Bondlady’s Corner – Iraq Economic News and Points to Ponder Monday Afternoon 2-12-24


Iraq Economic News and Points to Ponder Monday Afternoon 2-12-24

Tlm724 Administrator Bondlady’s Corner

Saleh: Iraq Is Experiencing High Price Stability And The Decline Of Parallel Market Noise

Time: 02/12/2024 15:02:46 Read: 949 times  {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq “is experiencing a state of price stability.”

Saleh told Al-Furat News Agency: “The country is experiencing a high state of stability at all price levels, whether in terms of the general level of prices and low inflation growth rates, or in terms of the broad influence of the central exchange market and the foreign currency window in stabilizing the commodity supply prices of goods imported into the country and integrating “The capabilities of the official central exchange market in providing broad financing to the private sector at the fixed exchange rate for foreign trade of 1,320 dinars per dollar.”

He pointed to “high flexibility, whether in applying compliance procedures or in methods of external transfer in various currencies, which has begun to affect the decline of the parallel market and reduce the level of price noise that it previously caused on price stability.”   LINK

Economist: The Window For Selling The Currency Ends In 2024, And The Central Bank Will Devote Itself To Supervision

Time: 02/12/2024 20:44:48 Read: 234 times  {Economic: Al-Furat News} The economic expert, Abdul Rahman Al-Sheikhli, confirmed today, Monday, the end of the window for selling the currency during 2024, and the Central Bank will devote itself to supervision.

Al-Sheikhli said {to Al-Furat News} that: “The window for selling the currency is about to end during the year 2024, and cash sales are now few in relation to remittances, and there are more than 200 million dollars transferred for the purposes of importing goods from abroad according to the method of documentary credits, and this process excludes many problems.”

He added, “The Central Bank of Iraq decided to end the currency window process and adopt correspondent banks as an alternative. There will be a new mechanism to provide currency for transfers without returning to the currency window or the electronic platform.” 

Al-Sheikhly believes, “This mechanism will save a lot of effort and external relations. Therefore, the Central Bank will devote itself to the role of supervision and auditing and not enhancing the balances. It will also absolve itself of responsibility for the import process according to its law.”

He added, “There will be more than one external correspondent bank in different currencies according to the trade imported from the source. This will eliminate the problems, the most prominent of which is the process of leakage of funds from the Central Bank and banks to prohibited parties.”  LINK

Dollar Exchange Rates Recorded A Slight Decline In Baghdad, Basra And Erbil

Monday 12, February 2024 11:26 | Economical Number of readings: 389  Baghdad / NINA / The exchange rates of the dollar against the dinar recorded a slight decrease on Monday morning in Baghdad, Basra and Erbil.  Below is a list of the dollar selling price:

$100 = 152,100 Baghdad

$100 = 152,350 Basra

$100 = 151,800 Erbil./End 9

An Economic Expert Expects The Dollar To Rise Before Ramadan

Time: 02/12/2024 16:33:00 Read: 1,118 times   {Economic: Al-Furat News} The economic expert, Ali Karim Idhib, expected today, Monday, that the dollar will rise before the holy month of Ramadan.

Idhib said {to Al-Furat News} that: “Despite the government measures and the Central Bank of Iraq to support the national currency, the reality is still different, as the exchange rates in the parallel market amount to 153 thousand dinars for every 100 dollars, while the official exchange rate is 132 thousand dinars.” “.

He added, “Which means there is a price difference of more than 20 thousand dinars. The reason for this lies in the limited supply of the US dollar and the difficulty of obtaining it by individuals or small merchants. This is what Baghdad seeks in a step to prevent smuggling and money laundering.”

Idhib pointed out, “This step, despite its effectiveness, is somewhat harmful and has caused, as I said, a major shortage in the supply of the dollar, and the demand for it is increasing, especially with the demand of citizens during this period that is witnessing the disruption of official working hours and the departure of many Iraqis to travel to regions inside and outside Iraq.”

He added, “In addition to the increase in purchasing power for shopping, as we are approaching the month of Ramadan, the market depends by up to 90 percent on imported dollars.”

Idhib called for “implementing the policies adopted by the government of Muhammad Shiaa Al-Sudani, while liberalizing the factors for obtaining the dollar smoothly and according to certain ceilings for all citizens.”

Selling prices in exchange shops in local markets in Baghdad today, Monday, reached 153,250 dinars, while purchasing prices reached 152,250 dinars.   LINK

Securities Commission: Accepting Cash Payments Exclusively Through Electronic Payment Methods

Money  and business  Economy News _ Baghdad  The Iraqi Securities Commission announced today, Monday, that cash payments are accepted through electronic payment methods, while revealing a trend to list electronic payment companies on the stock market.

The head of the authority, Faisal Al-Haims, said in an interview with the Iraqi News Agency, followed by Al-Iqtisad News, that “the authority represents supervisory bodies for the Iraqi securities market, and since the beginning of the Prime Minister’s directive to take steps to automate electronic payment and ongoing operations in the market in general, the authority has been working on Forming a working group to support this file.”

Al-Haims added, “The Authority has now stopped accepting cash payments except through electronic payment methods as revenues from the Securities Authority.”

He pointed out that “the market is currently heading to use this mechanism through intermediaries working in the Iraq Stock Exchange,” noting that “electronic payment companies are not traded in the Iraq Stock Exchange, but there are companies in various other sectors, including banks, present in trading in the Iraq Stock Exchange.” “.

He stressed that “there is a trend to list electronic payment companies on the Iraqi Stock Exchange during the current year.”  Views 101 02/12/2024 –

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Points To Ponder on Anxiety about the Future

The thing we fear we bring to pass. – Elbert Hubbard

How often the fear of one evil leads into a worse.- Nicolas Bouleau-Despreaux

Fears are educated into us, and can, if we wish, be educated out.- Dr. Karl Menninger

Love is what we are born with. Fear is what we learn.- Marianne Williamson

Human beings are born with just two basic fears. One is the fear of loud noises. The other is the fear of falling. All other fears must be learned. – Ronald Rood