Iraqi News Highlights Evening 4-27-23
Tlm724 Administrator Bondlady’s Corner
The Central Bank: The Cash Payment Of The Dollar Has Become Disciplined With The Procedures Of The Electronic Platform
Economy 04-24-2023, 20:49 Baghdad – conscious The Central Bank confirmed, today, Monday, that the cash payment of the dollar has become disciplined with the procedures of the electronic platform, which prompted a decline in its price in the market, because it has become available through the platform.
The Central Bank’s advisor, Ihsan Al-Yasiri, told the Iraqi News Agency (INA), that “all merchants, including small merchants, have become able to obtain dollars through the electronic platform, and the cash payment of dollars has become disciplined with the procedures of the platform.”
He added, “In light of this, it is natural for the dollar to begin to decline in front of the dinar in the market for its normal price set by the Central Bank,
because the dollar is a commodity like any other commodity whose purchase requests are met.” And he continued:
“As long as the dollar purchase requests are met through the platform, there will remain no reason for the merchant to sell in dollars, and
we hope that the sale will be in dinars only because it is the country’s currency, and secondly,
there is no reason to stick to a specific price, because the dollar is available to those who ask for it, such as the merchant and those who need to travel for treatment, the traveler and the student who is studying.” outside”. https://www.ina.iq/183609–.html
The Prime Minister Directs The Formation Of A Committee To Install Electronic Payment Points (POS) In All Institutions
Political 26-04-2023, 20:20 Baghdad – conscious Today, Wednesday, the Prime Minister, Muhammad Shia’a Al-Sudani, directed the formation of a committee of representatives of ministries, governorates, and government banks, to install electronic payment points (POS) in all institutions.
The media office of the Prime Minister stated, in a statement received by the Iraqi News Agency (INA), that, “Today, Al-Sudani chaired a meeting of the Committee for the Localization of Salaries and the Unified Treasury Account, in the presence of the Governor of the Central Bank of Iraq and the Minister of Finance, advisors to the Prime Minister, and the general managers of the Rafidain, Al-Rasheed and Iraqi banks.”
Trade, and the representative of the Federal Office of Financial Supervision.
He added, “During the meeting, the Prime Minister listened to a briefing by the Minister of Finance on the ministry’s procedures regarding the unified public treasury system, the progress of the process of nationalizing the salaries of state employees, and the procedures related to the application of the electronic payment points (POS) system.”
Al-Sudani stressed, according to the statement, that “the delay in implementing the unified treasury account during the past years has caused many cases of corruption and abuse of public money,
the latest of which was the crime of stealing tax guarantee funds (theft of the century).”
And he stressed “the need to address the matter by applying the unified treasury system to reduce corruption, indicating that the
continuation of the current situation makes the state not aware of the amount of its funds and accounts or the number of its employees,” stressing that
“everyone who works to obstruct this project is considered a contributor to covering up corruption.” Al-Sudani directed to
“accelerate the preparation of new standards, including the largest number of electronic payment companies, which number about 16, and to contract with companies that provide better services at lower costs.”
He also directed to “form a committee of representatives of ministries, governorates, and government banks, to install electronic payment points (POS), in all institutions, and to
seek the help of international and foreign expertise to support the project and
encourage citizens to adopt it and deal financially through it.” https://www.ina.iq/183753–.html
The Anti-Money Laundering And Terrorist Financing Council Holds Its Regular Monthly Session For The Year 2023
April 26, 2023 The Anti-Money Laundering and Terrorism Financing Council held its regular monthly session today, Wednesday, 26/4/2023, chaired by the Chairman of the Council (His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq), and all members of the Council from ministries, agencies not associated with a ministry, and law enforcement agencies.
The Board reviewed the steps to prepare for the mutual evaluation of the Republic of Iraq,
which is expected to take place in the coming month of August, and took a number of decisions in this regard, in order for Iraq to maintain its advanced position in anti-money laundering measures that resulted in its exit from the gray area in the international classification in 2018.
The Council also discussed the developments in ransomware (electronic extortion) and considered it a predicate crime related to money laundering and terrorist financing.
He also raised the issue of illegal trade in antiquities and the need to identify a supervisory authority to report on financial transactions related to this trade.
Central Bank of Iraq information Office 26 – April – 2023 https://cbi.iq/news/view/2313
Economist: The Parallel Dollar Will Touch Its Official Rate After The Budget Is Approved
April 26 12:58 1 shares Information/Baghdad…Economic expert Bassem Antoine confirmed today, Wednesday, that the exchange of the US dollar against the Iraqi dinar will touch its official rate after the approval of the budget, while he indicated that the fifth column exploited the dollar file over the past months.
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Antoine said in a statement, to Al-Maaloumah Agency, that “the government’s and central bank’s measures contributed to stopping the process of the dollar’s rise, in addition to providing it in the local market through the electronic platform system, and obliging all licensed banks and exchange companies to work accordingly.”
He added, “The fifth column team took advantage of the dollar’s rise during the last period, as it was rumored that the exchange rate of one hundred US dollars would reach 200,000 Iraqi dinars.” Antoine pointed out,
“The government and the Central Bank of Iraq’s rapid and deliberate measures, by providing foodstuffs and launching the electronic platform system for selling the dollar, prevented its further rise and contributed to its gradual decline during the past two days.”
Today, Wednesday, the exchange rates of the dollar against the dinar witnessed stability at the dollar exchange rates in the local markets in all the country’s governorates, as the selling price reached 141,000 dinars per 100 dollars, while the purchase prices reached 139,000 dinars per 100 dollars, in the capital, Baghdad. https://almaalomah.me/news/economy/اقتصادي:-الدولار-الموازي-سيلامس-سعره-الرسمي-بعد-إقرار-المواز
Will The Dollar’s Hegemony Fall? The Largest US Investment Bank Is Suspended
April 26 17:11 Information/follow up. With concern growing among many analysts about the dollar losing its status as the world’s reserve currency,
Goldman Sachs (GS) stated that it does not believe the dollar era is over, believing that the dollar will remain dominant on the world stage for a long time.
Although GS acknowledges there is a clear risk if the US abuses its “exorbitant privileges”, the bank believes dedollarization is “just a lot of talk (again), not a lot of transaction”.
“We don’t see any evidence of that in the data yet (for example, Brazil’s growing Chinese yuan reserve share has replaced the Canadian dollar, not the US dollar), and we are confident there is no real competitor currently,” Goldman Sachs said.
The bank stated that “some of the decline in the dollar’s share can likely be attributed to stable market forces, as treasury bonds fell and Asian central banks sold their dollar holdings to counter the rise in the dollar last year.”
Goldman Sachs analysts also noted that “in addition, the sanctions against Russia, Brazil’s plans to implement yuan clearing agreements, speculation on the use of the yuan in commodity trade, as well as the banking crisis and the debt ceiling crisis in the United States are not enough to replace the role of the dollar in world reserves or in trade.”
Indeed, analysts believe that “other currencies still have to overcome many hurdles to reach the same status as the dollar,” given the “depth of the capital market, the establishment of trust for access and the accompanying framework for legal and commercial billing and currency management systems.”
https://almaalomah.me/news/economy/هل-ستسقط-هيمنة-الدولار-أكبر-بنك-استثماري-أمريكي-يعلق
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