Iraqi News Highlights Tuesday Evening 12-27-22
Tlm724 Administrator Bondlady’s Corner
The Central Bank Is Taking Steps To Address The Appreciation Of The Exchange Rate
The Central Bank decided to stop the work of collecting taxes in advance to deal with the high exchange rate. And a letter to the bank addressed to licensed banks stated, “Based on Cabinet Resolution No. (351) for the year 2022 that includes not working on collecting customs duties and tax amounts in advance stipulated in Article (16 / Fourth) of the Federal General Budget Law for the fiscal year 2021, for work to end By the end of the fiscal year 2021, with confirmation that the General Authority for Customs and the General Authority for Taxes have fulfilled those fees and tax amounts on goods entering Iraq at the border crossings, for your kind review, informing customers and acting accordingly and preventing double taxation. https://www.radionawa.com/all-detail.aspx?jimare=32727
The Central Bank Issues A Statement Regarding The Rise In Exchange Rates In The Local Markets
Tuesday, December 27, 2022 1:24 PM Statement The Board of Directors of the Central Bank of Iraq met on 12/27/2022 and discussed the repercussions and indicators of the rise in exchange rates in the local markets and the temporary pressures the foreign currency exchange rate has been exposed to for days resulting from internal and external factors, given the adoption of mechanisms to protect the banking sector, customers and the financial system.
Whereas, all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars per dollar for documentary credits and (1470) dinars per dollar for transfers.
Therefore, we call upon the merchants to review the 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 lead This aims to reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.
At the same time, we urge banks to assume their responsibilities in facilitating and expediting procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the established legal requirements.
Central Bank of Iraq Media Office 12/27/2022 https://nnciraq.com/175266/
The Central Bank Discusses The Repercussions Of The Rise In Exchange Rates In The Local Markets
Today, Tuesday, the Central Bank of Iraq issued recommendations to merchants and banks about exchange rates.
The media office of the bank stated in a statement, “The Board of Directors of the Central Bank of Iraq held a meeting and discussed the repercussions and indicators of the rise in exchange rates in the local markets and the temporary pressures that the foreign currency exchange rate has been exposed to, resulting from internal and external factors, for days.”
He added that “given the adoption of mechanisms to protect the banking sector, customers and the financial system, as all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers.”
The Central 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 decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance. This will reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.”
The Central Bank stressed, “Banks must shoulder their responsibilities in facilitating and expediting procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the established legal requirements.”
https://www.radionawa.com/all-detail.aspx?jimare=32736
Central Bank: The Exchange Rate Of The Dollar Is Exposed To Internal And External Pressures
Economie| 01:23 – 12/27/2022 Baghdad – Mawazine News The Central Bank of Iraq confirmed today, Tuesday, that the foreign currency exchange rate is subject to temporary pressures resulting from internal and external factors.
The media office of the bank stated in a statement, a copy of which Mawazine News received, that “the board of directors of the Central Bank of Iraq held a meeting and discussed the repercussions and indicators of the rise in exchange rates in the local markets and the temporary pressures that the foreign currency exchange rate has been exposed to for days, resulting from internal and external factors.” “.
He added, “Given the adoption of mechanisms to protect the banking sector, customers and the financial system, as all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers.”
The Central 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 decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance. This will reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.”
And the Central Bank stressed, “Banks must assume their responsibilities in facilitating and accelerating procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the established legal requirements.” Ended 29 / M99
https://www.mawazin.net/Details.aspx?jimare=215246
Al-Sudani Urges Activating Steps To Sell Foreign Currency At The Official Rates For Citizens
Political | 01:26 – 12/27/2022 Baghdad – Mawazine News The Prime Minister, Muhammad Shia’ al-Sudani, urged today, Tuesday, the Central Bank to activate steps to sell foreign currency at official rates to citizens, stressing the need to take the necessary measures to prevent illegal speculation, and everything that harms the local market and leads to higher prices.
A statement by the media office of the Prime Minister, a copy of which Mawazine News received, stated that “Al-Sudani met with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, where he listened to a detailed presentation on the rise in the foreign exchange rate, and the most important measures taken by the bank in this field.”
Al-Sudani urged the Central Bank to achieve general stability of 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, organize and monitor the work of banks and enhance the integrity and efficiency of banking systems. Payment and payment system development.
He stressed, “The need for the bank to take the necessary measures to prevent illegal speculation, and everything that harms the local market and leads to higher prices.”
And the statement continued, “Al-Sudani also urged the activation of steps to sell foreign currency at official prices to citizens by purchasing 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 to the Prime Minister the positive position of the financial situation, stressing that “the crisis regarding foreign currency is an emergency crisis for technical reasons, and coincided with the work on the new electronic platform and the delay in transfers due to the Christmas holidays.”
And the governor praised “Cabinet Resolution No. 352 of 2022 to stop the work of pre-collection of taxes and customs for goods entering through government outlets and to prevent double taxation, and to collect them according to the approved contexts at border crossings.” Ended 29 / M99
https://www.mawazin.net/Details.aspx?jimare=215247
Iraq Market: Trading Volume Exceeded Half A Trillion Dinars In 2022
Market Economy News / Baghdad The Iraqi Stock Exchange disclosed, on Tuesday, the indicators achieved during the year 2022, indicating that the number of shares traded is (564) billion shares, with a value of (521) billion dinars.
A market statement stated that the year 2022 witnessed “the holding of (236) trading sessions on shares of listed joint-stock companies for the year 2022, except for official holidays.”
The number of companies registered in the market reached (103) joint-stock companies representing the following sectors: (43) companies in the banking sector. (2) a company in the telecommunications sector. (5) a company in the insurance sector. (6) a company in the financial investment sector. ( 11) companies in the services sector (21) companies in the industry sector (9) companies in the hotels and tourism sector (6) companies in the agricultural sector.
The number of companies whose shares have been traded has reached (92) representing the following sectors: (36) a banking company. (2) a communications company. (5) an insurance company. (4) a financial investment company. (10) a service company. (20) An industrial company (9) a hotel company (6) an agricultural company.
The statement pointed to “the number of shares traded (564) billion shares, at a value of (521) billion dinars, while the number of executed contracts reached (135,597) contracts.”
The traded stock price index closed at the close of December 2021 at (569.2) points, and at (585.9) points at the close of December 2022, achieving an increase of (3.53).
The number of companies that held a meeting of their general assemblies reached “(79) joint stock companies, and the number of companies that distributed dividends was (21) joint stock companies.”
He pointed out that “the first stock trading session for the year 2023 will be held on Monday, January 2, 2023.” Views 84 Added 12/27/2022 – 4:09 PM Updated 12/27/2022 – 5:51 PM
https://economy-news.net/content.php?id=31553
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
