Iraqi News Highlights and Points to Ponder Wednesday AM 11-8-23

Parliamentary Finance Calls On Bloc Leaders For An Emergency Session Regarding The Rise In The Dollar

Political | 11:08 - 08/11/2023  Baghdad - Mawazine News  The Parliamentary Finance Committee called on the leaders of the political blocs to hold an emergency session regarding the rise in the price of the dollar against the Iraqi dinar, while describing the Central Bank’s solutions as marginal and not helping to solve the problem.

Member of the Finance Committee, Jamal Kujar, said in an interview with the official newspaper, “There are many reasons for the rise in the dollar, including the failure to spend the budget in the required manner so that it is not exploited by the parties participating in the elections,” noting the presence of a will that wants to thwart the “SWIFT” system on the part of the influential parties.

He pointed out, “The other reasons are the many complications in the way of companies, investors, traders, and private sector people to obtain the dollar from the platform, in addition to the mafia’s control over the dollar platform through which it is spent.”

Cougar pointed out, “Political concern about the repercussions of the Gaza war on the entire region, and the Iraqi position on the events may lead in the future, if it engages in the conflict, to repercussions that may be more severe,” stressing that “the solution lies in disbursing the budget, providing very many facilities to investors, and simplifying government procedures to obtain the dollar.” In addition to striking mafias and limiting their influence and control over banks.”

He called for "holding an emergency session in the presence of leaders of political blocs and specialists and informing them of the dangers of not implementing the SWIFT system and its repercussions on the political, economic, and even security and social dimensions."

https://www.mawazin.net/Details.aspx?jimare=237448

With The Rise Of The Dollar, The Central Bank Governor Is The Subject Of Questioning

By video  2023-11-07 | 13:00  Source:  Alsumaria News  2 views  Gradually, the crisis of the rise in the dollar is developing, with judicial procedures continuing to investigate an official at the Central Bank and parliamentary procedures moving towards questioning the bank governor.

Slowly, the reasons for the rise in dollar prices are becoming clearer, after representatives revealed investigations conducted by the judiciary with the general director of the Central Bank on suspicion of corruption, price manipulation, and serious issues, as a result of which a foreign bank was able to acquire two billion dollars a month.

What was Parliament's position on the issue of corruption? See the report above for details.   LINK

Expecting A "Jump In The Exchange Rate"... The Chamber Of Commerce Proposes A "Salary Dollar" Proposal.

Economy | Baghdad Today - Baghdad   The price of the dollar continues to rise in the parallel market amid expectations of a “new jump” in the exchange rate, especially since many private banks are “a front for political parties,” according to specialists. Expecting a "jump in the exchange rate"... The Chamber of Commerce proposes a "salary dollar" propos -2

"Salary Dollar" Proposal

Today, Wednesday (November 8, 2023), the Diyala Chamber of Commerce introduced what it called the “salary dollar” temporarily to limit the rise in the parallel market.

The head of the Diyala Chamber of Commerce, Muhammad al-Tamimi, said in an interview with “Baghdad Today,” that “the rise in the dollar exchange rate in the parallel market in recent days is worrying, especially with assurances from experts that the rise will not remain at limits ranging between 160-170 thousand dinars for every $100.” "In fact, it may jump to higher numbers."

He adds, "The rise in the exchange rate in the parallel market indicates the presence of influential parties, some of which are deeply embedded in state institutions, and do not want to abandon the river of money that flows into the pockets of politicians and elites under various titles."

He pointed out that "a not insignificant portion of the banks are fronts for political parties and blocs," noting that "the psychological state constitutes another factor in raising the dollar, with many refusing to give it up. Some of them even began to push to change the cash they have in Iraqi dinars into dollars out of greed." In other profits and for fear that the national currency will lose more strength in the face of the rise of the parallel market.”

Al-Tamimi called for "adopting the experience of granting part of employees' salaries in dollars temporarily and according to the official price of the dollar, away from the currency auction, which is subject to powerful banks and financial forces that profit daily tens of billions of dinars within seconds with the difference in currency between the official and the parallel."

 He stated that “giving employees dollars will achieve stability and prevent the auction from being exploited to increase the wealth of powerful parties.”

Governmental Reasons And Intentions

In recent days, the exchange rate of the dollar against the Iraqi dinar has witnessed a significant rise, approaching 170,000 dinars for every 100 dollars, which has become a burden on the Iraqi citizen who is struggling to provide a living.

On (November 6, 2023), Member of Parliament Hussein Habib identified the reasons for the rise of the dollar in the country at an accelerating pace in the past weeks, stressing that the intentions of Prime Minister Muhammad Shiaa Al-Sudani are not sufficient to contain the parallel market crisis.

Habib said in an interview with “Baghdad Today” that “the dollar crisis in Iraqi markets is primarily linked to internal factors, most notably the mishandling of the currency and its monopoly by mafias and influential parties, as well as smuggling. As for external factors, they are linked to the political situation of the government and the extent of its acceptability by Washington.” The sponsor of the dollar and the official currency.

He added, "The Sudanese government has actually begun to take steps to address currency smuggling and prevent its circulation in the hands of mafias and influential parties, but they are not sufficient and must be strengthened with other steps to ensure that the dollar reaches those who need it, whether for trade, travel, or treatment, to confront its steady rise in the markets."

He pointed out that "the arrest of speculators and the tightening of the mechanisms for granting the dollar have an impact, but it remains limited, and attention must be given to another issue that is the most important by activating factories and laboratories to meet the needs of the markets and reduce the export of the dollar abroad because the proportion of Iraq's imports has reached the peak level due to the absence of national production."

He continued: "The state's monopoly on the import file for medicines and basic materials is important in order to limit speculation and for the dollar to be allocated to specific segments and to push merchants to rebuild factories and give all facilities and support in order to end the dollarization file in the markets and adopt the national currency in all internal transactions."   LINK

A Slight Decline In Dollar Exchange Rates In Baghdad Money Exchangers

Baghdad today – Baghdad  Today, Wednesday (November 8, 2023), the dollar exchange rates recorded a slight decrease in exchange offices in the capital, Baghdad.

The "Baghdad Today" correspondent said, "The selling price of the dollar in exchange offices in Baghdad today reached 164,250 dinars for every 100 dollars."

He added, "The purchase price reached 162,250 dinars for every 100 dollars."  LINK

Al-Rasheed Issues A Warning To Those Wishing To Obtain Dollars For Travel Purposes

Information/Baghdad..  Today, Wednesday, Al-Rasheed Bank issued a warning to those wishing to obtain the dollar for travel purposes.

The bank said in a statement received by the “Al-Ma’louma” agency, “It has recently been noticed that pages and offices have been published promoting electronic submission for the purpose of purchasing dollars for travel.”

The bank warned “all citizens against dealing with these fake offices and pages as they are theft of official papers,” stressing that “submitting through the link on the bank’s official page is easy and smooth and does not require any intermediary.”   https://edollar.rasheedbank.gov.iq   LINK

Provoking Points to Ponder on Dreaming & Believing:

The most powerful thing you can do to change the world, is to change your own beliefs about the nature of life, people, reality, to something more positive.... and to begin to act accordingly - Shakti Gawain- Creative Visualisation 

Ask and it shall be given you; seek - and ye shall find; knock - and it shall be opened unto you -- For every one that asketh - receiveth; and he that seeketh - findeth; and to him that knocketh - it shall be opened - Matthew 7: 7,8
               
Expect your every need to be met, Expect the answer to every problem, Expect abundance on every level, Expect to grow spiritually - Ellen Caddy - The Dawn of Change 

Expect the best: Convert problems into opportunities; Be dissatisfied with the status quo: Focus on where you want to go, instead of where you're coming from; and most importantly, Decide to be happy, knowing it's an attitude, a habit gained from daily practice, and not a result or payoff - Dennis Waitley - The Winners Edge

When you are inspired by some great purpose - some extraordinary project - all your thoughts break their bonds - your mind transcends limitations - your consciousness expands in every direction -- and you find yourself in a new, great and wonderful world -- Dormant forces, faculties and talents become alive, and you discover yourself to be a greater person by far than you ever dreamed yourself to be - Patanjali

Trials are but lessons that you failed to learn presented once again - so where you made a faulty choice before you can now make a better one - and thus escape all pain that what you chose before has brought to you - A Course in Miracles