The Central Bank Organizes A Symposium On The Role Of Statistics In Formulating Monetary Policy, 5 NOV

 The Central Bank Organizes A Symposium On The Role Of Statistics In Formulating Monetary Policy

 
November 03, 2024      The Central Bank of Iraq and the Iraqi Private Banks Association organized a symposium entitled “The Role of Statistics in Drawing Monetary Policy,”
 
in the presence of the Deputy Governor of the Central Bank of Iraq, Dr. Ammar Hamad Khalaf, and the President of the Iraqi Private Banks Association, Mr. Wadih Al-Handal, along with a number of bank representatives and professors. Universities and economists.
 
    The symposium witnessed Dr. Samir Fakhri, Director General of the Department of Statistics and Research at the Central Bank of Iraq, giving a detailed presentation that included a set of data related to monetary policy, indicating that
 
monetary and banking indicators are witnessing remarkable growth, thanks to the policies of the Central Bank.
 
    It is noteworthy that this symposium comes within the framework of the Central Bank of Iraq’s keenness to enhance awareness of the role of statistics and data in supporting monetary and economic policies, in a way that serves the sustainable economic development of Iraq.
      
    Central Bank of Iraq   Media office  November 3, 2024    https://cbi.iq/news/view/2704   

SANDY INGRAM CC HIGHLIGHTS NOTES, 5 NOV

 SANDY INGRAM CC HIGHLIGHTS NOTES

Summary

Iraq is pursuing digital currency initiatives, while Argentina reduces interest rates amidst improving economic conditions and a shift towards digital assets.

Highlights

• 🌍 Iraq explores Central Bank digital currencies (CBDCs) to modernize finances.
• 🏦 CBI promotes digital banks for better financial accessibility.
• 📉 Argentina cuts interest rates from 40% to 35% to combat inflation.
• 💰 Inflation in Argentina drops significantly from 25% to 3.5%.
• 🔄 Argentina’s Central Bank purchases $17 billion in foreign reserves.
• ⛏️ Argentina showcases Bitcoin mining, hinting at a digital asset shift.
• ⚖️ Argentina’s new president is reforming government to reduce debt.

Key Insights

• 🌐 Adoption of CBDCs: Iraq’s movement towards digital currencies indicates a global trend among nations to enhance financial systems and increase efficiency. This could lead to improved international trade and economic stability.
• 💳 Digital Banks in Iraq: The Central Bank of Iraq’s initiative to establish more digital banks emphasizes the need for modernization in financial services, potentially improving access for unbanked populations.
• 📊 Argentina’s Interest Rate Strategy: The reduction of interest rates reflects a strategic response to inflation, aiming to stimulate the economy while restoring confidence in financial markets.
• 📉 Decreasing Inflation in Argentina: The significant drop in inflation rates illustrates the effectiveness of recent economic policies, suggesting a path towards recovery and stability in the Argentine economy.
• 💵 Foreign Reserves Rebuilding: Argentina’s aggressive foreign currency reserve accumulation highlights a proactive approach to stabilize the national currency and regain investor confidence.
• 🚀 Shift Towards Digital Assets: The Central Bank’s exhibition of Bitcoin mining equipment signals a progressive shift towards embracing digital assets, potentially attracting new investments and fostering innovation.
• 🏛️ Government Reforms in Argentina: The new president’s actions to dismantle bureaucratic structures could lead to a leaner government, aiming for fiscal responsibility and a more robust economic framework, but might also pose short-term challenges.

REPORT FROM MR SALVAGE @DINARREVALUATION

 

The Governor Of The Central Bank Of Iraq Meets With Employees Of The Erbil Branch, 5 NOV

 The Governor Of The Central Bank Of Iraq Meets With Employees Of The Erbil Branch

 
November 03, 2024   His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, visited the bank’s branch in Erbil.

His Excellency the Governor inspected some departments in the branch building, where he was briefed on the progress of their work and the achievements achieved by the branch.
 
His Excellency the Governor directed to the necessity of  cooperation and work on stimulating financial policies, to    improve the banking sector and the services that banks provide to citizens, in addition to making observations about the need to  intensify efforts to enhance the capabilities of banking work.

His Excellency urged the branch’s employees to   provide the best banking services to the residents of the geographical area supervised by the branch, directing the need to    strengthen the Central Bank’s supervisory and supervisory position over banks operating in the Kurdistan region of Iraq.  Central Bank of Iraq    Media office   November 3, 2024     https://cbi.iq/news/view/2705  

MILITIAMAN CC HIGHLIGHTS NOTES, 5 NOV

 MILITIAMAN CC HIGHLIGHTS NOTES

Summary

Iraq is taking significant steps towards international investment and economic reform, including launching the ICC, focusing on the banking sector, and transitioning to electronic payments.

Highlights

• 🌍 Launch of the International Chamber of Commerce in Iraq to attract foreign investment.
• 💰 Increased focus on the banking sector to support economic projects and investments.
• 📈 Riata Bank’s role in encouraging small and medium enterprises for job creation.
• 🚢 Completion of the initial designs for major transport projects, enhancing infrastructure.
• 📜 The new parliamentary leadership aims to resolve pending economic laws and reforms.
• 💳 Transition to electronic payments to streamline transactions and reduce corruption.
• 🏛️ Grand Ayatollah Al-Sistani emphasizes the need for integrity and stability in Iraq’s governance.

Key Insights

• 🌱 Investment Climate: The launch of the International Chamber of Commerce signals Iraq’s commitment to improving its investment landscape, suggesting potential growth in foreign investment opportunities.
• 🏦  Banking Sector Development: With a focus on strengthening the banking sector, Iraq is laying the groundwork for sustainable economic development, which is crucial for long-term stability.
• 🏗️ Infrastructure Improvement: The progress in transport projects indicates a strategic approach to enhancing trade and connectivity, vital for economic expansion.
• 📊 Legislative Progress: The new leadership in parliament aims to expedite the passage of critical laws, which could significantly impact economic reform and governance.
• 💻 Digital Transformation: Emphasizing electronic payments reflects Iraq’s move towards modernization, improving efficiency and transparency in financial transactions.
• 🔒 Anti-Corruption Measures: Al-Sistani’s call for integrity highlights the importance of accountability and governance in rebuilding public trust and ensuring stability.
• 🗳️ Political Stability: The cooperation among various branches of government suggests a positive shift towards a more unified approach to tackling Iraq’s economic challenges.

FIREFLY: IRAQ IS TAKING THE THREE ZEROS BILL TO PUTTING THEM IN AN ELECTRONIC PLATFORM

 

Al-Sudani Directs Taking A Number Of Steps To Enhance And Develop Electronic Payment Systems And Services, 5 NOV

 Al-Sudani Directs Taking A Number Of Steps To Enhance And Develop Electronic Payment Systems And Services

Monday 04 , November 2024  | General Number of readings: 129  Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani directed to take a number of steps to enhance and develop electronic payment systems and services.

The Prime Minister's Media Office stated in a statement: "In implementation of the financial and economic reform approach, which represents one of the most important priorities of the government, the Prime Minister directed to take a number of steps to enhance and develop electronic payment systems and services:

First: Work to localize the salaries of private sector employees, similar to the government sector, and assign both the Ministry of Labor and Social Affairs and the Central Bank of Iraq, with the participation of a number of private sector institutions, to prepare an appropriate mechanism for this purpose.

Second: Ministries and all government institutions to leave cash payments and use electronic payments in collection and other related transactions, through an integrated plan submitted by each ministry or government institution before December 31, 2024, with actual implementation to begin no later than July 1, 2025." / End7  https://ninanews.com/Website/News/Details?Key=1166212