TNT
Tishwash:
Ismaik: The solution to the dollar crisis in Iraq is “very simple”
The economic expert, Hassan Ismaik, confirmed that the solution to the crisis of the high exchange rates of the US dollar against the Iraqi dinar is very simple.
Ismaik said in an interview with Al-Maalouma, “The foreign cash reserves that the Central Bank of Iraq owns are what preserve the value of the Iraqi currency, and because Iraq does not receive money except government money, and the private sector smuggles its money abroad.”
He added, “The Iraqi citizen does not trust the banking system in his country,” which means that there is a defect that must be fixed.
Ismaik believes that “the solution is by placing the money obtained from the sale of crude oil, the main source of the Iraqi economy, as deposits in the central bank and attracting the hoarded funds.” In the homes of Iraqis and also attracting the money of investors abroad, the private sector and investment companies.
Ismaik continued, “The success of the solution is linked to Iraq’s development of the banking sector systems and it being an open and not closed system. Reinforcing his vision with leading regional models such as the Arab Gulf countries.”
He pointed out that “there is enormous money coming from the people and the private sector, as well as investment companies.”
He added that “Iraq only needs development in the banking sector system, clarity in this system and not being closed, because when we say it is forbidden to transfer dollars, and it is forbidden to buy with dollars, and it is forbidden to exchange for dollars, your value will immediately lose and decline, and the currency will fall.”
Ismaik stressed that “the dollar crisis ends when there is a solid banking system, as there is huge amounts of money with the people in their homes, and if this money goes to… Banks will change the equation, and the money of Iraq is Abroad will range, at a minimum, between 200-300 billion in deposits in banks.”
Since the end of the year 2022, Iraq has been facing a crisis in the exchange rate of the dinar against the dollar, after the United States took a number of measures to restrict the use of… The dollar is in Iraq and its possession is limited to certain parties, as the exchange rate is witnessing fluctuations and instability despite the measures taken by the Iraqi government and the Central Bank to control the exchange rate.
The dollar crisis has been accompanied by variation in the methods of its solutions and treatment, especially among those who see it as a crisis that expresses structural imbalances in the system. Iraqi monetary policy, and among those who believe that resolving it requires only responding to it in an intelligent manner. link
The Prime Minister expresses Iraq’s desire to occupy its position in the international arena
Prime Minister Muhammad Shiaa Al-Sudani received, today, Monday, the Director General of the International Atomic Energy Agency, Mr. Rafael Mariano Grossi.
Al-Sudani confirmed in a statement received by Earth News that “Iraq was one of the first countries that sought to join the agency, abide by its treaties, and worked to establish nuclear reactors for peaceful purposes. Because of his conviction that nuclear energy must be a source of prosperity and not the development of lethal weapons
He pointed out that “at the end of last year, Iraq submitted to the Agency the requirements for its accession to the Nuclear Safety Agreement, and the Joint Agreement on the Safe Management of Spent Fuel and the Safe Management of Radioactive Waste, and it is looking forward to entering again into The field of peaceful applications of nuclear energy.
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The Prime Minister expressed “Iraq’s desire to occupy its natural position in the international arena, and to engage in peaceful activity in the field of atomic energy. He also looks forward to assisting the Agency in developing programs and projects related to development in the field of nuclear applications for peaceful purposes.”
For his part, Grossi extended “an invitation to Mr. Sudanese to attend the Nuclear Energy Summit, which will be held in Brussels this March, expressing his appreciation for Iraq’s cooperation with the agency,” stressing that it is “one of the leading countries working with the agency, and he also declared his commitment to working with Iraq in its program and projects.” Peaceful, which includes energy, soil desalination, d-----e treatment, and other peaceful fields, indicating his aspiration for the Iraqi delegation to visit the agency’s headquarters in the coming weeks;
“To work on developing a road map to develop Iraq’s work, build infrastructure, and obtain nuclear technology in peaceful fields.” link
Al-Sudani: We succeeded in implementing the 2023 budget, and we must continue to complete economic projects
Today, Monday, while chairing a meeting regarding the 2024 budget schedules, Prime Minister Muhammad Shiaa Al-Sudani stressed the importance of proceeding with the completion of economic projects.
Al-Sudani said in a statement reported by his media office and received by Al-Iqtisad News: “It is necessary to focus attention on projects that are nearing completion, and projects that drive the economic cycle and support infrastructure, in addition to projects that provide the largest number of job opportunities and meet the service, health and social needs provided.” On other general necessities.
Al-Sudani stressed that “the success witnessed in implementing the 2023 budget must be invested in completing the remaining economic projects, especially those related to aspects of economic reform, investment, and infrastructure construction in the areas of transportation, health, and municipal services, and supporting productive agricultural and industrial programs.”
In the path of comprehensive development and administrative decentralization, he stressed “the importance of selecting projects with the highest priority in the allocations to governorate councils, and making the local targets of the governorates in a state of integration with the programs implemented by the federal ministries, which allows achieving the highest returns and results at the level of employment and development, and meeting basic services.” For all citizens throughout Iraq link
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Source: Dinar Recaps
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CandyKisses:
A holiday in Iraq on the occasion of Nowruz
Shafaq News / The Iraqi government announced the suspension of official working hours in state institutions next Thursday on the occasion of Nowruz.
The General Secretariat of the Iraqi Council of Ministers said in a brief statement received by Shafaq News Agency that it was decided to disrupt official working hours next Thursday in all government ministries and institutions in conjunction with Spring Festival “Nowruz”.
The Kurdistan Regional Government, also on the occasion of Nowruz, decided to suspend official working hours on Tuesday, Wednesday and Thursday.
Tishwash:
Economists: Citizens still prefer cash transactions over electronic transactions
Economic affairs specialists criticized the lack of infrastructure for electronic payment services in many departments and institutions, and confirmed that most citizens still prefer cash transactions over electronic transactions.
Economist Manaf Al-Sayegh told Al-Sabah: Electronic payment is a globally recognized technology that can be used without the need to carry paper money or coins, as the world today no longer needs paper payment or the use of coins, so we find it approved through the use mechanism. A credit card that enables its holder to pay anywhere.
He added that the need arises today for all financial operations to be transformed according to a banking system that adopts the principles of automation and dealing with electronic payment (MasterCard) or (Credit Card), as it facilitates banking operations and transfers and gives an element of speed in financial performance, pointing out that there is a value that is sometimes imperceptible. But the quality of the system in financial transactions between customers and the lack of difficulty, whether at the level of individuals or companies, give these advantages value for dealing according to the automation system.
Al-Sayegh pointed out that most institutions and companies currently deal according to the electronic payment system, and even malls and stores with limited capital deal according to this system for the purpose of financial facilities and raising performance, adding that there are some obstacles, including the lack of infrastructure in many departments and stations for this service, stressing. There is a need to prepare these systems by the Ministry of Finance and the Central Bank, as the country was late in introducing this service, which has been used in most countries for decades, especially the card service through mobile phones.
He noted the necessity of disseminating payment points (POS) in their modern form to obtain the best service in multiple places, and obligating all departments, institutions, and shops to use them to benefit everyone.
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He stressed that dealing with electronic payment enables controlling transfers and not taking the currency anywhere without the knowledge of the state, so it can be used as a security element to prevent currency leakage.
In turn, Imad Al-Mohammadawi, who is interested in economic affairs, called during his speech to “Al-Sabah” for the necessity of spreading the culture of electronic payment among the segments of society, pointing out that most citizens prefer cash transactions over electronic transactions because they have become accustomed to this method, believing that it is better.
Al-Muhammadawi pointed out the necessity of encouraging, supporting and facilitating dealing according to this new mechanism for citizens with the aim of attracting many customers according to this method, which is considered universal and one of the approved methods in all aspects of life, because of the safety it brings in not carrying lumps of cash in daily transactions.
It is noteworthy that the Deputy Governor of the Central Bank, Ammar Khalaf, explained in the first Iraqi Digital Economy Forum that “the digital financial transformation began with the localization of employees’ salaries and the opening of bank accounts, the primary purpose of which was the use of electronic payment in daily transactions, whether inside or outside the country,” and he pointed out that “some The ministries responded quickly to the directives of the Central Bank and the government, especially the Ministry of Oil by making collections at gas stations and others done electronically, as well as the Passports Directorate, which required that payment be electronic, in addition to the General Traffic Directorate and other ministries. link
Source: Dinar Recaps
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