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Baghdad / Huda al-Azzawi
The Central Bank of Iraq resorted to the issuance of the system of guarantee bank deposits, including the bank to grant a license to practice a guarantee for a joint stock company established in accordance with the provisions of the Companies Law, a system that was welcomed by the economic circles because of the weakness in the mobilization of funds and deposit with banks to take their way to various investment channels, Especially after the large losses caused by the financial crises in the state budget.
The participation of banks is mandatory
The Director General of the Legal Department of the Central Bank, Mustafa Ghaleb, told the "morning": "The Central Bank is currently working according to the feasibility study of technical and economic and legal establishment of the Iraqi Company to ensure deposits with a mixed contribution of government and private banks with the Department of registration of companies in the Ministry of Commerce ,
According to the provisions of the Companies Law No. 21 of 1997, "noting that"this institution aims to achieve the public interest of the community and protect the funds of depositors and increase their confidence in the banking sector existing in the State, away from profit. "
He explained that the proposed capital of the company, amounting to 100 billion dinars, 55 percent of its nominal capital of the contribution of public and private banks and branches of foreign banks, including the minimum required for the contribution of the state of 25 percent, while the remaining 45 percent will be put to public subscription on the basis of the provisions of Article 39 of the companies mentioned law ,
"pointing out that" the participation of Iraqi banks , which is compulsory to ensure the continued existence of sufficient balance within the fund and use it to provide financial cover to ensure that the assets of depositors in banks licensed by the Central Bank of Iraq within the country. "compensation according to the circumstances
"The company’s money can be invested in the field of deposits with banks, such as fixed deposits and the purchase of government securities such as treasury bills and bonds, and remittances issued by the Central Bank of Iraq, which is purchased from the secondary market, and can be invested in borrowing from banks or issue bonds A loan to support its capital and its own resources, "stressing that" the company will pay compensation for deposits with banks according to amounts and depending on the economic conditions of the country. "
He concluded by saying that "the company’s certificate of incorporation will be announced by the Ministry of Commerce after the Central Bank completes all the requirements for incorporation with the registration and public subscription department in accordance with the Companies Law referred to."
Doubts and concerns of depositors
Regarding the culture of dealing with the banking system, the financial adviser to the Prime Minister Dr. Mohammed Saleh said to the morning that dealing depends on the awareness of the Iraqi financial system, considering private sector projects and the availability of job opportunities that can contribute to reducing unemployment rates.
The system of deposits adopted by the Central Bank has been approved by the Council of Ministers for more than two years, which is expected to see the year 2018 achievement, aims to encourage citizens to save in banks rather than compactness, "noting that the percentage of cash out of banks up to 80 percent , So as to attract them to Government and private banks, must provide real guarantees that encourage depositors to save.
Offering Contracting Parties
For his part, professor of monetary at the University of Mustansiriya Dr. Faleh al-Zubaidi told the "morning" that the banking system to clarify the nature of work on how to invest the funds of unemployed citizens and operate transparently, without any ambiguity or ambiguity, within the legal contracts that preserve the rights of contracting parties through The company offered its shares to the public,
with the aim of seeking to increase its capital and contribute to attract financing for the sale of its shares or issue new shares to support the current capital.
Explaining that some of the amount of money outside the banking system and estimated at 40 trillion dinars, a normal situation because Iraq from developing countries known to increase the proportion of currency in circulation outside the banking system,
"pointing out that" the investment of this huge amount of money by the banking system or Companies will employ money will contribute to the revitalization of the Iraqi economy and provide job opportunities to reduce the high unemployment rates rampant in the country. "
Increasing supervision and supervision
In terms of the most important steps taken by the Central Bank to withdraw funds Almknzah to financial institutions and banking, the Director of Payments in the Central Bank, Subhi Abdul Karim Mohammed, "Sabah" that the project of localization of salaries,
which will contribute to raising awareness of banking and saving and reliance on technical methods in The transfer of funds and not rely on cash, will work to determine the conversion rate from the dinar to the dollar in cards issued locally,
"noting that the card is used outside Iraq to be a catalyst for citizens to be used in any place where it is resolved as well as the inside of Best services ", adding that the financial inclusion strategy , which will soon be launched by the bank aims to access financial and banking services for every citizen in line with their needs."
The payments manager is expected to contribute to the establishment of strategic projects in the country with the financial and banking institutions.
BAGHDAD / Hussein Tgb
is to achieve sustainable economic development is the goal of everyone in the public and private sectors to maximize financial resources, where the next stage requires the fight against corruption and the provision of substantial amounts of economic and social development, and require a reduction of operating expenses.
Member of the Baghdad Economic Forum Majid Al-Soury stressed "the implementation of the provisions of the Constitution on financial and economic issues and the law of financial management and public debt, and the use of modern electronic information systems to implement and follow up all related to public finances of the
state." Development Goals
He pointed out to the "morning" on the sidelines of an economic symposium that "maximizing resources other than oil and gas resources, after the confusion experienced by the management of public funds, and the failure to achieve the objectives of economic and social development, can not be only maximize the resources of oil and gas itself, With the rational use of those resources for economic and social development. "
He also called for the creation of economic policies and plans for interaction and cooperation between the financial, production and commercial sectors of the state and the commitment to follow up their implementation in order to expand the local production base to meet domestic needs and encourage exports in the public and private sectors.
With significant amounts and the provision of large amounts in foreign currency, and mitigate the impact of external factors on the
Iraqi economy .
"The rational use of financial resources requires a clear identification of the Iraqi economy, defining the strategy of economic and social development, setting the necessary plans for implementing them according to a timetable, defining the responsibilities of implementation, monitoring and monitoring their implementation,"
he said, noting that "the five-year plan has been adopted Social economic economy, which is the most economic policy in line with the requirements of the Iraqi constitution and its trends in the use of modern economic bases, and is able to achieve the economic and social development required of all segments of the
Iraqi people .
He pointed out the importance of "bold restructuring of the financial institutions in Iraq, especially government banks, including the integration of commercial banks in one bank, as well as all banks specialized in a large development bank, with restructuring administrative and financial, and provide the necessary necessary and the principle of separation of management from Ras Money for all government and private banks, while activating the role of the development bank in the development of local production, to cover the bulk of the needs of the
domestic market .
He said that the rational use of wealth requires the control of foreign trade and border crossings, land, air and sea, which is an area of financial corruption and an important factor in the disruption of domestic production and economic development and looting many of the government resources that may be directed to cover the financial needs of the government, Border control is a very important element in fighting corruption, maximizing state resources, and protecting the product
The local market The image of" the importance of the trend towards restructuring public production institutions, and develop their productive capacity, by all possible means, including participation with local and foreign private sectors, to cover quite a bit of the needs of the domestic market, Special production and service in all areas and to enable it to cooperate with the sector public. "
He urged" to achieve tax policy to redistribute income fairly, and to encourage local production and protection, and create a tax environment that encourages domestic and foreign investment, and the provision of services of Basic necessary, especially to solve the problem of electricity, and to provide all help to reduce local production costs, in order to enable it to compete with foreign products, improve product quality. "
The efforts of specialists are concentrated in reducing the phenomenon of unemployment that kills the economic body, although it is a phenomenon that suffers from different countries in different countries, including Iraq. However, the elimination of it completely may face difficulty in investigating the difficulty of including a large segment of society in a suitable job that provides them with a normal life and a level of
Official statistics speak of a 10 to 11 percent unemployment rate in Iraq, as well as unofficial statistics of 15-20 percent of the unemployment rate compared to the population. Unemployment among women is 68 percent. The causes of unemployment in the economic affairs member of the General Federation of Businessmen Hussein Rahim spoke to the "morning" on unemployment and its causes, stressing that it is achieved "corruption and the absence of strategic planning to accommodate graduates from universities and government colleges and private, especially scientific specialties,
noting that the Ministry of Health in 2017 announced The appointment of 85 doctors only at the time of graduating a large number of doctors in seven colleges of the official.
"Solutions and proposals
"The most important solution is to eliminate administrative and financial corruption and as a management and government should seek to eliminate them, but in reality we do not find concrete work, and encourage young people to establish small and medium enterprises, we find one
solution," Rahim said .
He pointed out the importance of "supporting the private sector and promoting it to improve production and prevent the importation of similar materials for what can be produced locally, and to reduce the indiscriminate import especially for foodstuffs and agriculture, and one of the priorities of supporting the local product is to prevent imports to find labor opportunities and support agricultural products to stimulate the work of the agricultural sector" .
Sustainable development and Rahim "As for sustainable development, the stagnation comes from the spread of unemployment, the movement of the market depends mainly on the ability of the individual to buy and if he is unemployed or even low-income remains sustainable development paralyzed can not move a step."
He called for "re-employment of the service council for the purpose of distributing graduates to the departments and placement of some of them to the private sector for the purpose of expanding the capacity of absorption of graduates, technicians and non-professionals from employment, providing many jobs for unskilled workers in private sector factories, The ability of the rest of the leather, textile, agricultural
and other industries .
He pointed out that "the stagnation of energy work led to the suspension of most of the private sector factories, pointing out that some of these reasons can perpetuate the absence of programs of sustainable development and its role in strengthening the economy and increase unemployment suffered by most
Rahim said that " http://www.alsabaah.iq/ArticleShow.aspx?ID=154337
Baghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on March 18 registered $200,041,909 in sales, a -0.03% volume decline from the US $200,110,472 sold by Iraqi Dinar, credit and transfer at the previous auction held on March 15. The latest auction was attended by 45 banks …
Mohammad Hassan worries about the steady decline in the number of customers who come to his shop in Baghdad’s Souk al-Safafeer, the legendary copper market in the neighborhood of Bab al-Agha. The shop sports Hassan’s handmade copper products, mostly miniatures of Iraq’s symbols and monuments, such as the palm tree, the Lion of Babylon, the Malwiya Minaret in Samarra and Mosul’s Great Mosque of al-Nuri, which the Islamic State destroyed in 2017.
Hassan, who has been a coppersmith for 30 years, exercises a profession that dates to the Abbasid period of the 10th century, when many everyday goods, from lanterns to water bottles and from cups to knives and daggers, were made of copper. But those days are long gone.
“Industrial development has turned this profession into a business that only provides decorative objects,” Hassan told Al-Monitor in his shop in Souk al-Safafeer, which takes its name from the color of copper, “safra” in Arabic.
The situation is similar in all coppersmiths’ markets around the country. In Nasiriyah, a city on the banks of the Euphrates River about 370 kilometers (225 miles) southeast of Baghdad, the copper market, once an important place of commerce and socialization, is now almost nonexistent. The same goes for Mosul’s market, Basra’s Musa al-Attiyah market and Najaf’s Safafeer market, which are turning into mere memories.
Coppersmith Haider Khafaji told Al-Monitor that the famous Safafeer market in the southern province of Babil has now faded behind the modern shops, but in the past it was packed with tourists who would head there after visiting the nearby historic city of Babylon about 20 kilometers (12 miles) away.
Khafaji said, “I started working in this profession 40 years ago, back when there was significant demand for copperware, when copper was an important commercial commodity and copper goods were a sign of status.” He added that there are just a few coppersmith shops left and most double now as blacksmiths.
“Our work today is limited to making gifts and souvenirs that hardly ever get sold,” Khafaji added. “We seriously fear that this craft will disappear, as the new generation is not keen to learn the craft.”
Member of parliament Maysoon al-Damluji, a member of the legislature’s committee on culture, told Al-Monitor that the days when people used copper in most of their daily goods are gone, but that the craft of the coppersmiths, part of the Iraqi intangible heritage, should be maintained.
“[The coppersmith shops and markets are part of] the identity of Iraqi cities,” he said, expressing concern that Iraq’s cities, which have been badly damaged in the wars and battles that have taken place in Iraq and have been subject to poor urban planning, have lost their historical heritage.
Damluji said one of the reasons copper markets are disappearing is the “law issued by the Ministry of Health in the 1950s preventing the use of copper utensils for eating, as it causes poisoning.”
Another reason, according to Damluji, is related to “the unstable security and political situation in Iraq, as the Iraqi state has allocated its budget for wars since the 1990s, leaving no room for projects to preserve cultural heritage.”
Ibrahim Khalil al-Alaf, professor of modern history at the University of Mosul, told Al-Monitor that the craft was also disappearing because local and handmade goods were unable to hold their ground against foreign copper miniatures of Iraqi monuments that flood the markets and are sold at lower prices. These come from China and the government has no regulation or subsidies to protect the local products. “The Safafeer market in Mosul has been in steady decline,” he added.
In many Safafeer markets, coppersmiths themselves have begun trading in imported goods, no longer relying on creating their own. Given the lack of financial support from the government for this dying profession and the reluctance of the new generation to master this craft in which profits are low, coppersmiths are becoming a part of disappearing intangible heritage.
Alaf said he deeply regrets how Mosul’s heritage has been falling apart before his eyes. “We need to preserve historical monuments using modern restoration techniques and learning from the experience of developed countries in urban and market planning,” he said.
“The Directorate of Heritage and Antiquities should develop a comprehensive national strategy and cooperate with the United Nations Educational, Scientific and Cultural Organization because the Safafeer market in every city is not only a market but a museum preserving this profession and all Iraqi handicrafts,” Alaf said.
Meanwhile, Amran Obeidi, the director of media and spokesman at the Ministry of Culture, told Al-Monitor that the ministry believes preserving Baghdad’s Safafeer market, the largest of the copper markets in the country, does not fall under its responsibilities according to laws and regulations in force. “Maintaining the Safafeer market is Baghdad municipality’s job. Our work in the ministry is only limited to technical consulting,” he said. “The Safafeer markets are Iraq’s cultural introduction to the world, as well as they showcase a now rare profession that has long been part of the Iraqi folklore.”
Obeidi said the ministry classified Rashid Street, at the end of which the Safafeer market in Baghdad is located, as a historical area, so any change in buildings there requires the ministry’s approval. “It is particularly important to preserve this market because it specializes in creating cultural handicrafts,” he said.
Hakim Abdul Zahra, the director of media and public relations in the Baghdad municipality, told Al-Monitor that the city is trying to ensure that the old markets do not disappear. Some store owners try to reconstruct the historical stores and turn them into another business, which is illegal. “We have plans, in coordination with the Heritage Authority, to repair and restore houses and ancient markets as soon as our financial situation improves,” Zahra said.
(Picture credit: Jonathan Zander)
Creating Alternative Livelihoods for Farming Families in Iraq
In 2017, conflict in Iraq caused new displacements, while other people returned home as areas became safe. At the end of 2017, 2.6 million people remained displaced, and 3.2 million people had returned home since January 2014.
FAO worked with affected communities, focusing on elderly people, people with a disability and families headed by women, to increase access to fresh foods, boost incomes and build skills. Activities both immediately and sustainably improved food security, nutrition, income generation and livelihoods.
FAO supported 2 400 people from 150 villages with backyard poultry production – distributing hens, poultry feeding and drinking equipment, and feed. This enabled each family to produce eggs and poultry meat for their own consumption and for sale.
Further support was provided to conflict-affected families in the form of training, tools and equipment for bee-keeping for honey production, and dairy and fruit processing.
FAO’s cash-for-work programmes provided a valuable source of employment as vulnerable people were paid to clear debris along Ninewa governorate’s Al Jazeera irrigation canals.
The canals provide irrigation water to 250 000 ha of farmland. Cash-for-work programmes were also organized in Kirkuk, Anbar and Salah al Din governorates.
In Ninewa governorate, FAO supported livestock-producing families with animal feed, and commenced an animal health campaign to vaccinate 1 million livestock.
TRIPOLI, March 17 (Xinhua) — The Central Bank of Libya is studying adjusting the local dinar's exchange rate after the rise of foreign currency exchange rate in the parallel market, a Bank official said on Saturday. "We have reached important results formulated as proposals to address the financial and …
Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country.
For more information on how GardaWorld’s services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at firstname.lastname@example.org
They said soaring import bills widened the current account deficit and weakened the Tunisian dinar, causing a rise in prices while the country's foreign currency reserves were shrinking. The Central Bank said the inflation rate was 7.1% year-on-year in February, compared to 4.6% in February 2017 and …