Iraq Economic News and Points to Ponder Thursday Afternoon 11-16-23
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The Central Bank Of Iraq Agrees To Import The Dollar To Meet The Needs Of Citizens
November 15, 2023 Last updated: November 15, 2023 Al-Independent/- A government source revealed, today, Wednesday, that the Central Bank of Iraq issued official approvals to three Iraqi private banks to import the US dollar to meet the needs of citizens, confirming that one of the banks’ shipments had actually arrived in Iraq.
This decision comes within the framework of the efforts made by the Central Bank of Iraq to enhance the stability of the Iraqi dinar exchange rate, and to provide the dollar in sufficient quantities to meet the needs of the local market.
According to the source, the private banks that obtained approvals are:
National Bank of Iraq Ahli United Bank Trade Bank of Iraq (TBI) The source explained that these banks will import the US dollar through the electronic money transfer platform recently launched by the Central Bank of Iraq, with the aim of ensuring transparency and preventing currency speculation.
According to the source, there are applications from other banks that are on their way to be submitted for decision by the Central Bank of Iraq.
The source confirmed that the Trade Bank of Iraq (TBI) is currently holding important discussions with several international companies to transfer amounts amounting to $120 million, and
they are on their way to completion within the next few days.
The source expected that this decision would stabilize the exchange rate of the Iraqi dinar, and provide the dollar in sufficient quantities to meet the needs of the local market.
The impact of the decision on the Iraqi economy
It is expected that this decision will have a positive impact on the Iraqi economy, as
it will stabilize the exchange rate of the Iraqi dinar, and
provide the dollar in sufficient quantities to meet the needs of the local market.
According to the economic expert, Dr. Ahmed Ismail, this decision will contribute to reducing the demand for the dollar in the local market, and thus reducing the exchange rate of the Iraqi dinar against the dollar.
This decision will also provide the dollar in sufficient quantities to meet the needs of companies and investors, which will contribute to increasing foreign investments in Iraq.
In general, this decision is an important step by the Central Bank of Iraq to enhance the stability of the Iraqi economy. https://mustaqila.com/البنك-المركزي-العراقي-يوافق-على-استير/
Adviser To The Prime Minister: Iraq’s Foreign Currency Reserves Are The Largest In Its History
Dollar Money and business Economy News – Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that the government worked in two directions to defend economic stability, while noting that the country’s foreign currency reserves are the largest in Iraq’s financial history, and the package to address exchange rates aims to prevent profiteering at the expense of economic stability.
Saleh said, to an official agency followed by “Al-Iqtisad News,” that “the country’s foreign currency reserve is the largest in Iraq’s financial history and exceeds 100 billion dollars, as it constitutes Iraq’s central reserve portfolio,” indicating that
“market demand to finance external exchanges for the private sector is done through… These are the official reserves that the Monetary Authority displays through its platform at the official exchange rate of 1,320 dinars per dollar.
He added, “The high commercial efficiency of the country’s foreign currency reserves has its highest standard indicators for a period of more than (fifteen commercial months), while the global standard is about (three months).”
He added, “At a time when the demand for foreign currency is financed through the Central Bank of Iraq platform and bank balances are enhanced in various foreign currencies to finance private sector foreign trade, which constitutes 85% or more of the actual need of the demand for external transfer and in accordance with governance rules and standards.”
Globally, despite this, there is a demand for the cash dollar to finance commercial operations of very specific commodities that do not exceed five commodities, and
forces from within the market are trying to purchase them from outside the official commercial mechanisms by resorting to obtaining the cash dollar from the parallel market (which is the market that does not It constitutes only 10% of the demand for foreign currency allocated for travel outside the country to finance its informal trade.
He continued, “These are commercial actions that are not legally recognized by the financial, commercial and banking departments and are carried out for many reasons, including tax or customs evasion or evasion of inspection and quality control procedures.”
He pointed out that “the economic policy in general and the monetary policy in particular have all the economic capabilities to control the noise of the parallel market, which is represented by combating illegal commercial activities above all, as
the state currently undertakes the policy of defending economic stability, especially in providing sufficient commodity supply for the goods that… It affects the life of the citizen directly, at moderate prices, financed at an exchange rate of 1,320 dinars per dollar on a permanent basis, and in two directions.
The first: providing additional supportive food and medicine baskets, construction baskets, and high-demand spare parts, and selling them at the official stable exchange rate through the cooperation mechanism between the commercial arm of the state and the national private sector, and
the second: The monetary authority has adopted new mechanisms by providing liquid foreign currencies in addition to the dollar currency (and from a basket of various foreign currencies) to meet travel needs according to the traveler’s destination, especially for Hajj, Umrah, and tourism in its various aspects and for various neighboring and distant countries, in addition to facilitating the use of payment cards with very high flexibility.”
He pointed out that “the policy package aims to contain the noise made by foreign currency speculators in the parallel market in order to profit at the expense of economic stability,” noting that
“the basic trends in economic policy are currently being implemented by isolating the effects of the parallel or black market and limiting its illegal activities from stability.” The overall price system in the country. 112 views 11/15/2023 – https://economy-news.net/content.php?id=37558
Central Bank: Enhancing The Accounts Of 13 Banks In The Chinese Yuan
Central Bank of Iraq Drains Economy News – Baghdad An authorized source in the Central Bank of Iraq revealed, on Wednesday, the strengthening of the accounts of 13 banks in the Chinese yuan, calling on merchants and importers to secure their imports through official roads.
The source said in a statement reported by the official news agency, and seen by Al-Eqtisad News, that
“the number of banks whose accounts were strengthened in the Chinese currency, the yuan, reached (13) banks, suggesting that
“the number of banks that will strengthen their balance in the Chinese currency will increase in the near future.” He added,
“Merchants and importers can import their goods from China at the official price that will be provided by banks dealing in the Chinese currency instead of resorting to the black market and speculators.”
Views 66 11/15/2023 – https://economy-news.net/content.php?id=37576
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