The governor of the central bank determines the steps for developing the financial and banking sector

Baghdad / The Governor of the Central Bank, Mustafa Ghaleb Makhaif, set out today, Wednesday, steps to develop the country’s financial and banking sector.

In a speech on the occasion of the Arab Day for Financial Inclusion, Mukhaif said, “The Central Bank of Iraq seeks to develop the financial and banking sector by developing products and services provided in line with the needs of these two sectors’ customers, and sets among its priorities the support for digital financial services that contribute to enhancing financial inclusion. Through the diversity of these services and their ease of access to all segments of society at the lowest costs. ”

He added, “The Central Bank has adopted the development of the infrastructure necessary to accept digital services, such as payment by mobile phone, and the conduct of withdrawals and purchases through ATMs and points of sale, and has also taken steps to prepare the implementation of the project (Know your electronic customer).”

He continued: “He also urged banks to digitally transform the services provided by opening accounts remotely, and using applications such as mobile phone applications and internet banking services, in accordance with international best practices.”

Almawrid.news

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President Saleh in Erbil to discuss a number of files with the region’s presidency

Baghdad – The President of the Republic, Barham Salih, arrived in Erbil Governorate to discuss a number of files with the region’s presidency.

The media office of the president of the republic stated that “people” received a copy of it. “President Barham Salih arrived in Erbil to discuss the political situation in the country, and the importance of strengthening cooperation between the federal government and the Kurdistan Regional Government in order to resolve outstanding issues in accordance with the constitution.”

Nasnews.com

Barham Salih prepares from Erbil for a “new stage” of Kurdish-Kurdish understandings

The current visit by the President of the Republic, Barham Salih, to the governorate of Erbil in the Kurdistan region prepares a new phase of understanding between the Kurdish forces in preparation for the upcoming legislative elections, while Saleh will urge the leaders of the region to cooperate with reaching understandings with the federal government.

The head of the Kurdistan Region Presidency Office, Fawzi Hariri, told Al-Sabah: The President of the Republic will meet today, Thursday, the head of the Kurdistan Democratic Party, Massoud Barzani, and he will also meet the President of the Kurdistan Regional Government, Masrour Barzani, to discuss the security and political situation in Kurdistan. “The agreements reached between Baghdad and Erbil regarding the budget, and the upcoming elections will be the main focus of all the meetings that President Saleh will hold.”

The media office of the President of the Republic had stated, in a statement, that “the President of the Republic, Barham Salih, arrived in Erbil to discuss the political situation in the country, and the importance of strengthening cooperation between the federal government and the Kurdistan Regional Government in order to resolve outstanding issues in accordance with the constitution.”

Alsabaah.iq

Al-Rafidain: This is the outcome of opening savings and current accounts for citizens

Al-Rafidain Bank announced the outcome of opening savings and current accounts for citizens to deposit their money.

The bank said in a statement received by “Tigris”, that “the number of accounts opened for citizens and other groups in its branches in Baghdad and the governorates during last March amounted to 3778 savings and current accounts,” explaining that “the number of current accounts reached 207 accounts, while the number of savings accounts reached 3571 accounts.” .

He added that “the bank continues to provide its services and open accounts for citizens who wish to deposit their money in the bank and obtain interest in accordance with conditions and controls set in place. The bank’s customers can visit its branches in Baghdad and the governorates to review them.”

Dijlah.tv

More notes coming in…

Parliamentary Energy resolves the controversy over the questioning of the Minister of Electricity … and comments on the oil and gas law

Al Furat News: The Parliamentary Energy Committee settled, on Saturday, the controversy over the issue of the questioning of the Minister of Electricity, Majid Hantoush, under the dome of the House of Representatives in its next sessions.

A member of the committee, Amjad Al-Oqabi, told Al-Furat News that “there is no such thing as an interrogation of the Minister of Electricity, and it is not completely presented and there is nothing to be questioned by the minister.”

It is noteworthy that Parliament is heading to question the Minister of Electricity, Majid Mahdi Hantoush, in light of fears of a possible collapse of the system, after the aggravation of the crisis of declining hours of supplying national electricity in Baghdad and the provinces of the Middle Euphrates again, in conjunction with high temperatures and the outbreak of the Corona virus.

Al-Uqabi added, “As for the oil and gas law, it will be transferred to the next parliamentary session for controversy over its provisions. It also needs many and many sessions to approve it.”

Al-Oqabi indicated, “But if Hayat, the presidency of Parliament, insists on going ahead with it, we will have 5 months before he dissolves himself to run for the early elections to be held on October 10, 2021,” hopefully.

The Parliamentary Oil and Energy Committee approached the Cabinet and the Ministry of Oil for the purpose of expediting amendments to the oil and gas law and sending it to Parliament.

Oil Minister Ihsan Abdul-Jabbar Ismail stressed the importance of expediting the passage of the federal oil and gas law, and its importance in regulating the management of oil and gas wealth in Iraq.

Alforatnews.com

Representative energy: the electrical connection with the Gulf and Turkey is moving slowly

Baghdad: The Committee on Oil, Energy and Natural Resources in the House of Representatives slowly approved measures for electrical connection with the Gulf and Europe, while it expected an improvement in energy supply this summer.

A member of the committee, Sadiq Al-Sulaiti, told Al-Sabah: that Iraq suffers from a power shortage of more than 12,000 megawatts, stressing that Iraq will not be able to fill this shortage with local production during the next five years, due to the lack of the necessary allocations that enable the establishment of electrical stations.

Al-Sulaiti stressed the importance of the Gulf and Turkey electrical interconnection so that Iraq would be a hub for communication between the Gulf states and Europe, expressing his regret that these two projects are proceeding in slow steps, and the government was supposed to accelerate the connection of these two systems because of their benefit to Iraq.

He added that the difference in peak times between Iraq and the northern regions represented by Turkey and Europe, we can become a corridor for the export of energy from hot regions in summer towards Turkey with a moderate atmosphere and transfer it to other countries, indicating that Iraq consumes 13 thousand megawatts from the investment stations in the winter season. That available is about 19 thousand megawatts, which compels him to extinguish about 5 thousand megawatts and out of work in this season.

Al-Sulaiti added that the committee stressed the need to legislate the oil and gas law during the next few phase, but it needs to complete the vote on the law of the National Oil Company, indicating that the oil law has been completed and has reached the stage of voting, but that work will not be done after voting until after the company’s law is approved. Because there are paragraphs linked with each other in the two laws.

A member of the Energy Committee expected that the supply of electricity in the current summer will be better than last year, given the approval of the budget, which enables the Ministry of Electricity to complete the maintenance and preparation of the electrical network during the coming period, unlike what happened during 2020 when the maintenance work was not carried out as required due to the lack of approval of the budget.

Alsabaah.iq

Iraqi markets on the brink of collapse after floating the Dinar

Shafaq News / Iraqi citizens are deeply concerned after many, including state officials, talked about the possibility of floating the local currency. It would be another blow to the Iraqi Dinar after the dollar was already raised in this year’s budget.

According to specialists, the state’s tendency to float the currency would raise the dollar again. That would decrease the confidence in Iraqi Dinar and increase prices in the markets, which will harm large segments of the people, especially the poor, who exceed 30% of the Iraqi population.

However, other experts believe that the financial reality prevents the currency float due to the nature of the rentier economy, the lack of diversity of financing sources, as well as the Central Bank’s active role in supporting the Iraqi Dinar.

Floating the currency is a complete liberalization of the currency exchange rate, with no interference by the Government or the Central Bank, but is automatically excreted in the currency market through the supply and mechanism’s demand that allows the national currency’ exchange rate to be determined against foreign currencies.

“The current price of Iraq’s currency against the U.S. dollar after its devaluation will continue for a long time, and a full currency float may occur in the future”, Finance Minister Ali Allawi stated.

“The Central Bank will work to maintain the current exchange rate level for as long as possible”, he said.

The Central Bank is selling the dollar at its daily auction to finance foreign trade, which currently stands at about 200 million dollars, increasing or decreasing on demand.
The International Monetary Fund (IMF) reported that Iraq’s economy contracted by 11% in 2020, reflecting a slowdown in economic activities.

The IMF expects Iraq’s GDP to return to pre-COVİD-19 pandemic level by 2024.
Iraq is OPEC’s second-largest producer, after Saudi Arabia, and oil revenues account for about 96% of the country’s total public revenues.

“It is not permissible to float the currency in Iraq because the market will collapse in this case. The entry and exit of foreign currency are not only through the market – which is a way out for it – but the government is the one that brings this currency”, Prime Minister’s adviser, Mudhhir Mohammed Salih’s told Shafaq News agency.

He also added, “If the government withdraws, supply will stop, and demand will increase, so the market will collapse. Currency floating is in economies where supply and demand come from the market, and the state intervenes to sell and buy to balance the price with its reserves”.

Salih further elaborated, “The problem in Iraq is that the market is asking and that the state is offering. If the Central Bank does not sell the dollar, the whole supply stops, and there would be no other offer, and even if there is another offer, it will not be enough to meet the demand, so prices will rise because demand will be more than supply”.

“We don’t have free currency trading because there is no real cycle of capital as the state is rentier. The foreign currency in the market’s only source is oil sales, and the state’s main source of dinars to finance the budget is the sale of the dollar”, economist Dhurgham Mohammed Ali told Shafaq News agency.

“The talk of floating the currency is unrealistic, and the finance minister is not concerned with managing the country’s monetary policy because it is the prerogative of the Central Bank. The real value of the Iraqi currency based on its monetary cover can reach 1,000 dinars per dollar, so putting forward the float issue is unrealistic”, he continued.
He also warned, “The formal float of the currency will put it in the hands of party brokers and their banks to manipulate its prices based on their interests”.

For his part, Abdul Rahman Al-Mashhadani, a professor of political economics at the Iraqi University, told Shafaq News agency, “If Iraq decides to float the exchange rate of the dinar, for the time being, it will fall to 3,000 dinars per dollar”.

“The float policy will not work for Iraq because it lacks both industrial and agricultural bases”, he added.

The Central Bank of Iraq has decided to raise the sale price of the dollar to banks and exchange companies to 1,460 dinars – from 1,182 dinars per dollar – to offset the decline in oil revenues caused by the decline in oil prices

Shafaq.com

Al-Kazemi’s advisor determines the mechanisms used to control the dollar price

[Baghdad-Where] The Financial Adviser to the Prime Minister, Mazhar Muhammad Salih, on Wednesday, identified the mechanisms followed by the Central Bank of Iraq to control the exchange rate, while responding to fears of a greater rise in the coming period.

According to the official agency, Saleh said, “The Central Bank of Iraq window for selling and buying foreign currency is a tool for the stability and stability of the exchange rate through daily interventions in the monetary market that mainly aim to withdraw high levels of liquidity in the Iraqi dinar from the market, which is called (the monetary sterilization policy). “.

He added, “Where the desired market demand for foreign currency is met by exchanging the dinar for foreign cash that is in the possession of the monetary authority, because that authority is the monetary issuance authority, that is, it is the one who issued the same dinar and it is concerned with maintaining the stability of its value and purchasing power.”

He continued, “Those excess levels of cash liquidity in dinars are pressing, generating a demand for foreign currency, which means a demand for foreign goods, services and benefits, as foreign currency contributes to financing Iraq’s foreign trade, that is, import trade, which provides the supply of foreign currency and mainly to the market that is in the bank’s possession.

“The Iraqi Central Bank, no one else, through the accumulation of its efficient reserves of foreign currency represented by the very high coverage of the dinar, so the Central Bank undertakes the sale from its window that practices defense of the stability of the exchange rate within its official prescribed limits of 1450 dinars per dollar.”

He pointed out that “based on the foregoing, the daily monetary policy operations that perform their function by controlling the monetary liquidity in dinars and exchanging them at a stable exchange rate (as a nominal fixer of the external value of money), that is to absorb that liquidity after exchanging it in the foreign currency at a fixed rate, it must be reflected in the stability of the exchange rate and from Then the price calm and stability, successively, because the price is the value of the currency, expressed in money.

Alliraqnews.com

The Iraqi government directs to open up to the countries of the world

At this hour from Iraq tonight: The Iraqi government directs to open up to the countries of the world.

Radiosawa.com