Iraqi News Highlights and Points to Ponder Tuesday AM 11-7-23
Iraqi News Highlights and Points to Ponder Tuesday AM 11-7-23
An Economic Expert Details The Reasons For The Rise In The Dollar: What Is Happening In Iraq Is Organized Smuggling
Posted On2023-11-07 By Sotaliraq On Tuesday, economic expert Nabil Al-Marsoumi detailed the reasons for the rise in dollar prices, while pointing out that what is happening in Iraq is organized smuggling of the dollar.
Al-Marsoumi stated, “What is happening in Iraq is not speculation in the black dollar in the parallel market, but rather what is happening on the ground is an organized smuggling operation of the traveler’s dollar or the cash dollar for two basic reasons.”
Al-Marsoumi added, “The first reason lies in the fact that some goods imported from abroad that are not included in the electronic platform, including gold, drugs, alcoholic beverages, and cigarettes, some of which have a very large value, that is, no less than a quarter of a billion dollars annually, on the one hand.”
He added, “On the other hand, there is a strong demand for the dollar in the parallel market because of the need for it in order to settle commercial initiatives or Iraq’s imports of Iranian goods, which amount to 10 billion dollars annually due to the sanctions imposed on it, which prevent the settlement of commercial transactions with bank transfers.”
He pointed out that there is “a large segment of travelers who intend to travel to countries sanctioned by America. These people do not obtain the dollar at the official price, but rather from the parallel market, which has led to a widening of the gap between the parallel and official prices in the Iraqi market.” LINK
Determine 3 Points To End Dependence On The Dollar In Iraq
Information / Baghdad... Representative Hussein Habib, on Tuesday, identified three basic points to end reliance on banking transactions in dollars within Iraqi markets.
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Habib said in an interview with Al-Maalouma, “There are many solutions to end the file of the rise in the dollar exchange rate in the country’s parallel markets, which has a direct impact on prices, especially with the presence of speculators, whales, and influential networks that benefit from any crisis in reaping profits through their control of the dollar file.” ".
He added, "There are 3 important horizons for ending the dollarization of markets in Iraq, the most prominent of which is identifying the segments entitled to deal in dollars, stressing the shift to dealing in dinars at home, and pushing the authorities to increase their participation in the file of providing basic materials, such as food, medicines, and other materials, and putting them in Iraqi dinars in the markets, in addition to... Reopening factories in order to reduce the rate of imports and thus reduce the export of dollars abroad.”
He pointed out that "there are external factors affecting the dollar file, especially by Washington, but reducing imports and relying on national production is the most important factor in reducing demand for the dollar and relying on the national currency in all internal exchanges."
The exchange rate of the dollar in the parallel market witnessed an increase in recent weeks and broke the barrier of 168 thousand dinars for every 100 dollars. LINK
A Parliamentary Accusation Against The Presidency Of Parliament Regarding Ignoring The Dollar Crisis And Hosting The Sudanese
Information / Baghdad.. Independent MP Hadi Al-Salami, on Tuesday, accused the Parliament Presidency of ignoring MPs’ calls to host the Prime Minister and the Central Bank Governor to discuss the dollar crisis.
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Al-Salami said in an interview with the Maalouma Agency, “The Presidency of Parliament did not deal with the issue of the dollar exchange rate,” pointing out that “there are continuous follow-ups by members of the House of Representatives regarding the real and parallel exchange rates.”
He added, "The dollar crisis is still casting a shadow over the economic scene in light of warnings about the decline in the value of the Iraqi dinar."
He pointed out that "the dollar is continuing to gradually increase and it is possible that it will exceed 170 thousand dinars in the absence of new deliberate steps to control this matter."
Al-Salami pointed out, “The Presidency of Parliament ignored our calls to host the Prime Minister and the Governor of the Central Bank to discuss the dollar crisis.”
Independent MP Basem Ngheimesh Al-Gharibawi had confirmed that the Presidency of Parliament had not responded to demands to hold an investment session to discuss the dollar crisis and its instability in the markets. Ended / 25 h LINK
Increase In Currency Auction Transfers From The Dollar Outside Iraq
Economical 11/07/2023 Baghdad: Morning: Foreign remittances rose at the Central Bank of Iraq auction, yesterday, Monday, by 86 percent at the expense of cash sales, to reach $199 million.
During its auction for buying and selling the US dollar, the Central Bank sold 227 million 447 thousand and 755 dollars, which the bank covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, and at 1,310 dinars per dollar for external transfers, and at the same price in cash.
Most of the bank's dollar sales went to strengthen balances abroad in the form of (remittances, credits), which amounted to 199 million 757 thousand and 755 dollars, an increase of 86 percent, compared to cash sales amounting to 27 million 690 thousand dollars.
The number of banks that purchased cash dollars reached 4 banks, while the number of banks that responded to requests to enhance balances abroad reached 22 banks, while the total number of exchange and brokerage companies participating in the auction was 48 companies.
Cash Sales Amounted To 37 Million.. Foreign Remittances Increased By 81% In The Iraqi Central Auction
2023-11-07 Shafaq News/ External remittances increased at the Central Bank of Iraq auction today, Tuesday, by 81% at the expense of cash sales, to reach 195 million dollars.
Shafaq News Agency correspondent said, “Today, during its auction for buying and selling the US dollar, the Central Bank sold 233 million, 689,796 dollars, which the bank covered at a base exchange rate of 1,305 dinars, per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for remittances.” Foreign Affairs, at a price of 1,310 dinars per dollar in cash.
Our correspondent added, “Most of the bank’s dollar sales went to strengthen balances abroad in the form of (remittances, credits), which amounted to 195 million, 939,796 dollars, an increase of 81%, compared to cash sales of 37 million, 750 thousand dollars.”
Our correspondent pointed out that the number of banks that purchased cash dollars reached 9 banks, while the number of banks that responded to requests to enhance balances abroad reached 19 banks, while the total number of exchange and brokerage companies participating in the auction was 132 companies. LINK
The Exported Monetary Mass Increased To 102 Trillion Dinars
Money and business The monetary mass exported rose to 102.1 trillion dinars, an increase of more than 2 trillion dinars during the month of October.
According to the statistical website of the Central Bank of Iraq, the currency issued in October amounted to 102.1 trillion dinars, while last September it was 100 trillion dinars.
As of last September, 91.8 trillion dinars are outside the banking sector and stored in homes.
The Ministry of Finance is suffering from its inability to obtain the dinar currency to launch the investment budget, but is currently content with paying employee salaries and some other needs.
The Ministry of Finance sells the dollar to the Central Bank of Iraq, and the latter sells it through the dollar platform to banks for the purpose of financing foreign trade.
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Provoking Points to Ponder on COURAGE:
To see what is right and not do it, is want of courage -- Confucius
If we survive danger it steels our courage more than anything else -- Niebulur
Physical courage which despises all danger, will make a man brave in one way -- Moral courage, which despises all opinion -- will make a man brave in another -- The former would seem most necessary for the camp; the latter for the council; but to constitute a great man -- BOTH ARE NECESSARY -- Colton
Courage consists not in blindly overlooking danger; but in seeing and conquering it --Richter
True courage is not the brutal force of vulgar heroes, but the firm resolve of virtue and reason -- Whitehead