Iraq Economic News and Points to Ponder Sunday Afternoon 3-16-25
To Reduce Speculation, A Sudanese Advisor Reveals A New Monetary Strategy
Time: 2025/03/16 19:29:30 Reading: 720 times {Economic: Al Furat News} The Prime Minister's economic advisor, Mazhar Mohammed Saleh, revealed a new monetary strategy Sunday evening that seeks to reduce speculation.
Saleh said in a statement to Al-Furat News that: "A new monetary strategy aims to gradually attract foreign exchange transactions to the officially regulated banking system."
He explained that "this strategy focuses on expanding the base of buying and selling foreign currency at fixed and stable rates, in line with the current monetary policy."
Saleh emphasized that "these steps coincide with enhancing the freedom of the foreign exchange process, with a high commitment to transparency and money governance in line with international standards."
He pointed out that "this strategy is being implemented in an organized and precise manner by the Iraqi banking system, and specifically targets large transfers, especially those related to financing wholesale trade."
Saleh also pointed out "the importance of stimulating electronic banking transactions to reduce cash circulation, which contributes to feeding the parallel market with cash dollars, thus reducing speculative operations that take place outside the framework of the law." LINK
Parliamentary Finance Committee Warns Of Sanctions Against Rafidain Bank: It Is Marred By Regulatory Concerns
Banks Economy News – Baghdad Deputy Chairman of the Finance Committee in the House of Representatives, Ikhlas al-Dulaimi, warned of the possibility of the US Treasury imposing sanctions on Rafidain Bank if it continues to implement procedures marred by regulatory concerns.
Al-Dulaimi said, in an interview monitored by Al-Eqtisad News, that "Rafidain Bank, like any private bank, is subject to the instructions and regulations of the US Treasury Department under an agreement with the Central Bank of Iraq and the international company charged with monitoring the work of banks in Iraq."
She added, "The international company pointed out the existence of violations in the work of Rafidain Bank, which prompted the bank to contract with a foreign company to improve its performance and address these concerns."
Al-Dulaimi pointed out that "the bank's continued operation according to its previous procedures could lead to US sanctions being imposed on it, along with other private banks, if the recorded violations are not corrected."
On January 30, 2025, US Republican Representative Joe Wilson renewed his attacks on Iraq, but this time by demanding sanctions on the government-owned Rafidain Bank. https://economy-news.net/content.php?id=53438
Al-Sudani's Advisor: Iraq's Foreign Reserves Reach $110 Billion
Money and Business Economy News – Baghdad The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed on Sunday that Iraq's foreign exchange reserves are a safety net against economic fluctuations, noting that they are estimated at approximately $110 billion.
"Iraq's foreign exchange reserves are one of the most important indicators supporting investment, both domestic and foreign, as the country has a stable foreign exchange portfolio estimated at approximately $110 billion, distributed between gold, dollars, and foreign currencies," Saleh said in a statement to the official agency, followed by "Al-Eqtisad News."
He explained that "these reserves contribute to strengthening macroeconomic stability, both domestically and externally, making them a protective factor against global economic fluctuations and shocks. They also provide strong coverage for the monetary base and financial indicators related to trade and international debt maturing soon."
He added, "The current account of the balance of payments is recording positive rates that enhance the stability of the value of the Iraqi dinar, thus reducing the impact of fluctuations in global oil markets, given the nature of Iraq's rentier economy." He noted that "Iraq, as the fifth largest oil producer in the world, enjoys sustainable foreign financial flows, enabling it to quickly and efficiently support its cash reserves."
He stressed that "these strong reserves provide a stable investment environment, which contributes to accelerating the pace of investment and supporting the country's promising economic growth." https://economy-news.net/content.php?id=53450
The dollar fell by 148 against the Iraqi dinar.
Economy | 11:30 - 03/16/2025 Mawazine News – Baghdad The dollar exchange rate declined on the Al-Kifah and Al-Harithiya stock exchanges, reaching 148,000 dinars for every $100.
The selling price at exchange shops in Baghdad's local markets was 149,000 dinars for every $100, while the buying price was 147,000 dinars https://www.mawazin.net/Details.aspx?jimare=260205
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