Bondlady’s Corner

raqi News Highlights Saturday Afternoon 4-29-23

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The Presidency Of Parliament Stresses The Importance Of Enacting The Federal Budget Law

Today, Saturday, the Presidency of the House of Representatives stressed the importance of enacting the federal budget law and other important laws, while pointing to the necessity of ratification and approval of the agreements requested by the government.

A statement, by the Parliament’s media office, stated that “the Presidency of the Parliament held its meeting chaired by Parliament Speaker Muhammad al-Halbousi and in the presence of the first deputy speaker of the parliament, Mohsen al-Mandalawi, and the deputy speaker of the parliament, Shakhwan Abdullah.”

The statement added that “during the meeting, a number of issues related to the Council’s work were discussed, the most important laws presented in the committees, and an emphasis on the importance of its legislation during the coming period, including the Federal General Budget Law, and other important laws related to many sectors such as investment, economy, agriculture, security and social welfare, In addition to ratifying and approving the agreements requested by the government.

The Minister Of Finance And The Governor Of The Central Bank Participate In The Meetings Of Arab Financial Bodies

Economy| 02:31 – 04/29/2023  Baghdad – Mawazine News,   Minister of Finance, Taif Sami, participated today, Saturday, in the joint annual meetings of Arab financial bodies, which are held in Morocco, with a high-level presence that includes ministers of finance, economy and international cooperation from various Arab countries, and heads of Arab financial bodies.

According to a statement by the Ministry of Finance, “The Iraqi delegation, headed by the Minister of Finance, includes the Governor of the Central Bank, Ali Al-Alaq, directors of public debt departments, the Iraqi Fund for Foreign Development, the Administrative and Legal Department, and the head of the National Retirement Authority.”

The statement added, “The opening session witnessed a speech by the Moroccan Prime Minister on behalf of King Mohammed VI, in which he welcomed the participating delegations and emphasized the consolidation of aspects of developmental integration and integration among them, in the context of their keeping pace with the development efforts of their member countries,” adding,

“These institutions must continue to work to support Arab development efforts, by establishing and adopting modern development models based on fortifying and rehabilitating Arab economies, and enabling them to effectively integrate into regional and international value chains. End 29 / No. 33

Central Bank: The (POS) System Will Reduce The Problem Of Financing Deficit For Housing Projects

Economy| 02:07 – 04/29/2023  Baghdad – Mawazine News  The Central Bank of Iraq explained, on Saturday, the importance of applying the (POS) system in the field of economic activity and combating money laundering and financing terrorism, and while specifying the ministries and institutions covered by the system, it confirmed that points of sale (POS) will be spread in all institutions that contain collection.

And the Central Bank said, “Points of sale (POS) will spread to all institutions that contain collection, that is, the inclusion of every institution, ministry, authority, and companies contracting with ministries that have collection or have delivery or receipt of money, which will be covered by the application of the (POS) system.”

The bank added, according to the official news agency, that “the (POS) system is optional, but it will be compulsory for ministries and institutions to provide these devices, because all credit cards will be used for the purpose of payment.”

He pointed out that “the ministries covered by the system are the Ministry of Interior, Electricity, Transport, Oil, and the Hajj Authority, in addition to other ministries that will use the credit card for the purpose of electronic payment instead of (cash), which will reduce the risk of carrying money,” noting: “If the card is lost, it can be disabled.” And get a new card.

He explained, “The adoption of the (POS) system will raise the economic level of the country, and dealing with the bank will greatly expand, and it will transfer funds from funds hoarded in homes to funds stored in banks, which will reduce the problem of the deficit in financing housing projects or housing loans and economic projects.”

And he stated, “The adoption of the (POS) system project was personally adopted by Prime Minister Muhammad Shia’a Al-Sudani through cabinet meetings and its decisions that obligated ministries to use the (POS) system.”

He pointed out that “the (POS) system will be used in the future, even in restaurants and delivery, and the company and shop owners will be punished if the devices are not provided, especially those that collect a lot of money.”

And he continued, “There is a decision that obliges everyone who sells a house that exceeds 500 million, to enter this money into the bank, and the owner of that money is asked about the source of the money, through the KYC account opening form, in order to get rid of the issue of money laundering and terrorist financing.” Ended 29/N33

With The Beginning Of The Week..The Dollar Is Rising Again Against The Dinar

Saturday 29, April 2023 11:14 | Economical Number of readings: 356  Baghdad / NINA / – Today, Saturday, the exchange rates of the dollar against the dinar resumed their rise in the local markets in all the country’s governorates.

The buying and selling prices witnessed an increase in the exchange rates of the dollar in exchange shops, as the selling price reached 142,500 dinars per 100 dollars, while the purchase price reached 140,500 dinars per 100 dollars, in the capital, Baghdad./ Ended8

High Oil Prices In World Markets

Saturday 29, April 2023 10:07 | Economical Number of readings: 256  Baghdad / NINA / – Crude oil prices rose for the first time in three sessions, as the bulls sought to steer oil trade away from global economic concerns that pushed it towards a second consecutive week of losses.

Brent crude closed up 68 cents, or 0.9%, at $78.37 a barrel, while West Texas Intermediate was up 46 cents, or 0.6%, at $74.76 a barrel.

WTI and Brent crude fell by a cumulative 6% each over the previous two sessions, heading for a loss of about 4% this week, after last week’s drop of more than 5%./End

The Governor Of The Central Bank Of Iraq Participates In The Joint Annual Meetings Of Arab Financial Institutions In Rabat

April 29, 2023     His Excellency the Governor of the Central Bank of Iraq and his accompanying delegation participated in the meetings of Arab financial institutions that are being held in the Moroccan capital, Rabat, for the days 29-30 April 2023.

During the speech of the Chairman of the Board of Directors of the Arab Fund, Dr. Abdul Rahman Al-Hamidi, he thanked the Central Bank of Iraq for its continuous support for the success of the Regional Corporation for Arab Payments Clearing and Settlement (Bunna platform).

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, said that the bank contributed to supporting the efforts of the Arab Monetary Fund in voting to increase the platform’s capital by an additional fifty million dollars to help expand the platform’s business and support its activities.

His Excellency also met with a number of governors and heads of Arab institutions, to strengthen the relations of Iraqi banks with Arab banks through the approval of a number of Iraqi banks to establish banking relations and open branches for a number of them in those countries.

It is noteworthy that (Bani platform) is a system for inter-Arab payments wholly owned by the Arab Monetary Fund, in which Iraq is a founding member and an active shareholder.

The platform aims to enable Arab financial institutions, central banks, and commercial and Islamic banks to perform payments among themselves in a timely and reliable manner, at an appropriate cost and with high efficiency, facilitating cross-border payments.

The platform also provides participants with modern payment solutions that comply with international standards, principles and international compliance requirements.

Since its launch, it has constituted an important step towards enhancing economic and financial integration opportunities in the Arab region and supporting investment ties with trading partners of Arab countries around the world.      Central Bank of Iraq   information Office      29 – April – 2023


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