"EDDIE ASKS... WHY." BY FRANK26, 29 NOV

 KTFA

FRANK26: "EDDIE ASKS... WHY.".........F26

Assigning two international companies to study the Iraqi banking market

11/24/2024

Baghdad

The financial advisor to the Prime Minister, Mazhar Mohammed Salih, announced today, Sunday, that the government is in the process of owning a banking system based on the foundations of the competitive market, while he pointed out that two international companies have been assigned to study the Iraqi banking market.

Saleh told the official agency: "The government's strategy for banking reform began with the government banking sector under the supervision of the Prime Minister and is based on isolating government financial operations from the activity of developing the banking market, because the government banking sector in its current traditional form dominates 88% of the country's banking activity, which made government banking operations mixed with market activity."

He added, "We are waiting for the birth of a banking system owned by the government, but based on the foundations of a competitive market in providing banking services and achieving actual financial inclusion and digital financial inclusion, and in line with the digital payments policy that our country has been strongly pursuing for more than a year," noting that "the private banking sector is also going through an evaluation phase, and there are opportunities for voluntary mergers between more than one bank that has an international strategic banking partner."

He explained that "the objectives of banking reform in Iraq will end with a high integration that achieves competitiveness, homogeneity, compliance and governance within the Iraqi banking market, and achieves the integration of the national banking market with the global market," noting that "the entire issue is being closely followed by Prime Minister Mohammed Shia al-Sudani after assigning two international companies to study the Iraqi banking market and in accordance with a new vision that is consistent with the national economy's need for credit and investment and mobilizing the public's accumulated resources to ensure a more stable and efficient national income cycle."

As for the private sector, Saleh explained that “the launch of the philosophy of development partnership between the state and the private sector was embodied for the first time in the government granting sovereign guarantees to the private industrial sector to collect global loans to finance production lines for the most important industrial projects from the European Union countries and Japan, which lead the future of development, and at five levels of industries, starting with guaranteeing financing for infrastructure industries related to the development path, pharmaceuticals, petrochemicals and refining, and ending with important digital industries, without neglecting the interest in supporting the agricultural sector and farmers in protecting the country’s food security from the production of important strategic food crops.”

He stressed that "the government has not neglected to implement the national strategy for the private sector, which hopes that the private sector's contribution to the country's GDP will increase from 37% currently to more than 54% in the coming years, by providing opportunities to establish the private sector through supporting government development financing for it, whether through the Iraq Development Fund or the Riyada Bank (mixed sector) established by the Central Bank of Iraq to promote the role of the private sector in development and raise growth rates in its investments and contributions to the country's GDP, in accordance with the private sector development strategy that the government has been adopting for years."

LINK

TIDBITS FROM WALKINGSTICK, 29 NOV

  Walkingstick 

The CBI and the US Treasury are monitoring the black market...

The market of Iraq should reflect the official exchange rate.  There should not be any other exchange rate to compete against the official exchange rate.

  There should be only a single exchange rate in a country, not two or three.  That's what the monetary reform education is teaching the citizens right now.

REINALDO JC: HOLD AS WE ARE IN THE FINAL STRETCH @DINARREVALUATION

 

Iraqi lawmaker criticizes government's budget law submission, calls for revisions, 28 NOV

Iraqi lawmaker criticizes government's budget law submission, calls for revisions

Shafaq News/ On Thursday, a member of the Iraqi Parliament's Finance Committee, raised concerns over legal and constitutional violations in the government's submission of the 2023 federal budget law to the legislature.

In an interview with Shafaq News, Mustafa al-Karawi highlighted discrepancies in the submission process, noting that “Article 77, Section 2 of the 2023 federal budget law (the three-years budget law) mandates the Cabinet to submit the budget tables before the end of the fiscal year. However, only one amendment—regarding the cost of oil extraction in the Kurdistan Region—was submitted, rather than the complete set of required budget tables.”

"This failure to submit the tables on time constitutes a legal and constitutional violation," al-Karawi said. "Moreover, if the government proceeds with amendments to specific provisions, there are numerous items that require revision to address injustices and ensure fairness for various segments of society."

During a parliamentary session on Tuesday, al-Karawi stressed that the committee had noted these concerns during the first reading of the amended budget law, confirming that they are working to amend the budget law, which will then be sent back to the government for a comprehensive revision that aims to better serve the needs of the entire population and address the issues in the previous budget.

CBI ANNOUNCED AUCTION (B229) TO STABILIZE THE DINAR AGAINST DOLLAR & BE INTERNATIONAL, 28 NOV

 

FIREFLY: ECONOMIST ON TV ARE EXPLAINING THE PROCESS OF THE RV AND THAT THE PLANS OF RV IS DONE!!

 

The Success Of The Economy Saves The Drowning Of Politics, 28 NOV

 The Success Of The Economy Saves The Drowning Of Politics

Mahmoud Dagher:   At a time when some governments of the rentier system insist on expanding analyzes and political approaches and various elements of ideology, there is a decline in interest in the economics and management of depleted oil resources towards diversification in other governments, to the point where the interests of the economy and the well-being of the population take precedence over others, and the criterion for success becomes clamor.

Industry, agriculture, technology, and the accompanying development of human resources, versus whispers of politics and ideology.

 Such a conclusion is prompted by what Moody’s credit rating agency published regarding the new credit rating of the Saudi economy, which reached Aa3 with a stable outlook after eight years ago for this agency, it was A1 with a positive outlook for the future.

 It means an improvement in the state’s credit capacity, including its entry into the bond markets and the acceptance of its proposals. Financing and with lower interest.

 Rather, more importantly, Saudi banks and other financial institutions enjoy the advantage of the new classification after they could not market their financing except with the old classification because financial institutions cannot exceed the classification. State.

 Iraq, for example, is classified as B-, and therefore the highest at which its banks can be classified is the same classification or lower.

 It was noted a few months ago that the classification of the largest Iraqi bank, TBI, was downgraded.

 The macroeconomic credit rating and its changes depend on numerous economic and financial criteria reflected in the levels of financial and economic performance, including the

      level of public deb t,

     growth rates, and

     improved private sector performance, as well as

     non-oil revenues and the

     performance of non-oil output.

The sum of these criteria leads to an improvement in the level of economic diversification of the rentier state under the classification.

 Which is the most important conclusion from the new classification of Saudi Arabia compared to other economies.

 The growth rates of non-oil production sectors have increased, expectedly, to 4-5%, in addition to the non-oil revenues reaching about 40% in total public revenues. In fact, Saudi Arabia’s non-oil exports grew by 22% for the month of September 2024, and such results lead to an increase in the share of The output of the private sector in Saudi GDP, which is expected for the latter to grow up to 4.7%.

The high rating of the Saudi economy is attributed to a long-term economic path of diversification transformation that is considered the mainstay of long-term growth, as well as the tangible approach to independence from the oil crises.

Providing economic interests towards higher prosperity is what leads to the easing of political and ideological tension, despite its presence in our region that floats on oil and the problems associated with it. 

 Yes, improving the performance of the economy is a way to save yourself from the drowning of politics.