Iraqi News Highlights Tuesday Afternoon 10-25-22
Tlm724 Administrator Bondlady’s Corner
The Governor Of The Bank And The Minister Of Finance Hosted By Parliament To Reduce The Exchange Rate
October 24 16:16 information/private. Today, Monday, the representative of the Al-Fateh Alliance, Suhaila Al-Sultani, announced the hosting Governor of the Central Bank and the Minister of Finance in order to reduce the exchange rate of the dollar against the Iraqi dinar.
Al-Sultani said in an interview with Al-Maalouma, that “the signatures of more than 50 deputies were collected to host the governor of the Central Bank and the Minister of Finance in the new government in order to pressure the reduction of the exchange rate, even if it was in stages or gradually.”
She added, The exchange rate must be reduced because of the difficult standard of living that the Iraqi people are experiencing now and the high rate of poverty,”
stressing that “the representatives who signed the exchange rate cut will present a successful financial policy on which global policies are based.”
And she added, “All deputies and political blocs are determined to reduce the exchange rate, and the number of deputies who signed will increase in the coming days.”
A number of deputies had announced, earlier today, the collection of parliamentary signatures from all political blocs in order to work to reduce the exchange rate of the dollar. The rise in the price of the dollar in the year 2020 https://almaalomah.me/news/politics/محافظ-البنك-ووزير-المالية-بضيافة-البرلمان-لخفض-سعر-الصرف
A Parliamentary Move Facing An Economic Challenge.. The Dollar Exchange Rate In Front Of Two Options, The Best Of Which Is “Bitter”!
October 24 19:56 information /special. Parliamentary moves appear clearly during the formation of the new government to
return the dollar exchange rate back to what it was before, to
address the economic reality that has been greatly affected by the “unfair” decision taken by the caretaker government,
but the real desire may be shocked by the economic challenges and the cost of restoring the price , which is an obstacle to his return again.
On December 19, 2020, it was officially announced that the foreign exchange rate (the US dollar) would be 145,000 dinars for every $100, according to the state’s general budget for 2021 approved by the House of Representatives.
*”return cost”
“Every action has a reaction.” Raising the dollar exchange rate must bring negative results that may appear sooner or later on the Iraqi government, and these results may cost the country trillions of dinars in return for bringing it back to what it was before.
In this regard, the economic expert, Nabil Al-Marsoumi, determined the financial cost of returning the dollar exchange rate to before the levels of 2020.
Al-Marsoumi states in a post on his Facebook page that
“the annual financial cost of restoring the dinar exchange rate to what it was before amounts to about 25 trillion dinars.”
He added, “The cost is renewable every year and is not a one-time cost.”
Today, Monday, the dollar exchange rates witnessed a decline in the local markets.
And the selling prices of the dollar were 146.400 dinars per 100 dollars, while the purchase prices of the dollar were 146.300 dinars per 100 dollars.
*”Parliamentary Actions”
The high cost of living due to high prices, twice what it was before the vote to raise the price of the dollar in 2020, prompted the presence of actual moves by members of the House of Representatives to lift the country’s economy out of the miserable state it reached as a result of the Al-Kazemi government’s decision.
For her part, a member of the House of Representatives, Zahra Al-Bajari, revealed that
parliamentary signatures were collected to include a paragraph to gradually reduce the price of the dollar to protect the Iraqi citizen from the unfair decision of the Al-Kazemi government to raise the price of the dollar. And Al-Bajari indicated, in a statement received by / the information /, that
“the Iraqi parliament is starting to move towards voting on re-exchange of the dollar and gradually reducing the price to protect the consumer and the Iraqi citizen.”
She pointed out that “41 parliamentary signatures were collected to issue a parliamentary decision to reduce the price of the dollar.”
In turn, the representative of the Al-Fateh Alliance, Suhaila Al-Sultani, confirmed, today, Monday, that
the House of Representatives will host the Governor of the Central Bank and the Minister of Finance in order to reduce the exchange rate of the dollar against the Iraqi dinar.
Al-Sultani said in an interview with “Al-Maalouma”, that “the signatures of more than 50 deputies were collected to host the governor of the Central Bank and the Minister of Finance in the new government in order to put pressure on reducing the exchange rate, even if it was in stages or gradually.”
She added, “The exchange rate must be reduced due to the difficult standard of living that the Iraqi people are experiencing now and the high rate of poverty,”
stressing that “the representatives who signed the exchange rate cut will present a successful financial policy on which global policies are based.”
And she added, “All deputies and political blocs are determined to reduce the exchange rate, and the number of deputies who signed will increase in the coming days.”
* Economic analysis
For his part, the economic expert, Dia Al-Mohsen, considered restoring the dollar exchange rate at the present time to be useless, and would cause a major economic shock in the Iraqi market.
Al-Mohsen said in an interview with / the information agency, that
“the issue of restoring the dollar exchange rate at the present time is useless, given that
there are no real economic justifications that give importance at the present time,” noting that
“the responsibility of the Central Bank is to monitor the market and given that
the Iraqi economy is market and that
The exchange rate of the dollar is controlled by supply and demand and nothing else.
He adds, “The Iraqi government is required to revitalize the economy and important sectors such as agriculture and industry, instead of restoring the exchange rate to what it was, which may cause a major shock that may exceed the shock that occurred in 2021.”
He points out, “There is a large abundance of foreign currencies through which the government can revive the Iraqi economy,”
noting that “there is a lot of labor that can be put into these projects, which may generate additional revenues.”
The caretaker government often prides itself on raising the financial stockpile that arrived by chance, taking advantage of the rise in international oil prices and the weight of the citizen’s priest by raising the exchange rate on him and devaluing the local currency.
The suffering facing the Iraqis does not stop at a certain limit, and it will continue until the coming of the government of “the people’s creation.”
https://almaalomah.me/news/economy/تحرك-نيابي-يواجه-تحد-اقتصادي-سعر-صرف-الدولار-أمام-خيارين-احل
The Central Bank Of (Baghdad Today): Changing The Exchange Rate Will Confuse The Market, And No One Else Has The Authority To Change It
1,034 Economie 10/24/2022 19:49 ak Baghdad today – Baghdad Today, Monday, the administration of the Central Bank of Iraq confirmed that talking about returning the dollar to its previous price will confuse the market, which is a bad message for the merchant and the citizen and causes concern for everyone.
A member of the bank’s board of directors, Mazhar Muhammad Salih, told (Baghdad Today):
We say that nothing is fixed forever,
but the issue of returning the dollar against the dinar to its previous era must be done after looking at the positives more than the negatives, then it is possible to talk with the concerned authorities to move back to its previous price.”.
And Saleh indicated that “the authority to return the dollar to the previous price is exclusively within the authority of the executive authority and the policies of the Central Bank and not the authority of any other party because we are talking about drawing up the country’s fiscal policy.”
The talk about restoring the exchange rate of the dollar to its previous era again in the corridors of Parliament, which prompted members of the House of Representatives to collect signatures to restore the exchange rate to its previous rate, which amounts to about 120 thousand dinars compared to the $100. https://baghdadtoday.news/news/204191/البنك-المركزي-لـبغداد-ال
Deputy: Our Movement To Change The Exchange Rate Will Be Subject To Discussion.. And The Decision Is In The Hands Of The Central Bank
800 Policy 10/24/2022 16:57 Baghdad today – Baghdad Deputy Mudar Al-Karawi reviewed, today, Monday, the mechanisms for returning the dollar exchange rate to its previous position,
while considering that the matter will be subject to discussion by a specialized committee, and the decision in the end belongs to the authority of the Central Bank.
Al-Karawi said in an interview with (Baghdad Today),
“The government’s justification for raising the dollar exchange rate was to confront a critical financial crisis that required urgent solutions at the time,
but the situation changed with the increase in Iraq’s treasury revenues, supported by oil prices, which constitute approximately 85% of the volume of public revenues over country level.” He added,
“The government pledged, after raising the exchange rate, to maintain prices in the markets from speculation and to ensure the stability of the main materials,
but this did not happen and this decision constituted a drain on the pockets of millions of poor and simple people, especially since Iraq has nearly 13 million people below the poverty line.” He pointed out that
“with support for the movement to reconsider the exchange rate of the dollar in Iraq, it is due to three reasons.
The first is the formation of a higher economic committee in order to objectively study the decision and give solutions that contribute to supporting the
stability of markets and
caring for the poor, in addition to
stating its pros and cons in front of public opinion according to a general perspective.”.
He pointed out that “determining the exchange rate is a decision of the powers of the executive authorities,
but its discussion by the House of Representatives is necessary in order to coordinate with the next government to develop mechanisms that contribute to alleviating the burdens caused by raising the dollar exchange rate on Iraqi markets and considering the possibility of gradually reducing it by the Central Iraqi as the competent authority.
https://baghdadtoday.news/news/204165/نائب-حراكنا-لتغيير-سعر-ا
Central Bank: There Are No Intentions To Change The Exchange Rate
Economy Yesterday, 21:38 Baghdad – I know Today, Monday, the Central Bank of Iraq reiterated that there are no intentions to change the exchange rate.
An official source in the Central Bank told the Iraqi News Agency (INA), that
“there are no intentions to change the exchange rate.”
The source called on citizens and all stakeholders to preserve the value of their money and to stay away from what is rumored in the media. https://www.ina.iq/168572–.html
The Central Bank Of Iraq Offers A Training Workshop To The Central Bank Of Libya
October 25, 2022 Yesterday, Monday, the Monetary and Financial Stability Department of the Central Bank of Iraq organized a “remote” training workshop, which is the first of its kind, on (the experience of the Central Bank of Iraq in preparing indicators of financial stability and early warning), presented to the Central Bank of Libya, its duration from 24- October 27.
The workshop aims to highlight the importance of the stability of the financial system;
As it is one of the main goals that the Central Bank of Iraq must achieve and preserve, along with the stability of the general level of prices and the exchange rate, to ensure effective performance of all economic units, towards achieving sustainable economic development.
The workshop will also submit an offer to experience the Central Bank of Iraq in
developing the financial stability report and early warning report,
the most important developments that have occurred in financial safety indicators,
pressing conditions tests, and
financial infrastructure, as well as
indicators of financial inclusion in Iraq.
During the opening of the workshop, the deputy governor of the Central Bank of Iraq confirmed that the Central Bank of Iraq welcomes cooperation, communication and coordination with the Central Bank of Libya, in order to enhance bilateral relations and exchange experiences.
He added: The Central Bank of Iraq pays great attention to financial stability, noting that climate change occupied a space for the work of the Central Bank of Iraq and the specialized institutions in Iraq, and their efforts. The Central Bank of Iraq information Office 25- October -2022 https://cbi.iq/news/view/2111
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