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Iraq Economic News and Points to Ponder Tuesday AM 1-30-24

Tlm724 Administrator Bondlady’s Corner

Experts: The Dollar Price Will Remain Volatile As Long As The Economy Is Not Stimulated

January 30, 2024 Last updated: January 30, 2024  The Independent/- Volatility has returned once again to dominate the dollar exchange rates on local stock exchanges in Iraq, after a period of “semi-stability” that dominated the market during the recent period.

The market witnessed a “limited” increase yesterday, Monday, as the exchange rate of the US dollar reached 154 Iraqi dinars compared to 100 dollars in Baghdad, and 153 dinars in Erbil in the Kurdistan Region.

Experts and specialists believe that what is happening is a temporary exploitation by some speculators who took advantage of the regional tensions in the region to benefit from buying and selling in the parallel market.

The Prime Minister’s Advisor for Financial and Economic Affairs, Dr. Mazhar Muhammad Saleh, said in an interview with Al-Sabah newspaper, which is affiliated with the Independent:

“The issue is related to regional security tensions, which give colorful or ambiguous information that affects the decisions of speculators in the secondary exchange market when buying and selling, which prompts them to hedge.” One or two points above the current market trading prices or trading prices in such cases that people are accustomed to.” He added: “

A behavior practiced by speculative forces to achieve emergency or fateful profits under the pretext of misfortune and fear,

because the decisions of this market are based on various information as inputs that influence the decisions of those dealing in it.

Therefore, these markets are considered among the most sensitive financial markets and live in their daily speculation on news, rumors, and conflicting information.” To determine prices, which is a cost that disappears when the influencer disappears.”

For his part, the rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, stated that

“the exchange rate of the dollar against the dinar will not stabilize as long as Iraq remains a country that does not have a productive apparatus, as the country depends for most of its needs on imports, which in turn depends mainly on the dollar.”. He stressed that

“this price will remain fluctuating and changing according to political events and the forces of supply and demand.” He pointed out that

“this small change during these two days may be due to the attack on the American base in Jordan and the threat of the American side to carry out a military operation,” and added:

“Therefore, the central bank and the government cannot control the stability of the exchange rate if they do not resort to revitalizing the Iraqi economy and moving the apparatus.” “Productive.”

For his part, economic affairs expert, Nabil Jabbar Al-Ali, pointed out that “there are now no major changes in exchange rates that could affect the market and its desires.” He pointed out that

“what is happening now in the local market falls within the framework of the natural fluctuation of prices, and  there is not a large percentage of rise and fall that can be pointed out,  so I believe that the issue has not departed from the normal situation.”

Experts believe that stabilizing the dollar exchange rate in Iraq requires

revitalizing the Iraqi economy,

increasing production, and

reducing dependence on imports.خبراء-السعر-الدولار-سيبقى-متذبذباً-طا/

Central Bank Of Iraq: Sanctions On Al-Huda Bank Due To Its Activities In 2022

January 30, 2024   The Central Bank of Iraq revealed that the US Treasury Department has imposed sanctions on Al-Huda Bank of Iraq, attributing the reason to its activities in 2022.

The Central Bank of Iraq stated that the bank did not participate in the foreign currency buying and selling window during the year 2023, stressing that   it continues to provide its banking services without dealing in US dollars and is allowed to deal in other foreign currencies.

Central Bank of Iraq  information Office  30 – January – 2024

Al-Sudani Stresses The Importance Of Completing The Procedures For Converting To Electronic Payment

January 28 12:08 Information/Baghdad..  Prime Minister Muhammad Shiaa Al-Sudani directed, on Sunday, to expedite the procedures for switching to electronic payment, stressing that

beneficiaries of electronic payment will not be burdened with any additional financial burdens or added commissions in daily transactions and simple regular payments.

The Sudanese media office said in a statement received by Al-Maalouma that,

“This Sunday morning, the Prime Minister chaired a meeting devoted to completing government procedures for switching to electronic payment, in the presence of the Governor of the Central Bank, the Prime Minister’s advisors for strategic, economic and banking affairs, and the Director General of Payments at the bank.” Central Bank, and directors of a number of government banks.

He added,  “The meeting discussed mechanisms for protecting citizens and preserving their rights,” while Al-Sudani stressed that

“citizens who benefit from electronic payment should not be burdened with any additional financial burdens or added commissions, especially in daily transactions and simple regular payments.”

Al-Sudani stressed “the importance of accelerating the procedures for switching to payment by electronic cards, in various public and private sector institutions.” He pointed out,

“The meeting witnessed a discussion of the commissions that will be charged by banking entities, in order to achieve the government’s goals in reforming the financial and banking sectors.” Ended/25السوداني-يؤكد-أهمية-استكمال-إجراءات-التحول-إلى-الدفع-الإلكتر

The Central Bank Of Iraq Increases The Daily And Monthly Limits For Prepaid Cards (Document)

Economy     Central Bank of Iraq     new instructions  2024-01-29 08:42   Shafaq News/ On Monday, the Central Bank of Iraq issued new instructions regarding prepaid cards, including raising the daily and monthly limits inside Iraq while keeping the same limits outside Iraq.

Deputy Governor of the Central Bank, Ammar Khalaf, said, according to a document obtained by Shafaq News Agency, “The controls on prepaid card limits will be as follows:

First: The limits and ceilings for prepaid cards. The maximum limit is (10) million Iraqi dinars, and the ceilings for monthly refilling of the card are (10) million Iraqi dinars. It is the responsibility of banks and electronic payment service providers to refuse any refilling operations that exceed the maximum balance limit.

Second: Local financial transactions inside Iraq. The ceiling for withdrawals via automated teller machine (ATM) machines inside Iraq is two million dinars per day, or what is determined by the entity that owns the ATM, provided that it does not exceed the total monthly card balance, and the

limits for payment operations are through electronic payment gateways. Local online shopping and purchases through point-of-sale (POS) devices are included in the card’s monthly balance. Khalaf added,

“Banks and electronic payment service providers have the freedom to set and set a financial ceiling for payment and purchase transactions made through the aforementioned channels, not to exceed the total monthly card ceiling.”اقتصـاد/المركزي-العراقي-يزيد-الحدود-اليومية-والشهرية-لبطاقات-مسبقة-الدفع-وثيقة

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Top 100 Inspirational Quotes  Compiled By Kevin Kruse

Inspirational quotes and motivational quotes have the power to get us through a bad week, and can even  give us the courage to pursue our life’s dreams.  In my book, 4 Keys to Happiness and Fulfillment at Work, By Kevin Kruse, I share surprising research into the true triggers of workplace motivation.

So in the spirit of self motivation, here are 100 inspirational quotes.

  1. I have been impressed with the urgency of doing. Knowing is not enough; we must apply. Being willing is not enough; we must do. – Leonardo da Vinci
  2. Limitations live only in our minds.  But if we use our imaginations, our possibilities become limitless. –Jamie Paolinetti
  3. You take your life in your own hands, and what happens? A terrible thing, no one to blame. – Erica Jong
  4. What’s money? A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do. – Bob Dylan