Sunday Morning Iraq News Highlights 12-25-22

The Exchange Rates Of The Us Dollar Jumped Against The Iraqi Dinar, Minutes After Its Opening On The Main Stock Exchange In Baghdad And Kurdistan

The exchange rates of the US dollar against the Iraqi dinar jumped minutes after its opening, today, Saturday, on the main stock exchange in the capital, Baghdad, and in the Kurdistan region. Also, the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded, at 10.45 am today, 154,000 Iraqi dinars for 100 US dollars. While the prices during its opening this morning were 153,450 dinars compared to 100 dollars.

In addition, the buying and selling prices increased in exchange shops in the local markets in Baghdad, where the selling price reached 154,500 Iraqi dinars for every 100 US dollars, while the buying prices amounted to 153,500 Iraqi dinars for every 100 US dollars. In Erbil, the capital of the Kurdistan Region, the price of the dollar in the stock market also recorded an increase, as the selling price of the dollar reached 153,900 dinars for every 100 US dollars.  LINK

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The Exchange Rates Of The Dollar Exceed The Barrier Of 153 Thousand Dinars In Iraq

Today, Sunday, the exchange rates of the dollar witnessed an increase in the local stock exchange.

The selling price of the dollar was 153,600 dinars per 100 dollars, while the buying price of the dollar was 153,500 dinars per 100 dollars.

And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of buying a dollar from the Ministry of Finance reached 1450 dinars, while the price of selling it to banks was set at (1460) dinars per dollar, while the selling price to the citizen is (1470). dinars for every dollar.   https://takadum-news.com/archives/139102

The Central Bank Has Stopped Selling The Dollar For Days, And The Markets Are Burning

Baghdad - Iraq today:  Member of the Parliamentary Finance Committee, Soran Omar, announced, on Sunday, that the Central Bank of Iraq has not sold dollar currency since December 23, 2022 until today.

"The central bank did not sell any dollars on 23, 24.25 of this month, due to holidays, so the price of the dollar rose more," Omar said in a blog post.

He added, “The days 26, 27, 28.29 of this month will sell 348 million and 220 thousand dollars locally, and 128 million dollars for remittances and abroad, which is the lowest level of dollar sales compared to the previous weeks during this month. "  LINK

The Dollar Crushes The Dinar.. Governmental Justifications And Promises Of Citizens' Wishes Amid A Worsening Crisis

News source /Baghdad today  News source / Baghdad today   The US dollar crushed the Iraqi dinar, with an unexpected rise, as a result of shy financial and monetary measures that do not rise, and the economic crisis that the people are suffering from.

The economic advisor in the Iraqi government, Mazhar Muhammad Salih, talks about the government's determination, through the monetary authority, to stabilize the exchange rate during the next few days .

Saleh told (Baghdad Today) that “there is real and serious work by the monetary authority to stabilize the exchange rate during the next few days, and this work is by granting advantages to external transfer requests that are made through the traditional means adopted in financing foreign trade .”

He emphasized that “official reserves are at their highest historical levels, which are approaching $100 billion, and the current rise, as we said earlier, is my time, and work is continuing to control the rise and make the exchange rate stable as it was.” before.”

Today, Sunday, the exchange rate of the dollar against the dinar witnessed a big jump, as the exchange rate of 100 US dollars reached 154,500 Iraqis, with a difference of up to about 5,000 dinars within days.

The Iraqi market is witnessing a record rise in food and consumer prices, compared to less than a month ago, which resulted in a significant drop in purchasing power .

Citizens complained that the new wave of high prices negatively affected their living conditions, and the wholesale markets became almost empty of buyers, which merchants and economists see as linked to the rise in the exchange rate of the dollar in the parallel (black) markets .

While the Federation of Chambers of Commerce in Iraq revealed that traders are facing major problems because of the government's actions and the central bank's monetary policy that controls the currency rate in the Iraqi market .

In turn, the Central Bank of Iraq justified, in a statement, the rise witnessed by the exchange rate of the dollar in the local markets during the past days due to some technical factors, including building a modern electronic platform through which banks raise the requests of their customers to buy the dollar

The bank stated that it had started, months ago, to build that platform in coordination with international bodies for the purpose of tightening and organizing the operations of the buying and selling window of foreign currency and ensuring effective control over it, by assigning an international company Specialized in building it and linking banks with the central bank through it, and the platform requires providing information about customers requesting transfers and authorities. The beneficiary and correspondent banks .

The bank revealed that there are many errors discovered through the work of the platform, which requires the bank to re-download it, and these procedures take additional time to accept the request and pass it through the global financial system .

For its part, the government affirmed its commitment to maintaining the stability of the local market, by supporting the stability of the exchange rate of the dollar against the Iraqi dinar .

And a statement issued by the media office of the Prime Minister stated that the current rise in the exchange rate of the dollar is temporary, and the necessary remedies will be taken, especially that the financial situation of Iraq is at its best .

The government called on all dealers, including investors and merchants, to cooperate with official banks and the central bank by working in accordance with global trade contexts, and importing.

Under documentary credits, as it provides a guarantee to the importer, preserves his rights, secures the imported goods, and enables him to benefit from banking facilities to cover the value of the credit.

Editing: A.K   You can also read the news from the source here

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The Government's Financial Advisor Talks About Selling The Dollar In Government Banks

Baghdad - Iraq today:  The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the application of the mechanism of selling dollars in banks constitutes a correct, practical approach to achieving stability in the exchange market.

Saleh said, in a statement to the official agency, that "the procedures introduced in providing wide and multiple official outlets for displaying dollar cash through the government banking system, with an increase in the allocation for one traveler to 5 thousand instead of 3 thousand dollars , up to 10 thousand dollars, represent a correct option to achieve stability in the exchange market.” .

He added, "In addition to this, strengthening credit cards by raising the exchange rate of the dinars when paying through them, with an increase in withdrawal ceilings in them, and it constitutes a correct move as well in one of the direct positive applications."

Intervention in the exchange market on the part of the monetary authority, to generate actual competition between currency sellers in the market.” The secondary exchange rate to be stable within the scope of the central exchange rate of the dinar.

He added, "The procedures followed provide the cash dollar through available, fair and equal opportunities for the beneficiaries, and make it available directly to the groups that need it for the purposes of travel and treatment outside the country."

He pointed out that "this trend in the policies of intervention in the exchange market is a positive expansion in transforming the dollar cash market into a flexible market that enjoys a high degree of competitiveness, governance and discipline at the same time," noting that " the monetary policy of the Central Bank of Iraq and within the duties of its intervention in the market Exchange by providing an adequate and appropriate supply of foreign currency notes that it is a constant and continuous policy in providing other additional options in providing foreign currency supply, which will continuously contribute to the stability of the exchange market.

He explained, "This expansion ensures at the same time maintaining the stability of the general level of prices,which is the lofty goal of monetary policy in the country.”  LINK

Najaf.. A Traveler Was Caught In Possession Of Foreign Currency In Violation Of The Instructions Of The Central Bank

News source /Sumerian Channel     The ministry stated, in a statement received by Alsumaria News, that “the detachments of the Customs police station at Najaf airport were able, while performing their duties, to arrest a traveler carrying an Iraqi passport, in possession of sums of foreign currency ($72,660). ) US dollars, and (296,000) South Korean won, a violation.” According to the instructions of the Central Bank of Iraq, it is intended to be taken out to South Korea via Qatar Airways (Transit).

And she indicated, “A formal arrest report has been organized, and the papers will be presented to the investigating judge.”

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