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Iraqi News Highlights Saturday Afternoon 8-12-23

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An Economist For / NINA /: The Central Bank’s Solutions To Adjust The Price Of The Dollar Are “Superficial And Unsuccessful.”

Saturday 12 August 2023 | Economical Number of readings: 322  Baghdad / NINA / – The specialist in economic affairs, Dergham Muhammad Ali, confirmed: “The solutions put forward by the Central Bank to deal with the dollar file are superficial, unsuccessful, and do not reach a final solution.”

Ali said, in a special statement to the National Iraqi News Agency ( NINA ), that “the only beneficiary from the crisis are the intermediary banks, which are owned by forces and parties that benefit from raising the exchange rate of the dollar to increase their profits, and they are the ones that cause the price to rise, and the failure to find a fully electronic direct selling window in quantities.” Specific to citizens at the official price, which means that the citizen will remain hostage to these banks and companies.

He pointed out, “The use of citizens’ passports to buy dollars without their knowledge is a major corruption issue and a vehicle forgery and fraud, which requires a serious investigation and presentation of the results to public opinion.”

And the Central Bank of Iraq issued several packages to facilitate the procedures for requesting the US dollar, including facilitating obtaining the dollar for citizens wishing to travel abroad, and the official exchange rate of “1320” dinars per dollar is calculated through the electronic payment card issued by the licensed authorities when used in Al-Kharj./End 8

Is Commercial Policy Or Banks Bear The Instability Of The Exchange Rate?

Maytham Al-Bolani  It is necessary to stand on the economic changes and transformations that took place after 2003, the most important of which is the growth of Iraqi per capita consumption, which was accompanied with external openness, which caused an increase in the volume of imports. Any controls and are not subject to taxes and fees as a result of rampant corruption in government departments and other factors.

All these factors produced an unregulated commercial system, for example, a merchant who deals in millions of dollars is not officially registered and ships goods in the names of customs clearance companies and does not have a commercial record, for fear of the tax system in Iraq,

and therefore the system destroyed the banking system, through unregulated trade And financial transfer according to messages via social media applications, which transfer money in moments, which has become more flexible for the commercial sector, but it had adverse and negative results on the banking sector, which exposed it to risks and obtained a low rating in compliance with the rules of money laundering and terrorist financing.

The commercial sector received a shock from the US Federal Bank, which changed the rules of financial transfer from old rules established by the banking system based on the requirements of the commercial sector to solid rules through the remittance platform (despite our reservations about some technical failures in this platform), but the question is whether the commercial sector is able to adapt himself according to these banking requirements in order to be able to continue,

by implementing the procedures represented in establishing an official company first and opening bank accounts for it, and obtaining a tax record despite the harshness and brutality of the Iraqi tax system, and shipping in the names of the importers themselves and transfer by the banking system and according to international norms and the required compliance rules. .

A warning was issued against the attempts of some people to drag the banking sector to adapt its situation to a distorted commercial policy, and the opposite must be to support the commercial sector by adapting its legal status, creating tax and customs reforms to serve this sector, which has been exposed and is subject to many calamities and calamities, and maintaining a strong, discreet banking sector with the ability To keep abreast of developments and is able to meet the requirements of correct trade,

and here is the role of the Central Bank of Iraq and its ability to exercise its supervisory role on banks and motivate them in order to develop their practical tools, and the results will be positive if the vision is completed between the commercial sector and the reforms that the government must consider, which contributes to reducing the price of dollar exchange.

150 views   08/11/2023 –

The Central Bank Surrounds The Rise In Exchange Rates With A Package That Facilitates The Acquisition Of The Dollar

Posted On2023-08-12 By Sotaliraq  Obliging private banks to raise their capital to 400 billion dinars.Baghdad – Qusay Munther

Illegal foreign transfers, trapping the proceeds of crime and corruption, and preventing them from finding a way to escape abroad, in addition to not charging imported goods the exchange rate difference resulting from paying a higher price when buying it at the unofficial price on the black market, which leads to higher prices and negative impact in the purchasing power of citizens).

The Bank also directed authorized banks to increase their capital. Al-Zaman reviewed a letter by the deputy governor of the bank, Ammar Hamad Khalaf, in which he stated that (based on the decision of the bank’s board of directors, it was decided to increase the bank’s capital to no less than 400 billion dinars during a maximum period of time at the end of the current year, in three installments, provided that it is not less than Each payment for 50 billion Iraqi dinars). LINK

The Ministry Of Finance Denies Opening Outlets To Sell Currency With A Ceiling Of One Thousand Dollars Per Month For Each Citizen

Saturday 12 August 2023 14:45 | Economical Number of readings: 166

Baghdad / NINA / – The Ministry of Finance denied today, Saturday, opening outlets to sell currency with a ceiling of one thousand dollars per month for each citizen.

The ministry confirmed in a statement that it had not received any directives in this regard (until the date of preparation of this statement), and the ministry had not issued any directives in this regard. The ministry stressed

that if any instructions or directives are issued by the Cabinet in this regard, they will be announced via The official websites and platforms of the Ministry,./End.


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