Wednesday Morning Iraq Economic News Highlights 2-15-23
Wednesday Morning Iraq Economic News Highlights 2-15-23
Central Bank Governor: We Are Determined To Stabilize The Exchange Rate
Balsam Hameed The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed today, Wednesday, that the platform was found to protect the banking sector, while indicating the central bank’s determination to stabilize the exchange rate of the dollar.
Al-Alaq said to the official agency, followed by (Al-Oula News), that “the new electronic platform to avoid the imposition of any penalties on the parties that carry out transfer operations, whether they are banks or others, as it is a protection for the banking sector, the central bank and banks from falling into any forms related to external financial transfers and this serves all the parties".
On the exchange rate of the dollar, Al-Alaq explained, “The central bank’s responsibility is to close the difference in the exchange rate, and our steps are serious and vigorous, and we receive great support from all parties to achieve the goal.” He added, “Our discussions with the International Monetary Fund were very fruitful, and we agreed on programs that serve properly directly or indirectly to achieve this goal. LINK
URGENT The Central Governor Reveals The Secrets Of Decreasing The Dollar And The Reason For Its Rise In The Markets
Time: 02/15/2023 Read: 8,892 times {Economic: Al Furat News} The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the secrets and the reason for the government's decision to reduce the exchange rate of the dollar against the dinar, on the recommendation of the bank.
Al-Alaq said in a press statement on the sidelines of the Iraqi delegation's visit to Washington: "The decision is based on an in-depth study in this field, and the main reason is the high rate of inflation, and we do not want to burden the citizen with the consequences of this price, especially with the high general level of prices."
And he indicated, "The main goal of the central bank in all the world is the general stability of prices, or preventing inflation and crossing unwanted levels, and this is one of our tools that we use in adjusting the exchange rate, in a way that reduces the rate of inflation."
Al-Alaq added, "What we are focusing on internally and externally is trying to facilitate and simplify the entry of merchants, especially those seeking dollars, to the platform. The faster their entry to the platform, the closer we are to achieving stability and balance between supply and demand."
He stressed, "This is our mission, and we will issue a number of instructions and directives to banks and other financial institutions in order for things to be clear and easy, so that they can enter the platform as soon as possible.
He pointed out that "the official price should not exceed 1,320 dinars against the dollar in the market. We believe that there is no reason or justification for selling the dollar at more than this price, as long as the Central Bank is committed to providing the dollar at the official price for all dollar seekers, whether for commercial purposes or For personal purposes or for all existing purposes, and if the Central Bank provides the dollar to all its applicants at the official rate, there is no longer justification for another price, unless it is for reasons related to speculation or illegal operations, so we do not believe that this price is the real price.
And he stressed that "with the procedures and instructions that were issued and that will be issued, we will not find a reason to pay more than the official price, as long as we provide it to everyone, and also everyone can report to the Central Bank about cases of exceeding the official price, and we cover the difference, and there is no longer any reason." There is a problem with the price issue.
And Al-Alaq continued, "As it is clear, the Iraqi dinar enjoys strength based on the large reserves that cover this dinar, and it constitutes a real strength. The value of the dinar is a real value and not made up, given that there are large foreign reserves that cover this dinar, and as long as the central bank affirms and works to achieve its goal of stability." The general price of prices and the preservation of the value of the dinar against the dollar, the external force for it is represented by the exchange rate, there should be great reassurance that this is our goal and we are working on it and we will achieve it. LINK
New Statements From The Central Bank Governor Regarding The Dollar Crisis
2023.02.15 - Baghdad - Nas The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed, on Wednesday, that the platform was found to protect the banking sector, while indicating the central bank’s determination to stabilize the exchange rate of the dollar.
"Nass" channel on Telegram.. our latest updates
Al-Alaq said in a statement to the official agency, followed by “NAS”, (February 15, 2023), that “the new electronic platform is to avoid any penalties imposed on the parties that carry out transfer operations, whether they are banks or others, as it is a protection for the banking sector, the central bank and banks from falling into any forms.” It is related to foreign financial transfers, and this serves all parties."
On the exchange rate of the dollar, Al-Alaq explained, “The responsibility of the central bank is to close the difference in the exchange rate, and our steps are serious and vigorous, and we receive great support from all parties to achieve the goal.” He added, “Our discussions with the International Monetary Fund were very fruitful, and we agreed on programs that serve properly directly or indirectly to achieve this goal. https://www.nasnews.com/view.php?cat=102083
Al-Alaq: The Responsibility Of The Central Bank Is To Close The Difference In The Dollar Exchange Rate
Last Updated: 15 February 2023 - 10:56 AM [size=17]Baghdad / Iraq News Network - The Governor of the Central Bank of Iraq, a leader in the Dawa Party Ali Al-Alaq, on Wednesday, that the platform was found to protect the banking sector, while pointing to the Central Bank's determination to stabilize the dollar exchange rate. Dollar exchange rate Al-Alaq explained that "the responsibility of the Central Bank is to close the difference in the exchange rate, and our steps are serious and vigorous, and we receive great support from all parties to achieve the goal," adding, "Our talks with the International Monetary Fund were very fruitful and we agreed on programs that serve directly and indirectly to achieve this goal." LINK
Central Bank Sales Of Dollars Today Rose To 213 Million Dollars
2023/02/15 Baghdad / resource news The central bank's dollar sales rose, on Wednesday, to $213 million. https://almawrid.news/contents/view/details?id=60075
Central Bank: Bank Outlets For Selling Foreign Currency Continue To Work By Selling The Dollar
Time: 02/14/2023 Read: 3,874 times {Economic: Al Furat News} The Central Bank of Iraq called today, Tuesday, for citizens who intend to travel to "countries that are allowed to deal in the currency of the US dollar" to go to sales outlets in banks, exchange companies and mediation companies to buy and sell foreign currencies authorized to buy the dollar at the specified official rate.
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And the Central Bank noted, in a statement that {Euphrates News} received a copy of, that: “The sale of the dollar will take place according to the instructions and controls of the Central Bank of Iraq,” stressing that “in the event that any of the banks or companies refuse to sell at the official price, contact the two numbers (07809224663). ) or (07853330555) to file a complaint against the party that refuses to do so.
It is noteworthy that the outlets of banks for the sale of foreign currency continue to work by selling the dollar in accordance with the instructions and controls of the Central Bank of Iraq, which launched earlier a package of measures that contribute to the stability of the foreign currency market. LINK
Iraqi Foreign Minister Fuad Hussein.. The Iraqi Delegation In Washington Reached An Agreement With American Officials Regarding The Dollar
Iraqi Foreign Minister Fouad Hussein said on Wednesday that the Iraqi delegation in Washington had reached an agreement with US officials regarding the dollar.
Hussein said in his statements, today (February 15, 2023), that "an agreement has been reached with American officials regarding the dollar, oil, gas, electricity and many other issues."
He explained that "Iraq imports most of its needs from abroad, and buys needs in dollars, so most dollars go abroad for trade, but there was no organized mechanism to withdraw dollars from the central bank and Iraqi markets."
And the Minister of Foreign Affairs confirmed, “Iraq has taken banking measures and now there is a mechanism,” adding, “I see that the currency issue will be gradually resolved, and that the Americans have put in place a mechanism to monitor the withdrawal.” of the dollar, which affected the price, and this will stabilize step by step.”
Hussein continued, "The Iraqi society imports almost everything from abroad, and we sell only oil, and the import needs the dollar, and this is the reason for the exit of the dollar from Iraq, and we did not have a mechanism to regulate the exit from the dollar, and we put in place a mechanism to regulate the currency and control the movement of the dollar.”
The Minister of Foreign Affairs stated, "We did not visit Washington to prevent the exit of the dollar to Iran, but rather to organize its movement inside Iraq," noting that "according to the new system, it will be difficult for the dollar to exit outside the control of the state and the responsible American authorities.”
Hussein indicated, "The visit was for a week, and we discussed almost everything related to bilateral relations, and the Americans put forward their visions, and we reached an agreement on most issues," noting that "on the currency side, the Americans understand very well the steps of the Central Bank. LINK
Fuad Hussein: We Reached An Agreement With American Officials Regarding The Dollar
2023.02.15 - Baghdad - Nas Iraqi Foreign Minister Fouad Hussein said, on Wednesday, that the Iraqi delegation in Washington had reached an agreement with US officials regarding the dollar.
"Nass" channel on Telegram.. our latest updates Hussein stated in an interview with the Kurdish section of (VOA) translated by "Nass" (February 15, 2023), that "an agreement was reached with American officials regarding the dollar, oil, gas, electricity and many other issues."
He explained that "Iraq imports most of its needs from abroad, and buys needs in dollars, so most dollars go abroad for trade, but there was no organized mechanism to withdraw dollars from the central bank and Iraqi markets."
And the Foreign Minister confirmed, "Iraq took banking measures and now there is a mechanism," adding, "I see that the currency issue will be gradually resolved, and that the Americans have put in place a mechanism to monitor the withdrawal of the dollar, which affected the price, and this will stabilize step by step."
Hussein continued, "The Iraqi society imports almost everything from abroad, and we sell only oil, and the import needs the dollar, and this is the reason for the exit of the dollar from Iraq, and we did not have a mechanism to regulate the exit of the dollar, and we put in place a mechanism to regulate the currency and control the movement of the dollar."
The Foreign Minister stated, "We did not visit Washington to prevent the exit of the dollar to Iran, but rather to organize its movement inside Iraq," noting that "according to the new system, it will be difficult for the dollar to exit outside the control of the state and the responsible American authorities."
Hussein pointed out, "The visit was for a week, and we discussed almost everything related to bilateral relations, and the Americans put forward their visions and we reached an agreement on most issues," noting that "the Americans understand very well the central bank's steps on the currency side."