The Increase In Central Bank Sales Of Remittances And A Decrease In Cash At The Currency Auction
Economie Thursday, 17 February 2022 4:36 PM Baghdad/National News Center
Central bank sales of foreign remittances increased at the expense of cash sales in Thursday’s auction.
A source in the Central Bank stated that today, during its auction for buying and selling US dollars, the Central Bank witnessed a decrease in its sales of dollars by 4.63% to reach 206 million and 892 thousand and 963 US dollars covered by the bank at a base exchange rate of 1460 dinars per dollar, compared to yesterday, Wednesday. With sales of 216 million and 508 thousand and 300 US dollars.
The source added that foreign remittances increased significantly compared to cash sales, as these remittances amounted to 173 million and 102 thousand and 963 dollars, while the remaining amount of 33 million and 790 thousand dollars went in cash.
He pointed out that 26 banks have fulfilled requests to enhance balances abroad, and 15 banks have responded to cash requests, in addition to 172 mediation companies. LINK
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad Today, Thursday, the dollar exchange rates witnessed stability in the local markets. And the selling prices of the dollar were 148000 dinars per 100 dollars, while the purchase prices of the dollar were 147,750 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 purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, while the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar. Views 174 Date Added 02/17/2022 LINK
Central Markets.. Differing Opinions On Limiting Price Hikes
Thursday 17 February 2022 137 Baghdad: Haider Falih Al-Rubaie Specialists in economic affairs welcomed the House of Representatives’ moves aimed at curbing the rise in food prices in local markets, especially flour, stressing that the cooperation of the legislative and executive authorities in the face of rising prices is enough to reduce inflation rates that witnessed a significant increase during the periods. previous.
While they suggested activating the role of central markets and cooperative societies and supporting their work with the aim of creating a kind of competition and lack of monopoly.
They stressed the need for “economic security” to take a role in confronting monopoly operations and rising prices.
The First Deputy Speaker of the House of Representatives, Hakim Al-Zamili, had called for the development of realistic solutions to address the causes of high prices and to hold manipulators accountable, calling on Prime Minister Mustafa Al-Kazemi, to take urgent action to find out the reasons for the significant rise in flour prices, and its direct impact on the purchasing power and living situation of people with limited income. At the same time, he stressed the importance of directing the authorities concerned with economic and food security to investigate the reasons for the rise in prices and to hold the manipulators and negligent accountable.
The economic expert, Abdul Rahman Al-Sheikhly, called during his speech to Al-Sabah to the need for “the diversification of markets sources of similar goods that will compete in quality and prices, indicating that the central markets represent important commercial facilities, but they are no longer able to meet the needs of the citizen, and that the private sector took over This matter, in a way that led to an excess in the supermarkets and malls that all offer the same goods and almost all of them are from one source.
Al-Sheikhly criticized the dependence of most Iraqi markets on a similar production source.
For his part, the economic researcher, Eng. Zaki Al-Saadi, suggested transforming the central markets into modern commercial malls, and transforming the Central Markets Company into a “joint stock company,” noting that “the Ministry of Commerce is exempt from customs taxes imposed on imported materials, and then there will be subsidized materials that can be To be sold at cheaper prices than its counterparts in the market local.”
Al-Saadi, who welcomed the parliamentary moves aimed at curbing the rise in prices, sees the need to rehabilitate central markets, and provide various foodstuffs and household necessities in them, indicating that this step will create a wide space for commercial competition and lack of monopoly.
Al-Saadi also suggested importing all foodstuffs and consumer goods through the “General Company for the Importation of Construction and Food Materials” affiliated to the Ministry of Commerce, taking advantage of customs exemptions and the facilities granted to it, provided that the company is supported by one of the Central Bank’s initiatives, with the aim of pumping materials through central markets. To revive these important commercial facilities and to control price hikes.
Earlier, the Ministry of Commerce announced the signing of investment contracts to rehabilitate the central markets in several governorates, while expressing its desire to enter foreign companies to convert them into modern malls.
A spokesman for the Ministry of Commerce, Muhammad Hanoun, told the Iraqi News Agency (INA), that “the General Company for Central Markets performs a very large activity, and it has central market projects, including Al-Mansour Central Market, which has achieved very large completion rates, as well as the company’s board of directors signing investment contracts. For markets in the provinces Multiple”. LINK
Banking Risks And Facilities
Thursday 17 February 2022 115 sea star There is no doubt that banking facilities go through three basic stages. The first stage begins with the documents and statements that confirm their belonging to the applicant for banking facilities (whether that is a citizen, an institution or a company) and for various financial and commercial activities.
The second stage is the stage of receipts and real financial studies for the customer (client). ), in accordance with fixed controls and directives issued by the Department of The bank.
After the approval is reached, a decision is taken to approve the credit, which includes the amount of facilities in statements, discounts, letters of guarantee, or any other miscellaneous facilities such as loans and advances in all its forms (as is the case now in granting bank loans to citizens in general).
At this stage, contracts are also signed by the applicant for the loan or the advance (bank credit facilities according to what has been granted and according to a decision to grant credit).
As for the last third stage, it is the payment of the customer’s obligations in accordance with what was stated in the decision to grant loans or advances, and there is no doubt that the banking facilities for citizens are not all repayable because of their exposure to risks, including the so-called special risks as they relate to the same customer with the bank, while the second is what is called It has general risks such as inflation risks, market fluctuations, natural disasters and others that.
The aforementioned risks must be studied and put together with the solutions resulting from them, because the non-payment of obligations by the borrower or borrower, some of whom fell into such obligations into doubtful debts (dead debts), and the specialists attribute this to a lack of follow-up or the fact that these The follow-up is not continuous and inaccurate, and the lack of accuracy and continuity because it gives conclusive evidence of its use in the amount for which it was granted loan. LINK
Iraq And Jordan Discuss Strengthening Relations In The Field Of Digital Banking And Electronic Commerce
Wednesday 16 February 2022 18:09 | economic Number of readings: 80
Baghdad / NINA / – Iraq and Jordan discussed strengthening relations in the field of digital banking, electronic commerce and digital financial transactions.
A statement by the Central Bank of Iraq stated that Governor Mustafa Ghaleb Mukhif received, today, Wednesday, the Jordanian Minister of Digital Economy and Entrepreneurship, Ahmed Al-Hanandeh and his accompanying delegation. ”
During the meeting, according to the statement, they discussed strengthening relations between the two countries in the field of digital banking and promoting electronic commerce and digital financial transactions.”
The Governor of the Central Bank of Iraq praised the guest delegation and the Iraqi-Jordanian relations, and the great development they have reached during the past years.
He said: The relationship between the Central Bank and the communications and information technology companies has become stronger as a result of the great acceleration in the fields of digital banking and electronic payment, adding, “We need to benefit from the digital experience in Jordan and maintain the connection, especially in light of the historical and economic relationship that binds the two countries.”
In turn, the Jordanian Minister of Digital Economy and Entrepreneurship announced his desire to achieve integration in the financial field between the two countries and to strengthen banking partnerships, which could reflect positively on both parties, especially the Iraqi community in Amman, stressing Jordan’s readiness to provide all possible support to the Iraqi banking sector in the field of In conclusion , the Jordanian minister invited the governor to visit Jordan to complete the frameworks of cooperation and learn about the Jordanian experience LINK
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