More Iraqi News Highlights Late Wednesday Evening 11-16-22
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An Economist Diagnoses 3 Challenges To The Decision To Restore The Exchange Rate
Information / Diyala…Local economist Bassem Adnan, on Wednesday, identified three challenges facing the decision to restore the exchange rate in Iraq.
“The laws have drawn clear powers for the file of financial management in Iraq, which is the prerogative of the central bank, which is considered an independent entity and cannot be interfered with or impose decisions, including returning the exchange rate to its previous status,” Adnan said in an interview with Al-Malouma.
He added that “3 challenges face any decision to return the dollar exchange rate to its previous position,
the most prominent of which is the loss of financial liquidity estimated at 22 trillion dinars, which is a large amount,
especially in front of the stage of frequent fluctuations in the oil price Exchange, which will make any next step in this direction difficult or even impossible.
“The kadhimi government made serious mistakes that made raising the exchange rate a tool to grind millions of poor people because it did not protect the markets and did not put in place mechanisms to prevent monopoly and speculation in basic materials to push prices up by 20-50%,” he pointed out.
Dozens of members of the House of Representatives support the decision to return the dollar exchange rate to its previous position due to the repercussions of rising prices for basic materials in the markets.
Initiatives Of The Central Bank.. Wide Praise And Tangible Results For The Economy Of Iraq
Economy 2022-11-16 | 07:11 1,329 views Economists praised the initiatives of the Central Bank of Iraq and the tangible results achieved on ارض the economic reality, while they pointed out that those initiatives created many job opportunities, especially those focused on real estate and housing.
Economist Safwan Qusay says in an interview with al-Sumaria News, that
“the Central Bank of Iraq has tried during the last two years and through its initiatives to support public spending due to the absence of the general financial budget for 2021”.
“The recent initiatives of the central bank have reduced unemployment and created a number of job opportunities,”Qusay added.
The Economist pointed out that “most of the central bank’s initiatives were focused on the real estate and housing sector,” expressing hope for “the expansion of initiatives throughout Iraq.
“The central bank’s actions in dealing with the global economic crisis were very clear in a positive and professional manner, unlike what happened in many countries of the world, where we saw a significant increase in the bank’s hard currency reserves,” said Hassan al-Haj, an observer for Economic Affairs.
Al-Haj added in an interview with al-Sumaria News, that “the central bank adopts flexible policies and plans that are consistent with all the variables of the economic situation in the local and global market and are in remarkable progress, especially with regard to the issue of containing cases of corruption or currency smuggling that took place in previous periods through the currency sale auction,” pointing out that
“Iraq has seen a clear decline in those violations as a result of the new controls put in place by the central bank to contain those negative cases over the past six months and we hope to end them in the next stage completely.
The researcher on Economic Affairs explained that “raising the exchange value of the dinar against the dollar, which had some negative repercussions on the citizen,
but in the end it was positive to replenish the state treasury of the currency to face crises,
but in general it needs more powerful government measures to support the fragile and middle classes, which can actually be achieved if the government draws a coordinated policy and joint cooperation with the central bank in this file.
He added that “the policy of the central bank is improving significantly and we expect that new measures will be taken by it in the coming months to ensure maintaining the level of the Reserve and developing it to be a strategic reserve for the Iraqi state in line with the rise in global oil prices, which are all positive indicators that ultimately benefit the state treasury.
The Governor Of The Central Bank Of Iraq Receives The Italian Ambassador
November 16, 2022 His Excellency the governor of the Central Bank of Iraq, Mr. Mustafa Ghalib mukheef, received on Wednesday the Italian ambassador to Iraq, Mr. Maurizio riccanti.
During the meeting, economic and banking relations were reviewed and strengthened to serve the interests of the two countries, as well as solving the problems hindering this relationship and its progress.
The ambassador extended an invitation to the governor to visit the Central Bank of Italy and promised to meet it in the coming days.
On the other hand, His Excellency stressed that the Central Bank of Iraq has adopted during the past years a policy of foreign openness to its counterparts in the countries of the world in order to strengthen the relations of the Iraqi banking sector abroad, indicating that
the opening of branches of Iraqi banks abroad is a step forward and evidence of the successes achieved by the banking sector in Iraq and the confidence gained internationally.
Central Bank of Iraq Media office 16-November – 2022 https://cbi.iq/news/view/2132
The Presidency Of The Parliament Calls On Australia To Invest In Four Areas In Iraq
Information / Baghdad..First Deputy Speaker of the House of Representatives Mohsen al-Mandlawi on Wednesday called on Australia to invest the state of stability in Iraq to activate economic and investment cooperation and activate friendship committees between the two countries.
A statement issued by the Office of the first deputy received by the Information Agency said that “Mandlawi received the Australian ambassador to Iraq (Paula Canley), to discuss a number of common issues and concerns”.
Al-Mandlawi stressed during the meeting, according to the statement,
“the importance of pushing bilateral relations between the two friendly countries to advanced levels, exploiting the state of stability experienced by Iraq to strengthen cooperation in the agricultural, industrial, investment and infrastructure development fields, and
calling for activating the role of the Iraqi – Australian Parliamentary Friendship Committee, and memorandums of understanding between Baghdad and Sydney to meet the interests of the two peoples.
In turn, ambassador (Paula Canley) expressed the support of the Australian government to Iraq, her country’s desire to strengthen joint relations at all levels, and the importance of Iraq’s strategic stability for all countries in the region and the world.
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