Iraqi News Highlights Tuesday Evening 7-25-23
Iraqi News Highlights Tuesday Evening 7-25-23
Tlm724 Administrator Bondlady’s Corner
The International Reputation Of The Central Bank And Our Banks Is A Red Line
Sameer Al-Nusairi The democracy of visual, print and audio media means that the media should be free in opinion and analysis and convey the truth to the recipient as it is without exaggeration, distortion and jumping over the facts, in addition to being a national media in the sense that it should be positive and supportive of what serves the country and the people and not be an instigator towards falsifying and neglecting the positives and focusing on the negatives only.
These days, some media channels and social media are active in directing cash arrows to the central bank and banks and holding them responsible for the rise in the exchange rate on the black market, which is wrongly called the parallel market because the central bank is the only source of dollars because there are no other sources of dollars, whose main source is oil imports.
This targeting comes due to the announcement of depriving some banks from dealing in US dollars. It is noted to the observer and follower that the yellow media has been preoccupied with insulting the efforts made by the government, the Central Bank and banks to work according to a strategy and a consistent approach in economic and banking reform.
And hosting the Governor of the Central Bank in the House of Representatives is very important to clarify the strategy of the Central Bank in the current circumstance and the next stage, and to discuss the reasons for the instability of the exchange rate and issues that directly affect the economic and banking reform process, which in their entirety need the support of the House of Representatives, the government and the relevant authorities to build and achieve monetary stability.
In particular, what is related to what is outside the control of the Central Bank and banks, which is related to the lack of control over the powerful speculators who practice illegal trade across borders and from unofficial border outlets that spread in the north, center and south, and illegal trade that is carried out by purchasing goods offered on board commercial ships behind the borders, such as trading in cigarettes, for example.
This is helped by the presence of large numbers of unauthorized money changers and thousands of others called (the outlet) for the payment of pensioners’ salaries and social welfare, and it is not authorized by the Central Bank, and it is the only authority authorized to grant licenses, most of which deal with the sale and purchase of cash dollars other than instructions. At the black market exchange rate.
So, controlling the stability of the exchange rate requires the efforts of everyone, government, politicians, deputies, and specialized ministries with the Central Bank’s continuous measures using monetary policy applications to maintain monetary stability, which will inevitably be achieved with the passage of time with everyone’s cooperation and diagnosis and treatment of the challenges referred to above.
We must also not forget that our country is now going through complex crises and great challenges facing the government, which requires everyone to cooperate with it in order to achieve its governmental approach in achieving economic and banking reform.
Its aim is to blackmail and cover up the achievements made during the years of crisis. So why target? The reason, as I see it, is that the Central Bank insists on the need for all banks for which it is responsible for supervision and control, and non-banking financial institutions related to its daily work, internally and externally, to adhere to international instructions, controls, regulations, and standards, and to ensure the protection of the financial and banking system, avoid international legal consequences, and order in the global financial system in accordance with its objectives contained in its law in force.
Although I respect the other opinion issued by non-specialists or those specialized in economics and monetary policy in particular, but I may disagree with the opinion that tries to harm the reputation of the Iraqi banking sector and the reflection of reputational risks on our international banking dealings.
Therefore, I call on the media to consider preserving the reputation of the Iraqi economy internally and externally, and to consider it a red line that cannot be crossed, because it is illogical to allow the targeting of our economic institutions that are directly responsible for achieving steadfastness and economic stability.
Because directing accusations against our banking sector is an insult to Iraq's economic reputation internationally without scrutiny and investigation of the leaked information.
These authorities know before others through evidence, facts and business results that banks are the first basic link in the economy and without a sound banking sector it is not possible to build a sound national economy.
I also call on the boards of directors of all our banks and their executive departments to adhere strictly to the rules of compliance and combating money laundering and terrorist financing and pay careful attention to implementing the controls and instructions issued by the Central Bank and pay due attention to all internal and external banking operations and to work openly under the spotlight of the internal and external control authorities in order to preserve the reputation of our national economy or else Achievements achieved by the Central Bank during the past twenty years.
Views 33 07/25/2023 - https://economy-news.net/content.php?id=35319
More Than A Billion Dollars Worth Of Oil Exports To Iraq During The First Quarter Of This Year
Economy Tuesday, July 25, 2023 Baghdad / National News Center Iraq exported more than $1 billion for three oil products during the first quarter of 2023, according to the Oil Marketing Company “SOMO”.
And “SOMO” said, according to a table: “Iraq exported, during the quarter of the year 2023, three oil derivatives, at an amount of one billion and 113 million, 220 thousand and 43 dollars, with an amount of two million, 636 thousand and 736 tons.”
He added, "The quantity of derivatives exported from natural gasoline amounted to 3 thousand and 191 tons, at an amount of one million and 769 thousand and 453 dollars, while the exported derivatives of "naphtha" amounted to 317 thousand and 825 tons, at an amount of 148 million and 205 thousand and 865 dollars."
She explained that "the amount of Iraq's exports of 'fuel oil' amounted to two million and 315 thousand and 720 tons, at an amount of 927 million and 244 thousand and 725 dollars." https://nnciraq.com/218215/
The exchange rate of the dollar in the Iraqi markets
Economy | 09:53 - 07/25/2023 Baghdad - Mawazine News The exchange rate of the dollar continued, on Tuesday, to rise in the local markets. The selling price of 100 dollars was recorded at 154,250 dinars. The purchase price was recorded at 152,250 dinars, compared to 100 dollars.
https://www.mawazin.net/Details.aspx?jimare=232019
Central Bank Sales Exceeded $220 Million
Tuesday 25 July 2023 12:20 | Economical Number of readings: 250 Baghdad / NINA / - The Central Bank announced, today, Tuesday, its total sales of foreign currency through the electronic window.
The total transfers to the outside (remittances and credits) amounted to 186,455,488 dollars, while the cash sale amounted to 33,940,000 dollars, thus the total sales amounted to 220,395,488 dollars.
The Central Bank covered the price of cash sales and transfers (1310) dinars per dollar, and documentary credits and international settlements for the electronic card (1305) dinars per dollar./ https://ninanews.com/Website/News/Details?key=1066878
Al-Rafidain Announces The Financing Of Foreign Trade And Letters Of Credit At The Official Rate
Economy | 09:51 - 07/25/2023 Baghdad - Mawazine News Today, Tuesday, the Rafidain Bank announced the financing of foreign trade and documentary credits at the official rate.
A statement by the bank's media office, which Mawazine News received a copy of, stated that "the bank announced the facilitation of all procedures related to the issuance of documentary credits and the implementation of external bank transfers to customers from merchants and commercial companies for the purposes of financing foreign trade through the electronic platform and at the official price of 1320 dinars per dollar for commercial transfers and at a price of 1315 dinars per dollar for documentary credits."
The bank called on "its customers wishing to cover all import operations to review its branches to open a bank account in the name of the company and according to the applicable instructions, in addition to attaching the documents required for external transfers,"
noting that "among the permitted transactions in transfers are treatment outside Iraq, payment of tuition fees, transfers from the original transactions to purchase real estate abroad, and transfers related to foreign investments in Iraq."
"The bank stressed that the customer must submit all the required priorities for these transfers."
https://www.mawazin.net/Details.aspx?jimare=232018
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