Iraq Economic News and Points To Ponder Saturday Afternoon 7-13-24
Can The Iraqi Government Manage The Country’s Financial Reserves?
July 13, 2024 Opinions / Iraq Observer Financial and banking expert Mahmoud Dagher answers the question: Can the Iraqi government manage the country’s financial reserves? Look what he answered..
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[ approximate, incomplete translated transcript of https://www.youtube.com/watch?v=bG8Lp8pp5RE ]
Transcript
0:00 peace
0:01 You must represent foreign reserves
0:05 The economy's total foreign assets as well
0:10 Monetary gold and special drawing rights
0:13 International Monetary Fund, also called Net
0:17 the findings
0:20 Avoid mistakes
0:22 It is common to believe that governments can
0:27 Influence or direct access to these
0:33 The reality is that reserves are the central bank
0:38 It is the only body that manages this
0:44 Reserves and these reserves themselves
0:49 It is warranty and support
0:52 And trust in the national currency
0:57 To stabilize its exchange rate
1:00 In a country like
1:03 Iraq Thank you
https://www.youtube.com/watch?v=bG8Lp8pp5RE
https://observeriraq.net/الخبير-المالي-والمصرفي-محمود-داغر-يجي/
A Financial Expert Reveals The Reasons For The Rise In The Dollar And Expects A New Rise In The Exchange Rate
Economy Rising dollar prices breaking Central Bank of Iraq Parallel market 2024-07-09 04:46 Shafaq News/ The official spokesman for the currency market in Sulaymaniyah, Jabbar Gorran, revealed today, Tuesday, the reasons for the rise in the exchange rate of the US dollar against the Iraqi dinar in the parallel market. Jabbar Gorran said in a statement to Shafaq News Agency:
"The issue of the high exchange rate of the dollar against the Iraqi dinar is related to the financial measures taken by the Central Bank of Iraq." He added, "The Central Bank of Iraq took some good measures in the past, but the increase that has occurred now is due to other measures that the Central Bank has not taken so far, including that the bank agreed that external dealing should not be limited to the US dollar only, but this measure has not been taken yet, as well as not linking...
All banks on the electronic platform have stopped working with it, with the exception of only seven banks, and they do not accommodate the foreign trade exchange process, which annually amounts to about 50 billion dollars, and I do not expect those seven banks to absorb this volume of trade exchange.”
He stated that "one of the other reasons that led to the rise in the exchange rate of the dollar against the dinar is the reduction in cash pumping by the Central Bank of Iraq, with the exception of today." He explained,
"The demand for the dollar these days is abnormal, and I do not expect that opening the dollar exchange window for travelers at airports will be a reason for the dollar exchange rate to rise, even though now is the travel season."
He explained that "the large number of banking offices and companies in Iraq and Kurdistan and the inability of the Central Bank of Iraq to meet their needs for the US dollar, as there are about 1,200 banking companies in Iraq and in Kurdistan, about 2,500 companies have not yet been merged with each other, reaching about 400 actual companies."
All these companies and offices need more than $50 million daily.” Kuran stressed that “the rise in the dollar this time is not linked to a political or economic crisis or external factors, but rather it is linked to the actions of the Central Bank of Iraq, and
it is possible for the bank to control this rise,” expecting the dollar exchange rate to rise to more than 150 thousand dinars for every 100 dollars, ruling out At the same time, it may reach high levels, as happened in previous periods.
https://shafaq.com/ar/اقتصـاد/خبير-مالي-يكشف-عن-سباب-ارتفاع-الدولار-ويتوقع-صعودا-جديدا-بسعر-الصرف
Baghdad And Washington Are Discussing The Stability Of The Dinar's Exchange Rate Against The Dollar
Economy 2024-07-12 | 15:35 3,535 views On Friday, Deputy Prime Minister and Foreign Minister Fouad Hussein discussed with the Undersecretary of the US Treasury for Terrorism and Money Laundering the issue of stabilizing the dinar’s exchange rate against the dollar.
stated A statement from the Iraqi Ministry of Foreign Affairs reported to Al-Sumaria News,
“The Deputy Prime Minister and Minister of Foreign Affairs, Chairman of the Ministerial Council for the Economy, Fuad Hussein, met on Friday, July 12, 2024, with the Under Secretary of the US Treasury for Terrorism and Money Laundering, Brian Nelson, in the presence of the two accompanying delegations at the headquarters The ministry was in Washington, D.C., and discussed the issues that the two parties are working on in accordance with their previous reform agreements.
Hussein stressed "the Iraqi government's commitment to moving forward with its reform and economic measures related to the Iraqi banking system and the energy sector."
He explained that "the government's policy seeks to
achieve Iraqi energy independence through associated gas investment projects, and to
develop the working mechanism of Iraqi banks in line with international standards to ensure transparency and provide open data, so that banks can provide the services that the Iraqi people need,"
calling on the American side to reconsider the plan. Sanctions imposed on about 32 Iraqi banks, as they engaged in the structural reform process.” Hussein pointed out that
"the stability of the exchange rate of the Iraqi dinar against the US dollar represents a fundamental pillar for achieving economic, social and political stability in Iraq, which is what the government seeks to achieve,
calling on the relevant American institutions to review it and build on it." For his part,
Nelson praised the steps taken by the Iraqi government
to support the Iraqi economy and
address the challenges facing it.
He stressed that the relevant American institutions understand the seriousness of the Iraqi government in modernizing the work mechanisms in Iraqi institutions,
expressing the readiness of the American side to help Iraq in addressing the obstacles to its reforms.
This will reflect positively on the Iraqi economy.”
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