Iraq Economic News and Points to Ponder Tuesday Afternoon 11-21-23
Iraq Economic News and Points to Ponder Tuesday Afternoon 11-21-23
Tlm724 Administrator Bondlady’s Corner
The Council Of Ministers Takes A Decision That Contributes To Reducing The Price Of The Dollar In Iraq - Urgent
Politics |Baghdad today – Baghdad Today, Tuesday (November 21, 2023), the Council of Ministers, during its forty-seventh regular session headed by Muhammad Shiaa Al-Sudani, took decisions to facilitate importers of goods (gold, cars, mobile phones, cigarettes) from benefiting from the services of the external banking financial transfer platform.
A statement from the Prime Minister’s Media Office, received by “Baghdad Today,” said that the Council of Ministers decided “in the field of regulating trade and the importation of some materials and goods, which some merchants are forced to finance from the unofficial market for foreign currency, and the negative repercussions that such financing entails on The exchange rate.
The Council of Ministers has taken a number of decisions and measures aimed at facilitating importers of goods (gold, cars, mobile phones, cigarettes) from the services of the foreign banking money transfer platform, in a way that makes it easier for importers of these goods to obtain financing in foreign currency at the official exchange rate and spares them the need to Resorting to buying foreign currency from the informal market.
He added, "The decision will reflect positively on reducing the price of foreign currency in the informal market, as trade in the aforementioned materials constitutes a large part of the demands for foreign currency in the informal market, as those decisions included reducing customs duties on containers and another reduction related to import duties."
Cigarettes and the approval of certificates of origin issued by the chambers of commerce of exporting countries. These decisions also included simplifying procedures for importing gold through air ports and with 24-hour service.”
Earlier, a government source reported that directives would be issued to adopt trade in gold, cars, mobile phones, and cigarettes within the dollar selling platform soon.
The source explained in an interview with "Baghdad Today", "Based on the Prime Minister's directives regarding regulating trade and import operations for some materials and goods, most of which are financed from the parallel market and the negative effects it has on the stability of exchange rates, the
Ministerial Council for the Economy will consider proposing important decisions to facilitate and simplify... Procedures for importers of goods (gold, cars, mobile phones, and cigarettes) to enter the foreign money transfer platform.
He added, "These decisions and instructions will be the catalyst for importers of these goods to abandon the process of buying and transferring dollars through the parallel market for the dollar and direct them towards the platform for the foreign currency selling window in the Central Bank of Iraq at the official price."
The source confirmed, "This will have a positive and significant impact on reducing the price of the dollar in the parallel market, as trade in the above materials contributes the largest proportion of the demand for the dollar in that market."
Rafidain Bank Announces The Launch Of A Purchases Card
Local Baghdad – IA Today, Monday, Rafidain Bank announced the launch of a purchasing card for all state institutions.
The bank said in a statement received by the Iraqi News Agency (INA), that “in accordance with government directives and Cabinet decisions regarding the adoption of electronic payment, the electronic card was launched for the procurement committees for all state institutions that have their accounts with Rafidain Bank and all private sector institutions.” He added,
"The bank has begun applying and approving the card with regard to the bank's procurement committees, and the mechanism of operation of these cards will be according to the following formula:
- It is not possible to withdraw cash from the card.
- The card does not work outside Iraq.
- It is not possible to transfer from the card.
- Zero commission for shopping.
- Deposit funds into the card and use them exclusively for purchasing purposes.
- The card is debit type. https://www.ina.iq/197701--.html
Iraq Exports Cooking Gas To 11 Countries
Monday, November 20, 2023 Baghdad/National News Center The Basra Gas Company revealed today, Monday, that Iraq exports cooking gas to 11 countries, noting that its production has increased four-fold since 2013, and today reached 950 million standard cubic feet.
Director of the Supreme Production Authority and Deputy Commissioner of the Company, Kazem Al-Asadi Port, said in a statement followed by the National News Center:
“The company has sought, since its establishment, to increase production to meet the country’s need, provide gas, and export the surplus,” noting that
the company “has a port and docks, but it It was not ready in terms of safety and security requirements, so it sought to build a complete third dock to export cooking gas from 2016 until today.”
Al-Asadi dded, “With the increase in production and the presence of this dock, the company has begun exporting high-pressure cooking gas in the amount of more than 296 shipments so far,” pointing out that “Iraq has become an exporter of this material after it was an importer of it, and exports have begun to 11 countries in present time".
Al-Asadi pointed out that “there was an expansion in the company after it was able in 2021 to start a new project, which is the export of semi-refrigerated gas, by changing the specifications of the gas so that the size of the shipments is larger and sending them to distant places, so that its economic return will be better,” indicating that “the company exports material Condensers, reaching 215 shipments of 1,200,000 tons exported from 2016 to date.
Al-Asadi continued, “The company’s production has increased four-fold since the company’s inception in 2013, as production has reached 950 million standard cubic feet today,” adding that
“the Basra Gas Company is Iraqi and operates according to international standards as a result of the presence of foreign partners (Shell and Mitsubishi).”
The company has adopted modern strategies, plans and technologies to implement projects and manage production.” https://nnciraq.com/237586/
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Provoking Points to Ponder on Endurance & Perseverance:
There is no royal road to anything -- One thing at a time - and all things in succession -- That which grows slowly endures -- J G Holland
There are two ways of attaining an important end -- force and perseverance -- Force fails to the lot only of the privileged few - but austere and sustained perseverance can be practiced by the most insignificant -- Its silent power grows irresistible with time -- Mad. Swetchine
The conditions of conquest are always easy -- We have but to toil awhile - endure a while - believe always and never turn back -- Simms
I hold a doctrine - to which I owe not much - indeed - but all the little I ever had - namely - that with ordinary talent and extraordinary perseverance - all things are attainable -- T F Buxton
The nerve that never relaxes - the eye that never blenches - the thought that never wanders -- these are the masters of victory -- Burke
Hasten slowly - and without losing heart - put your work twenty times upon the anvil --Boileau
Perseverance gives power to weakness - and opens to poverty the world's wealth -- It spreads fertility over the barren landscape - and bids the choicest fruits and flowers spring up and flourish in the desert abode off thorns and briers -- S G Goodrich
Persistent people begin their success where others end in failure -- Edward Eggleston