation and imports, which exceeded 100 billion dollars.
So, the economic results and outcomes confirm that the policies and procedures undertaken by the Central Bank this year have achieved an important goal of achieving stability in the monetary system, which is an important step in achieving the other goals of monetary policy.
Iraq's assistance for ascension is a key indicator especially when they're talking about post ascension. That is powerful because if they're talking about post ascension it gives you the heads up that the game's on - They're ready to finish it...
At the moment we're at 1310. If you drop 3 zeros you have a number...The dinar at 1000...drop the 3 zeros, what are you at? You're at 1 to 1. That's the project to delete the zeros off the exchange rate. Not the currency. The exchange rate.
The second workshop the UNCTAD will put on through 11-14 November 2023. It is for Iraq's on going preparation for WTO accession... They are in it to the end now. They are in a place where they can have accession at anytime that the check boxes are checked...
They are not waiting on any distant time frame. It is all a part of the process that they have to go through and the completion stage they are in...Just note, post assistance for Iraq and for after accession is a key indicator that they are in the completion phase..
Iraq Expands Educational Opportunities: Vocational Schools Now Open for Intermediate Students
The Iraqi Ministry of Education’s recent announcement signifies a crucial step towards expanding educational opportunities in the country. In a progressive move, vocational preparatory schools are now open to third-grade intermediate students who have successfully completed their third-round examinations. This development aligns with the broader efforts to enhance the educational landscape in Iraq, catering to varying interests and career aspirations.
A Progressive Approach to Education
The decision to introduce vocational training at an earlier stage reflects a forward-thinking approach in the realm of education. It allows students to explore practical skills and specialized fields of study alongside their regular curriculum. This method widens the scope of learning while equipping students with valuable vocational skills crucial for their future careers.
Aligning Education with Economic Growth
In the context of Iraq’s evolving economic landscape, the emphasis on vocational education is particularly significant. As Iraq continues to develop and diversify its industries, the demand for skilled professionals across various vocational sectors is rising. By integrating vocational preparatory schools into the educational framework for younger students, the Ministry of Education is proactively catering to the needs of the evolving job market.
Inclusive Education and Socio-Economic Development
The initiative underscores the importance of recognizing and nurturing diverse talents among students. Not all learners thrive in traditional academic settings, and the inclusion of vocational education accommodates individual strengths and interests. This move highlights the interconnectedness of education and socio-economic development, laying the groundwork for a more skilled and adaptable workforce, which can have positive implications for the overall socio-economic progress of the nation.
Federal Reserve, Gaza Conflict, and Iraqi Dinar: A Global Interplay
The Federal Reserve Bank of America’s decision to distribute dollars to 10 Iraqi banks comes amidst a complex backdrop of bond yields, international conflicts, and currency dynamics. As the Iraqi Federal High Court prepares to make three landmark decisions, including the transfer of 700 billion dinars to the displaced people of the Kurdistan region, the multifaceted nature of these developments underscores the intricate interconnections of global finance, geopolitics, and currency management.
Federal Reserve and Bond Yields: Balancing Act
The Federal Reserve’s delicate dance with bond yields, particularly the 10-year Treasury note, has significant implications for borrowing costs and consequently, economic activity. The swift rise in long-term US Treasury yields has stirred investor concerns but also eased pressure on the Fed, allowing for a more measured approach to rate hikes. This nuanced interplay between the Federal Reserve’s monetary policy, market reactions, and broader economic landscape is a testament to the bank’s efforts to communicate its intentions clearly while adapting to market dynamics.
Impact of Gaza Conflict on Iraq: A Delicate Equilibrium
The Israel-Hamas conflict has cast long shadows on Iraq’s security and political situation. The involvement of Shiite armed groups, the presence of American forces, the ensuing rocket and drone attacks on U.S. bases, and potential retaliatory attacks all contribute to a fragile security situation in Iraq. In this geopolitical quagmire, Iraq’s efforts to maintain a neutral stance and advocate for diplomatic resolutions to regional conflicts are critical for its security and economic stability.
Exchange Rate Dynamics: The Iraqi Dinar
The exchange rate for the Iraqi Dinar against the United States Dollar offers a snapshot of the challenges posed by global currency volatility. The importance of exchange rate stability and reliable money transfer mechanisms for international transactions are highlighted, especially in the context of fluctuating global currencies. The decision to distribute dollars to Iraqi banks by the US Federal Reserve is a significant move in this regard, potentially stabilizing the dinar and facilitating smoother international transactions.
Overall, these developments underscore the need for astute policy measures, diplomatic acumen, and a nuanced understanding of global economic and political landscapes to navigate the complex and interrelated domains of finance, geopolitics, and currency management.
