Tlm724 Administrator Bondlady’s Corner
Iraq Applies Two Policies To Support The Iraqi Dinar Against Foreign Currencies
Economy| 04:53 – 04/24/2023 Baghdad – Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Monday, the implementation of two policies that supported the Iraqi dinar against foreign currencies, while revealing government measures that removed obstacles to foreign trade.
Salih said, “The monetary policy of the Central Bank of Iraq has proven that it has the ability and high flexibility in coordination with the supportive government policies in providing exceptional capabilities to impose stability on prices in general and the exchange rates of the Iraqi dinar against foreign currency in particular, which are related to import prices of goods and services.”
He added, “Based on the foregoing, achieving and maintaining stability came through two policies, the first: on the monetary policy side by facilitating external transfer procedures and the official exchange rate upon transfer and restricting dealing in foreign currency through legal channels, procedures and digital banking mechanisms.”
And he continued, “These channels and procedures are all characterized by disclosure and high governance across the national and international financial and banking system, in addition to the Iraqi banking system’s adaptation to the compliance and audit platform related to foreign transfers of foreign currency in a professional, legal and rapid manner without prejudice to the freedom of external transfer, which is now consistent with the laws.”
And the national and international regulatory regulations, which were represented by the three CBI packages.
And he added, “As for the second, it is the general government policies, and it relates to what the Council of Ministers took during the past few period in terms of soft coordination measures in the customs, tax and trade fields in a harmonious syndrome that became more accurate after removing inherited bureaucratic obstacles in the movement of foreign trade, which gave stability and high flexibility in moving the activity.”
Small merchants to exercise their direct role in importing from outside the country by themselves, without the chains of intermediaries and previous monopolistic powers that the market has accumulated with its imbalances over the past forty years. https://www.mawazin.net/Details.aspx?jimare=225298
Sudanese Advisor: Foreign Currency Reserves Are High And At Comfortable Levels
Economy| 01:13 – 04/25/2023 Baghdad – Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Tuesday, that foreign currency reserves are high, safe and at comfortable levels, while he indicated that the value of treasury transfers is currently estimated at about 46 trillion dinars.
Saleh said, “The Central Bank currently holds, through secondary market operations, about 64 percent of the total internal public debt, which are government debt instruments in the form of bonds and treasury transfers (that is, they are government borrowing tools that were deducted by local banks, and they are the primary holder before discounting them with the authority.” cash), as banks, especially government ones, at different periods deducted their interest with the Central Bank and regained their liquidity, and they carry an annual interest ranging between 2-3 percent, and today they have become an integral part of the assets or assets in the balance sheet of the Central Bank of Iraq.
And he added, “The value of treasury transfers in the possession of the monetary authority is estimated at about 46 trillion dinars currently,” pointing out that “the foreign currency reserves of the Central Bank of Iraq are at very comfortable levels, which are the highest in the country’s financial history,
which are not less than balances (in foreign exchange and gold). ) between 110-115 billion dollars, and at the same time it constitutes a percentage (coverage) of the cash currency issued (and according to the current exchange rate) by about 130 percent, which is a high and safe coverage.
And he continued, “Monetary policy, and by virtue of the fact that the Central Bank of Iraq is the government’s financial advisor, and it is the one who coordinates and consults with the government in accordance with its law to ensure consistency and harmony with the joints of financial policy and other economic policies, any decision taken by the monetary authority in accepting a discount or liquidation of any government debt instruments will be subject to There is no escape for accurate standard equations in applying monetary policy tools and their operational objectives, within the framework of managing the liquidity of the economy in a balanced manner with macroeconomic indicators, and in a manner consistent with the independence of the Central Bank of Iraq.
https://www.mawazin.net/Details.aspx?jimare=225359
Mawazine Publishes The Full Decisions Of The Council Of Ministers
political| 06:01 – 04/25/2023 Baghdad – Mawazine News publishes / Mawazine News / Today, Tuesday, the full decisions of the Council of Ministers during its regular session, which was held under the chairmanship of Prime Minister Muhammad Shia Al-Sudani.
The media office of the Prime Minister said in a statement, a copy of which was received by Mawazine News, that “Prime Minister Muhammad Shia’ al-Sudani chaired the seventeenth regular session of the Council of Ministers, during which the general conditions, service, security and economic issues and files concerned citizens’ needs and requirements, as well as following up on strategic plans and the implementation of public service projects.
The statement added, “At the outset of the session, the Prime Minister valued the work of the ministries during the holy month of Ramadan, noting that it was the first month that did not witness a security breach, in addition to the fact that the holy month was marked by the highest number of hours in supplying electric power,” noting that “the Sudanese continues.”
The pace of implementation by state institutions and agencies of the government program, stressing the ministries not to hesitate in providing the relevant committees with implementation indicators, so that we can stand on the points of strength and weakness.
He pointed out, “With regard to the Iraqi citizens present in the Republic of Sudan, the Prime Minister directed the competent authorities to make maximum efforts to evacuate our citizens, and to ensure their security as a result of the deteriorating security conditions there.”
And he stated, “Within the framework of the Council of Ministers’ follow-up to the development file and the investment plan and ensuring its continuity, the Council of Ministers approved the recommendation of the Ministerial Council for the Economy (230027 s), which stipulates confirming the implementation of the amended Cabinet Resolution (14 of 2022) regarding the validity of work with the powers of the Minister of Planning, the competent minister and the head of the unrelated entity.”
In the Ministry and the Governor, to implement the projects of the investment plan until the issuance of the Federal General Budget Law and the instructions for facilitating the implementation of its provisions for the year 2023.
And he continued: “In the oil wealth management file, the Council of Ministers approved the recommendation of the Ministerial Council for Energy (23027i) for the year 2023, which provides for extending the validity of a memorandum of understanding between the Ministry of Oil in the Republic of Iraq and the Ministry of Oil in the State of Kuwait, regarding the common border fields for a period of two years, starting from 6 September 2022, until September 6, 2024, taking into account that it is not a reason for requesting additional financial allocations for the Ministry, and that any amendment, supplement or contract resulting from the implementation of this memorandum is presented to the General Secretariat of the Council of Ministers for study and opinion on it before signing it.
The Ministry of Oil should follow up the issue with the concerned authorities to provide a technical study for the joint fields.
He stressed that “the Cabinet approved the recommendation of the Ministerial Council for Energy (23025i) for the year 2023, which includes approving the recommendation of the Central Committee for Review and approval of the referral in the Ministry of Oil, to refer the second phase of the gas drying project, for the Gharraf oil field, to the coalition of Oil Projects Company / Ministry of Oil and the Oil Company.
Italian (PEG) project, with the amount of the commercial offer submitted, amounting to (320,884,293) dollars, with a period of implementation (35) months, and a guarantee (12) months (as far as the issue relates to financial validity), while he decided to agree to amend the first paragraph of the Cabinet’s decision ( 23070) for the year 2023, regarding the principles of cooperation for the energy program in Iraq, the second phase, to become as follows:
“Approval of the signing of principles of cooperation for the energy program in Iraq, the second phase, between the Ministry of Electricity and Siemens Energy Global Gmbh, specialized in the field of power production stations.” .
And he continued, “As part of the follow-up to the services file, the Council of Ministers approved the continuation of the contract between Babil Governorate and (GCITS Babel Limited), (a consortium of companies) referred to in Cabinet Resolution (242 of 2020), regarding the contract for the large Hilla sewage project / first phase.”
He pointed out that “after many years of delay, the Council of Ministers ended the land crisis on which the People’s International Stadium was built, by agreeing to allocate the stadium’s real estate to the Ministry of Youth and Sports, and the Council also decided to stop all lawsuits filed about the real estate, the subject of the research, including the lawsuit filed by it.”
The Real Estate Bank, while the Council approved a proposal to control the sale of distinguished vehicle numbers, in the public auction, prepared by the General Traffic Directorate, as well as the allocation of the property numbered (7/32 / M11), for the benefit of the General Traffic Directorate, so that it can implement the project to establish a production line for traffic signs. In an investment capacity, without legal violations.
And he continued, “The Council of Ministers decided to approve what was stated in the Ministry of Interior’s letter, dated March 16, 2023, regarding the national card fees. During the session, the Council considered a number of topics and files presented on its agenda and took the following decisions: First / Approval of the following
1- Allocating the financial amount approved in the table of contributions, according to the memorandum of the Cabinet Affairs and Committees Department, without specifying the names of the priority organizations, as they all constitute financial obligations that Iraq must pay
. Al-Iraqi for Foreign Development, for the purpose of scheduling the amounts owed by Iraq towards Arab or international organizations, or paying them until December 31, 2022.
3- Taking into account the nomination of representatives of the Republic of Iraq, with high qualifications and professional specialization, in Arab and international organizations; In order for them to compete with the candidates of other countries.
4- Coordinating with the Ministry of Foreign Affairs, if the ministry, or an entity not affiliated with a ministry, wants to withdraw from an Arab or international organization.
5- Coordinating with the Ministries of (Foreign Affairs and Finance), in the event of a desire to participate with an Arab or international organization, after obtaining the official approvals from the Ministry or the sectoral authority.
6- The ministry, or the entity not associated with a ministry, can make a transfer from its financial allocations, if it wishes to contribute to a new organization and a financial allocation is not available for it; To pay its financial contributions to the Federal General Budget Law.
7- Recommending to the House of Representatives instructing the parliamentary committees and concerned departments not to reduce the amounts of contributions of ministries and entities not linked to a ministry to Arab and international organizations and to include them fully in the federal budget law.
Second / Approval of the following:
1- Granting a subsequent leave with the power to negotiate and sign a draft agreement, regarding mutual exemption from entry visas, for holders of diplomatic, special, service and public affairs passports, between the government of the Republic of Iraq and the government of the People’s Republic of China, to the Undersecretary of the Ministry of Foreign Affairs for Bilateral Relations, For signing the aforementioned draft agreement on June 6, 2022, based on the provisions of Article (6) of the Treaty Contract Law No. (35) of 2015.
2- Approving a draft law ratifying an agreement on mutual exemption from entry visas for holders of diplomatic, private, service and public affairs passports, between the government of the Republic of Iraq and the government of the People’s Republic of China, signed in Baghdad on June 6, 2022, and referring it to the House of Representatives.
Third: The Ministry of Commerce takes the necessary measures to destroy the quantities of wheat (unfit for human consumption).
Fourth / Approval of the recommendation of the Ministerial Council for Social Services (23019 G), which concerns a proposal by nuclear science expert Dr. (Hamid Muaidy al-Bahli) to distribute the amount of the budget for cleansing Iraq of depleted uranium, amounting to (4,929,000,000) dinars, only four billion, nine hundred and twenty-nine million dinars, to To be distributed among the budgets of the agencies participating in the purification process.
Fifth / The Council of Ministers authorized the competent minister, or the head of an entity not affiliated with a ministry, from among those covered by the Opinion Council Law (9 of 2011), to choose two experts with specialization, who are not employees, to attend the meetings of the Opinion Council, without being members therein, in return for a reward. Financial not more than (500) thousand dinars per session. https://www.mawazin.net/Details.aspx?jimare=225381
The Dollar Exchange Rates Continue To Decline In The Local Markets Today
Tuesday 25, April 2023 14:29 | Economical Number of readings: 388 Baghdad / NINA / – The exchange rates of the dollar on the local stock exchange decreased today, Tuesday.
The selling price was recorded at 141,000 thousand dinars for one hundred dollars, and the purchase price was 140,000 thousand dinars for one hundred dollars.
In the north, the selling price reached 141,750 thousand dinars per hundred dollars, and the purchase price reached 139,750 thousand dinars per hundred dollars.
In the south, the selling price reached 141,500 thousand dinars for one hundred dollars, and the purchase price was 139,500 thousand dinars for one hundred dollars./End 7
https://ninanews.com/Website/News/Details?Key=1049165
The Increase In Foreign Remittances In The Sales Of The Iraqi Central Auction Today
Posted On2023-04-25 By Sotaliraq 2023-04-25 Foreign remittances in the Central Bank’s dollar sales increased significantly at the expense of cash sales in today’s auction, Tuesday.
Our correspondent stated that “the Central Bank sold today, during its auction for the sale and purchase of US dollars, 171 million and 508 thousand and 366 dollars, which the bank covered at a basic exchange rate of 1305 dinars per dollar for documentary credits and international settlements for electronic cards and at a price of 1310 dinars per dollar for foreign transfers and at a price of 1310 dinars per dollar.” dollars in cash.
Our correspondent added that most of the dollar sales went to reinforce the balances abroad in the form of (remittances, credits), amounting to 164,408,366 dollars, while the remaining 7,100,000 dollars went in the form of cash sales.
Our correspondent indicated that the number of banks that bought cash dollars amounted to 5 banks, while the number of banks that responded to requests for strengthening balances abroad reached 24 banks, while the total number of exchange and mediation companies participating in the auction was 17 companies. LINK
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