Bondlady’s Corner

Iraqi News Highlights Monday Afternoon 1-16-23

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The Central Bank Determines The Valid And Rejected Iraqi Banknotes

Monday 16 January 2023 11:36 | Economical Number of readings: 301

Baghdad / NINA / – Today, Monday, the Central Bank of Iraq determined the valid and non-negotiable banknotes of the local currency.  The bank stated in a statement that it is “responsible for defining the categories of Iraqi monetary currencies, their standards, printing, and minting coins, and is responsible for destroying and replacing them and identifying defective ones,” noting that “discriminating between their categories by imposing a specific category on the public or refusing to receive a specific category is illegal.” acceptable and illegal.”

And he explained that “the banknotes issued by him remain valid for negotiation in the event that they were exposed to any tear of more than 3 cm, and it was repaired with transparent adhesive tape on one or both sides and did not affect its features.”

He added that “the banknotes also remain valid if they were cut in one of their corners within 2 cm and did not affect their features, and also if traces of circulation and use appeared on them and were not harmed or damaged affecting their shape, color and size.”

He pointed out that “banknotes are considered unfit for negotiation if the banknote is worn out or damaged even though it was not torn or parts of it were lost, and if it was damaged as a result of exposure to water or various liquids, and it is also considered unfit for negotiation if it consists of two parts with different numbers.” Its area was close to the size of the original banknote.

And he indicated that “the banknote is also considered invalid if the banknote is fixed with a transparent tape or more on its width or length, in addition to pieces of it more than one angle or loaned, or if it is defective in terms of design and size and if it loses 50% of its area.” It is also considered unfit for circulation if foreign materials stick to it and affect its features, such as inks and dyes, or if they are perforated.”/ End 8

Iraq’s Start To Comply With International Banking Systems Affects The Exchange Rate Of The Dinar

Posted On2023-01-16 By Sotaliraq  Adviser to the Prime Minister for Financial Affairs, Mazhar Saleh, told AFP that the “fundamental and fundamental reason” This decline «is an external limitation», but some Iraqi politicians consider that the states The United States stands behind this volatility.

Hadi al-Amiri, head of the Al-Fateh Alliance, which represents the Popular Mobilization Forces, which includes pro-Iranian factions affiliated with The state, in a statement on Tuesday, asked the Americans to exercise “pressure on Iraq to prevent its opening up to Europe and the countries of the world.” He considered that the Americans are using the “dollar as a weapon to starve people.”


In fact, the volatility of the dinar is linked to the start of Iraq’s compliance with some of the standards of the international transfer system (SWIFT), which has become Iraqi banks should apply it since mid-November to access Iraq’s dollar reserves located in the United States, so that Iraq could access those reserves, which amount to 100 billion Dollars, it currently has to comply with systems that “require compliance with international anti-money laundering provisions and anti-money laundering provisions.”

Terrorist financing, and those related to sanctions, such as those applied to Iran and Russia, ”according to Tabakishli.

He adds that the matter is related to entering Iraq «within a system of global financial transfers that requires a high degree of transparency However, this “caused a shock” to many Iraqi banks, “because they are not used to This system.” Mazhar Salih explained that Iraqi banks should now register “their transfers (transfers). in dollars) on an electronic platform, the requests are checked … and the Federal Reserve examines them, and if it has doubts, it arrests the transfer

And the Federal Reserve has refused, since the implementation of the restrictions, “80% of requests” for financial transfers to Iraqi banks According to Saleh, due to doubts about the final destination of those funds being transferred, he said.

Temporary Condition

This refusal affected the dollar supply in the Iraqi market. On the other hand, demand accumulated, but the supply was not consistent with it, and therefore the exchange rate fell with a decline Bank transfers in dollars The Central Bank of Iraq spoke in a statement on Tuesday about the return of the exchange rate to what it was in two weeks, describing the “turmoil in dollar prices” as a “temporary condition.” .

Meanwhile, the Iraqi authorities have taken measures, including facilitating the financing of private sector trade in dollars through Iraqi banks, opening outlets to sell foreign currency in government banks to the public for travel purposes.

Mazhar Salih believes that “these measures are important because they show that the state exists to protect the market and the citizen.” It helps to “repel the problem”.

Despite the dinar’s decline, the inflation rate is still small, amounting to 5.3 percent, at an annual rate In October 2022, according to the Ministry of Planning, but the actual concerns relate to the purchasing power of the population.

Saad Al-Taie, a retiree whose son helps run a small shop in the Karrada neighborhood of Baghdad, He feels the impact of exchange rate fluctuations on his purchasing power, and says, “This fluctuation is a problem Genuine, for the merchant who sells retail and for the consumer ».

He adds that «Iraqis have limited salaries and receive their salaries in Iraqi dinars. As a retired person, I receive 494 thousand dinars… When the dollar was 1470, the value of my salary was 336 dollars. Today, at the exchange rate of 1570, my salary becomes $314.”    LINK

Parliament Supports Addressing The High Exchange Rate Of The Dollar And The Central Bank Considers It A Temporary Problem

The Speaker of the House of Representatives, Muhammad al-Halbousi, affirmed that Parliament supports the Central Bank of Iraq in its steps to address the high dollar exchange rate, while the Central Bank Governor, Mustafa Ghaleb Makhaif, indicated that the high dollar exchange rate is a temporary problem that will be overcome.

The media office of the Speaker of the House of Representatives stated in a statement: “Al-Halbousi received the governor of the Central Bank, in the presence of the heads and deputy heads of the parliamentary Finance and Economic Committees, and listened during the meeting to a detailed explanation of the procedures adopted by the Central Bank in organizing the economic sector related to the circulation of foreign currency. Whether cash sales or foreign trade financing.

And the governor indicated, according to the statement, what “the central bank has taken and what it will take to overcome this problem,” stressing that it is “temporary and will be overcome if the foundations that were built to address it are established.”

Al-Halbousi explained, “The council supports the Central Bank of Iraq in its steps to address the high exchange rate of the dollar, with an emphasis on the need to develop regulatory solutions that address unregulated phenomena in economic activity in general,” calling for “understanding the challenges facing the monetary authority and the need to assign its procedures from the authorities.” concerned in the state.

From The Door To The Niche .. Alia Nassif Calls For The Purification Of The National Investment Authority

Monday 16 January 2023 11:54 | political Number of readings: 299  Baghdad / NINA / – Representative Alia Nassif called on the Prime Minister to purify the Investment Authority from the corrupt elements “who play a clear sabotage role through which they seek to thwart the government,” as she put it.

Nassif said in a statement today: “The National Investment Commission is now in need of purification” from the door to the mihrab”, especially in light of the presence of influential people who have relations with the previous government trying to hinder investment in several innovative ways with the aim of thwarting the current government.”

And she added: “There are well-known parties that have investments in the Baghdad Commission that are trying to monopolize all investments for themselves by bullying other investors, and this is happening, of course, with the blessing of some corrupt people in the Commission.”

Nassif stressed the need for ”

Economist: Al-Sudani’s Visit To Germany Will Turn Iraq Into A Global Investment Opportunity In The Field Of Gas And Energy

Monday 16 January 2023 11:20 | Economical Number of readings: 408  Baghdad / NINA / – The expert on economic affairs, Safwan Qusay, confirmed that Al-Sudani’s visit to Germany will contribute to transforming Iraq into a global investment opportunity in the field of gas and energy.

Qusai said in a statement to the National Iraqi News Agency ( NINA ): “The visit of Prime Minister Muhammad Shia’ al-Sudani to Germany comes as a prelude to turning Iraq into a global investment opportunity in the field of associated and liquefied gas, because Iraq is still burning gas at a rate of $2.5 billion annually and imports the same amount.” for electric power generation.

He added: “Iraq is in dire need to invest in the field of gas and operate its electrical stations with Iraqi gas, in addition to expanding the circle of dependence on gas for consumption in homes, factories and means of transportation, and then export at the same time.”

He explained: “Germany is considered a strategic ally in the energy sector to transfer Iraq’s gas to Europe, and German companies can now invest in other sectors in Iraq, such as railways, ships, medical materials, waste management, petrochemicals and other various industrial fields.”

Qusai continued: “We believe that the time is right for that, and this will motivate Asian countries, the United States of America and the United Kingdom to speed up entry into the Iraqi market and defend their share in the Iraqi environment.”/


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