Bondlady’s Corner

Iraqi News Highlights Saturday Afternoon  2-11-23

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The Sudanese Advisor Suggested New Targeted Measures To Control The Exchange Rate

Economie  Saturday, February 11, 2023 11:11 am  Baghdad / National News Center

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, suggested that the monetary authority in the country would take more measures aimed at controlling the exchange rate in the parallel market, including dissolving obstacles to external transfer.

Saleh said in a statement to the official newspaper: “The first round of negotiations by the Central Bank and the US Treasury Department in Turkey gave clear flexibility to the process of selling the dollar and the exchange rate, and I believe that the Istanbul meeting is successful, and that success will reflect positively on the Washington meetings that ended yesterday and which will be held in the future.”

At the same time, praising the recent package of reforms put forward by the Central Bank with the aim of confronting the rise in the exchange rate of the dollar against the dinar, which includes dissolving obstacles to external transfer, purchasing real estate, transferring profits, and others, indicating that the liberalization of the current account of the balance of payments is a positive step and is consistent with our relationship with the World Bank. “.

The financial advisor to the Prime Minister expected that “the central bank will take more steps aimed at controlling the exchange rate, especially with the improvement in disclosure standards for banks and banks that request foreign currency for the purpose of financing trade, as these procedures will be greatly facilitated, to then lead to conformity.” price.”

And Saleh indicated that “the exchange rate in the general budget represents a contractual price between the Ministry of Finance and the Central Bank, so there should be great understandings between the two sides to determine the exchange rate for the purposes of calculating oil revenues in the budget, as this matter can be directly or indirectly reflected on exchange rate”.

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein and his accompanying delegation met with US Deputy Secretary of the Treasury Wally Adeyo, Assistant Secretary of the Treasury Elizabeth and senior ministry officials concerned with Iraq and the Middle East.

The Kurdistan Region Suspends Cash Transfers Outside The Country

Economie   Saturday, February 11, 2023 1:56 PM  Baghdad / National News Center   Today, Saturday, the Customs Directorate at the Ibrahim Al-Khalil International Border Crossing in the Kurdistan Region announced the suspension of cash transfers from the crossing outside the region.

The Directorate said in a brief statement today, followed by the National News Center, that “it was decided, according to the instructions issued, to suspend the cash transfer from the Kurdistan Region outside the country.”

This decision comes at a time when the Central Bank of Iraq issued strict instructions to limit the smuggling of hard currency out of the country.

He Revealed The Details Of An Agreement Between The Central Bank And The American “J. Morgan” Bank

Economie| 10:53 – 11/02/2023  Baghdad – Mawazine News,   the Governor of the Central Bank of Iraq, Ali Al-Alaq, met, on Saturday, the Vice Chairman of the Board of Directors of the JPMorgan Corporation, Daniel Zeliko, on the sidelines of his visit to Washington.

According to a statement by the Central Bank, “During the meeting, it was agreed that JPMorgan Bank would facilitate payments from the Iraqi banking system to the People’s Republic of China to finance private sector imports directly.”

And the statement continued, “A number of issues related to reserves management, liquidity management, and technical support provided by the aforementioned bank to the Central Bank of Iraq and to the banking sector in Iraq were also discussed.”

The statement quoted Al-Alaq as saying, “The Central Bank of Iraq is committed to applying international standards in combating money laundering and financing terrorism,” stressing, “Strengthening the Central Bank of Iraq’s relations with its counterparts in countries of the world to serve the work and development of the Iraqi banking sector.”

The Council Of Ministers Follows Up The Exchange Rates Of The Dollar And Confirms Confronting All Smugglers And Speculators

Today, Saturday, Prime Minister Muhammad Shia al-Sudani chaired the third meeting of the Federation of Chambers of Commerce, the Association of Iraqi Banks, and government financial agencies and departments. Taxes and customs as well as border crossings, the central bank and trade fairs.

A statement by the Prime Minister’s Media Office stated that “during the meeting, developments in the economic situation throughout Iraq were discussed, and dollar exchange rates were followed up, after the Council of Ministers approved the Central Bank’s decision to reduce the official price of the dollar.”

The statement added that “the meeting witnessed a discussion of the mechanisms used to implement the decisions of the Council of Ministers in the financial aspects, in addition to discussing the implementation of the directives issued in the previous meeting.”

Al-Sudani stressed the importance of continuing to hold these meetings, in order to overcome obstacles facing the private sector, which the government considers a key partner in implementing its strategic programs and projects.

He stressed that “the wheel of economic reform is moving forward, as one of the priorities of the government’s ministerial platform,” stressing that “whoever bets on going backwards, smuggling and violating laws and instructions is a losing bet. The government and all its competent agencies will confront firmly all smugglers and speculators, and whoever obstructs the progress of reform and harm the Iraqi economy and affect the living conditions of citizens.

Foreign Minister From Washington: The Government Is Ready To Provide Facilities For Investment Companies In Iraq

Foreign Minister Fuad Hussein affirmed the government’s readiness to provide facilities for investment companies in Iraq, while noting that the Iraqi government’s priorities focus on building the economy, providing services, and developing the private sector.

A statement by the Ministry of Foreign Affairs stated, “The American Chamber of Commerce hosted Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein and his accompanying delegation,” noting that it “organized an expanded meeting of the American-Iraqi Business Council, which included a large group of specialized American companies in various fields.”

The Chairman of the Council, Steve Lotus, stressed “the importance of Iraq and the investment opportunities available in it, and the emphasis on the participation of American companies in investment, and the image of strengthening and intensifying joint cooperation in various sectors.”

In turn, the minister said in his speech during the session that “Iraq is open to foreign companies and provides the necessary facilities for investment in various fields, and focus on the importance of cooperation and strengthening bilateral relations in the economic aspect with the United States.”

And he continued, “As the American side previously provided assistance and support in the field of combating terrorism and eliminating terrorist gangs of ISIS, and now we aspire to build and develop the Iraqi economy and move to the stage of economic cooperation,” noting that “the purpose of the visit to Washington is to enhance cooperation and economic partnership.”

He stressed that “the priorities of the Iraqi government focus on building the economy, providing services, developing the private sector, and raising the level of income for the Iraqi citizen,” noting that “the Iraqi economy depends heavily on oil and that the risks of dependence on oil through international prices require diversification of sources and resources and investment in various sectors.” And the importance of focusing on the gas sector and its extraction, and for Iraq to be a self-sufficient and self-reliant country in the energy sector, and in particular in gas and electricity.

The minister reviewed the steps taken.

He stressed “the special nature of this visit of an economic nature to discuss ways to enhance cooperation in the field of energy, trade and development of the banking sector, as the American side was keen to cooperate in this aspect and to show full support through the outputs of the current meetings.”

He stressed, “The Iraqi government’s readiness to provide the necessary facilities to attract companies and the private sector to invest in Iraq by creating transparent legal and administrative mechanisms. He also reviewed efforts aimed at combating corruption and legislative procedures for enacting the oil and gas law and developing and reforming the existing banking and monetary system.”

The statement added that “a group of specialized members of the delegation presented a review of existing investment opportunities and proposed projects.”


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