Iraq Economic News and Points to Ponder Wednesday AM 10-11-23

Al-Shammari: America Punishes Iraq With Dollars To Topple The Government

Information / Baghdad..   Member of the Popular Legal Movement, Ahmed Shahid Al-Shammari, confirmed today, Wednesday, that the United States of America is punishing Iraq with dollars for many reasons.  Al-Shammari said in an interview with the Maalouma Agency, “The continued rise of the dollar is aimed at targeting Prime Minister Muhammad Shia’ al-Sudani and his government.”

He added, "The Presidency of Parliament did not perform its real role in discussing the issue of the rise in the dollar exchange rate by hosting those concerned and developing appropriate solutions."

He pointed out that "the rise in the price of the dollar on the black market has become a major concern among popular circles," stressing that "the rise in the sale of the dollar is intentional and the United States of America stands behind it to target the Sudanese and his government."

Representative Hadi Al-Salami warned of the repercussions of losing control over the exchange rate in the parallel market for the dollar after it exceeded the barrier of 163 dinars per 100 dollars. LINK

An Advisor To The Iraqi Government: The Dollar Exchange Rates Will Stabilize Within Two Months

2023-10-11 03:12  Shafaq News/ Advisor to the Prime Minister for Investment Affairs, Muhammad Al-Najjar, expected on Wednesday that stability would return to the exchange rates of the dollar against the Iraqi dinar in the parallel market within a maximum period of two months.

He said during his hosting of the seventh session of the “Miri” Forum, under the title “The Sudanese Government... Pledges, Progress, and Prospects,” that the disruption that occurred in the dollar exchange rates is not the result of coincidence, but rather a legacy dating back almost to the beginning of the war with the Iranian-Iraqi in the 1980s. He added, "A short period of time ago, the pattern of dealing with banks with regard to the dollar changed."

He explained that what is happening in this transformation and this process is that we are trying to return everything to the global system, which all Iraqi governments were late in this action, and some of them completely ignored the requests directed, and these requests are correct in reality.

Al-Najjar also pointed out that what we were supposed to do in six years, we are trying to accomplish in one year, and this greatly affected the exchange rate of the dollar, adding that the second thing that happened was the presence of major corruption within a group of banks and banking companies, which led to... To smuggle dollars.

The government advisor continued, saying, “The question asked is: Will the dollar price continue to rise?” The answer: Yes, this rise may continue for a certain period of time, adding: But we expect that within a month or two, stability in the exchange rate will begin, because 70 percent of trade In Iraq, it moved to the electronic platform.   LINK

Exchange Rates Are Flying High... 163 Thousand Dinars For Every Hundred Dollars In Iraqi Markets

Economy  2023-10-11 | 2,091 views  Alsumaria News – Economy    Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Tuesday, October 11, 2023.

Dollar prices rose in local markets in Baghdad, as the selling price reached 163,000 Iraqi dinars, while the purchasing price reached 161,000 dinars for every 100 dollars.

In Erbil, the dollar exchange rates for selling reached 160,900 dinars for 100 dollars, and the purchasing price was 160,800 dinars for 100 dollars.

For more than 7 months, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system ““SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel (black) markets.

The Central Bank of Iraq  decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of buying the dollar from the Ministry of Finance  reached 1,300 dinars per dollar and selling it at (1,310) dinars per dollar to banks through the electronic platform, and it is sold for (1,320) dinars per dollar. Dollars from banks and non-banking financial institutions to the final beneficiary.   LINK

Parliamentary Planning: Hidden Hands Are Tampering With The Iraqi Economy Through The Dollar

Information / Baghdad..  The Parliamentary Planning Committee confirmed, on Wednesday, that the continuing crisis of the rise in the dollar exchange rate is artificial and aims to harm the Iraqi economy, while indicating the presence of hidden hands used by the American side as a pressure card to embarrass the government through the dollar file.

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Deputy Chairman of the Committee, MP Muhammad Karim, said in a statement to Al-Maalouma, “There are hidden hands working to harm the Iraqi economy to bring the Sudanese government to a critical point regarding the continued rise in the dollar exchange rate.”

He added, "The American side is behind this crisis by employing tools that exacerbate the crisis and constitute a pressure card on the government of Muhammad Shiaa al-Sudani."

Karim pointed out, “The treatment tools taken by the Central Bank of Iraq failed to reach the real solutions to control the issue of the rise in the exchange rates of the US dollar against the Iraqi dinar.”

He pointed out that "the problem is not a person or a group until they are replaced. Rather, the issue is related to finding alternative and effective ways and solutions to address and get out of the crisis that has become worrying for everyone."

During the current period, America worked to destroy the Iraqi currency by imposing sanctions on Iraqi banks, and banning the dollar under many pretexts, which led, in one way or another, to a severe financial crisis in the Iraqi markets. LINK

The Central Bank Of Iraq "Loses Control"... A Continuous Rise In Dollar Exchange Rates

TUESDAY, 10-10-2023, PM 6:22   KARAR AL-ASSADI  The official spokesman for the stock market in Sulaymaniyah said on Tuesday that the increasing rise in the exchange rate of the dollar against the dinar indicates that the Central Bank of Iraq does not control the work of private banks in the country.

Jabbar Goran said during a press conference held in Sulaymaniyah, today, that the rise in the price of the dollar is due to internal reasons represented by the statements of Iraqi officials, especially the recent statements of the Central Bank of Iraq, as well as the fear and anxiety of citizens as a result of the current situation, in addition to external reasons represented by the general situation in the region, the most important of which is what is happening now. In Palestine.

He added that the rise that the dollar has reached during the past five days indicates the lack of control of the Central Bank of Iraq over the work of private banks, as well as the lack of confidence of the Iraqi citizen in the local currency, according to Shafaq News.

He pointed out that the Central Bank of Iraq did not reduce the pumping of foreign currency during this period, pointing out that the Iraqi situation is considered important to the American side and all the decisions now issued by the American Treasury are in the interest of Iraq and must be adhered to.

Today, Tuesday, the price of the US dollar exceeded the barrier of 160 thousand Iraqi dinars, in Baghdad and the rest of the country’s governorates.     https://non14.net/public/160858

The Central Bank Of Iraq "Loses Control"... A Continuous Rise In Dollar Exchange Rates

2023-10-10 08:47  Shafaq News/ The official spokesman for the stock market in Sulaymaniyah, Kurdistan Region, said on Tuesday that the increasing rise in the exchange rate of the dollar against the dinar indicates the Central Bank of Iraq’s lack of control over the work of private banks in the country.

Jabbar Gorran said during a press conference held in Sulaymaniyah, today, attended by Shafaq News Agency, that the reasons for the rise in the price of the dollar are due to internal reasons represented by the statements of Iraqi officials, especially the recent statements of the Central Bank of Iraq, as well as the fear and anxiety of citizens as a result of the current situation, in addition to external reasons represented by the general situation. In the region, the most important of which is what is happening now in Palestine.

He added that the rise that the dollar has reached during the past five days indicates the lack of control of the Central Bank of Iraq over the work of private banks, as well as the lack of confidence of the Iraqi citizen in the local currency.

He pointed out that the Central Bank of Iraq did not reduce the pumping of foreign currency during this period, pointing out that the Iraqi situation is considered important to the American side and all the decisions now issued by the American Treasury are in the interest of Iraq and must be adhered to.

Today, Tuesday, the price of the US dollar exceeded the barrier of 160,000 Iraqi dinars, in Baghdad and Erbil, the capital of the Kurdistan Region, with the stock market closed.   LINK

Points to Ponder on Common Sense:

Common Sense is, of all kinds, the most uncommon -- It implies good judgment, sound discretion, and true and practical wisdom applied to common life -- Tryon Edwards

One pound of learning requires ten pounds of common sense to apply it -- Persian Proverb

Fine sense, and exalted sense, are not half as useful as common sense -- there are forty men of wit to  one man of sense -- He that will carry nothing about him but gold, will be every day at a loss for readier change -- Pope

To act with common sense according to the moment, is the best wisdom I know ; and the best philosophy is to do one's duties, take the world as it comes, submit respectfully to one's lot; bless the goodness that has given us so much happiness with it, whatever it is; and despise affectation -- Walpole