Bondlady’s Corner Iraqi News Highlights Monday Afternoon

Iraqi News Highlights Monday Afternoon 2-6-23


Tlm724 Administrator Bondlady’s Corner


The Central Bank Reassures The Iraqis: Your Dinars Are Stronger


Sunday 05 February 2023 22:38 | Economical Number of readings: 619  Baghdad / NINA / – The Central Bank of Iraq sent millions of text messages to reassure citizens about the government’s measures to confront the high price of the dollar.


And the Central Bank wrote in the messages, “With us, we make the national currency stronger… Your dinars are stronger in light of government measures and the Central Bank.”/ End 8


Economist: Central Bank Actions Will Lead To A Drop In The Price Of The Dollar


Economy News – Baghdad  The economic expert, Dr. Abd al-Rahman al-Mashhadani, confirmed that the recent central bank measures to confront the rise in the exchange rate of the dollar against the dinar are very good.


Al-Mashhadani said to “Al-Iqtisad News”, that “the recent steps of the central bank will lead to a drop in the dollar exchange rate to levels lower than the current time, which are good measures.”


He added that the first package of measures will make most merchants deal with the banking sector, especially since there is a demand for banks today.


He pointed out that the central bank is required today to reduce the inflation rate, especially since the printed monetary mass amounts to 87 trillion dinars.


Al-Alaq Announces A Second Package That Will Be Issued In The Middle Of This Month To Control The Exchange Rate


Sunday 05 February 2023 21:05 | Economical Number of readings: 662  Baghdad / NINA / – The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced, on Sunday, a second package that will be issued in the middle of this month to control the exchange rate.


And the Central Bank stated in a statement, “The Governor of the Central Bank, Ali Al-Alaq, met today, Sunday, with the heads of councils, general managers, and delegates of government and private banks to put the necessary arrangements for the first package of measures to control the exchange rate into effect, and to clarify and simplify the procedures to achieve smoothness and speed in implementing dollar purchase requests.” “.


Al-Alaq stressed during the meeting, “the Central Bank’s ability to meet all legitimate requests, indicating that a second important package will be issued in the middle of this month.”


He also affirmed that there are no internal or external restrictions on the external transfer or cash sale of dollars in compliance with the International Monetary Fund agreement that was ratified by the House of Representatives in 2008, and that the new system does not aim to restrict response to legitimate requests, as much as it aims to provide protection for the banking system.


It supports the implementation of the Anti-Money Laundering and Terrorist Financing Law and the instructions related to it, and also promotes the openness of the banking sector abroad, which it has been deprived of for decades.


The governor pointed out that “the exchange rate is related to the lives of citizens and their purchasing capabilities, which should be a great priority for its stability at the targeted levels, and for the concerted efforts of the relevant parties to prevent harm to citizens.”


Al-Alaq directed not to “limit requests to external transfers and cash in Baghdad, and to take immediate measures to receive bank branches in the governorates of those requests, and indicated that the Central Bank of Iraq opened new external channels and outlets to facilitate the conduct of external transfers and avoid the role of unqualified intermediaries to do so.”


And he warned against exploiting the current circumstance to carry out unauthorized actions or activities that would make the situation more difficult. Indicating that the Central Bank will take strict punitive measures against violators authorized by it, and he also praised the role of some banks in adhering to everything that achieves the desired goals


Al-Alaq decided to “form a joint operations room between the Central Bank and banks, to follow up the implementation of the first package of measures, monitor phenomena, results and obstacles, and make appropriate recommendations regarding them.”/ End 8


With the stock market closed… the dollar is at 160,000 dinars in the local markets


Economie| 05:05 – 06/02/2023   Baghdad – Mawazine News  The dollar exchange closed, this evening, on a decline in the exchange rate.   The sale of 100 dollars recorded 161 thousand dinars, and the purchase price was 160 thousand dinars.


High Central Bank Cash Sales Of The Dollar In Today’s Auction


Monday 06 February 2023 | Economical Number of readings: 284  Baghdad / NINA / – The Central Bank’s cash sales of dollars increased in an auction today, Monday, at the expense of foreign transfers.


A bank statement stated that it sold today 98 million 956 thousand and 26 dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar.


He added, “Most of the dollar sales went in the form of cash at 52,900,000 dollars, while the rest of 46,56,000 and 26 dollars went to strengthening balances abroad in the form of (remittances, credits).


He pointed out:” The banks that bought the dollar The number of cash banks amounted to 13, while the number of banks that responded to requests to strengthen balances abroad reached 11 banks, while the total number of exchange and mediation companies participating in the auction was 168 companies./ End 8


The Office Of Financial Supervision: Canceling The Oil And Gas Law In The Region And Obliging Its Government To Hand Over Oil Production In Full


Monday 06 February 2023 | Economical Number of readings: 185  Baghdad / NINA / – The Federal Office of Financial Supervision announced that it obliged the Kurdistan Regional Government to hand over all oil production.


A statement of the Financial Control stated, “The Department of Auditing Industrial Activity in the Bureau of Financial Supervision has taken a set of measures – informing all concerned state institutions and public opinion about them – in order to implement the ruling of the Federal Supreme Court No. (59 / federal / 2012 and its units 110 / federal / 2019) On 2/15/2022, according to which the ruling was decided as follows:


  1. The unconstitutionality of the Oil and Gas Law in the Kurdistan Region No. (22) of 2007 and its repeal for violating the provisions of Articles (110, 11, 112, 115, 121 and 130) of the Constitution of the Republic of Iraq for the year 2005.


2 Oblige the Kurdistan Regional Government to hand over all oil production from the oil fields in the region


  1. Follow up on the invalidity of the oil contracts concluded by the Kurdistan Regional Government.


  1. Oblige the Kurdistan Regional Government to enable the Iraqi Ministry of Oil and the Federal Financial Supervision Bureau to review all oil contracts concluded with the regional government regarding the export and sale of oil and gas in order to audit them and determine the financial rights owed by the regional government as a result of them.


  1. The Kurdistan region’s share of the general budget is determined in a way that guarantees the delivery of the rights of the citizens of the region’s governorates from the federal general budget and not delaying it.


And he explained, “These procedures were referred to briefly in the book of the Bureau of Financial Supervision – Department of Auditing Industrial Activity, number (11/28/2600) on 1/30/2023 addressed to the Federal Supreme Court – Office of the President of the Court,” noting that “the Bureau is continuing In following up on what was stated in the executive axis of the Ministerial Curriculum / October / 2022, as far as it is concerned with coordination between the federal government and the Kurdistan Regional Government regarding files and decisions that pertain to the region according to the detail referred to in the book, which lies in the following:


  1. Court order No. (7017) in 30/3/2022 according to which a committee was formed to audit the oil contracts concluded from the Kurdistan Region


  1. Diwan letter No. (1/2/13100) on 6/14/2022 addressed to the General Secretariat of the Council of Ministers – Kurdistan Region Representative, for the purposes of empowering the Diwan From reviewing the oil contracts concluded with the Kurdistan Regional Government.


  1. The Bureau’s letter No. (1/1/15/15826) on 7/26/2022 addressed to the Ministry of Oil for the purpose of providing the Bureau with a list that includes the oil contracts concluded by the Kurdistan region, so that a work plan and an audit program can be prepared in coordination with the aforementioned ministry.


  1. The Diwan’s letter No. (11/28/16935) on 8/11/2022 addressed to the Prime Minister’s Office, explaining in it the Ministry of Oil’s approach to forming a specialized committee in the Diwan to audit the oil contracts concluded from the region.


  1. The response of the Ministry of Oil / Legal Department, with its letters numbered (29767) and (22803) on 10/13 and 8/11/2022, to the Bureau’s letters numbered (19903) and (15826) on 9/13/2022 and 7/26/ 2021 respectively, indicating that the region refused to hand over any oil contracts and any data related to the subject, as the Ministry of Oil indicated that the paragraph contained in the decision regarding (committing the Kurdistan Regional Government to enable the Iraqi Ministry of Oil and the Federal Financial Supervision Bureau to review all oil contracts concluded with the Kurdistan Regional Government regarding Exporting oil and gas and selling it for the purpose of auditing it and determining the financial rights owed by the Kurdistan Regional Government as a result of it, and that the region’s share of the federal general budget be determined and not delayed after all the decisions of this decision of the Kurdistan Regional Government have been implemented and the federal government and the Federal Financial Supervision Board are notified of that). Executed and up to the date of the aforementioned letter of the Ministry of Oil.


  1. Diwan letter No. (21513) on 10/4/2022 addressed to each of (the General Secretariat of the Council of Ministers / representative of the Kurdistan region, the Federal Supreme Court, the Ministry of Finance, the Ministry of Oil, the Office of Financial Supervision in the Kurdistan Region), including that this office Waiting for the preparation of the priorities and requirements for auditing to proceed with the task or providing the Bureau with a list of these contracts and copies of them so that the Bureau will be able to prepare for the implementation of the decision of the Federal Supreme Court, with the presentation that the Bureau has not been provided with any priorities from any party regarding the subject until the date of preparing this book./ End8 To




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