Iraqi News Highlights Monday Afternoon 2-27-23
Tlm724 Administrator Bondlady’s Corner
Hammam Al-Shamaa Explains Why The Exchange Rate Of The Dollar Remains High
Monday 27 February 2023 11:47 | Economical Number of readings: 334 Baghdad / NINA / – The economic expert, Hammam Al-Shamaa, confirmed: The dollar exchange rate remains high due to the high prices of foreign remittances. He told the National Iraqi News Agency / NINA /: “The difference between the official exchange rate and its price in the parallel market is due to the high prices of remittances outside Iraq due to the decrease in sales of the central bank.”
Al-Shamaa added: “The decrease in sales resulted from the restrictions placed by the US Federal Reserve on the external transfer of those who are called money laundering dealers.”
He explained: “The transfer rate abroad affects the parallel exchange rate, meaning that the demand for the dollar as a transfer is very high, which is reflected in the cash exchange rate at home.”
The exchange rate of the dollar is still high, exceeding 150,000 dinars per hundred dollars, in several numbers, despite the government’s announcement that the official exchange rate is 132,000 dinars./ Ended 3 https://ninanews.com/Website/News/Details?Key=1037112
An Economist For / Nina / Dealing With Iraqi Trade In Foreign Currencies Needs Several Important Things.. That Must Be Followed
Monday 27 February 2023 08:43 | Economical Number of readings: 309 Baghdad / NINA / – The expert in economic affairs, Safwan Qusay, confirmed that dealing with Iraqi trade in foreign currencies requires several important things that must be followed for success.
Qusay said in a statement to the Iraqi National News Agency / NINA/ That “the Central Bank of Iraq is trying to reassess all monetary policies to control the demand for the dollar in the parallel market by expanding the circle of direct dealings in international currencies, including the Chinese yuan, the European euro, the Japanese yen and the US dollar to facilitate the task of final transfer for the purposes of international trade with the currency of the supplier,
especially after that The Central Bank noted that the adoption of the fixed price of the dinar against the dollar and the increase in the value of the dollar globally caused the decline of the Chinese yuan in the parallel market, and thus traders tended to buy the yuan from the parallel market instead of the official market before the People’s Bank of China (the central) adjusted the official value of the yuan more than once.
During the previous periods, in order to preserve its value, which is linked to the migration of most world currencies towards the US dollar, especially after raising interest rates on the US dollar in addition to the Russian-Ukrainian war.
He stressed that dealing in foreign currencies needs to “control the movement of imports by dealing with regular merchants and activating the role of local banks in financial transactions through documentary credits and controlled transfers that contribute to the consolidation of the Iraqi commercial system and thus expand dealing with international brands and control the movement of imports and attract investment and stop the arrival of the dollar to the penalized countries.” And Iraq will remain within the US dollar zone.
The Central Bank of Iraq intends to regulate the financing of foreign trade from China directly in the Chinese yuan currency, in a step that is the first of its kind, as part of a package of measures aimed at facilitating access to foreign currencies./ End 8 To receive more news, subscribe to our channel on
The High Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Market
Monday, February 27, 2023 4:43 PM Baghdad / The National News Center The exchange rates of the US dollar rose against the Iraqi dinar today, Monday, with the closure of the main stock exchange in Baghdad.
The correspondent of the National News Center said, “The central Kifah Stock Exchange in Baghdad closed at an exchange rate of 153,500 Iraqi dinars against 100 dollars, while the prices this morning were 153,200 thousand dinars against 100 dollars.”
He added, “The buying and selling prices in exchange shops in the local markets in Baghdad have stabilized, as the selling price reached 153,500 Iraqi dinars, while the purchase prices amounted to 151,500 dinars per 100 dollars.” https://nnciraq.com/189606/
The Head Of The Association Of Private Banks Is Discussing With The Arab Monetary Fund The Promotion Of Financial Inclusion
Money and business Economy News-Baghdad The head of the Arab Monetary Fund, Abd al-Rahman al-Hamidi, visited the capital, Baghdad, and met with the Prime Minister, Muhammad Shia al-Sudani, the Governor of the Central Bank, Ali al-Alaq, and the head of the Iraqi Private Banks Association, Wadih al-Handal.
A statement issued by Al-Sudani’s office said, “During the meeting, they discussed mechanisms for joint cooperation in the field of supporting financial and banking policies and building human capacities, and discussed Iraq’s steps to engage in the international financial system, and the most prominent measures and reforms that the government is taking in the banking and financial sector, in a way that contributes to strengthening economic development in Iraq.
During Al-Hamidi’s meeting with the President of the Association of Private Banks, Wadih Al-Handal, the two parties discussed the development of bilateral relations with regard to the banking sector, in addition to strengthening the concepts of financial inclusion.
Al-Hamidi said that Iraq occupies an important place in the Arab economy, and the Arab Monetary Fund is very interested in it, pointing to the indicators of the Iraqi economy growing well.
He added that Iraq continues to promote the concepts of financial inclusion, which reflects positively on the economy. https://economy-news.net/content.php?id=32682
Economists Call For The Establishment Of The Investment Council
Money and business Economy News – Baghdad Iraqi economists called on the Council of Ministers to establish the Investment Council headed by Prime Minister Muhammad Shia’ al-Sudani, with membership in the Investment Authority, the governor of the Central Bank and a number of competent authorities, in addition to representatives of the private sector such as the Association of Private Banks, in order to end the problems of investors and speed up their work, which is reflected positively. on the national economy.
“The government is required today to establish the Investment Council or the Reconstruction Council because it will contribute to studying the country’s needs in all sectors of the economy,” said Abdul Rahman al-Mashhadani, a professor of economics at the Iraqi University, to Al-Iqtisad News.
He added, “The investment board must be chaired by the prime minister, with the membership of 8 other institutions, and the role of the private sector should be effective, because it is the body responsible for implementing projects and spending money,” explaining that “quotas and affiliation must be removed from this council, because it will lead to killing.” Its role is similar to what happens with some councils.
He pointed out that “the executive management of the council must be of the same competence because the role of this council will be great and contribute to resolving major crises in which the Iraqi people live.”
On the other hand, economist Ammar al-Rubaie told “Al-Iqtisad News” that “many countries have investment councils, with the aim of facilitating the investment environment,” noting that “the private sector must have a greater number in the council than the government, because this will lead to a strong in making decisions.”
He stressed, “Many investment companies suffer from problems in their work with ministries and state departments, and thus delay their work in completing the project, which requires the establishment of a council that will solve these problems and accelerate the pace of work.”
Jordan established the Investment Council headed by the Prime Minister, and includes the membership of: the Minister of Investment as Vice-Chairman, the Minister of Planning and International Cooperation, the Minister of Finance, the Minister of Industry, Trade and Supply, the Minister of Digital Economy and Entrepreneurship, the Governor of the Central Bank, the Chairman of the Board of Directors of the Jordan Chamber of Commerce, and the Chairman of the Board of Directors. Management of the Jordan Chamber of Industry, and four representatives of the private sector are: Basem Al-Salem, Majd Shweikeh, Ahmed Abu Ghazaleh, and Issam Fakhreddin. https://economy-news.net/content.php?id=32692
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