Sat. PM TNT Iraq News Articles 3-18-23



Gold on the cusp of $2000

{Economic: Al-Furat News} Gold prices shone strongly during the past week, achieving significant gains as the global banking crisis prompted investors to acquire safe-haven bullion, while bets increased on the US Federal Reserve to calm the pace of its fight against inflation.

Spot gold prices rose about 3.6 percent in Friday’s session, posting a weekly gain of 6.5 percent at the level of $ 1989 an ounce.

The collapse of Silicon Valley in the United States highlighted the weakness of banks in the face of a sharp increase in interest rates, while the fall in shares of Credit Suisse exacerbated market turmoil.

Lukman Otunga, senior research analyst at FXTM, told Reuters: “The luster of gold usually appears in times of chaos, with investors taking a conservative approach.”

Framework: The current parliamentary season will be full of important laws

The representative of the coordinating framework, Ali Jassim Al-Hamidawi, confirmed, on Saturday, that the current legislative term will be rich in terms of enacting important laws, indicating that there are important laws that will be passed during the upcoming sessions.


Al-Hamidawi said, in an interview with Al-Maalouma Agency, that “the current legislative season will be rich in terms of including important laws on the parliament’s agenda.”

 He added that “the budget laws, social security, freedom of expression, information crimes, and the election law, in addition to service and economic laws, treaties and agreements serving the government.” 

He pointed out that “the House of Representatives is continuing to legislate important and long-awaited laws, especially laws that concern the poor segment.” 

A member of the Parliamentary Legal Committee, Aref Al-Hamami, confirmed in a previous interview with Al-Information Agency that Parliament, in all its committees, will focus on preparing the atmosphere for voting on the general budget law, as many state matters depend on it.   link

For the first time. Iraqi bank launches a qualitative financial leap in Saudi Arabia

{Economic: Al-Furat News} The National Bank of Iraq announced today, Saturday, the official commencement of its work in the Kingdom of Saudi Arabia, pointing out that this concession is happening for the first time in the financial history of Iraq, as it is a “financial leap” and the bank can provide its services and innovative solutions to the corporate sector in the Saudi market.

The National Bank of Iraq said in a statement received by {Al-Furat News} a copy of it, that it “participated in the second edition of the Financial Sector Conference, which began its work on March 15 and 16, at the King Abdulaziz International Convention Center in Riyadh.”


He pointed out that “the Governor of the Saudi Central Bank, Ayman bin Mohammed Al-Sayari, handed over the certificate of practicing banking business to the CEO of the National Bank of Iraq in the Kingdom of Saudi Arabia, Zaid bin Abdulaziz Abunayyan, in the presence of the Managing Director of the National Bank of Iraq, Ayman Abu Dheim, and the Deputy CEO of Capital Bank Group for International Expansion, Nadim Qabwat, in addition to decision-makers in the financial sector and senior executives in financial institutions locally, regionally and internationally.”

The statement quoted the Managing Director of the National Bank of Iraq, Ayman Abu Dheim, stressing “the importance of the presence of the National Bank of Iraq in this type of international regional conferences,” explaining that it “will allow the exchange of ideas, experiences and cooperation in all areas that will be discussed during the conference, in addition to communicating and linking with a group of representatives of leading banks in the region and the world, not to mention opening new horizons for the bank’s work by discussing potential commercial opportunities in the Saudi market.”

For his part, Zaid bin Abdulaziz Abunayyan, CEO of the National Bank of Iraq in Saudi Arabia, expressed his pleasure to participate in this conference, which is a regional and international platform that reflects the strength of the Kingdom’s economy in the region, where the bank had an opportunity to introduce its innovative banking services and solutions to thousands of participants with diverse experiences in various fields of the sector, representatives from leading banks, market specialists and investment pioneers from Asia, Europe and North America.

Abunayyan explained that “the Financial Sector Conference is a unique opportunity for the National Bank of Iraq to see closely the qualitative leaps achieved by the financial services sector in parallel with the continuous development in business and services in the Kingdom of Saudi Arabia, in addition to the possibility of exchanging views and experiences with representatives of leading banks participating in this conference.”

Al-Sudani: We intend to rebuild Iraq within a road map based on several stages

{Politician: Al-Furat News} Prime Minister Mohammed Shia Al-Sudani stressed today, Saturday, the reconstruction of Iraq within a clearly defined vision and a drawn road map based on several stages

“These days, we have the 20th anniversary of the fall of the former dictatorial regime, which was the result of decades of repression, tyranny and mismanagement, and attempts to transgress and assault internally and externally,” Al-Sudani said in an article published in Al-Sharq Al-Awsat newspaper.

He added, “It is time to heal the wounds and move towards a prosperous future for a people who deserve all good,” pointing out that “our people are waiting for the renaissance, whose conditions are available in their country, and we have developed an integrated program to address the most urgent problems, so we moved from the first moment to remove obstacles.”

He continued: “From the first days, we took the initiative to pursue corruption and target its centers and tools wherever they are, and the first phase began to mobilize the state’s energies towards construction, economic reform and fighting poverty. The second stage is economic, human, military and security development.”

He pointed out: “We look forward to working and cooperating seriously with all friendly countries and international organizations to overcome common challenges,” noting that “Iraq opens its arms to every good relationship and partnership in security, economy or environment, and we urgently need to diversify sources of income, and not rely on oil revenues as the only source.”


“We have developed plans to encourage internal and external investments and the reconstruction and investment movement will need more trained manpower and build more capacity,” he noted.

He continued to say: “Iraq’s good relations with brotherly and friendly countries, paved the way for building bilateral and multilateral partnerships with many countries of the world, and we still have many of these relations.”

Source: Dinar Recaps

Why is Iraq not reintroducing the coin?

With the increase in inflation in local markets, talk has returned in economic circles about the reasons why Iraq did not resort to issuing coins in order to restore the value of the small currency, which has become worthless in daily transactions.

Economists believe that coins facilitate many daily banking transactions

The central bank is solely responsible for supplying the country with its paper and metal currency, while Iraq suspended its dealings with “coins” years ago, although it continued to operate after 2003.

Not long ago, the Finance Committee of the Iraqi Council of Representatives called on the Central Bank to reintroduce the “coin”, justifying that “this has given strength to the economy of countries in the Middle East.”

Jalil al-Lami, an expert in economic and financial affairs, said that the coin is one of the most important features of the economic and financial system in the world, but Iraq “lacks it today, despite the fact that its circulation was large in the last century.”

According to al-Lami, small coins facilitate many day-to-day banking transactions, as “the use of denominations and their descent into circulation will give a nominal value to the currency.”


According to Al-Lami’s interview with Ultra Iraq, most neighboring countries find that “the exchange rates of their local currency are very high against the dollar, and they basically have a coin through which to work to preserve the currency and not need to order more banknotes, especially those of small denominations.”

The reason for the neglect of coins in Iraq is due to “the high cost of minting coins, which costs more than paper currency, as well as the difficulty of carrying them for citizens,” al-Lami said.

After inflation in the economy and the words of the illiterate, it became difficult to mint coins and make them in circulation among citizens, so “the step of deleting zeros is supposed to precede the process of minting coins so that there is value for small denominations versus large ones and then resorting to minting coins.”

Iraq witnessed the issuance of the first new currency in 1931, which was bronze coins.

But there are those who believe that the non-use of this currency is due to a technical or procedural reason and is not related in any way to inflation, according to economist, Hussein Jaber, who explains that “if the denomination of one thousand dinars is used paper or metal, if any, this does not cause any change in the general level of prices, because it is a means of exchange and transfer of value between the seller and the consumer.”

The price inflation that most people feel is in the inflation of the number and not the value, because according to Jaber the Iraqi dinar is still legally “worth 1000,1000 fils, and because of the excessive issuance of money it has become equal to <>,<> dinars, which is in fact one dinar,” stressing “so there is no effect of using the coin.”

Jaber told Ultra Iraq that “coins are used for small denominations of currency as small parts that give greater flexibility in dealing and achieve a degree of justice for the benefit of consumers, while large coins are not compensated with coins for technical considerations.”

Important pros

But Jaber acknowledges that the coin has advantages that are reflected in the incomes of consumers and low-income earners such as employees, retirees and others.

He explains that “coins are small denominations and form parts of a large currency, they can cover the differences in prices flexibly without loss to the consumer or seller and limit the exceptional profits achieved by sellers by selling their cheap goods at higher prices that correspond to the available currency denominations, for example: the price of a small bottle of water is 135 dinars in bulk Its price with profit is 175 dinars, but the selling price to the consumer will be 250 dinars, as there is no denomination smaller than 250 dinars to return For the consumer, he can accept this price for one bottle or buy three bottles for 500 dinars even if he does not need them.”


Regarding the high prices of their production, Jaber added that “the cost of making them is lower than the cost of paper, and they are not quickly damaged by paper currencies that are perishable, burned, torn and so on.”

Economists saw that the elimination of inflation in Iraq is in the automation of currencies digitally

As for the negatives of the coin, they are almost “non-existent as they cannot be used for commercial transactions and are limited to individual transactions,” according to economist Hussein Jaber.

Expensive coins

Shortly after the U.S. invasion of Iraq, the Central Bank of Iraq announced the first circulation of 25, 50 and 100 dinar coins after they had been abolished by Saddam Hussein’s regime after the 1991 Gulf War.

But persistent inflation in local markets, with its internal and external causes, has devoured small Iraqi currencies and they have no material value, according to economist Nabil al-Tamimi.

Al-Tamimi told Ultra Iraq that “issuing coins costs the treasury of the Central Bank a lot of money,” considering that “the best solution to eliminate economic inflation in Iraq is to automate currencies digitally.”

“Digitizing currency trading will restore the value of small currencies, especially since most of the world’s economically developed countries no longer rely on cash transactions,” he said.

Source: Dinar Recaps



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