Iraqi News

Wednesday Morning Iraq Economic News Highlights 1-25-23

“See Your People And Reduce The Dollar.” A Demonstration Begins In Front Of The Central Bank Of Iraq

WED, 01-25-2023, PM 2:24  KARRAR AL-ASADI  Today, Wednesday morning, a demonstration organized by hundreds of citizens who came from various Iraqi governorates began in front of the Central Bank in central Baghdad to protest against the high exchange rates of the US dollar against the dinar and the cause of an economic crisis.

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Hundreds of citizens demonstrated in Al-Rasheed Street, where the headquarters of the Central Bank of Iraq is located, in central Baghdad, to demand an end to speculation in the exchange rates of the dollar, calling for urgent economic measures to be taken, to restore the dollar exchange rate within the official context, and to hold the corrupt accountable.

The demonstrators also demanded, through loudspeakers, that Prime Minister Muhammad Shia’a al-Sudanese go out to the people and announce realistic measures to alleviate the crisis and restore prices to stability.

Since November 2022, the exchange rate of the US dollar against the Iraqi dinar has witnessed a gradual increase, reaching its highest levels in recent days, as it exceeded the barrier of 165 thousand dinars per 100 dollars.

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Mass Demonstrations Took Place In Front Of The Central Bank To Protest Against The Price Of The Dollar

Source:  Alsumaria News    4,596 views  Alsumaria News – Local Dozens of demonstrators organized today, Wednesday, a vigil in front of the Central Bank of Iraq, against the background of the high dollar prices.  Our correspondent said, “Dozens of demonstrators staged a protest in front of the Central Bank, resenting the high price of the dollar against the Iraqi dinar.”

He added, “The demonstrations began amid tight security measures in the capital, Baghdad.”

The price of the dollar exceeded 160 thousand for every hundred dollars during the last month, after it was stable under the barrier of 150 thousand Iraqi dinars for every 100 dollars.   LINK

The Communist Party: The Dollar Exchange Rate Crisis Is Fueling Popular Unrest

Posted On2023-01-24 By Sotaliraq   Secretary of the Central Committee of the Iraqi Communist Party, Comrade Raed Fahmy, expected that popular anger as a result of the deterioration of the dollar exchange rate would turn into a state of major protests and sit-ins, indicating that the Iraqi street is cautiously awaiting the government’s steps.

Fahmy told (Abc Arabia) that “the state of popular discontent began to increase with every new rise in the exchange rate of the dollar, and it is expected that this discontent will turn into a state of popular protests in various cities, especially the poor and those affected by ill-conceived policies,” noting that “the goal of The upcoming demonstrations call on the Central Bank and the regulatory authorities to take effective measures to end the crisis, which negatively affected the lives of the poor, earners and stakeholders.

He added, “We advise the government not to be complacent with the issue of fluctuation of the dollar exchange rate, and to take warnings seriously and pay attention to the state of popular boiling that may erupt at any time, especially with the presence of organizations and popular parties that support the protests and reject the government’s policies from the ground up, so the government should consider the issue of the dollar.” and address the problem radically.

Fahmy pointed out that “government promises of appointments, fighting corruption, and attempts to return stolen money from the corrupt and employ the unemployed will never intercede in preventing the people from rising up, especially if the damage reaches the citizen’s sustenance and a loaf of bread, then it becomes a complex crisis and it is difficult to solve it governmentally.”  LINK

Parliamentary Bloc: There Are No Radical Solutions To Control The High Price Of The Dollar Against The Iraqi Dinar

2023-01-25 05:52  Parliamentary bloc: There are no radical solutions to control the high price of the dollar against the Iraqi dinar    LINK

An Iraqi Delegation Visits Washington To Discuss The Crisis Of The Rising Dollar

2023-01-25 03:19   Shafaq News/ The Islamic Supreme Council, one of the forces of the coordination framework, revealed today, Wednesday, that an Iraqi delegation will soon visit the United States of America in order to discuss the high exchange rate of the dollar in Iraq.

The spokesman for the council, Ali al-Daffi, told Shafaq News agency, “A leading delegation from the Iraqi Ministry of Finance and the Central Bank of Iraq will visit the United States of America in the coming days in order to discuss the US Federal Reserve’s policy and give an appropriate opportunity of time so that Iraqi banks can adapt and deal with the system.” The new banker.

Al-Daffi stated, “The issue of fighting corruption, money laundering, and currency smuggling cannot be addressed with the stroke of a pen, but rather requires decisions and procedures,” stressing, “We support fighting corruption and ending money laundering and currency smuggling from Iraq, but there must be a reasonable amount of time.” So that the Iraqi government can follow up and implement these measures.

The US ambassador to Iraq, Alina Romanowski, says that the United States does not set the exchange rate for the dollar and has not imposed sanctions on new Iraqi banks.

Romanowski said in a televised interview that Washington “continues a mechanism that took several years to strengthen the Iraqi banking sector to help it comply with the global banking system, and to ensure that the banking system is not used to launder the Iraqi people’s money and smuggle it out of Iraq.”

Romanowski also indicated that these procedures began two years ago with gradual implementation by Iraqi banks, according to an agreement between the US Federal Bank and the Central Bank of Iraq, adding that they are “designed to prevent and restrict money laundering, as suspending or postponing them leads to a rollback in the system.”

And the Iraqi currency lost about 10 percent of its value, says the Wall Street Journal in a report it published a few days ago, after procedures related to imposing compliance rules on the Central Bank of Iraq’s dealings with currency dealers with regard to the US dollar.

Under the new procedures, Iraqi banks are required to submit dollar transfers on a new online platform with the Central Bank of Iraq, which are then reviewed by the Federal Reserve Bank.

US officials say the system aims to limit the use of the Iraqi banking system to smuggle dollars to Tehran, Damascus and money laundering havens across the Middle East.   LINK

Basra Clans Are Calling On The Government For “Immediate Solutions” To The Dollar Crisis

2023-01-24 | 08:11   1,608 views  Today, Tuesday, tribal elders and clerics in Basra Governorate called on the federal government to find immediate solutions to the crisis of the dollar’s high prices against the Iraqi dinar.

This came during a press conference held in the office of the Al-Obeid tribe, on the dollar crisis.

Yarub al-Muhammadawi, a spokesman for the conference, which was attended by a reporter, saidSumerianWe do not go into politics and leave it to its owners, and we do not talk about financial and monetary power, we leave it as well to people of experience and competence, but we proceed from our national and social duty and in order to preserve the continuity of societal stability from any economic repercussions that may be reflected on the social reality and because of the legitimate fears of the people of our societies, it has become imperative for us Today, we call on the federal government to find immediate, quick and permanent solutions to the crisis of the rise in the exchange rate of the dollar, which in turn caused an increase in commodities in the markets, and which affected citizens with limited incomes in particular.

He added, “Economic instability may contribute to societal instability, and that the rise in the price of the dollar against the dinar and the negative economic repercussions may lead to an increase in poverty numbers. All of these factors may contribute to an increase in organized crime and individual and societal conflicts, which threaten civil and societal peace.” .

Al-Muhammadawi called on the concerned authorities to “monitor the markets and the high prices of commodities, and to hold accountable those who invest in these conditions and manipulate prices in the markets,” praising “any measure that would return the exchange rate to its previous state with successful economic solutions that serve the country and the people.”  LINK