Friday Morning Iraq Economic News Highlights 1-6-23

Friday Morning Iraq Economic News Highlights  1-6-23

Sudanese Advisor: The Price Of The Dollar Will Settle Between 145 To 146 Thousand Soon

Economy |Yesterday, 12:52 |  Baghdad today – Baghdad Mazhar Muhammad Salih, the financial and economic advisor to Prime Minister Muhammad Shia' al-Sudani, commented today, Thursday, on the return of the dollar's exchange rate against the Iraqi dinar in the local market, confirming its stability soon.

Saleh said to (Baghdad Today), that "with the improvement in the degree of disclosure in commercial transactions and the increase in their transparency that requires financing, in the dollar currency from the window of the Central Bank of Iraq, the temporary gap between supply and demand for foreign currency will shrink.”

He added that "the flexibility of monetary policy intervention in the exchange market to restore market stability will accelerate its pace, and during the coming days the exchange rate of the dollar against the Iraqi dinar will stabilize between the price of 1455-1460 dinars per dollar." , meaning 145 and 146 thousand dinars per 100 dollars.

He stressed that "the monetary authority seeks to protect economic stability."

Earlier, the House of Representatives held a special session to discuss raising the exchange rate of the dinar and maintaining its stability, as the signatures of more than 80 deputies were collected so far and sent to the Presidency of the Council, at a time when fluctuations in exchange rates confused the markets, causing concern among the earners.

It is noteworthy that the exchange rate of 100 dollars recently approached 160 thousand dinars, which is the first time that the exchange rate of the dinars decreased in this way, while the Central Bank imposed sanctions on 18 banks in order to restore balance to the markets. , and to satisfy the United States, which accuses Iraq of transferring the dollar to the outside.   Edit: R.p   LINK

Sudanese Economic Adviser: The Iraqi Dinar Is In Its Strongest Degree Of Stability

Economy |Yesterday, 21:39 |Baghdad today – Baghdad   Today, Thursday, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, saw that the Iraqi dinar is in the strongest degree of its stability.

Saleh said, to (Baghdad Today), that "the Iraqi dinar is in its strongest degree of stability, the instability of the exchange rate of the dollar against the dinar is caused by international compliance controls that require transparency and broader governance in the behavior of Merchants in foreign currency through financing foreign trade from the window of the central bank, and this lack of stability is my time, and it will be back very soon.”

And he indicated that "the balance of foreign currency reserves is around 100 billion dollars, which is the highest in Iraq's financial history, and this confirms that the Iraqi dinar is in the strongest degree of stability. Back to normal as it was before.

This comes as the exchange rate of the dollar has been fluctuating for days, after reaching the threshold of 160,000 dinars for every 100 dollars. It later declined and then rose to about 156,000 dinars, amid government pledges to control the exchange rate.   Edit: G.F    LINK

A Political Movement Invites The Sudanese: The Dollar Is Fleeing By Land And Must Be Intervened

Politics / Economics |Today, 10:28 |Baghdad today – Baghdad Today, Friday, the Secretary-General of the "Enough" movement, former MP Rahim al-Darraji, called on the Iraqi government headed by Muhammad Shia' al-Sudanese to activate "economic security."

Al-Daraji told (Baghdad Today) that "the Iraqi government is required to activate the role of economic security and grant powers to close exchange companies and banks that violate the official rate," calling, "the security authorities to stop the currency smuggling by land, which is no less important than the smuggling of oil derivatives.”

And Al-Daraji, a former member of the Parliamentary Finance Committee, stated that “the absence of any accountability by the Central Bank for banks and banking companies that violates the instructions of the Central Bank, especially since this generates a lack of confidence in the US Federal Reserve in the control of the Central Bank of Iraq over dollar sales and attempts to smuggle it, with the presence of operations smuggling currency overland by means of bags and vehicles.  Edit: G.F    LINK

Angry Protests In Front Of The Central Bank To Demand A Reduction In The Dollar

Posted On2023-01-05 By Sotaliraq   Baghdad - Ibtihal Al-Arabi   Citizens protested yesterday, in front of the Central Bank building in the middle of Al-Rashid Street in Baghdad, after the currency exchange rate rose again and reached the threshold of 156 thousand dinars per hundred dollars, and demanded a reduction in the price of the dollar against the dinar. The security forces closed the street leading to the bank.

Witnesses said that (the demonstrators held banners calling on the Central Bank to reduce the price of the dollar against the dinar, blaming it for the high exchange rate). The demonstrations coincided with continuous showers of rain, and the security forces closed Al-Rashid Street in anticipation of any emergency. The dollar exchange rate rose on the local stock exchange.

The selling prices were recorded at 156,000 dinars per 100 dollars, while the buying prices of the dollar were 155,500 dinars per 100 dollars. And the bank decided earlier to adjust the exchange rate of the dollar against the dinar, as the price of buying a dollar from the Ministry of Finance reached 1450 dinars, while the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen was 1470 dinars per dollar. LINK

The President Of The Republic Calls For Speeding Up The Approval Of The Budget

Policy  2023-01-05 | 09:20   2,001 views  Today, Thursday, the President of the Republic, Abdul Latif Jamal Rashid, stressed the need to expedite the approval of the budget to provide the requirements for reconstruction in Iraq.

Rashid's office said, in a statement received by Alsumaria News, that the latter "received at the Baghdad Palace, Finance Minister Taif Sami, and discussed with her developments in the financial and economic situation in the country."

The President of the Republic spoke, according to the statement, about "Iraq's upcoming participation in the Davos conference, and his determination to work for Iraq to have a pivotal role by encouraging businessmen and capital to invest in projects that will contribute to the development of the local economic reality, especially after Iraq witnessed security and economic stability." He stressed that supporting the private sector is a national necessity to be a catalyst in supporting the country's economy.

He pointed to "the need to expedite the approval of the draft budget law, to ensure the provision of the requirements for reconstruction in the country and the continuation of the wheel of progress and the development of the service and living reality for citizens in a manner that meets their legitimate rights to a free and dignified life."

The president stressed, "the need to carry out appropriate reforms to combat corruption, which is an obstacle to any progress in the country, noting the importance of relying on electronic governance to reduce financial waste and undermine corruption."

In turn, the Minister of Finance gave an explanation of the developments in the financial situation and the obstacles facing the advancement of the economy and the ways to overcome them, expressing her thanks to the President for his support for everything that would achieve stability in the country at various levels.   LINK

The President Of The Republic Stresses The Need To Expedite The Approval Of The Budget To Provide The Requirements For Reconstruction In The Country

Iraq   17:33 - 2023-01-05   His Excellency the President of the Republic, Dr. Abdul Latif Jamal Rashid, received, at the Baghdad Palace, the Minister of Finance, Taif Sami, and discussed with her the developments of the financial and economic situation in the country.

At the beginning of the meeting, the President of the Republic spoke about Iraq's upcoming participation in the Davos Conference, and His Excellency's determination to work for Iraq to have a pivotal role by encouraging businessmen and capital to invest in projects that will contribute to the development of the local economic reality, especially after Iraq witnessed security and economic stability. , stressing that supporting the private sector is a national necessity to be a catalyst in supporting the country's economy.

His Excellency the President stressed the need to expedite the approval of the draft budget law, to ensure the provision of the requirements for reconstruction in the country and the continuation of the wheel of progress and the development of the service and living reality for citizens in a way that meets their legitimate rights to a free and dignified life.

Mr. President stressed the need for appropriate reforms to combat corruption, which is an obstacle to any progress in the country. In this context, His Excellency referred to the importance of relying on electronic governance to reduce financial waste and undermine corruption.

In turn, the Minister of Finance gave an explanation of the developments in the financial situation and the obstacles facing the advancement of the economy and the ways to overcome them, expressing her thanks to His Excellency the President for his support for everything that would achieve stability in the country at various levels.    https://kirkuktv.net/AR/Details/12162