Al-Nusairi: The battle with black dollar speculators is in its final round
Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed in an interview with Al-Iqtisad News Agency that the measures of the government and the Central Bank and the efforts made since the beginning of 2023 have yielded results and will give the desired results according to what was planned, as speculators who deal in the black dollar on the black market have been besieged and the battle is with them.
In its last tour, this was explained in detail by the Governor of the Central Bank in his recent speech to the Iraqi News Agency, in which he referred to the administrative, technical and negotiating procedures and steps with the US Federal Reserve Bank and the US Treasury Department and the understandings to regulate trade financing by approving the opening of accounts for Iraqi banks in American and Chinese correspondent banks.
And Emirati and Turkish to deal directly with them for external transfers in the currencies of these countries, which are the dollar, the euro, the Chinese yuan, the Indian rupee, and the Emirati dirham, and to leave the electronic platform in 2024 and supply the dollar and foreign currencies into Iraq from the accounts of Iraqi banks in correspondent banks or abroad, as well as achieving the opening of up to 40 accounts for our banks. In correspondent banks.
Al-Nusairi explained that the Central Bank’s next strategy to reform the banking sector will depend on reclassifying banks and increasing their capital to the ceiling set by the Central Bank in accordance with the specified time frames until the end of 2024, which will lead to raising the capabilities of our banks to provide the best banking products and services to customers and to the economy, investment and development and the transition to comprehensive digital transformation. .
Al-Nusairi pointed out that government support and the government agencies concerned with stimulating and activating the real sector and revolutionizing the productive economic sectors will constitute support and support for the plans and procedures of the Central Bank and continuous coordination with monetary policy applications.
Al-Nusairi concluded his speech by saying that the methodology for advancing and reforming the Iraqi economy and achieving economic growth and stability requires exceptional efforts, programs, mechanisms and government procedures in partnership with the private sector and competent national competencies to change towards the desired economic advancement. With an emphasis on supporting, developing and classifying the banking sector as the first basic link in the economy. link
Al-Sudani: It is time for the current plans to focus on economic diversification
Prime Minister Muhammad Shiaa Al-Sudani sponsored the first conference of the five-year national development plan, which was held this Sunday morning by the Ministry of Planning in cooperation with the United Nations Development Programme, and its work will continue for the period from 26-28 this November.
In a speech he delivered during the conference, Al-Sudani stressed the government’s interest in strategic plans and projects that are consistent with the 2030 Sustainable Development Vision, calling on everyone to actively contribute to building a five-year national development plan that suits Iraq’s need for real development built on sound foundations.
The Prime Minister praised the Ministry of Planning, in preparing this important document, and the efforts of the experts supporting the Ministry. He also praised the efforts of the United Nations Development Program and the United States Agency for Development, for their support of the efforts of the Iraqi government.
The following are the highlights of the Prime Minister’s speech during the conference:
The scale of the challenges requires integrated plans aimed at achieving comprehensive renaissance in the medium and long term.
Iraq has witnessed a development interruption since the 1980s. Because of wars, sieges, and counter-terrorism operations.
Our government worked to put development back on track and launch its development plans.
The government increased the pace of implementation of existing projects, which number more than 7,000 projects, and implemented new projects that represent a high development and service value.
The government has paid attention to strategic projects that are consistent with the 2030 Sustainable Development Vision, including infrastructure projects, clean energy, the development road, Al-Faw port, and others.
The best conditions to achieve the goals of the five-year plan must be provided by the agencies concerned with its implementation, including the governorates.
- At the beginning of its work, our government supported the governorates, through the Supreme Commission for Coordination between the Governorates, which succeeded in changing many paths, and its results appeared within one year of the government’s life.
The new governorate councils will represent a qualitative addition to the work, so we were keen to create the conditions for the success of the elections, so that each governorate would have representatives, whose work would complement the governor’s.
It is time for the new development plan to have economic dimensions based on the philosophy of economic diversification.
The government has laid the foundations for economic diversification, including the establishment of the Iraqi Fund for Development, which aims to create an integrated investment environment in the country.
Initiatives have been launched that aim to change the pattern of the rentier economy, such as the “Riyada” initiative, which helps young people invest their ideas in productive sectors.
The tripartite budget included a special provision to support the private sector by granting it sovereign guarantees, which will contribute to encouraging the business and investment environment in the country.
We are working hard to support the private sector and complete the formation of its development council, as it represents the primary partner of the government sector.
- If we succeed in achieving economic diversification, providing a fertile investment environment, and strongly introducing the private sector into the development scene, the reality of the situation will change.
We are continuing to build a network of economic relations between Iraq and the countries of the world, built on the foundations of mutual interests.
The government worked to reform the banking and financial sector, by automating all economic and service activities.
- We have begun to automate work at border crossings, and established the shift towards the use of electronic payment in all market and commercial transactions.
The five-year development plan must adopt digital transformation, by adopting electronic systems in all aspects of life.
We need sound development data and indicators in order to make development plans successful, and this requires conducting an accurate and comprehensive census of the population, their places of residence, and their work environments.
We decided to conduct the population census next year, 2024, and directed that all financial and logistical requirements be provided to make it successful.
-The five-year development plan should create space to achieve good governance, establish appropriate mechanisms to fight corruption, and dry up its sources wherever they are.
The existence of a five-year, verifiable development plan indicates a state of security, political, social and economic stability.
The results of development plans must reflect positively on vulnerable segments of society, by providing housing, education, and health, improving income levels, and reducing the effects of climate change.
- During its first year, the government worked to reduce poverty and unemployment rates, through the social protection network, improving the food basket, paying attention to health and education projects, services and infrastructure, working to not inherit poverty among poor families, and establishing a fund to support the poorest areas. link
Iraq’s Minister of Planning Asserts Strategic Progress Amid Challenges
As the world watches, Iraq’s Minister of Planning, Mohammed Ali Tamim, has asserted that the Iraqi government has made significant strides in several sectors within a period less than a year. His comments serve as a beacon of hope amidst the turmoil that has engulfed the nation for years.
Economic and Social Reforms
Tamim emphasised that the steps taken by the government are strategic measures aimed at enhancing the economic and social situation in the country. He shed light on the economic reforms and developmental projects as integral parts of efforts to achieve stability and growth. The Iraqi government’s focus on improving the social and economic landscape shows a commitment to fostering development and prosperity for its people.
Challenges and Achievements
The minister also alluded to the achievements coming amid multiple challenges confronting Iraq, including security and political conditions. Despite these hurdles, the government’s efforts in advancing economic and social reforms have garnered attention and praise. The progress made under such circumstances demonstrates the resilience and determination of the Iraqi government.
Commitment to Further Progress
Furthermore, Tamim affirmed the commitment to continue working towards achieving more reforms and progress. This statement not only highlights the government’s dedication to its strategic plans but also its unwavering resolve in the face of adversity. The Iraqi government’s commitment to further progress and reforms is a testament to its dedication to fulfilling its promises to its people.
Number 1 [Aki’s Boss] has informed Aki the CBI is going to have…’All hands on meeting’ to share the results of a recent CBI meeting. These meetings are continual and only with the banks, no politicians.
These meetings were with all the upper management of every bank in Iraq…IOO they’re talking about the new exchange rate of the Iraqi dinar and the new small category notes…We told you there would be one last rate change on the exchange rate of the Iraqi dinar. Aki suggested to us it would be 1,200 to 1…
WALKINGSTICK: …Look more for 1000 to 1 because when they get there then they can lift the three zeros.
Remember, we started with a MR that led to an RV that leads now today to an RD that will lead to an international float. Now...When it gets to the point of the float, a supply and demand of the Iraqi dinar...will determine which exchange rate of the RV that they cap it at.
[Iraqi bank friend Aki update]How will Aki profit by having these banks ? >By exchanging the Iraqi dinar for dollars. This is a profit for the bank. For Aki...
[Iraqi bank friend Aki update]
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.
Iraq and China Launch Business Council to Bolster Bilateral Economic Ties
In a pivotal move to foster bilateral trade and economic ties, Iraq and China have launched the Iraqi-Chinese Business Council in Baghdad, the capital of Iraq. This announcement, reported by Xinhua News Agency, was made during a ceremony in central Baghdad, attended by the Iraqi Minister of Trade Atheer al-Ghurairi, Chinese embassy officials, and a throng of Iraqi and Chinese entrepreneurs. This initiative is anticipated to bolster cooperation and enhance mutual investments and exchanges across a variety of sectors.
Unveiling the Iraqi-Chinese Business Council
The establishment of the Iraqi-Chinese Business Council marks a significant milestone in the economic relationship between Iraq and China. The council aims to facilitate trade and investment activities between companies in the two nations, fostering a strong and mutually beneficial economic alliance. The move underscores China’s growing influence in the Middle East and highlights Iraq’s openness to foreign investment as it seeks to rebuild and diversify its economy.
The Canton Fair: A Global Marketplace
Simultaneously, the 134th session of the China Import and Export Fair, widely known as the Canton Fair, was held in Guangzhou, Guangdong Province of China. Renowned as one of the largest trade fairs in the world, the Canton Fair draws exhibitors and buyers from across the globe, including those from Iraq. This international attention further testifies to the growing economic interaction between China and Iraq and underscores the significance of this initiative.
CNOOC’s Milestone in Iraq’s Oil Fields
In the backdrop of these economic developments, the China National Offshore Oil Corporation (CNOOC) has made considerable strides in the oil fields located in the Maysan province of southern Iraq. The corporation has achieved a production milestone, underlining the increasing role of Chinese companies in Iraq’s oil sector. This development attests to the multifaceted nature of the growing economic ties between the two countries.
Moody’s warns of the impact of the conflict between Israel and Hamas on Iraq
Moodys warns of the impact of the conflict between Israel and Hamas on IraqShafaq News/ Moody’s credit rating agency maintained Iraq’s CAA1 rating, warning that the escalation of the conflict between Israel and Hamas and the intervention of Iran and the United States may have fundamental repercussions on Iraq, if the war expands.
The agency said that the ongoing conflict between Israel and Hamas remains primarily focused in Gaza. But its regional escalation, which is a “scenario with little possibility of being achieved,” will have economic repercussions for Iraq.
The agency notes that any escalation in tensions in the Gulf would threaten to disrupt maritime transport routes through the Strait of Hormuz, which Iraq depends on for most of its oil exports.
It maintained Iraq’s rating at “CAA1″ with a stable outlook, and said that the rating reflects Iraq’s financial and external dependence on hydrocarbons, which leads to its significant exposure to oil price fluctuations and the risks of transitioning away from carbon.
However, the agency says that Iraq’s low dependence on external financing and the buffer provided by the recovery in foreign exchange reserves underscore a range of mitigating factors even if this scenario plays out.
Iraq, which is rich in oil, suffers from deterioration in its infrastructure and roads as a result of decades of wars and the spread of corruption.
Iraqi Prime Minister Muhammad Shiaa Al-Sudani confirms that one of his government’s priorities is to rehabilitate the transportation and road infrastructure, as well as the dilapidated electricity sector.