Iraqi News Highlights Friday Morning 6-30-23
Tlm724 Administrator Bondlady’s Corner
The Dinar Support Committee Is In The Process Of Making New Moves Regarding The Exchange Rate
Money and business Economy News _ Baghdad The Higher Committee for Supporting the Iraqi Dinar intends to coordinate a meeting between Prime Minister Muhammad al-Sudani and some merchants to agree on setting concrete mechanisms that limit the problems of exchange rate fluctuations, the rule of the parallel exchange rate in the markets, and control of dollar transactions.
Committee member Omar Al-Sudani, director of the supervision and follow-up department at the Baghdad Chamber of Commerce, said, in an interview with the official newspaper, followed by “Al-Iqtisad News”, that
“the committee, within its next plan, to diagnose errors and weaknesses that caused the rise in exchange rates in the parallel market, called for the need to support merchants and facilitate He ordered them with regard to taxes after there were many problems in this regard,” adding that
“the committee supported merchants in the Baghdad Chamber of Commerce and the Registrar of Companies, and
prepared simple companies to support medium merchants, as well as
following up on banks and
recommending facilitating their procedures towards merchants, and
coordinating a meeting for merchants with the head of the Council Ministers[to listen to their problems and the possibility of solving them by overcoming the obstacles facing their commercial work.
Al-Sudani added, “The committee aims to
support the dinar and
make it the basis for buying and selling in transactions within the country and
adopting the foreign currency (the dollar) in external transactions only,
which reduces pressure on the dollar and leads to a decline in its exchange rates in the local market.
This process, if successful, will achieve price stability and proportionality.” With the income of the citizen, who is burdened by the rise in prices as a result of fluctuating exchange rates.
He explained that “several measures have been put in place to support the dinar, as the central bank has taken upon itself to solve the problem of bank transfers and adopt the platform in this regard despite the repeated complaints of merchants, but
it is a good step to speed up the issue of remittances, in parallel with the simplification of banking procedures from the Baghdad Chamber of Commerce, which merchants complained about.”
A lot of them, as the Chamber organized discussion sessions through which merchants gathered with bank representatives to discuss and find solutions, and the rest of the procedures relate to the merchant himself and the extent of his response to the campaign and his implementation of the instructions that the committee provides him with in order to ensure the value of the dinar.
He continued by saying that “the issue of currency stability is related to government measures more than it relates to other parties, as they are the only ones capable of doing so, through the procedures they take and the extent of their implementation,” noting that
“the Baghdad Chamber of Commerce works alongside the merchant who incurred losses as a result of the fluctuation that occurred and its reflection on prices.”
And the current recession and the reluctance of citizens to buy, and
it will remain supportive of any measure that would support price stability and raise the value of the Iraqi dinar against the US dollar,
by preventing speculation in the currency and continuous campaigns to urge the merchant to adopt the dinar in his dealings,
as well as government control and preventing currency smuggling and so on. Measures to maintain the stability of the currency. Views 366 06/26/2023 https://economy-news.net/content.php?id=34900
Al-Sudani: 85% Of Iraq’s Trade Takes Place Through The Dollar Platform
Mohamed Shiaa Al-Sudani Money and business The Prime Minister, Muhammad Shia Al-Sudani, said that more than 85% of the financing of foreign trade for Iraq takes place through the dollar platform established by the Central Bank of Iraq.
And the Central Bank, at the end of the year 2022, activated the electronic platform for external transfer, and set new controls with the US Federal Bank, which led to a crisis in the dollar exchange rate.
He added that Iraq is committed to international standards in financing foreign trade, and that
the exchange rate of the dollar in the parallel market will not remain at this high, after the recent central bank measures.
He pointed out that the citizen can obtain the dollar at the official rate, as it was for the purposes of trade and travel, explaining that the person who goes to the price equivalent to the dollar goes to smuggling and money laundering.
And the Deputy Director General of the Investments Department at the Central Bank, Muhammad Yunus, said that
“all financial transfers are followed up and monitored by the Central Bank of Iraq through the electronic platform, and the cash sale platform (fitr).
He added, “These operations come within the international standards for combating money laundering and terrorist financing, and are compatible with all international norms and laws, and do not affect the reputation of Iraq, the central bank and financial institutions in the event of any defect in those transfers.”
He pointed out that “accepted remittances began to increase continuously, and
we expect the central bank to reach very high levels.”
Regarding the possibility of the exchange rate of the dollar returning to its previous price, Younis indicated that
“the parallel rate has begun to decline gradually on a daily basis during the past days,” pointing out that
“the Central Bank is working hard to solve all the problems that banks and merchants suffer from in the process of financial transfer.” Views 352 06/25/2023 https://economy-news.net/content.php?id=34884
At The Official Price, 1315 And 1320 Dinars
Al-Rafidain: Issuing documentary credits via the electronic platform and external transfers
Economy |06-26-2023, 15:35 | Baghdad today – Baghdad Today, Monday, Al-Rafidain Bank announced the issuance of documentary credits through the electronic platform and external transfers.
The media office of the bank stated in a statement received by (Baghdad Today) that
“the issuance of documentary credits through the electronic platform at the official price of 1315 dinars to one dollar.” He added, “Foreign remittances are at a price of 1320 dinars per dollar.”
Al-Rafidain Reveals That The Credit Card Will Soon Be Launched
Today, |Baghdad today – Baghdad Today, Friday, Al-Rafidain Bank revealed that the credit card will soon be launched.
The media office of the bank stated, in a statement received by (Baghdad Today), that “the credit card will be launched soon,” noting that “the card carries privileges, including lending for a certain amount and according to the salary.”
https://baghdadtoday.news/225115-الرافدين-يكشف-عن-قرب-إطلاق-بطاقة-الكردت-كارد-الائتمانية.html
Mazhar Muhammad Salih: There Is No Fear Of Fluctuating Oil Prices For The Budget
Money and business Economy News – Baghdad On Sunday, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, dispelled fears of the impact of oil price fluctuations on the budget. Saleh said, “There is no fear for the budget from fluctuating oil prices, because in the current reality it managed for half a year, but its approval will require additional expenditures during the second half of this year.”
Saleh added, in an interview with the official newspaper, that “the expenditures will increase from now on, and those expenses will be covered from oil and non-oil revenues, and any financial deficit can be remedied through internal and external borrowing.”
Views 187 06/25/2023 – https://economy-news.net/content.php?id=34895
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