Bondlady’s Corner

Iraqi News Highlights Saturday Afternoon 5-20-23

Tlm724 Administrator Bondlady’s Corner

Do The Dollar Exchange Rate Differences Go To The Pockets Of Private Banks?

Money  and business   Economy News-Baghdad  The researcher and economist, Nabil Al-Ali, confirmed that private banks do not currently benefit from the dollar exchange rate differences.  Al-Ali told “Al-Iqtisad News” that “the differences in the exchange rate of the dollar between the official rate and the parallel rate do not go into the pockets of private banks, because the sale of the dollar today is done in favor of importing merchants directly.

These days, transfers are made to merchants with approximately 75% of trade and import at the official rate.”   In other words, 75% of the current goods are imported at a price of 1320, and it is assumed that the markets will not be affected by the variables and fluctuations of the parallel exchange rate, even if the exchange rates reached 2000 dinars per dollar.

He explained that “before the implementation of the Central Bank platform, banks benefited directly from all the differences between the official rate and the parallel rate, because banks previously monopolized the process of making transfers and (sold) transfers to merchants according to the prices of the parallel market.”

He pointed out that “only 25% of Iraq’s current imports are currently affected by fluctuations in the exchange rate, because they are implemented without going through the platform of the Central Bank, and this percentage is decreasing.” Views 33   05/20/2023 –

Al-Rafidain Directs The Collection Of Government Contract Insurances And Amounts Of Letters Of Guarantee And Credits In Dinars

Economy| 04:05 – 05/20/2023   Baghdad – Mawazine News , Al-Rafidain Bank directed, on Saturday, to fulfill government contract insurances and amounts of letters of guarantee and credits in dinars.

The bank stated in a statement, which Mawazine News received a copy of, that, “Based on government directives and the instructions of the Central Bank of Iraq, Al-Rafidain Bank directed its branches to fulfill the insurances for all government contracts concluded in US dollars, including insurances or amounts of letters of guarantee, internal documentary credits, or bank guarantees.” , to be in Iraqi dinars instead of dollars and at the official exchange rate approved by the Central Bank of Iraq of 1,320 dinars per dollar.

The statement added, “This measure comes within the framework of achieving development and strengthening the value of the Iraqi dinar, by expanding the scope of its commercial uses and adopting the national currency at all levels.”

Head Of The Integrity Commission: The Silence Of The Private Sector On Extortion Made The Corrupt Commit Major Crimes

Economy| 01:27 – 05/20/2023  Baghdad – Mawazine News,  Head of the Federal Integrity Commission, Judge Haider Hanoun, called, on Saturday, businessmen, economists, elites and competencies for the participation of the Commission in its fight against corruption, pointing out that the Commission will “strike with an iron fist” the corrupt and abusers of public money, and provide a safe environment for businessmen and investment companies. Contribute to the governmental effort towards reconstruction and provision of services.

According to a statement by the Integrity Commission received by Mawazine News, Hanoun, in his speech at the forum held by the Federal Integrity Commission in cooperation with the Iraqi embassy in Abu Dhabi, the Iraqi Economic Council, and the Iraqi Business Council in Abu Dhabi, under the slogan “The Federal Integrity Commission and the private sector hand in hand to combat Corruption and support for investment.”

He urged all segments of the Iraqi people to “cooperate with the Commission in prosecuting the corrupt and supporting the Integrity Army to break the thorn of the corruption army.” Pointing to “the importance of exploiting the harmony between the judiciary, the government, and the people’s representatives, and their true orientation to fight corruption,” addressing businessmen and investors by saying: “I pledge to you that we are with you step by step, so you must report and we must catch the corrupt.”

He added, “The lack of cooperation of the private sector and its silence on extortion and corruption crimes gave the corrupt strength and made them commit major crimes such as the crime of tax secretariats, secretariats, and customs deposits that were revealed by the Commission in Basra,” expressing his “regret for the reluctance” of some to report corruption, which he said was “affected.” The first is the poor segments of the people.

Hanoun pointed out that “the responsibility requires saving the people from corruption and combating poverty through investment and the private sector, and doing everything we have for the poor who sacrificed everything to defend the homeland and its sovereignty and repel the attacks of terrorist organizations.”

For his part, the Iraqi ambassador to the UAE, Mudhaffar al-Jubouri, confirmed, according to the statement, that “the economy is the real gateway to achieving societal, food, environmental and national security,” noting that “the Iraqi government is seriously seeking to change economic and control policies.”

Al-Jubouri continued, “its vision in combating corruption stems from its convictions of the extent of the political, economic and social damage that corruption causes in societies, the most dangerous of which is the waste of public resources, the shaking of citizens’ confidence in the state, as well as the undermining of economic and social development efforts,” adding that “despite the different state agencies In describing her functional work, however, the essence of her work meets in one goal, which is to create a safe and sustainable economy that guarantees the future of future generations. Ended 29/N33

International Expectations For Iraqi Oil Exports To Rise To 3.8 Million Barrels Per Day In 2023

Energy   Economy News-Baghdad   The International Monetary Fund expected that Iraq’s oil exports for the current year 2023 would reach an average of 3.89 million barrels per day.

And the fund stated in a report, that it is expected that “the rate of Iraq’s oil exports for the year 2023 will reach about 3.89 million barrels per day, and that it will also rise in the year 2024 at a rate of 4.04 million barrels.”

He added that Iraqi oil exports recorded an average of 3.65 million barrels per day in 2022, while in 2021 they recorded an average of 3.44 million barrels per day.

He added, “The highest rate of oil export among the Arab oil-producing countries was for Saudi Arabia, where exports for the year 2022 reached an average of 7.58 million barrels, followed by Iraq and then the Arab Emirates at a rate of 2.81 million barrels per day, while Bahrain was the least Arab country exporting oil at a rate of 15 million barrels per day.” thousand barrels per day.

Views 87  05/20/2023 –

Safaa Al-Aasam To / Nina /: The American Decision To Extend The State Of Emergency In Iraq … Evidence Of Unwillingness To Leave

Saturday 20, May 2023 15:05 | political Number of readings: 259  Baghdad / NINA / – The security expert, Safaa Al-Aasam, confirmed: The American decision to extend the state of emergency in Iraq is evidence of the unwillingness to leave.

He told the National Iraqi News Agency / NINA /: The United States does not think about the interests of Iraq as much as its own, and the decision taken by President Biden to extend the state of emergency in Iraq is not to serve the country, but rather to serve its interests in the region.

Al-Aasam added: The continued establishment of the United States’ largest base in Ain al-Assad, with the presence of the Incirlik base in Turkey and another in Qatar, are clear indications that it does not intend to leave the region and Iraq, which is the heart of the Middle East and the fourth richest oil country in the world.

Last week, US President Joe Biden signed a decree extending the state of national emergency related to the situation in Iraq.

A statement by Biden, published on the White House website, said, “There are still obstacles to the orderly reconstruction of Iraq, the restoration and preservation of peace and security in the country, and the development of political, administrative and economic institutions in Iraq.”/ End 3

A Slight Increase In The Exchange Rate Of The Dollar In The Local Market

Saturday 20, May 2023 12:42 | Economical Number of readings: 444   Baghdad / NINA /- The exchange rates of the dollar against the dinar recorded, today, Saturday, a slight increase in the local markets.

As the selling price reached 145,750 dinars per 100 dollars, while the purchase price reached 143,750 dinars per 100 dollars, in the capital, Baghdad. /Ends8


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