Central Bank Governor: Funds available but (reluctant)

The governor of the Central Bank Ali al-Alaq, that Iraq has the fundamentals and ways of success of the economic environment, stressing the availability of funds, but (reluctant) to enter the labor market.

Al-Alak said during his participation in the forum Sulaymaniyah: “From the economic vision there is no problem in the availability of opportunities for all sectors in Iraq to work and investment, noting: The money exists but hesitant and afraid to enter the work environment and investment ,.

He pointed out that this is the responsibility of political and government leaders to provide the appropriate conditions and prepare them to attract these investments.

Thebaghdadpost.com

A major corruption surprise… Officials flee money in the names of employees of the interior out of Iraq

Baghdad – The Parliamentary Integrity Committee revealed on Saturday that officials in the government have smuggled money in the names of employees of the Ministry of the Interior out of Iraq, noting that the Integrity Commission and the Interior have a delay in following up these files.

A member of the committee, MP Kazem Sayadi told “News”, that “government officials have smuggled money out of Iraq, the names of members of the Ministry of Interior and other ministries.”

He explained that “the spoilers fled the amount of 50 billion dinars from Iraq to Abu Dhabi by names close to them,” noting that “integrity pursued this money and will reveal the names of spoilers during the next parliament sessions.”

Al-Sayadi added that “the Integrity Commission and the Office of the Inspector-General in the Ministry of the Interior, have little delay in following up these files,” noting that “there are some influential spoilers introduced by the government in the system of control and legislation.”

Ikhnews.com

Preparations for the organization of Iraq banking in Baghdad

Baghdad / Preparations are under way to organize the Iraq Banking Forum in its fourth session in Baghdad on 26-27 March, under the auspices of the Central Bank of Iraq, under the supervision of the International Economy and Business Group, which will address the issues of the advancement of the local financial sector, and with the participation of a group of Iraqi and Arab banking leaders, Specialists, and officials of specialized technological companies.

Digital Banking Services

The meeting addresses several topics, the most important priorities of the Central Bank of Iraq and elements of the five-year plan 2016-2020, harmonization of monetary and financial policies, and the return of the Iraqi banking sector to the international arena, as well as digital banking services and trends of modern technology and Iraqi banks towards electronic banking services, The role of specialized technology companies and prospects for cooperation with the Iraqi banking sector ATM.POS and the evolution and expansion of payment point networks.

“Iraq is on the threshold of a period of radical political, security and economic changes that have been translated into completion of the liberation phase and the launching of reconstruction and construction workshops in parallel with the adoption by the government of a comprehensive economic plan and measures to develop the investment climate and enhance the role of the private sector to encourage,” said Walid Abu Zaki. To attract new investments towards vital sectors, and the consequent need for significant financial flows. ”

Application of international standards

He pointed out that “the catalysts of the organization of such meetings stems from the fact that the Central Bank of Iraq attached special importance to the need to keep pace with the application of international standards, which enhances the confidence of international banking institutions in the sector and its relationship with correspondent banks, including compliance standards, as well as international financial standards, With IFRS 9, and the need to raise the efficiency of the human resources working in the sector and to refine their expertise through training and capacity building. ”

Periodic platform for interaction

Between Abu Zaki that “amid these developments, comes the Iraq Banking Forum fourth session, organized by the Economic and Business Group in cooperation with the Central Bank of Iraq and the Association of Iraqi banks private on 26-27 March, in order to create a platform for periodic interaction and dialogue and highlight the most important achievements and how Meet challenges arising from the application of international standards or the development of an appropriate local environment “.

He pointed out that “the role of the Central Bank of Iraq is prominent in seeking to keep pace with the requirements of this stage, either through the adoption of monetary policy flexible taking into account the circumstances, or by creating the appropriate environment to expand the participation of local banks in financing.”

Islamic Banking Industry

Economist Haidar Kazem al-Baghdadi said: “The banking sector has a great role to be a real supporter of the development processes sought by Iraq in the coming periods. In the context of efforts aimed at developing the banking industry, the work has focused on the development of the Islamic banking industry Is important to the efforts of the Central Bank of Iraq, as well as to develop electronic banking services and digital services through the use of vital investments in the development of these channels to keep pace with global developments taking place.

Alsabaah.iq

March Is Going To Be a Huge Month for the World Economy

March is shaping up as pivotal for the world economy.

The coming weeks are set to offer clarity on a U.S.-China trade deal, Britain’s fate within the EU and any signs that China’s economy is turning around. At the same time, U.S. President Donald Trump is mulling a report that may lead him to place tariffs on European and Japanese cars, while the Federal Reserve, European Central Bank and Bank of Japan will decide policy.

And the list goes on.

The U.S. is eyeing a summit as soon as mid-March between Trump and his Chinese counterpart, President Xi Jinping, with White House economic adviser Larry Kudlow hailing a potentially “historic deal.” If an agreement is reached, the relief may be short-lived if Britain crashes out of the EU on March 29 without a divorce deal, compounding a broader slowdown across the region.

March is also the month for China’s annual National People’s Congress, when the rubber-stamp parliament will sign off on the government’s economic plan for the year. The centerpiece announcement will be the annual growth target. Some economists expect China to set a lower growth target of either about 6 percent, or from 6 to 6.5 percent — down from around 6.5 percent for the past two years.

Key Chinese data will also be released over coming weeks, indicating whether or not the world’s second-largest economy is responding to policy easing after months of stimulus.

“March data will need to start showing China’s economy is recovering,” said Alicia Garcia Herrero, chief Asia Pacific economist at Natixis SA in Hong Kong. “If not, we should start worrying.”

Rocky Start

How events play out will dictate investor sentiment after a rocky start to the year. The International Monetary Fund in January cut its forecast for the world economy, predicting it will grow at the weakest pace in three years in 2019.

Risks were evident in fourth-quarter data showing the U.S. economy was steadier than thought, growing by 2.9 percent annualized, though a buildup of inventories means the outlook is far from certain, according to Bloomberg Economics.

“The economy appears to have dodged a bullet at year-end — but the coast is not clear,” Bloomberg U.S. economists led by Carl Riccadonna wrote in a note.

While Goldman Sachs Group Inc. Chief Economist Jan Hatzius believes the global economy may have already bottomed out, the risk to Goldman’s global GDP forecast of 3.5 percent for 2019 remains to the downside.

“The coming weeks may bring more clarity over Brexit, U.S. tariff threats to EU auto producers and whether Beijing is succeeding in re-stimulating China’s growth,” said Sarah Hewin, chief economist for Europe and Americas at Standard Chartered Bank. “A benign outcome in each case could improve the outlook for exporters and broader business sentiment.”

Bloomberg.com

Doctor stresses the need to accelerate the procedure of regulating the monetary policy of the Central Bank

BAGHDAD (Reuters) – The absence of strategic planning in the central bank’s monetary policy has caused a deterioration in investment and economic development in recent years, a member of the Iraqi parliament, Mohammad Iqbal al-Sidli, said on Sunday.

Iqbal said in a statement issued by his press office that “the weak coordination and harmony between macroeconomic policies and unilateralism and the infiltration of financial, administrative and economic corruption in most government institutions and the lack of control over the outlets selling the currency and preventing smuggling outside the border is the latest state of economic stagnation” , Calling on the government to “re-review the plans of the Central Bank in the sale of cash currency and in line with the actual need of the Iraqi market in light of indicators of daily import balance of goods and raw materials.”

A member of the parliamentary strategic planning committee pointed out that “the tax volume adopted in the general budget revenue is at a frightening rate compared to the hundreds of millions that are pumped daily from the window of direct selling,” leading to “go most of the currency of the pockets of monopolists of the beneficiaries and not to cover the real market need.”

The pharmacist stressed on the need to accelerate the procedures of regulating the central bank’s monetary policy to secure an umbrella of financial and monetary stability and launch investment and resume the development and reconstruction efforts that were included in the federal budget. He pointed out that the file will be presented to the committee of monitoring the government program in the coming days and that the committee will take the necessary measures to prevent This dangerous transgression. ”

Alghadpress.com

Randy Koonce – Dinar Guru   Ladies and Gentlemen of Dinar-Land. Please put your tray tables in the upright position, and make sure your seat belts are fastened. It truly looks like we are on the final approach and that our very long ride is about to come to an end. I hope you have given much thought to, and made very wise plans as you exit the ride.  As you all are aware of, this Iraqi dinar revaluation has taken many unexpected and unplanned twists and turns. Barring another new unforeseen bump, we are looking at March to be our final month of waiting for this to happen.   [post 1 of 2]

Randy Koonce – Dinar Guru    Based on the information I have been able to get, we could see it as soon as this weekend, but hopefully no later than the 3rd week in March. That is our latest, and hopefully the last window. For some of you the tax consequences will be significant. Pay your taxes, but also be wise in the speed and manner in which you exchange…Take your time. Be deliberate and intentional. Be smarter than you’ve ever been in your life. There will never be another opportunity of this magnitude in our lifetimes. …ALSO this is very political so as I am very confident something can come up and delay. So do not quick breathing…We are close.. Every large bank will exchange… RELAX the RV is coming…Breathe…Check…CBI…every day to see if it has changed...   [post 2 of 2]

The Minister of Planning is considering the strategy of implementing new and ongoing projects with a number of local governments

Economy News Baghdad: The Minister of Planning, Nuri al-Dulaimi, on Thursday, with a number of provincial governors ways to overcome obstacles to the implementation of projects for the current year.

The ministry said in a statement received by “Economy News” that the Minister of Planning presided over “an expanded meeting involving the governors of Baghdad, Basra, Babylon, Anbar, Karbala, Najaf, Diwaniyah, Muthanna, Wasit, Maysan and Dhi Qar, , Indicating that the meeting discussed “ways to overcome the challenges facing the implementation of projects in the governorates for the current year, according to the budget allocations of 2019, which allocated 70% of the projects ongoing implementation, and 30% of the new projects, Including municipal service projects, and the health and education sectors “.

Dulaimi stressed that “the importance of moving towards phased work plans, through which to support the implementation efforts, and monitor any delay in the stages of implementation of projects and the immediate treatment of them,” calling on all local governments to accelerate the submission of their plans for 2019, By the Ministry of Planning, and start the procedures of disbursement and implementation, by the relevant authorities in the central government. “

For their part, the conservatives stressed “uniting efforts with the concerned authorities in the central government, to provide the best services to citizens.”

Economy-news.net

Iraq seeks to activate the strategic framework agreement in the field of trade and investment

Economy News: Deputy Prime Minister for Economic Affairs and Minister of Finance Fuad Hussein, Thursday, Iraq’s quest to activate the strategic framework agreement in the field of trade and investment.

“The minister received the Charge d’affaires of the US Embassy in Iraq, Joe Howard, to discuss the bilateral relations between Iraq and the United States of America and the plans of the Deputy Prime Minister to head the Iraqi delegation to the meetings of the World Bank and the International Monetary Fund,” the media office of the Ministry of Finance said in a statement. Will be held next April in Washington, DC “.

“During that visit, he will meet the Deputy Prime Minister with senior officials from the United States, the international community, officials of the World Bank and the International Monetary Fund and hold meetings with US trade representatives on the resumption of bilateral trade and investment talks,” he said.

“The two sides also discussed ways to provide a safe and attractive investment environment to encourage investors to work in Iraq, create job opportunities, eliminate unemployment, improve the level of services and construction throughout Iraq by activating the Strategic Framework Agreement in the area of trade and investment, Improve the investment environment for the purpose of attracting companies and capital to work in Iraq and participate in reconstruction campaigns and services. ”

“The Iraqi government is continuing to prepare plans to implement the government program as well as start planning and preparing the budget law for the year 2020 to ensure early coordination with all parties and institutions and governorates for the purpose of identifying the actual needs and build a balanced budget and economy and ambitious services benefit the Iraqi people.”

Economy-news.net

Baghdad and Washington are looking to provide a safe and attractive environment for investment in Iraq

Economy News – Baghdad – The Deputy Prime Minister for Economic Affairs and Finance Minister Fuad Hussein, on Thursday, with Joy Hood, charge d’affaires of the US Embassy in Iraq, to provide a safe and attractive environment for investment in Iraq, while Hussein said that the Iraqi government is continuing to prepare plans to implement the government program as well as start planning and preparing a law Budget for 2020 .

“The Deputy Prime Minister for Economic Affairs and the Minister of Finance received the charge d’affaires of the US Embassy in Baghdad, Joe Hood and the accompanying delegation,” said the press office of the Prime Minister in Baytan received, the Economist News, a copy of it, noting that “the two sides discussed during the meeting bilateral relations between Iraq and the states And the plans of the Deputy Prime Minister to head the Iraqi delegation to the meetings of the World Bank and the International Monetary Fund, which will be held next April in Washington, DC.

“During that visit, the Deputy Prime Minister will meet senior officials from the United States, the international community, World Bank and IMF officials and hold meetings with US trade representatives on the resumption of bilateral trade and investment talks,” the office said.

“The two sides discussed providing a safe and attractive investment environment to encourage investors to work in Iraq, create job opportunities, eliminate unemployment, improve the level of services and construction throughout Iraq by activating the strategic framework agreement in the field of trade and investment, Companies and capital to work in Iraq and participate in reconstruction campaigns and services. ”

“The Iraqi government is continuing to prepare plans to implement the government program as well as start planning and preparing the budget law for 2020 to ensure early coordination with all parties, institutions and governorates for the purpose of identifying the actual needs and building a balanced budget and economy and ambitious services benefiting the Iraqi people.”

Economy-news.net