Iraq Economic News and Points to Ponder Monday Evening 3-25-24
Iraq Economic News and Points to Ponder Monday Evening 3-25-24
Tlm724 Administrator Bondlady’s Corner
The Decline Of The Dollar.. Parliamentary Finance Says That The Crisis Is On Its Way To Ending “Finally”
Economy |Yesterday, 21:53 | Baghdad today – Baghdad The Finance Committee in the Iraqi Parliament confirmed, today, Sunday (March 24, 2024), that the dollar exchange rates in the parallel market will continue to decline until the official price fixed by the Central Bank of Iraq is reached.
Committee member Moeen Al-Kazemi told “Baghdad Today” that “the dollar is still continuing to decline in the parallel market, and this decline will continue, even if slowly, until the official price fixed by the Central Bank of Iraq is reached,” indicating that “there is significant government control over "The market and this crisis are on their way to being resolved once and for all."
Al-Kadhimi stated,
“The visit of Prime Minister Muhammad Shia Al-Sudani to Washington is very important at the level of financial and economic files, and Al-Sudani is discussing with the American side strengthening and strengthening the Iraqi dinar, and lifting obstacles on some banks, as well as providing sufficient cash liquidity from the dollar to Iraq by "The treasury, which is why the visit is considered important and will have positive results on the economic files."
It is hoped that Sudanese will visit Washington in mid-April to discuss several files, most notably the economic and Iraqi measures to combat money laundering and terrorist financing.
The Prime Minister's Advisor Announces The Decline In The Effects Of The Parallel Market And The Decline In Its Activity
Economy Yesterday, 15:07 Baghdad - INA - Nassar Al-Hajj The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, announced today, Sunday, the decline in the effects of the parallel market and the decline in its activity, while revealing the reasons for the decline in the dollar’s exchange rate against the dinar, and the importance of monetary policy and its imposition of a climate of stability at the general level.
Saleh said to the Iraqi News Agency (INA):
“Economic policy played a major role in imposing a climate of stability in the general level of dollar exchange rates,” indicating that
“the state of superiority of the official exchange market in financing Iraq’s foreign trade caused a decline in the effects of the parallel market and a decline in its illegal activities.” Legal".
He pointed out that "the decline in parallel market rates in favor of the official exchange rate is a tangible success in the cohesion of the country's economic policy in its three aspects:
financial, monetary and commercial," pointing out that "the work and high coordination of policies led to providing an incubator of stability embodied in relative price calm and the containment of seasonal price fluctuations." “For materials in high demand, specifically the provision of basic goods related to consumption and daily living for citizens.” He noted
"the importance of using the customs policy, which was represented by (reducing customs tariffs and diversifying imports without quantitative limits for basic and necessary goods) as part of the performance of the financial policy in providing price stability and ensuring the supply of materials, food and essential goods, and production supplies at the official exchange rate and in accordance with the requirements of the national economy."
In addition to the high stability in bank financing for foreign trade for the private sector, which began to adopt the stable official exchange rates of 1,320 dinars per dollar in a wide and more flexible manner through the regularity and stability of financing operations.
He pointed out that "the demand for foreign currency for the purposes of financing the country's foreign trade, on the part of the private sector, is today supported by large foreign currency reserves, which are the highest in the country's history, reaching nearly 111 billion dollars today." He continued,
"These high foreign currency reserves reflect the country's annual trade efficiency of more than 16 months of import at least in light of the global standard for the trade efficiency of foreign reserves, which is limited to only about three months, and that
the ability of these reserves to cover the exported currency is considered a complete coverage of foreign exchange, which is an indicator of stability." Contains any existing or anticipated adverse price fluctuations. https://www.ina.iq/205566--.html
Adviser To The Prime Minister: The Decline Of The Dollar Is An Indicator Of The Strength Of The Dinar And A Tangible Success Of Economic Policy
Time: 03/21/2024 Read: 4,381 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed the strength of the dinar against the dinar after a relative decline in the exchange rate. Saleh told {Al-Furat News} agency,
“We indicate the strength of the Iraqi dinar, expressed in the decline in the parallel market rates of exchange in favor of the official exchange rate, a tangible success in the cohesion of the country’s economic policy in its three aspects: monetary, financial, and commercial, in providing a coherent climate of stability in the general level of prices.”
And containing seasonal price fluctuations for high-demand items, specifically providing basic food commodities that have low price elasticities of demand because they are necessary commodities associated with consumption and daily living.”
He noted "the importance and speed of customs procedures, which were represented by (reducing customs tariffs and diversifying imports without quantitative limits for necessary goods) as part of the performance of the financial policy in supporting price stability and ensuring the supply of food and essential goods and production supplies at the official exchange rate and in accordance with the requirements of the national economy."
The Parliamentary Finance Committee had expected the dollar price to continue to decline as the results of the measures taken by the Central Bank of Iraq to limit the rise in the foreign currency began to appear.
The dollar exchange rate a few days ago was about 1,500 or 1,490 thousand dinars to the dollar.
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Provoking Thoughts and Points to Ponder on Buying & Selling
Everyone lives by selling something - Robert Louis Stevenson
It is naught, it is naught; saith the buyer. But when he is gone his way, then he boasteth - Bible
Piracy, n: commerce without its folly-swaddles - just as God made it. - Ambrose Bierce
A study of economics usually reveals that the best time to buy anything is last year - Marty Allen
A consumer is a shopper who is sore about something - Harold Coffin
Who buys has need of two eyes But one's enough to sell the stuff - Anonymous
Bargain: something you can't use at a price you can't resist - Franklin P. Jones
Don't buy the house; buy the neighborhood - Russian proverb
http://famousquotesandauthors.com/topics/buying_and_selling_quotes.html