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Iraqi News Highlights and Points to Ponder Monday AM 11-20-23

Economist: Soon Solutions Will Lead To A Decline In The Dollar And Turbulent Monetary Policy In Iraq

Time: 11/19/2023 Read: 3,289 times   {Economic: Al-Furat News} The economic expert, Abdul Rahman Al-Mashhadani, revealed close solutions that would lead to a decline in the dollar, while describing monetary policy as “turbulent in Iraq.”

Al-Mashhadani said: For the {State Dialogue} program broadcast by Al-Furat satellite channel this evening, he said: “In the coming days, there are solutions that will lead to lowering the exchange rate, as we have 5 Iraqi banks that have partnerships with solid international banks and have a high reputation and capital.”

He added, “The partnership with Qatar National Bank gives strength to Iraqi banks, while Iraq and Iran deal with a third currency in commercial transactions, reducing the price of the dollar.”

Al-Mashhadani described the current monetary policy in Iraq as “turbulent and is merely a buffer to absorb the mistakes of previous trade policies, and it is not compatible with the actual need.”

He added, “The platform detected 90 percent of the manipulations and problems in transfers. Some contracts were gateways to corruption and money laundering, and half of the invoices presented for imports were forged.”

Al-Mashhadani pointed out that “the food sector accounts for approximately 41 percent of the inflation equation, and exchange rate fluctuations affect various sectors in addition to the psychological factor.”

He concluded by saying, “80% of transfers were rejected by the US Federal Bank for no reason, and the delay in rejected transfers forces merchants to buy from the parallel market.” Wafaa Al-Fatlawi   LINK

Masrour Barzani: Repeated Violations Of The Iraqi Constitution Threaten Stability And Portend The Return Of Sectarianism

2023-11-20 01:23  Shafaq News / The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, confirmed on Monday that the Middle East is witnessing existential challenges, most notably climate change, and while he warned that this will lead to an exacerbation of food insecurity, water scarcity and mass migration, he pointed out that the region is also witnessing a renewal of violence. This represents a threat to peace and security.

In an opening speech at the fourth meeting of the Middle East Peace and Security Forum, hosted by the American University of Kurdistan in the city of Dohuk, Barzani stressed the importance of working to find peaceful solutions to conflicts in the region.

He stated that the Palestinian and Kurdish issues require the same rights and dignity.

He also expressed his concern about the recent developments in Iraq, stressing that repeated violations of the Constitution threaten stability and herald the return of sectarianism.

The Prime Minister also said that unilateral decisions and the exclusivity of one group in government institutions will exacerbate corruption, injustice, poverty and rebellion.  LINK

Dollar Prices Stabilize In Baghdad And Erbil With The Closure Of The “Al-Kifah And Al-Harithiya” Stock Exchanges

Posted On2023-11-20 By Sotaliraq  2023-11-19  The exchange rates of the US dollar against the Iraqi dinar stabilized on Sunday in Baghdad and Erbil, the capital of the Kurdistan Region, with the closure of the two stock exchanges.

Our correspondent said that dollar prices stabilized with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 157,900 Iraqi dinars against 100 dollars, which are the same prices that were recorded this morning.

Our correspondent indicated that selling prices in exchange shops in local markets in Baghdad stabilized, as the selling price reached 158,750 Iraqi dinars for 100 dollars, while the purchase price reached 156,750 dinars for 100 dollars.

In Erbil, the dollar also recorded stability, as the selling price reached 158,000 dinars for every 100 dollars, and the purchasing price was 157,900 dinars for every 100 dollars.  LINK

Source: Trade Gold, Cars, Phones And Cigarettes On The Dollar Selling Platform

Economy  2023-11-20 | 3,264 views  Al-Sumaria News – Economy  A government source revealed, on Monday, that trade in gold, cars, mobile phones and cigarettes will soon be on the dollar selling platform, considering that it will be the catalyst for importers of these goods to abandon the process of purchasing and transferring dollars through the parallel market to the dollar.

The source said in an interview with Al-Sumaria News, “Based on the Prime Minister’s directives regarding regulating trade and import operations for some materials and goods, most of which are financed from the parallel market and the negative effects it has on the stability of exchange rates, the Ministerial Council  for the Economy will consider proposing important decisions to facilitate and simplify… Procedures for importers of gold goods, cars, mobile phones, and cigarettes to enter the foreign money transfer platform.

The source added, “These decisions and instructions will be the catalyst for importers of these goods to abandon the process of buying and transferring dollars through the parallel market for the dollar and direct them towards the platform for the foreign currency selling window in the Central Bank of Iraq at the official price.”

The source pointed out that “this will have a positive and significant impact on reducing the price of the dollar in the parallel market, as trade in the above materials contributes the largest proportion of the demand for the dollar in that market.”   LINK

Provoking Points To Ponder From Seedtime Quotes That Will Change How You Look At Money

We live in a society where instant gratification is a state of mind, a way of life.  And, we have incredible debts as a result. Debts that weigh heavy on our shoulders.

As I remember conversations I have had with my Grandma, I noticed my way of looking at money is very different than how she and her generation looks at money. If she can’t afford something, she goes without.

Yet, those of my generation will have what they want when they want it, with little exception.

She and my Grandpa were business owners yet they only ever owned one home, a moderately sized ranch… in which they only built when they could afford to do so.

Today, I see peers buying HUGE homes that come with HUGE mortgages, and they keep wanting… More… Better… Bigger.

A few years back my Husband and I decided to get out of the mentality we had been sucked into by trying to “keep up” with our siblings, friends and neighbors.  This is the BEST thing that we could have ever done for our finances and our stress levels.

It is freeing not having the weight of debt on our shoulders.  No more store cards. No more credit card balances. No more HUGE mortgage. No more car payments.

We simplified our life and our marriage is better off for it.  We have more time with each other. More means to give. Less stress. Less worry.

There’s two pieces of advice from my Grandma (she still advises me to this very day!) that I would like to pass on to you:

You can buy anything, the trick is… how to pay for it.

When you’re at the store and you have your eye on something, ask yourself “Is this a want, or is this a need?” If it’s a want, go home. Ponder over it. And after some time passes and you still want it (and you can afford it), treat yourself to that purchase.

Grandmas not only make the best cookies, but they also give the best advice!

To help you on your journey, I have found more advice that you will want to remember (even pin, too!).  Here’s to having a healthier relationship with our money!

“The Price of Anything is the amount of Life You Exchange for it!”

“Money is numbers & numbers never end. If it takes money to be happy, your search for happiness will never end!”

“When God blesses you financially, don’t raise your standard of living, raise your standard of giving!”

“If you can’t pay cash, you can’t afford it!”

Continued…………….  More to come ……….