Tlm724 Administrator Bondlady’s Corner
Solving The Dollar Exchange Crisis Requires Swift Government Action
Amer Al-Jawahiry to / NINA /: Tuesday 27 December 2022 12:31 | Economical Number of readings: 320 Baghdad / NINA / – The consultant on economic development and investment, Amer Al-Jawahiry, affirmed: The solution to the dollar exchange crisis requires rapid government measures, ruling out the collapse of the local currency.
He told the National Iraqi News Agency / NINA /: The complications of the exchange rate are caused by the economic reality, its fragility, and its dependence on oil rents. Noting: The recent deterioration is obstructing cash transfers, which were 200 million dollars per day and decreased to 60 million dollars.
Al-Jawahiri added: Among the reasons are also internal unrest and corruption, which have a major role in bringing the exchange rate to this level.
He ruled out: the collapse of the local currency as long as there is a rentier economy that bears this burden, indicating the need for all ministerial committees to develop plans for a solution by holding very intensive tables and workshops to develop a strategy to diversify the economy and immediate, medium and long-term implementation plans.
Al-Jawahiry stressed: the necessity of directing government and investment projects from the next budget to diversify the economy and move away from a single resource for the state budget./ End 3
https://ninanews.com/Website/News/Details?Key=1022787
Association of Banks: The government has taken several steps to limit the rise in the exchange rate
Baghdad – Mawazine News The Iraqi Private Banks Association confirmed today, Tuesday, that the government and the Central Bank have taken several steps to limit the rise in the exchange rate of the dollar against the dinar.
In a statement received by Mawazine News, the Association said, “The Association of Iraqi Private Banks and its member banks are monitoring the recent rise in the exchange rate and confirming that this rise is a result of modifying the mechanism of the foreign currency sale window in the Central Bank of Iraq and according to the requirements of international transactions, and that the Iraqi government Measures have been taken related to the method of collecting tax and customs fees at the border crossings to encourage merchants to work directly with banks and to prevent double taxation.
The statement added, “The Central Bank of Iraq has also taken several measures that will limit the rise in the exchange rate, and the Association affirms its support for government efforts and the efforts of the Central Bank, and confirms the readiness of its banks to sell foreign currency to merchants wishing to open documentary credits at the official price for import purposes, and invites merchants to benefit from that.” “.
The Association stressed the need for “the media to play a positive role in raising awareness and to stay away from undocumented news that contributes to undermining confidence in the Iraqi currency, financial and monetary policies, and Iraqi banks.” https://www.mawazin.net/Details.aspx?jimare=215237
Al-Sudani Urges, In His Meeting With The Governor Of The Central Bank, To Achieve General Stability In Prices And The Exchange Rate
Tuesday 27 December 2022 13:34 | Economical Number of readings: 417 Baghdad / NINA / The Prime Minister, Muhammad Shia’a Al-Sudani, urged achieving general stability in prices and the exchange rate in accordance with the tasks stipulated in Articles (3 and 4) of the Central Bank of Iraq Law, which stipulate that the central bank aims to achieve stability in the local exchange rate, and organize and monitor the work of Banks, enhancing the safety and efficiency of payment systems, and developing the payments system.
And he stressed during his meeting today, Tuesday, with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, after listening to a detailed presentation from the bank’s governor regarding the rise in the exchange rate of foreign currency, and the most important measures taken by the bank in this field, the need for the bank to take the necessary measures to prevent illegal speculation, and everything that harms in the local market and lead to higher prices.
He also urged activating steps to sell foreign currency at official prices to citizens through buying with electronic cards, opening sales outlets for travelers, or clients outside Iraq, or financing foreign trade, in accordance with the fundamentalist contexts and international standards for opening documentary credits and remittances.
The governor of the bank presented the positive position of the financial situation, stressing that the foreign currency crisis is an emergency crisis for technical reasons, and coincided with the work of the new electronic platform and the delay in transfers due to the Christmas holidays.
And he praised Cabinet Resolution No. 352 of 2022 to stop the work of pre-collection of taxes and customs duties on goods entering through government ports, prevent double taxation, and collect them according to the approved contexts at border crossings./ End3
https://ninanews.com/Website/News/Details?key=1022827
The Central Bank: What The Foreign Exchange Rate Is Exposed To..Temporary Pressures Resulting From Internal And External Factors
Tuesday 27 December 2022 13:28 | Economical Number of readings: 260 Baghdad / NINA / – The Central Bank of Iraq confirmed that what the exchange rate of foreign currencies is exposed to… temporary pressures resulting from internal and external factors.
And he stated in a statement: The Board of Directors of the Central Bank of Iraq met today and discussed the repercussions and indicators of the rise in exchange rates in the local markets and what the foreign currency exchange rate has been exposed to for days from temporary pressures resulting from internal and external factors, given the adoption of mechanisms to protect the banking sector, customers and the financial system.
The bank called on merchants to review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its Resolution No. (351) of 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance, as it will This aims to reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.
He also called on banks to assume their responsibilities in facilitating and accelerating procedures for their customers to ensure their access to financing with the best banking practices and the least amount of loops, taking into account the established legal requirements./ End 3
https://ninanews.com/Website/News/Details?key=1022826
Ali Al-Tamimi To / NINA /: The United States Is Obligated To Save The Economic Situation In The Country
Tuesday, December 27, 2022 13:47 | political Number of readings: 268 Baghdad / NINA / – Legal expert Ali Al-Tamimi confirmed: The United States is obligated to save the economic situation in the country.
He told the National Iraqi News Agency / NINA /: The strategic agreement between Iraq and the United States, according to Article 27 of it in all its paragraphs, made it clear that the United States of America is obligated to assist Iraq economically in the event of crises and to intervene to save the situation if it deteriorates economically in Iraq.
Al-Tamimi added: This article is binding on the United States, and Iraq can demand it formally first through bilateral communication, especially in light of the great shift in the dollar price, which came due to the procedures of the US Federal Bank with regard to foreign transfers, and Iraq can ask it to implement the provisions of the agreement in force.
He explained: In the event of non-implementation, Iraq can resort to the United Nations and ask it to oblige the United States to implement it, because the strategic agreement is deposited with the United Nations under Article 102 of its charter.
Al-Tamimi continued: The United States is an occupying country and it is obligated under the four Geneva Conventions to help countries economically in light of its control over the price of the dollar in the world, and Iraq can benefit from that to solve its current crisis./ End 3
https://ninanews.com/Website/News/Details?Key=1022832
The Appearance Of Muhammad Salih Sets Out To / Nina / The Axes For Rebuilding The Iraqi Industry And Its Launch
Tuesday 27 December 2022 09:44 | General Number of readings: 277
Baghdad / NINA / – The financial expert, Mazhar Muhammad Salih, identified the axes for rebuilding the Iraqi industry and launching it to be a new tributary for the state budget and reduce dependence on oil as a basic resource.
He told the National Iraqi News Agency / NINA /: The priority is for industries that are based on the availability and abundance of raw materials, which is the comparative advantage provided by raw materials to start the industry, and among those industries that are given priority in our country without a doubt: petrochemical industry, fertilizers, oil refining, cement industry and construction industries Other and electrical supplies industry.
Saleh added: These industries mostly have high export capabilities due to their automatic connection to the global market (as they were not destined to recover in our country) in addition to the internal demand for the outputs of these important industries.
He explained: There are industries closely related to domestic production, especially agricultural industries, such as the manufacture of tractors, sprayers, pesticides, modern technologies related to economical watering that saves water use, the manufacture of silos, air-conditioned warehouses, seed purification, and many agricultural production supplies.
Salih pointed out: The rebuilding and launch of the Iraqi industry starts from these axes without neglecting the small and medium industries with flexible digital technologies that produce dozens of intermediate or consumer goods that we currently import and can employ thousands of unemployed./ End 3 https://ninanews.com/Website/News/Details?Key=1022765
Oil Prices Are Rising And A Barrel Of Brent Is Approaching $85
Economie| 08:50 – 12/27/2022 Follow-up – Mawazine News Oil prices rose, on Tuesday, in global markets due to fears of the impact of winter storms across the United States on logistics, petroleum production and shale oil. Brent crude futures rose 73 cents, or 0.9%, to $84.65 a barrel. West Texas Intermediate crude futures rose 85 cents, or 1.1%, to $80.41 a barrel. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=215227
Learn About The Exchange Rates Of The Dollar Against The Dinar
12/27/2022 Baghdad – Mawazine News Today, Tuesday, the exchange rates of the dollar witnessed an increase in the local stock exchange. Selling price: 157,600 dinars per 100 dollars Buying price: 157,500 dinars per 100 dollars https://www.mawazin.net/Details.aspx?jimare=215232
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