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The Dead Sea hosts the activities of the Economic Forum between Iraq and Jordan, 5 MAY

The Dead Sea hosts the activities of the Economic Forum between Iraq and Jordan

Shafaq News / The activities of the Economic Forum for Financial, Industrial and Commercial Partnerships between Iraq, Jordan and the region, organized by the Iraqi Business Council in partnership with the Jordan and Oman industry chambers, the largest regional Iraqi-Jordanian economic group for business, kick off today, Sunday, at the King Hussein Convention Center in the Dead Sea region.

According to the Vice President of the Iraqi Business Council in Amman and Chairman of the Preparatory Committee for the Forum, Saad Naji, representing the Iraqi President, the President of the Office of the Presidency of the Iraqi Republic Kamel Al-Dulaimi, the Iraqi Minister of Industry and a delegation from the Ministry of Electricity from Iraq, participates in the forum, as well as ministers from Jordan, business owners, investors and Arab and foreign companies, the Board of Commissioners of the Information and Communications Authority, the Anbar Investment Authority, the Erbil Chamber of Industry and Trade and the Baghdad Chamber of Commerce.

The Council organizes the forum in cooperation with the Arab Businessmen Union, the International Investment Guarantee Agency and the International Finance Corporation of the World Bank Group, the Association of Information and Communication Technology Companies (Injaj), the Association of Iraqi Private Banks, the Jordanian Banks Association, and the Jordanian Foundation for the Development of Economic Projects (JEDCO), and the Jordanian Free and Development Zones participate.

The official Jordanian agency “Petra” quoted Naji as saying that the forum will be interspersed with a two-day exhibition that will last from 2 pm to 8 pm, in which major commercial and industrial companies from Jordan, Iraq and Arab countries will participate, in addition to bilateral meetings with decision-makers from the two countries.

He pointed out that the forum’s working sessions revolve around the most prominent investment opportunities in Jordan and Iraq, the prospects of commercial and industrial opportunities in the two countries, the vision of economic modernization, investment in Iraq, investment opportunities in the region, in addition to investment opportunities in the Jordanian free and development zones.

He pointed out that the sessions also revolve around the role of the banking sector in providing financial facilities for the industrial, energy, mining, transport and infrastructure sectors, and the role of international institutions in providing financial financing for investment projects, and presenting success stories to Jordanian and Iraqi investment companies.

Naji, who is also the Secretary of the Council, pointed out that the forum seeks to promote regional integration by building economic interdependence, enhancing cooperation in various sectors, building long-term partnerships, creating sustainable partnerships, deepening mutual understanding between participating countries and building a common vision for the future of economic prosperity and development in the region.

https://shafaq.com/ar/اقتصـاد/البحر-الميت-يحتضن-فعاليات-المنتدى-الاقتصادي-بين-العراق-وال-ردن

"RV UPDATE" BY NADER FROM MID EAST, 5 MAY

 NADER FROM MID EAST

The budget have to be approved by the parliament...Sudani cannot make a decision by himself...The budget doesn't have to be approved by parliament...it's not true.  They have pass by the parliament and parliament have to vote for it. 

 Any changes on that budget the parliament have to agree into it and have to vote for it and have to sign it and send it to Sudani and then the president of Iraq...It is active yes but not completely active.  Any changes have to be approved by the parliament of Iraq.

 People calling me since last Thursday asking me, 'We hearing the exchange rate will change on Monday?'

  ...I didn't see anything about Monday.  I see really good news.  I believe with all this going on they should go for it.  I think they're ready.  I don't know when or why not.  Some people saying Monday...before the end of the month...May... July.  It's all prediction.  I wish it could happen now.  Today...Let's watch it...

https://dinarevaluation.blogspot.com/2024/05/rv-update-by-nader-from-mid-east-1-may.html

 People calling me since last Thursday asking me, ' We hearing the exchange rate will change on Monday?'  ...I didn't see anything about Monday.  I see really good news.  I believe with all this going on they should go for it.  I think they're ready.  I don't know when or why not.  Some people saying Monday...before the end of the month...May... July.  It's all prediction.  I wish it could happen now.  Today...Let's watch it...

 Today I was watching the news.  I was watching Sudani in the street and it got me all excited.  Got me happy.  It's been a while we didn't see a leader who cares about the people, who cares about the country...He was walking in the street at least for 2 hours...It's great to see that.  He give confidence.  It gives hope.  I hope he continues like that...It's amazing what's going on in Iraq.  I love it.

This visit to United States it was really good.  All this contracts they signed...all these people want to go to Iraq to do business, start businesses.  It's great.  Now they have the ball in their hands so we see what they're going to do with it.  They're going to score or pass on the side again? 

https://dinarevaluation.blogspot.com/2024/04/rv-update-by-nader-from-mid-east-26.html

https://dinarevaluation.blogspot.com/2024/04/rv-update-by-nader-from-mid-east-30.html

Iraq to Alter the Global Trade Landscape BY SANDY INGRAM

Iraq to convert lusivity to electronic payment in mid-2024, 5 MAY

Iraq to convert lusivity to electronic payment in mid-2024

Economy News – Baghdad

The financial adviser to Prime Minister Mazhar Mohammed Saleh confirmed on Sunday that the government’s strategy encouraged citizens to enter the climate of digital payments, while noting that monetary use will witness a gradual closure in favor of digital financial inclusion starting from next year 2025.

Saleh said, to the official agency, and followed by “Economy News”, that “the customs and traditions that have remained prevalent in the practice of monetary demand behavior according to the primitive monetary methods in the settlement of financial and commercial transactions, are not in accordance today with the developments of the modern digital institutional society in our country, especially the change in the settlement of financial transactions and the gradual abandonment of the use of direct cash payment methods in favor of digital payments.”

He added that “the behaviors of payment, delivery, settlement of financial rights and settlement of transactions are being reflected in the cash demand function, which is changing behaviorally in favor of dealing with a modernist pattern imposed by digital payments in the country.”

He added that “since the government launched the electronic payment strategy a few months ago, the public has for the first time in our country has gone by their will to enter (the second phase) in the digital payments climate, by moving from withdrawing receivables in cash through payment cards and dealing with the inherited methods in payments based on the cash payment of transactions, by shifting towards keeping its money inside their bank accounts so that it can use the same payment cards for many times within the framework of high and renewable digital payment in settling various transactions within the daily life of the citizen.”

He pointed out, “The second phase of digital payments constitutes an accelerated development to achieve an advanced digital stage in banking life by the establishment of digital banks, as three issues were helped by the increasing use of mobile phones in the settlement of digital transactions, the second is the development of the numbers of opening bank accounts that support the digital payments activity, and the third is the rapid growth of digital government government leallusivity.”

Saleh stressed that “by the middle of this year, the government luse will almost completely shift to payment through credit cards and other approved digital payment methods, which are witnessing today in all fuel sales stations to end up paying taxes, fees, wages and government transactions to be all through digital payment cards.”

He pointed out that “large joints of institutions and private sector individuals are rapidly settling their payments by feeding each other’s accounts with easy transfer, such as (feeding their digital cards) to settle the rights between them digitally, as well as the use of pos and similar means of assistive technology for payments, which have become widespread and facilitated in our country.”

He continued, “Starting from 2025 upwards, the payment habits within the economic community will shift towards a completely different digital life. Electronic payment cards become one of the modern habits in changing the monetary behavior of society. Monetary use will witness a gradual closure in favor of digital financial inclusion, and then the cash leaks will move in their current form, which still rest outside the banking system to automatically take their natural way into the banking system itself and under the influence of the new environment for digital payments.”

However, “the use of digital payments has added millions of new bank accounts for adults who have not previously dealt with the banking system,” he said, predicting that “in the coming months, bank accounts will cover the adult generation, because electronic payment cards are linked to the bank account itself.”

He pointed out that “cash liquidity will be automatically transferred within the banking system, which will help high levels of certainty and low liquidity risk in the banking system itself, which encourages the levels of cash credit granted to the public for the purposes of economic activity and at the same time helps to ensure the flow of the state’s cash revenues within the developments of the unified treasury account, which at the same time maintains moderate growth rates in the growth of public liquidity to match its growth inversely with the escalation of the growth of the uses of digital payments.”

https://economy-news.net/content.php?id=43161

"CBI Banker in Iraq Contact" BY GOLDILOCKS, 5 MAY

 GOLDILOCKS

CBI Banker in Iraq Contact

Dee and I just finished a conversation with our CBI Banker in Iraq with ties to the Foreign Remittance Department.

Iraq is currently increasing the amount of Gold they hold that will support their currency. 

Iraq is encouraging people to use a debit (Visa & Master) Card as much as possible, so they can get used to becoming a cashless society. 

As far as a rate is concerned, they are looking to move from 1,310 to 1,000 soon. 

Many new agreements have been signed with other countries to increase the demand for their currency as of late. 

He expressed that they still need more goods to sell to increase their money velocity. 

Iraq has not moved to a position of removing the three zeros on their currency just yet.

It was mentioned that they are still working with their Foreign Corresponding Bank to complete their banking reforms this year.

© Goldilocks

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