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Iraqi News Tuesday AM 9-27-22


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Central Bank: We Are Preparing To Issue A New Iraqi Currency, And This Is Our Position On Deleting Zeros


Tuesday 27 September 2022 10:46 | Economic Number of readings: 416   Baghdad / NINA / – The Central Bank revealed the timing of issuing a new monetary category of the Iraqi currency, while it disclosed its position on deleting zeros and the digital currency.


“We have reduced the interest rate on loans provided to finance projects in the initiatives of the Central Bank,” Mustafa Ghaleb, the governor of the Central Bank of Iraq, said, in press statements today, Tuesday, followed by the National Iraqi News Agency, noting that “the initiatives largely targeted the housing sector, which occupies more than 30 orphaned in various sectors.


He added, “The Central Bank has a special team that has been working for more than a year on the issuance of digital currency, and so far we do not have a specific date for the issuance of such currency,” noting that “the process of deleting zeros requires the issuance of a law, and a draft law has been prepared for this and sent to the government.”


But now it requires an amendment, and there is a necessary need to create an appropriate political atmosphere within the House of Representatives to issue such legislation, where the atmosphere must be provided socially, economically and locally to accept such amendments.”


On the possibility of issuing a new currency, the governor of the Central Bank said, “We are currently working on completing the design of a new currency of 20,000 dinars, after a series of practical studies to unify the Iraqi currency, and it will be announced after the completion of its printing in the future.”


Regarding changing the exchange rate, the governor of the Central Bank clarified, “The process of changing the exchange rate in 2021 obligated the Central Bank to take that decision in light of a number of circumstances in consultation with international bodies, including the World Bank and the Monetary Fund, which had previously proposed this since 2014.”


He added, “The bank did not take this decision and the circumstances did not help us at the time, but the decision I personally think came late and there are those who asked to change the price even higher,” noting that “the change in the exchange rate since the decision was made, saved the government more than 23.5 trillion dinars, as well as Oil and non-oil revenues,” stressing that “there is currently no intention of the Central Bank to change the exchange rate.” /finished5


Central Bank Governor: There Is No Intention To Reduce Or Change The Dollar Exchange Rate


Economie| 10:31 – 09/27/2022   Baghdad – Mawazine News   The Governor of the Central Bank of Iraq, Mustafa Ghaleb, announced, on Tuesday, the bank’s intention to issue a new denomination of the Iraqi currency with a value of 20 thousand dinars, while confirming that there is no intention to reduce or change the dollar exchange rate.


Ghaleb said in a speech within the work of the “Al-Rafidain Forum”, which was followed by “Mawazine News”, that “there is no intention of the Central Bank to reduce or change the exchange rate of the dollar,” noting that “Iraq is still in the early stages and reaping the positive effects of changing the exchange rate.” There are some negative indicators that we are working to address in the coming period.”


He added, “There is a previous project submitted by the Central Bank regarding the process of deleting zeros,” noting that “this matter needs to legislate a law and this project requires some amendments, and that the pursuit of this law needs to stabilize the situation in the country and the atmosphere must be provided to accept such transactions. “.


He continued, “The Central Bank, within the currency chain, is working to complete a new category of 20 thousand dinars based on study and research compared with neighboring countries and is working to complete the form of the paper.”


He noted that “the Central Bank has reduced the interest rate on loans provided to finance projects, and that the initiatives have largely targeted the housing sector, which occupies more than 30% in various sectors.” Ended 29/N33


President Of The Republic: We Look Forward To The Support Of The International Community In Promoting And Developing Its Economy


Political | 03:50 – 09/27/2022   Baghdad – Mawazine News   The President of the Republic, Barham Salih, received, on Tuesday, the President of the Iraqi-British Business Council, Baroness Emma Nicholson, in the capital, Baghdad.


A statement by Saleh’s books, received by Mawazine News, stated that during the meeting, they discussed the joint Iraqi-British relations and their strengthening in various fields, especially in the sectors of economy and trade, and supporting investment opportunities in Iraq and contributing to reconstruction and infrastructure projects.


President Barham Salih said that Iraq looks forward to the support of friends and the international community in the field of strengthening and developing the Iraqi economy and its advancement and support for national economic plans to meet the entitlements related to construction, reconstruction and development, and to carry out the necessary reforms and support investment and the private sector. Ended 29/R77


Iraq: Central Bank Reserves Exceed The Ceiling Of 87 Billion Dollars


Posted On2022-09-27 By Sotaliraq   Date: September 27 2022


The Central Bank of Iraq adviser, Ahsan Shamiran Al-Yasiri, said that the reserves of the Central Bank of Iraq exceeded today, Tuesday, the ceiling of 87 billion and 100 million dollars, which is the highest reserve recorded by the Central Bank of Iraq.


Al-Yasiri told reporters during his participation in the Al-Rafidain Forum for Dialogue in Baghdad, “We aspire to reach 95-100 billion dollars by the end of this year.”



He added, “These increases in reserves will support stability and the Iraqi currency, which is today at its best, as its value exceeded more than 130 percent of its real value thanks to the large reserves achieved.”


He called on the Iraqi government to “follow a policy of financial discipline and rationalize the use of funds to benefit from financial reserves.”


Al-Yasiri said, “Oil prices in the global market are currently acceptable to Iraq, and that Iraq has benefited from global tensions through high oil prices.”  LINK


The Stability Of The Dollar Exchange Rate Against The Dinar


Economie| 09:25 – 09/27/2022   Baghdad – Mawazine News   The dollar exchange rates witnessed, today, Tuesday, stability on the Iraqi Stock Exchange.  Selling price: 147.750 dinars per $100   purchase price: 147.650 dinars per $100


Oil Prices Are Rising In Global Markets


Economie| 08:41 – 09/27/2022   Follow-up – Mawazine News:  Oil rose in early Asian trading, Tuesday, as indications eased that the OPEC + alliance sought to avoid a price collapse, along with a slight decline in the US dollar.   Brent crude futures rose 53 cents, or 0.63%, to $84.59 a barrel by 04:20 GMT.


US West Texas Intermediate crude futures rose 46 cents to $77.17 a barrel. Ended 29/N33


Al-Kazemi Assigns Ihsan Abdul-Jabbar A New Position


Political | 04:21 – 09/27/2022   Baghdad – Mawazine News   Deputy Mustafa Jabbar Sanad confirmed, on Tuesday, that Prime Minister Mustafa Al-Kazemi assigned the Minister of Oil and Finance, Ihsan Abdul-Jabbar, with a new position.


Sanad said in a tweet via Twitter, which was followed by / Mawazine News /, that the Prime Minister assigned the Minister of Oil the tasks of heading the (Iraqi-Saudi Joint Higher Committee) in addition to his duties. Ended 29/R77




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