Experts: The absence of guarantees paid by {40} trillion dinars outside the banks


Establishment of a company to secure the deposits of citizens
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.

Plans for the interaction of the productive and service sectors


To achieve sustainable development
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 th
e 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

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 .

Implementation responsibilities

"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 .

Development Bank

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
Local "

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. "

Strategic planning .. Measures to contain unemployment


The distribution of jobs between the public and private sectors decreases

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
young people."
Rahim said that "

Iraqi cash reserves rise to $ 50 billion

The Committee on Economy and Investment parliamentary, on Saturday, exceeded the cash reserve with the Central Bank of Iraq to about $ 50 billion, due to the high global oil prices and the completion of military operations against the organization, "Daash" criminal.

" The cash reserve with the Central Bank of Iraq exceeded 50 billion dollars after a decline lasted for several years because of the decline in oil prices and economic loss after the invasion of gangs and urged several provinces in 2014," said a member of the committee Najeeb Najib .

"The rise in oil prices and the completion of military operations against the criminal advocate raised the cash reserve in the central bank," adding that "the rise in Iraqi cash reserves will contribute to increase the confidence of foreign investors and increase the profits of the bank from the sale of the dollar."

Najib explained that "the cash reserve decreased last year to about 45 billion dollars, while in 2016 to about 43 billion dollars after the government withdrew amounts to pay the deficit in the budget,"…-%D9%85%D9%84/

The launch of the first installment of salaries through the "master card" in Iraq

The media office of the Rasheed Bank confirmed the launch of the first batch of salaries through the MasterCard card, one of the electronic payment tools, pointing out that the card is drawn from inside and outside Iraq.

"Al Rasheed Bank launched the first installment of salaries through the MasterCard International Card (Nakheel), one of the electronic payment tools," the office said in a statement.

He added that the bank called on all departments and ministries to speed up the settlement of the salaries of their employees and obtaining the card to enable the bank to give them advances and loans, knowing that the card helps the citizen to save and protect the circulation of counterfeit currency and the composition and maintain salaries of thefts suffered during transport.

He explained that "the card is withdrawn from inside and outside Iraq and the Bank recently distributed a number of ATMs in Baghdad and the provinces, knowing that the commission of the card (10) thousands of dinars, three years."

Deputy: Iraq has a tea plantation in Vietnam and we do not know how it is managed and where its imports go

The deputy of the coalition of state law, high Nassif, on Thursday, the existence of violations and irregularities in the work of the General Company for Food Trade of the Ministry of Commerce regarding the tea farm owned by the Iraqi government in Vietnam.

"The Iraqi government owns a tea plantation in Vietnam (the food company) and this farm does not know how to manage and where to go imports, and there is information indicating the contract with an Iraqi to buy tea produced on the farm contrary to the instructions and controls," she said in a statement received by Iraq News. Call on the Integrity Commission to open an investigation in this regard and announce its results.

She added: "There are other irregularities within the file of the investment of land and property of the General Company for the trade of foodstuffs, given to these properties to investors contrary to the instructions and controls with the approval of General Manager Qassim Hamoud," noting that "there are many violations and violations in the work of the company will be disclosed reinforced documents In the coming days. "

Parliamentary Finance announces the reservation of the International Monetary Fund on the budget and reveal the reasons

The Parliamentary Finance Committee, on Thursday, the reservation of the International Monetary Fund on the federal budget for 2018.

Commission member Ahmed Hama told "Iraq News" that "the International Monetary Fund, expressed reservations on the Federal Budget Law for the year 2018 and do not know what will be issued of the decisions on the budget in the coming days."

He added that "the reason for the reservation of the International Monetary Fund on the budget is due to lack of commitment to the budget conditions of the Bank and include materials that had been developed as conditions earlier and warned of passing."

It is noteworthy that the economic expert, Salam Smism announced earlier rejected the International Monetary Fund, rejected the federal budget for 2018, which voted the House of Representatives to pass recently.

"The International Monetary Fund, announced its rejection of the financial budget for 2018, because it was contrary to the agreement signed between Iraq and the International Monetary Fund."

"The agreement between Iraq and the International Monetary Fund, obliges Iraq to implement a set of conditions, including the abolition of jobs and the addition of financial burdens on the budget."

She pointed out that "the inclusion of the budget by the government and parliament by the decisions to install contracts and the restoration of their contracts and other financial burdens are what prompted the Monetary Fund to reject the budget."

The Iraqi Council of Representatives, on the third of March, the budget of the country, which amounted to 77.5 billion dollars deficit of 11 billion dollars, amid the province of Kurdish deputies who oppose the reduction of the proportion of Kurdistan Region in the budget from 17 to 12.6 percent.

The President of the Republic, Fuad Masum, announced last Tuesday, refused to approve the budget of 2018, and ordered the return to the House of Representatives.

The Presidency of the Republic said in a statement that infallible "decided to return the draft (the Federal Budget Law of the Republic of Iraq for the fiscal year 2018) and voted by the Council on 3/3/2018, to the House of Representatives to re-examine form and content of the constitutional, legal and financial, "The existence of about 31 points intersect with the legislation in force."

The Bureau explained that "the re-budget came after the experts and legal and financial advisers to study and scrutinize in detail to diagnose the most important constitutional, legal and financial violations of some of the articles or items or paragraphs that need to be addressed before ratification as well as to address any imbalance in its formulations.

The Council of Ministers of the Kurdistan Region has considered that the passage of the federal budget law in its current form a clear violation of the principle of partnership and consensus on which the new Iraq was built. "

Economist: The debt of Saudi Arabia and Iran on Iraq can not be recognized internationally

Economist Bassem Jameel Antoine revealed on Thursday that the debts of Saudi Arabia, Saudi Arabia and the Islamic Republic of Iran amount to a total of 40 billion dollars, pointing out that Iraq can not pay and recognize them because of its documentation at the United Nations and the absence of international documents and documents condemning Iraq .

Antoine told "Iraq News", "The debts of Kuwait to Iraq are debts officially documented at the United Nations and there are official documents on that debt," pointing out that "the State of Kuwait asked Iraq to postpone payment of its debt by 90% because of low oil prices and The rise of Iraq begins with the debt. "

He added that "the debts of the Kingdom of Saudi Arabia and the Islamic Republic of Iran totaling a total of 40 billion dollars," pointing out that "Iraq can not pay and recognition because of its documentation at the United Nations and the absence of documents and international documents condemning Iraq with those debts."

"Saudi Arabia and Iran paid money in the 1980s as aid to the Iraqi people, but there are no official international documents confirming that Iraq is a creditor of those two countries and the Iraqi government can not pay the money without any official documents," he said.

Electronic Banking .. Opportunities and Challenges


Dr.. In the name of Brahimi,
it is no secret to anyone that the world is evolving more rapidly than we thought until recently, and catching up with this development is one of the major challenges facing producers and consumers alike.

In contrast, modern innovations offer opportunities that can be used to change rules Competition and the form of contenders constantly making the life cycle of the most active products
very short .

In turn, the financial technology has been subject to the same rules, as statistics from the Bank for International Settlements that the amounts invested in startups specialized in financial technology amounted to about 40 billion dollars and a huge growth rate of (1600%) during the period (2010-2016), was more than one third These companies work in the area of ​​payment and financial adjustments, while about a quarter work in the field of computers and electronic protection systems.

Some observers believe that the important developments in this area exceeded the subject of financial services provided electronically (online) to operations that will change the balance of banking fully in the next few years, as some companies are now offering themselves a substitute for the traditional bank, as well as the introduction of means Social networking on the line of competition after Facebook announced that it will offer its subscribers the service of using their pages to raise money for their own projects, and in the same direction is preparing (Watsab) to launch payment service using special technology.

In order to keep abreast of these developments, the Central Bank of Iraq has prepared an important program that is now being implemented in order to modernize the electronic structure of Iraqi banks. Certainly, the speed of response differs from one bank to another, and the speed of response of beneficiaries is different from one customer to another.

Whether from banks or customers is still not too excited to enter the modern banking world.

As for the banks, they realize the importance of this shift, but their reluctance is due to the large amounts they need for this change. As for the customers, the reluctance in automation comes because of lack of knowledge. In turn, the Central Bank realized these obstacles and is working to solve them by pressing banks to modernize their systems. ,

As well as the implementation of an educational program for citizens at all levels, and I think the positive results of this will appear

Exchange rates and foreign investments


Wadih al-Hanal *
In light of the current globalization system in all countries of the world, and the liberalization of the bulk of global trade, and in light of the movement of money and international currencies between the countries of the world in line with the movement of international trade between countries,

the acquisition is the term reserve and facilities for these activities and linked to the equation of return and risk, Money is moving among countries for investment, so there is a so-called foreign investment.

And that one of the main risks to investment is the so-called exchange rate among them in the world, because what matters to foreign investors is to ensure that the loss due to instability of the exchange rate (the so-called evaporation of the actual value of the currency) and thus non-operating losses that may result in revenue or Due to the decline in exchange rates between them.

It is also known that the exchange rate is the rate on which the exchange of foreign exchange is based on the national (local) currency, the number of monetary units in which a unit of local currency is exchanged to another foreign currency.

The exchange rate in any country is directly linked to the reserves of foreign currencies in question, and therefore its close correlation with the volume of export activity of any country (because foreign exchange earnings).

The balance of payments balance (the balance of foreign trade and the balance of current transactions) is very important. The deficit in the trade balance necessarily leads to a decrease in the exchange rate.

Therefore, the stability of the exchange rate is linked to the export rate of any country in the world export trade volume and hence its foreign exchange income.

Will be available to them at any time.
This stability leads to stability in production inputs and products, as well as reducing inflation and stabilizing interest rates. It has a direct impact on the profitability of export industries and the cost of imported resources.

Hence, it is important to make the exchange rate stability a tool for controlling foreign trade in order to attract greater volume of foreign direct investment, because the reassurance of global investors on their capital and financial assets from the risk of erosion is a major attraction for these investments, as well as length of investment possible.

However, it is also necessary to bear in mind that the exchange rate is not a tool independent of other factors in the economy but that all macroeconomic policies must be consistent with one another, and the need to continue to direct the exchange rate to a uniform price between the official market and the
market .

* President of the Association of Iraqi private banks