Report: 8 Indicators That Iraq Is Back On Track !

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The President of the Republic stresses the need to enhance Iraq's international standing

Sunday 09 August 2020

 

Baghdad / Al-Sabah

The President of the Republic, Barham Salih, stressed the need to enhance Iraq's position in international forums, while stressing the importance of strengthening openness through the development of transport sectors.

A statement by the President’s office, received by Al-Sabah, stated that “Saleh received Foreign Minister Fuad Hussein yesterday, and discussed with him the country's foreign relations and ways to develop and advance them.” During the meeting, the President of the Republic stressed the need to strengthen Iraq's position in international forums, through its contribution to spreading and devoting an atmosphere of understanding and constructive dialogue to consolidate security and stability among the countries of the region, stressing the importance of the balanced and positive role of Iraq in the path of its foreign relations in order to achieve peace and progress among peoples. 

During the meeting, according to the statement, the latest developments at the regional and international levels, and their impact on the Iraqi arena, were reviewed.

The President of the Republic, during another meeting with Minister of Transport Nasser Hussein Al-Shibli, stressed the need to make efforts to support Iraq's openness to the world by developing various transport sectors as it is an important link between continents and countries, stressing the importance of adopting international standards in providing the best services to citizens. In turn, Minister Al-Shibli gave a detailed explanation of the Ministry's workflow and the plans that it is hoped to follow to revitalize the level of performance in it and improve services in a way that reflects the bright image of Iraq in front of the world.

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Deputy: The economic file will be part of Al-Kazemi's visit to the White House

 

 

17:55 - 08/09/2020
 

The deputy of the Sadikoun Parliamentary Bloc, Muhammad Karim, confirmed, on Sunday, that the economic file will be part of the files that Prime Minister Mustafa Al-Kazemi will discuss during his visit to the White House next week.

Karim said in a statement to Al-Maalouma that "the strategic dialogue, which will start its second stage during Al-Kazemi's visit to the White House, will discuss the economic file for Iraq," noting that "the dialogue will not be limited to the security axis only, but to all aspects."

He added that "the economic file is very important in the dialogue with Washington, in addition to being responsible for the electrical system since 2003 and has not achieved any results, and this matter must be resolved during the agreement," noting that "the air defense system will be present during the discussion between Al-Kazemi and Trump."

Next week, Prime Minister Mustafa Al-Kazemi begins an official visit to the United States of America, at the head of a government delegation, based on an official invitation.

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The experience of the central bank and the economic reform law

 

9th August, 2020 by Samir Nasiri

 

Information and media statements indicate that the Iraqi parliament is still insisting that the government present its plan for comprehensive economic reform for the next stage in the form of a law for economic reform to be submitted to the council within 60 days, more than half of which have passed

The information also indicates that the financial reform cell formed in the Council of Ministers has been working for two months on developing plans and studies and discussing the main foundations and observations to overcome the economic crisis and prepare the 2021 budget and is trying to draw its plan for economic reform in implementation of the request of the House of Representatives

I believe that for the government to form a cell for economic reform with the aim of presenting, discussing and studying Iraq's economic problems and finding solutions and treatments for radical and comprehensive reform, the experience of the Central Bank of Iraq during the post-2015 economic and security shocks has proven its success in supporting the national economy and its attribution in overcoming the crisis of falling prices Global oil, and ISIS’s occupation of a third of Iraq after mid-2014

The Central Bank of Iraq continues its approach to stimulating the national economy during the years 2016-2020 in accordance with its strategy, building capabilities and developing the banking sector in order to move to the developmental role and contribute to financing investment and reconstruction projects and to continue to maintain the stability of the exchange rate as the main achievement of policy implementation Cash is one of its important goals, which has positive implications for revitalizing the economy and achieving stability in the monetary system and the financial system, based on working on the government's call to diversify sources of revenue, not relying on oil as a primary source of revenue, and not encouraging and supporting domestic production. Because the reason is not the supply but the demand for the dollar for the above reasons

It also requires the government to benefit from the bank’s strategy for the next five years to implement 21 projects to develop and develop the banking business after it was able to achieve most of the main and subsidiary objectives of its first strategy for the years (2016-2020). The world class banks are sober, with the certificate of specialized international financial organizations

One of the strategic banking projects, whose objectives and future impact have been determined according to a timetable for each project, the periods of implementation and reaching the goal during the years (2019-2023) are limited to development projects related to achieving financial inclusion, such as salary domiciliation and projects to restore confidence in the banking sector, such as a deposit guarantee company project and projects for structural development. And administrative and legal projects such as the Governance Guide project, projects for training and qualification, capacity building, classification of banks, and projects to move banks from the role of banking to contributing to development, such as the combined Islamic finance project

It must be noted here that although the bank has started planning for these projects since 2016, it is also committed to what is stated in the government curriculum, as far as the banking sector is concerned, and what the National Development Plan (2018-2022) targeted and Iraq 2030 vision

The central bank’s emphasis on working according to the approach it has adopted to achieve economic reform since 2015 is the consolidation of a fact that the Central Bank and its current management embodies a bright spot in an unstable economic environment for subjective and objective reasons, the most prominent of which is the experience of the Central Bank in supporting the national economy while maintaining its functions and its objectives specified in its law, and its contribution to achieving economic steadfastness and strengthening the decisive victory over terrorism

In addition to the results achieved on the scope of monetary policy applications domestically and convincing international financial organizations, the most important of which is the official reports issued by them, confirming the success of the central bank’s policy in achieving an important transition for the Iraqi economy. In addition to its numerous contributions and initiatives to revitalize the economic cycle and enhance liquidity at banks, to reach a re-extension of coordination bridges between the fiscal and monetary policies, and to propose new economic and structural policies to prepare public budgets for the coming years on the basis of programs rather than items and attempts to restore confidence in the banking system

The Central Bank has demonstrated its clear ability to interact, analyze obstacles to work, and create conditions to overcome challenges, and due to the exceptional efforts made by the bank, the last of which was the re-deduction of 8 trillion dinars for the purpose of financing and enabling the government to pay the salaries of employees, retirees and social care. I invite the government to interact with the bright points and experiences of the Central Bank and sing them with their ideas, visions and proposals to build a solid national economy

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The Central Bank establishes a banking relationship with Euroclear Bank

 

9th August, 2020

The Central Bank of Iraq announces that it has completed the procedures for establishing a banking relationship with Euroclear Bank , which is one of the internationally known institutions in the field of securities preservation and investment, and manages bonds for central banks estimated at $ 15 trillion.

 

He confirms that this achievement will contribute to strengthening the international relations of the Central Bank of Iraq and simulating international practices in the field of reserves management.

 

The Central Bank of Iraq

information Office

9 August 2020
 

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The Central Bank announces the establishment of a banking relationship with Euroclear Bank


 

9th August,  2020

The Central Bank of Iraq announced, on Sunday, that it has established a banking relationship with the Euroclear Bank Foundation, which specializes in preserving and investing securities

In a statement received by Al-Eqtisad News, the Central Bank said that it had  completed "the procedures for establishing a banking relationship with Euroclear Bank, which is one of the internationally known institutions in the field of securities preservation and investment

It "manages central bank bonds estimated at $ 15 trillion," he added

"This achievement will contribute to strengthening the international relations of the Central Bank of Iraq and emulating international practices in the field of reserves management," the Central Bank affirmed in the statement

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The Central Bank Establishes A Banking Relationship With Euroclear Bank    LINK

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The Central Bank Sells More Than $ 217 Million Through The Currency Auction Window. Document

 

9th August, 2020

The Central Bank's bulletin on the details of today's currency auction showed that the total amounts sold exceeded $ 217 million.

The bulletin, which the independent obtained a copy of today, Sunday, indicated that the number of banks participating in the auction was 35, while the amounts purchased by those banks ranged between half a million and six million dollars.

Iraq is unique in the phenomenon of currency exchange through a semi-fake auction that the Central Bank of Iraq supervises despite the volume of criticism issued by a number of economic experts and members of the House of Representatives because of the insistence on the currency auction window despite the great damages incurred by the Iraqi economy.

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Analyst: Most of the private banks in Iraq have interfaces for economic offices affiliated with political parties

 

9th August, 2020

The analyst and legal expert, Ahmed Al-Ziyadi, revealed that most of the private banks in Iraq are interfaces for economic offices affiliated with political parties.

Al-Ziyadi said in a post that he said, "In Iraq it is not important what he owns! Rather, the most important thing is behind him and whoever gave him an opportunity to enter the currency auction and whoever provided him with protection."

He added, "With what some do not know that in Iraq there are 71 private banks, most of these banks are fronts for economic offices affiliated with political parties that carry out their suspicious business through these banks."

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Granting a license to the Amsar Exchange Company Ltd. / Baghdad

 

9th August, 2020

Issue: 9315/5/9

Date: 7/28/2020

 

We attach herewith the permission to practice work as a limited exchange company under category ( B ) in the name of (Al- Amsar Exchange ) Company numbered number ( 7 ) for the year 2020 granted in accordance with the provisions of Article ( 4 ) Paragraph ( 2 ) of the Central Bank of Iraq Law No. ( 56 ) of 2004 and the Anti-Law Money laundering and terrorist financing No. ( 39 ) for the year 2015 and the controls in force, and the company shall be subject to the control and supervision of this bank.

Approval of appointing Mr. ( Hassan Murtada Salman ) as managing director, Mr. ( Saad Saloumi Anal ) as his assistant, Mr. ( Alaa El Din Hussein Jaber ) as a compliance monitor, and Mr. ( Mohamed Al Amin Samir ) as his assistant, and Mr. ( Mohamed Majid Jassem ) as director of control and auditing, provided that he is fully devoted For these positions and not to be administrators in another company.

Adhere to the instructions of effective exchange companies.

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The private sector ... the big arm of the development process

Sunday 09 August 2020

 

Baghdad / Al-Sabah

 

The private sector represents an important axis for the development and economic advancement that Iraq seeks, as it has the elements to achieve success away from work confusion and that stems from the speed of decision-making within its multiple joints, and this contributes to achieving successful performance in harmony with the plans drawn.

President of the Federation of Chambers of Commerce Abdul Razzaq Al-Zuhairi confirmed “The need to work to empower the private sector and to occupy its true place in managing the national economy, 

And to be the largest arm of the development process in the country, and that Union plans to develop Its internal mechanism of action has been completed Embrace it, as well as communicate With counterpart unions on the Arab and international levels, and to achieve interaction Required".

Economic philosophy

Al-Zuhairi said: “The private sector law is important, and we all hope that it will see the light and be approved, because the incorrect vision of some politicians prevented it from being approved. The performance has led to economic difficulties, we are indispensable. ”

Al-Zuhairi pointed out that “oil is a political commodity par excellence .. dependence on it should not be absolute, and its prices are in the hands of the strongest, and that the rents of the economy must change and go towards a multiplicity of resources.” Only 1 percent of society receives money from the state, while in Iraq 27 percent of society receives money from the state, and this is not true, and the private sector must give the opportunity to advance industry and agriculture, and the exchange rate for the dollar must be appropriate for the private sector's developmental orientations To supply raw materials ».

 

Industrial initiative

And that «solutions to economic problems related to human and societal awareness, and there is a need for everyone to realize that electricity must be subject to taxation and that water is paid for, goods are paid for, taxes, and Iraq is a vital place, and it can be an important starting point between the east and west of the world. .

He drew attention to the importance of an agricultural industrial initiative according to a schedule, as is happening in the developed world, and the private sector gets the money in return for benefits that do not exceed 4 percent, and we suggested that the project owner starts with 25 percent and gets 75 percent from the public sector.

 

Collective management

He continued, saying: “It is not possible for the public sector to draw up the policy of the private sector, as it cannot understand the requirements of work in all its joints, and collective management of an integrated team in which the success is greater, and we must have a national negotiator who achieves the mutual benefit of the parties to the process, in light of the presence of articles "They have the technology and the experience, and we can achieve the goals." He drew attention to "the capabilities of the Federation of Chambers of Commerce in addressing its responsibilities in light of the Corona pandemic, and its capabilities in supporting the country's economy and communicating with the chambers of commerce in all governorates of Iraq and how it interacted with everyone in order to maintain the performance of the chambers of commerce in support of the national market."

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Najaf announces the discovery of a large oil well in the sea


 

9th August, 2020

Najaf Governor Louai Al-Yasiri announced, on Sunday, the discovery of a large oil well in the Bahr al-Najaf depression

Al-Yasiri said in a press statement, seen by Al-Iktissad News, that "the preliminary surveys of the monastery area indicate the presence of a large oil well in the monastery of the monks in the Negev Sea

He added that "the monks will place a large tent for research specialists to complete the surveys, and we will visit the capital, Baghdad, and meet with the oil minister to discuss the issue and develop exploration to be an economic tributary to Najaf, " he added

On August 1, 2012, the Ministry of Oil signed a preliminary contract with a coalition of Russian and British Bash companies to develop and rehabilitate the 12th exploration block in the governorates of Muthanna and Najaf, at a price of five dollars as a profit for each barrel of oil produced

The Ministry of Oil said at the time, that the coalition agreed to the wage set by the ministry of five dollars after it presented its price of nine dollars and 85 cents a dollar during the holding of the fourth licensing round at the end of last May 2012 and she added, "Bash has become the operator with 70% and Premier has 30% of the shares in the contract

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Out of 186 countries, Iraq is ranked 181 in economic freedom

 

9th August, 2020

The American Heritage Foundation, which measures the level of economic freedom in countries around the world, announced that Iraq ranks 181 out of 186 countries.

According to the report published by the Foundation for the year 2020, "Iraq ranked 181 in relation to economic freedom out of 186 countries listed in the table," indicating that "thus it ranks sixth before last, ahead of the countries of Libya, Liechtenstein, Somalia, Syria and Yemen."

She added, "Singapore ranked first in economic freedom with a score of 89.4, followed by Hong Kong with a score of 89.1, and then New Zealand ranked third with a score of 84.1."

It indicated that it "relied on its classification on twelve factors to measure the economic freedom of these countries related to four main aspects of the economic environment, which were classified from 0 to 100, and its average to determine the degree of the state, which is the rule of law (property rights, government integrity, judicial effectiveness), size of government ( Government spending, tax burden, financial health), organizational efficiency (business, employment, and monetary freedom), open markets (trade, investment and financial freedom).”

She explained that "the focus of the Economic Freedom Index is that individuals should be free to work, consume, and invest without restrictions," indicating that "poverty, disease and ignorance are declining in all regions, then this is largely due to the widespread adoption of more advanced and transparent economic policies."

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Iraq Ranked 181 With The Level Of Economic Freedom Out Of 186 Countries    LINK