Iraqi News Highlights Thursday Afternoon 12-22-22

Iraqi News Highlights Thursday Afternoon 12-22-22

Tlm724 Administrator Bondlady’s Corner

The Dollar Rises In The Iraqi Market

Economie | 10:57 - 12/22/2022   Baghdad - Mawazine News   Today, Thursday, the exchange rates of the dollar witnessed an increase in the local markets.   Selling price: 152,500 dinars per 100 dollars  Buying price: 152,200 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=214798

The Industrial Bank Announces The Direct Sale Of Dollars For Travel Purposes

Economie| 09:59 - 12/22/2022   Baghdad - Mawazine News   The Industrial Bank announced, on Thursday, the directives of the Central Bank to sell dollars for travel purposes.

The bank said, in a statement received by Mawazine News, that, "Based on the directives of the Central Bank of Iraq, the procedures for selling dollars for travel purposes have been initiated, with no more than 10,000 US dollars per customer deposited in the identity card issued by the Industrial Bank at a price of (1465) dinars per customer." dollar".

He added, "For citizens who wish to obtain dollars for the above purposes, they must review the bank's branches in Baghdad and the provinces for the purpose of opening an account, obtaining a card, and depositing the Iraqi dinar, equivalent to the amount in dollars that they wish to fill in their cards." Ended

https://www.mawazin.net/Details.aspx?jimare=214792

Oil prices continue to rise, and a barrel of Brent exceeds $82

Economie| 08:47 - 12/22/2022  Follow-up - Mawazine News   Oil prices rose for the fourth consecutive day, Thursday, with the increasing scarcity of US crude stocks, heating oil and jet fuel, at a time when the United States is witnessing a strong winter.

Brent crude futures rose 44 cents, or 0.54 percent, to $82.64 at 04:22 GMT, extending gains of about 2.7 percent from the previous session.

US West Texas Intermediate crude futures rose 49 cents, or 0.63%, to $78.78 a barrel. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=214783

The Iraqi Stock Exchange Trades Shares Worth 4 Billion Dinars Within A Week

Economie| 02:12 - 12/22/2022  Baghdad - Mawazine News  The Iraq Stock Exchange announced today, Thursday, trading indicators for the third week of December.

And according to a statement received by Mawazine News, “During the third week of December 2022, the Iraq Stock Exchange organized five trading sessions, from Sunday 12/18/2022 to Thursday 12/22/2022, and during this week the indicators were achieved. Below:

1. The number of shares traded during this week amounted to more than (3) billion shares

2. The value of shares traded this week amounted to more than (4) billion dinars

3. The trading index closed for the first session of the week at (590.98) ) points, while the index closed at the end of the week at (589.94) points, achieving a decrease of (0.18%) from its closing at the beginning of the session.

4. During the week, more than (2,600) buying and selling contracts were executed on the shares of companies listed in the market.”    https://www.mawazin.net/Details.aspx?jimare=214811

Integrity: The Verdict In Their Presence To Imprison The Former General Managers Of The Rafidain Bank And The National Insurance Company

Political | 12:59 - 12/22/2022   Baghdad - Mawazine News  The Federal Integrity Commission announced, on Thursday, the issuance of a judgment in the presence of imprisonment against the former general managers of the Rafidain Bank and the National Insurance Company. For "intentionally committing a violation of their job duties."

And according to a statement received by Mawazine News, the Commission’s Investigation Department stated, “The Rusafa Misdemeanor Court, which is specialized in integrity cases, issued a judgment in the presence of imprisoning the two convicts, on the grounds that they committed violations in the contract concluded between the Rafidain Bank and a company that sold cars to citizens in installments.” Not including the guarantor's condition in the contract, and only relying on a device placed inside the car that turns it off in case of non-payment.

The circuit added, "The court, after reviewing the evidence obtained in this case, found it sufficient and convincing for conviction, so it sentenced the two convicts to imprisonment in their presence for a period of one year," noting that "the Rusafa Misdemeanor Court specialized in cases of integrity issued the conviction decision in accordance with the provisions of Article (331). of the Iraqi Penal Code. Ended 29/N33    https://www.mawazin.net/Details.aspx?jimare=214807

The President Of The Republic: Iraq Is Currently Going Through A Period Of Political And Security Stability

Political | 02:55 - 12/22/2022   Baghdad - Mawazine News, President of the Republic Abdul Latif Jamal Rashid confirmed today, Thursday, that there is a universal welcome to the formation of the government by the international community, while indicating that Iraq is currently going through a period of political and security stability.

The Presidency of the Republic said in a statement, a copy of which Mawazine News received, that "President Abdul Latif Jamal Rashid received, today, at the Baghdad Palace, a delegation from the Al-Rafd Center for Media and Strategic Studies headed by the Director of the Center, Abbas al-Jubouri," noting that "during the meeting, Discussing the overall political situation on the Iraqi and international arenas.

And the President of the Republic affirmed that "there is a global welcome to the formation of the government by the international community, which demands that Iraq have a fundamental role in many issues," noting that "the centers for strategic studies should study various general issues in an integrated manner, with a focus on local issues."

And he suggested, "The media and analysis centers should monitor the negatives to correct them and highlight the positives for their development and to convey the true picture about the growing stability in Iraq," pointing out, "We believe in a strong Iraq in terms of democracy and its economic and service approach, and Iraq is for all, and it is our duty to strengthen it."

The President of the Republic spoke about the displaced and displacement centers, indicating "the importance of the work of analysis and media centers in showing the bad conditions in which they live in order to expedite finding appropriate solutions and returning them to their areas after their rehabilitation and reconstruction,"

pointing out that "Iraq is currently going through a period of political and security stability, and the media must It conveys this positive image to the world, which will facilitate attracting investments to support the economy."

In turn, the members of the delegation thanked the President for the warm reception, expressing their belief "that the President of the Republic is the protector of the constitution and he is the one who preserves the unity of Iraq."

They affirmed their support for "the president's directives on the necessity of serious work to advance the economic and industrial reality, provide job opportunities, absorb graduates, and raise the standard of living for citizens," calling on the president to "intervene to resolve all outstanding issues, wherever they may be, among the people of the same country." https://www.mawazin.net/Details.aspx?jimare=214813

Popular Discontent In Iraq Against The Government Because Of The High Price And The Rise In The Dollar

Posted On2022-12-21 By Sotaliraq   The Iraqi market is witnessing a record rise in the prices of food and consumer goods compared to what it was less than a month ago, which resulted in a significant decrease 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.

And the exchange rates of the dollar in the Iraqi market rose to more than 153 thousand dinars for every 100 dollars, at a time when the central bank sells one dollar for 1460 dinars.

Citizen complaints

Many citizens are unable to meet the needs of their families due to the sudden rise in the prices of food and consumer goods in the Iraqi local markets. A number of citizens confirmed the exacerbation of their suffering during the past periods, blaming the Iraqi government for the continuous high prices.

Citizen Ali Al-Shammari says that the price hike has affected their lives economically and socially, as they are unable to buy goods at these standard prices. As for the citizen, Uday Bashir, he confirmed that the price of a 50-kilogram bag of flour jumped to more than 60 thousand dinars, in addition to the high prices of meat, milk, oil and sugar, as well as the high cost of electrical appliances and winter heaters.

In turn, citizen Saeed Muhammad Jabr believes that the government neglects to control prices, hold speculators accountable and refer them to the judiciary, and inspection committees do not roam the markets in order to limit the manipulation of prices by merchants.

loss of confidence

The growing discontent among the Iraqi street due to the failure of the government of Muhammad Shia' al-Sudani to fulfill its promises through its government program and to restore balance in the financial market. The researcher in economic affairs, Nabil Al-Shammari, believes that the rise in food prices in the local market has caused popular discontent with the government, as a result of its failure to adhere to its slogans that it had launched, including reducing poverty and addressing the dollar crisis.

Al-Shammari added that the economic problems that emerged at the beginning of the current government's journey reflect a lot of doubts and a loss of confidence in its ability to fulfill its obligations towards the Iraqi citizen.

He explained that the rise in market prices is linked to the practices of commercial monopoly and the fears of traders about rumors that talk about another rise in the dollar against the dinar, and this is due to the lack of trust between the citizen and the ruling authority.

Al-Shammari pointed out that the rise in materials and commodities prices resulted from the apparent slowdown in the procedures of foreign remittances, following the change in the mechanisms of the Central Bank for remittances, which themselves caused a marginal rise in the dollar in the local markets, as the rise reached 2 percent compared to its normal rates.

Dollar crisis

The Federation of Chambers of Commerce in Iraq revealed that merchants are facing major problems due to government measures and the central bank's monetary policy that controls the currency rate in the Iraqi market.

The former vice president of the Federation of Iraqi Chambers of Commerce, Hassan Sheikh Zaini, said that the Central Bank of Iraq should set reasonable mechanisms and limits for the exchange of hard currency for merchants and industrialists to cover their commercial expenses and limit currency smuggling through banks, exchange companies and offices that acquire the quantities offered in the market.

Sheikh Zaini explained that the rise in the exchange rate of the dollar had a negative impact on the citizens, because a large proportion of consumer and food items were imported from abroad, and as a result their prices rose to a large extent that exceeded the purchasing power of the citizen.

For his part, the advisor to the Federation of Iraqi Industries (private sector), Karrar Al-Qaisi, said that the price hike is the result of the international impact represented by the rise in oil prices, as well as the geomilitary factor resulting from the war between the largest suppliers of basic commodities (Russia, Ukraine).

Al-Qaisi added that these factors have caused double pressure on prices for importing countries, foremost of which is Iraq, where national production is absent due to corruption, bureaucracy and mismanagement.

He pointed to "the deterioration of market conditions, since the decision to change the exchange rate in 2020, and the government must now review its decisions and work to produce strategic policies and urgent measures to confront the current crisis."

Al-Qaisi revealed that “the private sector is absent from the Iraqi economic scene, due to its lack of support by the state in order to become productive and bridge the widening gap between supply and demand, and reduce the depletion of foreign exchange through the import bill, and the government and parliament must support the industrial and agricultural sectors with financing, training, development, decision and legislation in order to become A product of high quality, and thus supports the economy and diversifies the sources of financing the public treasury and undermines the high level of unemployment and poverty, which has become dire.”

Platform errors

The Central Bank of Iraq confirmed, in a statement, that the rise witnessed by the exchange rate of the dollar in the local markets during the past days is 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.

He pointed out that the current supply of foreign currency is not related to resources, but rather to administrative and audit procedures, which will be exceeded in the coming days, announcing that a number of decisions have been taken to expand the foreign exchange supply with the aim of meeting the market demand for cash dollars, and directing the management of the currency sale window to meet the requests of banks for the coming days. Faster.

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.

A statement issued by the Prime Minister's Media Office stated that the current rise in the dollar exchange rate is temporary, and the necessary remedies will be taken, especially since Iraq's financial situation 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 commercial contexts, and importing under documentary credits, as it provides a guarantee for the importer, preserves his rights, secures imported goods, and enables him to benefit from banking facilities to cover the value of the credit. LINK

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KTFA Members "Thursday Iraqi News" 12-22-2022

KTFA:

Clare:  Al-Sudani: Inflating currency selling prices aims to remove the dollar from the country

December 19, 2022

Baghdad / Obelisk: Prime Minister Muhammad Sayaa al-Sudani said, on Monday 19/12/2022, that the price inflation operations in the currency sale window aim to remove the dollar from the country, indicating that transfers to fake companies were rejected and there are exaggerated prices in the currency sale window.

The Obelisk publishes clips of Al-Sudani's words during a press conference:

- There is a clear increase in the exchange rates of the dollar

Transfers to fictitious companies were rejected, and there are exaggerated prices in the currency sale window

– Inflating prices in the currency sale window, aimed at removing the dollar from the country

The government was and still is monitoring the policy of the central bank to ensure market stability

We assure everyone that the government has control over food prices and securing the ration card items

We asked the central bank to take quick steps to compensate for the dollar shortage in the markets

The Central Bank took measures related to diversifying foreign transfers to cover imports

The financial situation is at its best, and the reserves of the Central Bank have risen to $96 billion

We dismantled a large number of oil smuggling networks in Baghdad, Basra, Diyala and Kirkuk

We confiscated more than 1.7 million liters of smuggled oil derivatives and 66,000 tankers

There is a network of members of the security services that protected and facilitated the passage of tanks intended for smuggling

We arrested 18 members of this network

Previously, two million liters of derivatives were smuggled daily in Diyala and five million in Basra

The government continues to investigate the file of tax secretariat theft

We opened 42 schools in Baghdad, most of which were caravanserais

192 projects have been launched in 3 governorates within the emergency support allocations

These projects are out of 2932 projects in various service sectors

The security breach in Kirkuk comes after major victories for the security services in the past period

The Air Force launched strikes that resulted in the killing of several leaders of the terrorist ISIS

There is a plan to improve the ration card and direct it to the beneficiaries, especially the social protection category

Authorizing the service and engineering effort to carry out infrastructure works for residential areas in Baghdad and the provinces

Completion of the fifth phase of the Basra refinery project for catalyst cracking

– We decided to exclude the Iraqi Drilling Company from the instructions for executing contracts

There will be no settlement of the corrupt at the expense of public money

The government is keen to support the judiciary in anti-corruption measures

Installing free lecturers in all governorates will be completed next week  LINK

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Clare:  Fitch affirms Iraq at "b-" with a stable outlook

2022-12-22

Shafaq News/ Fitch Ratings confirmed Iraq's default rating at "B-" with a future outlook.

In a report seen by Shafaq News agency, the agency said that Iraq's classification "B-" reflects its high dependence on commodities, weak management, political risks, and an undeveloped banking sector, balanced with high foreign currency reserves and low interest costs on government debt.

He added that high oil prices improved many credit measures in Iraq in 2022, but the absence of structural, economic or financial reforms and the persistence of political risks restrict the rating.

 He pointed out that the main weaknesses of political risks: local and regional political risks and weak governance will continue to restrict the rating, pointing out that the consistently low scores for Iraq reflect through governance indicators political instability, corruption, government ineffectiveness, weak institutions and insecurity (although the bulk of the facilities Oil production and export is located far from the areas that posed the highest security risks).

He pointed out that the budget surplus will swell to about 10% of GDP in 2022, driven by higher oil revenues, while political instability and the absence of a budget restricted spending growth to some extent, indicating that oil production grew by 12%, in line with The OPEC+ production agreements have pushed real GDP nearly 10%, while nominal GDP likely grew by 36%, pushing the economy above levels reached in 2013-14 (although not per capita, in terms of strong population growth).

And the agency expected that the budget surplus will shrink, as it will be a much smaller surplus in 2023 at 2.2% of GDP. In the event that we assume an increase in spending by at least 10%, to reach 135 trillion Iraqi dinars, and that oil revenues will be moderate, as it amounts to Brent crude price will average $85 per barrel versus $100 per barrel in 2022.

He pointed out that the Ministry of Finance is currently preparing a draft 2023 budget to send to parliament, but it is unlikely that the 2023 budget will include financial reforms as outlined in a white paper in October 2020.

The agency projected a budget deficit in 2024 of about 3% of GDP, assuming an average Brent crude price of $65 per barrel, which despite some uptick in production would lead to a nominal decline in government spending (to $128). One trillion Iraqi dinars, according to our assumptions).  LINK

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Henig:  Economic consultant: The drop in the oil price not worrisome in light of the cumulative fiscal surplus

Baghdad / NINA / - The consultant in economic development and investment, Amer Al-Jawahiri, confirmed: "The drop in the oil price is not worrisome, in light of the cumulative financial surplus."

Al-Jawahiri said in a statement to the National Iraqi News Agency (NINA): "The price of oil affects the price of a barrel decided in the budget. If the price of a barrel of oil falls, this will certainly affect the budget. "

Al-Jawahiry explained: "This is over the course of expectations and not over the course of the current days. The geopolitical expectations give indications to those responsible for the economic file by setting a normal price less than the predicted one in the budget. This matter does not worry, and it is extremely small in as it does not affect what we want to do in terms of financial, economic building and reconstruction.

He added: "There is a cyclical financial surplus, accumulated in the current year, which addresses the expected deficit."   LINK

Henig:  Oil prices rise by more than 2% and approaching $82 a barrel

Baghdad / NINA / - Today, oil prices increased by more than 2%, and approached 82 dollars per barrel.

Brent crude futures reached $81.82 a barrel, up by more than 2.3%, while US crude hit $77.77 a barrel, up by 2.11%.   LINK

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Henig:  Al-Sudani: The Baghdad Summit in Jordan affirmed Iraq's pivotal role in the region and the world

Baghdad / NINA / - Prime Minister Muhammad Shia'a Al-Sudani said: "The Baghdad Conference 2 Summit, hosted by sisterly Jordan, affirmed Iraq's pivotal role in the region and the world, and it will be a starting point for economic development and serious partnership, the basis of which is Baghdad of peace."

Al-Sudani added in a tweet on Twitter: "Thank you to all the countries participating in the summit, and we will continue to work with brothers and friends to achieve our economic and development goals in service of our honorable people."   LINK

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Henig:   26 Oil smuggling suspects arrested, 80% inspecting teams are replaced

INA – BAGHDAD

Energy Police Directorate of the Ministry of the Interior announced on Wednesday, the arrest of 26 suspects involved in smuggling operations of oil derivatives, as it revealed the replacement of 80% of the employees assigned to inspect tankers.

"The Directorate carried out in the last 21 days a series of qualitative operations against the smuggling of oil derivatives, during which 6 of them containing 17 tanks were seized and 26 accused were arrested," said the Director General of the Energy Police, Major General Dhafir Nadhmi, to Al-Iraqiya News TV, followed up by the Iraqi News Agency – INA.

He added, "The Directorate is currently carrying out operations in Basra against violators of oil taboos. All operations are carried out in coordination between the Energy Police, the Federal Intelligence Directorate and the National Security Agency."

"In the recent operations, 18 suspects belonging to the security services were also arrested, between an officer and a member. There are still 14 others on the run, and arrest warrants have been issued against them, as the work is ongoing to reach, arrest and investigate them in addition to the matter jointly between the Ministry of Interior and the National Security Agency,” he explained.

Nadhmi pointed out that "there is a coordination center with the KRG to follow up on the file of derivatives smuggling, based in the Ministry of Interior in Baghdad, in which information is exchanged and operations are carried out in coordination between the two parties," adding, "the tanks used in smuggling take unpaved streets, and this does not prevent them from being tracked and pursued. There are also tanks whose owners coordinate with corrupt members of the security services on the main roads.”

"In light of this, 80% of the ones on the main roads who were carrying out the task of inspecting the tanks were replaced. It is the fact that corruption is the main reason behind the smuggling operations,” he added.
 
In regard to the reason that made Basra and Diyala at the forefront of the provinces from which the derivatives tanks are launched with the aim of smuggling, Nadhmi commented, “Basra is the first oil province in Iraq with Diyala, the procedures were weak in them, and also most of the fields and facilities in Diyala were exposed to the control of terrorist gangs, previously.”   LINK

"Tidbits From TNT" Thursday AM 12-22-2022

TNT:

Tishwash:  International agency: Iraq will lose 80 percent of the fiscal surplus over the next year

The Fitch Ratings agency suggested that Iraq's fiscal surplus will decline next year, compared to 2022, as the figures show the possibility of its decrease by 78%.

The agency stated that “Iraq’s budget surplus will rise to about 10% of GDP in 2022, supported by increased oil revenues,” expecting that “the surplus will be much lower in the 2023 budget at 2.2% of GDP.”

And the agency classified Iraq at the B- rating, pointing out that “the B- rating reflects the heavy dependence on primary commodities, weak good governance, political risks, and the lack of development of the banking sector,” according to Reuters.

It noted that the B- rating is balanced by large foreign exchange reserves and low interest costs on government debt.

Observers translate the fiscal surplus in order to reach a clearer picture of the size of the decline, as the decrease in the surplus from 10% of GDP in 2022 to 2.2% of GDP in 2023 means that the surplus will decrease by 78% next year.

Iraq's gross domestic product is more than 200 billion dollars, which means that the surplus during 2022 amounted to more than 20 billion dollars, but in 2023 the surplus will reach only 4.5 billion dollars, which is a decrease of 78%.   link

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Tishwash:  Kurdistan government cancels New Year's celebrations - Urgent

The Kurdistan Regional Government announces the cancellation of New Year's celebrations due to the incidents of gas leak explosions and announced that it will not stop the activities and celebrations on this occasion   link

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Tishwash:  The President of the Republic: Iraq is currently going through a period of political and security stability

President of the Republic Abdul Latif Jamal Rashid confirmed today, Thursday, that Iraq is currently going through a period of political and security stability.

The media office of the Presidency of the Republic said, in a statement received by Alsumaria News, that "the President of the Republic received at the Baghdad Palace a delegation from the Al-Rafd Center for Media and Strategic Studies, headed by the Director of the Center, Dr. Abbas Al-Jubouri

He added, "During the meeting, the overall political situation on the Iraqi and international arenas was discussed, as the President of the Republic affirmed that there is a universal welcome to the formation of the government by the international community, which demands that Iraq have a major role in many issues."

The President of the Republic indicated that "strategic studies centers should study the various public issues in an integrated manner, with a focus on local issues, suggesting that the media and analysis centers monitor the negatives to correct them and highlight the positives for their development and to convey the true picture about the growing stability in Iraq."

He explained: "We believe in a strong Iraq in terms of democracy and its economic and service approach," explaining that: "Iraq is for everyone, and it is our duty to strengthen it."

The President of the Republic spoke about the displaced and displacement centers, indicating the importance of the work of the analysis and media centers in showing the bad conditions in which they live in order to expedite finding appropriate solutions and returning them to their areas after their rehabilitation and reconstruction.

Rashid also explained that "Iraq is currently going through a period of political and security stability, and the media must convey this positive image to the world, which will facilitate attracting investments to support the economy."

In turn, the members of the delegation thanked the President for the warm reception, expressing their belief that the President of the Republic is the protector of the constitution and he is the one who preserves the unity of Iraq. His Excellency, through his patriarchal role, intervened to resolve all outstanding issues, wherever they may be, between the people of the same country.   link

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Tishwash:  Iraqi chambers of commerce make proposals to end the "daily massacre" of the dollar in the market

The head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, presented, on Thursday, proposals to stop the rise in the exchange rate of the dollar against the local currency, considering at the same time that the volume of currency auction sales to the Central Bank is not commensurate with the amount of goods traded in the market.

Al-Zuhairi said in a statement today that the volume of currency auction sales is not commensurate with the quantity of goods traded in the market, and the estimate of the actual need of the market does not exceed half of the amount that is sold daily in the currency auction.

He added, "The recommendations were listened to, and we found the brave man who can stop this massacre through some simple decisions, including not paying the tax on dollar sales, which means that the merchant has the right to transfer the purchase invoice through Iraqi banks and in Iraqi dinars if he wishes."

Al-Zuhairi explained, "This decision will be implemented at the beginning of next year, and in the coming days, the Iraqi currency will be available in the banks," adding, "There are decisions that we hope will be taken so that we can end this daily massacre of the dollar."

The head of the Federation of Iraqi Chambers of Commerce suggested "diversifying the foreign currency commodity within the central bank and not remaining a monopoly of the dollar only, the strict monitoring by the Federal Bank on the movement of the dollar from Iraqi banks to intermediary banks."

He concluded by saying that by applying these proposals and decisions, the sale of the currency auction would decrease from 200 million and more to 66 million.   link

CandyKisses:  WHO ATE THE COOKIES?

Mot:  ~~~~ the BIG Reveal!! ~~~

Thursday Morning Iraq Economic News Highlights 12-22-22

Thursday Morning Iraq Economic News Highlights 12-22-22

Al-Kazemi Confirms The Existence Of A Real Trend To Return The Dollar Exchange Rate To Its Normal State

Thursday, December 22, 2022 10:01 am   National news center / private   Today, Thursday, a member of Parliament, Mueen Al-Kazemi, confirmed that there is a real tendency to return the exchange rate of the dollar to the normal price of 145 thousand. 

Al-Kazemi said, in a special statement to the National News Center, that “the basic measures must be from the executive authority, the government represented by the state of the prime minister responsible for the central bank, the Ministry of Finance and the Ministry of Planning, and the economic strategic plan. All of this is the responsibility of the executive government, not It is the responsibility of the House of Representatives.

He added, “The government has a balance of no less than (100 billion dollars) and it does not have a scarcity in dollars, and there is no crisis in this matter,” noting that “the issue of reducing the dollar is in the direction of verification, especially if the exchange rate of the dollar is fixed at 151 after it was 153.”

Al-Kazemi suggested “distributing 50% of the employees’ salaries in dollars, and thus there will be an abundance of dollars in the markets and inside Iraq, and this measure will lead to a rapid reduction in the exchange rate.”   https://nnciraq.com/173994/

Iraqi Chambers Of Commerce Make Proposals To End The "Daily Massacre" Of The Dollar In The Market

2022-12-22 01:22   Shafaq News/ The head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, presented, on Thursday, proposals to stop the rise in the exchange rate of the dollar against the local currency, considering at the same time that the volume of currency auction sales to the Central Bank is not commensurate with the amount of goods traded in the market.

Al-Zuhairi said in a statement today that the volume of currency auction sales is not commensurate with the quantity of goods traded in the market, and the estimate of the actual need of the market does not exceed half of the amount that is sold daily in the currency auction.

He added, "The recommendations were listened to, and we found the brave man who can stop this massacre through some simple decisions, including not paying the tax on dollar sales, which means that the merchant has the right to transfer the purchase invoice through Iraqi banks and in Iraqi dinars if he wishes."

Al-Zuhairi explained, "This decision will be implemented at the beginning of next year, and in the coming days, the Iraqi currency will be available in the banks," adding, "There are decisions that we hope will be taken so that we can end this daily massacre of the dollar."

The head of the Federation of Iraqi Chambers of Commerce suggested "diversifying the foreign currency commodity within the central bank and not remaining a monopoly of the dollar only, the strict monitoring by the Federal Bank on the movement of the dollar from Iraqi banks to intermediary banks."

He concluded by saying that by applying these proposals and decisions, the sale of the currency auction would decrease from 200 million and more to 66 million.    LINK

Popular Discontent In Iraq Against The Government Because Of The High Price And The Rise In The Dollar

Posted On2022-12-21 By Sotaliraq    The Iraqi market is witnessing a record rise in the prices of food and consumer goods compared to what it was less than a month ago, which resulted in a significant decrease 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.

And the exchange rates of the dollar in the Iraqi market rose to more than 153 thousand dinars for every 100 dollars, at a time when the central bank sells one dollar for 1460 dinars.

Citizen complaints

Many citizens are unable to meet the needs of their families due to the sudden rise in the prices of food and consumer goods in the Iraqi local markets. A number of citizens confirmed the exacerbation of their suffering during the past periods, blaming the Iraqi government for the continuous high prices.

The citizen, Ali Al-Shammari, says that the high prices affected their lives economically and socially, as they are unable to buy goods at these standard prices. As for the citizen, Uday Bashir, he confirmed that the price of a 50-kilogram bag of flour jumped to more than 60 thousand dinars, in addition to the high prices of meat, milk, oil and sugar, as well as the high cost of electrical appliances and winter heaters.

In turn, citizen Saeed Muhammad Jabr believes that the government neglects to control prices, hold speculators accountable and refer them to the judiciary, and inspection committees do not roam the markets in order to limit the manipulation of prices by merchants.

loss of confidence

The growing discontent among the Iraqi street due to the failure of the government of Muhammad Shia' al-Sudani to fulfill its promises through its government program and to restore balance in the financial market. The researcher in economic affairs, Nabil Al-Shammari, believes that the rise in food prices in the local market has caused popular discontent with the government, as a result of its failure to adhere to its slogans that it had launched, including reducing poverty and addressing the dollar crisis.

Al-Shammari added that the economic problems that emerged at the beginning of the current government's journey reflect a lot of doubts and a loss of confidence in its ability to fulfill its obligations towards the Iraqi citizen.

He explained that the rise in market prices is linked to the practices of commercial monopoly and the fears of traders about rumors that talk about another rise in the dollar against the dinar, and this is due to the lack of trust between the citizen and the ruling authority.

Al-Shammari pointed out that the rise in materials and commodities prices resulted from the apparent slowdown in the procedures of foreign remittances, following the change in the mechanisms of the Central Bank for remittances, which themselves caused a marginal rise in the dollar in the local markets, as the rise reached 2 percent compared to its normal rates.

Dollar crisis

The Federation of Chambers of Commerce in Iraq revealed that merchants are facing major problems due to government measures and the central bank's monetary policy that controls the currency rate in the Iraqi market.

The former vice president of the Federation of Iraqi Chambers of Commerce, Hassan Sheikh Zaini, said that the Central Bank of Iraq should set reasonable mechanisms and limits for the exchange of hard currency for merchants and industrialists to cover their commercial expenses and limit currency smuggling through banks, exchange companies and offices that acquire the quantities offered in the market.

Sheikh Zaini explained that the rise in the exchange rate of the dollar had a negative impact on the citizens, because a large proportion of consumer and food items were imported from abroad, and as a result their prices rose to a large extent that exceeded the purchasing power of the citizen.

For his part, the advisor to the Federation of Iraqi Industries (private sector), Karrar Al-Qaisi, said that the price hike is the result of the international impact represented by the rise in oil prices, as well as the geomilitary factor resulting from the war between the largest suppliers of basic commodities (Russia, Ukraine).

Al-Qaisi added that these factors have caused double pressure on prices for importing countries, foremost of which is Iraq, where national production is absent due to corruption, bureaucracy and mismanagement.

He pointed to "the deterioration of market conditions, since the decision to change the exchange rate in 2020, and the government must now review its decisions and work to produce strategic policies and urgent measures to confront the current crisis."

Al-Qaisi revealed that “the private sector is absent from the Iraqi economic scene, due to its lack of support by the state in order to become productive and bridge the widening gap between supply and demand, and reduce the depletion of foreign exchange through the import bill, and the government and parliament must support the industrial and agricultural sectors with financing, training, development, decision and legislation in order to become A product of high quality, and thus supports the economy and diversifies the sources of financing the public treasury and undermines the high level of unemployment and poverty, which has become dire.”

Platform errors

The Central Bank of Iraq confirmed, in a statement, that the rise witnessed by the exchange rate of the dollar in the local markets during the past days is 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.

He pointed out that the current supply of foreign currency is not related to resources, but rather to administrative and audit procedures, which will be exceeded in the coming days, announcing that a number of decisions have been taken to expand the foreign exchange supply with the aim of meeting the market demand for cash dollars, and directing the management of the currency sale window to meet the requests of banks for the coming days. Faster.

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.

A statement issued by the Prime Minister's Media Office stated that the current rise in the dollar exchange rate is temporary, and the necessary remedies will be taken, especially since Iraq's financial situation 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 commercial contexts, and importing under documentary credits, as it provides a guarantee for the importer, preserves his rights, secures imported goods, and enables him to benefit from banking facilities to cover the value of the credit.

Source: “The New Arab”  LINK 

Iraqi News Highlights Wednesday Evening 12-21-22

Iraqi News Highlights Wednesday Evening 12-21-22

Tlm724 Administrator Bondlady’s Corner

The Kurdistan Region Declares An Official Holiday For One Week

Wednesday, December 21, 2022 2:18 PM   Baghdad / National News Center Today, Wednesday, the regional government announced the suspension of official working hours for a week, on the occasion of the New Year holidays.  And the Information and Information Department of the regional government stated, in a statement received by the National News Center, that “the regional government decided to grant a holiday that starts from Sunday, December 25, until the first of January of next year.”  And she added, "Working hours begin on the second of January in all state institutions."

https://nnciraq.com/173834/ 

A Parliamentary Committee Announces The Most Prominent Contents Of The Budget For The Development Of The Transport Sector

Arab and international   Economy News – Baghdad The Transportation and Communications Committee in the House of Representatives recommended, on Wednesday, the allocation of two budgets for railway connectivity and infrastructure for the port of Faw, while stressing the need to form a national governmental telecommunications company.

The head of the committee, Zahra al-Bajari, said, "The most important points raised by the committee within the 2023 budget are interest in railways, and the introduction of a special budget for railway connectivity, in addition to the issue of the metro in Baghdad and Basra as one of the important matters that reduce traffic congestion occurring in those provinces."

And she continued, "The committee also put forward the Al-Faw Grand Port project, as the project reached the port's infrastructure, so there must be a special budget for the construction of the infrastructure so that the project is not delayed."

She pointed out that "the committee also put forward the formation of a national governmental telecommunications company that supports and competes with companies working in telecommunications, which will serve a large class of citizens, as it will open the door to competition through many offers," calling on "the Ministry of Communications and the Media and Communications Commission to prepare the infrastructure for this project, within the 2023 budget.

Views 55   Added 12/21/2022 - 4:52 PM   Updated 12/21/2022 - 5:48 PM

https://economy-news.net/content.php?id=31450

Al-Hakim Appreciates The Government's Efforts In Maintaining The Momentum Of Regional And International Cooperation And Partnership Relations

Wednesday 21 December 2022 10:41 | political Number of readings: 272  Baghdad / NINA / - The head of the National Wisdom Movement, Ammar al-Hakim, praised the government's efforts to maintain the momentum of regional and international cooperation and partnership relations on the basis of common interests between Iraq, neighboring countries, and friendly countries.

Al-Hakim said in a statement: We support the Iraqi government and appreciate its efforts in perpetuating the momentum of regional and international cooperation and partnership relations on the basis of common interests between Iraq and neighboring countries and friendly countries, and the convening of the second Baghdad Summit for Cooperation and Partnership in the Hashemite Kingdom of Jordan is an important step in this context.

He added: As we urge the political forces, the media, and social and popular actors to support the government in this field, we call for follow-up on the implementation of the decisions of the second Baghdad summit in a way that enhances support for Iraq in its political, security, development and commercial path, and benefits Iraq and its people and all peoples of the region and the world./ End

https://ninanews.com/Website/News/Details?key=1021661

A New Rise In Dollar Exchange Rates

Economie| 10:05 - 12/21/2022  Baghdad - Mawazine News  Today, Wednesday, the exchange rates of the dollar witnessed a slight increase in the local markets.   The selling price of the dollar was 151,400 dinars per 100 dollars, while the buying price of the dollar was 151,300 dinars per 100 dollars. Ended 29/M99   https://www.mawazin.net/Details.aspx?jimare=214719

High Oil Prices

Economie| 08:50 - 12/21/2022  Follow-up - Mawazine News   Oil prices rose in early Asian trading on Wednesday, with US crude inventories falling last week and the dollar's weakness.

Brent crude futures rose 12 cents to $80.11 a barrel by 04:26 GMT, while US West Texas Intermediate crude futures rose 90 cents to $76.09.

US crude oil inventories fell by about 3.1 million barrels in the week ending December 16, according to market sources citing figures from the American Petroleum Institute.

Gasoline stocks increased by about 4.5 million barrels, while distillate stocks increased by about 828 thousand barrels.

The US dollar index, which trades inversely to oil, fell 0.69% in trading on Tuesday, as a weaker dollar makes oil less expensive for non-US buyers.

And rising COVID-19 cases in China kept prices from rising.

Oil prices, which approached an all-time high of $147 a barrel in March after Russia invaded Ukraine, have given up most of their gains in 2022. End 29/M99

https://www.mawazin.net/Details.aspx?jimare=214714

Deputy Khazali: The Recent US Treasury Measures To Meet Iraq's Need For Dollars To Meet Its Import Expenses Will Increase The Exchange Rate Of The Dollar

Wednesday 21 December 2022 09:10 | Economical Number of readings: 233   Baghdad / NINA / - The representative of Basra Governorate, Faleh Al-Khazali, confirmed that the recent US treasury measures to meet Iraq's need for dollars to meet its import expenses will increase the exchange rate of the dollar.

Al-Khazali said in a statement, "What the Central Bank of Iraq has done by opening new accounts in the Emirates is a correct step to increase Iraq's outlets for foreign transfers in order to cover its import expenses, provided that currency dealers and money laundering suspects are removed from this outlet.

Al-Khazali called on the government to assume its responsibilities to reduce The exchange rate ./ finished9   https://ninanews.com/Website/News/Details?key=1021629

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Some "Vietnam News" Posted by KTFA Members 12-21-2022

KTFA:  Vietnam News

Toyvp:  Curb inflation

December, 21/2022 - 08:23

Inflation has risen rapidly in many parts of the world. Though Việt Nam has a lower rate of inflation compared to most of its neighbours, businesses here are struggling with the rising costs of goods and products.

The government has issued a number of fiscal and monetary policies to curb inflation as it set the target to maintain the consumer price index at under 4 per cent this year.

https://vietnamnews.vn/economy/1438594/curb-inflation.html

Henig:  Screening proposed for improved foreign investment

06:00 | 21/12/2022

(VEN) - Foreign direct investment (FDI) has contributed significantly to the Vietnamese economy since the Law on Foreign Investment in Vietnam was promulgated in 1987. However, Vietnam is mulling effective screening tools to enhance FDI quality.

Pending problems

According to the Vietnam Chamber of Commerce and Industry (VCCI), Vietnam has attracted FDI for 35 years and become an attractive destination to foreign investors. In 1991, US$1.28 billion of foreign investment was registered in Vietnam, of which US$428.5 million was disbursed. In 2021, the registered and disbursed amounts increased respectively by 30 times and 38 times compared with 1991, despite the heavy impacts of the COVID-19 pandemic.

Foreign invested companies have contributed significantly to employment generation, international trade promotion, sector and value chain linkages, helping increase labor productivity. The FDI sector contributes about 72 percent to Vietnam’s total export value.

Despite these positive contributions, according to Dau Anh Tuan, Head of VCCI’s Legislation Department, certain problems have arisen with FDI projects. Tax authorities, for example, have reported the involvement of some FDI companies in transfer pricing and tax evasion.

Some companies have failed to adhere to environmental laws and regulations. The results of inspections conducted by the Vietnam Environment Administration in 28 northern provinces from 2017 to 2019 show an increased percentage of FDI companies violating environmental regulations, from 44.5 percent in 2017 to 56 percent in 2018 and 68 percent in 2019.

Moreover, according to a VCCI study, only five percent of FDI projects use high technology, 80 percent use medium technology, and 14 percent use low technology. The local content of products ranges from 20-25 percent, lower compared with other countries in the region.

Institutional and policy improvements

Given the FDI sector’s problems, economists are considering how to attract quality investors with responsible business orientations.

Politburo Resolution 50-NQ/TW dated August 20, 2019 on institutional and policy improvements for better quality and higher effectiveness of foreign investment pointed out these limitations of the FDI sector. The resolution highlighted the need to carefully select projects based on quality, technology level and environmental impact. The resolution called for prioritizing projects using advanced and clean technology, creating high added value and connecting Vietnamese businesses to global production and supply chains.

According to Ramla Khalidi, the United Nations Development Program (UNDP) representative in Vietnam, other countries apply various criteria in licensing foreign investment. The EU, for example, applies a code related to the environment and humans; Japan is assessing the enforcement of human rights in businesses; the US forbids imports from enterprises involved in labor exploitation.

VCCI and UNDP recently introduced a set of tools for screening FDI projects in Vietnam. The tools include assessment of investment based on factors such as employment generation, technology transfer, infrastructure development, linkages with local businesses, labor, and environmental impact. The screening tools are expected to help improve the quality and effectiveness of FDI in Vietnam.

VCCI and UNDP are cooperating to create a set of screening tools to help Vietnamese localities select quality FDI projects.

Nguyen Hoa   LINK

************

Henig:  Bà Rịa-Vũng Tàu investing in infrastructure to attract investors

December, 21/2022

The southern province of Bà Rịa-Vũng Tàu is building infrastructure in its industrial parks and ports to attract investors.

BÀ RỊA - VŨNG TÀU— The southern province of Bà Rịa-Vũng Tàu is building infrastructure in its industrial parks and ports to attract investors.

Calling for investment in ports is one of the five sectors that Bà Rịa-Vũng Tàu is focusing on to achieve its target to become one of the three provinces attracting the highest foreign direct investment in this period.

Developing infrastructure is an indispensable trend the southern province is following to achieve the goal of comprehensive development, its people’s committee has said.

In recent years it has invested a lot of money in upgrading and expanding roads, logistics centres and ports.

This reduces the time it takes and makes it easier for investors and local people to reach neighbouring cities and provinces like HCM City, Bình Dương and Đồng Nai by sea and road, the people’s committee said.

Investment has also been made to upgrade intra-province transportation between industrial zones, ports and logistic centres, it said, adding that upgrades to infrastructure and transportation would continue until 2030.

As the southern gateway of the country, the province's network of deep-sea ports plays an important role in its commercial service and industry development, as well as import and export activities, which is why upgrading ports and logistics centres remains a top priority for the province.

It has worked hard to improve infrastructure, many of which directly affect the province’s infrastructure and economy from now to 2025. These improvements will in turn enhance the province’s ability to draw domestic and foreign investments.

These include investment in the Biên Hòa – Vũng Tàu railway for transporting goods that will connect the Cái Mép – Thị Vải seaport, expansion of Côn Đảo Airport and developing large industrial complexes for industry and services in Phú Mỹ New City.

The province will also draw up strategies to attract efficient investors to Cái Mép Hạ Free Trade Zone, with a focus on key industries such as technology, ports and logistics, tourism, digital economy, and finance.

The government’s action plan targets strengthening linkages between industrial parks and export processing zones in the southeastern region, developing the region into a financial, commercial, services, and international trade hub in Southeast Asia.

It also aims to develop Bà Rịa –Vũng Tàu into a maritime hub.

Besides port infrastructure, the province also plans to build a VNĐ850 billion (US$34 million) road through the centre of Vũng Tàu City.

Once completed, the 1.83km road will boost local tourism.

With financial assistance from the government, Bà Rịa-Vũng Tàu is also building a 53.7km stretch of the Biên Hòa-Vũng Tàu Expressway at a cost of VNĐ17.8 trillion ($712 million).

It will contribute VNĐ670 billion, or half the expected land costs.

It has cancelled 21 projects and postponed 27 others to allocate nearly VNĐ10 trillion for transport infrastructure.

Bà Rịa-Vũng Tàu has for long been an ideal destination for investment thanks to its location: it is only around 100km from HCM City.

It has a network of modern highways and inner roads that conveniently connect it with other provinces in the region as well as with ports and industrial zones.

It is now focusing on developing services, ports, trade, tourism, and high-tech agriculture.

It has become an energy, heavy industry, port, and tourism hub of the country with the Phú Mỹ Thermal Power Plant and Bà Rịa Power Plant, which account for 40 per cent of the country’s total power capacity.

It has around 50 ports with a total capacity to handle 150 million tonnes a year.

Cái Mép International Terminal is able to berth vessels of up to 250,000 tonnes. From this port, they can sail to Europe and America. Cái Mép Port Cluster is among the 19 large ports around the globe that can receive the world's currently largest container ships.

The province currently has 447 foreign-invested projects worth a total of $30 billion. — VNS  LINK

Iraqi News Highlights Wednesday Afternoon 12-21-22

Iraqi News Highlights Wednesday Afternoon 12-21-22

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance: Controlling The Price Of The Dollar Needs Time And New Procedures

Posted On2022-12-21 By Sotaliraq   Baghdad / Firas Adnan   Yesterday, Tuesday, the Finance Committee in the House of Representatives called on the central bank to take more measures to control the emergency rise in dollar exchange rates, stressing that the process takes some time, accusing speculators and political parties of exploiting the crisis to reap profits.

A member of the committee, Representative Rebwar Abdul Rahman, said, “A meeting was held between the Central Bank of Iraq and private banks yesterday; To discuss the issue of the repercussions of the rise in dollar prices in the local markets and to control it.

And Abdul Rahman continued, "The results have not reached us to the committee until now," explaining that "the central bank is responsible for pumping larger amounts of hard currency to control the dollar."

He pointed out, "A measure was taken last week to increase the sale of the dollar in exchange for Iraqi cash, but this did not help to contain the crisis."

Abdel Rahman pointed out, "There is a kind of deficit in the needs of remittances," stressing that "the cumulative escalation in the exchange rate occurred after the shortage that the market suffered from in the dollar."

He noted that "everyone is waiting for the central bank to address this crisis," expressing his belief that "the central bank needs some time in order to fully control exchange rates."

Abdel-Rahman believes that “the next two weeks will witness stability in the exchange rate,” stressing that “the role of the House of Representatives is through enacting laws to unify customs tariffs or forming committees on border crossings and customs, but the issue of the dollar is the prerogative of the Central Bank.”

Abdel-Rahman concluded, "There are political parties that have taken advantage of the dollar crisis in order to benefit financially, and we look forward to the Central Bank's procedures finding their way to proper implementation."

For his part, economic expert Bassem Jamil Antoine said, "The basis of the problem is linked to the Iraqi economy, which is of a consumer and import nature."

Antoine continued, "Reliance on imports imposes the existence of the dollar," and he talked about "mismanagement of the hard currency," stressing that "the problem started with it."

He pointed out that "some of the speculators took advantage of this process in order to raise the price of the dollar," noting that "the US Federal Bank had suspicions that foreign currency trading was marred by suspicions."

Antoine noted, "The American Bank has sent inquiries that include an audit of those who buy dollars in the currency auction."

And he stressed that "taking the audit for a period of time helped to create a scarcity in hard currency," adding that "this led to a contraction in supply with an increase in demand."

And Antoine continues, "Iraq does not produce locally, and depends on consumption on 90% of imports, and this means that we need large quantities of dollars in order to buy consumer goods from abroad."

And he believes that «the central bank had no idea of ​​what would happen at the present time, although it is responsible for protecting cash by pumping larger quantities into the markets so that we have more supply than demand and prices have increased with it».

Antoine went on to say, "This omission is currently being addressed by pumping $138 million into sales, although it was previously $200 million, with other measures to reduce the price of the dollar for import purposes by opening credits."

He revealed, "New measures will be taken next week by the Central Bank, as a whole, we will be facing a kind of balance."

Antoine accused, "Speculators of exploiting this crisis to achieve large profits," and advised to "find other outlets to sell the dollar other than the currency auction."

Yesterday, the Central Bank took a number of decisions regarding the dollar crisis, including “allowing banks participating in the buying and selling window of foreign currency 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.” ».

The bank indicated, according to an official statement, to “facilitating the financing of private sector trade through Iraqi banks and meeting the request for foreign transfers by strengthening the balances of banks with their correspondents in other currencies as well as the US dollar (Chinese yuan, the euro, the UAE dirham, the Jordanian dinar and others).”

The statement pointed out, to “opening outlets for selling foreign currency in government banks to the public for the purposes of travel (treatment, Hajj Umrah, study, etc.)

And the statement went on, to «reduce the price of selling dollars to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet, to be at a price of (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

Speculators And Owners Of Financial Companies Are Behind The Rise In The Price Of The Dollar In The Iraqi Markets

An economist for / Nina /: Wednesday 21 December 2022 11:15 | Economical Number of readings: 316   Baghdad / NINA / The expert in economic affairs, Salam Sumaisem, attributed the rise in the exchange rate of the dollar in the Iraqi markets to several reasons, the most important of which are "speculators" while calling for a review of the country's monetary policy.

Sumaisem said in a statement to the National Iraqi News Agency ( NINA ) that "the dollar in the recent period, due to the recent US sanctions imposed on some countries, and the market's fear of the presence of uncertainty in the future, led to speculators and owners of financial companies acquiring the dollar and collecting it from the markets, and this matter led to its high price.”

And she pointed out that "this rise led to a very important issue, which is an impact on the standard of living for individuals, especially since Iraq is a country that imports everything from simple commodities to large commodities, and the most dangerous thing is that it is a major importer of foodstuffs and medicines, and this issue harms the Iraqi economy."

And she added: We need to reconsider monetary policy and rebuild it in a correct way that serves the reality of the economy and breaks the monopoly link that exists with the dollar-financing parties that control the market at the present time. / https://ninanews.com/Website/News/Details?Key=1021672

Speculators And The Increasing Demand Led To An Increase In The Price Of The Dollar Against The Dinar

Economist for / NINA /: Wednesday 21 December 2022 10:11 | Economical Number of readings: 305

Baghdad / NINA / - The economist, Raad Twij, confirmed that speculation in the exchange rates of the dollar and the increasing demand for it led to a significant rise in front of the Iraqi dinar, while he called for the development of real measures to limit this rise.

Twigg said in a statement to the National Iraqi News Agency / NINA /: There are many reasons behind the rise in dollar prices, including the increasing demand for the dollar as it is the most used saving and investment financial asset, and the presence of expensive financial liquidity for the Iraqi dinar and the attempt to replace part of it with the dollar led to this. The rise, and the attempt to speculate on exchange rates and profit from it, in addition to the import contents of individuals and society funded by dollars, played a major role in its rise.

He added, "Therefore, it is necessary to limit the phenomenon of unjustified consumption of hard currency, calling for finding precise measures to limit this rise."/ End 8

https://ninanews.com/Website/News/Details?key=1021649

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Wednesday Morning Iraq CBI & Economy News Highlights 12-21-22

Wednesday Morning Iraq CBI & Economy News Highlights 12-21-22

For The First Time.. Dollar Cash Sales To The Iraqi Central Bank Exceed Foreign Remittances

2022-12-21 04:46   Shafaq News/ The Central Bank of Iraq's cash sales of the US dollar increased today, Wednesday, to exceed for the first time foreign transfers, with the participation of 32 banks.

Shafaq News agency reporter stated that the Central Bank sold today, during its auction for buying and selling the US dollar, 126 million 67 thousand and 350 dollars, which the bank covered at a base exchange rate of 1460 dinars per dollar.

Our correspondent added that most of the sales went, for the first time, in the form of cash sales, amounting to 63 million and 70 thousand dollars, while the rest went to strengthening balances abroad (remittances, credits) and amounted to 62 million 997 thousand and 350 dollars.

Our correspondent indicated that the number of banks that bought the cash dollar amounted to 18, while the number of banks that met requests for strengthening balances abroad reached 14, while the total number of exchange and mediation companies participating in the auction was 186 companies. LINK

For The First Time... Dollar Cash Sales To The Iraqi Central Bank Exceed Foreign Remittances

December 21, 2022 4 Views  Conscious / Baghdad / follow-up  Today, Wednesday, the Central Bank of Iraq's cash sales of the US dollar currency increased, exceeding for the first time foreign transfers, with the participation of 32 banks.

The reporter (Iraqi Media News Agency / INA) stated that the Central Bank sold today, during its auction for buying and selling US dollars, 126 million 67 thousand and 350 dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar .

Our correspondent added that most of the sales went, for the first time, in the form of cash sales, amounting to 63 million and 70 thousand dollars, while the rest went to strengthening balances abroad (remittances, credits) and amounted to 62 million 997 thousand and 350 dollars.

Our correspondent indicated that the number of banks that bought the cash dollar amount amounted to 18, while the number of banks that met requests for strengthening balances abroad reached 14, while the total number of exchange and mediation companies participating in the auction was 186 companies.

https://1-al--iraqinews-com.translate.goog/archives/321201?_x_tr_enc=1&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

The Central Bank Launches A Package Of Measures To Control The Exchange Rate Of The Dollar

2022-12-19 10:14     Shafaq News/ The Central Bank of Iraq launched, on Monday, a package of measures to improve the performance of dollar-related transactions, weeks after the rise in the exchange rate of the dollar against the Iraqi dinar.

In a statement received by Shafaq News agency, the bank said, "These measures would restore the foreign currency market to its normal state."

And the bank decided, “To allow 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 to pay interest / returns on those balances according to what this bank decides.”

The bank also decided, "Facilitating the financing of private sector trade through Iraqi banks and meeting the request 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 UAE dirham, the Jordanian dinar, and others)."

And the bank announced, “Opening outlets for selling foreign currency in government banks to the public for the purposes of travel (treatment, Hajj Umrah, study, etc.)

The statement referred to "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 a price of (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

Parliamentary Finance: Controlling The Price Of The Dollar Needs Time And New Procedures

Posted On2022-12-21 By Sotaliraq    Baghdad / Firas Adnan    Yesterday, Tuesday, the Finance Committee in the House of Representatives called on the central bank to take more measures to control the emergency rise in dollar exchange rates, stressing that the process takes some time, accusing speculators and political parties of exploiting the crisis to reap profits.

A member of the committee, Representative Rebwar Abdul Rahman, said, “A meeting was held between the Central Bank of Iraq and private banks yesterday; To discuss the issue of the repercussions of the rise in dollar prices in the local markets and to control it.

And Abdul Rahman continued, "The results have not reached us to the committee until now," explaining that "the central bank is responsible for pumping larger amounts of hard currency to control the dollar."

He pointed out, "A measure was taken last week to increase the sale of the dollar in exchange for Iraqi cash, but this did not help to contain the crisis."

Abdel Rahman pointed out, "There is a kind of deficit in the needs of remittances," stressing that "the cumulative escalation in the exchange rate occurred after the shortage that the market suffered from in the dollar."

He noted that "everyone is waiting for the central bank to address this crisis," expressing his belief that "the central bank needs some time in order to fully control exchange rates."

Abdel-Rahman believes that “the next two weeks will witness stability in the exchange rate,” stressing that “the role of the House of Representatives is through enacting laws to unify customs tariffs or forming committees on border crossings and customs, but the issue of the dollar is the prerogative of the Central Bank.”

Abdel-Rahman concluded, "There are political parties that have taken advantage of the dollar crisis in order to benefit financially, and we look forward to the Central Bank's procedures finding their way to proper implementation."

For his part, economic expert Bassem Jamil Antoine said, "The basis of the problem is linked to the Iraqi economy, which is of a consumer and import nature."

Antoine continued, "Reliance on imports imposes the existence of the dollar," and he talked about "mismanagement of the hard currency," stressing that "the problem started with it."

He pointed out that "some of the speculators took advantage of this process in order to raise the price of the dollar," noting that "the US Federal Bank had suspicions that foreign currency trading was marred by suspicions."

Antoine noted, "The American Bank has sent inquiries that include an audit of those who buy dollars in the currency auction."

And he stressed that "taking the audit for a period of time helped to create a scarcity in hard currency," adding that "this led to a contraction in supply with an increase in demand."

And Antoine continues, "Iraq does not produce locally, and depends on consumption on 90% of imports, and this means that we need large quantities of dollars in order to buy consumer goods from abroad."

And he believes that «the central bank had no idea of ​​what would happen at the present time, although it is responsible for protecting cash by pumping larger quantities into the markets so that we have more supply than demand and prices have increased with it».

Antoine went on to say, "This omission is currently being addressed by pumping $138 million into sales, although it was previously $200 million, with other measures to reduce the price of the dollar for import purposes by opening credits."

He revealed, "New measures will be taken next week by the Central Bank, as a whole, we will be facing a kind of balance."

Antoine accused, "Speculators of exploiting this crisis to achieve large profits," and advised to "find other outlets to sell the dollar other than the currency auction."

Yesterday, the Central Bank took a number of decisions regarding the dollar crisis, including “allowing banks participating in the buying and selling window of foreign currency 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.” ».

The bank indicated, according to an official statement, to “facilitating the financing of private sector trade through Iraqi banks and meeting the request for foreign transfers by strengthening the balances of banks with their correspondents in other currencies as well as the US dollar (Chinese yuan, the euro, the Emirati dirham, the Jordanian dinar and others).”

The statement pointed out, “Opening outlets for selling foreign currency in government banks to the public for the purposes of travel (treatment, Hajj Umrah, study, etc.)

And the statement went on, to “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 a price of (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

A Researcher Reveals The Authority Of Parliament To Impose A Change In The Price Of The Dollar

2022-12-20  Yes Iraq: Baghdad   Economic researcher Yousef Al-Nabhani explained that the monetary authority represented by the Central Bank is considered independent and has no legislative authority over it in making decisions regarding the exchange rate of the dollar against the dinar or other monetary matters.

Al-Nabhani said in a statement that the Central Bank is an independent authority, and the House of Representatives, which is the highest legislative authority, cannot impose monetary measures on it, adding that Parliament, even if it hosts the governor of the Central Bank in this regard, the latter will provide a briefing on his procedures and results to Parliament, which can present ideas and visions. Just to force something.

He recalled the decision to devalue the dinar against the dollar, indicating that it was previously taken by the Central Bank and the Ministry of Finance, and not in agreement with the House of Representatives, as some claimed.

The economic researcher's clarification comes with the continued rise in the exchange rate of the dollar against the Iraqi dinar and its crossing of the barrier of 150,000 dinars, amid statements by some deputies regarding what they described as a "parliamentary consensus" to restore the exchange rate of the dollar to its previous state.   LINK

"Tidbits From TNT" Wednesday AM 12-21-2022

TNT:

Tishwash:  Kurdistan suspends official working hours for a week on the occasion of Christmas

Today, Wednesday, the Kurdistan Regional Government set the New Year's holiday.

And the Information and Information Department of the Kurdistan Regional Government stated, in a statement, which (Baghdad Today) received, that "disrupting official working hours in all institutions of the regional government, starting from Sunday, December 25, 2022, until January 1, 2023."

And she indicated that "working hours in official institutions will be resumed, as of Monday, January 2, 2023."   link

Tishwash:  Vice President of Standard & Poor's expects oil to reach this level!

In an interview with CNBC on Tuesday evening, S&P Global Vice President Dan Yergin said that he expects oil prices to rise strongly during the coming period, and explained that there are also some factors that create a lot of uncertainty about the outlook for oil prices. oil.

Yergin stated that oil prices will receive a lot of support when China fully lifts its epidemic restrictions, indicating that Khan Brent may then rise to the highest level of $ 120 a barrel.

The Vice President of the International Research and Credit Assessment Agency added that the basic scenario for oil prices during the year 2023 is that the price of Brent crude will reach the level of $ 90 a barrel, but he pointed to several other factors that would change the volume of demand or supply for global oil supplies. 

Yergin added that if China bypasses its epidemic policies completely, and then contributes to a significant increase in the volume of demand in the oil market, which suffers from limited supply, this may be a single strong push for oil prices towards $ 121 a barrel.

On the other hand, Yergin indicated that oil prices may drop to about $70 a barrel in the event that the recession scenario for some major economies is realized.

Yergin warned that there is a lot of uncertainty that still surrounds the oil market as a result of three factors, namely; The upcoming US Federal Reserve decisions, the level of demand in China, and of course Russia's reaction to the oil price ceiling mechanism that the European Union and its allies imposed on Russian oil this month     link

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Tishwash:  Parliament intends to hold an extraordinary session to read the 2023 budget 22:16

The Finance Committee in the House of Representatives revealed the parliament’s intention to hold an extraordinary session of the parliament for the purpose of starting the first and second reading of the budget, in the event that it was sent by the government to the legislative authority, while it indicated that the budget is still present in the corridors of the Ministry of Finance and was not sent to the Council of Ministers for the purpose of passing it.

Committee member Jamal Cougar told (Baghdad Today) that "there are obstacles that delay sending the budget, including the birth of a full government with full powers on October 27, while the law stipulates that the budget be sent on October 15, and accordingly the government was then to conduct business and this is the first reason.

As for the reason The second is the arrival of oil prices to approximately 79 or 80 dollars, and this confused the parties that prepare the budget, as they do not know how much the price they are currently setting in the budget, how much is the total value of it, and how much is the deficit in it. All of them are confusing accounts now.

Cougar added, "A country like Iraq lives on oil, which greatly affects it if prices drop from $100 to a number lower than that, and therefore we in the committee and parliament are waiting for the budget to arrive for the purpose of discussing and passing it, even if we are in the legislative season recess." link

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Tishwash:  For the first time.. dollar cash sales to the Iraqi Central Bank exceed foreign remittances

The Central Bank of Iraq's cash sales of the US dollar increased today, Wednesday, to exceed for the first time foreign transfers, with the participation of 32 banks.

Shafaq News agency reporter stated that the Central Bank sold today, during its auction for buying and selling the US dollar, 126 million 67 thousand and 350 dollars, which the bank covered at a base exchange rate of 1460 dinars per dollar.

Our correspondent added that most of the sales went, for the first time, in the form of cash sales, amounting to 63 million and 70 thousand dollars, while the rest went to strengthening balances abroad (remittances, credits) and amounted to 62 million 997 thousand and 350 dollars.

Our correspondent indicated that the number of banks that bought the cash dollar amounted to 18, while the number of banks that met requests for strengthening balances abroad reached 14, while the total number of exchange and mediation companies participating in the auction was 186 companies. link

Mot:  . Ya Know! -

Mot:  .. Yeppers! - those Special Gifts!! ~~~

Iraqi News Highlights Tuesday Evening 12-20-22

Iraqi News Highlights Tuesday Evening 12-20-22

Tlm724 Administrator Bondlady’s Corner

Leader In The Framework: The Government Will Adopt The Principle Of A Gradual Reduction In The Dollar Exchange Rate

Information / Diyala.. . The leader in the coordination framework, Aqil al-Rudaini, said on Monday that the government will adopt the principle of a gradual reduction in the dollar exchange rates to face the continued depreciation of the local currency.

Al-Rudaini said in an interview with Al-Maalouma, that "addressing the crisis of the dollar's high exchange rate in the markets falls within the tasks of the Sudanese government, and it has the powers to do so by formulating immediate solutions in coordination with the Central Bank and the rest of the relevant financial departments."

He added, "The Sudanese government will adopt in the coming days a series of solutions in order to increase the supply of dollars in the markets, leading to a reduction in the exchange rate, but according to a gradual framework in order to reach a specific ceiling that guarantees stability in the markets and gives flexibility that guarantees lowering prices, especially for basic materials."

He pointed out that "the rise of the dollar affects the prices of many basic materials, and this matter must be paid attention to and strive to take all means in order to curb its rise in the coming period."

The Iraqi markets witnessed a clear rise in the exchange rate of the US dollar, which led to damage to wide segments, especially the simple, through its impact on raising basic materials.    LINK

The Jordanian Monarch: The Second Baghdad Summit Conference Confirms Iraq's Pivotal Role

Political | 02:58 - 12/20/2022   Baghdad - Mawazine News  , Jordan's King Abdullah II affirmed, today, Tuesday, that the second Baghdad Summit confirms Iraq's pivotal role in the region.

Abdullah said in his speech during the second Baghdad Conference for Cooperation and Partnership, which was held in the Jordanian capital, Amman, and was followed by Mawazine News, that "the second Baghdad summit conference confirms Iraq's pivotal role and that Iraq's stability is a cornerstone of the region," stressing "support for Iraq's efforts to support its security and sovereignty and the promotion of regional cooperation.

He pointed out that "energy supplies and dealing with climate change are among the most prominent challenges facing the region and the world," pointing out that "there is an urgent need for stability in the region, cooperation, and addressing issues of poverty and unemployment."

And the work of the second Baghdad summit was launched in the Jordanian capital, Amman, with the participation of Prime Minister Muhammad Shia'a al-Sudani. Ended 29 / m99

https://www.mawazin.net/Details.aspx?jimare=214649

Kuwaiti Prime Minister: We Seek To Support Iraq In All Fields

political| 03:31 - 12/20/2022   Baghdad - Mawazine News   Kuwaiti Prime Minister Sheikh Ahmed Nawaf Al-Ahmad Al-Sabah confirmed today, Tuesday, that the international community is interested in the stability of Iraq.

Al-Sabah said in his speech during the second Baghdad Conference for Cooperation and Partnership, which was held in the Jordanian capital, Amman, and was followed by Mawazine News, that "the Arab countries realize Iraq's status and importance," noting that "the Arab countries seek to restore Iraq's active role in the region."

He pointed out that "the electrical interconnection agreement with Iraq is an example of striving to restore its role and importance," noting that "the striving to support Iraq in all fields and the security of the two countries is indivisible."

He continued, "The visit of Prime Minister Muhammad Shia'a al-Sudani to Kuwait is clear indications of keenness to develop relations."

And the work of the second Baghdad summit was launched in the Jordanian capital, Amman, with the participation of Prime Minister Muhammad Shia'a al-Sudani. Ended 29 / H

https://www.mawazin.net/Details.aspx?jimare=214654

A New High In Oil Prices

Economie| 08:35 - 12/20/2022   Follow-up - Mawazine News   Oil prices rose in early trading, today, Tuesday, supported by the weakness of the dollar and the US plan to rebuild its strategic reserves, but the gains were limited due to the uncertainty related to the impact of the rise in “Covid-19” cases in China, the largest oil importer in the world.

Brent crude futures rose 61 cents, or 0.8%, to reach $80.4 a barrel by 01:24 GMT, and US West Texas Intermediate crude futures rose 65 cents, or 0.9%, to $75.84 a barrel, after they increased by 90 cents. in the previous session.

The market received support from the US plan announced last week to buy up to three million barrels of oil for the strategic reserve, after the United States this year released 180 million barrels of storage, a record.

The weakness of the US dollar also supported prices because it makes oil cheaper for holders of other currencies, as the dollar index reached about 104.7. Ended 29/M99

https://www.mawazin.net/Details.aspx?jimare=214618

UN Blaskhart announces the Sudanese support in sponsoring dialogue in the region

Iraq   Tuesday, December 20, 2022 4:46 PM   Baghdad / The National News Center

The Special Representative of the Secretary-General in Iraq, Jenin Plasschaert, announced today, Tuesday, support for the efforts of the Iraqi Prime Minister, Muhammad Shia Al-Sudani, to sponsor dialogue in support of stability in the region.

Blaskhart said in a speech during the second Baghdad Conference for Cooperation and Partnership, which was held in the Jordanian capital, Amman, and followed by the National News Center, that "many challenges know no borders, natural resources, epidemics, corruption, climate, insecurity, energy and nutrition, these challenges need cooperation among us."

And she affirmed her support for “The Prime Minister, Muhammad Shia’a Al-Sudani, in setting up a stage for dialogue and investment in the region, and supporting the Iraqi government in implementing its program.”     https://nnciraq.com/173676/

To read more current and reliable Iraqi news please visit BondLady’s Corner:

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Iraqi News Highlights Tuesday Afternoon 12-20-22

Iraqi News Highlights Tuesday Afternoon 12-20-22

Tlm724 Administrator Bondlady’s Corner

Al-Sudani: The Financial Situation Is At Its Best, And The Reserves Of The Central Bank Rose To / 96 / Billion Dollars

Monday 19, December 2022 21:58 | Economical Number of readings: 745  Baghdad / NINA / - Prime Minister Muhammad Shia'a Al-Sudani affirmed that the financial situation is in its best condition, and the reserves of the Central Bank have risen to / 96 / billion dollars.

Al-Sudani said in a press conference: "The central bank has taken measures related to diversifying foreign remittances to cover imports, adding that the central bank has opened outlets to sell dollars and carry out transfers through government facilities."

He said, "Reassure everyone that the government has control over food prices and secures the items of the ration card."/ End 2    https://ninanews.com/Website/News/Details?key=1021367

Al-Sudani In The "Baghdad Conference": We Are Working Hard To Improve The Investment Environment In Iraq

Money and business  Economy News – Baghdad Prime Minister Muhammad Shia al-Sudani affirmed today, Tuesday, that the idea of ​​establishing the Baghdad conference stems from Iraq's desire to establish and strengthen the rules of cooperation and partnership with neighboring and friendly countries.

Al-Sudani said in his speech during the second Baghdad Conference for Cooperation and Partnership, which was held in the Jordanian capital, Amman, that "the idea of ​​establishing the Baghdad conference stems from Iraq's desire to establish and strengthen the bases of cooperation and partnership between it and the geographical and regional neighboring countries, in addition to friendly countries,"

pointing out that " The government adopts an open approach aimed at building regional and international partnerships based on common interests, including the establishment of complementary strategic projects to link Iraq with its regional environment.

He continued, "We see that the priority now lies in strengthening the bonds of cooperation and partnership between our countries through interdependence in infrastructure, economic integration, and mutual investments that strengthen the bonds of brotherhood and friendship between our countries and peoples.

We seek to work together to transform into industrialized countries, through the establishment of joint industrial zones that enhance Our joint industrial capacity, linking value-added chains for each of us, within an integrated chain capable of competing in global markets and launching giant projects in various sectors.

And between: "It is necessary to focus on the service sector and its development, and consider it one of the most important engines of the economy in our countries and our region, in addition to addressing the problem of unemployment through developing the productive private sector, improving working conditions in it, and providing guarantees for workers,"

noting that "on the internal level, we have put in place the fight against corruption The financial and administrative are at the core of our priorities, and we have practically started the anti-corruption campaign, starting from the highest levels, and we ask brotherly and friendly countries to help us recover the looted and smuggled funds of Iraq and hand over the wanted persons who take these countries as their place of residence.

He pointed out that "the government is working hard to improve the investment environment in Iraq, in terms of legislation, procedures and guarantees, to enable investors to enter our markets and benefit from the great opportunities in them," noting that "the appropriate investment environment needs to establish security, and we have achieved security stability in Iraq after Great victories over the remnants of terrorism and takfiri groups.

Al-Sudani stated that "Iraq faces an existential threat due to water scarcity, and we are determined to work hard with our neighbors in the Turkish Republic and the Islamic Republic of Iran to ensure our water security, and to reach the best ways for joint management of transboundary water resources, and to reach our water share in accordance with international agreements and laws, and in parallel with So we started taking practical steps to promote the use of modern irrigation systems and stop wasting water in storage and agriculture.

He added: "We consider environmental pollution - in the air, water and soil - as one of the most important risks to the future of our people, especially in the southern regions, and we have begun serious work to address the burning of associated gas in oil fields, and we call on international companies to invest in this field in order to transform the use of this important source of energy for generation purposes."

Electricity, in an effort to achieve self-sufficiency in the use of gas to generate electricity in the medium term, and to reduce greenhouse gas emissions and global warming.

Views 45   Added 12/20/2022 - 4:14 PM  Updated 12/20/2022 - 5:51 PM

https://economy-news.net/content.php?id=31430

The Central Bank Launches A Package Of Measures To Improve The Performance Of Dollar-Related Transactions

The Central Bank of Iraq launched a package of measures to improve the performance of dollar-related transactions.

The Central Bank's media office said in a statement, "This package of decisions would restore the foreign currency market to its normal position."

He added, "The package included:

1- Allowing the banks participating in the foreign currency buying and selling window to purchase 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- Trade financing facilitation The private sector through Iraqi banks and meeting the demand for foreign transfers by strengthening bank balances with their correspondents in other currencies in addition to the US dollar (Chinese yuan, euro, UAE dirham, 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 a price of (1465) dinars to the dollar instead of (1470) dinars to the dollar, as 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.

https://www.radionawa.com/all-detail.aspx?jimare=32647

Parliamentary Committee: “Made In Iraq” Will Return Again

Reconstruction and building   Economy News – Baghdad The Parliamentary Economy Committee seeks to activate the local product protection law during this session, explaining that it is not possible for the Iraqi industry to perish, no matter how foreign goods compete with it.

The head of the committee, Ali al-Moussawi, said, "There are good industrialists who will promote the Iraqi industry, and there is confirmation by Prime Minister Muhammad Shia' al-Sudani on the issue of the national industry in particular," noting that "a field will be opened for the private sector in order to protect the local product." .

Al-Moussawi indicated, "The committee's intention to activate the product protection law during this session, and this was confirmed through the meeting that took place between the committee and the Federation of Industries, and there will be joint cooperation between the two parties, and Made in Iraq will return again."  52 views   Added 12/20/2022 - 4:59 PM  Updated 12/20/2022 - 5:42 PM

https://economy-news.net/content.php?id=31432

The Dollar Maintains Its Value On The Local Stock Exchange

Economie| 10:26 - 12/20/2022   Baghdad - Mawazine News  Today, Tuesday, the US dollar maintained the exchange rate against the Iraqi dinar on the local stock exchange.

The selling price of the dollar was 151,300 dinars per 100 dollars, while the buying price of the dollar was 151,200 dinars per 100 dollars.     https://www.mawazin.net/Details.aspx?jimare=214627

To read more current and reliable Iraqi news please visit BondLady’s Corner:

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