Iraq Economic News and Points to Ponder Friday Afternoon 12-22-23
Tlm724 Administrator Bondlady’s Corner
Regarding the dollar… Al-Alaq talks about American and international welcome to the Central Bank’s steps
Economy | 07:13 – 12/22/2023 Mawazine News – Baghdad The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Friday, the continuation of financing foreign trade in several foreign currencies in addition to the dollar. While he indicated that the banking sector’s implementation of compliance rules strengthens Iraq’s financial position globally, he pointed out that there is an international welcome from the US State Department. And the International Monetary Fund, with the measures implemented by the bank that strengthened the banking sector’s commitment to these rules.
Al-Alaq said, “The Central Bank followed a plan that included mobilizing all requests for the dollar within the proper and fundamental channels, while attracting all merchants, importers, and those in need of external transfers within these frameworks and channels.”
He added, “The more the size of these channels and the number of participants expand in them, the more it affects two things positively. The first is the exchange rate and its stability, and the second is providing the correct compliance rules, which strengthens the reputation of the country and the banking sector externally and strengthens Iraq’s financial position globally.
This matter is currently being done with an exceptional and great effort, as for the first time it is witnessing… Iraq: Reorganizing the external transfer process through correspondent banks instead of the central bank or the Federal Bank being the executive interface for this process.
He continued, “In fact, this process is not the best practice in the world. Rather, it is better for all transfers to be through a relationship between the local Iraqi bank and the external correspondent bank, and the central bank carries out the process of monitoring, supervising, and enhancing foreign currency balances abroad to cover these needs.”
Al-Alaq stressed, “This matter was achieved by introducing a series of currencies into foreign trade, including the Chinese yuan, the Indian rupee, the euro, the Turkish lira, and the Emirati dirham, in addition to the dollar. Wherever there is a need that depends on the weight of trade between us and the country with which there is trade activity, we will use those currencies.” “.
He pointed out that “the US Department of the Treasury and the Federal Bank very much welcomed the central bank’s steps related to the use of correspondent banking channels, and also the application of compliance procedures and rules followed by the central bank.
This also appeared in the recent International Monetary Fund report, which praised the central bank’s efforts within the framework of the banking sector’s compliance with anti-corruption rules.” Money laundering and terrorist financing.” https://www.mawazin.net/Details.aspx?jimare=239512
Central Bank Governor: International Welcome To The Iraqi Banking Sector’s Commitment To Compliance Rules
Friday 22, December 2023 19:41 | Economical Number of readings: 121 Baghdad / NINA / The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Friday, the continuation of financing foreign trade in several foreign currencies in addition to the dollar. While he indicated that the banking sector’s application of compliance rules strengthens Iraq’s financial position globally, he pointed out that there is an international welcome from the US State Department. And the International Monetary Fund, with the measures implemented by the bank that strengthened the banking sector’s commitment to these rules.
Al-Alaq told the official agency, “The Central Bank followed a plan that included mobilizing all requests for the dollar within the proper and fundamental channels, while attracting all merchants, importers, and those in need of external transfers within these frameworks and channels.”
He added: “The more the size of these channels and the number of participants in them expand, the more this will affect two things positively. The first is the exchange rate and its stability, and the second is providing the correct compliance rules, which strengthens the reputation of the country and the banking sector externally and strengthens Iraq’s financial position globally.
This matter is currently being done with an exceptional and great effort.” For the first time, Iraq is witnessing the reorganization of the external transfer process through correspondent banks, instead of the Central Bank or the Federal Bank being the executive interface for this process.”
He continued: “In fact, this process is not the best practice in the world. Rather, it is better for all transfers to be through a relationship between the local Iraqi bank and the external correspondent bank, and the central bank carries out the process of monitoring, supervising, and enhancing foreign currency balances abroad to cover these needs.”
Al-Alaq stressed, “This matter was achieved by introducing a series of currencies into foreign trade, including the Chinese yuan, the Indian rupee, the euro, the Turkish lira, and the Emirati dirham, in addition to the dollar. Wherever there is a need that depends on the weight of trade between us and the country with which there is trade activity, we will use those currencies.”
He pointed out that “the US Department of the Treasury and the Federal Bank very much welcomed the Central Bank’s steps related to the use of correspondent banking channels, as well as the application of compliance procedures and rules followed by the Central Bank.
This also appeared in the recent International Monetary Fund report, which praised the Central Bank’s efforts within the framework of the banking sector’s compliance with the rules.” Combating money laundering and terrorist financing.”/End 9 https://ninanews.com/Website/News/Details?key=1096840
Decrease In Dollar Exchange Rates In Baghdad Markets
Economy Thursday, December 21, 2023 Baghdad/National News Center Today, Thursday, the exchange rates of the US dollar witnessed a decline in the markets of the capital, Baghdad.
Dollar prices fell with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 153,250 dinars per 100 dollars, while yesterday, Wednesday, prices were 154,600 dinars per 100 dollars.
Regarding the selling prices in the exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 154,250 dinars, while the purchasing price reached 152,250 dinars for every 100 dollars. https://nnciraq.com/242197/
The Central Bank Of Iraq’s Dollar Sales Declined In Today’s Trading
Economy Thursday, December 21, 2023 Baghdad/National News Center The Central Bank’s dollar sales at the currency auction fell today, Thursday, to reach $209 million.
The Central Bank recorded sales of the dollar, during its auction for buying and selling the US dollar today, 209 million 994 thousand and 098 dollars compared to yesterday, Wednesday, in which sales amounted to 215 million 128 thousand and 512 dollars, which the bank covered at a base exchange rate of 1305 dinars, for every dollar of documentary credits. And international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.
Most of the bank’s dollar sales went to strengthen balances abroad in the form of (transfers, credits), which amounted to 177 million 547 thousand and 98 dollars, an increase of 82%, compared to cash sales amounting to 32 million and 420 thousand dollars.
The number of banks that purchased cash dollars reached 9 banks, while the number of banks that responded to requests to enhance balances abroad reached 20 banks, while the total number of exchange and brokerage companies participating in the auction was 222 companies.
Oil Prices Exceed $80 Per Barrel
Economy | 12/22/2023 Baghdad – Mawazine News Oil prices rose by as much as 1 percent today, Friday, as tensions continue in the Middle East and the Red Sea.
Brent crude futures rose 86 cents, or 1.1 percent, to $80.25 per barrel, while US West Texas Intermediate crude futures rose 81 cents, or 1.1 percent, to $74.70 per barrel.
Both contracts also rose more than 4% for the second week in a row, as concerns about shipping in the Red Sea pushed prices higher.
Germany’s Hapag-Lloyd and Hong Kong’s OOCL were the latest companies to announce they would avoid the Red Sea by rerouting ships or suspending sailings.
https://www.mawazin.net/Details.aspx?jimare=239497
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Provoking Points To Ponder on Inspiration:
Every true man, sir, who is a little above the level of the beasts and plants, lives so as to give a meaning and a value to his own life. – Luigi Pirandello
Never let go of that fiery sadness called desire. – Patti Smith
For every man there exists a bait which he cannot resist swallowing. – Friedrich Nietzsche
The moment somebody says to me, “This is very risky,” is the moment it becomes attractive to me. Kate Capshaw
Discontent is the first step in progress. No one knows what is in him till he tries, and many would never try if they were not forced to. – Basil W. Maturin
All progress is based upon a universal, innate desire on the part of every living organism to live beyond its income. – Samuel Butler
It is the spur of ignorance, the consciousness of not understanding, and the curiosity about that which lies beyond that are essential to our progress. – John Pierce
One starts an action simply because one must do something. – T. S. Eliot
What you are must always displease you, if you would attain to that which you are not. – Saint Augustine
If you’re good to your staff when things are going well, they’ll rally when times go bad.– Mary Kay Ash