Some "Sunday Iraq Economic News" Posted by Clare at KTFA 12-25-2022

KTFA:

Clare:  MP Al-Qaisi: The government is able to rein in the dollar at any moment it wants

 12-25-2022

Representative Mahmoud Hussein Al-Qaisi affirmed, on Sunday, that the government is able to rein in the dollar at any moment it wants.

Al-Qaisi said in a tweet via Twitter, "With the hundred billions stacked in the Central Bank's accounts, and with the tons of gold stored in them; in addition to the treasury bonds in the US Federal Bank, controlling the market is subject to a government decision capable of curbing the dollar at any moment the government wants." .

He added, wondering: "But when will you take this step!?".  LINK

Clare:  The Sleeping Wool Shelf" pushes the price of the dollar in Iraq to about 160,000 dinars

2022-12-25

A member of the Iraqi Parliament, Alia Nassif, commented, on Sunday, on the decline of the dinar against the US dollar, to 154,000, while she indicated that "Shelf Al-Souf" is behind the exchange rate crisis.

Nassif wrote, in a tweet she posted on her personal account via Twitter, on the occasion of the rise of the dollar to 154,000 dinars and its direction towards 160, we say, "Sleeping, Sharif al-Sawf, and the dollar is suffocating your people."

She explained, "(Sherif Al-Sawf) here is not a person, but rather a system that deserves to be cursed for its corruption, which starts with those who have the idea of ​​the exchange rate and ends with those who oppose its return to 120,000."

And Nassif continued by saying: "I will see experts speaking about economic theories. Dad, we know your words. We have heard about economic theories at the hands of economics professors."

For his part, Representative Mustafa Sanad said, "The reason for the rise of the dollar is to stop transferring Iraq's entitlements from dollars by the US federal government, for the purpose of political blackmail and understanding."

The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, had attributed, earlier today, Sunday, the continued rise in the price of the dollar against the Iraqi dinar to several external factors, while confirming the government's endeavor to control the exchange rate and achieve its stability in the market.

And the local markets in Iraq recorded a significant increase in the exchange rates of the US dollar against the Iraqi dinar, reaching its peak today, Sunday, when the price of one dollar reached 1540 dinars.   LINK

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Clare:  Sudanese advisor: Exchange rate fluctuations are temporary and there is no concern about Iraq's capabilities to impose stability

12-25-2022

Today, Sunday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, identified new reasons for the rise in the exchange rate in the local markets, and while he revealed the existence of monopolistic activity within the market, the work of the monetary authority confirmed the stability of the exchange market with two paths .

Salih said in a statement to the Iraqi News Agency (INA) that the slight fluctuations in the exchange rate outside the current central rate have come for internal and external reasons, stressing that the internal reasons are related to the cash dollar, according to which the foreign currency window of the Central Bank is equipped with offices, exchange companies and banks annually by approximately $10 billion for travel and tourism purposes, which is a large number in meeting the needs of the local market for travel purposes in cash.

He added that "a monopolistic activity within the market acts outside the regulatory controls stipulated in the Anti-Money Laundering Law."

He pointed out that "the monetary authority is working to stabilize the exchange market in two tracks: the first: is represented by monitoring the exchange market to ensure the flow of foreign exchange from the dollar to the beneficiaries of the travelers, so that the share of one traveler has become 5 thousand dollars instead of 3 thousand dollars, with the possibility of collecting 10 thousand dollars for purposes

The treatment is for a single traveler as well, and this was accompanied by the opening of official outlets within the branches of government banks to provide citizens with foreign currency at the official rate in order to create an atmosphere of competition in the sale of foreign currency by expanding the money supply in dollars. 

And that "the second track relates to the dollar transferred through the window of the Central Bank abroad, which aims to finance foreign trade for the private sector, as these transfers to banks abroad constitute approximately 90% of the total demand for foreign currency through the window of the Central Bank of Iraq."

Salih revealed that there are objections from international compliance control regarding some transfers of incomplete information that private banks submit to foreign currency for the benefit of their customers and for their own, stressing that a number of transfers issued by requests from some private banks were rejected, especially since the platform through which transfer transactions pass It is the external entity that undertakes the rejection of incorrect requests, which are monitored by international compliance circles.” External".

He noted that "foreign reserves have become the strongest in Iraq's financial history, and its balance has perhaps exceeded one hundred billion dollars, which means there is no fear or concern about Iraq's financial capabilities in imposing stability in the dinar exchange rates as long as the matter is related to administrative and organizational affairs in dealing with external transfer and foreign currency trading." ".  LINK

Clare   An extraordinary session to host the Governor of the Central Bank

 The Parliamentary Integrity Committee revealed today, Sunday, its intention to hold an extraordinary session in the House of Representatives to host the Governor of the Central Bank.

A member of the committee, Hadi al-Salami, told Al-Furat News that: "Parliamentary signatures were collected to host the governor of the Central Bank, and an extraordinary session was held in the House of Representatives to find out the accurate information to show the real rise in dollar prices."

He added, "One of the reasons for the rise in the exchange rate of the dollar in the markets is that the US Federal Bank banned banks belonging to the parties that were smuggling the currency," returning it as "one of the most prominent reasons for the rise in exchange rates in the local market."

Al-Salami indicated that "there is a conflict of information about the reality of this rise, and that the Iraqi people have the right to know the facts through this hosting."

Prime Minister Muhammad Shia al-Sudani confirmed, during a press conference, a clear increase in the exchange rates of the dollar against the Iraqi dinar.

Al-Sudani referred to the refusal of transfers to fictitious companies, and there are exaggerated prices in the currency sale window, while he indicated that the price inflation operations in the currency sale window aim to remove the dollar from the country.

He also announced that the Central Bank of Iraq's reserves of foreign currency had reached $96 billion, and that the government was and still is monitoring the central bank's policy to ensure market stability.

Today, Sunday, the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad closed at 154,300 Iraqi dinars for 100 dollars, while the exchange rates for the dollar this morning were 153,450 dinars for 100 dollars. 

The buying and selling prices also increased in exchange shops in the local markets in Baghdad, where the selling price reached 154,750 Iraqi dinars, while the purchase price reached 153,750 dinars for every 100 dollars.   LINK