Bondlady’s Corner

Iraqi News Highlights Wednesday Evening 3-15-23

Tlm724 Administrator Bondlady’s Corner

High Dollar Exchange Rates In The Local Market

Wednesday 15 March 2023 10:46 | Economical Number of readings: 416  Baghdad / NINA / – Today, Wednesday, the exchange rates of the dollar against the dinar witnessed an increase in the local markets in all governorates of the country.

As the buying and selling prices recorded an increase in the exchange rates of the dollar in exchange shops in the local markets in all the country’s governorates, as the selling price reached 158,500 dinars per 100 dollars, while the purchase prices reached 157,000 dinars per 100 dollars.

Al-Sudani From Sulaymaniyah: We Seek To Build A Strong Economy To Bring Prosperity To The Country

Wednesday 15 March 2023 10:57 | political Number of readings: 461  Baghdad / NINA / – Prime Minister Muhammad Al-Sudani affirmed in a speech at the opening of the Seventh Sulaymaniyah Forum that the government seeks to build a strong economy to spread prosperity to the country./

Pros And Cons.. What Is The Effect Of Reducing The Ceiling For Selling Dollars To Travelers To Only Two Thousand Dollars?

Reports and analytics    Dollar prices    breaking    Baghdad International Airport    Central Bank of Iraq    Sell the dollar  2023-03-15 11:17  Shafaq News / Specialists indicate that reducing the ceiling for selling dollars to travelers in Iraq from seven thousand dollars to only two thousand dollars will reduce fraud through “rental travelers”, which will reduce the momentum at the gates of banks,

but, according to specialists, this will return It will harm the “real travelers”, and will raise the price of the dollar in the parallel market, which will negatively affect the prices of all materials.

And the Central Bank of Iraq had determined the sale of the dollar to travelers to 2000 dollars instead of 7000 dollars, as of Sunday, 3/19/2023, at the official price of 1320.

This comes a day after setting up a new mechanism, starting today, Wednesday, to sell dollars to travelers at the bank’s outlet at Baghdad International Airport, and specifying 3,000 dollars in cash as a higher ceiling for selling dollars to travelers instead of 7,000 dollars, at the official rate of the Central Bank of Iraq of 1,320.

These decisions aroused dissatisfaction with some citizens, who called for such decisions to be considered “and not arbitrary”, which caused a crisis and exploitation by some by deporting citizens for free, calling for the need to conduct a study by specialists to address it.

Pros and Cons

Specialists explain that the procedures of the Central Bank of Iraq are intended to preserve the quantities of cash from foreign currencies, specifically the dollar, from keeping it within the local economy, and not leaving a large amount of it outside the country, which will directly affect the smuggling of the dollar and the removal of foreign currency from the reach of the local economy.

A set of pros and cons emerges in this regard, according to the economist, Dr. Salem Sawadi.

As for the negatives, they include that “the supply of the dollar will be in limited quantities, and thus will affect the rise in the price of the Iraqi dinar against the dollar, which will be reflected in price levels in general, and in inflation.” economic at the present time, but

it is hoped that over time there will be a balance between supply and demand,

which will directly affect the general stability of prices.

On the advantages of reducing the upper limit for selling the dollar, Sawadi explains to Shafaq News agency,

“The central bank’s attempt to rely on the electronic card system, and the cash (local or foreign) – instead of being carried by individuals in their wallets or at their fingertips – is in (the Master Card) or with a credit card.” credit carried by travelers or even individuals within the local economy.”  And he shows:

“This is a positive factor so that the monetary mass – whether of foreign or local currency – is inside the banking system, and this has great returns on the economy in the future,

just as the global and international trend does not deal with (cash money), but most often with credit cards.” With the availability of the means to ensure the success of these cards within the local economy.

For his part, the researcher in economic affairs, Ahmed Eid, adds other advantages to the reduction, which is

“reducing fraud and unjustified travel that companies and speculators take through (chartered travelers) for the purpose of obtaining dollar amounts by depositing in banks and withdrawing from airport outlets, which will reduce The momentum taking place and the queues of citizens at the bank gates.

As for the negative side, Eid told Shafaq News agency,

“There are official travelers who reside outside Iraq, or who wish to travel for the purpose of treatment, study, or entertainment.

These categories of travelers have been greatly affected, because determining the amount of this amount will cause great harm to them.”  Eid proposes,

“Setting restrictions and conditions for obtaining the dollar amount for residents, by proving their official residence outside the country, or travelers for the purpose of treatment through official official reports, and

for students, it is very necessary to facilitate their obtaining dollars through their academic residence, or what proves Final admission for each student.

As for the impact of this on the local market, he explains that

“the price of the dollar will rise in the parallel market, and

speculators will register this opportunity to raise the exchange rate of the dollar,

which will negatively affect the prices of goods and materials in all their forms.” randomness,” he said.

In turn, the economist, Mustafa Akram, says,

“The issue of selling the dollar to citizens is a temporary, non-permanent stage,

the purpose of which is to increase the supply of cash dollars from outside the platform,

because the platform at the beginning of its implementation was difficult to cultivate special cultures for merchants, such as opening credits or using an electronic payment card.”  Akram added to Shafaq News agency,

“But now the Central Bank of Iraq has reduced these amounts to 2,000 dollars (cash), as

for those who want dollars and want to travel abroad, there is a mechanism adopted by the Central Bank, which is filling out the payment card that you have (regular, credit or City)”.  And the economist continues,

“The credit and debit cards may contain more than 10 thousand dollars or 10 million dinars, and

you fill them in Iraqi dinars, and spend them inside the country exclusively in Iraqi dinars,

but when leaving the country, they act according to the currency of the country in which they are.”تقارير-وتحليلات/يجابيات-وسلبيات-ما-ت-ثير-تقليص-سقف-بيع-الدولار-للمسافرين-لى-لفي-دولار-فقط

An Economist Explains Steps To Reduce The Demand For Dollars In The Parallel Market

Today 08:48  Information / Baghdad…  The economist, Dr. Safwan Qusai, explained how to reduce the demand for the dollar in the parallel market, pointing to the importance of taking governmental measures as well as from the Central Bank to reduce the demand for the dollar and reduce its price.

Qusai told Al-Maalouma, “The organization of trade in Iraq needs a unified database so that the system turns into a commercial system through long-term contracts, as the entry of the Ministry of Commerce at this stage to import goods and direct consumers towards them.”

He added,  “There is a possibility to increase the transparency of information from the central bank so that everyone knows who are the merchants who obtain the dollar at the official rate and import goods, as it is assumed that they are sold at the parallel market price.”

And he indicated that  “the Central Bank is keen to expand the circle of dealers in the window for selling the currency, especially for those who have real bills and real suppliers, and

thus the demand for the parallel market will recede.”  7

He pointed out that  “regulating trade with Iran is possible through a window that opens to buy goods and materials that are sold inside Iraq and with the knowledge of the Federal Bank, which will also contribute to reducing the demand for dollars in the parallel market.” ended 25 nاقتصادي-يوضح-خطوات-تقليل-الطلب-على-الدولار-في-السوق-الموازي

It Caused The Dollar Crisis.. Is The Government Able To End The “Dollarization” Phenomenon?

Information / special.  Today, Tuesday, the economic expert, Nabil Jabbar, explained the extent of the current government’s ability to end the “dollarization” phenomenon, while stressing that

the phenomenon is one of the causes of the dollar’s rise in the Iraqi markets.

Jabbar said in an interview with Al-Maalouma, “The phenomenon of dollarization means the spread of the dollar in the market and dealing with the dollar individually in the internal local market, although our currency is the Iraqi dinar, and all our work in the market is in dinars, and this step does not harm the citizen at all.”

He added, “The central bank’s move to prevent the use of the dollar in ATMs and electronic payments comes as part of the Iraqi government’s efforts to end the phenomenon of dollarization.”  The expert explained,

“The Iraqi government previously worked to ensure that the receipt of remittances through companies is only in Iraqi dinars, and now dealing with automated teller machines is only in Iraqi dinars.” It is likely that

“there will be a step in the coming days to make all personal bank accounts only in Iraqi dinars, and this is it.” Part of ending the phenomenon of dollarization in the local market.

Jabbar stressed,  “This matter is in effect in all countries of the world, and any country that works in dollars will negatively affect its economy, and that is why all countries are working to adopt their official currency only.”

And the Central Bank decided, at a time of race, and based on the decision of the Council of Ministers, that the electronic financial services provided inside Iraq through “automated teller machines, points of sale devices, and electronic payment gateway”, shall be in the currency of the Iraqi dinar.تسببت-بأزمة-الدولار-هل-الحكومة-قادرة-على-انهاء-ظاهرة-الدولرة

Blaskhart: The Sudanese Government Needs Time To Reform

Wednesday, March 15, 2023 4:15 PM  Baghdad / National News Center  The United Nations warned of political problems in Iraq, expecting that the situation would lead to new protests, while Al-Sudani refused to drag his country into conflicts between neighboring countries and their opponents.

Blaskhart confirmed, in a speech during the Sulaymaniyah Forum, that “the approval of the new Iraqi government, which was recently led by Prime Minister Muhammad Shia al-Sudani, provides a very important opportunity, and an opportunity to return the country to the path of stability.”

She added: “First of all, as the Prime Minister previously indicated, the Cabinet has approved the federal budget for 2023, and that is really good news. Of course, it still has to be approved by Parliament,” noting that “without a budget approved by Parliament, the implementation of the government’s program will be greatly delayed – including the provision of public services.”

“Most importantly, high oil prices cannot keep the country afloat, and similarly, sustainable job creation cannot be achieved through hyperinflation of the public sector. Economic and financial reforms are urgently needed.”

And she stressed, “Efforts to combat systemic corruption in Iraq go beyond individuals or events. The system that was established after 2003 simply cannot continue, and if left as it is, it will backfire again,” adding, “In addition, the The many outstanding issues between Baghdad and Erbil require institutional relations. In the absence of that, a few will improve, not all.”

And she continued: “In 2019, I portrayed a scene marred by the politics of factions and non-state actors, the imbalance of state resources, poor services, and a lack of jobs. Now, four years later, many of these issues are still very acute, so there is no time to lose.”

And she indicated, “The challenges that await us are numerous, and it would be very naive to believe that the legacy of past difficulties and newly emerging threats will stop testing the country’s resilience, and like any other country, Iraq will be subject to the test – sooner or later, but what is cause for fear is that if action is not taken.” Quick action, Iraq will fail this test.”

And she stressed, “anchoring the country in the stability it needs to withstand future shocks,” explaining: “For this to happen, we must learn collectively from history – and recent history at the same time – to avoid repeating it.”

She added, “However, the internal political infighting and the special interests of the parties in the Kurdistan region cannot be neglected.”

Blaskarat said, “Kurdistan can unite and confront systemic corruption, enhance its respect for basic rights and freedoms, achieve tangible progress in security and economic reform, and engage in dialogue despite internal differences that sometimes (I admit it) seem insurmountable.” On it, or he can fail to arrange his internal affairs, and risk what he has achieved during the past decades.

“We sincerely hope that Iraq, drawing on its enormous wealth, diversity, opportunities and potential – can now, and thus be empowered, move forward successfully,” she emphasized.

And she indicated, “After 20 years, the country deserves to go beyond the endless cycles of instability and fragile conditions, and that the Iraqis are fully aware of the life they were promised after Saddam. After two decades, they deserve better.”

Issuing The Third Package To Facilitate The Procedures For Obtaining The Dollar

The Central Bank of Iraq issued the third package to facilitate procedures for obtaining dollars. And the bank said in an official statement: “It decided to issue the third package to facilitate

the procedures for requesting US dollars, which includes the following:

Through the electronic payment card issued by the licensed authorities when used abroad, as follows:

a- Prepaid cards, whether in dollars or dinars, which are not linked to a bank account, which makes them accessible, and with a ceiling of ( $10,000) that can be refilled, and the bank and licensed electronic payment companies have the right to issue it.

B- Credit cards, and the ceiling determined by the bank according to its classification of the customer (Gold, Silver, Platinum), with the possibility of reinforcing what was used from it later.

C- Debit Cards, which are linked to the customer’s account with the bank (including the nationalized salaries) and which can be used to pay in dollars according to the customer’s balance with the bank, and on the basis of the official dollar exchange rate.

D- The traveler’s share of cash dollars will be (2000) dollars, starting from Sunday, 3/19/2023, with the possibility of using the aforementioned cards to allow citizens to cover their requests for dollars, and to avoid the citizen carrying large amounts of cash, and in line with the directions of countries of the world to leave Use cash only to a narrow extent.

E- The Central Bank of Iraq’s daily sales of cash dollars will continue at their levels, without reduction, to banks, exchange companies, and mediation companies by selling and buying authorized foreign currency, for the purpose of securing citizens’ requests for the purposes reported.

The Central Bank of Iraq called on all banks and exchange companies to communicate with money transfer companies (Western Union, Money Gram and others) to obtain a license to work in Iraq to meet the growing demands for personal transfers, with the commitment of the Central Bank of Iraq to settle their accounts with those companies at the official rate, and the Central Bank will search These companies aim to expand the base of their agents in Iraq, and these transfers may include some types of simple commercial transfers later.

And he stressed in his statement that “the transfers of gold importers and their credits to companies registered with the Central Agency for Standardization and Quality Control at the Ministry of Planning will be covered.”


To read more current and reliable Iraqi news please visit BondLady’s Corner:

Bond Ladys Corner