Iraqi News Sunday PM 7-10-22
TLM724 Administrator BondLady’s Corner
A New Statement By The Central Bank Of Iraq About The Dollar Exchange Rate And The Possibility Of Reducing It To 120 Thousand
13,106 Policy 2022/07/10 16:52 Baghdad today – follow up Today, Sunday, the Central Bank of Iraq confirmed that there is no justification for changing the exchange rate of the dollar against the Iraqi dinar, while indicating that the economic circumstance is the main criterion for changing the exchange rate.
Deputy Central Bank Governor Ammar Khalaf said in a statement to the official agency,
“The exchange rate at the present time, in our opinion, as a monetary authority, there is no justification for changing it,” explaining that
“changing the exchange rate remains within the monetary authority’s policy and according to circumstances.”
He added that “the economic circumstance is the main ruler, and
there is no future plan to change the exchange rate, whether after 3 or 5 years, and
it is the economic conditions that determine what is the appropriate decision that fits the time period at the time.” He stressed that
“the exchange rate is within the monetary policy and is the exclusive competence of the Central Bank, and when it sees that there is a necessity, it thinks about changing the exchange rate, but
currently there is no justification or need to modify it,” explaining, that
“monetary policy, one of its advantages is flexibility in general, It is not good to change the exchange rate quickly because it confuses the markets and weakens the economy.”
This comes after a number of political forces in Iraq renewed the call to change the exchange rate of the dinar against the dollar, by returning the old value to it before December 2020, which amounted to 1200 dinars to the dollar, instead of the current value of 1458 dinars.
In previous statements to Al-Araby Al-Jadeed, Iraqi parliament member Ahmed Al-Rubaie revealed the existence of what he described as
“a broad movement of political forces towards changing the exchange rate, by raising the value of the dinar and reducing the price of the dollar and returning it to what it was or a price close to the previous figure.
In order for citizens to feel the positive impact of this, and to ease the burdens of high prices resulting from the crises and wars that a number of countries are witnessing.”
Representative Uday Awad revealed, in an interview with reporters in Baghdad, that more than 100 deputies had collected signatures to reduce the exchange rate of the US dollar against the dinar.
The Iraqi Ministry of Oil announced, earlier this month, that it had achieved oil revenues of more than 60 billion dollars, during the months The first six for the current year 2022.
The recent recovery of oil prices globally, in an unprecedented manner, caused a financial surplus for the country, through which the country was able to recover and emerge from the financial crisis.
The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, had revealed, earlier, that Iraq is living in its best financial conditions, ruling out the country’s need to resort to external borrowing.
Iraq has oil reserves of about 145 billion barrels, equivalent to 17 percent of the reserves of the Middle East, and 8 percent of the world’s reserves, which is the fifth largest in the world.
However, Iraqi government figures indicate that it has proven reserves of 153 billion barrels.
https://baghdadtoday.news/ar/news/194970/
Al-Hakim Congratulates Eid: We Call For Accelerating The Formation Of The Government
Posted On2022-07-10 By Sotaliraq Ammar al-HakimOn Saturday, the head of the Wisdom Movement, Ammar al-Hakim, congratulated the blessed Eid al-Adha, while calling for the speedy formation of the government.
Al-Hakim said in a statement: “We congratulate the Islamic nation, especially the pilgrims, and our honorable Iraqi people, on the blessed Eid al-Adha.
He added, “On this great occasion in which hearts and minds unite and voices resound in response to God, the Blessed and Exalted, we sincerely call on all political forces to invest in reunification, unite the word on truth and agree on a common word, which is to serve our people, by accelerating the formation of a government of national service.” LINK
How Much Gold Reserves In Iraq’s Treasuries?
Economie| 12:36 – 10/07/2022 Follow-up – Mawazine News, the World Gold Council announced, on Sunday, that Iraq’s reserves of the yellow metal remained stable during the month of May, indicating that Iraq maintained its position 40 globally out of the 100 countries listed in the table with the largest reserves of gold.
In its latest schedule for the month of May 2022, the council said that “global central banks added 35 net tons to global gold reserves, which is the second consecutive month of net purchases,” noting that “the bulk of the rise is due to purchases from Turkey (13 ) tons, while Uzbekistan continued to buy (9) tons, Kazakhstan bought (6) tons, Qatar (5) tons, and India (4) tons.
He added, “Germany was the only seller this month, as it sold two tons of gold.”
He pointed out that “this month, Iraq maintained its 40th global position out of the 100 countries listed in the table with the largest gold reserves, reaching 96.4 tons of gold, which represents 8.8% of the rest of its other reserves.”
The council stated that “the United States still sits on the throne of the world’s gold-possessing countries with 8,133 thousand tons, followed by Germany with 3,355 thousand tons, then Italy 2,451 thousand tons, while Mauritania ranked 100, with 1 tons, preceded by El Salvador with 1.4 tons.” Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=199019
Central Bank: There Is No Justification For Changing The Exchange Rate At Present
Economie| 10:09 – 10/07/2022 Baghdad – Mawazine News, the Central Bank confirmed, on Sunday, that there is no justification for changing the exchange rate of the dollar against the Iraqi dinar, while indicating that the economic circumstance is the main criterion for changing the exchange rate.
The Deputy Governor of the Central Bank, Ammar Khalaf, said in a statement to the official news agency, which was followed by “Mawazine News”, that “the exchange rate at the present time – in our opinion as a monetary authority – there is no justification for changing it.”
He explained, “Changing the exchange rate remains within the policy of the monetary authority and according to the circumstances,” adding that “during the years from 2004 until now, the exchange rate changed more than once according to the circumstances, whether toward an increase or decrease.”
He pointed out that “the economic circumstance is the main ruler, and there is no future plan to change the exchange rate, whether after 3-5 years, and the economic conditions determine what is the appropriate decision that fits the time period at the time.”
He stressed, “The exchange rate is within the monetary policy and is the exclusive competence of the Central Bank, and when it sees that there is a necessity, it thinks of changing the exchange rate, but currently there is no justification or need to modify it,” explaining, that “monetary policy, one of its advantages is flexibility in general and not It is good to change the exchange rate quickly because it confuses the markets and weakens the economy.” Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=199005
Al-Abadi Calls On Political Forces To Overcome Their Differences For The Sake Of Iraq
political| 01:26 – 10/07/2022 Baghdad – Mawazine News, head of the victory coalition Haider al-Abadi confirmed today, Sunday, that “Iraqi patriotism will not die”, and will win all battles of unity, identity and the future, calling on all political forces to overcome their differences for the sake of Iraq.
Al-Abadi said in a statement received by Mawazine News, “I congratulate the people of Iraq on the fifth anniversary of the liberation of Mosul, and have mercy on the righteous martyrs who made the nation of Iraq glory.”
He added, “The day of the liberation of Mosul is an epic for Iraqi patriotism, which has demonstrated its strength and victory over black terrorism and the remnants of the Baath and the coveted agendas in the land of Iraq.”
He stressed, “Iraqi patriotism will not die, and as it defeated terrorism, it will win all battles for unity, identity and the future.”
He continued, “We are inspired by this day, victory and elevation, and that clarity of vision, holiness of purpose, steadfastness, sacrifice and rational management are the foundations by which and through which we win the battles of existence, no matter how prolonged evil and great challenges.”
Al-Abadi called on all political forces to “overcome their differences for the sake of Iraq. I invite them to create hope for the people of Iraq, but the true leadership is the one that sees no honor and interest for itself except with the pride and interests of its people.” https://www.mawazin.net/Details.aspx?jimare=199023
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