Iraqi News

Friday Morning Iraq Economic News Highlights 3-3-23

The Stability Of The Dollar Exchange Rates In The Local Markets

03/03/2023  1258  Earth News / Today, Friday, the exchange rates of the dollar witnessed stability in the local markets.  The selling price of the dollar was recorded at 152,500 dinars per 100 dollars.  As for the purchase price of the dollar, it recorded 152,000 dinars for every 100 dollars.

With The Document.. The Reference Al-Fayyad Issues A Fatwa On Selling The Dollar

Time: 03/03/2023 14:44:14  Read: 1,820 times    {Local: Al-Furat News} The religious authority, Grand Ayatollah Sheikh Muhammad Ishaq Al-Fayyad, issued a fatwa stating that it is not permissible for exchange companies to sell dollars more than the rate set by the Central Bank of Iraq.

And the Central Bank of Iraq, on February 8, started selling the dollar at the new official rate as part of its procedures and steps to stabilize the exchange rate,” noting that “the new exchange rate granted to merchants and others provides lower prices for citizens.

The exchange rates will be according to the central bank’s rate as follows:

– 1300 dinars per dollar, the price of buying a dollar from the Ministry of Finance.

– 1310 dinars per dollar, the price of selling dollars to banks through the electronic platform.

– 1320 dinars per dollar, the sale price of the dollar from banks and non-bank financial institutions to the final beneficiary.  LINK

Al-Rafidain Begins To Deposit The Dinar And Deliver The Dollar, Starting From Next Sunday

03/03/2023  2614  Earth News / Al-Rafidain Bank announced, today, Friday, the direct deposit of the Iraqi dinar and the delivery of the dollar, starting from Sunday, through the electronic platform.

The media office of the bank stated, in a statement received by Earth News, that “after depositing the amount in dinars, the dollar currency will be received exclusively from the bank’s outlet at Baghdad International Airport.”  He added that “the branches in which the dinar will be deposited are (Palestine Street Branch – Firdous Square – Arboretum – Officers’ House – Al Mohit – Al Rafi’i – Al Maarefah)”.

Starting from Sunday.. Al-Rafidain begins to deposit the Iraqi dinar and deliver the dollar

March 3, 2023 |8,161 views  Alsumaria News – Localities, Al-Rafidain Bank announced that it will start procedures for expanding the Iraqi dinar deposit outlets for travelers through the electronic platform, as of Sunday.

And the bank’s media stated, in a statement received by Alsumaria News, that “the procedures for expanding the Iraqi dinar deposit outlets for travelers will be initiated through the electronic platform, starting on Sunday, through a number of Baghdad branches designated for that.”

The statement added, “After depositing the amount in dinars, the dollar currency will be received exclusively from the bank’s outlet at Baghdad International Airport.”

He pointed out, “The branches in which the dinar will be deposited are (the Palestine Street branch – Firdous Square – the arboretum – the Officers’ House – the ocean – Al-Rafi’i – Al-Ma’rifah).”   LINK

Iranian official: America is waging a currency war against Iran from Erbil, Herat and the Emirates

2023.03.03 – 13:28  Baghdad – Nas  The former head of the Iranian Revolutionary Guard Intelligence, Hussein Taeb, said that good news will be announced about the course of the investigation regarding the attack by drones in Isfahan, accusing the Americans of manipulating currency rates from several cities, including Erbil.

“Nass” channel on Telegram.. our latest updates

In statements at the University of Science and Industry in Tehran, reported by Mehr News Agency, and followed by “NAS” (March 3, 2023), Taeb indicated that “the Americans started a hard currency war to prevent the establishment of the infrastructure for the advancement of the Iranian economy,” noting that “this action was not It is the first of its kind, but Iran has been fighting this war for a long time.”

He continued, “The Americans are manipulating the prices of hard currency in each of Erbil Iraq, Herat Afghanistan, the Emirates, and in the Tehran bazaar, as they not only set the currency prices, but they also take the initiative to buy it to create chaos in Iran,” he said.

An Economist Reveals The Reason For The Rise In The Price Of The Dollar In The Local Markets

On Thursday, economist Nabil Jabbar Al-Tamimi revealed the reason for the rise in the dollar exchange rate again in the local market, despite government measures and the Central Bank of Iraq to control prices.

Al-Tamimi said, in a press interview seen by “Takadum”, that “despite the increase in the indicators of the Central Bank of Iraq’s daily sales of dollars, related to remittances and credits, which appear good and growing in a promising way, as they rose from the rate of 30 million dollars per day to 100 million dollars per day, which is It is a matter of optimism, but the problem is still related to small merchants.”

He explained that “small merchants are still conducting their transfers away from the banking system and away from the (platform) by buying dollars and transferring them through private offices that conduct transfers illegally, which caused an increase in demand for dollars locally and contributed to its rise, in light of the limited supply practiced by the government and the bank.” Central to stop the phenomenon of the state in the local market.

And he indicated that “preliminary estimates of the volume of trade for small merchants may be in the range of 50-70 million dollars per day, about 20 million dollars of which go to Iran to feed private imports from Iranian merchants.”

Al-Tamimi continued, “These estimates may be outside the platform today, and the large price difference between the official price of 1310 and the parallel price of 1570 may prompt small merchants to adapt their situation faster to conduct their transfers through the platform.”

And the economist stressed, “Imports from Iran and financial payments to Iranian merchants (up to 20 million dollars per day) remain a permanent problem for reasons related to sanctions on Iran and the inability to pass bank transfers towards it, which requires the Central Bank and the government to deal with it.”

The price of the dollar in the local market witnessed a noticeable decrease below 1,500 dinars per dollar after the Council of Ministers approved the decision of the Central Bank of Iraq to reduce the official price of the dollar to 1,300 Iraqi dinars, but it rose again to reach today 1570 dinars per dollar.

Chambers Of Commerce: The Disappearance Of The “Black Dollar” Needs Two Months, And The Sudanese Adopted 4 Steps

Economy |Today, 15:13 |The head of the Chambers of Commerce in Diyala Governorate, Muhammad al-Tamimi, confirmed today, Friday, that the speculative process by raising the dollar prices will need a period of about two months to be completed.

Al-Tamimi told (Baghdad Today), that “the exchange rate of the dollar is still very high and approached two days ago from 159 thousand dinars for every $100, while the official exchange rate is 130, which gives an indication of the size of the large difference that is exploited by some in speculation and achieving more.” of profits.”

He added that the “black dollar”, referring to the speculative process to raise exchange rates, “will end within two months, perhaps less, and begin to decline, reaching its current exchange rate, especially with the Sudanese government beginning to adopt 4 important steps, most notably increasing support for foreign trade by providing currency to traders according to contexts.” organization and openness to the use of other currencies in exchange, including the Chinese yen.

He pointed out that “the pressures of the Sudanese government to push internal trade with all its addresses and sectors to abandon the dollar in favor of the dinar, such as buying and selling cars, for example, began to bear fruit, even on a specific scale, but it is an indication of overcoming an accumulated error that gave the dollar a great dominance in determining prices in the markets.”

On (January 21, 2023), Prime Minister Muhammad Shia’a al-Sudani confirmed taking a number of bold decisions to support and stabilize the Iraqi dinar, warning those who try to exploit the crisis and play on people’s needs.  LINK

With the participation of Iraq.. an international competition for the beauty of the Arabian horse

Time: 03/02/2023 23:43:20   Read: 2,301 times   {Sports: Al Furat News} Sharjah Equestrian and Racing Club is organizing the 24th Sharjah International Arabian Horse Festival, starting from tomorrow until next Sunday, in cooperation with the European Authority for Purebred Arabian Horse Beauty Competitions (ECAHO), and under the auspices of Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah. .

The festival is also held under the auspices of the Sharjah International Airport Authority, the official sponsor of the festival and a partner in success for 23 years, and the Sharjah Sports Council, in cooperation with the Emirates Arabian Horse Association.

The Sharjah International Festival is the first festival of its kind accredited by the ECAHO in Summer (A). It is held in a covered hall. The number of participating horses is 288 horses from 9 countries, including 8 Arab countries.

The participating countries are the Emirates, Saudi Arabia, Bahrain, Qatar, Egypt, Iraq, Lebanon, Brazil and Jordan, and the Supreme Organizing Committee of the Festival is chaired by Abdullah bin Majid Al Qasimi.

Sultan Khalifa Al Yahyai, a member of the Sharjah Sports Council and Director General of the Sharjah Equestrian and Racing Club, said, “The Sharjah Festival has completed its 24th year, to be the oldest festival in the region for the Arabian horse, and it was approved by the European Authority for Purebred Arabian Horse Beauty Competitions (ECAHO), to align with the global agenda for horse beauty racing.” Arabic, and the festival falls under the highest classification.   LINK