Frank26:"SUDANI, MAY I ASK AT WHAT RATE?"..............F26
Clare: Minister: Baghdad International Fair achieved many partnership contracts with Iraqi and international sectors
1/20/2023
The Minister of Commerce, Atheer Al-Ghurairi, announced on Saturday the conclusion of the activities of the 47th Baghdad International Fair after achieving “a great success” amid a huge official and public outpouring, whose activities began on the 10th until the 19th of this month of January.
In a statement today, the Minister stressed that “the course’s activities were distinguished compared to previous sessions in terms of organization, qualification, diversity and size of participation by countries and companies, as well as the achievement of many partnership contracts between Iraqi sectors and sectors of countries and companies participating in the international session.”
He pointed out that "the Baghdad International Fair is a message to the world that Iraq is coming strong as an important economic player capable of containing the largest international gatherings and interacting with them in a way that serves the aspirations of our people for a free and dignified life. In addition, the exhibition was a message from the participating countries of their desire to extend bridges of cooperation." With Iraq."
For his part, the company’s general manager, Mustafa Al-Ani, confirmed, “The conclusion of the activities of the Baghdad International Fair, bidding farewell to another year in its pioneering journey that accompanied its launch in the sixties of the last century.”
He said, “This session was distinguished by the participation of 22 countries and 850 local, Arab, and international companies, which is the highest participation compared to the sessions.” Previously, the participation of the Kingdom of Saudi Arabia was the largest.
He added, "The conclusion of this session gives other aspects to the new Iraq in its economic developments, which could give it the opportunity to enter international investments, as the exhibition witnessed commercial displays of various international and local commodities and merchandise, in addition to the projects and achievements of local and international companies from various sectors, as well as projects related to infrastructure." agricultural, industrial, technological and other sectors.” LINK
Article "The International Monetary Fund welcomes Iraq's accession to a program that supports economic reforms"
All I could say was Holy cow! That's huge. The IMF, remember who they are. They are the one who give Iraq/CBI permission to raise or lower the value of their currency, to print or to destroy currency. Everything they do in their banking structure is governed by the IMF...This is the announcement by the IMF that Iraq is international.
Question "How long will it take for the US to update the IQD price?" Instantly, the moment the CBI pulls the switch on the new exchange rate. It's electronic. It pops up everywhere.
Question: "Do you think Iraq will depose current currency once revalued?" Once they revalue of course they're going to get rid of the currency...the 3-zero notes. They will introduce the lower denominations and the fils to the citizens. But it needs a different exchange rate that would match it to give it value. The exchange rate right now is so low there is no value...
Saturday 20, January 2024 | Political Number of readings: 271 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that Iraq today is on the right path. Al-Sudani said during his inauguration today of the Fine Arts Intersection Bridge, that the projects are being completed according to the timings, or even less than their timings.
He added that the bridge at the Fine Arts Intersection is simple and the ceiling of our goals and ambitions is large, indicating that this intersection came after a clear vision and promise from the government regarding the provision of services.
He explained that the projects in this area will be completed with the Sarafiya Intersection Bridge and the construction of a bridge parallel to the Sarafiya Bridge.
The Prime Minister renewed the government’s commitment to implementing all projects.
We coming out from war. We coming out from the worst thing in our life. We just start to walk...We just start to grow...It almost collapsed but didn't collapse. It maintained itself and maintained himself stable...The only thing that destabilize the economy of Iraq is the war...Iraq is a very strong country...In a couple years Iraq is going to be one of the stronger countries in the world...Iraq is very strong.
Iraq survived the worst thing in their life. We survived 3 or 4 wars in the last 50 years. We survived it and each time we came back and we came back strong. This time we're going to come back very strong...Iraq economy never collapse by himself. Iraq economy always stable unless somebody else disable it for them. Iraq's economy is one of the best economy in the world and it's going to come back to the best economy in the world. The negative things about Iraq will never revalue, it's a scam, that's all bullshit. Iraq's going to come back one day and it's coming to come back soon.
On the sidelines of the Davos Forum at its 54th session held in Switzerland last week, the Prime Minister, the Prime Minister and his accompanying delegation, and the Governor of the Central Bank continued to hold meetings, understandings and negotiations with the World Bank, the International Monetary Fund, the President of the European Bank for Reconstruction, JPMorgan Bank and global financial institutions with the aim of accelerating the measures implemented by the government in cooperation with the Central Bank towards achieving financial and banking reform.
In implementation of the twelve government curriculum (financial and banking) in which the government’s program for the financial and banking sector and strategic policies and procedures were drawn up in paragraphs (1-7).
To restructure the public budget, manage public money, reduce the pressure of consumer spending in favor of projects and programs for sustainable development, pressure public debt to a minimum, limit external borrowing for investment and service projects. The borrower repays the loan from the project revenues, establish the Iraq Fund for Development and include it in the general budget in 2023.
Controlling the border crossings, reforming the tax system and making, maximizing revenues for economic productive sectors other than oil, and reaching their percentage in budget revenues over the next 3 years to 20%. The main and important goal is to reform the banking and private sector, according to paragraph (7), which considers financial and banking reform is the beginning of the successful economic reform, with a focus on structuring and enabling government banks, reconsidering their work, and enabling private banks to be able to support investment and development in a real way. It is indeed initiated by the government and the Central Bank with contractual and negotiating procedures with the international auditing and advisory company Ernst Andy Young and under the supervision and direct follow-up of the Prime Minister and his confirmation that the company’s global programs are applicable and differ from previous experiences and to ensure the achievement of the goal according to the time period planned to complete the project in full.
The meeting with the CEO of JPMorgan Bank of America on the sidelines of the Davos Forum held in Switzerland, asking him to cooperate with the Central Bank and banks to open accounts for Iraqi banks to regulate foreign trade financing and help accelerate digital transformation applications and the use of electronic payment technologies, in addition to the diligent follow-up of the Minister of Finance and the Governor of the Central Bank of Iraq.
With regard to banking reform, the Central Bank has made great efforts to implement what was stated in the government curriculum in the face of the challenges faced by the reform process, where in 2023, the organization of foreign trade financing and digital transformation in the banking sector was achieved, the imminent launch of a national lending strategy, the establishment of a Rida Bank to finance small and medium enterprises, and the work is continuing to reduce the exchange rate fluctuation of the monetary dollar in the parallel market. In general, the plans of the Central Bank aim at my mirrors:
First – Developing and reclassifying the Iraqi banking system, enhancing citizens’ confidence in it and providing financial solvency that enables it to meet requests quickly and when requested.
2-Transforming banks to their primary function of lending for sustainable development.
3. Banks that do not provide loans and banking facilities that help in development lose their meaning as banks, which requires a specific position on them from the Central Bank.
4. Banks are the lever of development and the importance of the Ministry of Finance and the Central Bank to support banks, develop their functions and rely on their own capabilities in dealing with sober international correspondent banks, to be organized by the international banking system in accordance with international standards and to obtain the internationally approved classification.
v. Withdraw funds outside the banking cycle and enter them into the banking system by providing comprehensive banking products and services to customers without slack, smoothly, easily and transparently.
All the above objectives Although the period set for implementation according to the government’s timetable ranges from (1-4) years, the government and central bank strategy for 2024 will shorten the time and achieve most of the above goals. There are banks that are moving towards the required development and banks that still need an additional period of time to achieve the goals, and there are troubled banks that are now making exceptional efforts from the bank to the central and management of these banks to rehabilitate them.
What concerns us here is the real functional role of banks in providing loans and banking facilities and moving from the role of banking to the developmental role. There are two important observations that must be taken into account with regard to providing loans and banking facilities to stimulate the economy.
First: The nature of the activities of banks depends on the nature of the activities of the economic sectors, and that economic activity is concentrated in foreign trade (imports), so it requires controlling imports, supporting the local product, and supporting the private industrial sector, which the government is currently working to promote with calculated executive procedures and with the cooperation of all other sectors.
Second: It is necessary to provide the legal environment and extend the authority of law in order to eliminate the phenomenon of default in the payment of loans by making legislative amendments and treating private sector debts similar to the debts of the government sector as excellent debts payable, which will help the expansion of the private banking sector to grant bank financing of all kinds.
The other important thing is to move the public and private banking sector to a sober and sophisticated economic sector that is committed to international regulations, rules and standards for compliance, anti-money laundering, financial reporting and risk management, and thus to be actually a lever for development.
And contributing to the revitalization of the economic cycle by activating and supporting the financing of small and medium enterprises and large development projects through which the construction of a solid national economy and sustainable development is achieved that ultimately serves the Iraqi people and their aspirations for a better life.
This means that each government or private bank has a targeted plan for the four years specified in the government curriculum and under the supervision and follow-up of the Central Bank in the fields of development of payment systems and modern banking technologies, moving from cash dealing to dealing with modern electronic payment methods in accordance with international standards, offering new banking products to stimulate financial inclusion, work to build capacity, train and qualify human resources, achieve the goal of investing in human capital and develop the structural structure of the banking sector.
Banks also pay attention to the application of financial stability standards, which are financial safety indicators such as the capital adequacy rate, liquidity ratio, profitability ratio such as the ratio of profit and net profit to capital, the ratio of return on assets, the ratio of return on shareholders’ equity, the ratio of activity cost, leverage and the ratio of the employment of funds, in addition to the adoption of indicators to measure performance efficiency.