Bondlady’s Corner

Iraqi News Highlights Friday Evening 2-24-23

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The Central Bank Governor Issues 5 New Directives To Stabilize The Exchange Rate

Political | 10:16 – 02/24/2023   Baghdad – Mawazine News   The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, issued 5 new directives to stabilize the exchange rate.

And the bank stated in a statement, which Mawazine News received a copy of, that “the governor of the Central Bank of Iraq, Ali Mohsen Ismail, received yesterday, Thursday, a number of leaders of the security services and owners of exchange companies and brokers in the sale and purchase of foreign currency. He discussed ways of coordination and procedures between the central bank and the agencies.” concerned, and defining roles and tasks in light of the directives of the Commander-in-Chief of the Armed Forces.

He added, “During the meeting, the following was directed:

1- The Central Bank is the only entity responsible for monitoring and inspecting banks, exchange companies, and non-banking financial institutions licensed by the Central Bank, based on its law.

2- The transfer of cash (in dinars and dollars) and any other currencies is permitted inside Iraq for all natural and legal persons, including banks, exchange companies and mediation companies in the sale and purchase of foreign currency, and their branches in all governorates.

3- With the aim of preventing the exit of cash funds across borders and ports, which exceed what is specified in the instructions of the Central Bank (10,000) ten thousand dollars, the competent security authorities follow up and inspect vehicles on the roads and paths leading to the borders to prevent smuggling and take legal measures in coordination with the Central Bank, with Providing the bank with the amounts of the discovered banknotes and their serial numbers.

4- The sums sent from banks and companies to their branches are accompanied by documents from the sending party showing the details of the sender and the recipient, and they are presented at the external control points upon request, and in the event of a suspicion or a need for confirmation, a contact is made with the Banking Control Department at the Central Bank on the numbers (07809224663 – 07853330555). – 07721111418 )

5- Banks and companies will notify the Central Bank in the event that they are subjected to procedures, inspection visits, or interference in their business by non-employees.”

And the governor praised, according to the statement, “the role of the security authorities in detecting attempts to smuggle dollars in the past days.”

The Prime Minister Confirms The Continuation Of Government Measures Aimed At Achieving Stability In The Currency Market

The Prime Minister, Mohamed Shia Al-Sudani, affirmed the continuation of government measures to achieve stability in the currency market.

And the media office of the Prime Minister stated in a statement, that “Prime Minister, Muhammad Shia’a Al-Sudani, chaired the fourth meeting of the Federation of Chambers of Commerce and the Association of Iraqi Banks, in the presence of the Governor of the Central Bank and government financial agencies and departments; taxes, customs, border crossings and trade fairs.” Al-Sudani affirmed, according to the statement, ” the continuation of the government’s measures aimed at achieving stability in the currency market, and the prosecution of speculators and manipulators who try to destabilize the market, and to pursue the economic reforms adopted by the government in its ministerial platform.”

Where our security services continue to monitor them and hold them accountable legally.

The statement added, “The meeting witnessed a review of a number of recommendations related to improving the work environment, which will be presented next week to the Ministerial Council for Economy and deliberation in developments in the economic conditions in Iraq, and follow-up on laws, recommendations and directives issued, and the level of their implementation by the concerned institutions.”

He pointed out that “the project of the electronic permit system and networking was reviewed in detail, and the directives that were implemented were discussed during the meeting chaired by the Prime Minister more than ten days ago, with the team in charge of implementation, as His Excellency praised the project, which will secure the work of border crossings and simplify procedures.” Which will be done electronically, prevent manipulation and forgery, and limit money laundering and customs evasion.

He pointed out that “the meeting also witnessed a discussion of what has been implemented regarding communication with importers of medical devices, and submitting proposals on facilitating procedures in terms of importing and manufacturing medicine, and the proposals included reducing customs tariffs for a number of raw materials for medicines and medical supplies, secondary packaging materials for medicines, and medical supplies.” And machines, production lines, and laboratory and medical devices, with raising the customs tariff on imported medicines that are similar to what is produced locally.

He continued, “The meeting discussed the issue of joint operating contracts between private sector companies and the General Company for Iraqi Ports, and the most important steps that were implemented in this regard, which included field visits to the company, and the process of auditing the fees and wages that are charged.”

Oil Rises As A Result Of Russia’s Export Cuts

Economy News – Baghdad   Oil prices extended their gains for the second consecutive session on Friday, as the impact of expectations of lower exports from Russia outweighed the increase in inventories in the United States.

By 0215 GMT, Brent crude futures were up 61 cents, or 0.7 percent, at $82.82 a barrel. West Texas Intermediate crude futures rose 63 cents, or 0.8 percent, to $76.02 a barrel.

The two benchmarks ended Thursday’s trading up about 2 percent, supported by Russia’s plans to cut oil exports from its western ports by up to 25 percent in March, which exceeds its announced production cut by 500,000 barrels per day.

During the week, oil prices fell slightly, after declining by nearly four percent in the past week, due to fears that raising interest rates may strengthen the dollar, as well as the increase in US crude inventories for the ninth week in a row.

The rise of the dollar increases commodity prices denominated in the greenback for holders of other currencies.

The Exchange Rate Of The Dollar Continues To Rise In The Iraqi Market

Economie| 10:04 – 02/24/2023  Baghdad – Mawazine News  The exchange rates of the dollar continued to rise in the local markets.  And the selling prices of the dollar were recorded today, Friday, 153,250 dinars per 100 dollars, while the buying prices of the dollar were recorded at 152,250 dinars per 100 dollars.

And the Central Bank of Iraq decided, earlier, to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of purchasing a dollar from the Ministry of Finance reached 1,300 dinars per dollar and sold it at (1310) dinars per dollar to banks through the electronic platform, and sold at (1320) dinars per dollar. Dollars from banks and non-bank financial institutions to the final beneficiary. Ended 29 / h

A Government Bank Begins To Adopt The Electronic Platform In Selling Dollars To Travelers

Economie| 08:11 – 02/24/2023   Baghdad – Mawazine News Al-Rafidain Bank announced, today, Friday, that it has started adopting the electronic platform in selling dollars to travelers through its outlet at Baghdad International Airport.

The media office of the bank, in a statement, a copy of which Mawazine News received, called on “travelers to bring the special identification documents required by the Central Bank of Iraq for the purpose of the electronic platform.”

And he added, “The identification documents are (the civil status identity or the unified national card – and the housing card), in addition to the passport, travel ticket, and boarding pass during the process of buying dollars from the bank’s outlet.”

Advisor To The Prime Minister: Increased Investment Spending In The Current Year Budget

Political | 10:11 – 02/24/2023   Baghdad – Mawazine News  , the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, the increase in investment spending in the budget, indicating that it will relate to infrastructure service projects with efficiency in financial achievement confirmed by the services campaign under the ministerial platform.

Saleh said, “The greater the spending ceiling, the greater or higher percentage will be allocated to investment spending in a continuous manner.”

He added, Saleh, that “what distinguishes the federal general budget for the year 2023 is the investment spending related to infrastructure services in the cities of Iraq in a consistent manner,” noting that “the most important thing in investment spending activity is the efficiency of material and financial achievement.”

He pointed out that “ensuring the efficiency of investment spending was confirmed by the service campaign that came in the government’s ministerial curriculum, whose realistic and practical indicators began strongly since last October before the adoption of the Federal General Budget Law 2023, as the maximum benefit was made from the emergency support law for food security and development in a manner that achieves efficient allocation and exchange.” Oriented really on the investment business associated with economic development.”

And Saleh indicated that “the approved expenditures focused on basic service work related to the infrastructure that concerns the daily lives of the people and ensuring their well-being, especially in the provision of drinking water, roads, sewage and hospitals, without neglecting the electricity dilemma.” Ended


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