Iraqi News Highlights Wednesday Evening 6-21-23
Tlm724 Administrator Bondlady’s Corner
The Exchange Rate Of The Dollar On The Meeting Table Of The Anti-Money Laundering Council
Money and business Economy News – Baghdad The Governor of the Central Bank of Iraq, Chairman of the Council for Combating Money Laundering and Financing of Terrorism, Ali Mohsen Al-Alaq, chaired today, Tuesday, the regular session of the Council for Combating Money Laundering and Financing of Terrorism. The bank’s media stated in a statement, “The council hosted the Director General of the Legal Department and the Director General of the Real Estate Registration Department at the Ministry of Justice to discuss the mechanism for applying due diligence controls to combat money laundering and terrorist financing in the real estate registration departments.”
The Council reviewed, according to the statement, “the steps and preparations for the mutual evaluation of the Republic of Iraq to be conducted next August, taking a number of decisions in this regard with the aim of preserving Iraq’s advanced position in the control measures that resulted in its exit from the gray area in the international classification for the year 2018.”
During the session, the council discussed “developments in changes in the exchange rate of the dollar currency in informal markets, and the measures taken by the Central Bank of Iraq in this regard.”
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A Jump In The Central Bank’s Sales Of Dollars In Today’s Transactions
Economy | 12:51 – 06/21/2023 Baghdad – Mawazine News Today, Wednesday, the central bank’s dollar sales recorded a significant increase, recording more than $ 274 million.
According to the schedule of the currency sale window that Mawazine News followed, the Central Bank sold during its auction today 274,980,624 dollars, which the bank covered at an exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for external transfers, and at a price of 1310 dinars per dollar, respectively. monetary.
Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits), amounting to 210,210,642 million dollars, while the rest, amounting to 66,770,000 million dollars, went in the form of cash sales. https://www.mawazin.net/Details.aspx?jimare=229780
Oil Continues Its Losses For The Third Day In A Row
Economy | 06/21/2023 Follow-up – Mawazine News Today, Wednesday, oil prices extended their losses for the third day in a row, on the back of the dollar’s rise thanks to the recovery in the US housing market, while demand concerns persisted, fearing that monetary stimulus in China would not be sufficient to revive growth.
Brent crude futures fell 21 cents, or 0.3%, to $75.69 a barrel, and US West Texas Intermediate crude futures fell 14 cents, or 0.2%, to $71.06 a barrel.
The dollar rose after data showed that home building in the United States rose in May to its highest level in more than a year, and building permits increased, indicating that the housing market may recover after being affected by the Federal Reserve’s interest rate hike.
A strong dollar affects demand for oil because it makes a commodity priced in the US currency more expensive for holders of other currencies.
The market remains concerned about a stalled recovery in China, the world’s largest oil importer.
In an effort to boost growth, Beijing on Tuesday cut key loan interest rates for the first time in ten months.
It cut interest rates on one- and five-year loans by 10 basis points, lower than expected.
The interest rate cut came in the wake of economic data that showed that China’s retail and factory sectors were finding it difficult to maintain the momentum achieved earlier in the year after the abandonment of Corona restrictions.
The oil market is also cautious ahead of Federal Reserve Chairman Jerome Powell’s congressional testimony later in the day, which is expected to provide clues about future interest rate movements in the world’s largest economy.
Dealers are also awaiting US oil inventories data issued by the American Petroleum Institute today and the Energy Information Administration tomorrow, Thursday.
Both reports were delayed by a day after a public holiday on Monday.
Five analysts polled by Reuters estimated that crude stocks fell by about 400,000 barrels in the week ending June 16. https://www.mawazin.net/Details.aspx?jimare=229759
Requiring More Than 10,000 Merchants To Make Commitments That Include Dealing In Dinars
Local | 06/21/2023 Baghdad – Mawazine News Today, Wednesday, the Ministry of the Interior announced, in figures, its measures to support the dinar against the dollar, and while it committed the owners of shops and commercial centers to written pledges, it counted the number of arrested speculators in dollar prices since the beginning of the year.
Brigadier General Hussein al-Tamimi, director of operations to combat organized crime affiliated with the ministry, told the official agency, followed by Mawazine News, that “its measures to support the dinar consisted of taking written pledges from the owners of shops and commercial centers, in addition to residential complexes and car showrooms, to deal with the Iraqi dinar, not the dollar,” indicating “Their procedures have reached retail shop owners in Shorja, which has its weight, as our procedures have reached the retail level.”
He added, “Dealing in dollars is through the electronic platform at the price specified by the Central Bank of 1,320 dinars per dollar,” noting that “these written pledges were made by a competent authority by the Central Bank of Iraq.”
He stressed that “the work of the Directorate for Combating Organized Crime is to implement what is issued by the judiciary and from higher authorities such as the prime minister, where the Council of Ministers issued Resolution No. 23026 of 2023, which obligated all sectors, including the private sector, to deal in Iraqi dinars instead of dollars,” pointing to He “took more than 10,000 written pledges from the aforementioned groups in Baghdad and the provinces.”
And he continued, “The campaign launched by the Directorate for Combating Organized Crime regarding speculators during January of this year resulted in the arrest of more than 200 people who were carrying out currency smuggling operations outside Iraq by transporting it by special wheels from Baghdad towards the region and from there to other countries.” the other,” explaining that “legal measures have been taken against them.”
He stressed, “There is a parallel market in which there are some owners of banking offices divided into (A), (B) and (C), as category (A) is allowed for transfers outside Iraq through existing banks, while the other two categories do not have The right to transfer outside Iraq,” pointing out that “the existing large merchants subscribed to the electronic platform set by the Central Bank of Iraq and began importing their materials, whether electrical, household, food, or others.”
He mentioned that “some wholesalers did not participate in the electronic platform, as they resort to the parallel market in the areas of Al-Kifah and Al-Harithiya, i.e. the black market, and deal in dollars under many pretexts, including the speed of the transfer, because the transfer with the Central Bank needs 10-15 days until it reaches the concerned country so that the merchant can import.”
And he indicated that “the organized crime detachments monitored the work of the exchange offices and followed up on those who carry out transfer operations outside the instructions issued by the Central Bank of Iraq,” noting that “they were arrested and sentenced to imprisonment and a fine, while arrest warrants were issued against others.”
He pointed out that “the penalty for speculators at dollar prices is 6 months imprisonment with a fine of up to 5 million dinars, and in the event of a repeat violation, the sentence will be imprisonment for a year with a fine of up to 15 million dinars,” explaining that “the campaign to support the dinar that was launched in January The past under the slogan:
“The dinar is a homeland issue” witnessed the arrest of a number of residential complex owners who deal in dollars instead of dinars, and more than 3 million dollars intended for smuggling were seized by foreign controls.
Al-Tamimi explained that “the directorate opened an investigation regarding withdrawing sums of dollars from the passport without the knowledge of its owner,” pointing out, ”
And he stated, “These people were arrested by the Directorate for Combating Organized Crime affiliated to the Agency for Intelligence Affairs,” noting that “the Ministry Agency for Federal Intelligence and Investigation Affairs has set the hotline 144, which receives complaints around the clock, and the identity of the caller is kept confidential, and the identity of the caller is kept confidential.
In the light of taking legal measures against the information received through the hotline, in addition to that, there is a special email and a special page for the Ministry of Intelligence Affairs and Federal Investigations that any citizen can access and sell to.
And he stated, “There are intelligence divisions present in all regions of Baghdad and the provinces, and the citizen can go to them and provide them with information, as they are presented to the Undersecretary for Intelligence Affairs, and measures are taken that do not exceed 48 hours.” Ended 29 / A https://www.mawazin.net/Details.aspx?jimare=229783
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