Iraq Economic News and Points to Ponder Sunday Afternoon 9-24-23

Tlm724 Administrator Bondlady’s Corner

Al-Alaq Announces That Internal Commercial Transactions Will Be Limited To The Iraqi Dinar In 2024

Time: 09/24/2023 17:49:17 Read: 2,106 times   {Economic: Al-Furat News} The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, announced today, Sunday, that the bank will proceed to dispense with external transfers “next year” and that banks licensed in Iraq will rely on correspondent banks in external transfer operations.   Al-Alaq said, according to a statement from his office, a copy of which {Al-Furat News} received: “Remittances via correspondent banks reached 60% of the total transfers (outside the electronic platform of the Central Bank), while the implementation rate of verified transfers reached more than 95%.”

“This came after an agreement between the Central Bank of Iraq and the US Federal Bank, similar to countries around the world, where central banks do not perform executive duties, and their role is focused on supervision and control.”

Al-Alaq confirmed, during the meeting with the heads of the boards and authorized directors of the banks licensed in Iraq, that “the Central Bank’s endeavor to open direct channels of communication for Iraqi banks with their foreign counterparts in correspondence, commercial exchange, etc. came in intensive stages, while what is currently being done is opening transfer channels in various currencies, including (UAE Dirham, Turkish Lira, Indian Rupee, Euro).”

He stressed that "the coming year will witness the restriction of all internal commercial and other transactions to the Iraqi dinar instead of the dollar, except for those delivered to travelers," noting that "the entry of most merchants into official transfer channels and the provision of the dollar at a price of (1,320) dinars was a direct reason for the control.’

" At the general level of prices and the low rate of inflation, which is a basic indicator of the effectiveness of monetary policy, and that the black market price is not suitable as an “indicator” as it relates to the cash dollar for non-fundamental operations, and is not designated for the purposes of legitimate trade.”

Al-Alaq pointed out that “the new system of external transfer and sale of the dollar provides protection from risks for all parties of operations, and enjoys international acceptance and praise and is consistent with the law on combating money laundering and terrorist financing, and achieves an important gesture for direct relations between Iraqi banks and accredited international banks.”

The statement continued, “The meeting reviewed the mechanism for establishing “Riyadah Bank” and the societal importance that the bank will be based on, especially since it is consistent with the directives and vision of the Prime Minister. Discussions were raised on this topic, including the banks’ contributions to establishing “Riyadah” and the work mechanisms of this bank, which will be A window for those wishing to open small production and commercial projects that contribute to developing the local economy and reducing the unemployment rate with direct support from the Central Bank.”  LINK

Next Year... Al-Alaq Threatens Again: All Commercial Transactions Will Be Limited To The Dinar

Iraq  Sunday, September 24, 2023 5:57 PM   Baghdad/National News Center  The Central Bank confirmed today, Sunday, that providing the dollar at a price of 1,320 dinars was a reason for controlling the general level of prices.

A statement from the bank received by the National News Center stated that “its governor, Ali Mohsen Al-Alaq, announces that the bank will proceed to dispense with external transfers “next year” and that banks licensed in Iraq will rely on correspondent banks in external transfer operations, as transfers via correspondent banks have reached 60%. Of the total transfers (outside the Central Bank’s electronic platform), while the implementation rate of verified transfers reached more than 95%.

He continued, "This came after an agreement between the Central Bank of Iraq and the US Federal Bank, similar to countries around the world, where central banks do not perform executive duties, and their role is focused on supervision and control."

During the meeting with the heads of the boards and authorized directors of banks licensed in Iraq, Al-Alaq confirmed that “the Central Bank’s endeavor to open direct channels of communication for Iraqi banks with their foreign counterparts in correspondence, commercial exchange, etc., came in intensive stages, while what is currently underway is opening transfer channels in various currencies, including (UAE Dirham, Turkish Lira, Indian Rupee, Euro).”

He continued, "The coming year will witness the restriction of all internal commercial and other transactions to the Iraqi dinar instead of the dollar, except for those delivered to travelers."

Al-Alaq pointed out that “the entry of most merchants into the official transfer channels and the provision of the dollar at a price of (1320) dinars was a direct reason for controlling the general level of prices and lowering the inflation rate, which is a basic indicator of the effectiveness of monetary policy, and that the black market price is not suitable as.” The indicator “because it relates to the cash dollar for non-fundamental transactions, and is not intended for the purposes of legitimate trade.”

Al-Alaq pointed out that “the new system of external transfer and sale of the dollar provides protection from risks for all parties of operations, enjoys international acceptance and praise, is consistent with the law on combating money laundering and the financing of terrorism, and achieves an important initiative for direct relations between Iraqi banks and accredited international banks.”

The Central Bank statement continued, “The meeting reviewed the mechanism for establishing “Riyada Bank” and the societal importance that the bank will be based on, especially since it is consistent with the directives and vision of the Prime Minister.

Discussions were raised on this topic, including the banks’ contributions to establishing “Riyada” and the work mechanisms of this bank, which will be A window for those wishing to open small production and commercial projects that contribute to developing the local economy and reducing the unemployment rate with direct support from the Central Bank.”    https://nnciraq.com/228377/

A New Decline In The Dollar In Baghdad

Economy  Sunday, September 24, 2023 11:33 AM  Baghdad/National News Center   The exchange rates of the dollar fell against the dinar, today, Sunday, on the central stock exchange and local markets in the capital, Baghdad.   Dollar prices fell, with the opening of the Kifah and Harithiya central stock exchanges, to record 154,100 dinars against 100 dollars.  

Selling prices in banking shops in local markets in Baghdad reached 155,000 dinars, and purchasing prices reached 154,000 dinars, for every 100 dollars.   https://nnciraq.com/228298/

The Iraqi Central Bank Deposited 250 Billion Dinars In The Bank Account Of The Kurdistan Region

Political | 12:46 - 09/24/2023  Baghdad - Mawazine News  The Ministry of Finance and Economy in the Kurdistan Region announced, on Sunday, that the Central Bank of Iraq deposited 250 billion dinars in the bank account of the Kurdistan Region.

A statement from the ministry, a copy of which Mawazine News received, stated, “The Central Bank deposited an amount of 250 billion dinars in the bank account of the Ministry of Finance and Economy in the Kurdistan region of Iraq.”

He pointed out that "the deposited amount is part of the process of financing employees' salaries in the region." Ended 29/h   https://www.mawazin.net/Details.aspx?jimare=235439

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Points to Ponder on Hope:

You cannot hope to build a better world without improving the individuals. To that end, each of us must work for our own improvement and, at the same time, share a general responsibility for all humanity, our particular duty being to aid those to whom we think we can be most useful. -- Marie Curie

To hope means to be ready at every moment for that which is not yet born, and yet not become desperate if there is no birth in our lifetime.  -- Erich Fromm

If we all worked on the assumption that what is accepted as true is really true, there would be little hope of advance.  -- Orville Wright

You believe that easily which you hope for earnestly -- Edward Bulwer-Lytton

In all things it is better to hope than Despair – Goethe

You cannot put a great hope into a small soul -- J L Jones

The future is lighted for us with the radiant colours of hope. Strife and sorrow shall disappear. Peace and love shall reign supreme -- John Fiske

All the Saints of God are there to protect me, to sustain me and to carry me. And your prayers, my dear friends, your indulgence, your love, your faith and your hope accompany me. -- Pope Benedict XVI

People crushed by laws, have no hope but to evade power. If the laws are their enemies, they will be enemies to the law; and those who have must to hope and nothing to lose will always be dangerous. 
Edmund Burke

People who say that life is not worthwhile are really saying that they themselves have no personal goals which are worthwhile. Get yourself a goal worth working for. Better still, get yourself a project. Always have something ahead of you to 'look forward to' - to work for and hope for. -- Maxwell Maltz

 Beware how you take away hope from another human being. -- Oliver Wendell Holmes

Hope arouses, as nothing else can arouse, a passion for the possible. -- William Sloane Coffin Jr

In prosperity prepare for a change; in adversity hope for one. -- James Burgh

For he who has health has hope; and he who has hope, has everything. -- Owen Arthur

Hope is like the sun, which, as we journey toward it, casts the shadow of our burden behind us.-- Samuel Smiles

Hope... is the companion of power, and the mother of success; for who so hopes has within him the gift of miracles.  -- Samuel Smiles

I want to help people with depression understand that there is hope, so that they can get the help they need to live rich, fulfilling lives. -- Tom Bosley