Electronic Transformation Contributed To Lowering The Dollar ER.

[Luigi1]

Here's an article of Dinarian interests...

Direct From The SANDBOX Report.

Electronic Transformation Contributed To Lowering The Dollar ER.

Treat as a rumor.  Not verified.  Your opine.

 

 

FROM IRAQI SOURCES:   Government Advisor: Electronic Transformation Contributed To Lowering The Dollar ER.
ARTICLE:  PM's financial advisor, Mazhar Mohammed Saleh, confirmed on Tuesday that the expansion of electronic transactions has contributed to reducing speculation & unreal demand for the Dollar, which has lowered its price on the parallel market.

 

 He also indicated that  reliance on digital payment tools has led to a decline in the volume of cash Dollar trading.

 

Saleh Told The Iraqi News Agency (INA):
"The expansion of the use of bank cards and electronic transactions has contributed to reducing the margin of speculation & the unreal demand for the Dollar, especially after linking transfer operations & trade finance to digital data & pre-verification of documents, such as the advance customs declaration."

 

He indicated that  "citizens' reliance on digital payment tools, both locally & during foreign travel, has led to a decrease in the volume of cash trading in Dollars outside the official system." 

 

Saleh explained that "this has begun to have positive impacts at the int'l level, given Iraq's membership in the Middle East & North Africa Financial Action Task Force (MENAFATF) a regional organization established in 2004 that works to combat money laundering, terrorist financing & the proliferation of weapons in the region, in line with the 40 recommendations issued by the Financial Action Task Force (FATF) in Paris." 

 

He pointed out that  "Iraq, through its digital advancements, has made tangible progress, particularly ++with enhanced compliance with the requirements of the Financial Action Task Force & int'l compliance practices.
 
This has positively impacted Iraq's current stable credit ratings & opened up broader horizons for better engagement with global correspondent banks, as we can see from the decline in the Dollar ER against the official rate in the parallel market in recent months."  He emphasize that "modern electronic technology can be leveraged in Iraq through three complementary paths, the most important of which, based on the government's program, is the digital transformation of public finances & economic governance, which includes several directions, including:
-automating taxes & customs to maximize non-oil revenues, digitizing government contracts & distributing support to eligible groups,in addition to enhancing transparency & combating corruption through the presence of a digital fingerprint for every transaction."
 
Regarding innovation and small business technology, Saleh noted that "digital technology development paths are taking on more modern dimensions, most notably supporting digital entrepreneurship, such as e-commerce, delivery apps, distance learning & others.

 

This is in addition to financing startups in the fields of artificial intelligence, smart agriculture & solar energy, in addition to building digital platforms for vocational training & market access." 

 

He added, "There is a trend toward transitioning to a data and knowledge economy in close conjunction, through the establishment of nat'l data centers, the use of artificial intelligence in planning & the enhancement of internet infrastructure & the achievement of equitable access to it in accordance with global standards for digital justice.
 
We also emphasize the importance of supporting the higher education sector in digital and technical specializations." 

[Luigi1]

Here's another article of Dinarian intersts...Self Sufficiency In Phamaceuticlals...

 

Government Advisor: Localizing The Pharmaceutical Industry Saved More Than $1 Billion Annually.
ARTICLE:  Hamoudi Al-Lami, the PM's advisor for industry & private sector development,  revealed significant developments in the field of localizing the pharmaceutical industry in Iraq on Tuesday.

 

While noting that localization has saved more than $1 billion annually, he confirmed that 34 factories are currently operating at full capacity & that there are 178 applications to establish pharmaceutical factories. 

 

Al-Lami Told The Iraqi News Agency (INA):
 “Since the first week of its formation, the government has begun implementing a program to localize the pharmaceutical industry.
 
The Council of Ministers issued decisions in 2023 supporting this trend, whether for existing projects by expanding them or by providing facilities for new projects, by granting loans to investors wishing to establish new factories or develop their existing projects.”

 

He added, "The government has provided facilities regarding the required guarantees, including opening credits guaranteed by production lines.

 

The Cabinet's decisions also included measures to support the provision of raw materials needed to operate existing & future industrial projects, in addition to reviewing the prices of medicines purchased by the Ministry of Health from national factories.
 
Prices have been more than doubled, which has led to an increase in the value of contracts with the General Company for Drug Marketing from 144 billion Dinars at the beginning of the government's term to more than 600 billion Dinars so far.
 
This represents the value of locally produced medicines & constitutes about a quarter of the cost of imported medicines, which means saving more than a billion Dollars annually so far." 

 

He confirmed that  "the number of applications to establish pharmaceutical & medical supplies factories has reached 178 by July 1, up from 100 previously.
 
These applications include factories for the production of medicines, medical supplies, surgical sutures, intravenous solutions, syringes & other medical devices,  thanks to the government support provided to investors.

 

He explained that "the number of pharmaceutical factories producing in the country has increased to 34,  compared to 22 factories when the current government was formed.
 
This is the same number that has remained since the establishment of the 1st pharmaceutical factory in 1956 until the formation of this government."

 

He explained that "the new factories are operating at full capacity and have contributed to increasing the coverage rate of locally produced medicines." 

 

Al-Lami explained that "locally produced medications are subject to the highest int'l standards, the same specifications as those approved globally.
 
They are also subject to strict pharmaceutical oversight using the latest technologies.
 
Clinical trials are underway for complex medications, such as those for blood diseases & cancer,
which have begun to be produced locally after technology transfer from int'l companies."

He concluded his remarks by saying "The PM's directives emphasize that the effectiveness & safety of pharmaceutical production are a red line," noting that, "during the tenure of the current government, 38 new medications have been added to treat high blood pressure, 33 new medications to treat diabetes & 58 types of antibiotics covering the needs of adults & children in various forms.
 
Local production of 25 cancer medications has also begun through technology transfer."