Bond Lady's Corner
Iraqi News Thursday AM 9-17-20
TLM724 Administrator
Agenda For The Parliament Session On Saturday
Time: 09/17/2020 15:31:16 Read: 2,106 times
{Baghdad: Al Furat News} Parliament will hold its regular session next Saturday.
Parliament's information department published the meeting's agenda.
The schedule was devoid of the draft law of the state's general budget for the year 2020 after it was approved by the Council of Ministers and referred to the Council in an extraordinary session held last Monday. LINK
Hassan Al Kaabi: We Will Uncover Major Corruption Files In Electricity
Thursday 17th September 2020 169 Baghdad: Morning The First Deputy Speaker of Parliament, Hassan Al-Kaabi, revealed an initial report that includes billions in waste, violations, and major corruption files in investment contracts at the Ministry of Electricity, which will be announced during the next few years.
A statement of his office stated that “Al-Kaabi chaired a meeting of the Order Committee (62) concerned with investigating and checking contracts for the Ministry of Electricity since 2003 until now, in the presence of the Chairman of the Parliamentary Services and Construction Committee Walid Sahlani, member of the Parliamentary Economic Committee, Atwan Al-Atwani, Head of the Financial Supervision Bureau, Rafel Yassin Khudair Agency and General Director The Investigation Department of the Integrity Commission, Karim Al-Ghazzi ».
The meeting reviewed the parliamentary-supervisory measures taken regarding the disclosure of files of corruption and waste in public money related to contracts and stations of the Ministry of Electricity, in addition to a detailed graphical-numerical explanation of all the cases and files that were considered by the committee during the previous period.
Al-Kaabi confirmed, according to the statement, that “the committee will hold a new meeting next week to complete the roadmap that was drawn up for the committee’s work and prepare the initial report on the violations and files documented by the heads and members of the parliamentary committees affiliated with the Order 62 Committee and the role of the field teams that moved from the first day of the formation of the committee to the Ministry of Electricity. And the departments and stations affiliated with it, and the efforts of the Integrity Commission and the Board of Financial Supervision in that. LINK
The Straw That Breaks The Back Of Rent
Wednesday 16th September 2020 33 Dr.. Basem Brahimi Describing the Iraqi economy as rentier has become one of the axioms that even a simple citizen knows, and the topic is no longer limited to specialists.
The rentier economy is the state of reliance on a single source of rent for "income" and often it is a natural source that does not require much effort, either intellectually or financially, to produce it ( Such as oil and gas). The economist Adam Smith was the first to use this term, as a form of financial returns, in his book "The Wealth of Nations" issued in 1776, but the first to use the term as an economic pattern was the thinker Karl Marx in his book "Capital." As he said, “In the rentier economy, kinship and tribal relations are strengthened, while in capitalist social formations, relations prevail
Production ».
In the rentier economy, the state gets easy returns without great efforts, and this provides it with an opportunity to boost its public expenditures and implement its economic programs, and these are positives. However, the risks of the rentier economy are very large and may outweigh its advantages, if it is not taken advantage of, as many rentier countries suffer From the inflation of its public sector, whose productivity is declining due to disguised unemployment, as well as rampant financial and administrative corruption as a result of weak oversight,
and is characterized by fluctuating returns as a result of changes in the prices of rentier commodities, and thus the state of economic instability in rentier countries as a result of external shocks, Rentier countries are also exposed to what is known as the "Dutch disease", which is represented by the decline in the productivity of other sectors, as a result of their neglect and the shift from them as a result of interest in the sector.
Rent-seeking.
Oil states, including Iraq, have suffered during the current crisis, the problem of inability to achieve financial sustainability and thus resort to borrowing, but short-term solutions cannot address the root of the problem, and therefore what is required in order to address this problem with all its phenomena that we mentioned is to diversify the economy, However, this goal needs a period of time that is not short and its signs cannot appear during the life of one government, and then what a government sows will be reaped by another and this is one of the political obstacles, and some of the required treatments may be difficult for the citizen and this is one of the social obstacles.
On the other hand, the economic challenges we face today may be more difficult than ever, and they need long-term solutions towards diversification. Could this crisis be the straw that breaks the back? Rent. LINK
Dr.. Zuhair Al-Hassani To Al-Sabah: Meeting Challenges Requires An Economic Rescue
Wednesday 16th September 2020 45 Baghdad: Shukran Al-Fatlawi A member of the Board of Trustees of the Iraqi Institute for Economic Reform, the economic expert, Dr. Zahir Al-Hasani, presented a set of solutions and proposals to address the challenges faced by the economic system and the chronic problems that accumulated for 17 years, during which huge sums were wasted during the financial abundance that was not employed to build a country with a modern, stable economic development system On the basis of the United Nations Program for Sustainable Development for the year 2030.
Al-Hasani reviewed the most prominent economic problems related to oil wealth, indicating that "the drop in its prices from $ 100 a barrel in 2010 to $ 25, due to the price war between the producing countries, and the sweeping of the Corona pandemic of the global economy and the economic and social lockdown, which led to the halting of factories, economic movement and oil marketing." .
He stressed that "this requires facing challenges by implementing a rescue operation for economic structures on the one hand, and financial and administrative functional performance on the other hand, by analyzing the causes of economic failure and searching for radical solutions, not surface treatments."
Structural structuralism
Al-Hasani identified "the factors that imposed these economic conditions on Iraq as being summed up by structural structural factors, functional and administrative factors," explaining that "the first is a result of the lack of good governance, which led to the waste of public money and the failure to direct spending to economic development, while the other resulted from the Allocating half of the general budget to the capital budget, not the investment budget, including salaries and subsidies, and allocating the remainder to the operational budget.
"Mismanagement has led to poor management of economic projects, including 9,000 economic projects that are lagging at a cost of 660 million dollars, and the lack of implementation of electronic governance has also caused a lack of transparency and poor performance," he added.
Radical reforms
Al-Husseini explained the necessary solutions to the root problems of the economic and administrative system, and addressing the economic structural factors, (the lack of identity of the national economy and the failure of both the public and private sectors to rebuild the economy and restore the economic cycle to achieve a circular flow of income) as requiring the elimination of rent resulting from the establishment of the national economy Oil dollar. "
He pointed out that "the general budget resources are based entirely on oil revenues, which makes them vulnerable to the fluctuations of the crude market and to the chronic financial deficit due to the collapse of prices, with the need for the state to build development projects and find non-oil resources for public spending."
The dominance of the comprador
Al-Hassani touched on the subject of privatization, saying: "The national economy is based on the hegemony of the public sector, which has not proven efficient in rebuilding, especially in the management of public companies that have become a burden on the Ministry of Finance and are charged with the salaries of huge numbers of unproductive surplus labor, which prevents profitability. In this department. "
Al-Hassani called for the necessity of rehabilitating these companies through the privatization of these companies, and added, "But two things are taken against this privatization, one of which is that the private sector today is a non-productive sector, most of which consists of" comprador merchants "seeking a quick profit by importing everything and not producing anything. It means selling them at the price of scrap, and the second of them is the rush of non-professional economic committees to buy these companies at a low price. "
It is noteworthy that the term "comprador" means the bourgeois class that soon allied with foreign capital in order to achieve its interests and to seize the national market.
Al-Hassani said, "Private sector investments from traders are real estate investments abroad and do not carry any national productive investment culture. They are" Comprador merchants "and not producers.
self management
Al-Hassani continued: "One of the solutions related to privatization is selling the shares of companies to workers to manage them by them, explaining that there is no possibility for these workers in this administration due to their financial and administrative competence," noting that "this policy rarely succeeded in Eastern European countries, while it succeeded under The system of self-management under the supervision of the socialist state of Yugoslavia. "
Al-Husseini stressed that "the best factor in Iraq is (privatization in partnership) between the public and private productive sectors, whether national or foreign, and the concerted efforts of efficient private management, government supervision and control, and bearing production risks in an integrated manner in this partnership, as it is a catalyst for quality and profitability.
And he continued, "The Ministry of Industry has succeeded in concluding a partnership for ten of its public companies in this field, and the partnership with French Lafarge in the cement industry with an Iraqi private sector is a great success in this partnership."
He stressed: "The need for the Council of Ministers to expedite the request to the concerned ministries to offer their companies as investment opportunities in partnership with the productive private sector in order to rehabilitate these public companies, solve the problem of surplus labor in them, and maximize non-oil resources." LINK
Parliamentary Finance Reveals A Dispute Over The Region's Oil In The 2020 Budget And The Number Of Job Ranks
Time: 09/17/2020 13:00:54 Read: 3,718 times {Baghdad: Al Furat News} The Parliamentary Finance Committee revealed that there is a dispute in the draft federal budget law for the year 2020.
Committee member Ahmed Hajj Rashid told Al-Furat News that "the budget bill for the year 2020 has not reached the House of Representatives yet now," indicating that there is a disagreement regarding the clause of the Kurdistan region handing over 250 thousand barrels of its oil production to the National Marketing Company (SOMO). .
He pointed to "determine the budget for the region 's share increased by 12.6% and the terms of polychlorinated 10 and 11 of the draft law."
He revealed Rashid about "the existence of 78 F degrees and careers , including more than 33 thousand degrees to the Ministry of Health." predicted "the arrival of the budget bill for 2021 to parliament Within 45 days. ”
A representative source ruled out including the draft federal budget law for the year 2020 in the agenda of the parliament scheduled to resume its sessions next Saturday. The source confirmed to {Al Furat News}" that the draft budget law has not yet reached Parliament. "
It is noteworthy that the Council of Ministers voted in an extraordinary session last Monday on the draft fiscal budget law for 2020, and referred it to the House of Representatives for approval. LINK
The Banking Sector Leads The Stock Market Towards More Gains
Iraqi Stock Exchange «Economy News» Market Economy News – Baghdad The banking sector led the stock market, Thursday, to rise in the closing session of this week.
Shares of the National Bank were the most valued and traded, with 1.05 billion shares traded at a value of 727.2 million dinars. The stock market index rose by 0.10% in today's session.
Eight companies entered the Green Zone, led by the shares of Al-Ataa Islamic Bank with 8.33% and the shares of Elaf Islamic Bank with 5.00%.
While 5 companies entered the red zone, the shares of modern industries led by 7.69% and Mosul's shares for amusement parks by 1.41%.
The closing session also witnessed the circulation of 2.1 billion shares, worth 1.5 billion dinars.
Foreign investors sold 370 million shares, worth 235 million dinars.
Number of observations 98 Date of addendum 09/17/2020
https://economy-news.net/content.php?id=21890
The Stability Of The Dollar Exchange Rate In The Local Markets
Market Economy News _ Baghdad The exchange rates of the dollar stabilized in the main stock markets and local markets today, Thursday (September 17, 2020).
Al-Kifah Stock Exchange registered 123,100 dinars against 100 US dollars, the same prices as Wednesday.
Selling prices in the exchange shops in the local markets in Baghdad:
The sale price is 123,500 dinars per $ 100. Purchase price: 122,500 dinars per $ 100.
Number of observations 55 Date of addendum 09/17/2020 https://economy-news.net/content.php?id=21883
Baghdad Sends One Billion Dinars To Erbil As Financial Dues To Farmers
Money and business Economy News – Baghdad The Director of Silo, Erbil Governorate, Hayman Syed Murad, announced, on Thursday, that the federal government has sent more than one billion dinars as financial dues, for marketing the wheat crop from farmers in Erbil during the current year 2020.
The governorate website quoted Murad as saying that the amount is one billion and 85 million dinars, pointing to the start of distributing the sums to farmers next week.
The spokesman for the Prime Minister, Ahmed Mulla Talal, confirmed on Tuesday that the 2021 budget will prove the Kurdistan Region’s share of oil and consolidate the agreements that took place in the past.
Number of observations 136 Date of addendum 09/17/2020 https://economy-news.net/content.php?id=21886
Ministry Of Planning: Six Thousand Projects Suspended, Some Of Which Are 90 Percent Complete
Money and business Economy News _ Baghdad A spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, explained, on Thursday, that about six thousand projects have been suspended since 2008, some of them completed by 90 percent, explaining this by several factors, most notably the lack of financial liquidity.
Al-Hindawi said in a press statement, "It was hoped that these projects would be completed if sufficient funds were available, as it was expected that such funds would be available in light of the high oil prices that covered consumer and investment spending in previous governments, but Iraq, years later, faced The double crisis represented by the emergence of (ISIS) and the dramatic drop in oil prices. "
He justified that by saying that "this crisis led to the cessation of quite a few of them approaching about 6 thousand projects, which forced the Council of Ministers at that time to issue a decision to suspend projects for which no financial allocations could be provided," noting that "this stoppage had negative effects on Those projects, which caused a state of extinction for these projects, which increases the percentage of loss. "
Al-Hindawi explained that "there are many issues that resulted from the failure to complete these projects, which are the financial amounts that belong to the contractors and amount to about 4 billion dollars," noting that "these projects have spent huge sums on them, noting that there are advanced completion rates for some of these projects; Achievement rates for some of them to 90 percent. "
Number of observations 59 Date of addendum 09/17/2020 https://economy-news.net/content.php?id=21885
US Military Aid To The Peshmerga Forces, Worth 250 Million Dollars
September 17, 2020101 Baghdad – Time The US Embassy in Iraq announced, through its Twitter account, that the United States provided the "Peshmerga" forces in the Kurdistan region of Iraq with $ 250 million in military aid, in gratitude for the sacrifices it made in its battles against "ISIS".
And the Minister of "Peshmerga", Shoresh Ismail, confirmed in a joint press conference with the US ambassador to Iraq, Matthew Toller, Tuesday, that Washington has allocated about $ 250 million in security assistance to his ministry, including vehicles and communication equipment, as well as organizing training, according to the " Kurdistan 24 website". “.
Ismail pointed out that "the Peshmerga and the coalition had a great role in breaking the thorn of ISIS," stressing that "our forces need continued support and coordination from the international coalition, especially the United States."
"The threat posed by ISIS remains a major challenge for both the Peshmerga forces and the Iraqi army in multiple regions, especially in the disputed areas between Baghdad and Erbil, and specifically in the governorates of Nineveh, Diyala, and Kirkuk.
For his part, said the US ambassador to Iraq, Matthew Tueller: "We are witnessing the cooperation between our government and the Ministry of Peshmerga."
The aid includes more than 100 Humvees, radios and maintenance, according to Al-Monitor . LINK
Nassif Calls On The Cabinet To Reconsider The Draft Law Of The National Oil Company, Due To The Risks It Entails
Thursday ، 17 September 2020 01:39 PM Representative Alia Nassif called on the Prime Minister to reconsider the draft of the National Oil Company law , which was recently approved by the Council of Ministers, due to the risks it entails and the possibility of losing Iraq's wealth.
She said in a statement: "The Cabinet approved, in its fourteenth session, held on August 8, 2020, the first amendment to the National Oil Company Law , and referred it to the House of Representatives. It also took practical steps to establish the company and chose a director for it, noting that this controversial bill is due to To the previous parliamentary session, it was met with objections from many political and popular forces, and was met with objections by the Federal Court due to the presence of dangerous articles and paragraphs in it.
Nassif explained: "The establishment of this company means putting all the wealth of Iraq at its disposal, and it is absolutely authorized to invest and contract with companies and determine the percentage of companies' profits as they wish without referring to parliament and are not subject to any supervisory authority, in addition to the possibility of their disposal in joint fields, and thus it may The country falls into poverty after the remaining oil wealth is stolen. "
Nassif stressed "the necessity of reconsidering the draft law by my prime ministership and parliament, and exploring the possibility of canceling it, in order to preserve the country's wealth, which should not be risked." LINK
The Arrest Of The Director General Of The Agricultural Bank In Baghdad
Thursday, 17 September 2020 12:07 PM Classification: Iraqi Baghdad / National News Center - On
Thursday, the security services arrested the Director General of the Governmental Cooperative Agricultural Bank, Adel Khudair, and his son in the capital, Baghdad.
A source said in a press statement that "a security force arrested the bank manager, his son, in addition to 10 other employees in the bank."
The source added, "The arrest of the bank manager, his son, and the employees took place on the seventh of this September, and the incident has not been announced yet." https://nnciraq.com/41027/
The Government Launches An Anti-Corruption Campaign To Hold 1,000 People Accused Of Corruption Accountable
Fighting corruption is one of the most prominent demands of the demonstration squares in Iraq
Reports Economy News – Baghdad The Iraqi government campaign began with the arrest of figures accused of corruption in state institutions, including ministers, deputy ministers, heads of investment agencies and businessmen, whose number is determined to be 1000.
Iraq has a number of institutions that follow the file of corruption, such as the Integrity Commission, the Supreme Council for Combating Corruption, the Parliamentary Integrity Committee and others, and the country ranks last in the classification of Transparency International.
A member of the Parliamentary Economic Committee, Ali Al-Lami, said that the despicable quota system produced corruption by distributing positions to parties, indicating that there are 27 people accused of corruption who will be arrested in the coming days, including 2 ministers, heads of investment bodies, deputy ministers and general directors.
He pointed out that more than 5,000 corruption files exist with the Integrity Commission, and all of them contain evidence, but the lack of will disrupted the issue of combating corruption.
And Iraq entered more than a trillion dollars since 2003 until now, but the country is still experiencing economic deterioration as a result of rampant corruption, and a large number of Iraqis welcomed any measures that limit corruption. The Anti-Corruption Council has identified 1,000 individuals accused of corruption since it began operating during the previous government.
Informed sources indicated that the arrest of the former head of the retirement authority, Ahmed Abdul Jalil and the head of the Baghdad Investment Commission, Shaker Al-Zamili, is due to corruption files, indicating that there are 4 former ministers who will be arrested in the coming days, especially since there is international coordination to recover the corrupt figures.
Meanwhile, a member of the Parliamentary Integrity Committee, Alia Nassif, said that corruption in Iraq exists in the country's leaders, and they own economic bodies, and thus requires political will to eliminate corruption, noting that the black box for corrupt files resides in the Ministry of Oil.
She stressed that the contracts of the ministries of oil, electricity, trade and defense are marred by a lot of corruption, explaining that tax evasion has damaged the Iraqi economy, which is an important file of corruption.
In the meantime, the head of the Reform and Change Foundation, Sabah Al-Kinani, said that corruption has become a reality in Iraq, and if there is an employee who is not corrupt, he fights and may be referred to retirement, explaining that there are contracts signed by state institutions, with fake companies under the pretext of social security for employees and retirees. Pointing out that one institution gives these companies amounts between 7-9 billion dinars per month.
He noted that the arrest of the former head of the retirement authority, Ahmed Al-Saadi, was due to the signing of a contract with a fake company regarding social security, as 7 billion dinars were deducted per month from the retirees.
Number of observations 62 Date of addendum 09/17/2020 https://economy-news.net/content.php?id=21887
The Arrest Of The Director General Of The Agricultural Bank In Baghdad
Thursday, 17 September 2020 12:07 PM Classification: Iraqi Baghdad / National News Center – On Thursday, the security services arrested the Director General of the Governmental Cooperative Agricultural Bank, Adel Khudair, and his son in the capital, Baghdad.
A source said in a press statement that "a security force arrested the bank manager, his son, in addition to 10 other employees in the bank."
The source added, "The arrest of the bank manager, his son, and the employees took place on the seventh of this September, and the incident has not been announced yet." https://nnciraq.com/41027/
Governor Of The Central Bank: A Deliberate Banking Plan Has Been Developed To Strengthen The National Currency
Time: 09/17/2020 14:10:20 Read: 3,328 times Governor of the Central Bank: A deliberate banking plan has been developed to strengthen the national currency *** Zz1433
(Baghdad: Al Furat News) The Governor of the Central Bank, Mustafa Ghaleb al-Kitab, met with the head of the Supreme Judicial Council, Faik Zaidan.
During the meeting, the governor of the Central Bank confirmed, according to a statement from his media office, that "a deliberate banking plan has been developed that will develop the work of the central bank, strengthen the national currency and address negatives in cooperation with the courts specialized in joint work with the central bank."
In turn, the President of the Supreme Judicial Council stressed during the meeting that "the selection of independent personalities from among the employees of state institutions to manage these institutions gives an indication of the government's seriousness in pursuing the professional institutional approach in building the state as well as stressing the importance of preserving the independence of the Central Bank in accordance with the constitution and the law of the Central Bank of Iraq", stressing "The need to adhere to banking laws, the law against money laundering and terrorist financing, and the instructions issued pursuant to them, to build a solid banking sector capable of facing financial and economic challenges and providing real opportunities for development." LINK
Governor Of The Central Bank Meets With The President Of The Supreme Judicial Council
Part Of The Meeting Of The Central Bank Governor, Mustafa Ghaleb (Left), With The President Of The Supreme Judicial Council, Faik Zidan
Banks Economy News – Baghdad On Thursday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Al-Kitab, met with the President of the Supreme Judicial Council, Judge Fayeq Zidan.
In a statement received by Al-Eqtisad News, the Central Bank said, "During the meeting, His Excellency the Governor of the Central Bank confirmed that a thoughtful banking plan had been developed that would develop the work of the central bank, strengthen the national currency and address negatives in cooperation with the courts specialized in joint work with the central bank."
In turn, the President of the Supreme Judicial Council stressed during the meeting that "the selection of independent personalities from among the employees of state institutions to manage these institutions gives an indication of the government's seriousness in pursuing the professional institutional approach in building the state as well as emphasizing the importance of preserving the independence of the Central Bank in accordance with the constitution and the law of the Central Bank of Iraq," according to Statement.
Zidan stressed "the necessity of adhering to banking laws, the anti-money laundering and terrorist financing law, and the instructions issued pursuant to them, to build a solid banking sector capable of facing financial and economic challenges and providing real opportunities for development."
Number of observations 148 date of addendum 09/17/2020 https://economy-news.net/content.php?id=21893
The Central Bank Announces A Plan To Develop Its Work And Strengthen The National Currency
Thursday 17, September 2020 15:14 | Economical Views: 74
Baghdad / NINA / The Governor of the Central Bank of Iraq, Mustafa Ghaleb Al-Kitab, announced the development of a plan to develop the work of the Central Bank and strengthen the national currency.
The Central Bank stated in a statement that the Iraqi National News Agency ( NINA ) received a copy: “The Governor of the Central Bank of Iraq, Mustafa Ghaleb al-Kitab, met today with the President of the Supreme Judicial Council, Judge Faiq Zidan, to discuss joint cooperation, and announced the development of a deliberate banking plan that will develop the work of the Central Bank. And strengthening the national currency and dealing with negatives, in cooperation with the competent courts. "
In turn, the President of the Supreme Judicial Council stressed during the meeting: "The selection of independent personalities from among the affiliates of state institutions to manage these institutions gives an indication of the government's seriousness in pursuing the professional institutional approach in building the state, as well as emphasizing the importance of preserving the independence of the Central Bank in accordance with the constitution and the Central Bank of Iraq law." ".
Zaidan stressed "the necessity of adhering to banking laws, the anti-money laundering and terrorist financing law, and the instructions issued pursuant to them, to build a solid banking sector capable of facing financial and economic challenges and providing real opportunities for development." / End 8
https://ninanews.com/Website/News/Details?key=857094
In His First Statement, The Governor Of The Central Bank Announces Setting Up A Banking Plan
Editing date: 9/17/2020 14:27 • 89 times read
BAGHDAD -the Governor of the Central Bank of Iraq, Mustafa Ghaleb, on Thursday, announced the development of a well-studied banking plan.
A statement received by Ayna News stated that "the Governor of the Central Bank of Iraq, Mustafa Ghaleb Al-Kitab, met with the President of the Supreme Judicial Council, Judge Faik Zaidan."
The statement added, "During the meeting, the governor of the Central Bank confirmed that a deliberate banking plan had been drawn up that would develop the work of the central bank, strengthen the national currency and address negatives in cooperation with the courts specialized in joint work with the central bank."
In turn, the President of the Supreme Judicial Council stressed during the meeting that "the selection of independent personalities from among the affiliates of state institutions to manage these institutions gives an indication of the government's seriousness in pursuing the professional institutional approach in building the state as well as emphasizing the importance of preserving the independence of the Central Bank in accordance with the constitution and the law of the Central Bank of Iraq."
He stressed, "the necessity of adherence to banking laws, the law against money laundering and terrorist financing, and the instructions issued pursuant to them, to build a solid banking sector capable of facing financial and economic challenges and providing real opportunities for development."
http://www.alliraqnews.com/modules/news/article.php?storyid=100416
Governor Of The Central Bank Meets The President Of The Supreme Judicial Council
Author: AhadNA3 On 9/17/2020 - 2:31 PM 103 Ahed News – Baghdad The Governor of the Central Bank of Iraq, Mustafa Ghaleb al-Kitab, met with the head of the Supreme Judicial Council, Judge Faik Zaidan.
During the meeting, the governor of the Central Bank confirmed that a thoughtful banking plan had been drawn up that would develop the central bank’s work, strengthen the national currency, and address negatives in cooperation with the courts specialized in joint work with the central bank.
In turn, the President of the Supreme Judicial Council stressed during the meeting that the selection of independent personalities from among the employees of state institutions to manage these institutions gives an indication of the government's seriousness in pursuing the professional institutional approach in building the state as well as stressing the importance of preserving the independence of the Central Bank in accordance with the constitution and the law of the Central Bank of Iraq, stressing the need for commitment With banking laws, the law against money laundering and terrorist financing, and the instructions issued pursuant to them, to build a solid banking sector capable of facing financial and economic challenges and providing real opportunities for development.
https://alahadnews.net/110135/%d8%a7%d9%84%d8%b9%d8%b1%d8%a7%d9%82/%d9%85%d8%ad%d9%84%d9%8a%d8%a7%d8%aa/%d9%85%d8%ad%d9%84%d9%8a%d8%a7%d8%aa-2/
tlm724: I know this Governor has only been in office a few days but I like what he is saying !!! I can't wait to read about this "banking plan". But talk is cheap we need some action Wink
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Iraqi News Thursday AM 9-17-20
TLM724 Administrator
Agenda For The Parliament Session On Saturday
Time: 09/17/2020 15:31:16 Read: 2,106 times
{Baghdad: Al Furat News} Parliament will hold its regular session next Saturday.
Parliament's information department published the meeting's agenda.
The schedule was devoid of the draft law of the state's general budget for the year 2020 after it was approved by the Council of Ministers and referred to the Council in an extraordinary session held last Monday. LINK
Hassan Al Kaabi: We Will Uncover Major Corruption Files In Electricity
Thursday 17th September 2020 169 Baghdad: Morning The First Deputy Speaker of Parliament, Hassan Al-Kaabi, revealed an initial report that includes billions in waste, violations, and major corruption files in investment contracts at the Ministry of Electricity, which will be announced during the next few years.
A statement of his office stated that “Al-Kaabi chaired a meeting of the Order Committee (62) concerned with investigating and checking contracts for the Ministry of Electricity since 2003 until now, in the presence of the Chairman of the Parliamentary Services and Construction Committee Walid Sahlani, member of the Parliamentary Economic Committee, Atwan Al-Atwani, Head of the Financial Supervision Bureau, Rafel Yassin Khudair Agency and General Director The Investigation Department of the Integrity Commission, Karim Al-Ghazzi ».
The meeting reviewed the parliamentary-supervisory measures taken regarding the disclosure of files of corruption and waste in public money related to contracts and stations of the Ministry of Electricity, in addition to a detailed graphical-numerical explanation of all the cases and files that were considered by the committee during the previous period.
Al-Kaabi confirmed, according to the statement, that “the committee will hold a new meeting next week to complete the roadmap that was drawn up for the committee’s work and prepare the initial report on the violations and files documented by the heads and members of the parliamentary committees affiliated with the Order 62 Committee and the role of the field teams that moved from the first day of the formation of the committee to the Ministry of Electricity. And the departments and stations affiliated with it, and the efforts of the Integrity Commission and the Board of Financial Supervision in that. LINK
The Straw That Breaks The Back Of Rent
Wednesday 16th September 2020 33 Dr.. Basem Brahimi Describing the Iraqi economy as rentier has become one of the axioms that even a simple citizen knows, and the topic is no longer limited to specialists.
The rentier economy is the state of reliance on a single source of rent for "income" and often it is a natural source that does not require much effort, either intellectually or financially, to produce it ( Such as oil and gas). The economist Adam Smith was the first to use this term, as a form of financial returns, in his book "The Wealth of Nations" issued in 1776, but the first to use the term as an economic pattern was the thinker Karl Marx in his book "Capital." As he said, “In the rentier economy, kinship and tribal relations are strengthened, while in capitalist social formations, relations prevail
Production ».
In the rentier economy, the state gets easy returns without great efforts, and this provides it with an opportunity to boost its public expenditures and implement its economic programs, and these are positives. However, the risks of the rentier economy are very large and may outweigh its advantages, if it is not taken advantage of, as many rentier countries suffer From the inflation of its public sector, whose productivity is declining due to disguised unemployment, as well as rampant financial and administrative corruption as a result of weak oversight,
and is characterized by fluctuating returns as a result of changes in the prices of rentier commodities, and thus the state of economic instability in rentier countries as a result of external shocks, Rentier countries are also exposed to what is known as the "Dutch disease", which is represented by the decline in the productivity of other sectors, as a result of their neglect and the shift from them as a result of interest in the sector.
Rent-seeking.
Oil states, including Iraq, have suffered during the current crisis, the problem of inability to achieve financial sustainability and thus resort to borrowing, but short-term solutions cannot address the root of the problem, and therefore what is required in order to address this problem with all its phenomena that we mentioned is to diversify the economy, However, this goal needs a period of time that is not short and its signs cannot appear during the life of one government, and then what a government sows will be reaped by another and this is one of the political obstacles, and some of the required treatments may be difficult for the citizen and this is one of the social obstacles.
On the other hand, the economic challenges we face today may be more difficult than ever, and they need long-term solutions towards diversification. Could this crisis be the straw that breaks the back? Rent. LINK
Dr.. Zuhair Al-Hassani To Al-Sabah: Meeting Challenges Requires An Economic Rescue
Wednesday 16th September 2020 45 Baghdad: Shukran Al-Fatlawi A member of the Board of Trustees of the Iraqi Institute for Economic Reform, the economic expert, Dr. Zahir Al-Hasani, presented a set of solutions and proposals to address the challenges faced by the economic system and the chronic problems that accumulated for 17 years, during which huge sums were wasted during the financial abundance that was not employed to build a country with a modern, stable economic development system On the basis of the United Nations Program for Sustainable Development for the year 2030.
Al-Hasani reviewed the most prominent economic problems related to oil wealth, indicating that "the drop in its prices from $ 100 a barrel in 2010 to $ 25, due to the price war between the producing countries, and the sweeping of the Corona pandemic of the global economy and the economic and social lockdown, which led to the halting of factories, economic movement and oil marketing." .
He stressed that "this requires facing challenges by implementing a rescue operation for economic structures on the one hand, and financial and administrative functional performance on the other hand, by analyzing the causes of economic failure and searching for radical solutions, not surface treatments."
Structural structuralism
Al-Hasani identified "the factors that imposed these economic conditions on Iraq as being summed up by structural structural factors, functional and administrative factors," explaining that "the first is a result of the lack of good governance, which led to the waste of public money and the failure to direct spending to economic development, while the other resulted from the Allocating half of the general budget to the capital budget, not the investment budget, including salaries and subsidies, and allocating the remainder to the operational budget.
"Mismanagement has led to poor management of economic projects, including 9,000 economic projects that are lagging at a cost of 660 million dollars, and the lack of implementation of electronic governance has also caused a lack of transparency and poor performance," he added.
Radical reforms
Al-Husseini explained the necessary solutions to the root problems of the economic and administrative system, and addressing the economic structural factors, (the lack of identity of the national economy and the failure of both the public and private sectors to rebuild the economy and restore the economic cycle to achieve a circular flow of income) as requiring the elimination of rent resulting from the establishment of the national economy Oil dollar. "
He pointed out that "the general budget resources are based entirely on oil revenues, which makes them vulnerable to the fluctuations of the crude market and to the chronic financial deficit due to the collapse of prices, with the need for the state to build development projects and find non-oil resources for public spending."
The dominance of the comprador
Al-Hassani touched on the subject of privatization, saying: "The national economy is based on the hegemony of the public sector, which has not proven efficient in rebuilding, especially in the management of public companies that have become a burden on the Ministry of Finance and are charged with the salaries of huge numbers of unproductive surplus labor, which prevents profitability. In this department. "
Al-Hassani called for the necessity of rehabilitating these companies through the privatization of these companies, and added, "But two things are taken against this privatization, one of which is that the private sector today is a non-productive sector, most of which consists of" comprador merchants "seeking a quick profit by importing everything and not producing anything. It means selling them at the price of scrap, and the second of them is the rush of non-professional economic committees to buy these companies at a low price. "
It is noteworthy that the term "comprador" means the bourgeois class that soon allied with foreign capital in order to achieve its interests and to seize the national market.
Al-Hassani said, "Private sector investments from traders are real estate investments abroad and do not carry any national productive investment culture. They are" Comprador merchants "and not producers.
self management
Al-Hassani continued: "One of the solutions related to privatization is selling the shares of companies to workers to manage them by them, explaining that there is no possibility for these workers in this administration due to their financial and administrative competence," noting that "this policy rarely succeeded in Eastern European countries, while it succeeded under The system of self-management under the supervision of the socialist state of Yugoslavia. "
Al-Husseini stressed that "the best factor in Iraq is (privatization in partnership) between the public and private productive sectors, whether national or foreign, and the concerted efforts of efficient private management, government supervision and control, and bearing production risks in an integrated manner in this partnership, as it is a catalyst for quality and profitability.
And he continued, "The Ministry of Industry has succeeded in concluding a partnership for ten of its public companies in this field, and the partnership with French Lafarge in the cement industry with an Iraqi private sector is a great success in this partnership."
He stressed: "The need for the Council of Ministers to expedite the request to the concerned ministries to offer their companies as investment opportunities in partnership with the productive private sector in order to rehabilitate these public companies, solve the problem of surplus labor in them, and maximize non-oil resources." LINK
Parliamentary Finance Reveals A Dispute Over The Region's Oil In The 2020 Budget And The Number Of Job Ranks
Time: 09/17/2020 13:00:54 Read: 3,718 times {Baghdad: Al Furat News} The Parliamentary Finance Committee revealed that there is a dispute in the draft federal budget law for the year 2020.
Committee member Ahmed Hajj Rashid told Al-Furat News that "the budget bill for the year 2020 has not reached the House of Representatives yet now," indicating that there is a disagreement regarding the clause of the Kurdistan region handing over 250 thousand barrels of its oil production to the National Marketing Company (SOMO). .
He pointed to "determine the budget for the region 's share increased by 12.6% and the terms of polychlorinated 10 and 11 of the draft law."
He revealed Rashid about "the existence of 78 F degrees and careers , including more than 33 thousand degrees to the Ministry of Health." predicted "the arrival of the budget bill for 2021 to parliament Within 45 days. ”
A representative source ruled out including the draft federal budget law for the year 2020 in the agenda of the parliament scheduled to resume its sessions next Saturday. The source confirmed to {Al Furat News}" that the draft budget law has not yet reached Parliament. "
It is noteworthy that the Council of Ministers voted in an extraordinary session last Monday on the draft fiscal budget law for 2020, and referred it to the House of Representatives for approval. LINK
The Banking Sector Leads The Stock Market Towards More Gains
Iraqi Stock Exchange «Economy News» Market Economy News – Baghdad The banking sector led the stock market, Thursday, to rise in the closing session of this week.
Shares of the National Bank were the most valued and traded, with 1.05 billion shares traded at a value of 727.2 million dinars. The stock market index rose by 0.10% in today's session.
Eight companies entered the Green Zone, led by the shares of Al-Ataa Islamic Bank with 8.33% and the shares of Elaf Islamic Bank with 5.00%.
While 5 companies entered the red zone, the shares of modern industries led by 7.69% and Mosul's shares for amusement parks by 1.41%.
The closing session also witnessed the circulation of 2.1 billion shares, worth 1.5 billion dinars.
Foreign investors sold 370 million shares, worth 235 million dinars.
Number of observations 98 Date of addendum 09/17/2020
https://economy-news.net/content.php?id=21890
The Stability Of The Dollar Exchange Rate In The Local Markets
Market Economy News _ Baghdad The exchange rates of the dollar stabilized in the main stock markets and local markets today, Thursday (September 17, 2020).
Al-Kifah Stock Exchange registered 123,100 dinars against 100 US dollars, the same prices as Wednesday.
Selling prices in the exchange shops in the local markets in Baghdad:
The sale price is 123,500 dinars per $ 100. Purchase price: 122,500 dinars per $ 100.
Number of observations 55 Date of addendum 09/17/2020 https://economy-news.net/content.php?id=21883
Baghdad Sends One Billion Dinars To Erbil As Financial Dues To Farmers
Money and business Economy News – Baghdad The Director of Silo, Erbil Governorate, Hayman Syed Murad, announced, on Thursday, that the federal government has sent more than one billion dinars as financial dues, for marketing the wheat crop from farmers in Erbil during the current year 2020.
The governorate website quoted Murad as saying that the amount is one billion and 85 million dinars, pointing to the start of distributing the sums to farmers next week.
The spokesman for the Prime Minister, Ahmed Mulla Talal, confirmed on Tuesday that the 2021 budget will prove the Kurdistan Region’s share of oil and consolidate the agreements that took place in the past.
Number of observations 136 Date of addendum 09/17/2020 https://economy-news.net/content.php?id=21886
Ministry Of Planning: Six Thousand Projects Suspended, Some Of Which Are 90 Percent Complete
Money and business Economy News _ Baghdad A spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, explained, on Thursday, that about six thousand projects have been suspended since 2008, some of them completed by 90 percent, explaining this by several factors, most notably the lack of financial liquidity.
Al-Hindawi said in a press statement, "It was hoped that these projects would be completed if sufficient funds were available, as it was expected that such funds would be available in light of the high oil prices that covered consumer and investment spending in previous governments, but Iraq, years later, faced The double crisis represented by the emergence of (ISIS) and the dramatic drop in oil prices. "
He justified that by saying that "this crisis led to the cessation of quite a few of them approaching about 6 thousand projects, which forced the Council of Ministers at that time to issue a decision to suspend projects for which no financial allocations could be provided," noting that "this stoppage had negative effects on Those projects, which caused a state of extinction for these projects, which increases the percentage of loss. "
Al-Hindawi explained that "there are many issues that resulted from the failure to complete these projects, which are the financial amounts that belong to the contractors and amount to about 4 billion dollars," noting that "these projects have spent huge sums on them, noting that there are advanced completion rates for some of these projects; Achievement rates for some of them to 90 percent. "
Number of observations 59 Date of addendum 09/17/2020 https://economy-news.net/content.php?id=21885
US Military Aid To The Peshmerga Forces, Worth 250 Million Dollars
September 17, 2020101 Baghdad – Time The US Embassy in Iraq announced, through its Twitter account, that the United States provided the "Peshmerga" forces in the Kurdistan region of Iraq with $ 250 million in military aid, in gratitude for the sacrifices it made in its battles against "ISIS".
And the Minister of "Peshmerga", Shoresh Ismail, confirmed in a joint press conference with the US ambassador to Iraq, Matthew Toller, Tuesday, that Washington has allocated about $ 250 million in security assistance to his ministry, including vehicles and communication equipment, as well as organizing training, according to the " Kurdistan 24 website". “.
Ismail pointed out that "the Peshmerga and the coalition had a great role in breaking the thorn of ISIS," stressing that "our forces need continued support and coordination from the international coalition, especially the United States."
"The threat posed by ISIS remains a major challenge for both the Peshmerga forces and the Iraqi army in multiple regions, especially in the disputed areas between Baghdad and Erbil, and specifically in the governorates of Nineveh, Diyala, and Kirkuk.
For his part, said the US ambassador to Iraq, Matthew Tueller: "We are witnessing the cooperation between our government and the Ministry of Peshmerga."
The aid includes more than 100 Humvees, radios and maintenance, according to Al-Monitor . LINK
Nassif Calls On The Cabinet To Reconsider The Draft Law Of The National Oil Company, Due To The Risks It Entails
Thursday ، 17 September 2020 01:39 PM Representative Alia Nassif called on the Prime Minister to reconsider the draft of the National Oil Company law , which was recently approved by the Council of Ministers, due to the risks it entails and the possibility of losing Iraq's wealth.
She said in a statement: "The Cabinet approved, in its fourteenth session, held on August 8, 2020, the first amendment to the National Oil Company Law , and referred it to the House of Representatives. It also took practical steps to establish the company and chose a director for it, noting that this controversial bill is due to To the previous parliamentary session, it was met with objections from many political and popular forces, and was met with objections by the Federal Court due to the presence of dangerous articles and paragraphs in it.
Nassif explained: "The establishment of this company means putting all the wealth of Iraq at its disposal, and it is absolutely authorized to invest and contract with companies and determine the percentage of companies' profits as they wish without referring to parliament and are not subject to any supervisory authority, in addition to the possibility of their disposal in joint fields, and thus it may The country falls into poverty after the remaining oil wealth is stolen. "
Nassif stressed "the necessity of reconsidering the draft law by my prime ministership and parliament, and exploring the possibility of canceling it, in order to preserve the country's wealth, which should not be risked." LINK
The Arrest Of The Director General Of The Agricultural Bank In Baghdad
Thursday, 17 September 2020 12:07 PM Classification: Iraqi Baghdad / National News Center - On
Thursday, the security services arrested the Director General of the Governmental Cooperative Agricultural Bank, Adel Khudair, and his son in the capital, Baghdad.
A source said in a press statement that "a security force arrested the bank manager, his son, in addition to 10 other employees in the bank."
The source added, "The arrest of the bank manager, his son, and the employees took place on the seventh of this September, and the incident has not been announced yet." https://nnciraq.com/41027/
The Government Launches An Anti-Corruption Campaign To Hold 1,000 People Accused Of Corruption Accountable
Fighting corruption is one of the most prominent demands of the demonstration squares in Iraq
Reports Economy News – Baghdad The Iraqi government campaign began with the arrest of figures accused of corruption in state institutions, including ministers, deputy ministers, heads of investment agencies and businessmen, whose number is determined to be 1000.
Iraq has a number of institutions that follow the file of corruption, such as the Integrity Commission, the Supreme Council for Combating Corruption, the Parliamentary Integrity Committee and others, and the country ranks last in the classification of Transparency International.
A member of the Parliamentary Economic Committee, Ali Al-Lami, said that the despicable quota system produced corruption by distributing positions to parties, indicating that there are 27 people accused of corruption who will be arrested in the coming days, including 2 ministers, heads of investment bodies, deputy ministers and general directors.
He pointed out that more than 5,000 corruption files exist with the Integrity Commission, and all of them contain evidence, but the lack of will disrupted the issue of combating corruption.
And Iraq entered more than a trillion dollars since 2003 until now, but the country is still experiencing economic deterioration as a result of rampant corruption, and a large number of Iraqis welcomed any measures that limit corruption. The Anti-Corruption Council has identified 1,000 individuals accused of corruption since it began operating during the previous government.
Informed sources indicated that the arrest of the former head of the retirement authority, Ahmed Abdul Jalil and the head of the Baghdad Investment Commission, Shaker Al-Zamili, is due to corruption files, indicating that there are 4 former ministers who will be arrested in the coming days, especially since there is international coordination to recover the corrupt figures.
Meanwhile, a member of the Parliamentary Integrity Committee, Alia Nassif, said that corruption in Iraq exists in the country's leaders, and they own economic bodies, and thus requires political will to eliminate corruption, noting that the black box for corrupt files resides in the Ministry of Oil.
She stressed that the contracts of the ministries of oil, electricity, trade and defense are marred by a lot of corruption, explaining that tax evasion has damaged the Iraqi economy, which is an important file of corruption.
In the meantime, the head of the Reform and Change Foundation, Sabah Al-Kinani, said that corruption has become a reality in Iraq, and if there is an employee who is not corrupt, he fights and may be referred to retirement, explaining that there are contracts signed by state institutions, with fake companies under the pretext of social security for employees and retirees. Pointing out that one institution gives these companies amounts between 7-9 billion dinars per month.
He noted that the arrest of the former head of the retirement authority, Ahmed Al-Saadi, was due to the signing of a contract with a fake company regarding social security, as 7 billion dinars were deducted per month from the retirees.
Number of observations 62 Date of addendum 09/17/2020 https://economy-news.net/content.php?id=21887
The Arrest Of The Director General Of The Agricultural Bank In Baghdad
Thursday, 17 September 2020 12:07 PM Classification: Iraqi Baghdad / National News Center – On Thursday, the security services arrested the Director General of the Governmental Cooperative Agricultural Bank, Adel Khudair, and his son in the capital, Baghdad.
A source said in a press statement that "a security force arrested the bank manager, his son, in addition to 10 other employees in the bank."
The source added, "The arrest of the bank manager, his son, and the employees took place on the seventh of this September, and the incident has not been announced yet." https://nnciraq.com/41027/
Governor Of The Central Bank: A Deliberate Banking Plan Has Been Developed To Strengthen The National Currency
Time: 09/17/2020 14:10:20 Read: 3,328 times Governor of the Central Bank: A deliberate banking plan has been developed to strengthen the national currency *** Zz1433
(Baghdad: Al Furat News) The Governor of the Central Bank, Mustafa Ghaleb al-Kitab, met with the head of the Supreme Judicial Council, Faik Zaidan.
During the meeting, the governor of the Central Bank confirmed, according to a statement from his media office, that "a deliberate banking plan has been developed that will develop the work of the central bank, strengthen the national currency and address negatives in cooperation with the courts specialized in joint work with the central bank."
In turn, the President of the Supreme Judicial Council stressed during the meeting that "the selection of independent personalities from among the employees of state institutions to manage these institutions gives an indication of the government's seriousness in pursuing the professional institutional approach in building the state as well as stressing the importance of preserving the independence of the Central Bank in accordance with the constitution and the law of the Central Bank of Iraq", stressing "The need to adhere to banking laws, the law against money laundering and terrorist financing, and the instructions issued pursuant to them, to build a solid banking sector capable of facing financial and economic challenges and providing real opportunities for development." LINK
Governor Of The Central Bank Meets With The President Of The Supreme Judicial Council
Part Of The Meeting Of The Central Bank Governor, Mustafa Ghaleb (Left), With The President Of The Supreme Judicial Council, Faik Zidan
Banks Economy News – Baghdad On Thursday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Al-Kitab, met with the President of the Supreme Judicial Council, Judge Fayeq Zidan.
In a statement received by Al-Eqtisad News, the Central Bank said, "During the meeting, His Excellency the Governor of the Central Bank confirmed that a thoughtful banking plan had been developed that would develop the work of the central bank, strengthen the national currency and address negatives in cooperation with the courts specialized in joint work with the central bank."
In turn, the President of the Supreme Judicial Council stressed during the meeting that "the selection of independent personalities from among the employees of state institutions to manage these institutions gives an indication of the government's seriousness in pursuing the professional institutional approach in building the state as well as emphasizing the importance of preserving the independence of the Central Bank in accordance with the constitution and the law of the Central Bank of Iraq," according to Statement.
Zidan stressed "the necessity of adhering to banking laws, the anti-money laundering and terrorist financing law, and the instructions issued pursuant to them, to build a solid banking sector capable of facing financial and economic challenges and providing real opportunities for development."
Number of observations 148 date of addendum 09/17/2020 https://economy-news.net/content.php?id=21893
The Central Bank Announces A Plan To Develop Its Work And Strengthen The National Currency
Thursday 17, September 2020 15:14 | Economical Views: 74
Baghdad / NINA / The Governor of the Central Bank of Iraq, Mustafa Ghaleb Al-Kitab, announced the development of a plan to develop the work of the Central Bank and strengthen the national currency.
The Central Bank stated in a statement that the Iraqi National News Agency ( NINA ) received a copy: “The Governor of the Central Bank of Iraq, Mustafa Ghaleb al-Kitab, met today with the President of the Supreme Judicial Council, Judge Faiq Zidan, to discuss joint cooperation, and announced the development of a deliberate banking plan that will develop the work of the Central Bank. And strengthening the national currency and dealing with negatives, in cooperation with the competent courts. "
In turn, the President of the Supreme Judicial Council stressed during the meeting: "The selection of independent personalities from among the affiliates of state institutions to manage these institutions gives an indication of the government's seriousness in pursuing the professional institutional approach in building the state, as well as emphasizing the importance of preserving the independence of the Central Bank in accordance with the constitution and the Central Bank of Iraq law." ".
Zaidan stressed "the necessity of adhering to banking laws, the anti-money laundering and terrorist financing law, and the instructions issued pursuant to them, to build a solid banking sector capable of facing financial and economic challenges and providing real opportunities for development." / End 8
https://ninanews.com/Website/News/Details?key=857094
In His First Statement, The Governor Of The Central Bank Announces Setting Up A Banking Plan
Editing date: 9/17/2020 14:27 • 89 times read
BAGHDAD -the Governor of the Central Bank of Iraq, Mustafa Ghaleb, on Thursday, announced the development of a well-studied banking plan.
A statement received by Ayna News stated that "the Governor of the Central Bank of Iraq, Mustafa Ghaleb Al-Kitab, met with the President of the Supreme Judicial Council, Judge Faik Zaidan."
The statement added, "During the meeting, the governor of the Central Bank confirmed that a deliberate banking plan had been drawn up that would develop the work of the central bank, strengthen the national currency and address negatives in cooperation with the courts specialized in joint work with the central bank."
In turn, the President of the Supreme Judicial Council stressed during the meeting that "the selection of independent personalities from among the affiliates of state institutions to manage these institutions gives an indication of the government's seriousness in pursuing the professional institutional approach in building the state as well as emphasizing the importance of preserving the independence of the Central Bank in accordance with the constitution and the law of the Central Bank of Iraq."
He stressed, "the necessity of adherence to banking laws, the law against money laundering and terrorist financing, and the instructions issued pursuant to them, to build a solid banking sector capable of facing financial and economic challenges and providing real opportunities for development."
http://www.alliraqnews.com/modules/news/article.php?storyid=100416
Governor Of The Central Bank Meets The President Of The Supreme Judicial Council
Author: AhadNA3 On 9/17/2020 - 2:31 PM 103 Ahed News – Baghdad The Governor of the Central Bank of Iraq, Mustafa Ghaleb al-Kitab, met with the head of the Supreme Judicial Council, Judge Faik Zaidan.
During the meeting, the governor of the Central Bank confirmed that a thoughtful banking plan had been drawn up that would develop the central bank’s work, strengthen the national currency, and address negatives in cooperation with the courts specialized in joint work with the central bank.
In turn, the President of the Supreme Judicial Council stressed during the meeting that the selection of independent personalities from among the employees of state institutions to manage these institutions gives an indication of the government's seriousness in pursuing the professional institutional approach in building the state as well as stressing the importance of preserving the independence of the Central Bank in accordance with the constitution and the law of the Central Bank of Iraq, stressing the need for commitment With banking laws, the law against money laundering and terrorist financing, and the instructions issued pursuant to them, to build a solid banking sector capable of facing financial and economic challenges and providing real opportunities for development.
https://alahadnews.net/110135/%d8%a7%d9%84%d8%b9%d8%b1%d8%a7%d9%82/%d9%85%d8%ad%d9%84%d9%8a%d8%a7%d8%aa/%d9%85%d8%ad%d9%84%d9%8a%d8%a7%d8%aa-2/
tlm724: I know this Governor has only been in office a few days but I like what he is saying !!! I can't wait to read about this "banking plan". But talk is cheap we need some action Wink
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https://www.bondladyscorner.com/
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