Iraqi News Highlights Friday Evening 5-19-23
Tlm724 Administrator Bondlady’s Corner
Economist: Dollar Markets May Cause The Collapse Of The Iraqi Dinar
May 15 18:50 Information / special. Economic expert Nabil Al-Ali warned, on Monday, of the continued decline of the Iraqi dinar against the dinar due to the circulation of hard currency in the local markets. Al-Ali said, in an interview with Al-Maalouma Agency, that “a
lot of efforts are being made to strengthen the national currency by preventing any dealings in foreign currencies, and this matter is applicable in most countries.”
And he stated,
“Dealing with hard currency in the local markets has serious economic effects on the dinar,
and may be a reason for the collapse of the value of the national currency, as happened in Lebanon recently.” The economist explained,
“This step aims to strengthen the Iraqi dinar, and
it will be dealt with only in the local market,” noting that
“this step will represent a new start to upgrade the Iraqi economy and ways of its continuous development.”
The Minister of Interior, Abd al-Amir al-Shammari, had earlier issued directives regarding dealing in dollars in local markets in two governorates,
while the Organized Crime Directorate conducted a campaign to publish the directives.
It was decided to prevent dealing in buying and selling in US dollars and sticking to the local currency, in all governorates except for the Kurdistan region,
as a step to control the high exchange rates of the dollar in the local markets. Ended / 25 y
Economist: The government is moving towards eliminating the parallel market for dollars
Information / Baghdad… The researcher in economic affairs, Muhammad Attia Al-Saadi, considered the
security and control campaigns to deter dollar dealers in the commercial markets as the right step towards reducing the gap between the official and parallel price. Al-Saadi told Al-Maalooma,
“The problem of the dollar’s high price did not end with merchants and company owners entering the electronic platform to buy dollars from the Central Bank.”
He added, “Many car and electrical companies and merchants were dealing in the process of buying and selling in dollars with citizens,
which prompted the government to impose dealings in dinars by force by taking legal pledges.” Al-Saadi expected that
“the exchange rate will witness a decrease in prices in the coming days,” pointing to
“the importance of intensifying government measures, monitoring manipulators, and blocking the path towards any speculators who constantly update their methods to speculate in dollars and exhaust citizens with high prices.” ended 25 n
Chambers Of Commerce Expects A 50% Drop In “Dollarization” Of Car Showrooms Within 3 Months
Today Information / Diyala.. On Thursday, the Diyala chambers of commerce expected a drop in what they called the dollarization of car showrooms by 50% within 3 months.
The head of the chambers, Muhammad Mulla Jawad, said in an interview with Al-Maalouma, that
“obligating the owners of car showrooms to make written pledges in Diyala
and the rest of the governorates to adopt the dinar instead of the US dollar in buying and selling operations is a successful step and
will push to variables that focus positively on the economic file directly.” He added,
“The use of the dollar in buying and selling operations will decrease by 50% within 3 months,” pointing to “the
importance of this path in reducing the demand for the parallel market to buy the dollar and
thus reducing its prices to good levels.”
He pointed out that “the dollarization of the auto sector is a grave mistake from an economic point of view, and
it has caused an increase in the dollar’s prices in recent years due to the high demand,
because it has become a currency of exchange by 99%.”
Security detachments began to take pledges from car showrooms to adopt dinars instead of dollars in buying and selling operations. 25 p.m. ended
Al-Rafidain Bank Directs The Collection Of Taxes And Customs Fees In Iraqi Dinars
Tuesday 16, May 2023 22:15 | Economical Number of readings: 871 Baghdad / NINA /- Al-Rafidain Bank directed today, Tuesday, to collect taxes and customs fees in Iraqi dinars.
A statement of the bank stated,
“In compliance with government directives and the instructions of the Central Bank of Iraq, it directed its branches at the border crossings to collect taxes and customs fees in Iraqi dinars.
The bank instructed its border branches (Tribil – Al-Walid – Rabia – Zirbatiya – the free zone in Basra – Fleifel – the trade exchange area – Safwan Al-Hududi – Khor Al-Zubayr – Al-Haswa Customs – Al-Sheeb Al-Hedudi) by adopting the dinar in collecting customs duties and taxes instead of the dollar.
The bank also decided that “the receipt of the stamp fee should be in Iraqi dinars.
This step comes in support of the national economy and strengthening the dinar currency. / End 8
An Economist Wonders: Where Does A Billion Dollars Go In A Weekly Currency Auction?
Wednesday 17, May 2023 16:51 | Economical Number of readings: 673 Baghdad / NINA / – The economist, Salam Sumaisem, expressed her question about the fate of the Iraqi Central Bank’s auction sales of hard currency.
Sumaisem said in a tweet via Twitter:
“Where do these millions go in light of a small economy like the economy of Iraq??,
at a rate of 200 million dollars per day x 5 days = 1000 million, or one billion dollars,
is this billion per week really for the supply of goods and services in Iraq??” / End 8
The Central Bank Organizes A Workshop For Financial And Banking Services
May 19, 2023 On Thursday, the Central Bank of Iraq organized a workshop to discuss the methodology of implementing sides of the offer and demand for financial and banking services throughout Iraq.
The workshop was held in Baghdad, under the auspices of the Central Bank of Iraq and in cooperation with the German Agency for International Development (GIZ), the participation of the Ministry of Planning, and the presence of a number of banks, electronic payment service providers and financing companies.
The multilateral team works to prepare and implement the national strategy for financial inclusion by adopting the results of the field survey in defining goals and policies, and the beneficiaries of a plan that includes enhancing access to services and achieving optimal use for them.
The Central Bank of Iraq information Office 1923/5/19 https://cbi.iq/news/view/2335
Economist: We Are On The Verge Of A Quantum Leap In Financial Transactions
Today 12:25 Information / Baghdad..The researcher in economic affairs, Hisham Al-Baydani, explained, on Friday, that
Iraq is on the verge of a quantum leap in the quality of financial transactions,
especially with the entry into force of electronic applications in many institutions in order to get rid of the inflation that the country suffers from. Al-Baydani told Al-Maalouma, that
“Iraq, despite its late entry into the techniques of financial sciences and its applications, the coming months will witness a wide boom in the applications of electronic financial transactions after decades of traditional monetary trading.” He added,
“What will happen from electronic transactions is only in implementation of the instructions of the Central Bank of Iraq to publish pos points, which would reduce the monetary mass in the country, which in turn is one of the causes of rampant inflation.” And that
“this step, which will start in early June, will encourage Iraqis to
save the value of their money electronically and
start opening bank accounts that may increase the number of active accounts currently,
which are estimated at seven million bank accounts.” ended 25 n
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