Iraq Economic News and Points To Ponder Sunday Afternoon 7-7-24
The Central Bank Reveals The Volume Of Its Hard Currency Sales
Time: 2024/07/07 Read: 780 times {Economic: Al Furat News} The Central Bank of Iraq’s sales, on Sunday, from the hard currency auction for the US dollar during the month of June amounted to more than 4 billion dollars.
During the month of June, during the days in which it opened its auction for buying and selling the US dollar, the Central Bank sold 4 billion, 438 million, 744 thousand, and 273 dollars, at a daily rate of 295 million, 916 thousand, and 284 dollars.
Foreign remittance sales during the past month amounted to 4 billion, 50 million, 289 thousand, and 273 dollars, an increase of 90% compared to cash sales, which amounted to 388 million, 455 thousand dollars.
These sales were distributed between transfers abroad to finance foreign trade, and cash sales to banks, while the selling price of documentary credits and international settlements for electronic cards reached 1,310 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1,305 dinars per dollar. LINK
How Do We Control The Rise In The Price Of The Dollar?
The distinguished financial expert Mahmoud Dagher provides the answer
July 6, 2024 Baghdad/Iraq Observer Financial expert Mahmoud Dagher talks to “Iraq Observer” about the ways in which it is possible to control the rise in dollar prices in local markets.
Watch the video clip via the link below:
https://youtu.be/szUd5lr2Ovk?si=ay52hTAvF5DOAamf
https://observeriraq.net/كيف-نسيطر-على-ارتفاع-سعر-الدولار؟-الخب/
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[approximate translation of https://youtu.be/szUd5lr2Ovk?si=ay52hTAvF5DOAamf ]
0:00 Peace be upon you, he adopts
0:03 Iraq has a fixed exchange rate system, meaning its currency is the dinar
0:09 It is fixedly linked to the dollar, which means that
0:14 There is one buying price and one selling price
0:20 Deviation is allowed only within limits from one to
0:24 Two and not continuously but what is going on
0:30 reality
0:31 There is a gap of up to 10%
0:37 Show the official rate adopted by the bank
0:40 The central bank and the transactions taking place in it
0:44 The market returns most
0:49 this 0:50 The difference is as follows
0:54 First, there is a commission imposed by banks
0:59 Merchants
1:01 About the price
1:02 The official one is there
1:05 Commission imposed by him
1:08 Importing merchants at the official price
1:14 on
1:16 the sales
1:19 For individuals, there are commissions charged on sales
1:23 Dollar
1:24 With cards, commissions are charged
1:27 On dollar sales in Western transfers
1:31 And German
1:34 Gram return to fixed exchange rate should be terminated
1:38 These commissions
1:40 With a well-thought-out program and steps
1:44 And it's clear
1:46 Let us know that there is a commitment to the exchange rate system
1:50 Firm and do not deviate from it. Thank you very much
https://observeriraq.net/كيف-نسيطر-على-ارتفاع-سعر-الدولار؟-الخب/
The Central Bank Hosts A Meeting To Regulate Electronic Commerce In Iraq
July 07, 2024 His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, chaired the meeting of the Diwani Order Committee (24079) to regulate electronic commerce in Iraq with the participation of the concerned authorities.
During the meeting, a draft system for e-commerce and consumer protection was discussed through the controls discussed by the attendees, through registration procedures and obtaining a license to practice this trade.
The committee contributed to defining the service provider and granting it a license through an electronic platform established by the Ministry of Commerce, and the members of the committee stressed establishing the controls for granting a license to those wishing to practice electronic commerce in a way that preserves the rights of all parties.
While the attendees agreed to submit the “regulation paper” to the Council of Ministers for review and approval to proceed with work on it. Central Bank of Iraq information Office 7 - July 2024 https://cbi.iq/news/view/2612
Is Iraq Able To Activate Direct Flights To Europe And America?
Money and business Economy News – Baghdad The Ministry of Transport clarified, today, Sunday, the possibility of activating direct flights to Europe, America and other countries.
The Ministry's media office stated: "Regarding the activation of transit to serve travelers to other countries, in order for Iraqis to leave via Iraqi Airways, and then fly via other companies, specifically Europe, we are currently working on it via IATA or AT3PIS."
The office added: "As for other countries such as (America, Canada), which will be included in the AT3PIS file in the event that the flight to Europe with a 737 aircraft is successful, we can introduce AT3PIS into the Dreamliner aircraft, meaning that the work is related to the AT3PIS method, i.e. the Iraqi Aviation Authority, with other authorities."
The office continued: "As for African countries, there are not many requests, and we will work on the (Baghdad-Tunis) line," noting that "as for East Asian countries, the ministry is waiting to receive the remaining modern long-haul aircraft, such as the Dreamliner, through which the (Thailand-Jakarta-Bali) line will be opened."52 views 07/07/2024 - https://economy-news.net/content.php?id=44974
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