Bondlady’s Corner

Iraqi News Highlights Tuesday Evening 1-10-23

Tlm724 Administrator Bondlady’s Corner

The Council Of Ministers Obliges Government Agencies To Sell Goods And Services According To The Exchange Rate Of 1470 Dinars

political| 05:14 – 10/01/2023   Baghdad – Mawazine News  Today, Tuesday, the Council of Ministers obligated government agencies to sell goods and services according to the official exchange rate for the dollar.  Al-Sudani’s office stated in a statement, a copy of which was received by Mawazine News, that “the cabinet obligated all government agencies to sell goods and services in Iraqi dinars according to the official exchange rate of (1470) dinars to one dollar.”

The Central Bank Governor Urges Merchants To Deal Directly With Banks

Economie| 03:17 – 10/01/2023  Baghdad – Mawazine News, Governor of the Central Bank, Mustafa Makhaif, called today, Tuesday, on merchants to deal directly with banks.

A statement by the bank’s media office, a copy of which Mawazine News received, stated that “Makhaif and the advanced staff at the Central Bank received a number of merchants.”

The statement stated that “during the meeting, the most important concerns of merchants and their proposals and the most important challenges they face in dealing with licensed banks were discussed, wishing them to avoid resorting to brokers and speculators, and to deal directly with banks that provide various banking services.”

And the statement continued, “The governor of the Central Bank gave an explanation about the procedures and decisions of the Central Bank of Iraq during the past days to enhance stability in the foreign currency market and the mechanisms of the electronic platform’s work as a tool for external transfer.”

And the Central Bank of Iraq confirmed, at the end of last month, that merchants should review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, noting what was issued by the Council of Ministers in its decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats. In advance, as this will reduce redundant rings, ease procedures, and remove costs resulting from pre-demarcation problems.

He also stressed that the Central Bank continues to work to simplify external transfer procedures through official channels and at the official exchange rate for merchants, in light of the launch of the electronic platform for external transfer at the beginning of this year. He called on other competent government agencies to facilitate merchants’ procedures to ensure full disclosure of all transactions and ensure their safety.

Oil Prices Are Falling Again In The Global Markets

Economie| 08:56 – 10/01/2023   Baghdad – Mawazine News  Oil prices changed slightly, on Tuesday, giving up some of the previous session’s gains, as traders await clarification on the Federal Reserve’s plans to raise interest rates to measure the impact on the economy and fuel demand.

Brent crude futures for delivery were down 36 cents at $79.26 a barrel, down 0.45% by 04:20 GMT.

US crude also fell 25 cents, or 0.35%, to $74:37 a barrel. Ended 29/N33

The Ministerial Council For The Economy Requires State Institutions To Pay Wages For Goods And Services In Iraqi Dinars

Today, Monday, the Ministerial Council of Economy decided to oblige state institutions to pay wages for goods and services in Iraqi dinars.

And the Ministry of Foreign Affairs stated, in a statement, that “Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein chaired the first meeting of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, and with the participation of the ministers (Finance, Trade, Industry, Agriculture, Labor and Social Affairs, the Secretary General of the Council of Ministers and the Governor of The Central Bank of Iraq, the acting head of the National Investment Commission, and advisors to the Prime Minister for economic and legal affairs).

She added, “The council discussed the draft law of the state’s general budget and the revenues and expenditures contained therein, and the council also discussed the economic issues on its agenda and took many important economic decisions, including: obligating all state ministries and institutions to pay wages for goods and services in Iraqi dinars, and whoever chooses from the private sector.”

That his sales be as mentioned above, provided that the Central Bank of Iraq compensates these amounts in dollars and at the official rate in order to fulfill their obligations and purchases outside Iraq.

And she continued, “The council also agreed that the Central Bank of Iraq would contract with the Zaha Hadid Foundation to design the Central Bank building in Nineveh Governorate.”

Iraq Ranks Fourth In The Arab World With Gold Reserves

Economie| 02:10 – 10/01/2023   Follow-up – Mawazine News   Saudi Arabia continued to lead the list of the largest Arab countries in possession of gold reserves, based on the first report issued in 2023 by the World Gold Council.

The following table shows, according to figures issued by the World Gold Council, the ranking of the largest Arab countries in possession of gold reserves: