In An Economic Analysis.. Indicating The Most Prominent Reasons For The Variation In Dollar Prices In Iraq

Time: 2024/07/04 Read: 1,586 times  {Economic: Al Furat News} The economic expert, Salah Nouri, indicated that the American embargo is one of the most prominent reasons for the variation in the dollar price in Iraq.

Nouri explained via {Al Furat News} that: "Another reason that affects the disparity between the parallel market price of the US dollar and the official exchange rate is the US ban on each of {Russia, Iran, Syria}."

Nouri added, "Therefore, goods and merchandise cannot be imported from them through financial transfers via the electronic payment system of the Central Bank of Iraq, but rather by obtaining the dollar from the parallel market, i.e. increasing demand for it."

Stability of the price

In addition, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed the stability of the dollar exchange rate against the dinar despite its significant rise today, reaching 1,500 dinars.

Salih told {Al Furat News} that the fixed exchange rate system in Iraq is based on the rule of international reserves, which is the highest in the history of Iraq and its monetary policy, as foreign currency covers more than 100% of the total currency currently issued.

In view of the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level, which has become stable in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports) amounting to 1320 dinars per dollar.

The selling prices in the field of exchange in the local markets with the closing of the main stock exchange in Baghdad today, Thursday, recorded 149,750 Iraqi dinars for 100 dollars, while the purchase amounted to 147,750 dinars for 100 dollars.  LINK

Government Source Announces The Amount Of Debts Collected For The Benefit Of The Trade Bank Of Iraq

Trade Bank of Iraq  Banks  Economy News – Baghdad   A government source announced, on Thursday, the amount of debts collected on behalf of the Trade Bank of Iraq.

The source said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "within the framework of the government's efforts in the field of financial and administrative reform of the government banking sector, and based on the directives and continuous follow-up of the Prime Minister to restructure the due diwan (government and private sector) that benefit the Trade Bank of Iraq (TBI),

the following results have been achieved during the past period of the government's life:

1. The total debts collected and owed by the government sector, including the balances of the Kurdistan Region and paid to the Trade Bank of Iraq until 6/30/2024, amounted to approximately one trillion and 630 billion Iraqi dinars."

He added, "2. The total debts collected and owed by the private sector and paid to the Trade Bank of Iraq until 6/30/2024 amounted to approximately three hundred and forty-eight billion Iraqi dinars. 3. The total amounts collected to the Ministry of Finance's account IRAQ2, which represent balances of expired and canceled credits, amounted to approximately fifty-three million dollars."

He added, "Work is ongoing to settle other debts in this area, in coordination with the entities issuing these credits."  76 views 07/04/2024 - https://economy-news.net/content.php?id=44903

Al-Sudani: Iraq is witnessing the highest growth rate in the region

Money  and business  Economy News – Baghdad  Prime Minister Mohammed Shia al-Sudani confirmed today, Thursday, that Iraq is witnessing the highest growth rate in the region.

The Prime Minister's media office stated in a statement received by "Al-Eqtisad News" that Al-Sudani "sponsored today, Thursday, the annual celebration of the National Job Day, which was held at the government palace in the capital, Baghdad, where 50 distinguished employees in various fields were honored, who were chosen by specialized committees; for their excellence in job performance."

Al-Sudani praised the "distinguished employees who worked hard and deserved distinction. This selection of male and female employees proves the strength of the Iraqi and the principles, confidence and positive energy he carries," stressing that "the martyr who sacrificed himself for Iraq and the Iraqis remains the first distinguished one."

He added, "We commend the initiative to honor distinguished employees, and appreciate the efforts of the relevant committee and everyone who contributed to this initiative, which confirms the ability of employees in the public sector, and negates the negative image of them, as it highlights the loyal, competent, productive and honest employee," noting that "there are other numbers of distinguished employees who perform their duties with dedication and high efficiency."

He pointed out that "the stories of distinguished employees are worthy of consideration and enhance confidence in government employees, especially since some of them were able to transform the difficult circumstances and challenges they are experiencing into success, distinction and dedication in the public service they provide to citizens,"

 indicating that "one of the people of determination achieved excellence over his colleagues in programming, as well as the insightful student in Shatra who excelled and overcame her health conditions, which is a case of creativity that we have the right to be proud of."

During the ceremony, Al-Sudani addressed the "pivotal and essential role of the public sector in building the country, and its undertaking of implementing the government's program and priorities, in addition to its importance in improving the country's situation in all fields, as Iraq is witnessing the highest growth rate in the region, and the government sector must perform its duties in this regard."

He stressed that "the government has, in less than two years, made significant progress in working and addressing challenges in all areas, as our country possesses natural and human resources, some of which have not been invested to this day."

105 views 07/04/2024 - https://economy-news.net/content.php?id=44888

The Central Bank Explains The New Mechanism For Delivering Dollars To Travelers

Economy | 04/07/2024   Baghdad - Mawazine News   The Central Bank of Iraq revealed, today, Thursday, the new mechanism for travelers to receive foreign currency (dollars), which will be exclusively through company and bank outlets at international airports.

The bank confirmed in a statement that "the goal of the new mechanism, which will come into effect on July 14, is to deliver the dollar to the real traveler and pass sound transactions, in addition to facilitating travelers' access to the dollar more quickly."

The Central Bank reviewed the "new mechanism for travelers to receive their share of foreign currency (dollars) by the traveling citizen going to the authorized exchange companies, spread across all cities, to hand over the amount in dinars equivalent to the citizen's share of the dollar according to the official exchange rate of the Central Bank of Iraq."

He pointed out that "the company will work on entering the data of the traveling citizen and uploading his name on the electronic platform of the Central Bank of Iraq and handing him a receipt confirming the process of depositing the dinar, to receive the cash dollar inside the airport exclusively," indicating that "upon completing the departure procedures, the amount will be handed to him in dollars through the outlets available at the airport, 24 hours a day, 7 days a week."

The statement noted that "the Central Bank decided to allow exchange companies to receive more than one share during the week, in order to achieve full response to travelers' requests." https://www.mawazin.net/Details.aspx?jimare=250764

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Provoking Thoughts and Points To Ponder On Adversity:

Adversity comes with instruction in its hand.  - Anonymous

Mistakes are often the best teachers.  - James A. Froude

Pain, indolence, sterility, endless ennui have also their lesson for you.  - Ralph Waldo Emerson

Prosperity is a great teacher; adversity is a greater. Possession pampers the mind; privation trains and   strengthens it.  - William Hazlitt

Wisdom comes by disillusionment.  - George Santayana

You have learned something. That always feels at first as if you had lost something.  - George Bernard Shaw

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