PARLIAMENTARY ECONOMY INDICATES THE RISKS OF THE “PARALLEL MARKET”: “IMPORTANT” SESSIONS WITH THE CENTRAL BANK NEXT WEEK
The Parliamentary Economics Committee pointed out the dangers of the “parallel market,” while revealing “important” sessions with Central Bank of Iraq officials next week in order to coordinate and support the market.
The banker told “Baghdad Today”, “The fluctuation of the dollar exchange rates in the parallel market recently is due to three direct pressing factors:
1.is centered on the Central Bank’s measures to limit smuggling and launch its electronic platform,
2.as well as the US Federal Reserve sanctions file and its handling of economic conditions .
3.He added, “The third factor lies in government dealings through adopting the electronic payment file,” indicating that “the political scene in its internal and external data and the events surrounding the region constitute the most dangerous factors for the parallel market in the country, noting that there is no complete control over the border crossings.” With all its addresses to reduce smuggling.
Mawazine News – Baghdad The General Secretariat of the Council of Ministers announced today, Tuesday, that official institutions must cooperate with banks on electronic points of sale. A statement by the secretariat said that “based on the directive of the Prime Minister, Mohammed Shia’ Al-Sudani, on electronic points of sale (POS) and in order to achieve a smooth implementation of the procedures for the application of this system and raise the level of readiness from all parties, in a way that contributes to the service of citizens.”
The General Secretariat of the Council of Ministers specified the conditions for issuing the electronic card, the commitment to implement what was stated in paragraph (I/2) of the Council of Ministers Decision (23620 of 2023) and in cooperation with licensed banks, in accordance with the scope of their work and the organizational structure of their accounting and financial procedures through the use of electronic payment tools from the procurement committees and implementation committees, and to emphasize the cooperation and coordination of all government institutions, with the companies of electronic payment service providers and banks contracted with them for the following purposes: placing billboards and displays of materials and short vidues for citizens explaining the mechanisms of using electronic payment tools, their benefits and methods, encouraging them to use them and raising their awareness in this regard, until 1/3/2024 maximum, and conducting awareness campaigns to spread culture Finance, banking and electronic payment in the field, within the buildings of institutions and formations and their locations periodically.”
He added that “the conditions included providing the Central Bank of Iraq with the procedures taken regarding the adoption of electronic payment tools in financial transactions and services, in addition to the proposals and challenges facing the process, so that the aforementioned bank can study them and find the necessary solutions as far as it is related to the specialization of the Central Bank of Iraq.” He pointed out that “the Department of Cabinet Affairs and the committees in the General Secretariat of the Council of Ministers will take it upon itself to follow up the implementation of the directives.”
AL-SUDANI: IRAQ TODAY IS ON THE RIGHT PATH AND PROJECTS ARE BEING COMPLETED ACCORDING TO TIMING
The Prime Minister, Muhammad Shiaa Al-Sudani, confirmed today, Saturday (January 20, 2024), that the Fine Arts Intersection project is simple and the government’s ceiling of goals and ambitions is high, while indicating that Iraq today is on the right path.
More news….
PARLIAMENT TO RESUME NEXT WEEK
Baghdad – Iraq Today:
The Media Department of the House of Representatives announced the resumption of the regular sessions of the Council next Saturday.
The department stated in a statement that “the presidency of the Council will hold regular meetings with the parliamentary committees on Wednesday, January 24, 2024.”
She added that “the regular sessions of the Council will resume on Saturday, January 27, 2024.“
More news….
PARLIAMENTARY DETERMINATION TO APPROACH THE GOVERNMENT ON THE OIL AND GAS LAW
Economy News – Baghdad
The parliamentary Oil, Energy and Natural Resources Committee plans to approach the government on the draft oil and gas law.
Committee member Ali Al-Mashkour said that the committee did not achieve any meeting between its members due to the start of the current legislative term a short time ago, pointing to “the parliament’s preoccupation with disputes over the position of the speaker of the House of Representatives, which is still pending until now,” according to the official newspaper.
He pointed out that “the committee has many topics that it wants to discuss in its meetings that will begin in the coming weeks, including the outstanding matters between it and the Ministry of Oil, which need decisions to be decided by the first.”
“The committee will follow up on the licenses of the fifth round of gas fields, in addition to approaching the government on the oil and gas law, and the solutions it has reached to the points of contention between the center and the region,” he said.
(I believe this has to be resolved and law passed before we will see the RV. I am sorry but this is what I am told by my CBI contact. We wait…. This was supposed to be completed last year but they could not come to agreements on the terms of the law at that timeframe.)
Foreign Minister Fuad Hussein, on Tuesday, confirmed Iraq’s quest to take its natural position in the region and the world, while referring to Iraq’s firm position on the Palestinian issue.
In a statement received by Mawazine News, the ministry said that “Deputy Prime Minister and Foreign Minister Fuad Hussein gave a lecture at the International Diplomatic Academy in Vienna entitled (Middle East 2024.. Challenges and Opportunities),” in the presence of the President of the Academy, Emile Brix, a number of diplomatic and political figures, Iraqi students studying in Vienna, and a number of researchers in Middle East affairs.” He pointed out to “the development of the democratic process in Iraq and the recent elections of local councils, and Iraq’s endeavor to occupy its natural position in the region and the international community,” pointing out that “Iraq’s position is fixed on the Palestinian issue, which emphasizes the need to stop this war, which began to expand and threaten the entire region, which will not be in the interest of any regional or international party. The wars were never a solution, so this war must be controlled and stopped as soon as possible.” In another axis, he pointed to “the economic situation and plans to build a diversified economy that does not depend on the rentier economy by creating different industries, returning the agricultural sector and producing gas to rely on Iraqi competencies and manpower in electricity production and investment in infrastructure.”
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