Bondlady’s Corner

Iraqi News Highlights Saturday Afternoon 1-28-23

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Sudanese Advisor Puts Forward Proposals To Counter The Continued Rise In The Exchange Rate

Economie| 10:11 – 01/28/2023N   Baghdad – Mawazine News  , Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, today, Saturday, put forward proposals to counter the continued rise in the exchange rate, including a solution that he described as national and comprehensive to provide price stability.

Saleh said, “As long as the decline in the exchange rate is linked to the ability to open up foreign trade and provide a highly flexible commodity supply when needed (through the financing tool represented by the Central Bank of Iraq’s window for buying and selling foreign currency – the US dollar in particular), which links the speed of financing with the credibility and transparency of commercial documents.” For importers from the private sector, which is still faltering at a rate that has not risen to 25-30% of the total actual demand for external transfer to finance trade.

He added, “As long as government trade is highly governed and outside this constraint, as it relies on the mechanisms of documentary credits, which is the traditional basis for financing trade, and so that the commercial market can reorganize itself, its contracts, and its foreign purchases, and in order to contain fluctuations in the exchange rate within a narrow range, we suggest that trade expand.” The government foreign ministry (as a wholesale trader) is currently supplying the market with the most important commodities that have a wide impact on people’s lives, which flow according to the fixed official exchange rate of 1460 dinars to the dollar.

And he continued, “We find in the state’s intervention in the field of import trade a comprehensive national solution to provide price stability and provide an atmosphere of counter-competition (cartels) monopolizing trade, which sends negative signals towards stabilizing the exchange rate of the Iraqi dinar.”

He pointed out that “the government’s commercial economy is the decisive solution and the lever of stability in two directions: the first is to provide a stable commodity supply and reassuring stocks of important commodities, especially essential commodities with low elasticity of demand for them, which affect the people’s daily consumption, which helps to stabilize the consumer price index and the stability of the standard of living.”

And the second: the abundance of commodities supplied through government trade at the official exchange rate is considered a compensatory supply of foreign currency, and the demand for it is equal to what helps reduce the exchange rate gap (the central exchange rate versus the parallel exchange rate), and reduce the impact of these differences in exchange rates on inflationary expectations. in economics.”

In an interview with the official news agency, Salih affirmed, “The state’s temporary intervention in the economy is the best solution until the commercial market adapts to the governance of its import operations from world markets and the discipline and transparency of its requests in front of external compliance institutions.”

A Deputy From Maysan Asks A Parliamentary Question To The Governor Of The Central Bank Of Iraq Regarding The Survival Of Iraq’s Money In The US Federal Bank

Saturday 28 January 2023 Economical Number of readings: 180  Al -Amarah / NINA / – The independent deputy from Maysan Governorate, “Raed Hamdan Al-Maliki,” asked a parliamentary question to the governor of the Central Bank of Iraq regarding the survival of Iraq’s money in the US Federal Bank.

In a statement, he asked what is the legal basis for keeping Iraq’s money deposits in the US Federal Bank / New York ?, Is there a fear of seizing some of Iraq’s funds in the Federal Bank through lawsuits in American or European courts, and what are the justifications that called for increasing investment in the possession of US Treasury bonds, which amounted to about (38) billion dollars, and whose funds are formed from reserves? Official Iraq?

Sales Of The Central Bank Of Iraq Are Close To Half A Billion Dollars In A Week

Saturday 28 January 2023 11:00 | Economical Number of readings: 294  Baghdad / NINA / – The Central Bank of Iraq’s total sales of hard currency to dollars during the past week amounted to about half a billion dollars.

Statistics of the bank showed that it sold during the past week for the five days in which the auction was opened, starting from Sunday to Thursday, 437 million 300 thousand and 223 dollars, at a daily rate of 87 million 460 thousand and 44 dollars, down by 26.27% from the previous week.

The highest dollar sales during the current week were on Monday, when sales amounted to 126 million 944 thousand and 502 dollars, while the lowest sales were on Thursday, when sales amounted to 61 million 649 thousand and 886 dollars.

Sales went in the form of cash and transfers abroad to finance foreign trade, while the selling price of dollars transferred to bank accounts abroad, in addition to cash sales, amounted to 1460 dinars per dollar./

The House Of Representatives Finishes Reading A Number Of Laws And Adjourns Its Session To Next Monday

Iraq     Today, Saturday, the House of Representatives adjourned its session to next Monday.

The House of Representatives media department said in a statement, “The House of Representatives adjourned its session to next Monday.”

Today, Saturday, the House of Representatives completed a number of project laws.

A statement by the Information Department of the House of Representatives stated that “Parliament has completed the first reading of the draft law on the accession of the Republic of Iraq to the international agreement on the establishment of an international fund to compensate for oil pollution damage for the year 1992.”

The statement added, “The House of Representatives has completed the first reading of the draft law ratifying the agreement to avoid double taxation with regard to taxes imposed on income and the prevention of tax evasion between the governments of Iraq and the Netherlands,” noting that “Parliament is finishing the first reading of the draft law of the Institute for the Preparation of Police Commissioners.”

He pointed out that “the House of Representatives is finalizing the report and discussion of the draft law ratifying the basic cooperation agreement between the government of Iraq and the United Nations Industrial Development Organization (UNIDO).”

The Sudanese Financial Advisor To / NINA /: Iraq Extending Its Arms To Europe Is A Start For A Sustainable Economy

Saturday 28 January 2023 12:23 | Economical Number of readings: 269  Baghdad / NINA / – Adviser to the Malian Prime Minister, Mazhar Muhammad Salih, described Al-Sudani’s visit to France as “successful and successful”, stressing: “Iraq’s extension of its arms to Europe is a launch for a sustainable economy.”

Muhammad Salih said in a statement to the National Iraqi News Agency ( NINA ): “The strategic agreement signed by Prime Minister Muhammad Shia’ al-Sudani with the French President stems from economic visions for sustainable development for Iraq, as its axes include gas, clean energy, culture, antiquities, university affairs and education, in addition to the contributions of French experience in agriculture itself and the affairs of industry.

The financial advisor stressed that “Iraq needs the heart of Europe, and the heart of Europe is Paris, so Iraq’s engagement with Europe is a correct start to extend Iraq’s arms to Europe in the field of cooperation, development and progress.”

And Mohammed Saleh continued: “It is a successful and successful visit that builds long-term relations with industrialized France, which is influential in Europe and globally.”

Al-Sudani visited Paris on Thursday and Friday at the head of a high-level delegation. He met French President Emmanuel Macron and the French Prime Minister.

During the visit, a strategic partnership agreement was signed between Iraq and France, and a number of memorandums of understanding in the areas of combating corruption, recovering Iraqi funds, protecting antiquities, supporting scientific research and training diplomats./ End

The Stability Of The Dollar Exchange Rates At 161 Thousand Dinars

Economie| 09:59 – 01/28/2023   Baghdad – Mawazine News  Today, Saturday, the exchange rates of the dollar witnessed stability in the local markets.   Selling price: 161,000 dinars per 100 dollars  Buying price: 160,500 dinars per 100 dollars

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