Thursday Afternoon Iraq Economic News Highlights 7-27-23
Thursday Afternoon Iraq Economic News Highlights 7-27-23
The Dollar Exhausts The Dinar.. The Suffering Of Citizens Continues, And An Economist Proposes A "Crazy Solution"
Economy 2023-07-27 | 2,652 views Alsumaria News – Economy The repercussions of the high exchange rates of the dollar in the Iraqi markets against the dinar and its effects on the Iraqi economy continue to exhaust economists and the political class and increase the suffering of citizens.
Despite the many measures taken by the current government, through the Central Bank of Iraq, all that it has worked on will not be able to confront the rise of the dollar and will not be able to stop the series of bleeding the local currency.
Thursday Afternoon Iraq Economic News Highlights 7-27-23
The Dollar Exhausts The Dinar.. The Suffering Of Citizens Continues, And An Economist Proposes A "Crazy Solution"
Economy 2023-07-27 | 2,652 views Alsumaria News – Economy The repercussions of the high exchange rates of the dollar in the Iraqi markets against the dinar and its effects on the Iraqi economy continue to exhaust economists and the political class and increase the suffering of citizens.
Despite the many measures taken by the current government, through the Central Bank of Iraq, all that it has worked on will not be able to confront the rise of the dollar and will not be able to stop the series of bleeding the local currency.
The new rise in the Iraqi markets came after the imposition of new US sanctions on 14 Iraqi banks, which caused a big jump in the exchange rates of the dollar, in light of the growing demand for it in the local markets during the past week.
Al-Sumaria News published the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets for Thursday, July 27, 2023. The purchase price of the dollar in Baghdad reached 157,500 per 100 dollars, i.e. an increase of 3000 dinars from yesterday, while the selling price of the dollar reached 155,500 per 100 dollars.
Economists and government advisors proposed a number of solutions, but most of them did not reach the point of solving a problem that threatens the Iraqi economy from time to time. However, what the economist, Nabil Al-Marsoumi, put forward may be considered a "crazy solution."
"The only solution currently available to address the current exchange rate crisis is to return the dollar exchange rate to the level before the Corona pandemic, that is, to the level of 1180 dinars per dollar," said economist Nabil Al-Marsoumi, in a post followed by Alsumaria News.
And he adds, "This solution is economically insane and at a high financial and economic cost," pointing out that "it is a temporary solution that will not address the essence of the problem, but it will stop the continuous bleeding of the Iraqi dinar and give the monetary authorities an opportunity to search for serious solutions to the origin of the crisis instead of unenforceable promises."
And the economist asserts, "This idea will be violently rejected by economists, and politicians will implement it, even after a while, because the current battle goes beyond the exchange rate to breaking bones." LINK
The Oil And Gas Law Awaits The Mercy Of The Political Consensus For Its Legislation
2023-07-26 | Source: Sumerian 52 views The oil and gas law is still outside the halls of Parliament due to lack of commitment to political consensus, while the law awaits the mercy of legislative consensus, according to observers.
Oscillating between obstruction and passing, the oil and gas law that regulates the economic relationship between the center and the region has not yet touched the door of the legislative house, and the reasons are due to the inability to resolve the most controversial points that revolve around how to manage oil fields and the marketing mechanism.
Lawmakers are waiting for the law to discuss it during the new legislative term, but the fate of its approval remains dependent on the commitment of the political blocs to the compromises on which the government was formed. LINK
The Repercussions Of The Dollar's Rise Cast A Shadow Over Food Prices In Baghdad
2023-07-27 05:29 Shafaq News/ Shafaq News Agency publishes the prices of basic foodstuffs for the consumer, according to wholesale market traders in the capital, Baghdad, today, Thursday.
According to wholesalers in the Jamila central market in Baghdad, the price of Mahmoud rice (30 kg) reached 63,000 dinars, and the single price was 2,500 dinars per kilogram.
The price of sugar (25 kg) was 33,000 dinars, the price of a single kilogram was 1,500 dinars, while a box of "Zeer" paste (weight 825 grams), consisting of 12 boxes, amounted to 33,500 thousand dinars, the single price was 3,000 dinars.
The price of a liter box of "Zeer" oil, consisting of (20 cans), amounted to 50,000 dinars, and the single price was 3,000 dinars, while the price of Iraqi red eggs for the box (12 layers) amounted to 49,000 dinars, and the single price was 4,500 dinars.
And the exchange rates of the US dollar continued to rise against the Iraqi dinar, today, Thursday, on the main stock exchange in the capital, Baghdad, and in the Kurdistan Region, 157 thousand dinars. 100 dollars ahead. LINK
$32 Billion In Meta Revenue In 3 Months
Arab and international Economy News _ Baghdad Meta Platforms reported a strong rise in ad revenue, beating Wall Street expectations for the second quarter, and the company also provided a better forecast for its revenue in the next quarter.
The results for Meta, the parent company of Facebook, come a day after a strong performance by Alphabet Inc, the owner of the Google search engine, proving that consumers and advertisers eager to reach them are spending despite broad economic concerns.
However, Meta also expects expenses to rise in both 2023 and 2024, citing costs including legal fees and increased infrastructure spending that are key to the AI frenzy in the technology sector.
The spending follows significant cost cuts in other areas of the company, including safety teams and core business functions.
Meta shares rose 7.5 percent in after-hours trading.
WhatsApp owner revenue rose 11 percent year-on-year to $32 billion, surpassing analysts' average estimate of $31.12 billion, during the reported quarter.
Advertising revenue jumped 12 percent in the second quarter, registering faster growth than Google, which had advertising revenue of 3 percent.
The earnings per share of “Meta” were recorded at about $2.98, compared to expectations of $2.91 per share during the three months ending in June, while the owner of “Threads” said that revenues in the third quarter will range between $32 billion and $34.5 billion.
And the results of the Facebook owner's business showed that net profit increased by 16 percent on an annual basis, to reach $ 7.79 billion in the three months ending in June.
This is the first time that Mita has reported double-digit growth since the fourth quarter of 2021, as revenue declined before the first quarter in three consecutive periods as the challenges facing the company grow in light of the faltering economy.
The average daily active users of the Facebook app for June were 2.06 billion, up slightly from 2.04 billion three months ago and 1.97 billion a year ago.
On the other hand, the Meta Reality Labs unit, which is tasked with developing Metaverse, achieved sales of $276 million during the second quarter, down from $452 million in the same quarter last year.
The unit tasked with developing Metaverse incurred losses of about $3.7 billion in the second quarter, and the company indicated that these losses will continue to increase significantly year-on-year due to ongoing efforts in product development.
The unit has lost more than $40 billion since 2021, including $13.7 billion last year.
Meta said it expects Reality Labs' operating losses to increase in 2024 as the company continues to invest in augmented and virtual reality and "expands the ecosystem." Zuckerberg had previously said Meta would "accelerate" investments in the division after 2023.
Zuckerberg told investors he understands why many of them feel uncomfortable with such a long-term bet on the Reality Labs unit.
The company expects total expenses this year to be in the range of $88 billion to $91 billion, compared to its previous forecast of $86 billion to $90 billion, citing "legal expenses".
Meta said second-quarter expenses included $1.87 billion in legal costs, mostly related to a fine by the Irish Data Protection Commissioner in May for transferring user information to the United States. The fine itself amounted to 1.2 billion euros ($1.3 billion).
It said it expects "higher infrastructure-related costs" in 2024, as well as growth in payroll expenses "as we evolve the composition of our workforce toward high cost technical roles".
Views 22 Added 07/27/2023 - https://economy-news.net/content.php?id=35361
The Ministry Of Justice Publishes A Statement Correcting The General Budget Law In The Iraqi Al-Waqa’i Newspaper
Money and business Economy News – Baghdad The Ministry of Justice announced, on Thursday, the publication of a statement correcting the Federal General Budget Law in the Iraqi Al-Waqa’i newspaper.
A statement by the ministry, received by "Al-Iqtisad News", stated that "Issue (4729) of the Iraqi Al-Waqa'i newspaper included the issuance of a correction statement issued by the Presidency of the Presidency of the Republic."
He added, "The correction regarding the Federal Public Budget Law of the Republic of Iraq No. (13) for the year 2023 for the fiscal years (2023, 2024, 2025)."
Views 23 07/27/2023 - https://economy-news.net/content.php?id=35371
The Ministry Of Justice Announces The Publication Of The Statement To Rectify The General Budget Law In The Iraqi Gazette
Political | 10:49 - 07/27/2023 Baghdad - Mawazine News The Ministry of Justice announced, on Thursday, the publication of a statement correcting the Federal General Budget Law in the Iraqi Al-Waqa’i newspaper.
The ministry stated in a statement, which Mawazine News received a copy of, that "Issue (4729) of the Iraqi Al-Waqa'i newspaper included the issuance of a correction statement issued by the Presidency of the Presidency of the Republic."
The statement added, "The correction regarding the Federal Public Budget Law of the Republic of Iraq No. (13) for the year 2023 for the fiscal years (2023, 2024, 2025)."
https://www.mawazin.net/Details.aspx?jimare=232163
An Iraqi-American Forum In Washington At The End Of The Year
Baghdad today – Baghdad Today, Wednesday (July 26, 2023), the Ministry of Commerce announced the holding of an Iraqi-American trade forum in Washington, DC, at the end of this year.
A statement of the ministry, received by "Baghdad Today", stated that: "The Department of Foreign Economic Relations at the Ministry of Commerce organized, through the Commercial Attaché in Washington, a meeting via closed-circuit television between the Iraqi private sector and its American counterpart."
The statement quoted the director general of the department, Riyad Al-Hashemi, as saying, "The meeting resulted in adopting the proposal of the Commercial Attaché in Washington on the need to establish an Iraqi-American forum in Washington to be held at the end of October of this year."
He added, "The trade attaché in Washington will take all the logistical measures required to hold the forum, after coordinating with the American side, in order to achieve common goals that are in the interest of both countries."
Al-Hashemi pointed out, "The meeting comes within the framework of the department's endeavor to stimulate the Iraqi private sector and qualify it to play a more effective role in developing Iraqi-American economic relations by finding real opportunities for partnership with the American side in various economic sectors in line with the goals set by the government program and its implementation." LINK
Parliamentary Finance: The Budget Will Be Implemented Within The Next Few Days
Economy 10:57 - 2023-07-27 The Parliamentary Finance Committee confirmed, on Thursday, that the federal budget law for the next three years will enter into force during the next few days, pointing out that sub-committees have been formed to monitor exchange operations.
Committee member Muhammad Nuri said in a press interview, "The budget instructions have now reached the State Shura Council," noting that "the budget will be implemented within the next few days."
He explained that "Parliament will have an important responsibility, which is to monitor the executive performance, to follow up on the movement of funds and projects, and to work to maintain services."
He pointed out that "the concerned parliamentary committees will follow up on the file of contracts and owners of 2/10, as well as all job grades approved by the House of Representatives within the budget law." https://kirkuktv.net/AR/Details/16511
Dhi Qar Sets The Priorities For The 2023 Plan In Accordance With The Budget Law
Reconstruction and building
Economy News – Baghdad On Wednesday, the Governor of Dhi Qar, Muhammad al-Ghazi, held a meeting of the Planning and Development Council in the province to discuss the general lines and set priorities for the 2023 plan in accordance with the budget law.
Al-Ghazi said in a statement, "The meeting first decided the general plan based on the budget's instructions, and for the purpose of continuing to complete infrastructure projects in the districts and districts, it was decided that the strategic projects would be only 10%, and the remaining 90% of the amounts would be divided among the administrative units according to the population percentages to complete the infrastructure."
It was also decided, according to the statement, "to contract with an engineering consulting office whose costs are covered from the petrodollar budget for the purpose of conducting the structural assessment and proposed solutions for all old government buildings and buildings that the civil defense warned against using (such as (the lobby of the local administration, the Directorate of Agriculture of Dhi Qar, and all old government buildings, especially health and educational) and to develop engineering solutions and the necessary examinations to rehabilitate them to perform their function and not to grant any approval to invest any site for a government building."
With regard to the health aspect, the Planning and Development Council decided to "allocate part of the petrodollars to continue the medical evacuation plan that Dhi Qar Governorate started with in the year 2023 and add (recruiting doctors) for rare specialties to the medical evacuation contracts to activate district and sub-district hospitals. This is part of the projects of the strategic plan for the province.
On the environmental side, the council decided to "form a committee headed by the deputy governor for planning affairs and the membership of the planning, health and environment directorates for the purpose of preparing a report on the problem of environmental pollution in the Rifai district due to the oil companies' abuses of the environment and submitting it to the prime minister."
In addition, the decisions oblige the administrative units in the governorate to include projects from the allocations that will be allocated to them (according to the population percentage) for the purpose of equipping mechanisms according to the need for sectors (water, sewage, electricity, health, civil defense) within the allocations specified for each sector and according to priority, especially ambulances and civil defense.
Al-Ghazi stated, “The council also decided, within the decisions it issued, to address the Ministry of Education for the purpose of requesting the transfer of lagging ministerial projects (106 mud schools, 65 schools that are about to fall) to the governorate with their allocations due to their reluctance and for the purpose of their completion and follow-up by the governorate directly. School furniture for the entire province within the province's strategic plan, provided that the equipment is during the summer vacation.
He pointed out that "the meeting decided to include the project of supplying pumps, pipes and sterilization materials within the strategic plan of the province, and with regard to sanitation projects, it was decided to include the project of supplying submersibles and generators within the strategic plan of the province."
According to the statement, it was also decided to "divide the amounts allocated to the administrative units, amounting to 90%, according to the population percentage of each administrative unit, and the plans for the administrative units shall be raised by the head of the administrative unit, provided that the administrative units adhere to the five-year plan of the province 2021-2026 to complete the infrastructure in all administrative units, and the administrative units that have reached the stage of completing city centers with infrastructure such as (Nasiriyah, Ur, Al-Manar ... etc.) begin to include infrastructure projects for agricultural areas and expansion areas." 51 views 07/26/2023 https://economy-news.net/content.php?id=35357
Iraqi News Highlights Thursday Morning 7-27-23
Iraqi News Highlights Thursday Morning 7-27-23
Tlm724 Administrator Bondlady’s Corner
The Difference In The Exchange Rate
Economical 2023/07/26 Muhammad Sharif Abu Maysam There is no doubt that the campaign to support the dinar, which was adopted and in which many parties participated with the Central Bank of Iraq, contributed significantly to reducing the dollarization of local markets and strengthening trades and exchanges through the local currency, and thus the relative stability of exchange rates after returning to the Iraqi dinar in the pricing of many Goods and services that were provided in foreign currency.
Iraqi News Highlights Thursday Morning 7-27-23
Tlm724 Administrator Bondlady’s Corner
The Difference In The Exchange Rate
Economical 2023/07/26 Muhammad Sharif Abu Maysam There is no doubt that the campaign to support the dinar, which was adopted and in which many parties participated with the Central Bank of Iraq, contributed significantly to reducing the dollarization of local markets and strengthening trades and exchanges through the local currency, and thus the relative stability of exchange rates after returning to the Iraqi dinar in the pricing of many Goods and services that were provided in foreign currency.
These achieved results did not come without a series of procedures and controls that contributed to accelerating the necessary steps to expand the space for merchants and citizens to enter the electronic platform, with the aim of addressing the problem of low demand resulting from the state of uncertainty with electronic payment transactions, and the reluctance to deal transparently in the procedures for obtaining amounts.
Necessary to finance foreign trade and other activities of individuals.
However, the exchange rates in the parallel market are still unstable and relatively far from the official exchange rate,
which creates a big difference between the dollar exchange rate through the transfer platform to finance foreign trade, and the selling prices of imported goods in the local market based on the exchange rate in the parallel market.
This difference contributed and contributes to the ripening of the capital of merchants and exchange offices at the expense of the purchasing power of consumers, and
also contributed to the penetration of import operations at the expense of the local product due to the low prices of imported goods and the inability of the local product to compete with the importer, and accordingly and
with the start of work with the largest budget witnessed by Iraq on Throughout its history, which will contribute to moving the market and the flow of cash liquidity,
it is expected that inflation rates will rise, local demand for commodities will increase, and profits will accumulate in the import-dependent business environment, as capital owners will increasingly tend to import as a quick-profit and low-risk investment,
in the face of a local product that suffers from uneven competition. With the importer due to the high costs of energy, manpower and raw materials with the high risks of work in light of the deterioration of electric energy services.
On this basis, large proportions of the general budget allocations will go in favor of the importer as he continues his blows to the local product, and national capital will suffer in the work environment from unequal competition with private sector imports, and local markets will be exposed to the risks of price fluctuations in the exchange rate due to the flow of cash into the markets and increased demand.
On commodities in light of the decline in domestic production rates, and thus the loss of public funds, the lack of control over the exchange rate and the increase in the possibilities of the return of dollarization to the markets. https://alsabaah.iq/81229-.html
The Dollar Is Flying High And Confusing Monetary Policy Measures
Economical 2023/07/27 Baghdad: Haider Fleeh Al-Rubaie The process of increasing the exchange rate in the parallel market constituted a new shock to the financial and monetary policies, after they made great efforts during the past periods with the aim of aborting the rise of the dollar, whose exchange exceeded yesterday, Wednesday, the limits of 155 thousand dinars per 100 dollars, which was considered by specialists in economic affairs.
They stressed the need to take strict measures to limit the flight of the green currency against the dinar, to find quick financial settlements that meet the needs of importers and traders, and to create a tangible balance between dollar supply and demand, with the aim of controlling the prices of goods and materials from the exploitation of the "greedy".
Despite the continuous rises in the exchange rate, however, specialists in the economic affairs minimized the risks of these rises on the local market, assuring to "Al-Sabah" that 75% of the materials and commodities in the markets enter Iraq at the official rate set by the Central Bank, and that merchants make their foreign transfers.
According to that price, however 25% of Iraqi trade is affected by the parallel exchange rate.
The efforts of the fiscal and monetary policies to undermine the dollar were matched by the efforts of the legislative and executive authorities with the aim of limiting the rise in the parallel exchange rate.
While the Prime Minister, Muhammad Shia’a al-Sudani, discussed with the Governor of the Central Bank, Ali Al-Alaq, the measures taken to stabilize the currency in the local market, and discussed the facilities provided by the Central Bank, Which includes allowing small merchants and importing individuals to finance their imports without the need to establish a company.
The Parliamentary Finance Committee reviewed with Al-Alaq ways to achieve monetary stability and control prices.
In contrast to the "cautious optimism" shown by a number of specialists regarding the effects of the exchange rate rise,
others see the possibility of economic indicators, which they described as "painful", represented by entering the local market in the short term in a state of stagnation and high inflation rates.
In turn, the researcher in Iraqi and international economic affairs, Dr. Ali Daadush, in an interview he gave to "Al-Sabah", attributed the reasons for the price jumps of the green currency to the shortage in the supply of cash dollars compared to the volume of demand, which led to a rise in the exchange rate in the parallel market that finances trade. Foreign with the penalized countries.
Dadoush pointed out that the reasons that led to the exchange rate rising again are many, but the most prominent of them is the speculation on which most transfer and exchange companies live, as
these transfers take two directions, the first is to cover the volume of commodity imports from the punished and banned countries with dollars, which leads to
This leads to an increase in the demand for the dollar in the parallel market, while the
second lies in the expansion of the phenomenon of speculation and hoarding of the dollar and putting it up later to obtain a larger price difference.
The economic researcher believes that solutions in the short term may not be within reach, as most of the reasons that led to the dollar’s rise are external, especially after 14 Iraqi banks were punished by the US Federal Reserve,
pointing out that the most effective solutions to confront the “dollar dominance” lie in Activating and operating factories and laboratories to produce goods that are imported from countries banned from the dollar,
and directing the government towards activating institutions and companies in the public and private sectors, operating and managing industries and working to increase their production, stressing that
these steps will lead to eliminating the gap between the official and parallel prices, as they will produce imported goods that are Cover their dollar amounts cash.
https://alsabaah.iq/81301-.html
The Central Bank Holds "Some Merchants" Responsible For The Dollar's Rise
July 26 18:25 Information / Baghdad.. On Wednesday, the Governor of the Central Bank, Ali Al-Alaq, blamed some merchants for causing a rise in the dollar exchange rate as a result of not organizing their transactions on the electronic platform.
Al-Alaq said in an interview with the Iraqi News Agency, which was seen by / information / that
"the central bank continues to provide the dollar at the official rate and cover all legitimate transactions for the purchase request, including remittances and credits for various imports."
He added, "What is being talked about in terms of a rise in the exchange rate does not mean that there is a rise in the official rate, which is still the same.
Rather, the rise is occurring in the cash price circulating in the market and is caused by the reluctance of some merchants to enter the electronic platform, which is the official channel for the sale that it requires." The new system.
And he continued, “Merchants, in addition to other categories, cannot enter the platform because they do not practice legitimate activities and operations, and
our role in the Central Bank is to push everyone who needs to buy dollars to enter the legal and correct path, and the process today is in fact a process of reorganizing the movement of trade and funds, which makes these operations Subject to local and international controls and standards, which leads to an effective implementation of the Anti-Money Laundering and Terrorism Financing Law No. 39 of 2015.
Al-Alaq pointed out, “The process of implementing the new system in reorganizing the movement of trade and funds requires the cooperation of multiple parties, and
we expected that the issue would receive support, implementation, and interaction from the official and popular parties to support the Central Bank in achieving the goal of this system to make the movement of funds proceed in legal contexts and correct criteria to avoid any internal or external risks. Ended/25 h
https://almaalomah.me/news/economy/البنك-المركزي-يحمل-بعض-التجار-مسؤولية-ارتفاع-سعر-الدولار
Economist: The Statements Of Some Officials Are Behind The Rise In The Price Of The Dollar, And The Solution Is In The Hands Of The Central Bank
Economy breaking Central Bank of Iraq The rise in the price of the dollar Officials' statements
2023-07-26 07:49 Shafaq News/ The Kurdish economist, Goran Jabbar, revealed on Wednesday that the statements of some officials led to an increase in the exchange rates of the US dollar against the Iraqi dinar, indicating that the Central Bank of Iraq can solve the problem.
Jabbar, who is the official spokesman for the currency market in Sulaymaniyah, told Shafaq News agency,
"The price of the dollar soared this afternoon to reach its highest levels in the last two months, reaching 158 thousand dinars per 100 dollars, but it has declined this afternoon to 156 thousand dinars per 100 dollars."".
Jabbar ruled out that the imposition of sanctions by the US Treasury Department on 14 Iraqi banks was behind the high price of the dollar, noting that
"banning these banks does not have a significant impact, as the volume of their transactions in dollars does not exceed 1.29%, and their acquisition of the dollar does not exceed 8%."
He explained that "the real reason is the statements of some officials who stated that sanctions are expected to be imposed on the Central Bank of Iraq in the month of November next, and this raised the concerns of citizens, which made them transfer their financial savings to dollars, and thus led to an increase in demand for foreign currency during the period." previous days".
Jabbar denied that the United States imposed sanctions on the Central Bank of Iraq, stressing that it is "false, since the bank deals with Iraqi oil imports, and in the event that the Central Bank is banned, this means that Iraq will not export crude, which affects the global economy due to the large volume of Iraqi oil exports daily."".
He pointed out that "some banks have so far been smuggling currency to countries that have US sanctions, and senior officials stand behind these banks, and
if the Central Bank of Iraq does not take real measures towards those banks, the matter may reflect on the local economy because Iraq is a consumer country and imports hard currency."
Regarding the appropriate measures to address the crisis, Jabbar believed that the central bank should take "strict measures against those banks, as it did four months ago when the value of the dollar reached 167 thousand dinars for every 100 dollars, until it declined after that to settle at 148 thousand dinars."
He concluded by saying, "The Central Bank of Iraq must grant loans to small projects, and the process of granting foreign currency to merchants and those who wish to travel through financial dealing companies (money changers) must be facilitated and expanded."
Earlier today, the deputy head of the Parliamentary Finance Committee, Ahmed Mazhar, told Shafaq News agency,
"The Central Bank took a wrong decision when it allowed exchange companies to sell dollars directly to citizens wishing to travel outside Iraq."
Mazhar asked, "We do not know how the central bank administration made such a decision?", indicating that "this decision may collide with the policy of the US Treasury, and new sanctions may be issued that may affect the central bank if the situation continues as it is now."
Yesterday, Monday, the Central Bank of Iraq decided, according to Shafaq News Agency, to "facilitate cash sales in US dollars for travelers.
It was decided to allow exchange companies of categories (A and B) wishing to open accounts with this bank in both dinar and dollar currencies for the purpose of participating in a sale window and buying foreign currency.
The Central Bank Excludes The Inclusion Of New Banks In The Sanctions
July 26 18:27 Information / Baghdad.. The Governor of the Central Bank, Ali Al-Alaq, ruled out, on Wednesday, the inclusion of new Iraqi banks in US sanctions.
Al-Alaq said in an interview with the Iraqi News Agency, which I viewed / the information /:
“Currently there is no indication or indication from the American side of including new banks within the sanctions,” noting,
“The Central Bank will follow up on the issue of banks that have been subject to deprivation of the dollar and will enter into a process review, audit and verify them. He revealed,
"There are a number of proposals being developed to set up the trade process with the Iranian side and the payment mechanism within its framework, and work to provide means of payment through the Iraqi currency and prepare special cards for this issue." Ended/25 h
https://almaalomah.me/news/economy/البنك-المركزي-يستبعد-إدراج-مصارف-جديدة-ضمن-العقوبات
The Central Bank Of Iraq Denies Withdrawing The Capital Of Private Banks
July 26, 2023 The Central Bank of Iraq denied the withdrawal of the capital of private banks and their deposit.
The Central Bank of Iraq stressed that the news reported by some media and social media about the existence of a decision to withdraw the capital of private banks and deposit them in its accounts are incorrect.
The Central Bank of Iraq renewed its call to various media outlets to be careful and communicate with the Central Bank to obtain accurate information, rather than relying on unofficial sources to spread rumors and influence the work of monetary policy and the banking sector.
The central bank is working hard to enhance confidence in the banking sector by providing support to it and enhancing economic development.
The Central Bank of Iraq information Office 26 - July – 2023 https://cbi.iq/news/view/2392
To read more current and reliable Iraqi news please visit BondLady’s Corner:
"Tidbits From TNT" Thursday Morning 7-27-2023
TNT:
Tishwash: An independent deputy calls on Al-Sudani to end the assignment of the governor of the Central Bank of Iraq because of the dollar crisis
Independent MP Hadi Al-Salami called on the Prime Minister, Muhammad Shia'a Al-Suadni, to terminate the mandate of the Central Bank Governor, in accordance with the provisions of Article 13 of the Central Bank Law No. 56 of 2003.
According to a document in which Al-Salami called on Prime Minister Muhammad Shia’a Al-Suadni to end the assignment of the central bank governor in accordance with the provisions of Article 13 of the Central Bank Law No. 56 of 2003 by appointing the governor of the Central Bank of Iraq with the rank of minister, according to the proposal of the Prime Minister and the approval of the House of Representatives.
TNT:
Tishwash: An independent deputy calls on Al-Sudani to end the assignment of the governor of the Central Bank of Iraq because of the dollar crisis
Independent MP Hadi Al-Salami called on the Prime Minister, Muhammad Shia'a Al-Suadni, to terminate the mandate of the Central Bank Governor, in accordance with the provisions of Article 13 of the Central Bank Law No. 56 of 2003.
According to a document in which Al-Salami called on Prime Minister Muhammad Shia’a Al-Suadni to end the assignment of the central bank governor in accordance with the provisions of Article 13 of the Central Bank Law No. 56 of 2003 by appointing the governor of the Central Bank of Iraq with the rank of minister, according to the proposal of the Prime Minister and the approval of the House of Representatives.
The independent deputy also demanded that he “be experienced and specialized in banking, financial or economic affairs, and given the mismanagement of the current governor-designate and his inability to control the rise in exchange rates of the dollar against the dinar in the parallel market, as well as the failure to take legal measures against Iraqi banks that have been subject to US sanctions.”
From dollar smuggling and money laundering, in addition to his refusal to send the daily bulletin of the sales of the foreign currency sale auction window, despite its official request, in a manner that disrupts the supervisory and representative role of the deputy and constitutes an explicit violation of the provisions of Article 27 Seventh. link
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AmazingLaMont: Bank owners and citizens protest deterioration of the Iraqi dinar following US ban on Iraqi banks
Click here for link to original article (and pictures)
Story by By ALI JABAR and SALAR SALIM, Associated Press • Yesterday 8:05 AM
IRBIL, Iraq (AP) — Dozens of people protested in front of the Central Bank of Iraq in Baghdad and bank owners called for official action to stem a sharp increase in the dollar exchange rate Wednesday, after the United States blacklisted 14 Iraqi banks.
Over the past two days, the market rate of the dollar jumped from 1,470 dinar per dollar to 1,570 dinar per dollar. The jump came after the U.S. listed 14 private Iraqi banks among banks that are banned from dealing with U.S. dollars due to suspicions of money laundering and funneling funds to Iran.
The ban was imposed by the U.S. Treasury Department and the Federal Reserve Bank of New York and was first reported by the Wall Street Journal on July 19.
“The listing of almost one third of the private banks as banned from dealing with the U.S. dollar will have negative consequences from many perspectives," Haidar al Shamaa, owner of a private bank in Baghdad said at a news conference Wednesday.
He called on "the brothers at the Iraqi government to work ... to undo the damage which occurred to us specifically, and to the Iraqi banking section in general.”
The 14 banks facing the ban issued a joint statement urging the Iraqi government to address the issue and warning that banning a third of Iraq's private banks from dollar trading would not only impact the dollar price but hinder foreign investment.
Protesters organized by a group calling itself Thuwar Tishreen (October Revolutionaries), which is connected to a movement that started mass protests in Iraq in 2021, also demanded that the government take action to halt inflation.
Also on Wednesday, central bank chief Ali al-Allaq told the state-run Iraqi News Agency that his institution continues to provide dollars at the official rate of 1,320 dinar to the dollar for “all legitimate transactions” including “remittances and credits for various imports.”
He blamed the current rise in the street price of the dollar on the “reluctance of certain merchants” who “do not practice legitimate activities and operations” to use the official electronic platform used for currency requests.
On Sunday, the Iraqi Prime Minister Mohammed Shia al Sudani met with al-Allaq and discussed measures to stabilize the dinar price against the dollar.
A similar dive in the value of the dinar took place earlier this year after measures taken by the United States late last year to stamp out money laundering and the channeling of dollars to Iran and Syria from Iraq severely restricted Iraq’s access to hard currency.
*************
Tishwash: Al-Fateh: America is waging an economic war on Iraq to achieve three goals
On Thursday, the leader of the Al-Fateh Alliance, Uday Abdul-Hadi, accused America of waging an economic war on Iraq to achieve three goals.
Abdul-Hadi said in an interview with Al-Maalouma, "The US Treasury Department imposed sanctions against 14 Iraqi banks at once, in the second decision in this direction in months, reflecting Washington's agenda to impose economic sanctions on Baghdad under several pretexts."
He added, "The US sanctions took 3 dimensions, most notably the exploitation of its influence on the dollar and turning it into a tool to put pressure on the government and its institutions," pointing out that "the sanctions prompted a significant increase in the parallel market for selling the dollar, which means more pressure on the markets, which will be more evident in the coming days." ".
He pointed out that "re-diversifying the Iraqi currency basket has become an option that contributes to reducing the impact of the dollar on the markets, especially with its repeated use as a pressure card on the government decision."
And the US sanctions on Iraqi private banks raised the selling prices of the dollar in the parallel market. Ended link
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Tishwash: Hermit Islamic Bank: Iraq is preparing for an active economic movement
The Chairman of the Board of Directors of Al-Nasik Islamic Bank, Prof. Dr. Sadiq Rashid Al-Shammari said that Iraq is waiting for a promising economic movement, which makes it imperative for us to create a developed financial sector that competes with international banks that have realized the importance of Iraq on the international economic arena.
Al-Shammari pointed out that the international delegations that come to Iraq are accompanied by continuous economic efforts.
In turn, between the Managing Director of the Nask Islamic Bank d. Abdul Hafez said that Iraq is a new market and contains a large number of job opportunities due to the presence of many banks and financial companies that can expand with the high rates of development in Iraq.
And Abdul Hafez stressed that Iraqi banks should be close to the technology that leads to the development of the reality of the products that are offered to the beneficiaries. link
Mot: ... Gunna be late to Work.. big Storm Last Night and ~~~
Mot: ... wellllllllllllll - it does look like it!!!
MilitiaMan and Crew: Iraqi Dinar - Delete The Three Zero's Project Still Exists!!!
Iraqi Dinar - Delete The Three Zero's Project Still Exists!!!
MilitiaMan and Crew: 7-26-2023
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Bank sanctions, Delete the Three Zero Project, Extraordinary meetings and much more …..
Please listen to full video for all the news
Iraqi Dinar - Delete The Three Zero's Project Still Exists!!!
MilitiaMan and Crew: 7-26-2023
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Bank sanctions, Delete the Three Zero Project, Extraordinary meetings and much more …..
Please listen to full video for all the news
Iraqi News Highlights Wednesday Evening 7-26-23
Iraqi News Highlights Wednesday Evening 7-26-23
Tlm724 Administrator Bondlady’s Corner
Al-Rafidain Bank Directs The Fulfillment Of Cash Deposits In Iraqi Dinars
Economy 07/26/2023 Baghdad - Mawazine News directed the Rafidain Bank, on Wednesday, to collect cash insurance in Iraqi dinars.
The bank stated, in a statement that Mawazine News received a copy of, that, "in line with government directives to deal in Iraqi dinars instead of the dollar and to enhance its strength in the local market, it was decided to collect all cash guarantees in the Iraqi dinar currency exclusively with regard to internal credits, bank guarantees and letters of guarantee issued in the interest of the authorities."
Iraqi News Highlights Wednesday Evening 7-26-23
Tlm724 Administrator Bondlady’s Corner
Al-Rafidain Bank Directs The Fulfillment Of Cash Deposits In Iraqi Dinars
Economy 07/26/2023 Baghdad - Mawazine News directed the Rafidain Bank, on Wednesday, to collect cash insurance in Iraqi dinars.
The bank stated, in a statement that Mawazine News received a copy of, that, "in line with government directives to deal in Iraqi dinars instead of the dollar and to enhance its strength in the local market, it was decided to collect all cash guarantees in the Iraqi dinar currency exclusively with regard to internal credits, bank guarantees and letters of guarantee issued in the interest of the authorities."
The government and private beneficiary, even if the insurance is in dollars and at the official exchange rate. He added that "the payment of the sums of the letters of guarantee upon confiscation shall be exclusively in the Iraqi dinar and at the official exchange rate as well." Ended 29 / H
https://www.mawazin.net/Details.aspx?jimare=232086
The Central Bank Clarifies The Mechanism For Compensating Citizens When Buying Dollars Higher Than The Official Rate
Economy | 01:12 - 07/26/2023 Baghdad - Mawazine News The Central Bank of Iraq clarified, on Wednesday, the contents of the meeting of Prime Minister Muhammad Shia Al-Sudani, with his governor, Ali Al-Alaq, and bank officials, and between the mechanism for compensating citizens when purchasing dollars higher than the official price, commenting on the entry of companies to the platform for selling dollars in the names of citizens.
Deputy Director of the Investment Department at the Central Bank, Muhammad Yunus, said, "The prime minister's recent meeting with the governor and officials at the Central Bank came with the aim of simplifying and facilitating the procedures for the trade financing process and spreading an atmosphere of confidence and safety for all merchants and importers that financing their trade takes place without any problems and without problems." The need to go to the black market."
Yunus added, "The meeting focused on a set of steps, including facilitating trade for small merchants by going directly to the banking sector without the need to establish a company."
He continued, "It also focused on the issue of investment complexes and the need to receive in Iraqi dinars, in addition to simplifying tax procedures and accounting for exchange companies that sell more than the official price and deducting the difference from exchange companies by the Central Bank of Iraq."
He pointed out that "the procedures for establishing a company under the current government have made it much easier for medium and large companies. As for a small or simple company, it is the easiest type of company through an incorporation contract for three people who can establish this company."
He pointed out that “there is a slow process of registering these companies, as their number is still very few, and therefore the last decision was issued to allow merchants and individuals to enter the banking system without the need to establish companies, as the merchant was not required to take many procedures, whether an official invoice or the account of the final beneficiary to whom the funds go.” And it can go to the bank account of any bank whose trade is financed without going to the black market.
He pointed out that "the paragraph of buying assets and real estate abroad was limited to banks that have accounts in Citibank, currently the purchase of real estate by citizens wishing to buy real estate from abroad is done through These banks are 5 banks (Iraqi Trade Bank, Al-Ahly Bank, Al-Mansour, Baghdad, and Abu Dhabi Islamic).
Regarding the mechanism of compensating the citizen when buying dollars higher than the official rate, he explained that "when a citizen buys at a price more than the official exchange rate from exchange companies, he presents evidence of this and it is possible through the awareness department or submitting a complaint to the central bank, and thus the company is addressed and inquired from, and a deduction is made." The difference from the company's balance in the central bank and handing it over to the citizen.
Regarding companies entering the platform for selling dollars in the names of citizens, he stressed that "there are strict procedures and we prevented many companies from entering the platform, in addition to large financial penalties," noting that "the Central Bank is continuing to develop this platform to limit these operations and end the current problem." Represented by entering the names of citizens by switching to biometric and other procedures to ensure that citizens’ passports are not used in the process of buying dollars.” https://www.mawazin.net/Details.aspx?jimare=232109
Oil: Revenues Last Month Amounted To More Than $7 Billion
Economy | 07/26/2023 Baghdad - Mawazine News The Ministry of Oil announced, on Wednesday, the total oil exports and revenues achieved for the month of June.
The ministry stated, in a statement that Mawazine News received a copy of, that "the quantity of exports of crude oil for the month of June, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), amounted to (100) million and (59) thousand and (52) barrels." With revenues amounting to (7) billion and (179) million and (760) thousand dollars.
She added, "The total exported quantities of crude oil for the month of June from the oil fields in central and southern Iraq amounted to (98) million (725) thousand and (620) barrels, while the quantities loaded from warehouses to Jordan were (299) thousand and ( 445 barrels,” indicating that “the average price per barrel amounted to (71,755) dollars.”
And she pointed out, "The exported quantities have been loaded by (33) international companies of several nationalities, from the ports of Basra, Khor Al-Zubayr, mono-buoys on the Gulf, and from the Turkish port of Ceyhan on the Mediterranean, and the modern Kirkuk warehouse by tank trucks." https://www.mawazin.net/Details.aspx?jimare=232115
Renewal Of The License Of The National Gate Company For Electronic Payment And Financial Services Limited
July 25, 2023 Based on the decision of the Board of Directors of this bank No. (121) for the year 2023, approval was obtained to renew the license granted to the National Gate Company for Electronic Payment and Financial Services Ltd. based on the provisions of Article (7/Second) of the Electronic Payment Services for Funds Regulation No. (3) for the year 2014, provided compliance with its provisions, instructions and controls issued by this bank. https://cbi.iq/news/view/2391
Facilitated Awareness Guide For Risk Management
July 25, 2023 :diamonds: Facilitated Awareness Guide for Risk Management (for departments and employees of the Central Bank of Iraq)..For information, click here https://cbi.iq/static/uploads/up/file-169026808124675.pdf https://cbi.iq/news/view/2389
Al-Alaq: The Penalties Imposed On 14 Local Banks Were Not In The Time Of The Current Government
Economy | 07/26/2023 Baghdad - Mawazine News Central Bank Governor Ali Al-Alaq revealed today, Wednesday, measures that will contribute to the stability of the exchange rate, while stressing that the sanctions imposed on 14 local banks were not in the time of the current government.
Al-Alaq said in an interview with the official agency, followed by Mawazine News, that "the central bank continues to provide the dollar at the official rate and cover all legitimate transactions for the purchase order, such as remittances and credits for various imports."
The rise in the exchange rate is temporary, and he added, “What is being talked about in terms of a rise in the exchange rate does not mean that there is a rise in the official price, which is still the same. official sale required by the new system.
And he continued, “Merchants, in addition to other categories, cannot enter the platform because they do not practice legitimate activities and operations, and our role in the Central Bank is to push everyone who needs to buy dollars to enter the legal and correct path, and the process today is in fact a process of reorganizing the movement of trade and funds, which makes these operations Subject to local and international controls and standards, which leads to an effective implementation of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015.
Al-Alaq pointed out, “The process of implementing the new system in reorganizing the movement of trade and funds requires the cooperation of multiple parties, and we expected that the issue would receive support, implementation, and interaction from the official and popular parties to support the Central Bank in achieving the goal of this system to make the movement of money proceed in legal contexts and correct criteria to avoid any internal or external risks.
The Bank's Actions Need To Be Supported By All Parties
He stressed, "The international financial system is integrated, coherent, and interdependent, in which some influence others, and all financial institutions in the world deal with the movement of funds with caution within an accurate assessment of risks and verification of the sources of funds and their beneficiaries. Iraq is part of this system, and we must achieve a high degree of compliance with the standards." The international financial system to ensure the integrity of our financial system, and this, as we indicated, requires great support for the Central Bank, and for each party to take its role.
And between the Governor of the Central Bank, that “regulating foreign trade falls outside the control of the Central Bank and requires the cooperation of multiple parties concerned with this file, such as the Ministry of Commerce, the Border Crossings Authority, the Customs Authority, the security services, and other parties, and what we are doing serves all parties, the country’s economy and its general situation, and therefore there must be solidarity.” Collaboration and interdependence between everyone with the Central Bank to achieve the goal of the system.
He pointed out, "We often hear observations about the dollar sale process and currency movement, and today when the Central Bank assumed this great responsibility to reorganize it and put it in its correct contexts, the issue cost a great effort of human resources to monitor the process and ensure its safety with the application of electronic programs that cost the bank large sums." of investments, and we seek the assistance of an international auditing firm to review and verify operations, and here there must be support and backing to achieve the primary goal.”
Diagnosis Of Speculators
He pointed out, "There are parties that do not want the correct standards to be adopted, and some of them are trying to take advantage of this situation to jump on the market and withdraw the cash assets in it to achieve private benefits and speculation. We have identified the elements that carry out these illegal actions, and there is an effective security effort and monitoring of these, and the legal prosecutions are continuing under the direction of And direct follow-up from Prime Minister Muhammad Shia’ al-Sudani, who gave this issue great attention.”
Al-Alaq explained, “What the Central Bank announces of daily sales of foreign currency are not the operations actually in effect, but rather the requests that the Central Bank transfers externally to conduct import transactions, and what is implemented is less than what is announced in terms of numbers, because there are transactions with notes, deficiencies, or lack thereof.” Conditions are met and rejected, and the daily sales rate actually executed daily reaches $155 million.”
He added, "The failure to meet all requests is caused by the merchants not entering the electronic platform, so they go to the market to buy dollars in cash, and the supply is what citizens circulate for the purposes of treatment, study, etc., and the current problem in Iraq is not related to a lack of cash reserves in it, as happens in a number of countries, but we have a large reserve." He can respond to requests and there are no restrictions."
New Procedures
And he continued, “The problem is in the request itself, as some of those who want to buy dollars do not adopt the correct methods by going to the electronic platform, and we at the Central Bank submitted two proposals to the government to meet their requests: the first includes easing tax procedures and making their percentage simple and deposited directly in accounts without entering into complications.”
Taxation and tax accounting, and the second proposal, which is that the entry of any goods into Iraq should be through a new mechanism that includes the presence of evidence of its official transfer,
and the first proposal was accepted by the government by taking advantage of what was stated in the budget law, Article 48, and now work is underway to determine the categories covered, and the second proposal is currently being studied from The government must document the entry of goods and disclose the source of funding, which is one of the requirements of the Anti-Money Laundering Law.”
Al-Alaq pointed out, “There is acceptance of the idea oftax and benefiting from what was stated in the Budget Law in Article 48, and now work is underway to organize it and define the categories and tax,” noting, “The rise in the exchange rate in the market is my time and the fate of merchants who buy dollars from the market.” platform and transfer in an authentic manner, and then there will be no pressure on the exchange rate in the market.”
Al-Alaq added, however, by saying: “The penalties imposed on 14 local banks were not at the time of the current government, but rather at the time of the previous government, and the announcement of them a few days ago came after completing audits on all transfers and verifying their sources, noting that” the phenomenon of speculators in the market Those who spread radiation and create a crisis that leads to an increase in the price, and it does not change anything about the possibility of applicants to obtain dollars from going to banks other than those that have sanctions.
And Al-Alaq confirmed, “There is no indication or indication from the American side of including new banks within the sanctions,” noting that “the central bank will follow up on the issue of banks that have been subject to deprivation of the dollar, and it will enter into the process of reviewing and verifying them.”
He revealed that there are a number of proposals being developed to set up the trade process with the Iranian side and the payment mechanism within its framework, and to work to provide means of payment through the Iraqi currency and to prepare special cards for this issue.
Transfers with China and Europe
And he noted, "The Central Bank continues to put forward regulatory packages to stabilize the market, and the most important measure that the bank took is to open the largest number of channels to conduct transfers, and now we have opened a direct channel to conduct transfers with China in its currency without going through complex operations, and these transfers are conducted quickly and easily."
He emphasized, “The bank started transfer operations in the Chinese currency with one bank, and now the number of banks has reached more than 10 banks.”
Al-Alaq announced close dealings with European banks and in other countries in order to give the transfer channels speed and help attract merchants.”
Al-Alaq explained, “There are certain arrangements being worked on between the Iraqi government and Iran and the American side regarding the payment of due gas supply dues.”
He pointed out, "There are good efforts that are focused and escalating related to the campaign to support the Iraqi dinar," noting that "the strength of the Iraqi dinar derives not from the citizen, but from the capabilities of the country."
Campaign to support the dinar
He pointed out, "Prime Minister Muhammad Shia al-Sudani personally is one of the main supporters of the campaign to support the Iraqi dinar."
Regarding the experience of generalizing electronic support, Al-Alaq explained that "the issue receives great interest from the Central Bank, and now a meeting has been completed with an international company for electronic payment, and there is progress, but it depends on expanding the circle of culture in this aspect."
And he indicated, "The experience of electronic payment for citizens against government institutions has begun to succeed, and there are many departments that have joined, and we are working on a very important step, which is to conduct transactions by paying via mobile phone, that is, a person can pay as soon as the other party has a (code) where any A person holding this code can pass the code on the device and enter his account, which is an advanced step even from using cards.”
Iraq's debts
Regarding the size of Iraq's debts, Al-Alaq indicated, "The internal volume of Iraq's debts is about 65 trillion, of which 46 trillion belongs to the Central Bank, and the rest belongs to government banks, and is paid in the form of payments, while the external debt is about 20 billion dollars, while the reserve is The Iraqi reserves are more than 113 billion dollars,” noting that “the adequacy of the Iraqi reserves is high, and it guarantees foreign currencies and gold.”
Riyada initiative
And Al-Alaq continued, "The Prime Minister launched a leadership initiative to qualify young people and enter them into small projects, and to embrace their capabilities and innovations," pointing out, "The Central Bank entered as a financing party by launching a project to establish Al-Riyadah Bank, in order to absorb and finance these capabilities."
And he indicated, “The Central Bank is in the process of establishing this bank, and there is great interest from us and private banks, indicating that the bank has various initiatives, including financing small and medium projects and the ongoing housing lending initiative through the Real Estate and Housing Bank, as well as we have an initiative to support the use of solar energy, and there is an initiative related to The displaced, in partnership with the international institution, and we have financing previously funded industrial and agricultural projects, and the bank is working to complete its financing while it is re-studying the initiative related to the industrial sector.
He pointed out, "It has been dismissed from printing the category of twenty thousand dinars because of the existence of a category of 25 thousand dinars, and we do not wish to expand the current categories, because the project to delete zeros still exists."
Regarding the structure of government banks, Al-Alaq stated that "there is now coordination and focus on this file, great interest from the Prime Minister personally, and periodic meetings in this field, and we have some ideas about these banks that we are working on implementing at the present time." Ended https://www.mawazin.net/Details.aspx?jimare=232134
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Goldilocks' Comments and Global Economic News for July 26, 2023
Goldilocks' Comments and Global Economic News for July 26, 2023
RJ: Good morning Dinar Recaps,
Goldilocks posted comments and links on the global financial system:
On July 27th, the Basel 3 compliance plan for the economy will be proposed. If approved, another day will be set for activation.
No one knows for sure what this will do to the markets when they go to real values.
It has always been assumed that the markets will crash. Let me propose to you another possibility.
We could start from where we are as markets are reset behind the scenes.
Goldilocks' Comments and Global Economic News for July 26, 2023
RJ: Good morning Dinar Recaps,
Goldilocks posted comments and links on the global financial system:
On July 27th, the Basel 3 compliance plan for the economy will be proposed. If approved, another day will be set for activation.
No one knows for sure what this will do to the markets when they go to real values.
It has always been assumed that the markets will crash. Let me propose to you another possibility.
We could start from where we are as markets are reset behind the scenes.
Actually, this has been happening for some time and most people don't know it.
What remains to be seen in the activation of Basel 3 accords is a mystery.
Cross your fingers. We are getting closer.
© Goldilocks
"Gold-backed BRICS currency off the agenda for now, but bloc expansion will jeopardize petrodollar" - Lobo Tiggre
Lobo Tigger states that if Turkey and Saudi Arabia join the BRICS Nations, it could be a major blow for the Petro-Dollar.
If the BRICS Nations begin utilizing their National Currencies in trade, this could cause a watershed event on the dollar and strengthen the currencies in the East.
~~~~~~~~~~
Today we hear from Jerome Powell on how the economy is doing at two Eastern Standard Time.
Many are expecting an interest rate hike today, but we will see.
A lot of the market indicators are rolling over right now showing a downturn in the market is already taking place, so the direction banks and markets go from this moment forward will depend on the decisions made today and going forward.
The dollar is about to go into real values that can level the playing field for us in the currency markets. This has been a slow process. We have seen a couple of them happen this month, but much more are on their way.
© Goldilocks
Fed Meeting Today: FOMC's Interest-Rate Decision, Powell's Presser, and What Else to Watch
https://www.barrons.com/livecoverage/fed-july-meeting-decision-rate-hike-powell-speech-today
~~~~~~~~~~
We could actually see a Currency Market float before we see a reset on their real values.
It is what we have seen with two currencies so far this month. It wasn't a lot of movement, but changes were made.
Time will tell.
© Goldilocks
~~~~~~~~~~
Putin says ‘yes’ to Russia’s digital ruble
https://www.blockworks.co/news/putin-approves-russia-digital-ruble
via @Blockworks_
~~~~~~~~~~
Follow Goldilocks' Roadmap
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Thank you Dinar Recaps
KTFA Members "News and Views" Wednesday 7-26-2023
KTFA:
Clare: After Baghdad .. Sulaymaniyah is a second station for the international financial center of Iraq
7/26/2023
Today, Wednesday, Al-Madina International Center for Finance and Business held a meeting in the city of Sulaymaniyah, Kurdistan Region, in the presence of a number of businessmen and specialists in economic affairs to convey its financial vision.
A member of the committee supervising the establishment of the city center, Sherwan Anwar, said in an interview with Shafaq News Agency, "With the aim of transferring the vision of the center from the capital, Baghdad, to Sulaymaniyah, and then to some Iraqi governorates to secure a safe economic environment, this expanded meeting was held today, in the presence of members of the Securities Commission and the Stock Exchange. Iraq Securities.
KTFA:
Clare: After Baghdad .. Sulaymaniyah is a second station for the international financial center of Iraq
7/26/2023
Today, Wednesday, Al-Madina International Center for Finance and Business held a meeting in the city of Sulaymaniyah, Kurdistan Region, in the presence of a number of businessmen and specialists in economic affairs to convey its financial vision.
A member of the committee supervising the establishment of the city center, Sherwan Anwar, said in an interview with Shafaq News Agency, "With the aim of transferring the vision of the center from the capital, Baghdad, to Sulaymaniyah, and then to some Iraqi governorates to secure a safe economic environment, this expanded meeting was held today, in the presence of members of the Securities Commission and the Stock Exchange. Iraq Securities.
Anwar added, "The city center for money and business was established with the vision of the governor of the Central Bank of Iraq, who presented it more than two months ago at the recent banking conference in Baghdad, after which business and money men held several meetings to transfer the vision of the center to the city of Sulaymaniyah."
And he indicated that "the center will provide banking and financial services, and it will include financial services companies and brokerage companies, in addition to other supportive services and business incubators."
Anwar pointed out that "the three pillars of money management, consisting of the Central Bank of Iraq, the stock market, and business incubators, can secure a safe economic and financial environment in the country, especially when there is coordination between these pillars, and when they are spread in a disciplined manner," noting that "the center It will provide the workforce that will serve the community, especially those who want to expand their projects, and it will also create an environment for training and developing youth through business incubators." LINK
Turk182: That's all Fine & Good. Nice Pictures, glad to see everyone smiling and having a Good Time. All this means NOTHING with Iraq having a useless, toilet paper currency. How long ago was the 2023, 2024 & 2025 Budget Approved/Ratified & Printed in the Gazette?
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Clare: The dollar passes 155,000 amid protests in front of the Central Bank of Iraq.. Pictures
7/26/2023
The exchange rates of the US dollar against the Iraqi dinar rose today, Wednesday, in the markets of Baghdad, and in Erbil, the capital of Kurdistan Region, to reach more than 155,000 dinars.
Shafaq News agency reporter said that the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded, at 11 am, an exchange rate of 155,200 Iraqi dinars for every 100 US dollars, while the prices recorded in the morning for the opening were 154,300 dinars for 100 dollars.
As for the dollar prices in exchange shops in the local markets in Baghdad, they rose, as the selling price reached 156,500 dinars, while the purchase price reached 154,500 dinars for every 100 dollars.
In Erbil, the capital of the Kurdistan Region, the stock market also recorded an increase, as the selling price reached 155,200 dinars, and the purchase price was 155,150 dinars for 100 dollars.
In addition, dozens of angry protesters gathered in front of the Central Bank of Iraq building in the center of the capital, Baghdad, to protest against the high exchange rate of the dollar.
The demonstrators raised Iraqi flags and banners calling for swift measures to curb the continuous rise in exchange rates. LINK
Jeffrey: Someone answer this We have been taught that this hasn't happened yet because of Iran stealing dollars and the black market destroying the rate. Imo, if they just changed the rate Iran would no longer want the dollar they would want the more powerful dinar and there would be no more black market. To me, the above doesn't sound like a good reason for it not to have gone when smarter people know that the above problems would immediately disappear if they just changed the rate. Am I wrong? Anybody?
DoTalkToMe: I wonder if Iraq is waiting to see if BRICS takes launch in August and survey their oppertunities at that time, or a long after that time or who knows, there is always a reason why it has not happened yet. We have also been told Iraq can fund an RI many times over because they are filthy rich. I see no reason for inaction. RI the IQD and USD becomes nothing. Iraqis want there money, not USD. The Iran excuse is also a cop out. Kuwait did it with pencils and paper, no electricity.
there is absolutely no excuse for this not happening a long time ago. Just incompetent people. I like Sundial but he's got lead in his pants.
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Clare: An economist told NINA: The rise in the dollar exchange rate raised inflation rates
7/26/2023
The specialist in the economic affairs, Dergham Muhammad Ali, confirmed that the rise in the uncontrolled dollar price, despite the fixation of the exchange rate, caused economic damage without effective treatments and caused large inflation.
Dergham Muhammad Ali said in a statement to the National Iraqi News Agency ( NINA ) that "all the solutions developed by the Central Bank to control exchange rates did not bear fruit," indicating that increasing the ceiling of cash sales to approved banks is not the solution, but rather enabling the citizen to obtain dollars without intermediaries. through automated teller machines.
And Muhammad Ali stressed, "The need to follow the course of the dollar in the market and not to be a monopoly by specific banks that sell it at the price it imposes on the citizen, considering that inflation rates have risen due to the depreciation of the local currency against the dollar and that the citizen has moved away from adopting it as a store of value because it is unstable and in decline." LINK
Papito: the US Treasury OFAC Sanctions might have something to do with the Dinar but the audits that has affected Major Iraqi Banks might be influencing it.
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Clare: Finance" criticizes a decision that caused the dollar to rise, and does not rule out imposing sanctions on the Iraqi Central Bank
7/26/2023
The Parliamentary Finance Committee criticized, on Wednesday, the recent decision of the Central Bank of Iraq to allow exchange companies to sell dollars to citizens wishing to travel, while it did not rule out that this would lead to new US sanctions on the country.
The deputy head of the committee, Ahmed Mazhar, told Shafaq News agency, "The Central Bank took a wrong decision when it allowed exchange companies to sell dollars directly to citizens wishing to travel outside Iraq."
Mazhar asked, "We do not know how the central bank administration made such a decision?", Noting that "this decision may clash with the policy of the US Treasury, and new sanctions may be issued that may affect the central bank if the situation continues as it is now."
He pointed out that "the sanctions issued by the US Treasury reflected negatively on the market, and the exchange rate of the dollar against the Iraqi dinar will continue to rise further."
Yesterday, Monday, the Central Bank of Iraq decided, according to Shafaq News Agency, to "facilitate cash sales in US dollars for travelers. It was decided to allow exchange companies of categories (A and B) wishing to open accounts with this bank in both dinar and dollar currencies for the purpose of participating in a sale window and buying foreign currency. LINK
Paulette: IMO.....As I stated......"......and force the CBI to institute the currency reform project."
However, this move by the CBI is congruent with the rest of the world...... and needed to be in place after the official acknowledgement by the IMF that Iraq has been Article 8 compliant....
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Clare: Alaq: the rise in the exchange rate "my time" and the project to delete zeros still exists
Baghdad
The governor of the Central Bank, Ali Al-Alaq, considered, on Wednesday, that the rise in the exchange rate of the dollar in the market was temporary, and while he indicated that there was no indication or indication from the American side to include new banks within the sanctions, he confirmed that the project to delete zeros from the currency still exists.
Al-Alaq said, in an interview with the official news agency, that "the central bank continues to provide the dollar at the official rate and cover all legitimate transactions for the purchase request, such as transfers and credits for various imports," adding that "what is being talked about in terms of a rise in the exchange rate does not mean that there is a rise in the official price that It is still the same, but the rise in the cash price circulating in the market is caused by the reluctance of some merchants to enter the electronic platform, which is the official channel for sale required by the new system.
He added, "Merchants, in addition to other categories, cannot enter the platform because they do not practice legitimate activities and operations, and our role in the Central Bank is to push everyone who needs to buy dollars to enter the legal and correct way, and the process today is in fact a process of reorganizing the movement of trade and funds, which makes these operations Subject to local and international controls and standards, which leads to an effective implementation of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015.
Al-Alaq pointed out that “the process of implementing the new system in reorganizing the movement of trade and funds requires the cooperation of multiple parties, and we expected that the issue would receive support, implementation, and interaction from the official and popular parties to support the Central Bank in achieving the goal of this system to make the movement of funds proceed in legal contexts and correct standards to avoid any internal or external risks.
He stressed, "The international financial system is integrated, coherent, and interdependent, in which some influence others, and all financial institutions in the world deal with the movement of funds with caution within an accurate assessment of risks and verification of the sources of funds and their beneficiaries. Iraq is part of this system, and we must achieve a high degree of compliance with the standards." The international financial system to ensure the integrity of our financial system, and this, as we indicated, requires great support for the Central Bank, and for each party to take its role.
And the Governor of the Central Bank stated, “Regulating foreign trade falls outside the control of the Central Bank and requires the cooperation of multiple parties concerned with this file, such as the Ministry of Commerce, the Border Crossings Authority, the Customs Authority, the security services, and other parties, and what we do serves all parties, the country’s economy and its general situation, and therefore there must be solidarity.” Collaboration and interdependence between everyone with the Central Bank to achieve the goal of the system.
He pointed out that "we often hear remarks about the process of selling the dollar and the movement of the currency, and today when the Central Bank assumed this great responsibility to reorganize it and put it in its correct contexts, the issue cost a great effort of human resources to monitor the process and ensure its safety with the application of electronic programs that cost the bank large sums of money." investments, and we seek the assistance of an international auditing firm to review operations and verify their validity, and here there must be support and backing to achieve the primary goal.”
He pointed out that "there are parties that do not want the correct standards to be adopted, and some of them are trying to take advantage of this situation to jump on the market and withdraw the cash assets in it to achieve special benefits and speculations. Directly from Prime Minister Mohamed Shia Al-Sudani, who gave this issue great attention.
Al-Alaq explained that “what the Central Bank announces of daily sales of foreign currency are not the operations actually in effect, but rather the requests that the Central Bank transfers externally to conduct import transactions, and what is implemented is less than what is announced in terms of numbers, because there are transactions that have notes, deficiencies, or lack thereof.” Conditions are met and rejected, and the daily sales rate actually executed daily reaches $155 million.”
He added, "The failure to meet all requests is caused by merchants not entering the electronic platform, so they go to the market to buy dollars in cash, and the supply is what citizens circulate for the purposes of treatment, study, etc., and the current problem in Iraq is not related to a lack of cash reserves in it, as happens in a number of countries, but rather we have a large reserve." He can respond to requests and there are no restrictions."
And he continued, “The problem is in the request itself, as some of those who want to buy dollars do not adopt the correct methods by going to the electronic platform, and we at the Central Bank presented two proposals to the government to meet their requests: the first includes easing tax procedures and making their percentage simple and deposited directly in accounts without entering into complications.” taxation and tax accounting, and the second proposal, which is that the entry of any goods into Iraq should be through a new mechanism that includes the presence of evidence of its official transfer, and the first proposal was accepted by the government by taking advantage of what was stated in the budget law, Article 48, and now work is underway to determine the categories covered, and the second proposal is currently being studied from The government must document the entry of goods and disclose the source of funding, which is one of the requirements of the Anti-Money Laundering Law.”
He noted that "there is acceptance of the idea of taxation and benefiting from what was stated in the budget law in Article 48, and now work is underway to organize it and define the categories and tax," noting that "the rise in the exchange rate in the market is temporary and the fate of merchants who buy dollars from the market is entering the platform and transferring in a legal manner." Then there will be no pressure on the exchange rate in the market.
Al-Alaq added, however, by saying: “The penalties imposed on 14 local banks were not at the time of the current government, but rather at the time of the previous government, and the announcement of them a few days ago came after completing audits on all transfers and verifying their sources,” noting that “the phenomenon of speculators in the market who They spread radiation and create a crisis that leads to an increase in the price, and it does not change anything about the possibility of applicants for obtaining dollars from going to banks other than those that have sanctions.”
Al-Alaq confirmed, “There is no indication or indication from the American side of including new banks within the sanctions,” noting that “the central bank will follow up on the issue of banks that have been subject to deprivation of the dollar and will enter into the process of reviewing and verifying them.”
He revealed, "There are a number of proposals being developed to set up the trade process with the Iranian side and the payment mechanism within its framework, and work to provide means of payment through the Iraqi currency and prepare special cards for this issue."
And he noted that "the Central Bank continues to put forward regulatory packages to stabilize the market, and the most important measure taken by the bank is to open the largest number of channels to conduct transfers, and now we have opened a direct channel to conduct transfers with China in its currency without going through complex operations, and these transfers are conducted quickly and easily." He stressed, "The bank started transfer operations in the Chinese currency with one bank, and now the number of banks has reached more than 10 banks."
Al-Alaq announced "close dealings with European banks and in other countries in order to give transfer channels speed and help attract merchants."
Al-Alaq explained, "There are certain arrangements being worked on between the Iraqi government and Iran, and between the American side regarding the payment of gas supply dues."
He pointed out that "there are good efforts that are focused and escalating related to the campaign to support the Iraqi dinar," noting that "the strength of the Iraqi dinar derives not from the citizen, but from the capabilities of the country."
He continued, "Prime Minister Muhammad Shia al-Sudani personally is one of the main supporters of the campaign to support the Iraqi dinar."
Regarding the experience of generalizing electronic support, Al-Alaq explained that "the issue receives great interest from the Central Bank, and now a meeting has been completed with an international electronic payment company, and there is progress, but it depends on expanding the circle of culture in this aspect."
And he stated, "The experience of electronic payment for citizens against government institutions has begun to succeed, and there are many departments that have joined, and we are working on a very important step, which is conducting transactions by paying via mobile phone, that is, a person can pay as soon as the other party has a (code) where any A person holding this code can pass the code on the device and enter his account, which is an advanced step even from using cards.”
And on the size of Iraq's debts, Al-Alaq indicated, "The internal volume of Iraq's debts amounts to about 65 trillion, of which 46 trillion belongs to the Central Bank, and the rest belongs to government banks, and is paid in the form of payments, while the external debt is about 20 billion dollars, while the Iraqi reserve is more." Of 113 billion dollars,” noting that “the adequacy of the Iraqi reserves is high, and it guarantees foreign currencies and gold.”
Regarding the Riyada initiative, Al-Alaq said, "The Prime Minister launched a Riyada initiative to qualify young people and enter them into small projects, and to embrace their capabilities and innovations," pointing out that "the Central Bank entered as a financing party by launching a project to establish the Riyada Bank, in order to absorb and finance these capabilities."
And he indicated, “The Central Bank is in the process of establishing this bank, and there is great interest from us and private banks,” noting that “the bank has various initiatives, including financing small and medium projects and the ongoing housing lending initiative through the Real Estate and Housing Bank, as well as we have an initiative to support the use of solar energy, and there is An initiative for the displaced in partnership with the international institution, and we have financing previously funded industrial and agricultural projects, and the bank is working to complete its financing while it is re-studying the initiative related to the industrial sector.
He pointed out, "It was dismissed from printing the category of twenty thousand dinars because of the existence of a category of 25 thousand dinars, and we do not wish to expand the current categories, because the project to delete zeros still exists."
Regarding the structure of government banks, Al-Alaq said, "There is now coordination and focus on this file, and great interest from the Prime Minister personally, and periodic meetings in this field, and we have some ideas about these banks that we are working on implementing at the present time." LINK
Alaq: The Rise In The Exchange Rate "My Time" And The Project To Delete Zeros Still Exists
Alaq: The Rise In The Exchange Rate "My Time" And The Project To Delete Zeros Still Exists
Economy News – Baghdad The governor of the Central Bank, Ali Al-Alaq, considered, on Wednesday, that the rise in the exchange rate of the dollar in the market was temporary, and while he indicated that there was no indication or indication from the American side to include new banks within the sanctions, he confirmed that the project to delete zeros from the currency still exists.
Alaq: The Rise In The Exchange Rate "My Time" And The Project To Delete Zeros Still Exists
Economy News – Baghdad The governor of the Central Bank, Ali Al-Alaq, considered, on Wednesday, that the rise in the exchange rate of the dollar in the market was temporary, and while he indicated that there was no indication or indication from the American side to include new banks within the sanctions, he confirmed that the project to delete zeros from the currency still exists.
Al-Alaq said, in an interview with the official news agency, that "the central bank continues to provide the dollar at the official rate and cover all legitimate transactions for the purchase request, such as transfers and credits for various imports," adding that "what is being talked about in terms of a rise in the exchange rate does not mean that there is a rise in the official price that It is still the same,
but the rise in the cash price circulating in the market is caused by the reluctance of some merchants to enter the electronic platform, which is the official channel for sale required by the new system.
He added, "Merchants, in addition to other categories, cannot enter the platform because they do not practice legitimate activities and operations, and our role in the Central Bank is to push everyone who needs to buy dollars to enter the legal and correct way, and the process today is in fact a process of reorganizing the movement of trade and funds, which makes these operations Subject to local and international controls and standards, which leads to an effective implementation of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015.
Al-Alaq pointed out that “the process of implementing the new system in reorganizing the movement of trade and funds requires the cooperation of multiple parties, and we expected that the issue would receive support, implementation, and interaction from the official and popular parties to support the Central Bank in achieving the goal of this system to make the movement of funds proceed in legal contexts and correct standards to avoid any internal or external risks.
He stressed, "The international financial system is integrated, coherent, and interdependent, in which some influence others, and all financial institutions in the world deal with the movement of funds with caution within an accurate assessment of risks and verification of the sources of funds and their beneficiaries. Iraq is part of this system, and we must achieve a high degree of compliance with the standards." The international financial system to ensure the integrity of our financial system, and this, as we indicated, requires great support for the Central Bank, and for each party to take its role.
And the Governor of the Central Bank stated, “Regulating foreign trade falls outside the control of the Central Bank and requires the cooperation of multiple parties concerned with this file, such as the Ministry of Commerce, the Border Crossings Authority, the Customs Authority, the security services, and other parties, and what we do serves all parties, the country’s economy and its general situation, and therefore there must be solidarity.” Collaboration and interdependence between everyone with the Central Bank to achieve the goal of the system.
He pointed out that "we often hear remarks about the process of selling the dollar and the movement of the currency, and today when the Central Bank assumed this great responsibility to reorganize it and put it in its correct contexts, the issue cost a great effort of human resources to monitor the process and ensure its safety with the application of electronic programs that cost the bank large sums of money."
investments, and we seek the assistance of an international auditing firm to review operations and verify their validity, and here there must be support and backing to achieve the primary goal.”
He pointed out that "there are parties that do not want the correct standards to be adopted, and some of them are trying to take advantage of this situation to jump on the market and withdraw the cash assets in it to achieve special benefits and speculations. Directly from Prime Minister Mohamed Shia Al-Sudani, who gave this issue great attention.
Al-Alaq explained that “what the Central Bank announces of daily sales of foreign currency are not the operations actually in effect, but rather the requests that the Central Bank transfers externally to conduct import transactions, and what is implemented is less than what is announced in terms of numbers, because there are transactions that have notes, deficiencies, or lack thereof.” Conditions are met and rejected, and the daily sales rate actually executed daily reaches $155 million.”
He added, "The failure to meet all requests is caused by merchants not entering the electronic platform, so they go to the market to buy dollars in cash, and the supply is what citizens circulate for the purposes of treatment, study, etc., and the current problem in Iraq is not related to a lack of cash reserves in it, as happens in a number of countries, but rather we have a large reserve." He can respond to requests and there are no restrictions."
And he continued, “The problem is in the request itself, as some of those who want to buy dollars do not adopt the correct methods by going to the electronic platform, and we at the Central Bank presented two proposals to the government to meet their requests: the first includes easing tax procedures and making their percentage simple and deposited directly in accounts without entering into complications.” taxation and tax accounting, and the second proposal,
which is that the entry of any goods into Iraq should be through a new mechanism that includes the presence of evidence of its official transfer, and the first proposal was accepted by the government by taking advantage of what was stated in the budget law, Article 48,
and now work is underway to determine the categories covered, and the second proposal is currently being studied from The government must document the entry of goods and disclose the source of funding, which is one of the requirements of the Anti-Money Laundering Law.”
He noted that "there is acceptance of the idea oftaxation and benefiting from what was stated in the budget law in Article 48, and now work is underway to organize it and define the categories and tax," noting that "the rise in the exchange rate in the market is temporary and the fate of merchants who buy dollars from the market is entering the platform and transferring in a legal manner." Then there will be no pressure on the exchange rate in the market.
Al-Alaq added, however, by saying: “The penalties imposed on 14 local banks were not at the time of the current government, but rather at the time of the previous government, and the announcement of them a few days ago came after completing audits on all transfers and verifying their sources,” noting that “the phenomenon of speculators in the market who They spread radiation and create a crisis that leads to an increase in the price, and it does not change anything about the possibility of applicants for obtaining dollars from going to banks other than those that have sanctions.”
Al-Alaq confirmed, “There is no indication or indication from the American side of including new banks within the sanctions,” noting that “the central bank will follow up on the issue of banks that have been subject to deprivation of the dollar and will enter into the process of reviewing and verifying them.”
He revealed, "There are a number of proposals being developed to set up the trade process with the Iranian side and the payment mechanism within its framework, and work to provide means of payment through the Iraqi currency and prepare special cards for this issue."
And he noted that "the Central Bank continues to put forward regulatory packages to stabilize the market, and the most important measure taken by the bank is to open the largest number of channels to conduct transfers, and now we have opened a direct channel to conduct transfers with China in its currency without going through complex operations, and these transfers are conducted quickly and easily." He stressed, "The bank started transfer operations in the Chinese currency with one bank, and now the number of banks has reached more than 10 banks."
Al-Alaq announced "close dealings with European banks and in other countries in order to give transfer channels speed and help attract merchants."
Al-Alaq explained, "There are certain arrangements being worked on between the Iraqi government and Iran, and between the American side regarding the payment of gas supply dues."
He pointed out that "there are good efforts that are focused and escalating related to the campaign to support the Iraqi dinar," noting that "the strength of the Iraqi dinar derives not from the citizen, but from the capabilities of the country."
He continued, "Prime Minister Muhammad Shia al-Sudani personally is one of the main supporters of the campaign to support the Iraqi dinar."
Regarding the experience of generalizing electronic support, Al-Alaq explained that "the issue receives great interest from the Central Bank, and now a meeting has been completed with an international electronic payment company, and there is progress, but it depends on expanding the circle of culture in this aspect."
And he stated, "The experience of electronic payment for citizens against government institutions has begun to succeed, and there are many departments that have joined, and we are working on a very important step, which is conducting transactions by paying via mobile phone, that is, a person can pay as soon as the other party has a (code) where any A person holding this code can pass the code on the device and enter his account, which is an advanced step even from using cards.”
And on the size of Iraq's debts, Al-Alaq indicated, "The internal volume of Iraq's debts amounts to about 65 trillion, of which 46 trillion belongs to the Central Bank, and the rest belongs to government banks, and is paid in the form of payments, while the external debt is about 20 billion dollars, while the Iraqi reserve is more." Of 113 billion dollars,” noting that “the adequacy of the Iraqi reserves is high, and it guarantees foreign currencies and gold.”
Regarding the Riyada initiative, Al-Alaq said, "The Prime Minister launched a Riyada initiative to qualify young people and enter them into small projects, and to embrace their capabilities and innovations," pointing out that "the Central Bank entered as a financing party by launching a project to establish the Riyada Bank, in order to absorb and finance these capabilities."
And he indicated, “The Central Bank is in the process of establishing this bank, and there is great interest from us and private banks,” noting that “the bank has various initiatives, including financing small and medium projects and the ongoing housing lending initiative through the Real Estate and Housing Bank, as well as we have an initiative to support the use of solar energy, and there is An initiative for the displaced in partnership with the international institution, and we have financing previously funded industrial and agricultural projects, and the bank is working to complete its financing while it is re-studying the initiative related to the industrial sector.
He pointed out, "It was dismissed from printing the category of twenty thousand dinars because of the existence of a category of 25 thousand dinars, and we do not wish to expand the current categories, because the project to delete zeros still exists."
Regarding the structure of government banks, Al-Alaq said, "There is now coordination and focus on this file, and great interest from the Prime Minister personally, and periodic meetings in this field, and we have some ideas about these banks that we are working on implementing at the present time."
Views 4 Added 07/26/2023 - 7:13 PM https://economy-news.net/content.php?id=35356
Wednesday Morning Iraq Economic News Highlights 7-26-23
Wednesday Morning Iraq Economic News Highlights 7-26-23
Al-Sudani Confirms That The Government Is Proceeding With Its Measures To Bypass The US Federal Conspiracy
Information / Baghdad.. The leader of the State of Law Coalition, MP Muhammad Saadoun al-Sudani, confirmed on Wednesday that the government would proceed with its economic measures in order to overcome the issue of the high exchange rate of the US dollar against the Iraqi dinar.
Al-Sudani said in a statement to Al-Maalouma, "The biggest challenges facing the Al-Sudani government today are related to the high exchange rate of the US dollar against the Iraqi dinar."
Wednesday Morning Iraq Economic News Highlights 7-26-23
Al-Sudani Confirms That The Government Is Proceeding With Its Measures To Bypass The US Federal Conspiracy
Information / Baghdad.. The leader of the State of Law Coalition, MP Muhammad Saadoun al-Sudani, confirmed on Wednesday that the government would proceed with its economic measures in order to overcome the issue of the high exchange rate of the US dollar against the Iraqi dinar.
Al-Sudani said in a statement to Al-Maalouma, "The biggest challenges facing the Al-Sudani government today are related to the high exchange rate of the US dollar against the Iraqi dinar."
He added, "The actions of the US Federal Bank are a conspiracy against the government to curtail its role at the regional and international levels, due to its success in attracting solid international companies to implement important service projects."
He pointed out that "the Sudanese government is continuing its financial measures to overcome the crisis of the high exchange rate of the US dollar against the Iraqi dinar in the local market."
And the US Treasury decided, during the past week, to stop 14 Iraqi banks from trading and selling hard currency, which caused a rise in the exchange rates of the dollar in the local markets. LINK
wciappetta NNP TEAM: Now this report seems to confirm my thoughts. Certainly, an Iranian invention; the only international effort the US wanted to curtail, the Iraqi effort in Syria and the pipeline to the Mediterranean because of Sanctions on Syria. It also would make direct route for Iran through the same pipeline. As everyone should know by now the US under the Stategic framework agreement, is happily moving forward to bring Iraq international. The three-year budget certifies such. The Syrian issue is merely a small divot barely noticed by most along the ride; But there is definitely a connection as this report confirms.
The US State Department Reveals The Destination Of The Iranian Money Owed By Iraq In Dollars
2023.07.26 - Baghdad - Nas US State Department spokesman Matthew Miller announced that Oman will receive part of the Iranian funds frozen in Iraqi banks.
"This money can only be used for non-sanctionable activities," Miller said in his press conference.
He added, without going into details in this regard: "As we said earlier, we thought it was important to get this money out of Iraq because it is a pretext used by Iran against Baghdad."
This US State Department official also confirmed that any spending of these funds must be approved by the US Treasury Department.
Meanwhile, Nasser Kanaani, a spokesman for the Iranian Foreign Ministry, said on Monday that "Iraq has deposited our money in an Iraqi bank."
Kanani added, "South Korean officials made positive promises regarding the release of funds. The tour of officials from countries in the region aims to facilitate the revival of the nuclear deal, the lifting of sanctions, and the release of blocked funds."
Earlier, a spokesman for the US State Department, in his press conference, confirmed the reports about the release of about three billion dollars of Iranian funds withheld in Iraq.
Miller indicated, in his press conference at the end of June, that this procedure is taking place in order to carry out humanitarian transactions, and in past years, previous US governments also approved such transactions in accordance with US law in coordination with the Iraqi government.
Prior to that, Reuters reported, quoting a senior official at the Iraqi Foreign Ministry, that after obtaining the approval of the United States, Iraq will pay its debts amounting to about two billion and 760 million dollars to buy gas and electricity from Iran.
On Saturday, the unnamed official told Reuters that Iraqi Foreign Minister Fuad Hussein obtained US approval after meeting with his US counterpart, Anthony Blinken, on the sidelines of the recent Riyadh conference.
It is noteworthy that Iraq depends on Iran for energy supplies due to several decades of conflict and war, in addition to the imposition of international sanctions on it.
But US sanctions on Iran's oil and gas industry made it difficult for Iraq to pay Iran money for these purchases, and this issue has become a contentious issue between Tehran and Baghdad. Therefore, in recent years, Iran has repeatedly cut off the flow of gas in response to these debts.
Last March, Iran International received secret messages from the Iranian Ministry of Foreign Affairs, which show the strictness of the Trade Bank of Iraq regarding the withdrawal of withheld Iranian funds, as well as the contradictions of Ibrahim Raisi's government in this regard.
According to a document containing several new secret messages issued by Iran's Foreign Ministry, the "Trade Bank of Iraq" is not willing to carry out the multi-billion-dollar transactions requested by the Iranian side, and is willing to release Iran's resources only in humanitarian cases and in small quantities, also very strictly and with the full supervision of the US Treasury. https://www.nasnews.com/view.php?cat=111610
Will Washington Succeed In Putting Pressure On The Sudanese Government?
Information / Baghdad... Independent MP Kazem Al-Touki confirmed, on Wednesday, the existence of American pressure against the government of Muhammad Shia'a Al-Sudani, with the aim of implementing its plans or heading towards exploiting important files that affect the people to inflame the street against it.
Al-Touki told Al-Maalouma, "America plans to drag the Iraqi people towards standing against the government by carrying out some practices that would make the government's task difficult and exploit that in the electricity file and obstruct the arrival of gas fuel to stations under the pretext of sanctions."
He added, "The government that does not come in accordance with American standards and moves against Washington's will, America will work to exert pressure against it with the aim of dragging it towards implementing what it seeks."
Al-Touki pointed out, "The possibility of excluding Iraq from the American decisions in order to ensure that the people get what they want, especially in the electricity file," noting that "Washington continues the policy of pressure to implement its goals."
And he indicated that "America can facilitate the process of purchasing gas needed to operate power plants without interfering in this file, but it continues the process of pressure on governments that do not follow their will." LINK
Parliament Is Challenging This Time The Budget Previously Approved
Policy 2023/07/26 Number of readings: 231 Baghdad-Iraq today: The Finance Committee announced that it has submitted appeals to the Federal Court for the budget regarding investment budget allocations for the governorates.
And the representative of the committee, Mustafa Al-Karawi, said in a press interview, "I submitted appeals to the Federal Court regarding the budget regarding the investment allocation budgets for the governorates." Al-Karawi added, “This is because of the addition of notes that contradict Article Two, Fourth, A: First.” LINK
Washington Intervenes On The Line Of The Problem Between Baghdad And Erbil: Find Solutions To Your Problems
Policy 2023/07/26 Number of readings: 243 Baghdad - Iraq today: The United States of America urged the Kurdistan Regional Government and the Iraqi federal government to resolve the existing differences between them, especially those related to the general budget and the oil and gas law.
A spokesman for the US State Department said about the existing differences between the regional and federal governments, in a press statement, “We urge Erbil and Baghdad to resolve their differences regarding the budget and the oil and gas law.” https://www.patreon.com/posts/86680366?pr=true
Specialists: Fears Of Sanctions Behind The Reduction Of US Bonds
Economical 2023/07/26 Baghdad: Hussein Thaghab Al-Tamimi Economic specialists suggested that fears of US sanctions on the Iraqi banking and monetary system were behind Baghdad's move to reduce US bonds, while others considered it an important step towards diversifying the investment portfolio.
Iraq reduced its holdings of US bonds to more than $8 billion during the first five months of 2023, to reach the 36th rank among the 38 countries with the largest holders of US Treasury bonds.
This comes days after the US Treasury announced imposing new sanctions on 14 Iraqi banks, months after imposing similar sanctions on 4 important banks.
Financial expert Aqil Jabr Ali al-Muhammadawi told Al-Sabah, "Reducing Iraq's holdings to more than $8 billion indicates that it senses economic risks involving continuous international sanctions from the US Treasury, in light of the restrictions of the Federal Bank and the US Treasury on the electronic transfer platform and its impact on the instability of the parallel exchange rate market."
He added, "The reality of the situation requires an objective assessment of the risks and penalties and their impact on the economic and financial reality and the restriction of monetary policy, in light of the availability of spaces available for investment in bonds and assets in other countries that are safer and less risky, including China, India, East Asia, Europe and others." He pointed out that "the monetary policy of the Central Bank of Iraq is not free-handed nationally, as is evident from the American pressures," explaining that the latter is exercising the hidden hand controlling the reality of Iraqi banks.
For his part, Hassan Ali Abd, an expert in financial affairs, explained that "safe and qualitative investment enhances Iraq's financial capabilities, and confronts the challenges that occur in more than one detail."
He added to "Al-Sabah" that "despite the decline in Iraq's possession of US bonds, it is still in an advanced position among the Arab countries," pointing out that "the diversification of the investment portfolio represents an important step in economic performance and reduces risks in financial investment work."
And he hinted that "reducing the possession of US bonds sometimes comes from heading to the safest investment, and here gold may be one of the most important destinations that the country is heading towards, and this is one of the obvious things that creates flexibility in financial investments."
As for the consultant in development and investment, Amer Al-Jawahiri, he told Al-Sabah:
He explained that "the method of managing the country's resources and its development projects and moving to diversify its economy improves the credit capabilities of Iraq and the extent to which it attracts direct investments, both local and foreign, and that means moving the Iraqi economy."
Al-Jawahiri called on "the government and the central bank to disclose the investment of the reduction amounts for those bonds in terms of transparency related to the generational reserve and the extent of the benefit of these investments." https://alsabaah.iq/81228-.html
Al-Tamimi: The Oil And Gas Law Needs To Include The Decisions Of The Federal Court
Economy |Today Baghdad today – Baghdad Today, Wednesday (July 26, 2023), legal expert Ali Al-Tamimi stressed the importance of not violating the decisions of the Federal Court when moving towards approving the oil and gas law, especially since its decisions are final and binding for implementation.
Al-Tamimi said in a clarification received by “Baghdad Today”, that “the draft oil and gas law consists of 53 articles, as it required the establishment of the Federal Oil Council headed by the Prime Minister and the membership of the Minister of Oil and Finance and the governor of the Central Bank and a representative of the producing provinces and regions and experts in oil and takes into account the representation of the components of the Iraqi people. It is responsible for setting petroleum policies, issuing instructions for implementing contracts, approving exploration, development and production, approving contracts and other terms of reference stipulated in the project.
He added, "The signing of the contracts is by the Federal Ministry of Oil, provided that it is approved by the Federal Oil Council within 3 months and is referred to the Council, otherwise it is considered null and void. The project also stipulated the need to review the contracts concluded and to be amended in accordance with this law, which did not specify these contracts, as it was the first to be contracts of service only and not participation."
And he indicated that “the law needs to be imposed on the contracting companies to employ Iraqis exclusively, as self-producing countries do, and this is important, in addition to the issue of previous contracts to legislate the law, so it must be stipulated, and the problem with contracting companies other than the constitution and decisions of the Federal Court must be resolved according to the principle of joint management of the two parties, i.e. the federal government and the region, with the exclusive right of disposal of the federal government in accordance with Article 135 of the Civil Code, which states (whoever disposes of the property of others, his disposition depends on the permission of the owner).”
He pointed out that “the law needs to explicitly stipulate the penalties that affect the parties that conclude contracts in violation of this law, as well as specifying the oversight bodies that have the right to view these contracts, in addition to its need to stipulate the rest of the oil products, not just oil and gas.”
Al-Tamimi stressed, “The need for the draft law to include the decisions of the Federal Court, especially since these decisions are final and binding on all authorities, according to Article 94 of the Constitution.” LINK
"Tidbits From TNT" Wednesday Morning 7-26-2023
TNT:
Tishwash: Parliamentary economy puts three reasons to attract foreign companies
A member of the Parliamentary Economy and Trade Committee, Sardi Mihyawi, on Wednesday, pledged Iraq's success in attracting foreign investment companies to the achievement of three reasons.
Mihyawi said in an interview with Al-Maalouma, "Iraq has not succeeded in attracting foreign investment companies to the country due to the deterioration of the security situation over the years, which makes the influx of these companies into the interior face difficulties despite their importance in reviving the national economy and creating projects that provide job opportunities for thousands of unemployed." ".
He added, "Three steps are what achieve the goal of attracting foreign investment companies, the most important of which is providing a safe environment for them and creating positive marketing for available opportunities in various sectors, while ensuring a strategy that protects investors' money."
TNT:
Tishwash: Parliamentary economy puts three reasons to attract foreign companies
A member of the Parliamentary Economy and Trade Committee, Sardi Mihyawi, on Wednesday, pledged Iraq's success in attracting foreign investment companies to the achievement of three reasons.
Mihyawi said in an interview with Al-Maalouma, "Iraq has not succeeded in attracting foreign investment companies to the country due to the deterioration of the security situation over the years, which makes the influx of these companies into the interior face difficulties despite their importance in reviving the national economy and creating projects that provide job opportunities for thousands of unemployed." ".
He added, "Three steps are what achieve the goal of attracting foreign investment companies, the most important of which is providing a safe environment for them and creating positive marketing for available opportunities in various sectors, while ensuring a strategy that protects investors' money."
Mihyawy pointed out that "the recovery of investment means opening endless work fields and providing opportunities for armies of the unemployed, not to mention perpetuating the transfer of technological development and its expanding dimensions to several areas that are not limited to construction and trade, but projects that contribute to laying the foundations of important industries." 25 link
Tishwash: The dollar crisis.. The governor of the central bank is required to be resolved within 48 hours
The exchange rates of the dollar in Iraq exceeded the barrier of 1530 dinars in the last transactions, while banks and exchange offices refrain from selling, following threats from the government of fines against violators of exchange instructions at the official rate.
The Finance Committee is preparing to write a report on the results of hosting the central bank governor after the new crisis in the currency market
The Finance Committee is awaiting answers from the Governor of the Central Bank, Ali Al-Alaq, about the measures that the bank will take to solve the new crisis, after a 5-hour hosting in the House of Representatives on Monday, July 24.
Committee member Mueen Al-Kadhimi told Ultra Iraq that "the meeting discussed the reasons for the rise in the exchange rate of the dollar again, as well as the US sanctions against 14 banks, and the suspension of their dealings in dollars," noting that "the meeting also discussed the cessation of some commercial, residential and industrial central initiatives."
According to Al-Kazemi, the committee formally demanded answers about "the measures that the bank will adopt to limit the rise of the dollar, control the banking sector and the currency trading file," stressing that his committee "also demanded the Central Bank to clarify work controls and cooperate with electronic payment companies and smart cards."
Al-Kazemi explains, "The central bank governor pledged to provide the necessary answers to all the committee's inquiries within the next two days," noting that "the committee will write its detailed report that will show the role of the central bank in the dollar crisis, and what is related to the banking sector in Iraq.
The Finance Committee is calling for more facilities within the framework of procedures for merchants to obtain dollars in the hope of alleviating the crisis, but the feasibility of these facilities remains in doubt, as the bulk of the central bank’s dollar sales go to the black market, through banks and exchange offices linked to political parties and armed groups.
Earlier, the Chairman of the Finance Committee criticized the central bank's actions regarding the dollar, describing the bank's actions as "insufficient."
Atwan Al-Atwani said in a statement at dawn on Monday that the crisis of the exchange rate of the dollar against the dinar in Iraq is "as serious as terrorism," stressing the need to "review" the Central Bank's procedures to "maintain the stability of exchange rates and the market."
He also called for "new measures to ensure market stability and control of dollar exchange rates."
On the other hand, the governor of the Central Bank says that the bank is “ready to cooperate in order to get out of the crisis,” and confirms that the recent US sanctions followed the audit of bank transfers for the past year, “before the application of the electronic platform, and before the formation of the current government as well.”
Al-Alaq spoke at a government meeting on the dollar crisis, held under the chairmanship of Al-Kazemi, about "facilities that allow small merchants and importing individuals to finance their imports without the need to establish a company."
Al-Alaq said that these facilities will be provided through government and private banks that have direct relations with correspondent banks. link
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Tishwash: "Away from America's sanctions"... Iran reveals the details of the oil barter with Iraq
The Secretary-General of the Iranian-Iraqi Joint Chamber of Commerce confirmed that Iraq needs now more than ever to import electricity and gas from Iran, revealing the details of bartering goods for the exchange of crude oil and diesel.
Jahanbakhsh Sanjabi Shirazi said during an interview with the Labor Agency, ILNA, about the evaluation of the oil and gas barter program between Iran and Iran.Iraq: “Our country exports gas and electricity to Iraq And she has a lot of financial dues deposited in the banks of Baghdad, and I have looked America Initially in a 120-day waiver for this country so that Iraqis can settle money for Iranian energy imports through non-Iraqi banks.
The Iranian official stressed that since these dues have reached large numbers, the failure to settle them and Iran obtaining them will make it difficult to continue this export process.
He added: “I took it America Two measures recently, one of which imposed sanctions on 14 Iraqi banks and in some way prohibited the transfer of foreign currency remittances by these banks, at a time when a good part of our dues could be paid through these banks, while the other measure did not violate the issue of bartering oil for gas.
The Secretary General of the Joint Iranian-Iraqi Chamber of Commerce said thatIraqIt needs now more than ever to import electricity and gas from Iran, adding that given the problems of settling financial dues related to Iranian energy exports, we have proposed the option of bartering goods to exchange crude oil and diesel for Iranian gas.
Sanjabi Shirazi continued, saying: "All shipments of Iraqi oil and diesel are not subject to sanctions and are sold with an official certificate under the name Iraqi. Therefore, one of the most logical, acceptable and circulated solutions through which we can reduce American pressure and meet our financial dues as soon as possible is the barter option."
He stressed that the Iraqis excluded the barter system from the group of relations that heads SOMO (the Iraqi oil marketing and sale company), because the agreed price was determined based on negotiations between the two parties in the hope that the prices would be according to the numbers approved by the barter, which means that Iran will suffer fewer losses. of the money withheld inIraqi Trade Bank(TBI).
The Secretary-General of the Joint Iranian-Iraqi Chamber of Commerce referred to the size of Iranian dues fromIraqAnd he said, "Our financial resources from foreign currencies in Iran amounted to about $10 billion, but this number is not necessarily stable. The revenues are from Iranian energy exports only, which are in a bank."IraqIt ranges between 7-10 billion dollars.”
Yesterday, the US State Department spokesman confirmed thatSultanate of OmanIt expressed its willingness to receive part of Iran's money deposited in Iraqi banks, stressing that the American administration believes that it is important to get these funds out of IraqIraq.
The American spokesman added that these funds will be kept in a fund or an account in the USSultanate of OmanBut they will then still be subject to the same restrictions as they were when the funds were held in V accountsIraq, which means that the funds can only be used for non-sanctionable activities such as humanitarian aid, and that all transactions need to be approved by the US Treasury Department in advance. link
Mot: ... Would be Sooooo Much Fun if This Would Happen!!!! Pants on fire
Mot: . Baby Boomer Contest!! ~~~~~
Iraqi News Highlights Tuesday Evening 7-25-23
Iraqi News Highlights Tuesday Evening 7-25-23
Tlm724 Administrator Bondlady’s Corner
The International Reputation Of The Central Bank And Our Banks Is A Red Line
Sameer Al-Nusairi The democracy of visual, print and audio media means that the media should be free in opinion and analysis and convey the truth to the recipient as it is without exaggeration, distortion and jumping over the facts, in addition to being a national media in the sense that it should be positive and supportive of what serves the country and the people and not be an instigator towards falsifying and neglecting the positives and focusing on the negatives only.
Iraqi News Highlights Tuesday Evening 7-25-23
Tlm724 Administrator Bondlady’s Corner
The International Reputation Of The Central Bank And Our Banks Is A Red Line
Sameer Al-Nusairi The democracy of visual, print and audio media means that the media should be free in opinion and analysis and convey the truth to the recipient as it is without exaggeration, distortion and jumping over the facts, in addition to being a national media in the sense that it should be positive and supportive of what serves the country and the people and not be an instigator towards falsifying and neglecting the positives and focusing on the negatives only.
These days, some media channels and social media are active in directing cash arrows to the central bank and banks and holding them responsible for the rise in the exchange rate on the black market, which is wrongly called the parallel market because the central bank is the only source of dollars because there are no other sources of dollars, whose main source is oil imports.
This targeting comes due to the announcement of depriving some banks from dealing in US dollars. It is noted to the observer and follower that the yellow media has been preoccupied with insulting the efforts made by the government, the Central Bank and banks to work according to a strategy and a consistent approach in economic and banking reform.
And hosting the Governor of the Central Bank in the House of Representatives is very important to clarify the strategy of the Central Bank in the current circumstance and the next stage, and to discuss the reasons for the instability of the exchange rate and issues that directly affect the economic and banking reform process, which in their entirety need the support of the House of Representatives, the government and the relevant authorities to build and achieve monetary stability.
In particular, what is related to what is outside the control of the Central Bank and banks, which is related to the lack of control over the powerful speculators who practice illegal trade across borders and from unofficial border outlets that spread in the north, center and south, and illegal trade that is carried out by purchasing goods offered on board commercial ships behind the borders, such as trading in cigarettes, for example.
This is helped by the presence of large numbers of unauthorized money changers and thousands of others called (the outlet) for the payment of pensioners’ salaries and social welfare, and it is not authorized by the Central Bank, and it is the only authority authorized to grant licenses, most of which deal with the sale and purchase of cash dollars other than instructions. At the black market exchange rate.
So, controlling the stability of the exchange rate requires the efforts of everyone, government, politicians, deputies, and specialized ministries with the Central Bank’s continuous measures using monetary policy applications to maintain monetary stability, which will inevitably be achieved with the passage of time with everyone’s cooperation and diagnosis and treatment of the challenges referred to above.
We must also not forget that our country is now going through complex crises and great challenges facing the government, which requires everyone to cooperate with it in order to achieve its governmental approach in achieving economic and banking reform.
Its aim is to blackmail and cover up the achievements made during the years of crisis. So why target? The reason, as I see it, is that the Central Bank insists on the need for all banks for which it is responsible for supervision and control, and non-banking financial institutions related to its daily work, internally and externally, to adhere to international instructions, controls, regulations, and standards, and to ensure the protection of the financial and banking system, avoid international legal consequences, and order in the global financial system in accordance with its objectives contained in its law in force.
Although I respect the other opinion issued by non-specialists or those specialized in economics and monetary policy in particular, but I may disagree with the opinion that tries to harm the reputation of the Iraqi banking sector and the reflection of reputational risks on our international banking dealings.
Therefore, I call on the media to consider preserving the reputation of the Iraqi economy internally and externally, and to consider it a red line that cannot be crossed, because it is illogical to allow the targeting of our economic institutions that are directly responsible for achieving steadfastness and economic stability.
Because directing accusations against our banking sector is an insult to Iraq's economic reputation internationally without scrutiny and investigation of the leaked information.
These authorities know before others through evidence, facts and business results that banks are the first basic link in the economy and without a sound banking sector it is not possible to build a sound national economy.
I also call on the boards of directors of all our banks and their executive departments to adhere strictly to the rules of compliance and combating money laundering and terrorist financing and pay careful attention to implementing the controls and instructions issued by the Central Bank and pay due attention to all internal and external banking operations and to work openly under the spotlight of the internal and external control authorities in order to preserve the reputation of our national economy or else Achievements achieved by the Central Bank during the past twenty years.
Views 33 07/25/2023 - https://economy-news.net/content.php?id=35319
More Than A Billion Dollars Worth Of Oil Exports To Iraq During The First Quarter Of This Year
Economy Tuesday, July 25, 2023 Baghdad / National News Center Iraq exported more than $1 billion for three oil products during the first quarter of 2023, according to the Oil Marketing Company “SOMO”.
And “SOMO” said, according to a table: “Iraq exported, during the quarter of the year 2023, three oil derivatives, at an amount of one billion and 113 million, 220 thousand and 43 dollars, with an amount of two million, 636 thousand and 736 tons.”
He added, "The quantity of derivatives exported from natural gasoline amounted to 3 thousand and 191 tons, at an amount of one million and 769 thousand and 453 dollars, while the exported derivatives of "naphtha" amounted to 317 thousand and 825 tons, at an amount of 148 million and 205 thousand and 865 dollars."
She explained that "the amount of Iraq's exports of 'fuel oil' amounted to two million and 315 thousand and 720 tons, at an amount of 927 million and 244 thousand and 725 dollars." https://nnciraq.com/218215/
The exchange rate of the dollar in the Iraqi markets
Economy | 09:53 - 07/25/2023 Baghdad - Mawazine News The exchange rate of the dollar continued, on Tuesday, to rise in the local markets. The selling price of 100 dollars was recorded at 154,250 dinars. The purchase price was recorded at 152,250 dinars, compared to 100 dollars.
https://www.mawazin.net/Details.aspx?jimare=232019
Central Bank Sales Exceeded $220 Million
Tuesday 25 July 2023 12:20 | Economical Number of readings: 250 Baghdad / NINA / - The Central Bank announced, today, Tuesday, its total sales of foreign currency through the electronic window.
The total transfers to the outside (remittances and credits) amounted to 186,455,488 dollars, while the cash sale amounted to 33,940,000 dollars, thus the total sales amounted to 220,395,488 dollars.
The Central Bank covered the price of cash sales and transfers (1310) dinars per dollar, and documentary credits and international settlements for the electronic card (1305) dinars per dollar./ https://ninanews.com/Website/News/Details?key=1066878
Al-Rafidain Announces The Financing Of Foreign Trade And Letters Of Credit At The Official Rate
Economy | 09:51 - 07/25/2023 Baghdad - Mawazine News Today, Tuesday, the Rafidain Bank announced the financing of foreign trade and documentary credits at the official rate.
A statement by the bank's media office, which Mawazine News received a copy of, stated that "the bank announced the facilitation of all procedures related to the issuance of documentary credits and the implementation of external bank transfers to customers from merchants and commercial companies for the purposes of financing foreign trade through the electronic platform and at the official price of 1320 dinars per dollar for commercial transfers and at a price of 1315 dinars per dollar for documentary credits."
The bank called on "its customers wishing to cover all import operations to review its branches to open a bank account in the name of the company and according to the applicable instructions, in addition to attaching the documents required for external transfers,"
noting that "among the permitted transactions in transfers are treatment outside Iraq, payment of tuition fees, transfers from the original transactions to purchase real estate abroad, and transfers related to foreign investments in Iraq."
"The bank stressed that the customer must submit all the required priorities for these transfers."
https://www.mawazin.net/Details.aspx?jimare=232018
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