Iraqi News

Sunday Morning Iraq Economic News Highlights 2-19-23

Central Bank Sales Decreased.. 85 Million Dollars In Cash

19-February-2023   The Central Bank of Iraq’s sales of foreign currency decreased on Sunday, February 19, 2023, to approximately $148 million.

Cash sales amounted to $85 million, accounting for approximately 58 percent of all sales

Confusion is still present in the local stock exchanges and exchange companies, many of which refrain from dealing in dollars, while the exchange rate in some exchanges reached more than 153,000 dinars per 100 dollars, a significant difference from the official rate of 132,000 per 100 dollars.

During its auction to buy and sell US dollars, the Central Bank witnessed a decrease in its sales of dollars, to reach 147 million, 761 thousand, and 478 dollars, or 31%, or approximately $65 million, compared to last Wednesday’s sales .

Foreign remittances decreased to about $63 million, in the form of requests to boost balances abroad, and amounted to 42% of total sales.

The Central Bank recorded a decrease in its currency sales in cash, to $85 million, or 58% of total sales.

And 20 banks met requests to consolidate balances abroad, compared to 15 banks to meet cash requests, with the participation of 198 mediation companies and 26 exchange companies.

The bank covered the sales at the following prices:

The price of selling amounts of documentary credits and international settlements for electronic cards is (1305) dinars per dollar

The price of selling remittances abroad is (1310) dinars per dollar

The cash selling price is (1310) dinars per dollar

Central Bank sales decreased.. 85 million dollars in cash %D8%A7%D9%84%D8%A7%D8%AD%D8%AF_5

And the sales of the Central Bank of Iraq recorded a jump on Wednesday, February 15, 2023, to approximately $ 214 million, or 124%, or approximately $ 118 million, compared to  sales  last Tuesday .

Foreign transfers rose to about $99 million, while cash sales amounted to more than $114 million.

The Central Bank did not organize the currency auction on Thursday, due to an official holiday, but during the week ending February 16, it sold more (728,785,580) dollars, according to statistics by “Ultra Iraq.”   LINK

The Central Bank Of Iraq’s Dollar Cash Sales Increased In Today’s Auction

2023-02-19 04:51   Shafaq News/ The Central Bank of Iraq’s dollar cash sales increased in an auction today, Sunday, at the expense of foreign transfers.

Shafaq News agency reporter stated that the Central Bank sold today, during its auction, 147,761,478 dollars, covering it at a basic exchange rate of 1,305 dinars per dollar for documentary credits and international settlements of electronic cards, and at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar, respectively. monetary.

Our correspondent added that most of the dollar sales went in the form of cash, amounting to 85 million dollars, while the rest of 62 million, 761 thousand and 478 dollars went to reinforce the balances abroad in the form of remittances and credits.

He pointed out that the banks that bought cash dollars amounted to 20 banks, while the number of banks that met requests to strengthen balances abroad reached 15 banks, while the total number of exchange and mediation companies participating in the auction was 224 companies.   LINK

Central Bank Of Iraq – Deleting Zeros Early 2017 – Strategic … – Youtube

November 7, 2016    Thoughts  BAGHDAD / IBN – The governor of the Iraqi Central Bank on the Keywords that project to delete the zeros will be implemented in early 2017, indicating that the bank began to develop the first steps of the project.

This says they have already began to develop the first steps – indicating they are into the process (in late 2016). This would imply they are further along today… and likely many of the AML, electronic banking and international banking interactions are leading up to the implementation of this project. LINK LINK

The Dollar Fell Below The Barrier Of 150 Dinars In The Region’s Night Market Transactions

2023.02.18 – 22:34  Baghdad – Nas    The price of the dollar, in the markets of the Kurdistan region, witnessed a decrease in trading today, Saturday.  “Nass” channel on Telegram.. our latest updates

The dollar recorded in the markets of the governorates of Erbil and Sulaymaniyah, (February 18, 2023), the following:   $100 = 149,500 Erbil      $100=149,600 Sulaymaniyah

Parliament Ends The First Reading Of The Draft Law Approving The Financial Statements For The Fiscal Year Ending In 2014

Politics | 02:46 – 02/19/2023  Baghdad – Mawazine News, the House of Representatives completed, on Sunday, the first reading of the draft law approving the financial statements for the fiscal year ending in 2014   . for the year 2014″.

Today, Sunday, the House of Representatives held its session, headed by Deputy Speaker of the House of Representatives, Shakhwan Abdullah.

The session witnessed the end of the first reading of the twenty-first amendment bill to the Owners Law

Parliamentary Finance: The Stability Of The Dollar Needs 3 Months, And Its Smuggling Continues

Time: 02/19/2023 Read: 1,950 times  {Economic: Al Furat News} The Parliamentary Finance Committee expected the stability of the dollar exchange rate in the country during the next 3 months.

Committee member Jamal Cougar said in a press statement, “The fluctuations of the dollar depend on supply and demand, so the closer the supply and demand are to each other, the closer the government price is to the street price, and whenever the supply is little and the demand is large, the difference will be large.”   He expected “the current situation to remain for the next two months or more.”

And Cougar indicated that “dollar smuggling depends on the sale in cash, as there are two types of dollars sold, the first in the form of remittance bonds, and the second sold in cash, which is smuggled up to 20 percent, and the government has not controlled it yet.”   LINK

Parliamentary Finance: Stabilizing The Exchange Rate Needs Time

The first  2023/02/19   Shaima Rashid  The state of the markets has not changed much with the new exchange rate set by the Central Bank of Iraq. While some exchange companies close their doors, others are reluctant to sell the dollar at its official price to citizens. Transfer and sale window.

Member of the Finance Committee, Representative Jamal Cougar, said in a statement to “Al-Sabah”: “The fluctuations of the dollar depend on supply and demand. Maintain the current situation for the next two months or more”.

And the deputy stated that “the smuggling of dollars depends on the sale in cash, as there are two types of dollars sold, the first in the form of remittance bonds, and the second sold for cash, which is smuggled up to 20 percent, and the government has not controlled it yet.”

As for the researcher in financial affairs, Haider Al-Sheikh, he criticized the Central Bank’s decision to change the exchange rate, considering its timing wrong.

And the Sheikh stated in an interview with “Al-Sabah” that “the purpose of reducing the exchange rate from 1460 dinars to 1310 dinars is to control the market, but this did not happen because of the closure of banks and outlets that sell dollars above the specified price,” he said.

The researcher believes that “the closure caused an increase in the price of the dollar in the parallel market by about 25 thousand over the official price, and we should not forget that the economic street depends on the exchange rate on the black market and does not depend on the official price, and this means that food prices remain at their current price,” pointing out to That “the general budget depends on the fiscal revenue of oil, and thus the percentage of deficit in the budget will rise, exceeding 20 percent of the total amount.”

And the Sheikh relied in his analysis on the fact that “Iraq used to estimate the price of the dollar at 1450 dinars, and today it has become 1300 dinars, and thus the budget lost 15 thousand dinars for every 100 dollars, and by calculating the financial revenue from oil last month, which exceeded 7 billion and 500 million dollars and changing the exchange rate, the The rate of losses of the general budget will reach about 10 trillion  Dinar”.   Edited by: Ali Abdel-Khalek

Jawad Al-Yasari To / NINA /: The Power Of Speculators And Currency Traders Is Delaying The Government’s Measures To Implement The New Exchange Rate

Sunday 19 February 2023 10:15 | Economical Number of readings: 286  Baghdad / NINA / – Independent MP Jawad Al-Yasari confirmed: The power of speculators and currency traders is delaying the government’s measures to implement the new exchange rate.

He told the National Iraqi News Agency / NINA /: that despite the government’s good decision regarding the exchange rate, which to some extent stopped its rapid and continuous rise, its implementation procedures are still slow.

Al-Yasari added: The strength of traders and price speculators and their continued manipulation without committing to the new price delayed the implementation of the government decision.

And he continued: The government’s procedures regarding this matter are slow and unclear, which require quick and effective steps that enhance citizen confidence in official procedures./