Iraq Economic News and Points To Ponder Saturday Afternoon 9-7-24
Call For Political And Social Forces To The "Trial Of The Century"
Time: 2024/09/07 20:25:08 Read: 728 times
{Politics: Al Furat News} Member of the National Wisdom Movement, Riyadh Al-Awadi, called on political and social forces to support the call of the head of the National State Forces Alliance, Mr. Ammar Al-Hakim, to hold a public trial in the case of the theft of tax deposits known as the “theft of the century.”
Al-Awadi told {Euphrates News} that: "What Mr. Ammar al-Hakim's speech means is that this trial must be public and at the level of media and glorification that he received," considering it "a credible example of political work if it serves the interest of the country."
He added, "Mr. Ammar al-Hakim's call for a transparent trial of the "theft of the century" case gives strength to the political system and will enhance trust between citizens and politicians, as well as give high transparency to the judiciary in the country."
Al-Awadi stressed that "Mr. Ammar al-Hakim's call will contribute to reducing the scourge of corruption in the country," calling on political and social forces to "support the call that serves the interest of Iraq."
The head of the National State Forces Alliance, Mr. Ammar al-Hakim, called for a public trial in the case of the theft of tax deposits known as the "theft of the century."
In light of this, the Secretary-General of the Asa'ib Ahl al-Haq movement, Sheikh Qais Khazali, announced his support for Mr. Ammar al-Hakim's call.
Sheikh Al-Khazaali said in a tweet: “To resolve the conflict, put an end to sedition, establish the truth and invalidate falsehood, we announce our support for the call of His Eminence, Brother Sayyed Ammar Al-Hakim (may God glorify him) to hold a public and major trial in the case of (the theft of the century), to be broadcast live on satellite channels and media outlets.”
He added, “So that our dear Iraqi people may know the truth as it is, and so that our just judiciary may play its important role in protecting the rights of Iraq and Iraqis.” LINK
The Central Bank explains the mechanism for ending the work of the dollar registration platform
September 6, 2024 Baghdad - Qusay Munther The Central Bank has put in place a new mechanism to end the work of the electronic platform for registering the dollar, stressing that foreign transfer operations and meeting requests for the dollar are proceeding on sound tracks and in line with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law.
The bank said in a statement received by (Al-Zaman) yesterday that (the electronic platform for foreign transfers managed by the bank at the beginning of 2023 began as a first stage by reorganizing financial transfers in a way that ensures proactive control over them instead of subsequent control by the Federal Reserve auditing daily transfers).
Gradual Transformation
He added that (this is an exceptional procedure as the Federal Reserve does not usually do this, and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and accredited banks, mediated by an international auditing company to conduct a preliminary audit of transfers before they are executed by correspondent banks),
and he continued that (during the current year, 95 percent of the transfer process was achieved from the electronic platform to the mechanism of correspondent banks directly between them and local banks, which means that only about 5 percent of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan),
indicating that (some expectations regarding potential impacts on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one batch at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be completed in the coming short period),
indicating that (trade with the UAE, Turkey, India and China represents about 70 percent of Iraq's foreign trade as imports, which prompted the bank to find channels for transfer in euros, Chinese yuan, Indian rupee and dirham
The statement explained that (with the provision of channels for personal transfers for legitimate purposes and external purchases through electronic payment channels and international money transfer companies and cash sales to travelers, and the payment of cash dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions), and stressed (putting external transfer operations and meeting requests for dollars on sound paths consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law).
Official price
The statement added that (providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation,
and any other price traded outside of these channels is an abnormal price that those with unorthodox or illegal practices resort to, who avoid official channels in their dealings, and they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and the other). LINK
The Central Bank Of Iraq Sold More Than A Billion Dollars During The Past Week
Saturday 07 September 2024 | Economic Number of readings: 134 Baghdad/ NINA / The total sales of the Central Bank of Iraq of hard currency during the days in which the auction was opened last week exceeded one billion dollars.
The Central Bank sold during the past week and for the 5 days in which the auction was opened one billion, 286 million, 141 thousand, and 172 dollars, at a daily average of 257 million, 228 million, and 234 dollars, higher than the previous week, which amounted to one billion, 113 million, 820 million, and 107 dollars.
The highest dollar sales were on Sunday, where sales amounted to 279 million, 390 thousand, and 704 dollars, while the lowest sales were on Wednesday, where sales amounted to 255 million, 233 thousand, and 188 dollars.
Foreign remittance sales during the past week amounted to 1 billion, 283 million, 91 thousand, and 172 dollars, an increase of 96% compared to cash sales, which amounted to 48 million and 50 thousand dollars. / End https://ninanews.com/Website/News/Details?key=1152374
Stability of the dollar exchange rate in local markets
Economy | - 07/09/2024 Mawazine News – Baghdad Mawazine News publishes today, Saturday, the exchange rates of the dollar against the Iraqi dinar in local markets. The prices are as follows:
- Selling: 150,500 Iraqi dinars for every 100 dollars.
- Buying: 148,500 Iraqi dinars for every 100 dollars.
https://www.mawazin.net/Details.aspx?jimare=254555
Basra crude suffers huge weekly losses
Saturday 07 September 2024 | Economic Number of readings: 167 Baghdad / NINA / Basra crude (heavy and medium) suffered heavy weekly losses as global oil prices recorded sharp weekly losses.
Basra Heavy crude closed in its last session yesterday, Friday, up 40 cents to reach $68.76, but recorded weekly losses of $6.10, equivalent to 7.90%.
Basra Medium crude also closed in its last session up 40 cents to reach $71.76, and recorded weekly losses of $6.10, equivalent to 7.60%.
Global oil prices have recorded extended losses for 4 consecutive sessions, amid anticipation of the position of / OPEC + /.
US West Texas Intermediate crude recorded weekly losses of 7.9%, and Brent crude recorded sharp weekly losses exceeding https://ninanews.com/Website/News/Details?key=1152318
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