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DWS112

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  1. Interesting post! I found this on Facebook: translation: "The Trade Bank of Iraq would like to draw the attention of its customers that it will stop receiving all credit transactions 2019/12/1 until 2020/1/2"
  2. Features of the investment environment 01 December 2019 The talk about attracting foreign investment during the years of the transition period, which was beset by many phenomena of security and political confusion, was more like security despite the availability of safe climates in many governorates. Successive could not achieve this. Security instability in the country's overall landscape has often been cited, with the incomplete legal system that shapes working environment relationships and curbs corruption and mismanagement as repelling factors, while others see the weak performance of the banking sector and its rise to the global banking industry as a cause. This is mainly due to the non-flow of foreign investments looking for an environment in which financial transactions are regulated through a banking system that secures money flows smoothly and ensures safe and fast trades up to the global banking industry that produces remote services. It appears that the paper presented by the Representative of the Secretary-General of the United Nations, "Jenin Blachart" during her recent meeting in the House of Representatives, which included recommendations on the acceleration of the enactment of a number of laws inactivated, will pave the near term to achieve a favorable atmosphere for investment, as the legislation of economic laws along with legislation and related procedures The political and security nature referred to in the paper, such as the amendment of the Investment and Partnership Promotion Act, the legislation of the Council of Reconstruction, oil and gas, the resolution of the housing crisis, social security, where do you get this, as well as the Federal Court Law "which will exercise strict control In the implementation of the Constitution and the laws in force ”, in one way or another, will contribute to paving the way for an appropriate investment environment, through which the managers of Iraqi. In light of the preparations that took over the years in the banking sector, which constituted an infrastructure for performance, after the introduction of a large package of electronic payment systems and the adoption of international standards in transactions, specifically concerned with monitoring the phenomenon of money laundering, the banking sector is ready to receive the flow of foreign capital with distinction, while The security reality will be at its best after the implementation of the security laws, specifically the law regulating the possession of weapons and the law regulating the work of security companies in the country, and the application of laws related to the regulation of market relations will contribute to creating an attractive environment for the flow of capital in light of the opportunities The promotion of fair competition as an engine of inclusive growth cannot be achieved without the application of competition and antitrust law, the protection of intellectual property and trademark law and the protection of domestic product, while labor, trade union and consumer protection laws Market relations
  3. Real reforms maximize revenue and contribute to its multiplicity Sunday 01 December 2019 124 One of the reform steps the government is embarking on in response to popular demands is to correct the country's fiscal policy. Financial expert Thamer Al-Azzawi believes that "the financial policy followed by the competent authorities such as the Ministry of Finance and the Central Bank, has succeeded during the past period compared to the conditions experienced by the country, especially with regard to the preservation of the value of the Iraqi dinar, and the financial stock, which has increased, despite recent events." However, he stressed to Al-Sabah, the need to "correct or update this policy in line with the requirements, in terms of diversifying and maximizing revenues, operating the accumulated funds in banks, and the introduction of the private sector as a key partner for the advancement of the economy." The reality of the economy The expert warned that "the need to adopt reform decisions that change the reality of the economy and move it to a better stage, and that there are real reforms that contain the total problems experienced by the national economy since Contracts. " Al-Azzawi called on state institutions to "find ways to support these programs and the establishment of seminars and workshops involving experts and academics to reach common points to start in the real implementation." The Finance Committee hosted the Governor of the Central Bank and the Director General of the Tax Authority to discuss the issue of maximizing non-oil revenues and assessing the monetary and economic policy of the country. Maximizing revenue The Chairman of the Finance Committee, Haitham al-Jubouri, according to a press statement, "Supporting the Iraqi economic reality and moving it through the correction of financial policy and rectification, and not rely on oil alone as a resource and maximize revenue through the Government's urgent action controls the waste of billions of dollars a year in border ports through the process of automation Customs and tax procedures. The Finance Committee indicated that it will continue its supervisory role by holding more meetings and hosts, to find imbalances in the economic reality of the country, and to hold accountable the negligent and the performance of their work and corrupt wherever their positions and positions, as well as to continue its legislative role, which contributed to the adoption of the most important laws during the current crisis In addition to the adoption of new laws to help solve the financial problems of the country. Real reforms To that member of the Baghdad Economic Forum Jassem Al-Aradi, "the need to work to have real reforms that move the change of the reality of the national economy and move it to a better stage, and this is not complicated, but we can see the fruits of reforms within a short period, because of the elements of success that are unique to Iraq However, we need good governance to achieve a smooth implementation of the work in its form He pointed out that "the promotion of production quickly, is possible, although relatively first of all in the industrial sector, and various industries required by the process of economic development, especially as some industries have already begun and need protection to develop and expand in a way that meets the ambition, and that The agricultural sector is ready to promote production and fully cover domestic demand for some crops during its seasons. The agricultural system. "
  4. Could this be a problem? A global currency printing company threatened with bankruptcy ( de la Rue ) Nov 27 2019 British banker de la Rue, a banknote and passport printing company, is in a financial crisis. In the statement, the company lost £ 9.2 million in the last six months of the year (from April to September), and that there is great concern and uncertainty about the possibility of continuing the company's activities. Following the statement, the company's shares fell by 20.6 percent. The company's debts in the first half of last year amounted to £ 107.5 million, reaching £ 170.7 million in the first half of this year. Currently, De La Rue prints money for 140 central banks around the world, including the Bank of England, employs 2,500 people, prints a third of the world's banknotes and also prints passports for 40 countries. The company lost the new passport tender, which will be issued after the UK leaves the European Union, to be won by rival Gemalto. Venezuela has recently been unable to pay its debts to the company, estimated at £ 18 million, and the UK Anti-Corruption Office has launched an investigation into the company's activities in The company started its first activity by issuing banknotes to the Republic of Mauritius in 1860.
  5. WTO: Accession State of Play — Non-LDCs (IRAQ) Iraq: Following the joint World Bank – WTO Workshop on the Accession of Iraq, which took place in Beirut on 25-26 July, the Secretariat, the World Bank and the Government of Iraq are working towards organizing a High-Level Conference on the WTO Accession of Iraq, in Baghdad, at the end of November. 👈 The conference is intended to facilitate the formal reactivation of the accession process. A visit to Baghdad by the Chairman of the Working Party, Ambassador Omar Hilale (Morocco), is envisaged to take place at the same time as the conference. notes: 1. LCDs (Least Developed Countries) 2. See article on page 2 of PDF
  6. Electricity: We will become a member of the eight Arab interconnection authority 18/11/2019 Economy News - Baghdad: Iraq will sign an agreement by the end of this month to become a member of the Arab Eight Linkage Authority in the Jordanian capital Amman, the Ministry of Electricity announced. Electricity Ministry spokesman Ahmed Moussa said Iraq would also be a member of the Gulf Linkage Organization. He stressed that Iraq will become an energy corridor country by linking its network with the Gulf States with the Arab linkage and send to Europe, Armenia and others.
  7. Chunky monetary mass is capable of addressing economic problems November 13, 2019 Emphasizing the imperative of working towards transferring the cash mass in the home to the local labor market through the banking system, to contribute effectively in solving the economic problems and providing job opportunities to accommodate all young people, qualified technical expertise and others. It is estimated the volume of liquidity in Iraq by 47 trillion Iraqi dinars hoarding in homes, about 70 percent of this amount, according to the indicators of specialized centers and financial experts. Haidar Kazem al-Baghdadi stressed the importance of localization of salaries and its importance in providing liquidity to the financial sector. Electronic payment and that salaries are paid through and kept in banks and the citizen depends on the electronic card, especially as the citizen interacted a lot in this detailed, and here we can employ the operational budget in activating the capital cycle to serve the national economy, and that banks must "All attention to this aspect and all joints of electronic payment." Restore confidence He said that "the concentration of the chunky bloc to the banks requires serious work leading to the restoration of confidence between citizens and all banks, which require the first phase of a law guaranteeing funds, in addition to creating trust between state institutions and the private banking sector, which is an important step to strengthen the role of the private sector in the management of economic joints And enable it to play its true role in development. " Database He pointed to the importance of localization of salaries from now with private banks to be the beginning of electronic work and the establishment of a database moving to private banks to deal with the largest proportion of citizens, because of the slide big". He stressed the need for the Central Bank to start issuing new instructions, supported by the role of a supervisory evaluation by him and determine the ceilings of balances and accounts for open circles with banks, which helps the government institution to start working with private banks. Legal guarantees He called for focusing on the laws, most important of which is the law guaranteeing deposits and loans and other things that contribute greatly to bringing hoarding cash to the banking sector smoothly. There are legal guarantees, noting that "the deposit guarantee law is the cornerstone in this subject and its application is the real beginning to move liquidity in the right direction and transfer to the banking sector, which will be employed in the service of the national economy." He pointed out that "Iraq is receiving the attention of the international specialized effort, which requires us to work towards the benefit of regional and international experiences that tend to create bilateral partnerships with the international effort leading to increase knowledge of national expertise and enable them to advanced technology." Qualitative implementation He explained that "reality needs to review all the laws that regulate the labor market in the country, and make it help to streamline the quality of the implementation of projects, away from the intersections and interpretive problems that accompanied the last stage, which caused confusion, and made the competent employee confused, when There is an intersection of legislation, and here the legal environment must guarantee the rights of all parties without exception. ”
  8. Reducing inflation corrects economic plans November 12, 2019 Inflation is defined as a continuous rise in the general level of prices. The rise is always associated with a continuous decline in the value of money. Inflation rates are governed by a range of factors, including the country's monetary policy, the size of GDP, the balance of trade with other countries, the country's self-sufficiency rates of industrial and agricultural goods and products, and population growth rates. Inflation comes from the large and persistent demand for goods and products and the lack of supply, because of the imbalance between supply and demand in favor of demand, leading to a cumulative rise in prices of goods, products and services and a successive decline in purchasing power For money. Inflation is also an economic phenomenon to which the various countries of the world are subjected to their different capitalist or targeted economy. Inflation causes negative economic and social impacts on members of society of varying intensity, which requires work to reduce these negative effects, both economic and social. Inflation in development has a negative impact, particularly on government economic policies and plans due to price differentials between the estimates made in the economic plans for their implementation and the changing reality due to higher prices resulting from inflation. Therefore, it is necessary to work by the competent authorities in Iraq to reduce the high inflation rates and work to control, and always be within the reasonable and economically acceptable and not be very negative effects in order to reduce its economic and social consequences, because of the other negative effects of inflation Increasing the financial gap between the wealthy and low-income people in favor of the first category due to the erosion of the savings of these individuals due to the price increases to them, which means increasing the impoverishment of the poor and increasing the wealth of the wealthy and causing an increase in the class gap between the layers of society, leading To increase disadvantage among many groups in the society. Controlling inflation is very important in order to continue working to achieve economic development and the well-being of the members of society resulting from the stability of prices and enable the majority of citizens to buy goods and services at prices Acceptable. Inflation rates can be reduced by reforming fiscal and monetary policies and using financial and monetary instruments in a correct manner, thereby reducing inflation rates and achieving control over these rates and keeping them within the economically permissible limits. Therefore, it is necessary to develop plans to get rid of this economic problem of social dimensions in Iraq and not to make it have significant negative effects, and does not allow them to influence the policies of economic reform and economic development negatively, and can benefit from the results of scientific economic research in the development of these plans and divided The experience of other countries that succeeded in getting rid of the problem of inflation, taking into account the special economic conditions and capabilities of Iraq, can be used to achieve success in efforts to get rid of inflation. Form Inflation.
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