Iraq News Highlights and Points To Ponder Monday AM 7-22-24

Iraq And The US Elections... Limited Impact

Iraq  07/22/2024  The world is awaiting the results of the US elections scheduled for next November, which seem to be the most exciting in recent decades, after being dominated by personal touches and the conflict between the current president (Biden) and the previous one (Trump). Iraq is not excluded from the American spotlight, as it is a link between a number of international and regional parties.

Academic and researcher in political affairs, Dr. Abdul Aziz Al-Issawi, warned that Iraq's political situation is different from its previous situation, indicating that the Iraqi government is proceeding to zero diplomatic relations with the United States.

Al-Issawi told Al-Sabah: "We are not in 2006 or 2010 or 2014 when Iraq needed the international coalition, so the impact of the US elections is less than before." He added that "Iraq will not be affected by America and vice versa, as Iraq is no longer a major file to influence the US elections, as it has been preoccupied with the war in Gaza and Ukraine."

He continued, "There is talk that US policy is different with the arrival of Trump, and this is not true, because it is a state of institutions." He stated that "when Trump lost the previous elections and refused to hand over power, it was legally taken from him,

" stressing that "some link the elections in Iraq to the elections in America, while there is no impact, because the current government has drawn the course of foreign relations and is proceeding to zero out relations with everyone, so that the relationship with Washington will be more diplomatic."

Al-Issawi pointed out that "the time of the expansion of American influence is over, and therefore the American elections will have less impact on Iraqi politics."

For his part, political analyst Dr. Majash' Al-Tamimi stressed the importance of the upcoming American presidential elections.

Al-Tamimi told Al-Sabah: "The United States and Iraq are allies according to a security agreement and another strategic agreement that includes non-military and security matters," adding that "the United States considers Iraq part of its national security, while Iraq considers the United States an important ally with its strength in the economy, security and other matters, as its foreign trade is in US dollars and its money is deposited in the US Federal Reserve," stressing that "Iraq is affected by what is happening in America."

Al-Tamimi continued: "Accordingly, I do not think that the Republicans' victory in the elections will greatly affect Washington's policy towards Iraq, because Iraq wants this relationship to continue."

 He stressed that "the American presence is important for Iraqi national security, as American forces provide protection for the largest ISIS camp in Syrian territory, and in the absence of American support there will be negative effects on Iraqi internal security." Editing: Mohammed Al-Ansari   https://alsabaah.iq/99726-.html

With A Difference Of 18 Thousand Dinars From The Official Price.. Exchange Rates Continue To Rise "Crazily"

Baghdad Today – Baghdad  The dollar exchange rate continues to rise in the main stock exchanges in Baghdad, reaching nearly 150,000 dinars for every 100 dollars this morning, Monday (July 22, 2024).

Al-Kifah and Al-Harithiya stock exchanges recorded the sale of $100 at 149,250 dinars, after it recorded 148,900 dinars yesterday, against a fixed purchase price of 148,250 dinars.

While local markets and exchange shops recorded the sale of 100 dollars for 150,250 dinars, which means that the difference between the official price (132,000) and the parallel price is still more than 18,000 dinars for unknown reasons and without the slightest government action except for statements, declarations and promises that do not contribute to its decrease.   LINK

Sand: The Dollar Will Rise Due To US Policies And Its Price Cannot Be Determined Accurately

Economy | 07/21/2024  Mawazine News - Baghdad   Member of the Parliamentary Finance Committee, Mustafa Sand, said in an interview followed by Mawazine News, that Iraq's foreign reserves have increased due to the reduction of dollar sales in the auction. He added that the policies adopted by the US Treasury and the Federal Reserve have restricted the sale of the dollar.

Sand pointed out that the expected rise in the dollar is due to the US policies imposed on Iraq. He stressed that the dollar exchange rate cannot be determined accurately, as it changes according to fluctuations in supply and demand.  https://www.mawazin.net/Details.aspx?jimare=251660

The Parallel Is 12% Higher Than The Official.. Latest Update On The Dollar Exchange Rates In Iraq

Baghdad Today - Baghdad    The dollar exchange rate rose relatively in the stock exchanges, by about 150 dinars compared to the prices recorded this afternoon.

In Baghdad, the exchange rate reached 149,050 dinars per 100 dollars, after recording 148,900 dinars per 100 dollars this afternoon, while the difference between the official price and the parallel price is still 17,000 dinars per 100 dollars, which means the difference is 12%.   LINK

The exchange rate list according to the latest update is as follows:  

$100=149,050  Baghdad

$100=149,200  Erbil

$100=149,200  Basra

$100=149,250  Sulaymaniyah

$100=149,250   Duhok

100$=149,300   Kirkuk

$100=149,300   Halabja

$100=149,250   Connector

$100=149,250   Najaf

$100=149,300   Gray

$100=149,300   Samawah

$100=149,250   Nasiriyah

$100=149,300   Karbala

$100=149,300   Baqubah

$100=149,250   suit

$100=149,250  KWD

$100=149,300  Diwaniyah

$100=149,300  Tikrit

$100=149,300  Building

Slight Rise In Dollar Prices Against The Dinar In Iraqi Stock Exchanges

Economy  2024-07-22 | 1,515 views  Alsumaria News – Economy  Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets for Monday, July 22, 2024.

The dollar prices rose slightly with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149,250 dinars for every 100 dollars, while the selling prices in exchange shops in the local markets inBaghdadIt also rose, as the selling price reached 150,250 dinars, while the purchase price reached 148,250 dinars per 100 dollars.

And it was Council of Ministers  On February 7, 2022, it was announced that the dollar exchange rate had been amended to 1,320 dinars per dollar.

About a year ago, specifically since the Central Bank began operating the electronic platform and the international financial transfer system,Swift(SWIFT), the dollar exchange rates did not witnessIraqStability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets.  LINK

Al-Nusairi: Implementing Banking Reform Strategies Is The Main Pillar For Reforming The National Economy 

Banks   Economy News – Baghdad  The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed today, Monday, that the banking reform and development strategy is the main pillar for reforming the comprehensive national economy.

Al-Nusairi said in a special interview with “Al-Eqtisad News” that “the strategy of banking reform and development is the basic pillar for comprehensive and radical reform of the national economy in line with what is stated in Article Twelve, Paragraph (7) of the government program,

which clearly and accurately stated that (banking reform, with what it provides of a real and effective basis for the advancement of the Iraqi economy and the activation of investment through the restructuring and mechanization of government banks, reviewing their work, and stimulating and enabling private banks to be able to support investment and development in a real way).”

Al-Nusairi touched on the "importance of the banking sector, as it occupies a vital position within the financial structure of the economy in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform."

He pointed out "the measures currently taken by the Central Bank with the support of the government to launch its new third strategy for reforming and developing the banking sector for the years 2024-2026 according to seven main objectives, 24 sub-objectives and 75 initiatives to implement the objectives focusing on

 achieving monetary and financial stability,

strengthening the banking sector,

enhancing digital transformation,

activating electronic payment,

enhancing financial inclusion,

maintaining a sound financial system,

developing the organizational structure and human resources,

strengthening the internal and external relations of the Central Bank, and the banking sector's compliance with international standards."

Al-Nusairi pointed out that "a national strategy for bank lending in Iraq for the years 2024-2029 was launched, aiming to increase credit granted to the private sector by 4% of the non-oil GDP, which is equivalent to approximately 7 trillion dinars, and the second goal is to increase credit to small and medium enterprises by 3% of the non-oil GDP, which is equivalent to approximately 5 trillion dinars."

He stressed that "the new mechanisms depend on organizing the granting of loans to develop small, medium and micro enterprises by relying on and relying on a new approach to determine the basic objectives of economic development, evaluating the current situation of private sector financing, and benefiting from international experiences in this field, as well as continuing the procedures and using monetary policy applications to control the exchange rate and reduce the gap between the official rate and the parallel rate towards reaching the targeted and balanced exchange rate."

Al-Nusairi explained that, "If it were not for the many services provided by the banking system in developed countries, these countries would not have been able to achieve the progress and economic growth they have achieved."

He explained that "the strength of the banking structure has become a necessity for building a prosperous economy that adopts modern systems and sound sustainable development.

The development of banking habits and awareness of the importance of developing banking institutions in a way that ensures the building of a national savings base and develops the financial resources necessary to build the economy have become priorities for decision-makers."

The advisor to the Private Banks Association continued: “The soundness of the banking system and the mobilization of sound decisions in the field of economic policies towards developing and modernizing banking systems ensures the achievement of momentum in the world of real and financial investment, which stimulates financial and monetary markets, which leads to attracting foreign capital seeking profit.

Therefore, the decision-maker should take the necessary measures to fortify and strengthen local banking systems in a way that makes them capable of facing the challenges of transferring capital to and from abroad without causing money laundering or smuggling foreign currency, and then increasing the profitability of financial and banking institutions and strengthening the structure of the gross domestic product, which is what the government and the Central Bank are currently active in.”   53 views 07/22/2024 - https://economy-news.net/content.php?id=45452