Iraqi News Highlights Monday Afternoon 5-29-23
Tlm724 Administrator Bondlady’s Corner
Ministry Of Interior: We Will Launch Campaigns To Hold Accountable Those Who Deal In Dollars Instead Of Dinars
Today, Monday, the Ministry of Interior confirmed that the government issued directives regarding dealing in dollars instead of dinars, while setting a date for launching a campaign to hold violators accountable. “Higher directives were issued by the government with the need to implement broad awareness and education campaigns regarding dealing in other than the national currency,” the ministry’s spokesman, Major General Khaled al-Muhanna, told the Iraqi News Agency.
He added, “According to the laws, it is forbidden to trade in other than the Iraqi national currency,” noting that “the last period, non-Iraqi currencies were traded in the local markets, because the country went through different periods and crises.”
He pointed out, “Trading in non-national currency occurs in countries that suffer from economic problems,” noting that “Iraq’s economy began to consolidate, and the dinar proved its presence during the last period.”
He stressed, “The need for citizens to support the national currency,” pointing out that, “The ministry has started awareness campaigns for all citizens, and after that it will launch campaigns to hold violators accountable.” https://www.radionawa.com/all-detail.aspx?jimare=34519
The Rise In The Exchange Rate Of The Dollar On The Local Stock Exchange
Monday 29, May 2023 10:45 | Economical Number of readings: 396
Baghdad / NINA / – The exchange rates of the US dollar against the Iraqi dinar rose today, Monday, on the main stock exchange in the capital, Baghdad.
The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning an exchange rate of 146,600 Iraqi dinars against 100 US dollars.
While the selling price in exchange shops in the local markets in Baghdad was recorded at 147,500 dinars per 100 US dollars, and the purchase price was 145,500 dinars per 100 dollars./ End
https://ninanews.com/Website/News/Details?key=1056384
The Iraqi Central Bank’s Sales Of Foreign Currency Decreased Today
Monday 29, May 2023 11:40 | Economical Number of readings: 302 Baghdad / NINA / – The Central Bank of Iraq’s sales of foreign currency decreased today, Monday, recording $254 million.
According to the schedule of the currency sale window, the Central Bank sold during its auction today 254,085,560 dollars, which the bank covered at an exchange rate of 1305 dinars per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar in cash.
Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits), amounting to $227,235,560, while the rest of $26,850,000 went in the form of cash sales./ End 8
https://ninanews.com/Website/News/Details?key=1056395
Al-Hakim From The Headquarters Of The Iraqi Embassy In Cairo: Iraq Is Experiencing An Unprecedented State Of Security, Economic, Social And Political Stability
Monday 29, May 2023 16:51 | political Number of readings: 205 Baghdad / NINA / – The head of the National Wisdom Movement, Ammar al-Hakim, affirmed that Iraq is experiencing an unprecedented state of stability, security, economic, social and political.
In a press conference held at the headquarters of the Iraqi embassy in Cairo, Al-Hakim pointed out: Iraq’s pride in neighboring Egypt and its historical roles, stressing that Iraq is experiencing an unprecedented security, economic, social and political state of stability because the state administration coalition represents an incubator for the current government.
He explained that there is a desire to open up to Iraq and develop relations with it, as well as a regional and international desire for its stability.
Al-Hakim renewed the call for a five-way alliance that includes the major countries in the region (Iraq, Egypt, Saudi Arabia, Iran and Turkey) on the basis of political and economic cooperation and achieving development and the interests of the peoples of the region, as development is a basic entry point for achieving the interests of the countries of the region.
Al-Hakim called for the integration of roles between the Al-Azhar Al-Sharif Foundation and Al-Najaf Al-Ashraf, because they represent a line of moderation and tolerance, expressing his happiness for the visit of the Grand Imam to Iraq at any time, stressing that it will serve the region and its people because of its impact on the religious and social level.
Al-Hakim indicated that there is a serious will to develop relations between Iraq and Egypt and turn this will into serious steps, expressing his hope that the upcoming meetings of the bilateral committee will come out in a way that serves and enhances the interests of the two countries and the two brotherly peoples./ End https://ninanews.com/Website/News/Details?key=1056480
An Economist Told NINA: Opening A Window To Receive Farmers’ Deposits In Dinars Will Contribute To Reassuring Them And Preserving The Local Currency
Monday 29, May 2023 11:10 | Economical Number of readings: 319 Baghdad / NINA / – The economist, Safwan Qusai, called for opening a window to receive and receive farmers’ deposits in Iraqi dinars, in exchange for linking them to the dollar in the parallel market, to hedge against any fluctuation in the value of the dinar later.
Qusai said in a statement to the National Iraqi News Agency ( NINA ): “It is clear that the fluctuation of the value of the Iraqi dinar in the parallel market has led to a kind of anxiety among those who hold the dinar, especially the farmers, some of whom fear the weakness or fluctuation of the value of the dinar later.”
He called for opening a window to receive and receive farmers’ deposits in Iraqi dinars in return for linking them to the dollar in the parallel market, so that any fluctuation in the value of the dinar later could compensate the owner of the dinar by the amount of decline.
And he pointed out, “With this procedure, we create a kind of reassurance for those who hold the Iraqi dinar, because the value of the dinar is preserved and is not exposed to any threat as a result of these transactions,” stressing: “The Iraqi banks opening a hedge window with the value of the Iraqi dinar will contribute to increasing reassurance and keeping the dinar away.”
About converting to other currencies, and there could also be a review of the interest for these deposits in order to encourage the farmer to deal and keep the dinars during this stage. https://ninanews.com/Website/News/Details?Key=1056390
An Economist Points Out The Importance Of The Saudi Economy Entering Into A Complex Relationship With The Iraqi Market
Monday 29, May 2023 12:06 | Economical Number of readings: 349 Baghdad / NINA / – The economic expert, Raad Twij, confirmed: “The entry of the Saudi economy into an intertwined relationship with the Iraqi market will contribute to giving additional values and benefits to economists and the freedom of transfer of production factors between the two countries.”
“The Iraqi-Saudi economic relations are escalating according to a comprehensive vision of relations between the two countries within the framework of the Iraqi-Saudi Coordination Council, which constitutes an Iraqi-Saudi economic and political grouping,” Twigg said in a statement to the National Iraqi News Agency (NINA) .
He added: “These relations can activate the enormous Iraqi and Saudi financial and human economic energies, within the framework of the economic geography, which is wider even than the economic geography of the Gulf Cooperation Council, as the entry of the Saudi economy into an intertwined relationship with the Iraqi market will contribute to giving additional valuesand benefits to economists.” And free movement of factors of production between the two brotherly countries in terms of trade, tourism, investment, production and education.
Twigg continued: “The Iraqi-Saudi cooperation will link the economies of other countries with the economies of the two countries, especially with the imminent establishment of the development road and the opening of a center for Saudi companies in Baghdad and the exploration of investment opportunities in Iraq, which will stimulate Iraq to improve its investment environment.”/ End
https://ninanews.com/Website/News/Details?Key=1056401
The IMF expresses its “satisfaction” with the strategic priorities of the Iraqi Retirement Authority
Money and business Economy News – Baghdad The Pension Authority and the State Employees Pension Fund discussed with the International Monetary Fund in Amman the Pension Authority’s plans for administrative and financial reform.
A statement by the Pension Authority stated, “The head of the Pension Authority, Maher Hussein Rashid, and the Director General of the Pension Fund, Haider Jassim Hamzah, attended the periodic meeting called for by the International Monetary Fund to discuss the progress made for the retirement sector in Iraq and to listen to the plans of the Pension Authority with regard to administrative and financial reform.” .
The statement added that the Chairman of the Pension Authority reviewed “the vision and mission of the Authority and the State Employees Pension Fund, the strategic priorities for the coming years, and the most important problems and obstacles that the Authority seeks to address.”
Representatives of the International Monetary Fund, according to the statement, expressed their “satisfaction with the strategic priorities, which represent a clear road map that can be translated into work programs with specific timelines in order to achieve financial sustainability.”
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