Iraqi News Highlights Monday Afternoon 7-24-23
Tlm724 Administrator Bondlady’s Corner
Parliamentary Finance Issues A Set Of Recommendations To The Central Bank, And The Relationship Confirms: Our Problem Is The Increase In Demand For Currency
Iraq Monday, July 24, 2023 3:35 PM Baghdad / National News Center Today, Monday, the Parliamentary Finance Committee issued a number of recommendations to the Central Bank during its hosting of the Governor of the Central Bank, Ali Al-Alaq. A statement of the Parliamentary Finance received by the National News Center stated that it, “headed by Atwan Al-Atwani and in the presence of its members, hosted today, the Governor of the Central Bank, Ali Al-Alaq, to discuss the banking sector and the high exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks.”
Al-Atwani said, according to the committee’s statement: “There is optimism in the process of reforming the economic reality and money management, and the path of controlling the exchange rate, adding: We hope to achieve economic stability and improve performance.”
He pointed out that “there is a problem related to the existence of sanctions imposed on some banks, which leads to challenges that must be faced and the need to find measures to control the labor market and the exchange rate.”
For his part, Ali, Al-Alaq, reviewed a number of issues related to the work of the Central Bank and monetary policy, indicating that “the mission of the Central Bank is to achieve monetary stability and control prices.”
He explained, “It is necessary to create a balance between supply and demand for foreign currency, and to monitor the cash currency entering and leaving through the outlets, and to confirm its entry in a legal manner, adding that the general principle of monetary stability is the linkage of the exchange rate to cash.”
And he added, “The problem lies in the increased demand for the currency, while the bank provides the currency through the platform,” stressing “its readiness to cooperate in order to get out of the crisis.
The members of the committee asked a number of questions regarding the reasons for the rise in exchange rates, the penalties imposed on some banks, and what are the procedures that the Central Bank follows to find out the details, with the importance of developing radical solutions to that crisis.
The observations focused, according to the statement, on “the need to follow a monetary policy concerned with achieving economic packages that meet the requirements of the labor market, determining the number of banks accredited to the Central Bank, and finding clear plans to address the financial situation because the most affected is the Iraqi citizen and the poor groups, as well as how to protect the Iraqi dinar, and monitor exchange companies, in addition to procedures for dealing with banks, stressing the importance of concerted efforts in order to support the financial institution and avoid the consequences of the stage.”
At the end of the meeting, the Finance Committee emphasized “supporting the decisions taken by the government so that they are in the public interest of the country and building an advanced financial and economic system.” https://nnciraq.com/218121/
The Minister Of Foreign Affairs Presides Over The Session Of The Ministerial Council For Economy
Monday 24, July 2023 17:49 | political Number of readings: 30 Baghdad / NINA / – Deputy Prime Minister for Foreign Affairs, Fouad Hussein, chaired today the twenty-first session of the Ministerial Council for Economy.
The Council discussed the items on its agenda and took the appropriate decisions in their regard.
The Council hosted the technical deputy of the Ministry of Planning for the purpose of discussing strategic projects such as the Diwaniyah sewage project and finding out the reasons for the delay in this vital project, which serves most of the neighborhoods of the city of Diwaniyah. The Council decided to assign a consulting office to audit the completed and remaining works within a period of one month in order for the Council to take the appropriate decision and remove the obstacles that impede the completion of this important project.
The Council hosted the Director General of Water in the Ministry of Construction and Housing in order to listen to an explanation about the obstacles and problems facing the great Samawah water project, and after extensive discussions, the Council decided to approve the completion of the German company executing the project and cancel the withdrawal of hand in order to complete the project with the required specifications and as soon as possible to serve the people of the dear city of Samawah.
The council also hosted the head of the Iraqi Business Council to discuss the reality of the work of the mixed joint-stock companies. After a presentation made by the head of the business council, the head of the council decided to complete the discussions in detail in the next session due to the great importance of this issue on the Iraqi economy and the private sector in particular.
The meeting was attended by the Deputy Prime Minister, Minister of Planning, Ministers of Finance, Trade, Agriculture, Labor and Social Affairs, Secretary General of the Council of Ministers, Governor of the Central Bank of Iraq, Chairman of the National Investment Commission, Advisor to the Prime Minister for Legal Affairs and Chairman of the Securities Commission./ End
https://ninanews.com/Website/News/Details?key=1066761
Parliamentary Finance Hosts The Governor Of The Central Bank To Discuss The Issue Of Dollar Exchange
political | 12:46 – 07/24/2023 Baghdad – Mawazine News Today, Monday, the Parliamentary Finance Committee hosted the Governor of the Central Bank, Ali Al-Alaq, to discuss the issue of dollar exchange.
A Mawazine News correspondent said, “The committee hosted the governor of the Central Bank, Ali Al-Alaq, to discuss the issue of dollar exchange and the mechanism of the central bank’s work to control the market.”
While committee member Saad Awad Al-Tobi confirmed that “the committee prepared a program to host a number of officials, including the directors of Al-Rasheed and Al-Rafidian Banks,” noting that “the hosting aims to discuss the fees and benefits imposed on borrowers, whether they are decreasing or fixed, which sometimes amounts to twice the loan received by the citizen.”
https://www.mawazin.net/Details.aspx?jimare=231956
$231.3 Million In Central Bank Sales
Economy News – Baghdad Today, Sunday, the sales of the Central Bank of Iraq in the foreign currency sale window amounted to more than 231.3 million dollars.
The Central Bank’s website published a schedule of its dollar sales, and “Al-Iqtisad News” reviewed it, as it included the participation of 30 banks and 56 exchange companies, and covered external transfer requests of $216.8 million, while cash requests amounted to $14.5 million.
The Central Bank of Iraq sells the dollar for documentary credits and international settlements of electronic cards at a price of 1305 dinars per dollar, per dollar for documentary credits and international settlements of electronic cards and at a price of 1310 dinars per dollar for foreign transfers and at a price of 1310 dinars per dollar in cash. Views 36 07/24/2023 https://economy-news.net/content.php?id=35296
A New Update.. The Exchange Rate Of The Dollar Touches 155,000 In Iraq
Economy | 09:33 – 07/24/2023 Baghdad – Mawazine News The exchange rate of the dollar continued, on Monday, to rise in the local markets. The selling price of 100 dollars was recorded at 154,750 dinars. The purchase price was 152,750 dinars, compared to $100. Ended 29 / h
https://www.mawazin.net/Details.aspx?jimare=231939
The Central Bank Issues Instructions To Allow Banking Companies To Participate In The Currency Auction
Economy | 10:56 – 07/24/2023 Baghdad – Mawazine News Today, Monday, the Central Bank of Iraq decided to allow two categories of exchange companies to open accounts with it to participate in the window for buying and selling foreign currency.
https://www.mawazin.net/Details.aspx?jimare=231949
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