Iraq News Highlights Monday Morning

Monday Morning Iraq News Highlights 12-26-22

“How Will We Live?” The Dinar Is Bleeding In Front Of The “Green Currency”, And Officials Are Accused

Sumerian special    Source:  Alsumaria News   7,463 views  “There is no work or money, how can we live!” With these angry words, Mahmoud Hassan expresses his position on the depreciation of the Iraqi dinar against the US dollar.

Hassan, the owner of an antiques shop in the capital, Baghdad, does not see any justification for the dollar’s rise, “but the political class is benefiting from what is happening, and is pushing for a greater rise, and the people do not care.” at all.”

Hassan says, “His business was greatly affected by the rise in the dollar… This led to a weak demand for people to buy.”

The Iraqi dinar is witnessing bleeding against the dollar, although the exchange rate is officially set at 1460 dinars, but the current prices amounted to about 1545 dinars against one dollar.

A parliamentary warning , a member of the Finance Committee in the House of Representatives, Sajjad Salem, attributes the reason for the dollar’s rise to “stopping 4 Iraqi banks from entering the currency sale auction as a result of international sanctions, in addition to the electronic platform that was announced.”  Central Bank of Iraq”.

Related articles

The central bank issues 4 decisions to control the dollar   2022-12-19

The Central Bank issues an explanation regarding the rise in dollar exchange rates  2022-12-15

Deputy: Parliament is unable to deal with the high price of the dollar  2022-12-15

And it was  Central Bank of Iraq  In the past weeks, 4 private Iraqi banks have been excluded from the currency sale auction. Following directives and accusations from the US Treasury to these banks of “currency smuggling”.

Salem calls, in his interview with  Alsumaria News  The government called for “finding the necessary solutions and controlling exchange rates,” warning that the dollar’s continued rise for a new week “will create negative effects in the country.”

And the member of Parliament’s finance goes on to say, “There are no positive returns from this rise, because it is unplanned.”

Shaleef Al-Souf For her part, a member of the House of Representatives, Alia Nassif, said, on the occasion of the dollar’s rise, “You are sleeping, Shalef Al-Souf, and the dollar is swaying with your people.”

Nassif indicated in a tweet on Twitter that, “(Sherif Al-Souf) here is not a person, but rather a system that deserves to be cursed for its corruption, which starts with those who have the idea of the exchange rate and ends with those who oppose its return to 120 thousand dinars.”

* Parliament abandons promises

Before the “early” elections were held on October 10, 2021, the candidates for the fifth parliamentary session were singing about devaluing the dollar, but they “abandoned their promises.”  Bassem Jamil Antoine .

While the deputy says  Moein Al-Kazemi  That the House of Representatives is unable to deal with the rise in the price of the dollar; Because this is a matter for the government.

Al-Kadhimi calls, in an interview on an investigative program broadcast by Alsumaria TV, on the government to “monitor merchants and private banks and control the currency market,” adding that “the solution cannot be through reducing exchange only, but rather through encouraging the national industry.”

* The platform

Returning to the economist’s speech, he points out that “there is supply and demand, the supply is low and the demand is wide and large due to the Central Bank’s development of an electronic platform on the recommendation of the Federal Reserve Bank; in order to check the numbers of buyers of the dollar; to prevent it from being traded on the black market.”

Shows Antoine to Alsumaria News, that “this platform disrupts the process of pumping the dollar, after the central pumped about 200 million daily, it now supplies the market with about 130 million.”

On December 15, the Iraqi Central Bank considered the rise, which it described as “simple” in the exchange rate, as being due to some factors, including “building an electronic platform through which banks raise their customers’ requests.”

And the bank continued, in a statement, that it “started months ago to build that platform in coordination with international bodies for the purpose of ruling and organizing window operations for buying and selling foreign currency and ensuring effective control over it, as an international company specialized in building it and linking banks with the Central Bank through it,” noting that “The platform requires providing information about customers requesting transfers, beneficiaries, correspondent banks, etc.”

The statement indicated that “due to the recent use of this platform, many errors are being discovered, which requires the bank to re-download it. These procedures take additional time to accept the request and pass it through the global financial system.”

He explained that “the central bank’s reserves and the state’s financial solvency in general are in excellent condition and at their best levels in decades, and that the current supply of foreign currency is not linked to resources, but rather to administrative and audit procedures, which will be bypassed during the coming days. In addition, the central bank has taken a number of measures to expand the offer.” foreign exchange to meet the public’s demand for cash dollars.

A few days later, specifically on January 19, the Iraqi Central Bank approved a package of decisions “that would restore the foreign currency market to its normal position.”

These decisions, as stated by the bank in a statement, consisted of “allowing banks to participate in the window of buying and selling foreign currency by purchasing any amounts in foreign currency and depositing them with this bank in accounts used for external transfer purposes, and interest / returns are paid on those balances according to what this bank decides.” .

It also included “facilitating the financing of private sector trade through Iraqi banks and meeting the demand for foreign transfers by strengthening bank balances with their correspondents in other currencies in addition to the US dollar (Chinese yuan, the euro, the Emirati dirham, the Jordanian dinar, and others).”

The bank added, “Outlets have been opened to sell foreign currency in government banks to the public for the purposes of travel (treatment, Hajj Umrah, study, etc.)

The Central Bank stressed, “Reducing the selling price of the dollar to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet, to be at a price of (1465) dinars to the dollar instead of (1470) dinars to the dollar. The dollar will be sold to electronic payment companies for the above purpose at a price ( 1455 dinars to the dollar instead of (1460) dinars to the dollar.

* Another rise, and a former member of the Securities Commission, Salam Sumaise, goes far in her presentation on this subject, as she believes that the exchange rate has reached 160,000 dinars compared to 100 dollars.

Sumaisem said in an interview with the “After the Investigation” program that she broadcasts  Sumerian Channel satellite channel, that “the price of the dollar will not return to its previous state, due to the obligation of Iraq to the decisions of the World Bank for a period of five years, according to the white paper.”

And she pointed out that “the procedures for raising the exchange rate have benefits for the government and not for citizens, because in this case it will provide large amounts of local cash as a result of the dollar’s rise,” indicating that “the solution lies in pumping foodstuffs through the ration card, which can relieve the burden of the citizen from the flames of prices.” It maintains market stability LINK

A New Jordanian Currency Is Being Introduced To The Market

News source /change channel    The Central Bank of Jordan started offering the fifth issue of the Jordanian currency in circulation in the same denominations as the current issue (50 dinars, 20 dinars, 10 dinars, 5 dinars, and one dinar denomination).

The bank introduced the new form of the denomination dinar (one dinar) into circulation on Mondays, and then other denominations will be offered within dates that will be announced at the time of offering each denomination gradually, according to what was published by the “Kingdom” channel.×456.jpeg

The bank said in a statement: The denominations of the new issue (the fifth issue) will be put into circulation gradually along with the denominations of the current issue of banknotes that are adorned with pictures of the Hashemite kings as they are in the fourth issue .

He stressed that the new issue includes the latest security signs used in the world of money industry, in addition to improving the quality of banknotes available for circulation and extending their life, given the passage of nearly 20 years since the launch of the fourth issue of The Jordanian currency is in circulation and the emergence of the need to improve the security signs and technical specifications of the banknote.

The post A New Jordanian Currency Is Launched In The Markets appeared first on Al-Tagheer TV Channel.

You can also read the news from the source here

A Government Advisor Identifies New Reasons For The Rise In The Exchange Rate In The Local Markets

Economie   00:03 – 2022-12-26   Today, Sunday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, identified new reasons for the rise in the exchange rate in the local markets, and while he revealed the existence of monopolistic activity within the market, the work of the monetary authority confirmed the stability of the exchange market with two paths.

Saleh said in a press statement, “The slight fluctuations in the exchange rate outside the current central rate have come for internal and external reasons,” stressing that the internal reasons are related to the monetary dollar, according to which the foreign currency window of the Central Bank supplies offices, exchange companies, and banks annually with about 10 billion dollars for purposes.

Travel and tourism, and it is a large number in filling the needs of the local market for the purposes of travel in cash.”

He added that “a monopolistic activity within the market acts outside the regulatory controls stipulated in the Anti-Money Laundering Law.”

He pointed out that “the monetary authority is working to stabilize the exchange market in two tracks: the first: is represented by monitoring the exchange market to ensure the flow of foreign exchange from the dollar to the beneficiaries of the travelers, so that the share of one traveler has become 5 thousand dollars instead of 3 thousand dollars, with the possibility of collecting 10 thousand dollars for purposes

The treatment is for a single traveler as well, and this was accompanied by the opening of official outlets within the branches of government banks to provide citizens with foreign currency at the official rate in order to create an atmosphere of competition in the sale of foreign currency by expanding the money supply in dollars.

And that “the second track relates to the dollar transferred through the window of the Central Bank abroad, which aims to finance foreign trade for the private sector, as these transfers to banks abroad constitute approximately 90% of the total demand for foreign currency through the window of the Central Bank of Iraq.”

Salih revealed that there are objections from international compliance control regarding some transfers of incomplete information that private banks present to foreign currency for the benefit of their customers and for their own, stressing that “a number of transfers issued by requests from some private banks were rejected, especially since the platform through which transfer transactions pass It is the external entity that undertakes the rejection of incorrect requests, which are monitored by the global compliance circles.

” External”.

He noted that “foreign reserves have become the strongest in Iraq’s financial history, and its balance has perhaps exceeded one hundred billion dollars, which means there is no fear or concern about Iraq’s financial capabilities in imposing stability in the dinar exchange rates as long as the matter is related to administrative and organizational affairs in dealing with external transfer and foreign currency trading.” “.