Iraqi News Highlights Tuesday Evening 10-25-22
Iraqi News Highlights Tuesday Evening 10-25-22
Tlm724 Administrator Bondlady’s Corner
Clarification From The Central Bank Regarding The Possibility Of Changing The Dollar Exchange Rate
Monday, October 24, 2022 8:14 PM Baghdad/National News Center
Approximate Translation –
The answer of the Central Bank of Iraq attached to its book No. 181 on 10/12/2022
.Addressed to the Honorable First Vice-President of the House of Representatives
It is worth noting that the decision to change the exchange rate is a strategic national decision that is not linked to circumstances progressions; And that the negative results that may have resulted from it can be avoided by lle and governmental measures To support the Abell categories and improve the vocabulary of the Tamdim card” and not to back down from this important decision.
Regarding your inquiry about the possibility of changing the current exchange rate; We would like to clarify that the exchange rate Current right a lot of positive results; Including reducing the budget deficit, which achieved a surplus in the year 1 Compared to 2020: And the fiscal space that is created for the Iraqi government as a result of the price
The current exchange will help it pay its obligations, including some of its internal and external debts
Which contributes to enhancing financial sustainability” and increasing support for the fragile classes and financing investment projects stalled.
With regard to changing the exchange rate, we would like to point out the following:
Changing the exchange rate over short periods of time exposes you to the local markets, threatens investment and creates stagnation
The economy weakens confidence in monetary policy and the value of the local currency; It also contributes to increasing the intensity
Speculation in foreign currencies and increasing their hoarding as a safe haven and a disguise of value more than currency local.
ele od | Changing the exchange rate to correct the gap between the real value of the national currency (the dinar) and the value
The nominal value is due to the fact that the dollar is calculated at a low exchange rate; Which gives a high competitive advantage to the goods imported services; impeding the advancement of the national product; While the exchange rate hike constituted a barrier
In front of the importer, a competitive advantage for the national product is equivalent to the rate of change in the exchange rate (about 9623).
Al-Sudani: The Next Government Wants To Strengthen The Relationship With America In Several Areas
Political | 04:44 - 10/25/2022 Baghdad - Mawazine News Prime Minister-designate Muhammad Shia Al-Sudani received, on Tuesday, the US ambassador to Iraq, Alina Romanowski, and the commander of the international coalition forces, General Matthew MacFarlane, and the accompanying delegation.
A statement by Al-Sudani's office stated that "Mawazine News" received a copy of it, that "the meeting discussed the continuation of security cooperation and coordination between the two countries in the fight against terrorism within the framework of advice and training, in a manner that preserves Iraq's sovereignty and helps develop the capabilities of the Iraqi security forces."
Al-Sudani stressed, during the meeting, that "maintaining security is the mainstay of any economic reform, and expressed the future government's desire to strengthen the relationship with the United States of America, in addition to security cooperation, to include economic, cultural, scientific and other aspects."
For her part, the US ambassador and her accompanying delegation renewed her country's support for the new Iraqi government and its aspiration to expand bilateral cooperation frameworks with Iraq. General McFarlane gave a briefing on military cooperation with Iraq, stressing the importance of strengthening the trusted partnership between the two sides. Ended 29/R77
https://www.mawazin.net/Details.aspx?jimare=209225
Deputy Minister Of Finance Calls For Strengthening The Capabilities Of The Comprehensive Banking System
Today, Tuesday, Minister of Finance Hayam Neamat Mahmoud conducted an inspection tour to the National Pension Authority and the Al-Nahrain Islamic Bank, accompanied by the general managers of both the authority and the bank.
The media office of the ministry stated in a statement: "During the visit, which included the departments and people of the authority, several directives were made that will develop and enhance the tasks and functional capabilities, and intensify efforts to raise the level of services provided to the retired segment, as well as direct knowledge of the progress of the administrative and technical procedures approved in the authority." .
He added, "The minister's inspection tour included meeting with a number of auditors, and listening to their needs and observations," pointing out that the various difficulties were overcome and overcoming, and that the burdens of citizens and auditors were relieved, in accordance with the rules and regulations.
Mahmoud explained during her visit to Al-Nahrain Islamic Bank, according to the statement, that "the visit came with the aim of identifying the obstacles and diagnosing weaknesses in the performance of the banking sector, and working to overcome them by strengthening the capabilities of the comprehensive banking system, and providing its requirements to ensure the provision of the best services to the bank's customers, as well as increasing the contribution of The bank is involved in the overall economic and vital activities in the country. https://www.radionawa.com/all-detail.aspx?jimare=31829
The Appearance Of Muhammad Salih To / Nina /: It Is Better To Provide A Detailed Appendix For Managing A Sovereign Fund Within The New Budget
Tuesday 25 October 2022 12:49 | Economic Number of readings: 221
Baghdad / NINA / - The financial expert, advisor to the Prime Minister, Mazhar Muhammad Salih, suggested submitting a detailed appendix for managing a sovereign fund within the new budget.
He told the National Iraqi News Agency ( NINA ): It was suggested that the draft law on the new general budget for the year 2023 / a detailed appendix for the management of a sovereign wealth fund / be presented in the draft law for wealth / concerned with the financial abundance that accumulated during the 2022 fiscal year.
Saleh pointed out the importance of this being done with the approval of the mechanisms of the fund within the draft federal budget law itself, in order to create (legal) harmony with the text of Article 19 of the Federal Financial Management Law on the definition of the “sovereign fund” for wealth.
During the current year, Iraq achieved financial abundance as a result of the rise in oil prices, which called on deputies and specialists to make maximum use of it through strategic projects or the establishment of a sovereign fund for future generations./End 3
https://ninanews.com/Website/News/Details?Key=1009830
The Central Bank Confirms Paying "Great Care" To Financial Stability
Banks Economy News – Baghdad The Monetary and Financial Stability Department of the Central Bank of Iraq organized a "remote" training workshop, the first of its kind, on the "Experience of the Central Bank of Iraq in preparing indicators of financial stability and early warning", presented to the Central Bank of Libya, for the period from 24-27 October current first.
According to a statement by the Central Bank’s media office, “The workshop aims to highlight the importance of the stability of the financial system, as it is one of the main objectives that the Central Bank of Iraq must achieve and maintain, along with the stability of the general level of prices and the exchange rate, to ensure effective performance of all economic units, towards achieving sustainable economic development.
The statement added, "The workshop will also provide a presentation of the experience of the Central Bank of Iraq in developing the financial stability report and early warning report, and the most important developments that occurred in financial safety indicators, stress tests, and financial infrastructure, as well as indicators of financial inclusion in Iraq."
The Deputy Governor of the Central Bank of Iraq, during the opening of the workshop, confirmed that "the Central Bank of Iraq welcomes cooperation, communication and coordination with the Central Bank of Libya, in a way that enhances bilateral relations and exchange of experiences."
He continued, "The Central Bank of Iraq pays great attention to financial stability," noting that "climate change has occupied a part of the work of the Central Bank of Iraq and the competent institutions in Iraq, and their efforts." 170 . views Added 10/25/2022 - 12:43 PM Update 10/25/2022 - 5:21 PM
Dollar Exchange Rates Against The Dinar
Economie| 09:19 - 10/25/2022 Baghdad - Mawazine News, the dollar exchange rates fell, today, Tuesday, on the local stock exchange.
And the selling prices of the dollar were 146.300 dinars per 100 dollars, while the purchase prices of the dollar were 146.200 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=209173
Deputy: An Upcoming Parliamentary Hosting Of The Governor Of The Central Bank And The Minister Of Finance Regarding The Reduction Of The Exchange Rate
Economie| 05:11 - 10/24/2022 Baghdad - Mawazine News, the representative of the Sadiqoon bloc, Suhaila Al-Sultani, announced today, Monday, the hosting of the Governor of the Central Bank and the Minister of Finance in order to reduce the exchange rate of the dollar against the Iraqi dinar.
Al-Sultani said, according to the media of her bloc, that "the signatures of more than 50 deputies were collected to host the governor of the Central Bank and the Minister of Finance in the new government in order to put pressure on reducing the exchange rate, even if it was in stages or gradually."
She added, "The exchange rate must be reduced because of the difficult standard of living that the Iraqi people are experiencing now and the high rate of poverty," stressing that "the representatives who signed the exchange rate cut will present a successful financial policy on which global policies are based."
And she added, "All deputies and political blocs are determined to reduce the exchange rate, and the number of deputies who signed will increase in the coming days."
A number of deputies had announced, earlier today, the collection of parliamentary signatures from all political blocs in order to work to reduce the exchange rate of the dollar. Raising the price of the dollar in a year. Ended 29 / h https://www.mawazin.net/Details.aspx?jimare=209127
Oil Prices Rise As The Dollar Falls
Economie| 08:31 - 10/25/2022 Follow-up - Mawazine News : Oil prices rose, on Tuesday, to compensate for some of the losses of the previous session, with the decline of the US dollar, while the weak US business data reduced expectations of a further interest rate hike in the world's largest economy.
International benchmark Brent crude futures rose 23 cents to $93.49 a barrel by 04:10 GMT.
US West Texas Intermediate crude futures rose 32 cents to $84.90 a barrel.
https://www.mawazin.net/Details.aspx?jimare=209170
Al-Ghanimi Announces The Extradition Of The Accused Of Stealing Tax Deposits For Integrity
Political | 03:51 - 10/25/2022 Baghdad - Mawazine News The Minister of Interior, Othman Al-Ghanimi, announced, on Tuesday, the handing over of the accused of stealing tax trust funds to the Integrity Commission.
Al-Ghanimi said, in a statement received by Mawazine News, that "the accused (Noor Zuhair Jassim) was handed over to the Integrity Commission to take the necessary measures against him in accordance with the law." He added, "The Ministry of Interior is the real support and the strong arm for implementing the law." Ended 29/R77 https://www.mawazin.net/Details.aspx?jimare=20921
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