Iraqi News Highlights Wednesday Afternoon 7-5-23
Tlm724 Administrator Bondlady’s Corner
The Ministry Of Interior: Legal Penalties Against 50 Companies That Did Not Commit To Selling In Dinars
05/07/2023 Baghdad – Mawazine News Today, Wednesday, the Ministry of Interior confirmed the implementation of arrests and legal penalties against 50 companies and commercial entities that did not commit to buying and selling in Iraqi dinars, while indicating that more than 11 thousand pledges were taken to abide by the law and deal only in dinars.
Brigadier General Hussein Al-Tamimi, Director of the Organized Crime Operations Department at the Ministry of Interior, told the official agency, followed by Mawazine News, that “there is a great commitment by companies, shops and car showrooms to the campaign to support the dinar and stop selling in dollars, and citizens have seen this in their daily dealings.”
He added, “The campaign began with taking 11,785 pledges not to sell in dollars and to commit to selling in dinars, then it was followed by a second stage at the beginning of last June to follow up on those who did not abide by the commitments and hold them accountable. They were arrested and referred to the judiciary in accordance with Articles 306 and 240 of the Iraqi Penal Code No. 111.”
And he continued, “The number of those arrested has reached 50 violating companies in Baghdad and the provinces, and they are currently under investigation, and our inspection campaigns are carried out through employees in civilian clothes, as well as by receiving complaints from citizens, as we have received cases of residential complexes setting a price in dollars, as well as renting units in dollars, and they were dealt with according to the law.” https://www.mawazin.net/Details.aspx?jimare=230692
Central Bank Foreign Currency Sales Amounted To More Than 272 Million Dollars.
Economy News – Baghdad On Wednesday, the central bank’s sales of foreign remittances, for the third consecutive day, amounted to more than $200 million.
A statement of the Central Bank, followed by “Al-Iqtisad News”, stated that “the Central Bank sold today, during its auction for the sale and purchase of US dollars, 230 million, 602 thousand and 675 dollars, which the bank covered at a basic exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, at a price of 1310 dinars per dollar.” Dollars for foreign transfers at the same price in cash.
The statement added, “Most of the dollar sales went to boost balances abroad in the form of (remittances, credits) at a rate of 209 million, 302 thousand and 675 dollars, while the rest of 23 million and 300 thousand dollars went in the form of cash sales.”
Views 57 07/05/2023 https://economy-news.net/content.php?id=35016
The Rise In The Exchange Rate Of The Dollar On The Local Stock Exchange
Wednesday 05 July 2023 | Economical Number of readings: 417 Baghdad / NINA / – The exchange rate of the dollar against the dinar recorded an increase on the local stock exchange today, Wednesday.
The selling price of the dollar reached 148,750 dinars per hundred dollars, while the purchase price reached 147,750 dinars per 100 dollars. https://ninanews.com/Website/News/Details?key=1063129
The Securities Commission Launches Its Own Strategy During The Current Month
Money and business Economy News – Baghdad The Iraqi Securities Commission announced, on Wednesday, its intention to launch its own strategy during the current month, while identifying three main features of the strategy.
The head of the authority, Faisal Al-Haimus, told the Iraqi News Agency (INA), and followed it up with “Al-Iqtisad News”, that “the volume of trading and business that took place in the first half of the current world is good, but it remains below the level of ambition,” indicating: “We are working to increase the activity of the Iraqi market for securities.” By supporting him with the tools and mechanisms he needs, according to the government program of Prime Minister Muhammad Shia al-Sudani.
He added, “The Authority is in the process of launching a joint strategy for the market and the Securities Commission during the current month, which will bring solutions to some existing problems, including non-disclosure of the data of companies not listed in the market that trade on the secondary platform, and resolving the issue of the Securities Commission law and sending it to the State Council after the last agreement.”
With the market, in addition to the issue of automation and combating the financing of terrorism and money laundering,” pointing out, “This is compatible with the government program and will help us advance the reality of the Iraqi market for securities.”
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Iraq Joins The Egmont Group Of Financial Intelligence Units
Iraq Wednesday, July 5, 2023 Baghdad / The National News Center The Supreme Judicial Council announced, today, Wednesday, that Iraq has joined the Egmont Group of Financial Investigation Units.
A statement by the council, received by the National News Center, stated that “the efforts made by the competent courts and the Office of Combating Money Laundering and Terrorist Financing culminated in Iraq winning the membership of the EGMONT group concerned with the exchange of information between the financial investigation units related to combating money laundering and terrorist financing.”
And the statement stated, “The member states voted during the general meeting of Group No. (29) in the United Arab Emirates, today, Wednesday, to join Iraq, in the presence of the Deputy Chief of the Court of Appeal of Baghdad / Karkh, Judge Dia Jaafar and the Director General of the Office of Combating Money Laundering and Terrorism Financing.” Nizar Nasser Hussein.
He continued, “The approval came after the request submitted by Iraq earlier, and as a result, the legislative and operational structure in which the Supreme Judicial Council operates, the Office of Combating Laundering and Terrorist Financing, and other concerned authorities were studied, and a field visit was conducted.”
The statement noted, “With the accession of the Republic of Iraq, the number of member states has reached 170.”
It is worth noting that the Egmont Group provides support to member states by enhancing secure communication between financial investigation units, and securing communication between them through the application of modern technology through the secure Egmont site ESW, which helps in exchanging information with all 170 member states, which helps in Tracking the money of criminals and those under investigation directly and safely, which provides judges with investigative tools that help in detecting crimes and recovering money and criminals. https://nnciraq.com/214690/
An Iraqi Proposal To Deal In Dinars Instead Of Dollars With Iran
Money and business Economy News _ Baghdad The commercial adviser to the Iranian embassy in Iraq, Abd al-Amir Rabihawi, stated that the pressures of the US treasury prevent the Iraqi side from using its official currency to transfer money to Iran, forcing it to use the free market currency, which differs by 10% from the official currency and harms Iranian merchants.
According to the Jahan Sanat News website, Rabihawi said, at the meeting of the Iranian-Iraqi Joint Chamber, that “trade with Iraq is traditionally possible so that money is exchanged with this country through exchange offices or cash.”
Referring to the number of decision-making centers in Iraq and Iran, he explained: “We have Iraqi offices in most ministries in Iran that make decisions on their own, and this is what led to a lack of centralization in decision-making in Iran and it has become a peninsula, which causes contradictory steps to be taken.”
Rebihawi believes that Iraq is the best country for investment and export of goods in the region, stressing the importance of using this country for re-export, or benefiting from the advantage of transit through Iraqi territory to Europe or North Africa.
The Iranian trade advisor in Iraq stated that the central bank in this country distributes daily no less than 250 million dollars to the country’s banks, and said: “The pressures of the American treasury prevent the Iraqi side from using its official currency to transfer funds to Iran, which forces it to use the market currency.” The free currency, which differs by 10% from the official currency and harms Iranian merchants.
The Iranian official added, “Iraq suggested that all our financial dealings in Iraq be in dinars, even Turkish shops buy and sell in dinars in this country. Given the sanctions, this issue is in Iran’s favor.”
And he added, “Based on that, we offered the Central Bank of Iran that Iranian businessmen and merchants trade in dinars instead of dollars.”
Rabihawi confirmed that Iran is using its frozen funds in Iraq to buy 7 non-sanctioned commodities, in addition to industrial equipment, medicines and foodstuffs.
He continued, “Iranian merchants must convince the Iraqis that the goods Iran exports to Iraq are non-sanctioned,” declaring that the country exports 4,500 goods to Iraq that cover about 10% of its needs.
He added, “We must be frank with the Iraqis so that they realize that the issue of the price is very important to us regarding commercial exchanges with it, so that they return to us a difference of 10% of the price of the official and free currency.”
Rabihawi stated that since the beginning of the arrival of tourists with the aim of treatment to Iran, brokers began to exploit this point and plunder money by increasing the cost of treatment several times, and he said: “It is true that medical tourism has become popular and has a noticeable demand by Iraqis, but it is subject to the control of merchants and brokers in Iraq There is a disagreement between the Ministry of Health and Tourism on the need to solve these problems.
In conclusion, he added that it was decided to establish 5 industrial cities on the Iranian-Iraqi border.
Last week, the Iranian deputy oil minister for gas affairs said that the Iraqi Ministry of Electricity had paid Iran all gas-related debts.
“The Iraqi Ministry of Electricity has paid all our dues for gas, and the debt is now zero, but sometimes there are problems transferring money from the Iraqi TBI Bank to Iran,” Majid Chengy said.
In his statements, the Iranian official did not mention the amount of frozen funds in Iraqi banks.
For his part, Ahmed Musa, spokesman for the Iraqi Ministry of Electricity, confirmed, on Monday, that his country had paid Iranian gas dues to Tehran and deposited them in the Trade Bank of Iraq.
He said, “The Ministry of Electricity has paid all dues owed by Iraq to Iran, which are dues for importing gas from it.”
He added, “The dues were paid to the Iraqi Trade Bank in the Credit Fund, but the bank is finding difficulties in transferring them to the Iranian government because of the US sanctions.”
Views 134 07/05/2023 – https://economy-news.net/content.php?id=35012
Organized Crime Reveals New Secrets About The Dollar Trade.. “There Are Detainees”
Economy |Yesterday, 22:35 |Baghdad today – Baghdad The Director of Organized Crime Operations at the Ministry of Interior, Brigadier General Hussein Al-Tamimi, revealed new secrets related to the trade of foreign currency (the dollar) in the local (parallel) markets.
Al-Tamimi said in a televised statement this evening,
“50 companies in the provinces and Baghdad were seized in violation of the Central Bank of Iraq’s regulations in selling dollars and foreign currency, and legal measures were taken against them.”
He added, “We also caught the owners of malls and residential complexes who charge rents from their occupants in dollars, and they were held accountable according to the law.”
Al-Tamimi predicted that “the dollar’s exchange rate will decline after accounting for persons trading in currency outside the electronic system of the Central Bank.”
It is noteworthy that the local markets are witnessing a rise in the exchange rate of the dollar, as it sometimes reaches 1490 dinars per dollar, while the official price set by the state is 132 thousand dinars per hundred dollars. Economists blame speculators behind the rise in the exchange rate.
Minister Of Oil: The Government Is Supportive Of Increasing Investment Projects In The Oil Sector
Economy | 05:33 – 05/07/2023 Baghdad – Mawazine News, Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani confirmed today, Wednesday, the government’s keenness to cooperate and contract with international companies to invest in developing the oil industry and investing in associated gas.
The Ministry of Oil stated in a statement, a copy of which was received by Mawazine News, that “Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani, during his participation in the work of the eighth edition of the OPEC International Forum, which is being held in the historic Hofburg Palace in the Austrian capital, Vienna, under the title “Towards a sustainable and comprehensive energy transition,” he stressed the government’s keenness to include in the ministerial curriculum plans to develop the oil sector, and to increase and expand the area ofcooperation and contracting with international companies to invest in developing the oil industry, investing in associated and free gas, and reducing emissions.
Abdul-Ghani added, “The ministry launched the fifth and sixth licensing rounds, which include the development of a number of exploration fields and sites with hydrocarbon oil and gas compositions, and invited international companies to participate in investment, development and production operations.”
The minister pointed out the importance of concluding the contract with Total, which is considered one of the strategic projects in the oil sector, which includes gas investment projects and increased oil production, in addition to transporting sea water to oil fields, and establishing a station to generate electricity from solar energy, indicating that the size of Investments in these projects amount to more than $27 billion.
He continued, “The government is supportive of plans to increase projects and the area of clean energy investment, according to a strategic vision by concluding contracts with international companies specialized in this field, to increase the production of clean energy,” stressing that “fossil energy cannot be dispensed with because of its importance in meeting the requirements of service sectors.” and basic needs of the countries of the world,” noting “the need to use advanced technology to reduce environmental damage and emissions.”
The Minister of Oil concluded his speech by referring to “Iraq’s success in hosting the OPEC celebration in Baghdad on the occasion of the 63rd anniversary of the founding of OPEC in Baghdad in 1960, and the distinguished participation of the oil and energy ministers of the Organization’s countries, in addition to the participating delegations, which emphasized the importance and role of Iraq in OPEC.”
For his part, spokesman for the Ministry of Oil, Assem Jihad, said, “The conference will discuss a wide range of energy issues, including the future of energy in the world, oil investments, market stability, energy security, technology and innovation, as well as discussing ways to reach a safe and stable international oil market through strengthening cooperation and dialogue.” all over the world”.
Jihad added, “This conference precedes the meetings of the oil and energy ministers of the oil-exporting countries, OPEC and OPEC Plus, to discuss developments in the oil market and measures that can be taken to achieve more stability and balance in the oil market.”
And “Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani arrived in Vienna, yesterday, Tuesday, to participate in the work of the OPEC Energy Forum and the OPEC and OPEC Plus meetings.” Ended 29 / M99 https://www.mawazin.net/Details.aspx?jimare=230696
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