KTFA:

Clare:  'Hold the dinar, it is stronger'

A new statement from the Sudanese on the dollar crisis

1/31/2023

Prime Minister Mohamed Shia Al-Sudani pledged to return the exchange rate of the dollar to its original price.  

  Al-Sudani said, in excerpts of an interview conducted with him by colleague Karim Hammadi, which is scheduled to be broadcast on the official channel today, (January 31, 2023), that “the Iraqi dinar is the strongest, and citizens should not acquire the dollar, but rather the dinar,” indicating, “We will seek to return the dollar to its price.” The original, and accustom merchants and businessmen to legitimate trade.  

He added, "Our decision is to provide a housing unit in a city with integrated services," noting that "any official who does not provide solutions to any problem, we will tell him (reliance)."  LINK

Clare:  The central bank meets with banks to discuss the dollar crisis

1/31/2023

An informed source said, on Tuesday, that a meeting had begun at the Central Bank to discuss the crisis of the dollar's high exchange rate.

The source told Mawazine News, "A short time ago, a meeting began in the Central Bank building, in the presence of all banks."

The source, who asked not to be named, added that "the meeting comes to discuss the dollar crisis."

LINK

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Clare:  urgent... Central Bank Governor: We will issue decisions to reduce the dollar and two meetings with the American side within two days

1/31/2023

The agency governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the imminent issuance of decisions to reduce the exchange rate of the dollar, which today reached 1670 dinars in the local markets.

A member of the Parliamentary Economy Committee, Barbar Rashid, told the {Euphrates News} agency, "The presence of the governor of the Central Bank to the House of Representatives today to discuss the issue of the rise in the exchange rates of the dollar, as Al-Alaq confirmed that decisions will be issued that are sufficient to reduce the exchange rate."

Rashid added that Al-Alaq "revealed a meeting with the US side in Turkey during the next two days and another meeting on the ninth of next March with the US Federal Bank in Washington."

A member of the Parliamentary Economy Committee expected, "a drop in the exchange rate of the dollar in the coming days, after a series of measures implemented by the government and the central bank."

Raghad Daham     LINK

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Clare:  The Central Bank will soon adopt the merchant’s deposit in dinars and the receipt of dollars according to the bank address

1/31/2023

Suha Al-Kafai, Managing Director of the International Islamic Bank announced, on Tuesday, that the Central Bank of Iraq will soon approve the merchant's deposit in dinars and receipt of the dollar according to the bank address in the country from which it is imported.

The Islamic Bank stated in a statement that the Chairman of the Board of Directors and Managing Director of the International Islamic Bank attended the meeting with the Deputy Governor of the Central Bank and the Consultant, and in the presence of the general managers and other invited banks.

According to the statement, the instructions that will be issued soon regarding the ceilings of transfers and the mechanism of credits have been consulted and procedures have been simplified in order to facilitate international trade services for merchants of all kinds (individuals and companies), and the issuance of credits and transfers according to specific ceilings to regulate the new banking work for the next stage and approving the merchant’s deposit in dinars to the bank Private and receive a dollar according to the bank address (Ibn number) in favor of the bank account in the country from which it was imported.

Yesterday, Monday, an informed source told Shafaq News agency that the Central Bank of Iraq will hold an "important meeting" today, Tuesday, regarding the crisis of the dollar's high exchange rate in the local market.

Meanwhile, the Chairman of the Finance Committee, Atwan Al-Atwani, met, in the presence of the members of the committee, today, Tuesday, the Governor of the Central Bank, Ali Mohsen Al-Alaq, at the committee’s headquarters.

According to a statement issued by the Media Office of the House of Representatives, during the meeting, the issue of the fluctuation of the exchange rate of the Iraqi dinar against the dollar was discussed, and the possibility of controlling it to preserve the market, as well as discussing its repercussions on citizens and the steps of the Central Bank and the procedures followed by it. 

The price of the dollar against the dinar rose in an unprecedented way recently due to the measures imposed by the United States of America to limit currency smuggling from Iraq.

The Central Bank of Iraq announced, on Monday, January 19, a package of decisions that would restore the foreign currency market to its normal position after the rise in it.

The decisions included the following paragraphs:

1- Allowing the banks participating in the foreign currency buying and selling window to buy any amounts in foreign currency and deposit them with this bank in accounts used for external transfer purposes, and pay interest / returns on those balances according to what this bank decides. 

2- Facilitating the financing of private sector trade through Iraqi banks and meeting the demand for foreign transfers by strengthening the balances of banks with their correspondents in other currencies in addition to the US dollar (Chinese yuan, the euro, the Emirati dirham, the Jordanian dinar, and others).

3- Opening outlets for selling foreign currency in government banks to the public for travel purposes (treatment, Hajj Umrah, study, etc.)

4- Reducing the selling price of the dollar to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet, to be at (1465) dinars to the dollar instead of (1470) dinars to the dollar. The dollar will be sold to electronic payment companies for the above purpose at a price of (1455) dinars to the dollar instead of (1460) dinars to the dollar.    LINK

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Clare:  America is offering Iraq to build an electricity system on a global level

1/31/2023

The US ambassador to Iraq confirmed on Tuesday, her country's readiness to work with the Minister of Electricity to build a system with international specifications.

Ambassador Elena Romansky wrote in a tweet on her Twitter page; "Iraqis deserve a diversified, modern economy and well-paying jobs"

To achieve this, it is necessary to build a world-class electricity system," she added.

And she stressed that "the United States is ready to work with the Iraqi Minister of Electricity, Ziyad Ali Fadel, and the Iraqi government to carry out this important endeavour."   LINK

Clare:  China calls for the establishment of a free zone with the Arab Gulf countries as soon as possible.

1/31/2023

China announced today, Tuesday, its desire to expand relations with Saudi Arabia in various fields, while calling for the establishment of a free zone with the Gulf Cooperation Council countries as soon as possible.

And the Russian TASS agency said, “Chinese Foreign Minister Chen Gang called, in a phone call with Saudi Foreign Minister Faisal bin Farhan Al Saud, to expand economic trade cooperation between the two countries.

Xinhua News Agency quoted the Chinese minister as saying, "The two sides should continue, later, to further expand cooperation in many fields, including trade, economy, energy, infrastructure, investment, financing, high technology, communication development and coordination, as well as continuing to strengthen the strategic partnership between China and the GCC countries." The Arab Gulf, and to accelerate the establishment of a free trade area between China and the GCC countries as soon as possible.

The Chinese minister indicated that his country highly appreciates the Kingdom's support on issues related to China's main interests, and is ready to cooperate with the Saudi side in adhering to the principle of non-interference in internal affairs and protecting other basic rules of international relations.

He added, "China is ready to enhance coordination and cooperation with Saudi Arabia in regional and international affairs, jointly promote regional peace and stability, and better protect the common interests of developing countries."

Last December, Chinese President Xi Jinping visited Saudi Arabia and participated in the Chinese-Arab summit.

During that summit, Saudi Crown Prince Mohammed bin Salman said that Riyadh and Beijing are studying the possibility of establishing a free trade zone between China and the countries of the Cooperation Council for the Arab Gulf States.   LINK

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Henig:  The former tax director admits to smuggling $3.5 million to a neighboring country

 |Today, 22:21 | Baghdad today-Baghdad

The Supreme Commission for Combating Corruption carried out a qualitative operation that overthrew four suspects, headed by the former director general of the Tax Authority, and seized more than one billion dinars, jewelry and documents for 11 properties, while they confessed to smuggling 3.5 million US dollars to a neighboring country.

The Integrity Commission said in a statement received by "Baghdad Today", that "the support team of the Supreme Commission for Combating Corruption, and after receiving accurate information and completing legal procedures by obtaining arrest warrants issued by the Central Anti-Corruption Criminal Investigation Court, three suspects were arrested in connection with the fourth suspect, the former general manager." To the General Authority for Taxes, who was arrested in another case and took his confessions,” noting that “the accused are the manager, his wife, and mediators in the money laundering operation.”

 And she continued, explaining that “the operation, which was carried out with high-level coordination and cooperation between the components of the Supreme Anti-Corruption Authority and based on accurate information from its support team and an exceptional effort from the Central Anti-Corruption Criminal Investigation Court, also resulted in the seizure of large amounts of cash in their possession amounting to (1.227. (000.000) one billion two hundred and twenty-seven million Iraqi dinars, and (556.900) five hundred and fifty-six thousand and nine hundred US dollars, in addition to holdings and “golden pickles” in a large amount.

 And she added, "Among the seized documents are documents for (11) real estate, (9) of which are inside Iraq, and two outside it, both of which are of great financial value, and the defendants confessed to cash balances outside Iraq in the amount of (3,600,000) three million six hundred thousand dollars." Actions are being taken to control it,” stressing that “these funds are all obtained from public office trading and bribery received by the former Director General of the General Tax Authority during his work in it, and he hid it with the defendants.”

And she confirmed, "Writing the statements of the accused and presenting them before the competent judge, who decided to arrest them in accordance with the provisions of Article (36) of the Money Laundering and Terrorist Financing Law No. (39) of 2015, and to organize records of the authenticity of those funds that were deposited with the Federal Integrity Commission."   LINK

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Henig:  Al-Rafidain announces the transformation of advances deduction from manual to electronic (document)

|Today, 09:19 |Baghdad today - Baghdad

Al-Rafidain Bank issued a directive to stop deducting advance installments manually and transferring them electronically, starting next February.

According to a document issued by the bank on the 30th of this month, which I obtained (Baghdad Today), that “in an effort to provide the best services to its customers who are citizens of their salaries with our bank and for the purpose of activating electronic payment tools in disbursing customers’ dues. The year 2022 is replaced by February 2023, so that the deduction is carried out electronically from the borrower’s salary on the loan management system, starting from February of the year 2023.

The document stated that "the deduction will be free of charge, without commission, please confirm receipt of the turban and inform us of this according to an official letter sent by approved e-mail." LINK