Bondlady’s Corner

Iraqi News Highlights Saturday Afternoon 4-1-23

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Sudanese Advisor: Government Measures Prevented Dollar Smuggling Abroad

Economy| 11:49 – 01/04/2023   Baghdad – Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Saturday, that government measures prevented the smuggling of dollars abroad.

Saleh said, “The legal institution in particular took its active and distinguished role in protecting and sounding the national economy from attacking its constants and variables through illegal external leakages of the country’s financial resources, specifically foreign currency,” noting that “its active role is equivalent to the power of imposing institutional discipline in managing and directing the country’s resources.”

Finance in preserving its flows in accordance with the laws, regulations and controls that govern all financial transactions and protecting the national economy from corruption vehicles and the forces of assault on public money and the country’s economic system.

Saleh added, in an interview with the official news agency, that “attrition and assault on the constants and variables of the economic system are one and indivisible,” pointing out that “the vigilance of the law enforcement force and its distinguished role has become clear in providing a service, foremost of which is the stability of the legal effectiveness of the national economy.”

He pointed out that “preserving the country’s financial wealth, specifically the illegal disposal of foreign currency, and addressing wasteful operations or deliberately diverting them outside the national economy, is one issue that cannot be divided in all cases.”

He continued, “The government’s measures are a new stage in establishing the life of the Iraqi state, which has taken a distinguished path at the current stage in the development of the degree of control and cooperation internally and externally, including cooperation with the international financial and legal community in combating money laundering activities and all transient financial crimes.” Ended 29/N33

Central Bank: Opening a window to sell dollars to citizens violates international regulations and norms

Economy| 12:56 – 01/04/2023   Baghdad – Mawazine News   The Central Bank of Iraq confirmed, today, Saturday, that all financial transfers are monitored from the electronic platform, while indicating that opening a window to sell dollars to citizens violates international controls and norms.

“All financial transfers are followed up and monitored by the Central Bank of Iraq through the electronic platform and the cash sale platform,” said the assistant general manager of the investment department at the bank, Muhammad Yunus, to the official news agency.

He added, “These operations come within the international standards for combating money laundering and terrorist financing, and are compatible with all international norms and laws, and do not affect the reputation of Iraq, the Central Bank and financial institutions in the event of any defect in those transfers.”

He pointed out that “accepted remittances began to increase continuously, and we expect the Central Bank to reach very high levels.”

Concerning the daily conversion rate of foreign currencies, Younis confirmed that “the bank publishes daily its cash sales and transfers, which currently range between 100 to 150 million dollars, in addition to cash sales,” expecting “an increase in transfers in the coming days.”

Regarding the possibility of the dollar exchange rate returning to its previous price, Younis said, “The parallel rate has begun to gradually decrease on a daily basis during the past days,” pointing out that “the Central Bank is working hard to solve all the problems that banks and merchants suffer from in the financial transfer process.”

Regarding the possibility of opening a window to sell the dollar to citizens with specific numbers per month, Yunus explained that “the dollar cannot be available to any citizen as it is not a national currency for Iraq,” noting that “the dollar must be allocated for dealing outside Iraq for the purposes of financing trade, travel, treatment and study.”

“Opening a window to sell dollars to citizens violates all international regulations and norms,” Younis added. Ended 29/N33

Al-Sudani’s Advisor Identifies The Reasons For The Decline In The Parallel Price Of The Dollar In The Iraqi Market

Posted On2023-04-01 By Sotaliraq   Today, Saturday, the appearance of Muhammad Salih, the financial and economic advisor to the Prime Minister, Muhammad Shiaa al-Sudani, commented on the decline in the dollar exchange rate in Iraq.

Salih told Shafaq News agency, “Foreign trade financing operations in foreign exchange for the private commercial sector are currently in a stage of recovery and escalating adaptation to the new international compliance requirements that have been implemented since last November.

Window sales are after the three packages launched by the Central Bank and procedures The government regulators that simplified foreign trade operations for the private sector are all undergoing an accelerated state of adaptation towards accelerating external transfer and financing trade at the official exchange rate.

He added that “the central bank’s window sales began to touch their previous normal rates of sale, to reach approximately $200 million per working day in the foreign currency auction, which is a very stable level of sales to meet the market demand for foreign exchange, and is supported at the same time by high reserves of foreign currency that It is in the possession of the monetary authority, which enables it to effectively intervene in the stability of the market in an easy and effective manner.

And the financial and economic advisor to the Prime Minister stated that “in light of the foregoing, the price differences between the official exchange rate of the dinar against the dollar and the price equivalent to it did not widen, but there are strong signals towards contraction and a clear gradual decline towards the convergence of the two prices, especially the decline of the dollar in the parallel price on a daily and tangible basis.” .

On Tuesday, March 21, the Governor of the Central Bank of Iraq, Ali Al-Alaq, expected a decrease in the parallel dollar exchange rate (the market price and local exchange rates) during the coming period.

Al-Alaq said at the time, in a special statement to Shafaq News Agency, “The Central Bank launched several packages of measures, and the packages that were launched are dealt with seriously to control the exchange rate of the parallel dollar.”

Al-Alaq indicated that “the central bank’s measures are continuing to control the exchange rate, and we expect a decline in the parallel exchange rate.”

The parallel price means the exchange rate of the dollar in the market and exchanges, and not the official price set at 1132 dinars per dollar, according to the decision of the Board of Directors of the Central Bank of Iraq, which was approved by the Council of Ministers.

And the Central Bank of Iraq issued three reform packages, which it said came with the aim of addressing the rise in dollar exchange rates.  LINK

The Dollar Drops To Less Than 150 Thousand Dinars Per Paper

Economy| 04:36 – 01/04/2023   Baghdad – Mawazine News  The exchange rates of the dollar recorded, today, Saturday, a decline in the local stock exchange trading.   The selling prices were recorded at 150,500, while the buying prices were recorded at 149,500 per 100

Central Bank Sales Approaching 900 Million Dollars In A Week

Money  and business  Economy News-Baghdad   The total sales of the Central Bank of Iraq in US dollars during the past week amounted to more than 870 million dollars.

The “Economy News” correspondent stated that the Central Bank sold during the past week for the four days in which the auction was opened, while it did not sell the dollar on Monday because it coincided with an official holiday, indicating that the amount of sales amounted to 876 million and 229 thousand and 180 dollars at a daily rate of 219 million. And 057 thousand and 295 dollars, up by 1.37% from the record of the previous week, in which the sales rate reached 216 million, 607 thousand and 478 dollars.

Our correspondent added that the highest dollar sales during the past week were on Thursday, when sales amounted to 238,758,264 dollars, while the lowest sales were on Sunday, when sales amounted to 202,134,715 dollars.

He pointed out that sales of foreign remittances amounted to 714,629,180 dollars during the past week, an increase of 70.59% compared to cash sales, which amounted to 210,600,000 dollars.

He explained that the sales went in the form of cash payments and transfers abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards amounted to 1,305 dinars per dollar, while the selling price of remittances abroad and the cash sale price amounted to 1,310 dinars per dollar.


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