Al-Alaq Describes The Parallel Dollar As “Abnormal”: There Is Great Stability In Prices

 November 7, 2024  Baghdad/Iraq Observer   The Governor of the Central Bank of Iraq, Ali Al-Alaq, described the prices traded in a real parallel market as “abnormal,” while noting that

 there is great stability in prices and a decline in inflation rates. Al-Alaq said, in an interview with local media, followed by “Iraq Observer”:    “We understand the state of focus on the rise in exchange rates in local markets, but  we believe that the focus should be on the ability of the central bank to implement full coverage of external transfers for commercial or other purposes, and this   “It happens on a daily basis.”

He added,   “The daily dollar selling rates are high and almost sufficient to cover the needs of merchants, businessmen, and even citizens.

 Therefore, we look at the price through the amount of sales that the Central Bank undertakes daily at the official rate.” He pointed out,

  “The Central Bank looks at another indicator, which is the inflation rate in the market, and

 we notice that there is great stability in prices and a decrease in the inflation rate, which indicates that foreign trade is covered by the official price, which is 132,000 dinars.” The Governor of the Central Bank continued:

  “The price that is being traded in the market is in fact an abnormal price that does not reflect the reality of the price.

 Usually, this price is called a parallel price when there is a real parallel market that has sources of dollars from other than the Central Bank.”

 Al-Alaq called on citizens to “pay attention to the fact that the price they are looking at is the price at which the Central Bank sells to merchants,” pointing out that

 “more than 95% of the Central Bank’s daily sales are external transfers, and

this external transfer is the one that represents the reality of commercial and other transactions.” He covers it at the official price.”    https://observeriraq.net/العلاق-يصف-دولار-الموازي-بـالشاذ-وجو/

The Governor Of The Central Bank... Who Goes To Buy Dollars From The “Black Market”?

 November 7, 2024  Baghdad/Iraq Observer   The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, identified the categories that go to buy dollars from the black market.  Al-Alaq said, in an interview with local media, followed by “Iraq Observer,” that

 “a number of merchants, for their own reasons, still do not come using the traditional method and transfer what they need at the official price, but the percentage of these merchants decreases over time.” He added,

  “There were a small number of people entering the platform for external transfers,

 but now the numbers have become large and constantly increasing, and

 when we reach the point that everyone is moving to use official and fundamentalist channels in the transfer process, then we find no room for there to be two prices for the dollar.”.  The Governor of the Central Bank wondered:

“Why do some people go to buy the dollar on the black market if they have a legitimate request to obtain the dollar, such as if they are a traveler or a citizen buying from abroad or a merchant importing goods or a person who refers to related people abroad for study or treatment or for each other?” Purposes?     https://observeriraq.net/محافظ-البنك-المركزي-يُحدد-من-يذهب-لشرا/

Iraq's Possession Of Gold Increased To More Than 152.5 Tons

 Economy  2024-11-06 Shafaq News/ The World Gold Council announced, on Wednesday, that Iraq had increased its gold holdings to more than 152.5 tons.

According to the latest table published by the Council for the month of November 2024, viewed by Shafaq News Agency,

 “Iraq ranked 29th out of 100 countries included in the table with the largest gold reserves,” indicating that

“Iraq ranked third in the Arab world after Saudi Arabia and Lebanon.” He added,

"Iraq increased its possession of gold to 152.6 tons after its possession was 152.5 tons, which represents 11.5% of its other reserves." The Council also pointed out that

  “the United States of America sits on the throne of the rest of the countries with the largest possession of gold in the world at 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy came with 2,814 thousand tons, while Bosnia and Herzegovina came at the bottom with 1.5 thousand tons.” tons".

 It is noteworthy that the World Gold Council is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world.    https://shafaq.com/ar/اقتصـاد/ارتفاع-حيازة-العراق-من-الذهب-لى-كثر-من-152-5-طنا

Iraq Is Entering A New Economic Phase.. “Huge” Ships Dock In The “Large” Port

 November 7, 2024  Basra/Iraq Observer   With the receipt of the five berths of Al-Faw Port from the Korean executing company, Iraq entered the era of a state whose ports overlooking the Gulf are officially relied upon to receive huge ships.

 An event that Prime Minister Muhammad Shiaa Al-Sudani, who sponsored today’s handover ceremony for the project that the government described as the “People’s Project,” stressed that

“it is of great importance because of its connection to the development road project, which will connect, starting from the large port of Al-Faw, the economies of most countries in the region, and will be an outlet for achieving integration.

” The economist, pointing out that Iraq remains a fundamental pillar in the global economy, and a historical part and corridor of the most important international exchange routes.

 During the opening, Al-Sudani pointed out the importance of the five berths in the Grand Al-Faw Port.

 It represents the backbone of the port project in its first phase, which will be completed next year according to the previous schedules.

 Huge commercial ships with large submersibles have already docked at the port’s docks.

 Increase Revenue

 Member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said in a statement to the official agency, followed by “Iraq Observer,” that

 “Iraq depends on oil for its resources by 90%, and

there is serious government work and direction to increase non-oil revenues,” indicating that

 “the importance of ports lies in their It represents two revenue streams: the

     first is oil through exporting oil and receiving oil tankers, and the

     other is through the entry of goods.”  He added,

“The opening of the five berths and the completion of the investment in Al-Faw Port will contribute to supporting the path of development, in addition to being part of the Silk Road,” noting that

 “Iraq is located in a geographical area that makes it a link between the major countries, China and Europe.”

 Development Path

 In turn, the Prime Minister’s Advisor for Transport Affairs, Nasser Al-Asadi, said in a statement to the official agency and followed by “Iraq Observer” that

 “the opening of the first berths of the port will be followed by the opening of the remaining berths within the specified periods,” pointing out that

“the economic importance of these berths lies in opening the door Iraq has to make the Al-Faw Port project a reality, transforming it into a diversified economy through Al-Faw Port’s revenues.”  He stated,

 “Al-Faw Port has become a reality and will be the main artery of development, in addition to providing great job opportunities.” He confirmed,

  “The ships have begun to dock experimentally at the five berths, all of which have been opened,” noting that

 “there are other parts of the port that are close to completion.”

Giant Ships

Economic analyst Ahmed Abd Rabbo confirmed in a statement to the official agency, which was followed by “Iraq Observer,” that

“Al-Faw port differs from other ports in Iraq in that it is directly connected to the Gulf, while the other ports are in sea channels, and the

 opening of the five berths means inaugurating the phase of Iraq’s reception of giant and large ships that... It was impossible to enter.” He stated,

 “The other advantage of Al-Faw Port is the depth of its waters, which differs from other ports, and this matter will contribute to the process of actually embarking on the path of development by allowing ships of various sizes to dock.” He continued,

 “The opening of the docks cut off the talk of those who doubted the completion of Al-Faw Port and began the countdown to the completion of the Grand Al-Faw Port project.”

Attracting international shipping companies

 Economic expert Ahmed Saddam said in a statement to the official agency and followed by “Iraq Observer” that

“the expected economic importance of Al-Faw port after completing other equipment such as cranes, warehouses, management systems and their accessories lies in encouraging the entry movement of large ships that need a large draft, as well as reducing the burden on Umm port.” castle". He continued,

 “This means that Al-Faw Port will contribute to attracting new shipping companies in the future that can raise the level of the port’s revenues.” He pointed out,

 “Other positives for the Iraqi economy are the provision of

     employment opportunities within the port, as well as

     opening the door to internal land transport companies that will deal with the port in the future.” He stated,

  “If we take into account the activation of the Basra Law, the economic capital of Iraq, then

 Al-Faw Port will be the mainstay for attracting foreign direct investment companies after providing appropriate facilities for that.

 This will naturally be reflected in the Iraqi economy by raising the level of non-oil investments and their revenues.”    https://observeriraq.net/العراق-يدخل-مرحلة-اقتصادية-جديدة-السف/

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