Reassuring Citizens.. Economist: The Dollar Exchange Rate Will Return To Stability

Economy |Baghdad Today – Baghdad  Economic expert Mustafa Akram Hantoush commented, today, Tuesday (October 29, 2024), on the return of stability of the dollar exchange rate in local markets.

Hantoush said in an interview with Baghdad Today, "The rise in the dollar exchange rate has several reasons, including trade with Iran and Syria and travelers, the absence of the platform and the presence of small traders, and the presence of the parallel market."

He added, "As for the recent increase, it was due to fears of the expansion of the war in the region," indicating that "as a result of the absence of a major war and with the increasing news about stability in the coming period, the demand for the dollar will decrease and thus the dollar exchange rate will return to stability at 150 thousand dinars."

It is noteworthy that the dollar exchange rate has recorded a continuous decline over the past two days after it rose during the past period to more than 153 thousand for every 100 dollars.  LINK

Currency Smuggling Mafias Seize Crises To Undermine The Economy And Deplete Reserves!

Posted on 2024-10-29 by sotaliraq   In light of the economic and political crises witnessed by Iraq and the region, there are increasing reports of the increasing activity of currency smuggling mafias that exploit these conditions to their advantage.

These networks transfer money abroad illegally, posing a growing threat to economic and security stability in Iraq.

Reports indicate that these operations take advantage of the fragility of government institutions and the spread of corruption, which opens the door to huge losses in terms of cash reserves and the ability to finance basic needs, in addition to the exacerbation of inflation and the deterioration of the value of the Iraqi dinar.

Economic expert, Mohammed Al-Kubaisi, revealed that “the currency smuggling mafias in Iraq and the region are exploiting the economic and political crises to increase money smuggling operations abroad, which results in serious damage to the Iraqi economy.”

He explained that "these mafias are working to transfer huge sums of money illegally, which directly affects the value of the dinar and increases the severity of inflation in the country."

He pointed out that "smuggling operations lead to a shortage in foreign currency reserves, which weakens Iraq's ability to finance its basic import needs and further deteriorates the balance of payments."

He added that "the illegal exit of these funds contributes to the decline in domestic investment and the creation of an unstable economic environment, as smuggling relies on corrupt channels that undermine the effectiveness of government institutions and increase the spread of corruption."

The expert stressed that “currency smuggling does not only affect the economic aspect, but also extends to constitute a serious security threat, as this money is used to finance illegal activities including drug trafficking and financing armed groups, which exacerbates the security challenges in the country and the region as a whole.”

Al-Kubaisi concluded his speech by “warning of the danger of these practices that weaken Iraq’s financial sovereignty, stressing the need to take firm measures to stop smuggling operations and enhance oversight of financial transfers, with the aim of protecting the national economy and restoring confidence in financial institutions.”

For his part, Nasser Al-Kanani, an economic expert, said, “As soon as the war in Lebanon and Gaza escalated and security tensions in the region as a whole, specialized mafias emerged that work to exploit such security conditions in order to increase the process of smuggling currency from Iraq. There are different methods for this smuggling, some of which are done through foreign imports, which take place outside the platform.”

He added, “Iraq is working to strengthen its national currency, but there are those who are working to weaken this currency by making the dollar very high against the national currency, and some are working to limit large commercial transactions to the dollar exclusively, and the sale of real estate, cars, etc., and this also weakens the national currency, despite all the campaigns to prevent internal transactions in dollars.”

The economic expert continued, “Iraq cannot exploit conflicts and wars to strengthen its national currency, especially since it is working hard, internally and externally, to stay away from these wars. Iraq realizes the great economic danger if it enters the circle of conflict and wars.”  LINK

Al-Atwani Confirms To The Tunisian Minister Of Finance The Serious Desire To Benefit From The Wealth Management Experience In Tunisia

Monday 28 October 2024 | Economic Number of readings: 309 Baghdad/ NINA /The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed today, Monday, to the Tunisian Minister of Finance, Sihem Boughdiri, the serious desire to benefit from the Tunisian experience in managing financial and monetary wealth, and its steps in achieving sustainable development.

A statement issued by his media office stated that "the head of the parliamentary finance committee, Atwan Al-Atwani, and the accompanying delegation, met with the Tunisian Minister of Finance, Sihem Al-Boughdiri, in the presence of the Chargé d'Affairs of the Iraqi Embassy in Tunisia, and the senior staff of the Tunisian Ministry of Finance, to discuss ways to enhance cooperation and joint coordination between Iraq and Tunisia, with regard to developing the financial, monetary and economic system, in a way that achieves the aspirations of the two brotherly peoples

 Al-Atwani stressed, according to the statement, "the serious desire to benefit from the Tunisian experience in managing financial and monetary wealth, and its steps in achieving sustainable development, especially since it has a pioneering experience in relying on non-oil revenues to finance the state's general budget."

The statement added that "the meeting came within the framework of Iraq's orientation towards maximizing its non-oil resources, so we aspire to positive integration with Tunisia in this regard, in order to achieve sustainable development that requires economic stability," explaining: "This cannot be achieved for a country that depends entirely on oil, and we cannot accept that our economy remains subject to fluctuations in oil prices."

The statement continued, "The meeting reviewed the most important challenges facing the financial and monetary sector, and how to build The general budget of the two brotherly countries, ways to diversify sources of income and address the deficit, and mechanisms for expanding the tax base and estimating revenues, referring to "the Iraqi government's adoption of automation and digital transformation, as a fundamental step in fighting corruption and improving services." / https://ninanews.com/Website/News/Details?key=1164832

Tuesday's Newspapers Are Interested In Iraq Submitting A Memorandum Of Protest To The United Nations Regarding The Use Of Its Airspace By Israeli Aircraft In Its Recent Aggression Against Iran And In Today's Parliament Session.

Tuesday 29 October 2024 06:26 | Press Number of readings: 268 Baghdad / NINA / The newspapers issued on Tuesday were interested in Iraq submitting a memorandum of protest to the United Nations for the use of its airspace by Israeli aircraft in its recent aggression against Iran and in today's parliament session.

Al-Zawraa newspaper, issued by the Journalists Syndicate, said that Iraq submitted an official memorandum of protest for the use of its airspace by the Zionist entity's aircraft in its recent aggression against Iran, considering it a violation of sovereignty.

The spokesman for the Iraqi government, Bassem Al-Awadi, announced

that Iraq submitted an official memorandum of protest to the Secretary-General of the United Nations and to the UN Security Council, which included condemnation of the blatant violation committed by the Zionist entity by violating Iraq's airspace and sovereignty. Al-Awadi said in a statement:

 "Iraq officially submitted a memorandum of protest to the Secretary-General of the United Nations and to the UN Security Council, which included condemnation of the blatant violation committed by the Zionist entity by violating Iraq's airspace and sovereignty with its aggressor aircraft, and using Iraqi airspace to carry out the attack on the Islamic Republic of Iran, on October 26."

According to the statement, the Prime Minister directed the Ministry of Foreign Affairs to “communicate with the American side regarding this violation, in accordance with the terms of the bilateral strategic framework agreement and the United States’ commitment to Iraq’s security and sovereignty.”

The statement added that “the Iraqi government affirms its firm commitment to Iraq’s sovereignty, independence and the sanctity of its territories, and that it is working at various levels to confront these violations, and stresses that it will not allow the use of Iraqi airspace or territory to attack other countries, especially neighboring countries that have relations of respect and common interests with Iraq.”

He continued: “This position reflects Iraq’s keenness to follow a policy of preserving regional stability by preventing any exploitation of its territories in regional conflicts, and supporting the resolution of disputes through dialogue and mutual understanding.”

Al-Sabah newspaper was interested in the directive of the Speaker of the House of Representatives, Mohsen Al-Mandalawi, to resolve the controversial articles in the general amnesty law, which is expected to be presented during the parliamentary session scheduled for today, which is expected to witness a vote on a number of other laws, including “the Personal Status Law and the Return of Real Estate to Their Owners Law.”

The newspaper quoted a statement from the media office of the acting Speaker of the House of Representatives, "that "Al-Mandlawi chaired a new and expanded meeting of the Parliamentary Legal Committee yesterday, Monday, in the presence of its chairman and members, and a number of representatives, to discuss all the laws submitted for voting and on the agenda of the Council's session today, Tuesday."

The statement added that "the meeting focused on discussing the controversial articles in the draft law amending the second amendment to the General Amnesty Law No. (27) of 2016," indicating that "Al-Mandlawi directed the chairmanship and members of the Parliamentary Legal Committee to expedite their resolution for the purpose of voting on the law in today's session, in addition to voting on the laws (personal status, service and retirement for the Mujahideen of the Popular Mobilization Authority, and returning real estate to its owners covered by some decisions of the dissolved Revolutionary Command Council)."

The House of Representatives is scheduled to hold its fifteenth session of the second legislative term today, Tuesday, which will witness voting on a number of important laws.

A press release issued by the media department of the House of Representatives stated that “among the laws that will be voted on in today’s session is the law on returning properties to their owners covered by some decisions of the “dissolved” Revolutionary Command Council, submitted by the Legal Committee, in addition to voting on the proposed Personal Status Law No. 188 of 1959, Articles 2 and 10, submitted by the Legal Committee and the Women, Family and Childhood Committees.

The statement indicated that the session will also witness voting on the draft law amending the second general amnesty law No. 27 of 2016, submitted by the Legal, Security and Defense, and Human Rights Committees, in addition to voting on the draft law on service and retirement for the Mujahideen of the Popular Mobilization Authority, which was submitted by the Security and Defense, Legal, Finance, Martyrs, Victims and Political Prisoners Committees, which consists of 83 articles.

The statement added that the first reading of the draft law on intellectual property protection submitted by the Culture, Tourism and Antiquities, Media, Legal, Strategic Planning and Federal Service, Education and Scientific Research Committees, which contains 167 Article.

Al-Zaman newspaper focused on the relationship between Baghdad and Washington and said that Baghdad renewed its desire to change the nature of its relationship with Washington, and move from the traditional focus on military cooperation to building a strong economic alliance, reflecting the common desire to strengthen economic ties and deepen the strategic partnership between the two countries.

The statement said that (the Higher Coordination Committee for the Strategic Framework Agreement for Friendship and Cooperation with the United States of America stressed the need to move the relationship with Washington to an economic partnership and not to focus on military affairs), and

Foreign Minister Fuad Hussein, who chaired the committee's periodic meeting in the presence of all representatives of the subcommittees within the Higher Committee, confirmed that (the latest developments in bilateral relations between Iraq and the United States of America were discussed, in addition to reviewing the achievements approved during the recent meetings between the two parties in mid-April in the capital, Washington),

adding that (the meeting touched on future working papers that will be discussed during the upcoming meetings of the committee, scheduled to be held in February of next year, within the agreed upon axes, which include cooperation in the political, diplomatic, security, defense, energy, economic, education, health and environment fields), and

Hussein stressed (the importance of strengthening relations with the United States of America by implementing the provisions of the agreement, and moving the relationship to a solid economic partnership), stressing (the need not to focus only on military and security aspects, but rather to expand cooperation to include economic, health, educational and other fields). https://ninanews.com/Website/News/Details?Key=1164893