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An Economist Suggests Forming A Body For Monetary And Fiscal Policy

Proven
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An Economist Suggests Forming A Body For Monetary And Fiscal Policy Empty An Economist Suggests Forming A Body For Monetary And Fiscal Policy

Post by Proven on Wed 07 Oct 2020, 12:13 pm

Cancel the currency window and a multi-year investment budget.  Need to watch for one or the other as part of economic reform.

An Economist Suggests Forming A Body For Monetary And Fiscal Policy




On October 7, 2020




The Independent / - The economic expert, Raad Twig, called for the work of the Iraqi economy reform program, which includes several measures for the institutional economy to advance it, proposing the formation of a monetary and financial policy body to take over the dimensions of monetary and financial work from political influences and Parliament.




Twig said in a press statement that its independent follow-up: “The economic reform program includes the formation of a monetary and financial policy body that takes over the dimensions of monetary and financial work from political influences and parliament through the commission, and the economy is re-engineered by working with the macro variables of the Iraqi economy.




He pointed out that: Through the authority, the currency window is canceled, alternative policies are found, and budgets are prepared for several years in line with the plans set at the national level. Direct in order to protect them and raise their standard of living.




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He added, “The program includes an emphasis on training, employment and project construction policies to curb unemployment, resumption of self-sufficiency through studies of demand and market and local Iraqi product substitution, and an emphasis on the local supply economy by taking advantage of the comparative advantage of the Iraqi economy in the field of oil and its manufacture, limiting the associated gas craft and making Producing oil with Iraqi hands as much as possible, and taking into account the sustainability of human development by empowering our students at all stages and giving them the financial capacity, which makes them devoted to scientific research, and recycling the workforce in line with building policies to transform the country from consumer to producer, and activate the role of construction companies and establish "More of them are for construction purposes, to meet the demand for housing and residential complexes, and to meet the country's needs in terms of infrastructure."




Twig added: The program includes increasing the allocations of scientific research from the general budget for the purposes of innovation and importing technical universities, reducing the number of ministries and reaching the optimal size of the government so that the ministries are in response to the active need for the development of society, and using the policies and strategies necessary to make the governorates specialize in certain economic areas, And taking the necessary measures to adjust the balance of payments with other countries by following new export and import policies, accelerate the transfer of technology and expertise to Iraq, try to develop the telecommunications sector and the areas of manufacturing, and Iraq will enter the field of satellites.




Twig stressed the importance of transforming the informal economy into a formal one, limiting outward spending that drains Iraq's wealth, and farmers working in the manner of simple companies and then developing them to support agriculture

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Post by weslin3 on Wed 07 Oct 2020, 12:37 pm

Hope this is true;



He pointed out that: Through the authority, the currency window is canceled, alternative policies are found, and budgets are prepared for several years in line with the plans set at the national level. Direct in order to protect them and raise their standard of living.

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Wheelman
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Post by Wheelman on Wed 07 Oct 2020, 1:38 pm

If it is true, Article-141 is implemented of the Iraq constitution.

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annieharbers
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Post by annieharbers on Wed 07 Oct 2020, 6:43 pm

Thanks Proven

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Post by RJG on Sun 11 Oct 2020, 9:08 am

The Central Bank launches the electronic platform for letters of guarantee
11/10/2020 9:13
Ayna News Baghdad
Within the framework of its reform measures and in keeping with developments in the automation of the banking industry, this bank announces the “launch of the electronic platform for letters of guarantee in which the information of letters will be recorded by the authorized banks.” Access to it and with different and specific powers, provided that the bank is responsible for the accuracy and correctness of such data.
The beneficiaries of the two sectors (public and private), and after issuing the letter, are required to adopt an electronic registration form obtained from the Central Bank and which this platform will issue, including information on those letters and has various security marks such as the heat stamp and the (barcode) feature, without this bank incurring any financial commitment that results For the bank’s delay in paying the value of the letter.
This bank invites the parties benefiting from the letters of guarantee and located inside the capital Baghdad to obtain the information registration form by this bank, and the authorities outside the capital Baghdad can obtain the information registration form from the branches of the Central Bank of Iraq (Basra, Mosul, Erbil) and according to the geographical area of each branch, The above mechanism will be actually implemented, starting from (the 18th of October 2020).  http://www.alliraqnews.com/modules/news/article.php?storyid=102033&fbclid=IwAR0eVxEgRjZwoOgPfxXUeD0HrAeZPNHK6AAltBnrZyj5SkwAOs6wEx6Kquo



To me, the Letters of guarantee replace the currency auctions.  That is how regular countries import/export. With this action, it could mean the cancellation of the currency auctions. JMO


Last edited by RJG on Sun 11 Oct 2020, 10:22 am; edited 2 times in total

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Post by weslin3 on Sun 11 Oct 2020, 9:12 am

That would be nice RJG.

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lesley.beter
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Post by lesley.beter on Sun 11 Oct 2020, 10:52 am

One giant step forward

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