Tuesday Morning Iraq Central Bank News Highlights 12-27-22

Tuesday Morning Iraq Central Bank News Highlights 12-27-22

What Is Meant By Currency Float? What Are Its Advantages And Disadvantages?

Science and scientist  2022-12-27 | 03:14  867 views   The floating currency is intended to leave the value of a country's currency to supply and demand when compared to another currency. There are millions of traders around the world buying and selling currencies, which helps determine their value for others. The floating exchange rate is determined by these daily interactions between traders. If investors By buying the US dollar heavily, it is likely that its value will rise against other currencies, and this means that more dollars will be needed to purchase the same number of goods from abroad.

The writer, Mohamed Abdel-Khalek, is an economic analyst

How Does The Currency Float System Work?

The basis of the currency floating system is supply and demand. If the supply is greater than the demand, the value of the currency will decrease. On the contrary, if the demand is greater than the supply, its value will increase.

In the short term, the float can be affected by factors such as speculation, natural disasters, and political news, for example: elections can often lead to periods of negative sentiment if an extremist party has a chance to grab power.

As for the long term, the floating exchange rate in the foreign exchange trading market tends to fluctuate based on the economic performance of the country and its trade balance, if the economy is performing poorly it tends to see less investment from abroad, this means that less demand is made for the currency and thus exerting negative pressure on its worth.

The trade balance is the net of what a country exports and imports, so if a country imports more than it exports it has a net flow of its currency, this is because it demands more goods from other countries than those countries demand from them domestically, in return, the country sends more of its currency to abroad, thus increasing the market supply and decreasing its value.

Theoretically, a flotation mechanism can help countries recover from recession. This is because their currency tends to weaken as a result of poor economic performance. In turn, exports become more competitive because they are cheaper in the international market.

This can help provide a boost to local exporters. At the same time, imports become more expensive. This may make goods more expensive in the short term but has the potential to boost alternative domestic suppliers who become relatively cheaper.

Advantages Of Floating Exchange Rate

1. Stability in the trade balance

The trade balance is the difference between what a country imports and what it exports. It may also be known as "net imports". This is an important economic aspect because it is a component of a country's economic output.

A floating exchange rate allows for more stability in this region as the currency is volatile. When a currency depreciates it means that exports become cheaper to the rest of the world. This provides a boost to the balance of trade between countries as they can export more because they are relatively cheaper than their competitors.

By contrast, when a country sells a large number of goods abroad and has a positive trade balance, its currency is likely to strengthen. This means that other countries will start to find it more expensive to import from that country. In turn, countries may look where Another about cheaper goods, which negatively affects the exchange rate.

2. Stability of inflation

One of the main drawbacks of a fixed exchange rate is that countries will naturally “import” higher rates, so the benefit of floating is that hyperinflationary countries will experience a depreciation of their currency, and this will then help offset the inflationary effect on other countries.

3. Decrease in foreign exchange reserves

By working under a system of floating exchange rate, the central bank in the country no longer needs large reserve currencies to stabilize the exchange rate, under the system of fixed exchange rate central banks need a wide range of currencies, and this means that if Needed to strengthen its currency it will sell foreign reserves thus increasing other supply in the market and lowering the value.

Instead, under a system of floating exchange rates, that same money can be used in a way that benefits the broader economy.

4. Independence

under a fixed rate system shall operate central banks For different countries in line with each other, for example: if a country raises interest rates to deal with inflation other central banks will need to respond, this is because what happens in one country is likely to affect monetary conditions in another country.

When currencies are linked to the dollar, changes in the value of the dollar will have an impact on the value of other currencies. In contrast, these countries are subject to the feelings of the US Federal Reserve Bank and its monetary policy. By contrast, floating the exchange rate allows countries to decide on their monetary policy. Without focusing only on other countries.

5. Fewer speculative attacks

When a currency is artificially forced to stay at a fixed level, there is often bubbles in market activity. Investors know that a currency is undervalued, but with a fixed exchange rate central banks struggle to maintain the exchange rate. Constant.

There is a point where the countries currency remains stagnant, but the fundamentals appear to be undervalued or overvalued, this opens the door to speculative attacks on the currency as it seeks to make some easy money, and this in turn can lead to drastic shifts in the foreign exchange market which can cause great distress to national economies.

In contrast, a floating exchange rate is constantly changing reflecting a wide range of underlying conditions ranging from inflation to economic performance, so the exchange rate is largely in line with its underlying value.

Disadvantages Of Floating The Exchange Rate

1. Exacerbation of economic issues Countries

may face economic difficulties at home, there may be excessive inflation rates, economic stagnation or poor job opportunities, all of which can play a role in the foreign exchange market.

As a result of the flotation, investors look at the basic features of the economy to determine its value, and these basics include economic indicators such as growth and inflation, so when these indicators perform poorly, they are likely to lose value against other currencies.

The float also has the potential to drive the economy down as a weak currency puts pricing pressures on its imports, so for countries that import heavily they may face higher prices that will likely reduce consumer demand.

2. Possible volatility

One of the main problems with a flotation is that it can create volatile conditions for companies and countries, a sharp depreciation in the value of a currency can greatly affect the dynamics of its economy, imports become significantly more expensive which puts pressure on value-adding exporters, moreover Companies that import raw materials will see higher prices as a result.

If the economy is formed in such a way that imports are a major component, it may struggle more during periods of currency weakness. By contrast, countries such as export-led China may benefit, since most of their business is focused on exporting their goods become cheaper abroad and thus Increased demand and improved economic conditions at home.

3. Weak monetary policy

Excuses flotation system The central bank has the responsibility of maintaining its currency peg, instead, it has the autonomy to pursue its monetary policy and economic agenda.

This is a two-sided coin. On the one hand, a well-managed monetary system can take advantage of this freedom, and on the other hand, mismanagement can lead to hyperinflation and financial crisis.

Many countries have tried to work their way out of debt by floating the currency, but the result has always been excessive levels of inflation and a bad credit rating. Instead, countries that may struggle to manage their monetary policy are better off having a fixed exchange rate.  LINK

The Central Bank Holds A Meeting To Discuss The Repercussions And Indicators Of The Rise In Exchange Rates In The Local Markets

Today, Tuesday, the Central Bank of Iraq issued recommendations to merchants and banks about exchange rates.

And the media office of the bank stated, in a statement received by (Al-Oula News), that “the board of directors of the Central Bank of Iraq held a meeting and discussed the repercussions and indicators of the rise in exchange rates in the local markets and the temporary pressures that the foreign currency exchange rate has been exposed to for days, resulting from internal and external factors.”

He added, "Given the adoption of mechanisms to protect the banking sector, customers and the financial system, as all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers."

The Central Bank called on merchants to review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance. This will reduce extra loops, ease procedures, and remove costs resulting from pre-demarcation problems.”

And the Central Bank stressed, “Banks must assume their responsibilities in facilitating and expediting procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the established legal requirements.”  LINK

The Central Bank Issues Recommendations To Merchants And Banks Regarding Exchange Rates

Today, Tuesday, the Central Bank of Iraq issued recommendations to merchants and banks about exchange rates .

The media office of the bank stated, in a statement received by the Iraqi News Agency (INA), that "the board of directors of the Central Bank of Iraq held a meeting and discussed the repercussions and indicators of the rise in exchange rates in the local markets and what the foreign currency exchange rate has been exposed to for days, from temporary pressures resulting from internal and external factors.” .

He added, “Given the adoption of mechanisms to protect the banking sector, customers and the financial system, as all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers.”

The Central Bank called on “merchants to review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance. This will reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.”

The Central Bank stressed, "Banks must shoulder their responsibilities in facilitating established and expiring procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the legal requirements."

https://www-ina-iq.translate.goog/174160--.html?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Central Bank: The Exchange Rate Of The Dollar Is Exposed To Internal And External Pressures

Economie| 01:23 - 12/27/2022   Baghdad - Mawazine News   The Central Bank of Iraq confirmed today, Tuesday, that the foreign currency exchange rate is subject to temporary pressures resulting from internal and external factors.

The media office of the bank stated in a statement, a copy of which Mawazine News received, that "the board of directors of the Central Bank of Iraq held a meeting and discussed the repercussions and indicators of the rise in exchange rates in the local markets and the temporary pressures that the foreign currency exchange rate has been exposed to for days, resulting from internal and external factors." ".

He added, "Given the adoption of mechanisms to protect the banking sector, customers and the financial system, as all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers."

The Central Bank called on “merchants to review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance. This will reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.”

And the Central Bank stressed, "Banks must assume their responsibilities in facilitating and accelerating procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the established legal requirements." Ended 29 / M99

https://www.mawazin.net/Details.aspx?jimare=215246

Central Bank: The Dollar Rose Due To Temporary Pressures Resulting From Internal And External Factors

Economy News _ Baghdad  Today, Tuesday, the Central Bank of Iraq explained the reasons for the rise in the exchange of the US dollar.

The bank stated, in a statement received by "Al-Iqtisad News", that "the Board of Directors of the Central Bank of Iraq met on 12/27/2022 and discussed the repercussions and indicators of the rise in exchange rates in the local markets and what the foreign currency exchange rate has been exposed to for days, from temporary pressures resulting from internal and external factors."

Given the adoption of mechanisms to protect the banking sector, customers and the financial system, and since all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers.

The statement added, “We urge the merchants to review the banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its Resolution No. (351) of 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance. This will reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.”

The Central Bank called on "banks to assume their responsibilities in facilitating and expediting procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of episodes, taking into account the established legal requirements."

Views 10   Added 12/27/2022 - 1:32 PM  Updated 12/27/2022 - 2:01 PM

https://economy-news.net/content.php?id=31546

In The Document, The Central Bank Takes Action To Address The Rise In The Exchange Rate

Money and business  Economy News – Baghdad The Central Bank of Iraq decided to stop the work of collecting taxes in advance to deal with the high exchange rate.   https://economy-news.net/content.php?id=31533 

The Central Bank Of Iraq Explained, On Tuesday, The Reasons For The Rise In The Exchange Rate Of The US Dollar.

2022-12-27 04:19   Shafaq News/  And the exchange rates of the US dollar continued to rise against the Iraqi dinar, today, Tuesday, in the main stock exchange in the capital, Baghdad, and in the Kurdistan Region, to approach 160,000 dinars against 100 dollars, for the first time since its price was officially approved in the state budget at 146,000 dinars per year. 2020.

The bank stated in a statement received by Shafaq News agency; That "the Board of Directors of the Central Bank of Iraq met on 12/27/2022 and discussed the repercussions and indicators of the rise in exchange rates in the local markets and what the foreign currency exchange rate has been exposed to for days from temporary pressures resulting from internal and external factors, given the adoption of mechanisms to protect the banking sector, customers and the financial system."

And since all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers.

The statement added; “We urge merchants to review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Cabinet in its Resolution No. (351) of 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance, as it will lead to This aims to reduce extra rings, ease procedures, and remove costs resulting from pre-demarcation problems.”

The Iraqi Central Bank called on "banks to shoulder their responsibilities in facilitating and accelerating procedures for their customers to ensure their access to financing with the best banking practices and the least amount of episodes, taking into account the established legal requirements."  LINK

Tidbits From TNT" Tuesday Morning 12-27-2022

TNT:

Harambe:  Improved forex market (Vietnamese Dong) helps central bank buy greenback  

(12/27/22)

The foreign exchange market has been improved and the Vietnamese đồngcurrently devalued by about 3.81 per cent against the US dollar compared to the beginning of this year, deputy governor of the State Bank of Vietnam (SBV) Đào Minh Tú said on Tuesday.

At a press conference to implement works of the banking industry in 2023 held on Tuesday, Tú said the devaluation rate of the đồng was lower than that of many countries in the world.

According to Tú, maintaining the exchange rate stability was one of the most difficult tasks for the SBV in 2022. However, the local forex market is basically going smoothly and credit institutions can meet the legal foreign currency needs of customers.

Notably, he said, after it was forced to sell a large amount of greenback earlier in the year to support the đồng, the SBV now can buy the US dollar to increase the nation’s foreign exchange reserves thanks to the improvement in the forex market.…

https://vietnamnews.vn/economy/1442398/improved-forex-market-helps-central-bank-buy-greenback.html

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

Tishwash:  The Central Bank issues recommendations to merchants and banks regarding exchange rates

Today, Tuesday, the Central Bank of Iraq issued recommendations to merchants and banks about exchange rates .

The bank's media office stated, in a statement received by the Iraqi News Agency (INA), that "the board of directors of the Central Bank of Iraq held a meeting and discussed the repercussions and indicators of the rise in exchange rates in the local markets and the temporary pressures that the foreign currency exchange rate has been exposed to for days, resulting from internal and external factors." 

He added that "given the adoption of mechanisms to protect the banking sector, customers and the financial system, as all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers."

The Central Bank called on “merchants to review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance. This will reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.”

The Central Bank stressed, "Banks must shoulder their responsibilities in facilitating and expediting procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the established legal requirements."  link

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

Tishwash:  America is waging an economic war through the dollar

Today, Tuesday, a member of the Syrian People's Assembly, Mahmoud Jokhadar, accused the United States of practicing an economic war to stifle the Syrian people through the price of the dollar, indicating that America persists in imposing its siege on the country.

Jokhadar said, in a statement followed by (Iraqi Media News Agency / INA), that "in order for America to ensure the continuation of the bloodshed of the steadfast Syrian people and to continue plundering Syria's wealth of oil and wheat, it persists in imposing its siege on the people." 

He added, “The American blockade is on the Syrian people, who are living in their worst conditions these days, from a winter without fuel and an exorbitant price hike, and its attempts to destroy the exchange rate and raise the price of its dollar, and this is all not only under the eyes of Syria’s Arab brothers, but also with its support and support from some of them in implementing this unjust siege.” ".

Jokhadar pointed out that "Syria considers America a permanent enemy, but what can we say about our Arab brothers who participate in strangling us, starving us, and continuing our bleeding to strangle the Syrian people financially and economically?"

The leader of the Al-Fateh Alliance, Ali Al-Fatlawi, called earlier on the government of Prime Minister Muhammad Shia'a Al-Sudani to reveal to the Iraqi people the new conspiracy that the United States of America is weaving by reducing financial transfers to Iraq, which led to raising the exchange rate of the dollar against the Iraqi dinar.  link

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

Tishwash:  Al-Sudani issues a package of "necessary" directives to end the dollar crisis – Urgent

The Prime Minister, Mr. Muhammad Shia'a Al-Sudani, met today, Tuesday morning, with the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Makhaif.

His Excellency listened to a detailed presentation by the Governor of the Bank regarding the rise in the exchange rate of foreign currency, and the most important measures taken by the Bank in this field.

The Prime Minister urged the Central Bank to achieve general stability of prices and the exchange rate, in accordance with the tasks stipulated in Articles (3 and 4) of the Central Bank of Iraq Law, which stipulate that the Central Bank aims to achieve stability in the local exchange rate, organize and monitor the work of banks and enhance the safety of The efficiency of payment systems and the development of the payments system.

The Prime Minister stressed the need for the bank to take the necessary measures to prevent illegal speculation and everything that harms the local market and leads to higher prices.

 He also urged His Excellency to activate the steps of selling foreign currency at official prices to citizens through purchasing with electronic cards, opening sales outlets for travelers, or clients outside Iraq, or financing foreign trade, in accordance with the fundamentalist contexts and international standards for opening documentary credits and remittances.

The Governor of the Bank presented to the Prime Minister the positive position of the financial situation, stressing that the crisis regarding foreign currency is an emergency crisis for technical reasons, and coincided with the work of the new electronic platform and the delay in transfers due to the Christmas holidays.

The governor praised Cabinet Resolution No. 352 of 2022 to stop the pre-collection of taxes and customs duties on goods entering government ports, prevent double taxation, and collect them according to the approved contexts at border crossings.

Prime Minister's Media Office
27-December-2022   link

Mot:  ..... Can't Hold Back Any Looooonger! ~~~~

Mot: ...... Ya KNow that part - Nooo body Talks about! ~~~~

Iraqi News Highlights Monday Evening 12-26-22

Iraqi News Highlights Monday Evening 12-26-22

Tlm724 Administrator Bondlady’s Corner

The Old Man's Paper Continues To Rise.. 160 Thousand Dinars Compared To 100 Dollars In The Iraqi Market

Political | 04:40 - 12/26/2022   Baghdad - Mawazine News  The exchange rate of the dollar continued its southern rise in the Iraqi markets.  The selling price of the 100-dollar dollar record was 159,500 dinars in exchanges.   The purchase price was also recorded at 158,500 dinars. https://www.mawazin.net/Details.aspx?jimare=215184

MP Al-Qaisi: The Government Is Able To Rein In The Dollar At Any Moment It Wants

Sunday 25 December 2022 21:25 | Economical Number of readings: 1013   Baghdad / NINA / - Representative Mahmoud Hussein Al-Qaisi affirmed, on Sunday, that the government is able to rein in the dollar at any moment it wants.

Al-Qaisi said in a tweet via Twitter, "With the hundred billions stacked in the Central Bank's accounts, and with the tons of gold stored in them; in addition to the treasury bonds in the US Federal Bank, controlling the market is subject to a government decision capable of curbing the dollar at any moment the government wants."      He added, wondering: "But when will you take this step!?"./ End 8

https://ninanews.com/Website/News/Details?key=1022486

Jamal Cougar: The Government Promised To Lower The Price Of The Dollar, But It Lost Control Over It

Monday, December 26, 2022 10:47 | Economical Number of readings: 331

Baghdad / NINA / - Member of the Finance Committee, Jamal Cougar, held the Central Bank, the Ministry of Finance and the Council of Ministers responsible for the significant rise in the exchange rate of the dollar against the Iraqi dinar, while calling on the committee to intensify its meetings to put pressure on the concerned authorities and to know the causes of the rise and address them.

In a statement to the National Iraqi News Agency ( NINA ), Cougar said, "The large rise in the dollar will negatively affect the Iraqi economy, as it will lead to economic stagnation, because the investor and trader are afraid of any fluctuation in the currency that leads to an increase in the prices of goods and services."

He added, "The government promised to control prices while it lost control, and the market is controlling the price of the dollar against the dinar, and this weakens the government's ability and loses the citizen's confidence in it."

Cougar indicated that "the concerned authorities / the Central Bank, the Ministry of Finance and the Council of Ministers / are responsible for this rise and its treatment, and the Finance Committee should intensify its efforts by hosting those concerned and putting pressure on them."/ End

https://ninanews.com/Website/News/Details?key=1022548

A Parliamentary Bloc Warns Of The Collapse Of The Iraqi Dinar And The Continued Rise In The Exchange Rate Of The Dollar

Monday 26 , December 2022 17:10 | Economical Number of readings: 157 Baghdad / NINA / - The Parliamentary National Product Bloc, the government and the Central Bank of Iraq warned of the collapse of the Iraqi dinar and the rise in the exchange rate of 100 dollars to more than 160,000 dinars.

The head of the bloc, Representative Ibtisam Al-Hilali, said, in a press statement today, Monday, that "the exchange rate of 100 dollars in the market exceeded 157 thousand dinars, and is constantly increasing and may reach 165 thousand dinars by the end of the week, and this directly affected citizens through the rise in materials prices." food.”

And she added, "Some private banks and merchants, with the support of some political parties, are smuggling foreign currency abroad through unofficial outlets, after purchasing the currency at the official price from the currency sale window in the Central Bank of Iraq," asking Prime Minister Muhammad Shia' al-Sudani to hold an urgent meeting of the council.

Ministerial Economy to discuss the exchange rate and the collapse of the Iraqi dinar and control the window for buying and selling foreign currency, and to take strict measures against banks and electronic outlets to return the exchange rate to the official price.

And she explained, "There are fears of the continued collapse of the Iraqi dinar and the rise in the dollar exchange rate."/ End 5   https://ninanews.com/Website/News/Details?key=1022653

Because Of The Dollar Crisis.. An Extension Announces The Start Of Collecting Parliamentary Signatures To Interrogate Al-Sudani

political| 05:00 - 12/26/2022  Baghdad - Mawazine News  announced, on Monday, the Parliamentary Extension Bloc, the start of collecting parliamentary signatures to interrogate Prime Minister Muhammad Shia Al-Sudani.

And the bloc stated in a statement that Mawazine News received a copy of it, that "from the first moments of the vote on the current quota government, it said extending its speech in a loud voice under the dome of parliament that it is a government that reproduces previous failure experiences, and day after day the value of the Iraqi dinar decreases against the dollar with suspicious government silence."

And without any government action that gives the Iraqis a glimmer of hope that it will return to the official price, everyone has abandoned their slogans that they cracked the heads of the Iraqis with when they were outside the government system.

She added, "The government failure represented by the failure to deal with the issue of theft of the century and the unfulfilled promises that allowed the release of the main suspect from prison with impunity indicates, categorically and beyond doubt, the involvement of influential official and partisan parties in this theft, so the Imtiad movement and its parliamentary bloc will proceed to collect The signatures for the interrogation of the prime minister in front of Parliament and in full view of all the people of this oppressed people.”   https://www.mawazin.net/Details.aspx?jimare=215185

Oil: More Than $8 Billion Iraq's Oil Revenues For The Past Month

Economie| 02:45 - 12/26/2022   Baghdad - Mawazine News  The Ministry of Oil announced, on Monday, the total oil exports and revenues achieved for the month of November, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO).

The ministry stated, in a statement received by Mawazine News, that "the amount of crude oil exports amounted to 99,868,29 barrels, with revenues amounting to 8,189,602,000 dollars."

She added, "The total exported quantities of crude oil for the month of November from the oil fields in central and southern Iraq amounted to 97,204,696 barrels, while the exported quantities of Kirkuk oil through the port of Ceyhan were 2,363,200 barrels."

And the statement added, "The average price of one barrel amounted to (82,004) dollars," noting that "the exported quantities were loaded by 38 international companies of several nationalities from the ports of Basra, Khor al-Amaya, the mono-buoys on the Gulf, and the Turkish port of Ceyhan." Ended 29/N33   https://www.mawazin.net/Details.aspx?jimare=215171

Al-Sudani Stresses The Importance Of Partnership And Cooperation With The National Private Sector

Political | 05:14 - 12/26/2022   Baghdad - Mawazine News   , Prime Minister Muhammad Shia Al-Sudani stressed, on Monday, the importance of partnership and cooperation with the national private sector.

Al-Sudani's office stated in a statement, which Mawazine News received a copy of, that "Prime Minister Muhammad Shia'a Al-Sudani conducted an inspection visit to the factory of Al-Narjis Pipes Company in Basra Governorate, and was briefed on the work of the factory, which is one of the development projects for the private sector in the governorate."

Al-Sudani pointed out, according to the statement, "the importance of partnership and cooperation with the national private sector, and the job opportunities it creates and the provision of the economy with more investment opportunities."    https://www.mawazin.net/Details.aspx?jimare=215188

Alia Nassif Stresses The Need For The Executive Authorities To Participate In The Oversight Role

Monday 26, December 2022 12:48 | politica lNumber of readings: 283  Baghdad / NINA / Representative Alia Nassif stressed the need for the executive authorities to participate in the oversight role within their bodies and to take the necessary measures immediately towards those who are proven to have failed in their work, similar to the director general of customs withdrawing the hand of the director of Trebil Customs and his assistant, and referring a number of employees for investigation.

And she said in a statement today: “The Director General of Customs issued a directive to withdraw the hand of the Director of the Trebil Customs, his assistant, the inspection staff, the director of the customs of the export complex, and the inspection committees, and referred them to investigation, and issued a recommendation to take legal measures against the sonar employee of the Border Crossings Authority for their failure to perform their work according to Article 17 of the Law Discipline of state employees, and we believe that this courageous step falls within the framework of the heads of bodies and general managers exercising the oversight role within their institutions and taking the necessary measures immediately and bypassing the routine circles that those who fail to use mediation and nepotism may exploit with impunity.

Nassif expressed her hope that "the executive authorities will take upon themselves the responsibility of correcting the course of action, revealing negligence, and holding the negligent accountable without delay."/ End 8    https://ninanews.com/Website/News/Details?key=1022602

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

 https://www.bondladyscorner.com/

Frank26 and KTFA Members "News and Views" 12-26-2022

KTFA:

Frank26:  "ACCOUNTS CANCELLED TO THE CITIZENS... TO WIPE THE SLATE CLEAN!!!"........ F26

Clare:  Al-Rafidain announces the suspension of withdrawals and deposits in savings accounts for citizens

12/26/2022

Al-Rafidain Bank announced the suspension of withdrawals and deposits in savings accounts for customers, starting today, Monday, until Monday, 1/2/2023.

The media office of the bank stated, in a statement, that {Euphrates News} received a copy of it, that "according to the directives of the Central Bank of Iraq, and in order to pay the annual accounts, calculate the benefits for savings accounts, and organize budgets, the bank decided to stop withdrawals and deposits in savings accounts."

The statement indicated that "the bank also decided to close its doors in all branches on Monday, corresponding to 1/2/2023, and to stop conducting all transactions related to customers until the end of the annual inventory and audit."   LINK

Frank26:  "AND SO DOES THE IRAQI TRADE BANK!!!"........ F26

Clare: The Iraqi Trade Bank announces the suspension of all external and internal transfers

 12/26/2022

The Iraqi Trade Bank announced the suspension of all external and internal transfers, starting next Wednesday.

 Al-Samarf media stated, in a statement, of which {Euphrates News} received a copy, that “the work of all bank branches will be stopped, starting from Thursday (12/29/2022) at (12) noon. Also, all external and internal transfers will be stopped as of Wednesday corresponding to ( 28/12/2022) for annual inventory purposes.”

He indicated that "work will resume on Tuesday corresponding to (03/01/2023)."  LINK

**

Frank26:  "DON'T COLLECT TAXES!!!... BECAUSE THE EXCHANGE RATE WILL BE WRONG FOR THE 2023 BUDGET".......... F26

Clare:  In the document.. the central bank stops work by collecting taxes to deal with the rise in the dollar

12/26/2022

The Central Bank of Iraq stopped working by collecting taxes in advance to deal with the high exchange rates of the dollar. 

Today, Monday, the Central Bank of Iraq directed all licensed banks not to collect taxes in advance by importers during dollar transfers abroad for the purpose of import.

And a central bank document addressed to all banks, which I viewed (Baghdad Today), showed stopping the collection of taxes and customs fees in advance, and taxes are collected by the outlets upon entry of imported goods, while the bank attributed this procedure to the end of work in the fiscal year related to the 2021 budget that determined this. the condition.

This decision comes in conjunction with fears of the continued smuggling of hard currency "dollars" abroad under the pretext of import, which experts describe as "imaginary import", where the dollar is transferred abroad for the purpose of import, in return for the non -entry of already imported materials in exchange for it.    LINK

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

KandG:  I have a question based on 2 articles.  We all seen that the CBI's reserves are approaching 100B but I read another article that these reserves are held by the US Federal Reserve (below) - a corrupt, evil empire run by the Rockefellers / Rothchilds / Yellen / fake biden.  Why would this evil organization ever help the Iraqi citizens and also transfer wealth to us as investors / humanitarians??  IMO

And between Sanad, "The accumulation of foreign currency reserves in the Central Bank of Iraq and deposited with the US Federal Reserve, which will exceed 100 billion dollars and is constantly increasing, and it is difficult for Iraq to dispose of this large number, only America allowed five shipments per month to enter the country."

~~~~~~~~~~

Paulette:  I have said similar......the question is whether the Deep State is in control of Iraq or not.  Sudani was put in to place by Maliki and the Framework.  Is Sudani Deep State controlled or not???  Is Maliki????  I don't think anybody truly knows who is Deep State controlled……Time will tell.  Hopefully Soooooom!!!

To me, it appears the Deep State no longer has control of the CBI.  The Currency Sales have dropped significantly.  After Putin shut off much of the money laundering ability the Deep State had in the Ukraine, the Currency Sales in Iraq had a sharp increase.

Now, the volume of sales are normal to below.  I know the media is stating reasons for this including the CBI's new system errors but it all seems pretty coincidental.  I am very hopeful that the Deep State's ability to use Iraq for their corrupt activities has been terminated.  If not, we may be waiting longer than we want.

It is an interesting dichotomy happening right now as not only did the banks stop buying as much USD but the money changers have also in spite of the rate being at its worst since I have followed.  Why are the Money Changers reportedly being cautious with any purchases of USD when they could resell at a larger profit than they have been able to attain since the move to 1460.  

It is totally illogical unless they know that they don't want to be moving IQD to USD out of fear of being on the wrong side of an economic move by the CBI.

~~~~~~~~~~~

Zeeman:  i have said this here many times and you can add the wb  imf and the un they all work together and are corrupt. this  is a fact and not imo  IF the white hats are not in control - this was a very bad investment IMO.  Should have bought silver IMO

Paulette:  "very bad" ------->NO

Don't forget, Iraq's CBI has clearly told us their plans to Re-denominate their currency including adding denominations all the way to 25 Fils (1/40th of an IQD).  This logically requires a change in rate.  As long as that new rate directly applies to the current notes, we will have the windfall we all hope for.  

IMSO, the rate will have to apply to both new and old currency as the CBI has stated the 3 000's will coexist with the NSCN's for at least two years and upwards of ten years.

A few weeks back, the CBI again stated that they are not going to remove any currency denominations when they unveil the 20,000.  Personally, I want to believe the talk of the 20,000 was to educate the citizens as to the new 20 denomination that WS reported was coming when the NSCN's are released.  I hope I am right as the release of the 20 absent a 20,000 is another indication that the new rate will directly apply to all.

If the new rate does not directly apply to both old and new currency, the CBI will have created a Multi Currency Practice structure in violation of the IMF Article 8.  Therefore, the IMF will not be able to authorize a Reinstatement due to Iraq being in violation of Article 8.  This would also prevent full ascension to the WTO.  Certainly the plan for Iraq cannot be to run their country on USD forever.

The underlying fundamentals for holding IQD are sound.  The implementation of the "Delete the Zeros" project will tell us just how sound.  

Don't forget the silver market is greatly manipulated.  Hopefully we see a windfall from IQD prior to that manipulation being lifted.

MOakes:  Let's not forget that Frank has said that the USD will be in the basket of currencies.

Paulette:   Iraq economists have told us this years ago.  They advocate a basket of currencies that the IQD is valued against which is to have at least 5 currencies including the USD.  This negates value fluctuations that can be caused by drastic fluctuations of only one.

Iraqi News Highlights Monday Afternoon 12-26-22

Iraqi News Highlights Monday Afternoon 12-26-22

Tlm724 Administrator Bondlady’s Corner

An Unprecedented Jump In Dollar Prices Confuses Local Markets And Unknown Processors

Posted On2022-12-26 By Sotaliraq   Baghdad / Hussein Hatem   Since the beginning of this December, the exchange rates of the dollar fluctuated mysteriously in the Iraqi Stock Exchange, but it jumped in an unprecedented way, yesterday evening, Sunday, recording 154,300 Iraqi dinars for 100 dollars, while the prices during the morning were 153,450 dinars for 100 dollars.

A member of the Parliamentary Finance Committee, Mueen Al-Kadhimi, said in an interview with (Al-Mada) that “Iraq has a balance of $ 100 billion in cash, in addition to gold, and we have no problem with the abundance of foreign currency,” stressing the need for “an economic policy for the state to confront the rise in dollar prices.” unjustified.”

Al-Kazemi added, "There are measures by the US Treasury Department to control the movement of the dollar through the window of selling the currency through the central bank to private banks."

And he continued, "The central bank was selling 200 million dollars a day to private banks under the pretext of buying goods from abroad, but what happens is that purchases do not exceed 40% only, while the rest is for financial speculation."

Al-Kazemi pointed out that “the government is obligated to deal with the rise in the price of the dollar, as it is the executive body,” noting that “Parliament is unable to deal with the rise in dollar prices, and the matter is in the hands of the government as it is the executive body by monitoring merchants and private banks.”

He pointed out, "The solution cannot be through reducing exchange only, but rather by encouraging the national industry, and there must be an industrial renaissance through the Youth Employment Law through small projects, for which the Central Bank allocated 6 trillion dinars."

He explained, “There are efforts being made to maintain the price of the dollar below 1,500 dinars,” considering that “returning it to its previous price requires a deliberate political and economic aspect to reduce the price because the rise harms the citizen and confuses the market.”

Al-Kazemi pointed out that "there is an exploitation of the high exchange rates by some merchants," calling on the Ministry of Commerce to "open credits for importers, and provide foodstuffs at the prices of imported goods."

In turn, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, says, “The government is seeking its relentless measures to protect economic stability, at a time when official reserves are enjoying their highest historical levels, which are approaching $100 billion, which is at the same time the highest reserve in Iraq’s financial history.” ".

Saleh explained, "The international financial system took another turn by imposing compliance controls and controlling the movement of funds in the United States dollar currency when conducting external transfer transactions, for many reasons that may have been imposed by the raging war in Ukraine and other international conflicts in the Middle East."

Hello, World!

And he continued, “Despite that, there is no fear for Iraq’s financial capacity, as there are two ways to work according to it, the most important of which is improving reporting data and adopting extreme accuracy in private sector trade financing activities on the part of private banks constantly so that they are not rejected by the international platform for compliance, which requires The banking system itself has the utmost care and accuracy in including data on demand for foreign currency when making foreign transfers.

Saleh stressed that "the monetary authority is working hard to stabilize the exchange rate by granting advantages to external transfer requests that are made through the traditional means approved for financing foreign trade, foremost of which is the assignment of financing applications through documentary credits in international trade and other flexible means that it seeks to introduce to facilitate international exchange."   LINK

“The Sleeping Wool Shelf” Pushes The Price Of The Dollar In Iraq To About 160,000 Dinars

Posted On2022-12-26 By Sotaliraq    On Sunday, a member of the Iraqi Parliament, Alia Nassif, commented on the dinar’s decline against the US dollar, to 154 thousand, while she indicated that “shelf wool” is behind the exchange rate crisis.

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

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

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

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

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

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

Dollar Prices In Iraq.. “A Single Obstacle” On The Way Back, And Warnings Of “Terrifying Numbers”

Posted On2022-12-26 By Sotaliraq   About a month ago, the exchange rates of the dollar against the Iraqi dinar began to rise, which was reflected in market prices in general, as the prices of foodstuffs, medicines, and other materials of various kinds rose, which sparked a state of discontent among citizens, and in what the deputies confirm their determination to reduce the exchange rate and continue to demand this. Trend, economists warn of an increase in the exchange rate to “alarming” figures during the coming period, due to manipulation of Iraqi monetary policy.

Citizen Abu Hussein says, “The markets are witnessing an unprecedented rise in the levels of prices of food commodities and clothing after the rise in the exchange rates of the dollar.” He calls, during his speech, “the Sudanese government to reduce the exchange rate, to serve the poor citizen,” noting that “the stability of the country depends on the stability of the economic situation, and vice versa. ".

The government of Muhammad Shia’ al-Sudani and prominent leaders in the “Coordination Framework” coalition to which he belongs promised, with the beginning of granting confidence to the government, a tendency to raise the value of the dinar against the dollar, blaming the previous government of Mustafa Al-Kazemi for reducing its value due to “mismanagement” and what they called “special agendas.” ".

However, what happened seemed to be the opposite, especially with successive jumps in the exchange rate of the dollar, which reached the equivalent of 153 dinars against one dollar, after it was equivalent to about 147 dinars or less.

And the government considered that the rise was “temporary,” holding the Central Bank responsible, and Al-Sudani’s office said in a statement, “The government affirms its commitment to maintaining the stability of the local market, by supporting the stability of the dollar exchange rate against the Iraqi dinar, and it supports the steps of the Central Bank in this regard.”

And he indicated that “the rise in the exchange rate is temporary, and it is the result of changing the mechanism by which the window for selling foreign currency in the Central Bank operates, and we assure all citizens that the financial situation of Iraq is in its best condition.”

"lone hurdle"

Aref al-Hamami, a representative of the State of Law coalition, confirms that “the state of law is with a reduction in the exchange rate of the dollar, and we are continuing to demand a reduction in it, and more than 100 signatures were collected before the legislative recess for this purpose, and the state of law was among the signatories, and we hope to reduce it, because It affects the poor and middle class.

Al-Hamami indicated in an interview that “it is government policy that delays the proceeding with lowering the rate, and that the only current obstacle is the central bank, and in the event of pressures, it will be reduced, as in the past when the central bank wanted to raise the exchange rate, but it did not obtain support from either the government or From the political blocs, until it was voted on in the House of Representatives, at which time the Central Bank was able to raise the price.

The Central Bank had commented on the high exchange rate, saying that Iraq is still complying with international requirements on the issue of the dollar, combating money laundering, and terrorist financing, and that some banks took time to implement these requests, stressing that it is working to return it to its price. , Within two weeks.

Height fears

The economist, Ahmed Fouad, says, “The problem of the US dollar began about a month ago, due to the Central Bank’s reduction in its sales of dollars, in order to audit some transactions and some of its clients from banks and exchange and remittance companies, after the Central Bank suspected that some of the money was being used for laundering.” And also in bank transfers outside Iraq, for the purpose of transferring hard currency only.

Fouad added during his speech, “Therefore, the amounts sold in the currency auction and transactions with existing companies and banks were reduced, in order to control this process, which led to the problem of increasing prices in the exchange of the dollar,” noting that “banking companies and financial dealers in Iraq raised the value of the dollar sold in Iraq's black markets, in Al-Harithiya and Al-Kifah, and this led to the exchange rate reaching 153 thousand dollars for every 100 dollars.

And he continues, “But the fears now are that the exchange rate will increase in the coming months to more than these numbers, and there are alarming numbers with an increase of two thousand dinars or more due to the lack of control of the government and the central bank over the currency auction, and also the endeavor of some external parties economically to raise the value of the US dollar in order to internal and external gains.

And the economist, at the end of his speech, suggests that “prices will decrease after the New Year’s holiday, in the event that the central bank increases its sales, and works through some mechanisms to reduce the price of the dollar immediately in the Iraqi market, but as long as the price of the dollar has been raised and lowered, it is certain that the price will not remain.” low, but the problem will repeat itself every period, and it is possible for prices to jump to what is not worthy of its consequences during the coming period, due to manipulation of Iraqi monetary policy.   LINK

Because Of The Dollar.. Parliamentary Warnings Against Repeating The Lebanese And Iranian Scenarios In Iraq

political| 04:28 - 12/26/2022  Baghdad - Mawazine News, MP Ibtisam Al-Hilali warned, on Monday, the Iraqi government and the Central Bank of the collapse of the Iraqi dinar and the rise in the exchange rate of the dollar to more than 160,000 dinars, while indicating that the collapse of the currency may push Iraq to be similar to the economic situation in the Republic of Iran and Lebanon.

Al-Hilali said in a statement, which Mawazine News received a copy of, that "the exchange rate of $100 in the market exceeded 157 thousand dinars, and it is constantly increasing and may reach at the end of the week or on New Year's Eve to 165 thousand dinars, and this increase directly affected citizens." by the rise in food prices.

And she added, "Some private banks and merchants, with the support of some political parties, smuggle foreign currency abroad through unofficial outlets after buying the currency at the official price from the currency sale outlet in the Central Bank of Iraq, and this is a major reason for the high exchange rate of the dollar against the Iraqi dinar." .

And Al-Hilali continued, “Prime Minister Muhammad Shia’a Al-Sudani is required today to hold an urgent meeting of the Council of Ministers for the economy to discuss the exchange rate and the collapse of the Iraqi dinar, control the window for buying and selling foreign currency, and take strict measures against banks and electronic outlets to restore the exchange rate to the official price.”

And Al-Hilali indicated, "There are fears of the continued collapse of the Iraqi dinar and a continuous rise in the exchange rate of the dollar, exceeding 165,000 dinars on New Year's Eve, and that the economic situation in Iraq will be similar to the countries of Iran and Lebanon." Ended 29 / H

https://www.mawazin.net/Details.aspx?jimare=215182

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

https://www.bondladyscorner.com/

"High Dollar Exchange Rate Crises in Iraq" News Posted by TNT Members 12-26-2022

TNT:

VictorD:   Good Read. Explains a lot.

Iraqi dinar trembles as US fights currency flow to Iran

Recent measures taken by US authorities to tighten the channelling of dollars to Iran from Iraq have decreased the value of the Iraqi dinar on the black market, government officials and traders said on Monday.

The Iran-backed Iraqi government has been struggling to control the exchange rate to contain mounting public anger over soaring goods prices.

The dollar exchange rate in the black market has been hovering around 1,550 Iraqi dinars from around 1,470 dinars, Dhirgham Hameed, owner of a Baghdad-based exchange company, told The National.

“The dinar has been trembling against the dollar since early this month, wreaking havoc in the market,” Mr Hameed, 44, said.

In 2004, the Central Bank of Iraq introduced the foreign currency auction as one of its policy tools to achieve monetary stability.

Through that auction, the government has succeeded in controlling the exchange rate on the black market.

For years, the official rate for banks and exchange companies was 1,182 dinars, while the rate on the street was around 1,200 dinars.

However, the process has been mired with accusations of corruption, money laundering and the channelling of dollars to Iraq’s neighbours, Iran and Syria, using forged bills. Both countries are under punishing US sanctions.

Since then, the US has blacklisted a number of Iraqi banks that deal mainly with Iran. The US sanctioned Iraq's Al Bilad Islamic Bank for dealing with Iran's Islamic Revolutionary Guard Corps in May 2018.

Amid a liquidity crisis due to plummeting oil prices on the international market, Iraq’s Central Bank devalued the dinar in December 2020 to 1,460 dinars per dollar for banks and 1,470 dinars for individuals.

The interim government argued the move would also curb the flight of the “cheap dollar” outside the country.

But that didn’t stop the outflow of much-needed hard currency.

The US Ambassador to Iraq has complained to Iraqi officials on many occasions that the dollar was still being sent to Iran, a Central Bank official and a lawmaker said.

But Mohammed Shia Al Sudani's government, which took office in late October and is close to Iran, has not taken any action, they said.

“When there was no action from the government, the Federal Reserve bank started to apply scrutiny measures on foreign transactions and that has delayed the process of releasing the money from the US to cover the imports and other needs,” the Central Bank official said.

Both spoke on condition of anonymity as there is no government statement on the latest US measures.

How the process goes

Each dollar Iraq gains from selling crude oil goes to an account at the Federal Reserve Bank of New York, and Iraq makes withdrawals to pay government salaries and imports.

Oil revenue makes up nearly 95 per cent of the federal budget and the war-torn country depends heavily on imports to meet the demand for food and materials for key sectors of the economy.

The Federal Reserve Bank of New York supplies Iraq with hard currency on request from the Iraqi government, either in cash or foreign transactions.

While some of these funds are used to cover government imports and other requirements, much of it is passed on to commercial banks, ostensibly for private sector imports in a process that was hijacked long ago by Iraq’s money-laundering cartels.

The rest of the money is added to the international reserve.

Thanks to Iraq’s growing oil revenue, the Central Bank of Iraq has about $96 billion in foreign exchange reserves, Mr Al Sudani announced early this month.

As of last month, the CBI sold an average of $240 million to $250 million a day, said another owner of an exchange company, who asked to remain anonymous.

Only 10 per cent to 20 per cent of the money was cashed out to be distributed to banks and exchange companies and then to individuals, while the rest was sent to accounts in Dubai, Turkey, Amman and China to cover private sector imports, he said.

“Iraq has no problem with the money at all, it has good reserves,” the exchange company owner said. “It sounds as if the issue is politically motivated because the Americans are upset.”

Over the past 19 years, the Federal Reserve has never delayed a request or transaction from Iraq, he said. “They used to approve any bill immediately,” he added.

“But since early this month, the Americans have started applying scrutiny measures on foreign transactions and the new process has delayed each transaction for up to two weeks,” the exchange company owner said.

He added that most of the requests were being rejected due to suspicions that some banks are linked to Iran.

Since then, daily transactions have dropped from around $200 million to between $20 and $30 million a day.

“The reserves have been dried up in the accounts abroad and that has pushed up the demand for the dollar in the local market to cover imports,” he said.

To control the rate at the black market, the government has asked the CBI to take urgent steps to compensate for a dollar shortage in the local market.

It reduced the exchange rate for individuals from 1,470 dinars to 1,465 dinars to cover travel for the Hajj pilgrimage, medical treatment and study.

It also asked the CBI to help private banks strengthen their non-US dollar foreign currency reserves such as the Chinese yuan, the euro, the Emirati dirham and the Jordanian dinar.

But these measures failed to strengthen the currency.

“We are not optimistic and we believe that the worst is yet to come unless the government applies urgent, immediate and effective measures,” Mr Hameed said.

The current official dinar to dollar exchange rate is 158,000.

https://www.thenationalnews.com/mena/iraq/2022/12/26/iraqi-dinar-trembles-as-us-fights-currency-flow-to-iran/

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

VictorD:  Interesting that this is still happening. IMO this is the money our past President refered to when he stated we have "x" billions of Iraqs money we can take/freeze. He wasn't talking about currency.

"Each dollar Iraq gains from selling crude oil goes to an account at the Federal Reserve Bank of New York, and Iraq makes withdrawals to pay government salaries and imports."

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

Tishwash:  Very shocking news.. The dollar is heading to 2,000 dinars amid a government deficit

Financial experts expected the exchange rate to reach 200,000 per hundred dollars in the event that the current crisis is prolonged.

The economic and financial expert, Mahmoud Dagher, commented, during his speech in a press interview, regarding fears that the exchange rate would reach 200,000 dinars per 100 dollars. He said that “the longer the crisis lasts, the dollar is expected to reach 200,000 dinars.

” "The longer the process of disagreement and unwillingness to concede, the price will rise, and the United States must give up using the shock method, and in return, Iraq must develop its tools to improve the performance of the window."

The economist, Salam Sumaisem, agreed with what Dagher put forward, stressing in the same dialogue that "if the crisis is prolonged, the exchange rate reaching 200,000 dinars is an inevitable result, because the longer the exchange rate goes on, the higher the exchange rate, as a result of the high uncertainty."

link

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

CandyKisses:  Mohammed Allawi on the crazy rise in the exchange rate: speculators and interest in millions of dollars a day

Baghdad – Nas  

Iraqi politician Mohammed Tawfiq Allawi spoke on Monday about the recent rise in dollar prices and the reasons behind it.   

Allawi asked in a post followed by "Nas", (December 26, 2022), saying: "Who is the beneficiary of the rise in the price of the dollar???? Is it possible to return the price of the dollar to its real price in less than 24 hours???".  

He added, "The price of the dollar has risen these days to more than 158 thousand dinars per 100 dollars, and this price is unusual and unexpected, as its real price is 146 thousand dinars per 100 dollars, and the reason for this rise is the lack of supply and increased demand, due to the exclusion of four banks by the Central Bank from the window of selling currency due to corruption, and here we wonder whether the Central Bank can return the exchange rate to the real rate, i.e. 146 thousand dinars; the answer: Yes, it can, within a period not exceeding 24 hours, by increasing the supply through private banks and money changers, as well as government banks, especially Rafidain and Rasheed Bank, so that the supply covers the demand."  

He continued, "But if the central bank does not move to cover demand, it is normal for the dollar to rise and continue to rise to unprecedented levels, and I cannot accuse specific people, but I say that speculators achieve daily benefits exceeding fifteen million dollars a day if we assume that the central bank sells on average about 200 million dollars a day!!!.. Yes, this difference achieves these large profits at the expense of the interest of !!!!! citizens."  

He also asked, "Are there hidden hands deliberately prolonging the crisis, which can be solved in less than 24 hours???? Who is responsible for the suffering of citizens????? Questions that need answers!!! Some accuse outside parties, and I cannot deny this, but I rule it out greatly!!! The future will reveal the hidden!!! , and the future will reveal who is responsible for this suffering!!! The future will expose the corrupt!!"  

Tishwash:  A parliamentarian warns of an economic catastrophe

A member of the Parliamentary Services and Reconstruction Committee, Burhan Al-Mamouri, warned today, Wednesday, of the possibility of an economic catastrophe if the exchange rate deteriorated, while stressing that the continuous decline overwhelms the greedy and harms the fragile classes.

The media office said in a statement received by the National News Center that "the various countries of the world depend on monetary policies and developed economic systems," noting that they "control the stability of their currencies' prices against foreign currencies."

He added, "The foreign currency sale auction adopted by the Central Bank of Iraq needs to be reviewed," pointing out that it "raised a lot of confusion and suspicions over the past two decades."

He explained that “the continuous decline in the exchange rate of the Iraqi dinar against the US dollar has greatly harmed the fragile classes of society,” stressing that “on the other hand, it has filled the pockets of the greedy.”

Al-Mamouri called on the central bank administration to “take urgent measures to control the exchange rate in the local markets,” noting “the need to preserve the value of the dinar against the dollar.”

And he warned of the possibility of a monetary catastrophe that might collapse the local economy, which is suffering a lot, stressing “the importance of developing immediate solutions to prevent the continued deterioration of the local currency exchange rate.”    link

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

Tishwash: In the document, the Central Bank takes action to address the rise in the exchange rate

The Central Bank of Iraq decided to stop the work of collecting taxes in advance to deal with the high exchange rate.

Date: 12/26/2022

 To / all authorized banks

 M / collection of customs duties and taxes

 good greeting...

 Based on Cabinet Resolution No. (351) for the year 2022, which includes non-compliance with the collection of customs duties and amounts

 Advance taxes provided for in Article (16/fourth) of the Federal General Budget Law for the fiscal year 2021/2021, until the end of

 It will come into force at the end of the fiscal year 2021, with confirmation that the General Authority for Customs and the General Authority for Taxes have met those fees and amounts

 Taxes on goods entering Iraq at the border crossings.

 To kindly inform and inform your bank customers and to act accordingly and prevent double taxation...with appreciation

 Dr..  Ammar Hamad Khalaf

 Vice Governor Agency  link

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

Tishwish:  What is the relationship of Washington and China to the high exchange rate of the dollar in Iraq?

On Monday, the leader in the coordination framework, Turki Al-Atbi, explained the fact that there is a relationship between Washington and China with the rise in the exchange rate of the dollar, which reached 159 thousand during the past hours in Iraq.

Al-Utbi said in an interview with (Baghdad Today), "The Iraqi-Chinese rapprochement has disturbed Washington a lot in recent months, especially with the growing entry of companies into the energy, oil and education sectors and the emergence of important partnerships, not to mention the Sudanese presence in a strategic conference in Riyadh on development with Beijing in the presence of many of the Arab leaders.

He added, "Washington has many pressure factors in the Iraqi scene, including manipulating the pumping of the dollar into the markets, and this is what led to raising the exchange rate in order to create popular anger and organize demonstrations to put pressure on the Sudanese government later in order to negotiate the relationship with China and the rest of the other files."

Al-Atbi pointed out that "America will not hesitate to do anything in order to prevent any development in Iraq through the gate of China or any other country," stressing that "Baghdad's balances in Washington are in constant danger, and we must reconsider keeping the balance of funds in America because it will always be used." in economic pressure.

Earlier in the day, the price of the dollar, even before the closure, reached 158 thousand and 250 dinars, for every 100 dollars, and it was heading towards 159 thousand dinars, in an unprecedented excess of dollar prices since its change in late 2020.  link

KTFA Members "Monday News" 12-26-2022

KTFA:

Henig:  Al-Rafidain Bank opens new branches soon to sell dollars to citizens

Baghdad / NINA /- Al-Rafidain Bank announced today, Sunday, the opening of new branches to sell dollar to citizens soon.

In a statement, it said, "New branches will soon be opened to sell dollar currency to citizens."

The bank added, "Citizens must issue MasterCard and submit official documents (civil status identity or national card, passport, housing card, and an active mobile phone number) for the purpose of granting the card and selling dollars to them."  LINK

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

 12-25-2022

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

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

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

ATPInfinity:  IT'S Christmas and here is a gift! "With the hundred billions stacked in the Central Bank's accounts, and with the tons of gold stored in them; in addition to the treasury bonds in the US Federal Bank,...at any moment the government wants." .

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

Henig:  A deputy reveals the reason for the dollar's rise in Iraq.. What is the American role?

12/25/2022

{Politics: Al Furat News} Independent MP Mustafa Sanad revealed the "reason" for the rise in the exchange rate of the dollar in Iraq.

Sanad said in a statement, a copy of which was received by {Euphrates News}: “Criticize me, insult me, and laugh at what I say, but what you read, I swear to God, is the crux of the truth. The rise of the dollar in 2021 came because of the US-friendly government for the purpose of preventing the transfer of the dollar from Iraq to neighboring countries {Turkey and Iran.” Lebanon and Syria} for the purpose of punishing them.

He added, however, by saying: “But the rise of the dollar these days is completely different, as it came because of America itself, without a mediator, and the purpose is to prevent the dollar from entering Iraq mainly, for the purpose of punishing it lightly, and it is waiting for it at the dialogue table in early 2023 for the purpose of understanding about hot files such as the file.” Iran, the energy file, the future of US forces and security agreements.

And between Sanad, "The accumulation of foreign currency reserves in the Central Bank of Iraq and deposited with the US Federal Reserve, which will exceed 100 billion dollars and is constantly increasing, and it is difficult for Iraq to dispose of this large number, only America allowed five shipments per month to enter the country."

He added, "It is cowardice not to criticize the current government and the current parliament for watching the rise of the dollar and its impact on the people, especially since the current prime minister and the current deputies, including (me), have addressed the dollar file earlier and strongly criticized the rise that occurred at the time, and today our tongues are almost silent."

He continued, "But it is cowardly and inferior not to criticize the negative role of the Americans, to diagnose the colonial role and international blackmail, and to prevent the transfer of our money, amid strange silence from the political leadership!"

And the Central Bank of Iraq decided on the 15th of this month to reduce the exchange rate of the dollar to 1465 dinars, indicating that “reducing the price of selling the dollar to the beneficiary (the bank’s customer) who finances his imports with documentary credits, to be 1465 dinars instead of 1470 dinars to the bank {for the purposes of documentary credits} in the amount of 1455 dinars to the dollar instead of 1460 dinars," he attributed, "the increase is due to several factors, including the building of an electronic platform through which banks raise the requests of their customers.

"The state's finances in general are in excellent condition and at their best levels in decades," he added.The current supply of foreign currency is not related to resources, but rather to administrative and audit procedures, and we have taken a number of measures to expand the supply of foreign exchange to meet the public's demand for cash dollars."   LINK

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

Henig:  identifies two reasons

2022-12-25 03:35

 Shafaq News/ The exchange rate of the US dollar rose today, Sunday, to its highest level in years, as the value of 100 dollars on the Sulaymaniyah Stock Exchange reached more than 154 thousand Iraqi dinars, which was reflected in the commercial movement in the dollar market.

"The value of the dollar today has reached its highest level in years, as the value of $100 reached 154,250 dinars, which is the highest in years," financial expert, Shwan Ahmed, told Shafaq News agency.

 Regarding the reasons for this rise, the financial expert confirmed that "the first reason is that a week ago the central bank did not pump more than 130 million dollars, and the pumping ranged between 70 million to 130 million dollars, while the second reason is due to the holiday announced by the government on New Year's Day."

And about the repercussions of this rise between Ahmed; That "the movement of buying and selling has almost stopped in the stock market because the majority of currency traders sold the dollar yesterday at a lower price than today's price, but on the other hand, the selling of the dollar witnessed an increase by citizens due to the great rise that the US dollar reached today."

He continued, "Currency traders have begun to deal with caution in purchasing the quantities of dollars available in the markets."

On the period of the rise in the price of the dollar, the financial expert explained; It is expected that the rise will continue until the third of next January, which is the date for the Central Bank of Iraq to pump the dollar for the currency auction.

Shafaq News Agency correspondent in Sulaymaniyah said that every 100 pounds amounted to 184,000 Iraqi dinars, while every 100 euros amounted to 162 thousand Iraqi dinars, and every 100 Turkish lira amounted to 8,250 dinars. While the value of every 100,000 Iranian tomans was 3850 Iraqi dinars.  LINK

Clare:  Amidst a warning of a "hungry revolution"... Behind the scenes of the rise: American pressure to prevent dollar smuggling and the closing of party banks

2022-12-26

Member of the Parliamentary Finance Committee, Muhammad Nuri, attributed, on Monday, the unprecedented rise in the exchange rate of the dollar against the Iraqi dinar, to the agreement concluded between Iraq and the United States of America.

Nuri told Shafaq News agency, "The rise in the exchange rates of the dollar against the Iraqi dinar is due to stopping the promotion of cash dollar imports to Iraq, according to the agreement between the Central Bank of Iraq and the US Federal Bank, which entered into force three months ago."

He added, "As well as stopping banks affiliated with political parties that were working to smuggle the dollar and preventing it from entering the auction selling foreign currency to be smuggled through unofficial outlets."

Nuri pointed out that "there is American pressure by not paying cash oil import money from dollars to the Central Bank of Iraq to prevent smuggling it to neighboring countries, specifically Turkey and Iran."

And a member of Parliamentary Finance stated, "These measures led to limiting the sale of the dollar, and because of the merchants' need for foreign currency, the exchange rate rose."

Nuri stressed that "if there is no real decision and steps from the Prime Minister, Muhammad Shia'a al-Sudani, through pressure on the American side and the economics of political parties and limiting the smuggling of currency outside the country, the exchange rate of $100 will exceed $160."

Since last November, dollar prices have witnessed fluctuations against the Iraqi dinar, which gradually increased to reach its peak today, Monday, as the dollar exchange rate, until the moment of writing this news, reached more than 156 thousand dinars to 100 dollars.

In turn, the head of the "Enough" political movement, former MP Rahim al-Darraji, predicted the outbreak of a "hungry revolution" in Iraq due to the continued rise of the dollar in the local market.

Al-Daradji, a member of the former Parliamentary Finance Committee, told Shafaq News agency, "The continued rise of the dollar will lead to an increase in the prices of foodstuffs as well as medicines and other materials, and this matter will push to raise the poverty rate in the country, and this matter will lead to the withdrawal of the middle class." And not just the poor."

He added, "The repercussions of the catastrophe of the continuous rise of the dollar in the local market will lead to the anger of the Iraqi people, especially those with the middle and poor classes, and this matter may prompt the outbreak of a hungry revolution throughout Iraq, and this is what we hope will happen in order to remove the most corrupt political class that ruled Iraq." Over the years, it was the cause of the destruction of Iraq on various levels.    LINK

More "Tidbits From TNT" Monday 12-26-2022

TNT:

Tishwash:  After years of delay and disagreement... an agreement by the "majority" to pass the Oil and Gas Law – Urgent

Today, Monday, the Kurdistan Democratic Party revealed the existence of a political agreement to pass the oil and gas law with the start of the new legislative term of the House of Representatives.

The leader of the party, Wafaa Muhammad Karim, told (Baghdad Today) that "there is a political agreement between all political blocs and parties to pass the oil and gas law because of its importance, with the start of the new legislative term of the House of Representatives."

And Karim stated, "This law, which will regulate the relationship between Baghdad and Erbil with all oil and financial files, will be passed by the parliamentary majority. The agreement to pass the law took place between the blocs and parties of the State Administration Coalition."

The Oil and Gas Law, which has been awaiting legislation in parliament since 2005, stipulates that the responsibility for managing the country's oil fields should be entrusted to a national oil company, and it should be supervised by a federal council specialized in this matter.

But since 2003, Baghdad and Erbil have been at odds over the issue of managing the region's oil fields.

Baghdad says that the region does not declare real oil export amounts and does not hand over those amounts to it, while Kurdistan says that exports from the oil fields in its territory must be subject to its management, whether in terms of granting licenses for new exploration, managing existing fields, or controlling production and export. For the destinations he chooses, or contracting for the purchase and development.  link

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

Bigt35:  So today on Google News even took a snapshot article Says Iraq’s CBI making a move to strengthen the dinar against the Dollar . Found that interesting . Meaning being in Google news for everyone to see .

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

Tishwash:  Jamal Cougar: The government promised to lower the price of the dollar, but it lost control over it

Member of the Finance Committee, Jamal Cougar, held the Central Bank, the Ministry of Finance and the Council of Ministers responsible for the significant rise in the exchange rate of the dollar against the Iraqi dinar, while calling on the committee to intensify its meetings to put pressure on the concerned authorities and to know the causes of the rise and address them.

In a statement to the National Iraqi News Agency ( NINA ), Cougar said, "The large rise in the dollar will negatively affect the Iraqi economy, as it will lead to economic stagnation, because the investor and trader are afraid of any fluctuation in the currency that leads to an increase in the prices of goods and services."

He added, "The government promised to control prices while it lost control, and the market is controlling the price of the dollar against the dinar, and this weakens the government's ability and loses the citizen's confidence in it."

Cougar indicated that "the concerned authorities / the Central Bank, the Ministry of Finance and the Council of Ministers / are responsible for this rise and its treatment, and the Finance Committee should intensify its efforts by hosting those concerned and putting pressure on them.   link

**

Tishwash:  Deputy: Iraqi banks involved in smuggling large sums of money

The deputy of the State of Law Coalition, Jawad Al-Ghazali, revealed, on Monday, the involvement of Iraqi banks in smuggling large sums of hard currency outside the country. 

Al-Ghazali said, in a statement to Al-Maalouma, that "Iraqi banks are looking for legal loopholes to smuggle money out of the country," expressing his hope that "the prime minister and the relevant ministers will be able to draw up a strategic plan to monitor the work and performance of banks and preserve the hard currency." 

He added, "Banks and private banks are involved in exploiting legal loopholes to plunder Iraq's bounties that come from selling the work auction," pointing out that "the proceeds of the currency sale auction revived the pockets of the corrupt and looters of Iraq's resources through the monopoly of the dollar." 

And the deputy of the State of Law coalition, Jassim Al-Moussawi, accused, in a previous interview with Al-Maalouma, private banks of smuggling currency and money laundering in the previous period, calling on the new government to control the doors of smuggling currency out of Iraq.  link

***********

Harambe:  Iran's currency slumps to another all-time low amid unrest | 12/26/22

Iran’s national currency rial continues to lose ground against the US dollar, slumping to the lowest-ever rate recorded in the country's open market on Sunday amid months-long protests.

The stumbling rial traded above 411,000 to the greenback on bonbast foreign exchange website on Sunday as US dollar and other foreign currencies fiercely rallied against it.

It is the first time in the country's history that the rial has breached the 400,000 threshold, sparking concerns in the foreign exchange market and financial circles.

Since mid-September, when young Iranian woman Mahsa Amini's death in police custody triggered countrywide protests, Iran's currency has lost almost 20% value, according to market analysts.

In his remarks last week, Central Bank Governor Ali Salehabadi blamed the turbulence in the forex market on the ongoing protests, while also noting other destabilizing factors, including US sanctions.

He, however, pledged to inject more dollars into the market to restore order, saying the central bank will act both as a "market-maker and hard currency policy-maker".

The move, however, didn't work as the country's parliament on Sunday summoned Salehabadi and Iran's finance minister and government spokesman Ehsan Khandozi.

Khandozi assured lawmakers that the apex bank is mulling measures to restore stability in the forex market, while blaming "enemies" for turning their focus to banks and the forex market after "failing to close markets", referring to recent nationwide strikes.

Parliament Speaker Baqer Ghalibaf, however, was scathing in his criticism of the central bank, saying the situation in the forex market is "not acceptable to people"

Iran has been rocked by widespread protests in recent months in the wake of Amini's death, sparking fresh tensions between Tehran and Western countries and resulting in fresh sanctions against the country.

On Friday, Germany said it was downgrading relations with Iran and suspending trade promotion programs, citing the "very serious situation" in the country.

The depreciation of Iran's currency also comes amid a standoff over talks in Vienna aimed at salvaging the 2015 nuclear deal and reports about Iran supplying drones to Russia for use in the Ukraine war.

It is worth noting that since May 2018, when the former US administration walked out of the nuclear deal, Iran's currency has seen a seven-fold devaluation, which has fueled the country's economic crisis and worst inflation.

https://www.yenisafak.com/world/irans-currency-slumps-to-another-all-time-low-amid-unrest-3657862

Mot:  ~ oooh lordy! - Due to the Cold Weather - New Rules at Walmart! 

Mot: ... and then we Has - Redneck Winter Games!! ~~

Monday Morning Iraq News Highlights 12-26-22

Monday Morning Iraq News Highlights 12-26-22

"How Will We Live?" The Dinar Is Bleeding In Front Of The "Green Currency", And Officials Are Accused

Sumerian special    Source:  Alsumaria News   7,463 views  "There is no work or money, how can we live!" With these angry words, Mahmoud Hassan expresses his position on the depreciation of the Iraqi dinar against the US dollar.

Hassan, the owner of an antiques shop in the capital, Baghdad, does not see any justification for the dollar's rise, "but the political class is benefiting from what is happening, and is pushing for a greater rise, and the people do not care." at all.”

Hassan says, "His business was greatly affected by the rise in the dollar... This led to a weak demand for people to buy."

The Iraqi dinar is witnessing bleeding against the dollar, although the exchange rate is officially set at 1460 dinars, but the current prices amounted to about 1545 dinars against one dollar.

A parliamentary warning , a member of the Finance Committee in the House of Representatives, Sajjad Salem, attributes the reason for the dollar’s ​​rise to “stopping 4 Iraqi banks from entering the currency sale auction as a result of international sanctions, in addition to the electronic platform that was announced.”  Central Bank of Iraq".

Related articles

The central bank issues 4 decisions to control the dollar   2022-12-19

The Central Bank issues an explanation regarding the rise in dollar exchange rates  2022-12-15

Deputy: Parliament is unable to deal with the high price of the dollar  2022-12-15  

And it was  Central Bank of Iraq  In the past weeks, 4 private Iraqi banks have been excluded from the currency sale auction. Following directives and accusations from the US Treasury to these banks of "currency smuggling".

Salem calls, in his interview with  Alsumaria News  The government called for "finding the necessary solutions and controlling exchange rates," warning that the dollar's continued rise for a new week "will create negative effects in the country."

And the member of Parliament's finance goes on to say, "There are no positive returns from this rise, because it is unplanned."

Shaleef Al-Souf For her part, a member of the House of Representatives, Alia Nassif, said, on the occasion of the dollar's rise, "You are sleeping, Shalef Al-Souf, and the dollar is swaying with your people."

Nassif indicated in a tweet on Twitter that, "(Sherif Al-Souf) here is not a person, but rather a system that deserves to be cursed for its corruption, which starts with those who have the idea of ​​​​the exchange rate and ends with those who oppose its return to 120 thousand dinars."

* Parliament abandons promises

Before the "early" elections were held on October 10, 2021, the candidates for the fifth parliamentary session were singing about devaluing the dollar, but they "abandoned their promises."  Bassem Jamil Antoine .

While the deputy says  Moein Al-Kazemi  That the House of Representatives is unable to deal with the rise in the price of the dollar; Because this is a matter for the government.

Al-Kadhimi calls, in an interview on an investigative program broadcast by Alsumaria TV, on the government to "monitor merchants and private banks and control the currency market," adding that "the solution cannot be through reducing exchange only, but rather through encouraging the national industry."

* The platform

Returning to the economist's speech, he points out that "there is supply and demand, the supply is low and the demand is wide and large due to the Central Bank's development of an electronic platform on the recommendation of the Federal Reserve Bank; in order to check the numbers of buyers of the dollar; to prevent it from being traded on the black market."

Shows Antoine to Alsumaria News, that "this platform disrupts the process of pumping the dollar, after the central pumped about 200 million daily, it now supplies the market with about 130 million."

On December 15, the Iraqi Central Bank considered the rise, which it described as “simple” in the exchange rate, as being due to some factors, including “building an electronic platform through which banks raise their customers’ requests.”

And the bank continued, in a statement, that it “started months ago to build that platform in coordination with international bodies for the purpose of ruling and organizing window operations for buying and selling foreign currency and ensuring effective control over it, as an international company specialized in building it and linking banks with the Central Bank through it,” noting that "The platform requires providing information about customers requesting transfers, beneficiaries, correspondent banks, etc."

The statement indicated that "due to the recent use of this platform, many errors are being discovered, which requires the bank to re-download it. These procedures take additional time to accept the request and pass it through the global financial system."

He explained that "the central bank's reserves and the state's financial solvency in general are in excellent condition and at their best levels in decades, and that the current supply of foreign currency is not linked to resources, but rather to administrative and audit procedures, which will be bypassed during the coming days. In addition, the central bank has taken a number of measures to expand the offer." foreign exchange to meet the public's demand for cash dollars.

A few days later, specifically on January 19, the Iraqi Central Bank approved a package of decisions "that would restore the foreign currency market to its normal position."

These decisions, as stated by the bank in a statement, consisted of “allowing banks to participate in the window of buying and selling foreign currency by purchasing any amounts in foreign currency and depositing them with this bank in accounts used for external transfer purposes, and interest / returns are paid on those balances according to what this bank decides.” .

It also included "facilitating the financing of private sector trade 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, the euro, the Emirati dirham, the Jordanian dinar, and others)."

The bank added, “Outlets have been opened to sell foreign currency in government banks to the public for the purposes of travel (treatment, Hajj Umrah, study, etc.)

The Central Bank stressed, “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 ( 1455 dinars to the dollar instead of (1460) dinars to the dollar.

* Another rise, and a former member of the Securities Commission, Salam Sumaise, goes far in her presentation on this subject, as she believes that the exchange rate has reached 160,000 dinars compared to 100 dollars.

Sumaisem said in an interview with the "After the Investigation" program that she broadcasts  Sumerian Channel satellite channel, that "the price of the dollar will not return to its previous state, due to the obligation of Iraq to the decisions of the World Bank for a period of five years, according to the white paper."

And she pointed out that "the procedures for raising the exchange rate have benefits for the government and not for citizens, because in this case it will provide large amounts of local cash as a result of the dollar's rise," indicating that "the solution lies in pumping foodstuffs through the ration card, which can relieve the burden of the citizen from the flames of prices." It maintains market stability LINK

A New Jordanian Currency Is Being Introduced To The Market

News source /change channel    The Central Bank of Jordan started offering the fifth issue of the Jordanian currency in circulation in the same denominations as the current issue (50 dinars, 20 dinars, 10 dinars, 5 dinars, and one dinar denomination).

The bank introduced the new form of the denomination dinar (one dinar) into circulation on Mondays, and then other denominations will be offered within dates that will be announced at the time of offering each denomination gradually, according to what was published by the “Kingdom” channel.

The bank said in a statement: The denominations of the new issue (the fifth issue) will be put into circulation gradually along with the denominations of the current issue of banknotes that are adorned with pictures of the Hashemite kings as they are in the fourth issue .

He stressed that the new issue includes the latest security signs used in the world of money industry, in addition to improving the quality of banknotes available for circulation and extending their life, given the passage of nearly 20 years since the launch of the fourth issue of The Jordanian currency is in circulation and the emergence of the need to improve the security signs and technical specifications of the banknote.

The post A New Jordanian Currency Is Launched In The Markets appeared first on Al-Tagheer TV Channel.

You can also read the news from the source here

https://iraqakhbar-com.translate.goog/3820569?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

A Government Advisor Identifies New Reasons For The Rise In The Exchange Rate In The Local Markets

Economie   00:03 - 2022-12-26   Today, Sunday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, identified new reasons for the rise in the exchange rate in the local markets, and while he revealed the existence of monopolistic activity within the market, the work of the monetary authority confirmed the stability of the exchange market with two paths.

Saleh said in a press statement, “The slight fluctuations in the exchange rate outside the current central rate have come for internal and external reasons,” stressing that the internal reasons are related to the monetary dollar, according to which the foreign currency window of the Central Bank supplies offices, exchange companies, and banks annually with about 10 billion dollars for purposes.

Travel and tourism, and it is a large number in filling the needs of the local market for the purposes of travel in cash.”

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

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

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

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

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

” External".

He noted that "foreign reserves have become the strongest in Iraq's financial history, and its balance has perhaps exceeded one hundred billion dollars, which means there is no fear or concern about Iraq's financial capabilities in imposing stability in the dinar exchange rates as long as the matter is related to administrative and organizational affairs in dealing with external transfer and foreign currency trading." ".   https://kirkuktv.net/AR/Details/11839

"Tidbits From TNT" Monday AM 12-26-2022

TNT:

CandyKisses:  The rise of the dollar against the dinar on the Baghdad Stock Exchange

{Economic: Al Furat News} The exchange rates of the US dollar against the Iraqi dinar rose today, Sunday, on the main stock exchange in the capital, Baghdad.

The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded 153,450 Iraqi dinars for 100 US dollars this morning.

That the buying and selling prices rose in exchange shops in the local markets in Baghdad, where the selling price reached 153,750 Iraqi dinars per 100 US dollars, while the purchase prices reached 152,750 Iraqi dinars per 100 US dollars.

Tishwash:  How will we live?" The dinar is bleeding in front of the "green currency", and officials are accused

There is no work or money, how can we live!" With these angry words, Mahmoud Hassan expresses his position on the depreciation of the Iraqi dinar against the US dollar.

Hassan, the owner of an antiques shop in the capital, Baghdad, does not see any justification for the dollar's rise, "but the political class is benefiting from what is happening, and is pushing for a greater rise, and the people do not care." at all.”

Hassan says, "His business was greatly affected by the rise in the dollar... This led to a weak demand for people to buy.

The Iraqi dinar is witnessing bleeding against the dollar, although the exchange rate is officially set at 1460 dinars, but the current prices amounted to about 1545 dinars against one dollar.

A parliamentary warning ,

A member of the Finance Committee in the House of Representatives, Sajjad Salem, attributes the reason for the dollar’s ​​rise to “stopping 4 Iraqi banks from entering the currency sale auction as a result of international sanctions, in addition to the electronic platform that was announced.”Central Bank of Iraq

it wasCentral Bank of Iraq In the past weeks, 4 private Iraqi banks have been excluded from the currency sale auction. Following directives and accusations from the US Treasury to these banks of "currency smuggling".

 Salem calls, in his interview withAlsumaria NewsThe government called for "finding the necessary solutions and controlling exchange rates," warning that the dollar's continued rise for a new week "will create negative effects in the country."

And the member of Parliament's finance goes on to say, "There are no positive returns from this rise, because it is unplanned."

Shaleef Al-Souf For her part, a member of the House of Representatives, Alia Nassif, said, on the occasion of the dollar's rise, "You are asleep, Shalef Al-Souf, and the dollar is swaying with your people."

Nassif indicated in a tweet on Twitter, "(Sherif Al-Souf) here is not a person, but rather a system that deserves to be cursed for its corruption, which starts with those who have the idea of ​​​​the exchange rate and ends with those who oppose its return to 120,000 dinars."

* Parliament abandons promises

holding the “early” elections on October 10, 2021, the candidates for the fifth parliamentary session were singing about devaluing the dollar, but they “abandoned their promises.”Bassem Jamil Antoine.

While the deputy saysMoein Al-KazemiThat the House of Representatives is unable to deal with the rise in the price of the dollar; Because this is a matter for the government.

Al-Kadhimi calls, in an interview on an investigative program broadcast by Alsumaria TV, on the government to "monitor merchants and private banks and control the currency market," adding that "the solution cannot be through reducing exchange only, but rather through encouraging the national industry."

* The platform

Returning to the economist's speech, he points out that "there is supply and demand, the supply is low and the demand is wide and large due to the Central Bank's development of an electronic platform on the recommendation of the Federal Reserve Bank; in order to check the numbers of buyers of the dollar; to prevent it from being traded on the black market."

Shows Antoine toAlsumaria News, that "this platform disrupts the process of pumping the dollar, after the central pumped about 200 million daily, it now supplies the market with about 130 million."

On December 15, the Iraqi Central Bank considered the rise, which it described as “simple” in the exchange rate, as being due to some factors, including “building an electronic platform through which banks raise their customers’ requests.”

And the bank continued, in a statement, that it “started months ago to build this platform in coordination with international bodies for the purpose of ruling and organizing window operations for buying and selling foreign currency and ensuring effective control over it, as an international company specialized in building it and linking banks with the central bank through it,” noting that “The platform requires providing information about customers requesting transfers, beneficiaries, correspondent banks, etc.”

The statement indicated that "due to the recent use of this platform, many errors are being discovered, which requires the bank to re-download it. These procedures take additional time to accept the request and pass it through the global financial system."

He explained that "the central bank's reserves and the state's financial solvency in general are in excellent condition and at their best levels in decades, and that the current supply of foreign currency is not linked to resources, but rather to administrative and auditing procedures, which will be bypassed during the coming days. In addition, the central bank has taken a number of measures to expand the offer." foreign exchange to meet the public's demand for cash dollars.

A few days later, specifically on January 19, the Iraqi Central Bank approved a package of decisions "that would restore the foreign currency market to its normal position."

These decisions, as stated by the bank in a statement, consisted of “allowing banks to participate in the window of buying and selling foreign currency by purchasing any amounts in foreign currency and depositing them with this bank in accounts used for external transfer purposes, and interest / returns are paid on those balances according to what this bank decides.” .

It also included "facilitating the financing of private sector trade 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, the euro, the Emirati dirham, the Jordanian dinar, and others)."

The bank added, “Outlets have been opened to sell foreign currency in government banks to the public for the purposes of travel (treatment, Hajj Umrah, study, etc.)

The Central Bank stressed, “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 ( 1455 dinars to the dollar instead of (1460) dinars to the dollar.

*Another high

And go ex-jsc member Salama Simsim Far from putting it on this topic, as she believes that the exchange rate has reached 160,000 dinars for 100 dollars.

Sumaisem said in an interview with the "After the Investigation" program that she broadcastsSumerian Channelsatellite channel, that "the price of the dollar will not return to its previous state, due to the obligation of Iraq to the decisions of the World Bank for a period of five years, according to the white paper."

And she pointed out that "the procedures for raising the exchange rate have benefits for the government and not for citizens, because in this case it will provide large amounts of local cash as a result of the dollar's rise," indicating that "the solution lies in pumping foodstuffs through the ration card, which can relieve the burden of the citizen from the flames of prices." It maintains market stability. link

***********

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

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

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

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

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

Tishwash:  Mustafa Sanad: Iraq is being subjected to international colonialism led by America through the dollar

Representative Mustafa Sanad accused, on Sunday, America of leading international colonialism and blackmail against Iraq by causing a rise in the exchange rate of the dollar, criticizing the silence of the political blocs on this matter. 

Sanad said in a publication seen by / the information /, that "the dollar's rise in 2021 came because of the US-friendly government for the purpose of preventing the transfer of the dollar from Iraq to neighboring countries (Turkey, Iran, Lebanon and Syria) for the purpose of punishing them."

He added, "The rise of the dollar these days is completely different, as it came because of America itself, without a mediator, and the purpose is to prevent the dollar from entering Iraq in the first place, for the purpose of punishing it lightly, and it is waiting for it at the dialogue table in early 2023 for the purpose of understanding about hot files such as the Iranian file." And the energy file, the future of US forces and security agreements.

He explained that "the accumulation of foreign currency reserves in the Central Bank of Iraq and deposited with the US Federal Reserve, which will exceed 100 billion dollars and is constantly increasing, and it is difficult for Iraq to dispose of this large number, only America allowed five shipments per month to enter the country." 

And he considered that "it is cowardice not to criticize the current government and the current parliament for watching the rise of the dollar and its impact on the people, especially since the current prime minister and the current deputies, including (me), have addressed the dollar file earlier and strongly criticized the rise that occurred at the time, and today our tongues are almost silent." .

He continued, "It is cowardice and inferiority not to criticize the negative role of the Americans, to diagnose the colonial role and international extortion, and to prevent the transfer of our money, amid strange silence from the political leadership."  link

Mot: .. Amazing how Smart Dads Get all of a Sudden - Huh!! ~~~

Mot:  .... LOL - Thats Meee in da Winder - going Cross Country!!!

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

KTFA:

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

 12-25-2022

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

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

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

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

2022-12-25

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

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

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

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

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

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

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

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

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

12-25-2022

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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