What Are The Reasons For The Rise In The Dollar Price In Iraq? A Specialist Answers

Economy  | 03:45 - 07/10/2024   Mawazine News – Baghdad  The researcher and specialist in the financial and banking sector, Mustafa Hantoush, identified the reasons for the rise in the dollar exchange rate in Iraq, indicating that the parallel market in the country needs an in-depth study to dismantle the reasons for its instability.

In an interview followed by /Mawazine News/, Hantoush said that “the existence of huge trade with Iran and Syria, in addition to large numbers of travelers to these two countries, with the presence of small traders who do not own companies or import licenses, are all factors that are not covered by the official currency auction, which leads to fluctuations in exchange rates.”

He added that “fear of the outbreak of wars in the region prompts traders and citizens to exaggerate the quantities imported and consumed, and prompts some to save the dollar, which directly affects the price of the currency in the local market.”

Hantoush confirmed that “Iraqi supply chains from countries such as Turkey, Canada, Australia, China and India do not face any problems, and there are no concerns about the liquidity of the dollar in Iraq, so the crisis raised by traders and citizens is unjustified.” The exchange rate of the dinar against the dollar jumped on the black market to 154,500 dinars per 100 dollars.   https://www.mawazin.net/Details.aspx?jimare=255712

US Ambassador: We Are Committed To Supporting Iraq's Security, Stability And Sovereignty

Monday 07 October 2024 13:05 | Politics Number of readings: 285  Baghdad / NINA / US Ambassador to Baghdad Alina Romanowski confirmed today, Monday, that her country is committed to supporting Iraq's security, stability and sovereignty.

The ambassador said in a post on the "X" platform: "Yesterday, I spoke with Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein about regional developments and the importance of diplomatic dialogue to calm current tensions."

She added: "We are committed to advancing common goals in the comprehensive US-Iraqi partnership and supporting Iraq's security, stability and sovereignty." / https://ninanews.com/Website/News/Details?Key=1160360

The Central Bank Of Iraq's Dollar Sales Have Increased, Exceeding The 260 Million Mark

Banks  Economy News – Baghdad  The Central Bank of Iraq's dollar sales rose on Monday to more than $260 million in a currency auction compared to Sunday.

The bank sold in its auction today 260 million 547 thousand 910 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of remittances and credits, which amounted to $253,147,910, up 97% from cash sales of $7,400,000.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 12 banks, and the total number of exchange companies participating in the auction was 17 companies.  https://economy-news.net/content.php?id=48439

Finance: We Implemented Strategic Plans, Including Automation And Digital Transformation

The Ministry of Finance confirmed the continuation of efforts and the provision of capabilities to develop banking financial performance, noting the implementation of strategic plans, including automation, digital transformation and the use of modern electronic systems.

The ministry said in a statement that "Minister of Finance Taif Sami chaired the periodic meeting of the Ministry's Opinion Board, in the presence of the Undersecretary of the Ministry and the general managers of the departments, banks, bodies and affiliated companies."

It added that "the meeting discussed a number of topics included in the agenda, including reviewing the recommendations of the committees formed by the Opinion Board for previous sessions, determining the stages of progress and achievement rates, as well as discussing the proposed amendments in order to develop the ministry's performance and adapt it to the requirements and vision of modern financial management witnessed by the financial and business sector."

It continued, "The meeting addressed the emphasis on implementing the recommendations of the Council of Ministers, and the emphasis on continuing diligent efforts and providing capabilities within the framework of the government program to develop banking financial performance, and implement financial and strategic plans, including automation and digital transformation, and the use of modern electronic systems and improving the reality of work, to provide optimal services to citizens."

https://www.radionawa.com/all-detail.aspx?jimare=39677

Oil Prices Rise Sharply After Biggest Weekly Gain In A Year

Monday 07 October 2024 13:13 | Economic Number of readings: 149  Baghdad / NINA / Oil prices continued their strong gains in trading on Monday, after recording their largest weekly increase in more than a year on Friday, amid increasing risks of a regional war in the Middle East.

By noon on Monday, Brent crude futures rose 94 cents, or 1.2%, to $78.98 a barrel.

US West Texas Intermediate crude futures also rose $1.09, or 1.51%, to $75.51 a barrel.

Brent rose more than 8% last week, its largest weekly increase since January 2023, while West Texas Intermediate crude rose 9.1%, its largest weekly increase since March 2023. / End9 https://ninanews.com/Website/News/Details?key=1160353

Al-Sudani Directs The Formation Of A Working Group To Prepare Packages To Deal With The Economic And Financial Situation

Politics |  07/10/2024   Mawazine News – Baghdad   Prime Minister Mohammed Shia al-Sudani directed today, Monday, to continue simplifying procedures, pursuing speculators, and reviewing financial and banking reforms.

The Prime Minister's media office said in a statement received by / Mawazine News / that "Prime Minister Mohammed Shia al-Sudani chaired a meeting dedicated to reviewing the comprehensive reform plan for the financial and banking sector in Iraq, in the presence of the Minister of Finance, the Governor of the Central Bank of Iraq, and a number of advisors and directors of government banks."

The Prime Minister stressed "the need to intensify inspection procedures in financial transfer operations, and not to be lenient or lenient in pursuing speculators who exploit the crises that the region is going through, in order to achieve personal profits and benefits at the expense of the public interest of the country, directing the Ministry of Finance, the Central Bank, and bank directors to simplify procedures for business owners, regarding financial transfers.

" Al-Sudani directed "the formation of a working team, working on preparing packages to deal with the current economic and financial situation, and resuming work with investment tools in the Central Bank of Iraq and linking them to the size of each bank's deposits."

According to the statement, "The meeting discussed financial reforms and monetary policies adopted in light of the decisions taken by the Council of Ministers, where His Excellency directed to fully activate all decisions and review the obstacles that prevented the implementation of some of them."

During the meeting, "the progress of work in the plans prepared within the framework of developing the work of banks, the reform measures undertaken by the banks' administrations with Ernst & Young, and the level of progress achieved in this regard were discussed, in a way that ensures providing the best services to their customers."

The meeting also discussed "the facilities provided by banks in the field of attracting deposits, which enhances the role of the banking sector in financing projects and promoting economic development, and His Excellency directed to review the benefits provided by banks to depositors."

The meeting also addressed "the measures taken to encourage citizens to continue using electronic payment systems, which are witnessing a significant increase in the number of users. In this regard, Mr. Al-Sudani directed to study and launch the government incentive program for the use of electronic payment tools, including cash refunds."   https://www.mawazin.net/Details.aspx?jimare=255710

The Judiciary Issues An Arrest Warrant Against The Head Of The Integrity Commission For Not Appearing For Investigation Into The Audio Recordings Rolling Eyes

Chairman of the Federal Integrity Commission Haider Hanoun   Local  Economy News – Baghdad  A senior source reported on Monday that an arrest warrant was issued against the head of the Integrity Commission, Haider Hanoun, for failing to appear for investigation into the charges against him.

Al-Ghad Press Agency quoted the source as saying, "The Third Karkh Investigation Court issued an arrest warrant against the acting head of the Integrity Commission, Judge Haider Hanoun, for not appearing before the court in the cases brought against him."

The source added, "The arrest warrant came after he was notified more than once to appear for investigation on the charge of audio recordings."

Earlier, the Supreme Judicial Council decided to open an investigation into the audio recordings attributed to the head of the Integrity Commission, Haider Hanoun.

The media center of the Supreme Judicial Council said in a statement, "The Chief Public Prosecutor requested the Third Karkh Investigation Court to conduct an investigation into the audio recordings attributed to the acting head of the Integrity Commission, Haider Hanoun, which include crimes of accepting bribes."

Social media sites circulated audio recordings attributed to the acting head of the Integrity Commission, Haider Hanoun, which included receiving bribes and blackmail. https://economy-news.net/content.php?id=48454

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