Iraq an economic Study

WORLD’S BEST AUTOMATIC FOREIGN CURRENCY EXCHANGE MACHINE COMPANY FROM JAPAN, ACTPRO, TO BEGIN OFFERING FRANCHISES WORLDWIDE IN EARNEST
by Walter


TOKYO, June 29, 2019

ActPro Co., Ltd. has launched a global recruitment of franchisees of SMART EXCHANGE, an automatic currency exchange machine for 12 different currencies.

SMART EXCHANGE is made in Japan with the world's highest quality. The machines underwent repeated movement tests by skilled Japanese engineers.

Above all, Counterfeit Bill Discrimination which is a big opportunity loss can be dealt with automatically at the currency exchange shop, enabling Automation of shop operation and Long-time business by unmanned operation.

In addition, the compact size makes it possible to Shorten LEAD TIMES significantly from the location selection of a currency exchange shop to the opening of the shop, and realize a currency exchange shop with the lowest cost.

The operator can control any machine to change rate setting, to check balance and sales information, to stop for emergency by secured Internet Technologies in real time from the office.

SMART EXCHANGE and its management know-how are at the world's highest level. The machines are made in Japan and examined through many operation tests by Japanese expert staff, and are currently operating in more than 400 locations in Japan.

Specifications of the machine

Operating Method: 15 inch LCD Touch Panel
Number of Pay-out Cassette: Maximum 3 notes cassette, Maximum 4 Coin cassette
Multilingual Display: 10 languages (English, Japanese, Chinese, Korean, 6 other languages)
Available Currencies: 12 foreign currencies out of 113 upon request

A global position that points to the decline in purchasing power in Iraq

2019-06-27 06:56

The "Numbio" site, which is concerned with the standard of living of the world, revealed the decline in purchasing power index in Iraq, indicating that the cost of living index is "very low".

According to the latest update in June, Iraq 's Purchasing Power Index (PPP ) is low at 46.74 percent. "The average net monthly salary per capita in Iraq is $ 568.45," the website said.

The cost of living in Iraq is 43.37 percent lower than in the United States, with the exception of the rent account in the United States.

Hahaa. Brilliant.
It's a small world for sure.

Great to see you hear Alwaysme.

It sure is getting exciting again.

And yes a long journey over 15 years personally and a decade or so for a few members of my friends and family.

From what i,m reading on some of the forums this could go at any moment or until the 2020 budget in Sept\October ?
Either way i,m good.

Yeah...that's what scares me...it's always something you need unless you die tomorrow...Rev, she's still a friend of mine...I never wanted anything more...OC your pic is hot!!! I've got the lady singing video when it's time ...just hanging out between B787 PDC checks,,,jetphyxr

Supposedly, they're voting on the new CBI director today.


Parliament votes on the new governor of the Central Bank

BAGHDAD / Al-Masala: The deputy of the Fatah Alliance Amer al-Fayez, on Tuesday, the House of Representatives received the curricula vitae of candidates for 8 degrees, where he is scheduled to vote on them, while confirmed that the candidate of Prime Minister Abdul Mahdi for the post of governor of the Central Bank will also gain confidence. Fayez said in a statement to local media that "the Presidency of the House of Representatives received the names of 8 candidates with their curriculum vitae to fill eight grades, especially the governor of the Central Bank." He added that "the politial agreement and according to the agenda provides for the passage of candidates during the session today," noting that "the parliament will also discuss the validity of the membership of some of the deputies as well." Follow the obelisk 

[link to almasalah.com]

Last Edited by Revbo™ on 07/02/2019 08:53 AM

I know one thing
I have seen more articles about their banking improvements this week than ever

I think they may have postponed the vote. I'll post when I can confirm.

Looks like they are done for the day. They had a substitute speaker today, though, so hopefully, Halabousi will come back tomorrow and they'll vote Allawi in.

[link to alforatnews.com]

Interesting video. . .

"Why YOU Want Iraqi Dinar - Brief Currency History"

Iraq now has its own version of the FDIC. That should definitely help engender confidence in the banking system.

Approve the establishment of the "Iraqi Deposit Insurance Company" with a capital of 100 billion dinars

Economy News Baghdad
The Ministry of Commerce's registration department on Wednesday approved the establishment of the Iraqi Deposit Guarantee Company with the contribution of 42 banks.
The Central Bank of Iraq said in a statement received by "Economy News", "Based on the duties of the Central Bank of Iraq provided for in its law and in order to ensure the stability of the banking sector and increase confidence in it, this bank announces the approval of the Department of registration of companies in the Ministry of Commerce Establishment of the Iraqi Deposit Guarantee Company / Mixed ", pointing out that this was" based on the provisions of Article 19 of the Companies Law No. 21 of 1997 amended. "
The statement added that the company was established "with the contribution of 42 banks, including 6 government banks and 21 Iraqi private banks, and 15 Arab and foreign banks, as well as the National Insurance Company and the public pension fund / state pension fund," noting that the company's capital "100 billion dinars."
Deposit insurance companies have been found to support efforts to stabilize the financial and banking system.


[link to economy-news.net]

Iraq’s prime minister issued an order on Monday to rein in armed groups known as popular mobilization forces in an effort to curtail their growing influence over some of the economy and their control of checkpoints in some provinces.

Because some of the armed groups have ties to Iran, Prime Minister Adel Abdul Mahdi has been under pressure to move against them from the United States and some Arab countries that fear Iranian influence in Iraq.

In March 2018, Mr. Mahdi’s predecessor, Haider al-Abadi, tried to chip away at the militias’ independence by formally making them part of the country’s security forces. But they have remained largely independent.

Mr. Mahdi’s decree restated Mr. al-Abadi’s order and went further by ordering the militias to leave their local military headquarters and shut down their so-called economic offices.

[link to www.nytimes.com (secure)]

Shia militia Saraya Al-Haq announced yesterday that it has agreed to integrate into the state’s security forces following orders from Muqtada Al-Sadr.

On Monday, Al-Sadr ordered the fighters to dissolve and integrate into the army in accordance with a decree issued by Prime Minister Adil Abdul-Mahdi on the same day.

Abdul-Mahdi issued a decree ordering the factions of the Popular Mobilisation Units (PMU) to integrate fully into the state security forces.

[link to www.middleeastmonitor.com (secure)]

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Iraqi Clerics Blame Government for Weak Anti-Corruption Steps



...according to the paper, would like to see independent professionals fill top government’s seats and hopes to be able to improve services and fight corruption.

Another prominent Sadrist member, however, said that Al-Sadr “has ruled out demonstrations to pressure Prime Minister Adel Abdul Mahdi into accepting the changes”.

Al-Sadri is not alone in demanding changes. Another Iraqi’s Shiite cleric and one of the country’s top religious leaders, marja Ali al-Sistani, spoke about the necessary changes in the country at his Friday sermon last month, saying that “corruption still remains rampant within institutions and the state has not met that with clear practical steps to limit it and hold those involved accountable.”

[link to www.occrp.org (secure)]

Sadr led the Saraya al-Salam (Peace Brigades), a Shiite militia, during the war with the Islamic State (ISIS). He said he was suspending the militia in Basra last June to end paramilitary interference of the Iraqi security apparatus.

"I am standing against the entanglement of Iraq in a possible war. Iraq should not become a battleground for the US-Iran rivalries,” he explained.

Sayirun partnered with the Communist Party of Iraq during last year’s election, vowing to fight corruption and give a voice to the country’s poor.

He also downplayed the rising tension saying neither Washington nor Tehran truly wants to enter a war.

The UN Security Council will be briefed by United Nations Assistance Mission to Iraq (UNAMI) head Jeanine Hennis-Plasschaert on Tuesday.

[link to www.rudaw.net]

UK Ambassador: “An Extremely Good Time to be Working in Iraq”
by Walter


4th July 2019 in Investment, Iraq Industry & Trade News
By Padraig O’Hannelly.
A major petroleum conference in London has been told that more than 200 British companies now operating in Iraq, and those numbers are increasing.

Addressing more than 300 delegates at CWC‘s Iraq Petroleum conference, British Ambassador Jonathan Wilks CMG said:

“The UK and Iraq are becoming increasingly strong business partners and education partners, and London is becoming as it once was, the second home for many Iraqis. The number of Iraqis visiting the UK is increasing, so if you hear of difficulties getting, visas this is exaggerated.”

Looking to the current climate in Iraq, Ambassador Wilks added:

“I am more than glass-half-full; the positives in Iraq right now, the dynamics, the sustainability of security improvements and economic improvements are really the best we have seen for many many years.

“We now have the best [Iraqi] government that we’ve had since 2003 … This is an extremely good time to be working in Iraq.“

Change the value of the Iraqi currency … benefits and costs

2019-07-04

Change the value of the Iraqi currency ... benefits and costs

Change the value of the Iraqi currency ... benefits and costs
The importance of the Iraqi currency and its impact on the Iraqi economy in light of the current changes The Department of Economic Studies in Beit al-Hikma held a scientific symposium entitled "Change in the value of the Iraqi currency, benefits and costs" under the chairmanship of Prof. Dr. Falah Hassan Thoini, / 7/2019 on the seminar hall in Beit al-Hikma.
The seminar was attended by Dr. Mazhar Mohammed Saleh, financial adviser to the Prime Minister, as well as Professor Dr. Mahmoud Mohammed Dagher, Director of the Department of Financial Operations and Debt Management of the Central Bank of Iraq.
The participants discussed the problem of changing the value of the Iraqi currency and the reduction of the Iraqi dinar and its impact on the Iraqi economy, some describe this reduction as support for the global economy and some see the deterioration of the purchasing power of the Iraqi individual.
Dr. Mazhar Mohammed Saleh talked about the policy of the Central Bank since its establishment so far in a concise and clear as the goal of the bank is to manage the monetary expectations and how Iraq's oil revenues since 2003 to 2014 is improving continuously so there was no budget deficit. He pointed to the role of Iraq and the agreements signed with the International Monetary Fund and its impact on the Iraqi economy.
He concluded by discussing the need for new policies that are consistent with the central bank's policy of reaching solutions.
Dr. Mahmoud Mohammed Dagher discussed the current exchange rate regime for two years in Iraq and mentioned facts about the Iraqi economy for 2019.
The promise of the devaluation of the Iraqi currency affects all the real and monetary balances of the Iraqi economy because one of the reasons for inflation accompanying the reduction ignites expectations and pressures towards the continuation of subsequent reductions decisions.
In conclusion, there were comments from the audience and views and proposals on the decision to reduce the Iraqi dinar.
The seminar was attended by Dr. Ihsan Al-Amin, Chairman of the Board of Trustees of Bayt Al-Hikma and a number of prominent personalities in the banking and financial field and a number of academics.

OC....nothing but respect....my wife asked me the other day of all of my Iraqi news sites I had written down and what it all meant...I said we are just waiting...life will have a new responsibility...money is not everything...Love is!!!

Central Bank approves the controls of merger and the Union of Banks

Central Bank of Iraq
Banks


The Central Bank of Iraq announced on Sunday its ratification of the controls of the merger of banks.

The Central Bank said in a statement received by "Economy News", "in the belief of the need to develop and improve services in the banking sector, the Board of Directors of the Central Bank of Iraq on (the merger and the Union of Banks) in its resolution No. 90 of 2019.

The statement said that "the controls included the requirements of merger or union between banks wishing to, as well as the benefits obtained by the merged banks or the United, and the powers of the Central Bank in those operations."

He pointed out that "these controls can be accessed by visiting the website of the Central Bank of Iraq."

I think this was a MUST to push this thing along.....

Know the details of the amendment to the Iraqi Budget Law



Politics of

the Iraqi Parliament

federal budget

2019/07/08 07:19:15

The Iraqi parliament voted on Monday on the proposed amendment to the first law of the federal budget of the Republic of Iraq No. (1) for the year 2019.

The amendment outlined the status of government administration of state institutions by proxy.

Included as follows:

Article -1 - Article 58 of the law shall be canceled and replaced by Mayati:

Article -58- obliges the government to end the state administration institutions by proxy , except for military and security services no later than 24/10/2019 is any action after this date carried out by the appointed proxy Shall be null and void and shall not have any legal effect, provided that the concerned department suspends all financial allocations and administrative powers in case of continuation after the above mentioned date.

Article 2: This law shall be implemented from June 30, 2019. It shall be published in the Official Gazette.

Articles

Samir Nusairi

The fourth goal of the goals of the Central Bank 's strategy for the years (2016 - 2020 ) is the investment in human capital has turned this goal into reality embodied in the celebration of joyful and joy ventured organized by the Iraqi Association of private banks at the station in partnership with the Bank of Iraq and the international company for the smart card and a set of joint efforts Jordan, which carried out the training for the graduation of 120 bank employees representing 14 branches of the Rafidain Bank in Baghdad in the two sessions of customer service and the development of skills of staff Teler and organized by the Association of banks for employees of Rafidain Bank for the purpose of preparing the bank to start the banking system The new Ktrona.

The advantage of this event is the participation of the general manager of the bank and its assistants and all the managers of the departments and branches and a large number of employees for the purpose of actually starting the process of change and renewal of work systems and programs and modern banking technologies and stimulate all sections and branches of the bank that their bank has already started the process of change and renewal and that the process started to move in the right direction of the bank The first government to practice banking business, which is considered throughout the years of his work as the home of expertise of the Iraqi banking sector and contributed to the private sector banking expertise and cadres, which are currently managed by employees of Rafidain who have already worked in the bank.

And that the important in the celebration is the supervision of the Central Bank of Iraq in sponsoring and supporting this celebration in line with the achievement of the goal of developing the banking sector and rehabilitation of young people and develop their abilities to start the banking business in accordance with the applications of the new electronic banking system.

That such initiatives are national practices to serve the national economy and serve young people to take their positions in the leadership of society because Iraq is about to move to a new stage in overcoming the stage of the financial crisis and economic to a new stage after a mission that inspires us to draw lessons and lessons from the experiences of peoples and developed countries politically and economically Depending on the Iraqi youth, efficient and ambitious and enlightened in the leadership of institutions of the national economy and in particular the banking market a new methodology depends on the vitality and determination to overcome the challenges and focus on young believers in the ability of his beloved country Iraq and its Iraqi people In the sound construction of the economy in a new spirit that carries all the aspirations of young people and provide the best services and products to the public in accordance with the look of the keenness on the development of policies, programs and visions.



* Economic and banking consultant
[link to public-api.wordpress.com (secure)]

Oil and Gas Law Article 140 ?

Parliamentary change calls on the federal government and the region to adhere to the budget law
by Walter
Release date: 2019/7/8 20:57



{Baghdad: Euphrates News} demanded that the mass change the federal government and the Kurdistan region to comply fully with the budget law, and the dimensions of profiteers people from conflicts and disputes, and to speed up the legislation of the oil and gas law. "

A statement of the bloc of change received by the agency {Euphrates News} a copy of it today that "the vision of the parliamentary bloc of change of differences between the federal government and the Kurdistan region on oil and gas despite the crises and problems between the region and the federal government, the issues related to oil and gas, a major dispute between the parties The parliamentary bloc of change believes that it is necessary to remind the vision of change on this issue

The bloc "sees the bloc of parliamentary change to resolve any dispute is primarily based on the adoption of the Supreme Law is the Constitution, Which stipulates that everything related to oil and gas regulated by law, and therefore the legislation of the law of oil and gas unemployed for three parliamentary sessions should be a top priority during the current session, as well as call for the formation of the monitoring of the allocation of federal imports according to Law No. (55) of 2017.

A statement of the bloc of change received by the agency {Euphrates News} a copy of it today that "the vision of the parliamentary bloc of change of differences between the federal government and the Kurdistan region on oil and gas despite the crises and problems between the region and the federal government, the issues related to oil and gas, a major dispute between the parties The parliamentary bloc of change believes that it is necessary to remind the vision of change on this issue The bloc "sees the bloc of parliamentary change to resolve any dispute is primarily based on the adoption of the Supreme Law is the Constitution, Which stipulates that everything related to oil and gas regulated by law, and therefore the legislation of the law of oil and gas unemployed for three parliamentary sessions should be a top priority during the current session, as well as call for the formation of the monitoring of the allocation of federal imports according to Law No. (55) of 2017.

As for the salies of employees of the Kurdistan region, it clarified that "the federal budget of 2019 has been offset by an acceptable amount, but the budget law by nature is a valid law for one year only. the Kurdistan Region and the federal government should be separated from the issue of salaries of the region's employees The employee and his family the consequences of governmental disputes, but sometimes partisan, is a flagrant violation of the Constitution and the rights of citizens.

He pointed out "with the assumption of full transparency in the oil and gas sector at the level of Iraq and the region, and therefore call for the rapid establishment and activation of the oil and gas revenues in the region, and make room for submission of this sector to control the local and federal, and institutionalized, "adding" The region in the field of oil and gas need radical reforms and correct the path of service for the public good. "

[link to alforatnews.com]

Distribution of the instruments of Article 140 on Kurdish families
by Walter

2019/07/07 15:24:31
Twilight News / started in Kirkuk, on Sunday, the distribution of compensation packages to the Kurdish families stage covered by Article 140 constitutional, after a pause of several years.

Kaka Rush, a friend of the official office of Article 140 in Kirkuk, said during a televised statement that these instruments are disposed of the allocations of Article 140 in the general budget for the year 2019, amounting to 50 billion Iraqi dinars.

He added that the office of Article 140 in Kirkuk received 230 instruments, which are the right of the families of the phase of Kirkuk, and daily distributed 80 instruments to the compensated, noting that the priority in the distribution of instruments are for the families of martyrs and Monophils and widows.

[link to www.shafaaq.com (secure)]

The Central Bank raises the ceiling of loans to small and medium enterprises to one billion dinars
July 8, 2019 Walter
1 Vote



Banks

Economy News – Baghdad

The Central Bank of Iraq, on Monday, raising the ceiling of loans for small and medium enterprises to one billion dinars, indicating that the loan term of up to 5 years can be extended to 7 years.

The bank said in a statement read by “Economy News”, that “to enhance the successes achieved by one trillion dinars, and in order to absorb more investment projects, the Central Bank of Iraq announces raising the ceiling of loans granted to finance small and medium enterprises, within this initiative, (Billion dinars), “stressing that” these loans will include all sectors except the housing sector, giving more space for the industrial and agricultural sectors. ”

“The Bank has issued a set of controls on this lending, in which it confirmed the possibility that each bank will submit projects worth up to 5 billion Iraqi dinars, in one go, depending on the form sent for each project, and that the bank will audit the projects that will be funded after 6 months from the date of replenishment of the bank account to a maximum, without allowing the extension of the period.

“The loan period of up to 5 years can be extended to 7 years, in the event that the bank requested the lender.”

[link to economy-news.net]

Another interesting video. . .

Adam Montana Weekly 11 July 2019
Adam Montana posted a topic in Chat Logs

Good morning all! It's currently Wednesday July 10 Thursday July 11, and IF all goes well - I'll get this posted before my day gets out of control! Back in the forefront of ReValuation (RV) news... HCL. We've made it through Ramadan, budgeting, elections, and a whole slew of other issues. All of them, although lengthy at times, have sailed successfully through the turbulent waters and left us with a final component: HCL. Good news for this morning? It's actually on the horizon. It's being talked about, and I'm predicting we'll see more of this very shortly. For example: Adding fuel to the HCL fire: WTI just crossed $60 again, and those of us watching the OIL tickers recently are well aware of how stable OIL is right now. Those of us pairing that information with the current and ongoing situation in Iraq understand how important OIL is to Iraq's ability to RV. And in case anyone needed some reassurance... ... it's going as perfect as we could hope for. There will never be an absolute perfect set of circumstances under which Iraq "can" or "should" or "must" change the value of their currency. I see a fair amount of comments from people stating something like "Oh, Iraq will never RV unless X happens, or until Y is implemented", etc etc... ... that is simply not true. There is NO absolute "must" for Iraq. They can change the rate today. Or yesterday, or tomorrow. They can do it without any further progress, without any permission from anyone or anything, and all the speculation in the world won't give us an exact date or a precise set of circumstances. The situation we find ourselves in today, at this very moment, is "good enough". Personally, I'm on standby for an incredible event. A solid resolution on the oil and gas law (HCL) will mean "no turning back", but just the same - it's not a necessity. Pretty darn exciting, if you ask me. That's it for the Weekly summary - there's a lot going on right now, but I like to keep these Weekly posts "to the point". GOOOOO RRRRVVVVVV!!!! - Adam PS. Side note! I use a LOT of news sources to keep abreast of the latest happenings, not only in Iraq but just "in general".

7-13-2019 Kaperoni: [77% of the world's transaction revenue touches an SAP system! They are HUGE! They...wouldn't set up shop in Iraq for fun! ...They have seen the potential & want to get in on the ground floor!] "Yes! It's a big deal they are now in Iraq."

That was on the conference call last night.

(712) 770-5602 Access code 296983#

Thanks Rev.