Bondlady’s Corner – Iraq Economic News and Points to Ponder Saturday AM 2-3-24


Iraq Economic News and Points to Ponder Saturday AM 2-3-24

Tlm724 Administrator Bondlady’s Corner

What Is The Reason For The Difference In The Official And Parallel Dollar Exchange Rate? An Expert Identifies Problems

Time: 02/03/2024 {Economic: Al-Furat News} An economic expert revealed the reason for the difference between the exchange rate of the official dollar and the parallel market in the country.

Abdul Rahman Al-Mashhadani told {Al-Furat News} agency, “The continuation of the difference between the official and parallel exchange rates requires a solution to basic problems. The problem is not foreign transfers, but the issue of continuing trade relations with the sanctioned countries, which constitute a large part of the demand for the dollar, in addition to preventing a number of… Traders are able to enter the platform and remain at the parallel price.”

He pointed out, “It is difficult for travelers to obtain the dollar. As long as these problems remain, the price difference between the official and parallel prices will remain.”

Al-Mashhadani continued, “In any case, the dollar is now witnessing stability within these rates present in the market.”

During the past few weeks, the Iraqi dinar witnessed a significant and gradual increase against the dollar, as the exchange rate in the parallel market reached an average of 1,500 dinars to the dollar or so, after recording a significant decline that reached 1,700 dinars to the dollar in the last quarter of 2023, while The monetary authorities, which set an official price for the dinar at 1,320 per dollar, are seeking to pursue those they describe as speculators and smugglers of hard currency.  LINK

Dollar Prices Closed Lower In Baghdad And Erbil

Market   Economy News – Baghdad   Dollar prices fell against the dinar, on Saturday, in Baghdad and Erbil, with the stock market closed.

Dollar prices fell with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 152,200 Iraqi dinars against 100 dollars, while this morning it recorded 152,500 Iraqi dinars against 100 dollars.

Selling prices also decreased in exchange shops in local markets in Baghdad, as the selling price reached 153,250 Iraqi dinars for 100 dollars, while the purchase price reached 151,250 dinars for 100 dollars.

In Erbil, the dollar also recorded a decline, as the selling price reached 152,150 dinars for every 100 dollars, and the purchase price was 152,000 dinars for every 100 dollars.

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Al-Sudani: The Government Is Continuing To Support The Private Sector And Small Companies

Economy | 02:57 – 02/03/2024   Mawazine News – Baghdad   Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Saturday, that the government has provided sovereign guarantees for projects implemented by the private sector.

A statement from the Prime Minister’s Media Office, received by Mawazine News, stated that “the Prime Minister received a number of investors and businessmen who own medium-sized projects.”

The statement added, “The meeting witnessed a review of the most important projects being implemented, the obstacles and problems facing employers, and ways to address them.”

During the meeting, the Prime Minister stressed “the government’s orientation towards supporting the private sector and supporting small companies,” noting “activation measures taken for the first time, including the sovereign guarantees provided by the government for projects implemented by the private sector.”

Al-Sudani stated, “These steps come from the government’s vision of the state’s work, which cannot be managed only through government institutions and the public sector, relying on the budget and oil prices, and on government jobs. Rather, there must be a societal understanding of the private sector, and experience with projects.” Small and developing.

According to the statement, the Prime Minister touched on “the challenges facing economic and financial reform in several files, as the implementation of the electronic payment system faces many obstacles, and there are also attempts to circumvent tax reform, company registration and customs procedures, and all of them are being addressed,” stressing that “the government also continues to… Its measures to reform the banking sector.

The statement noted that “the Prime Minister spoke about contracts for new residential city projects,” explaining that they “aim to solve the housing crisis and revitalize industry at the same time, as the construction sector serves this trend, which increases local production capacity in these industries.”

The House Of Representatives Intends To Hold An Emergency Session To Determine The Repetition Of American AttacksPolitical | 03:20 – 03/02/2024  Mawazine News – Baghdad  The Presidency of the House of Representatives confirmed today, Saturday, its intention to hold an emergency session to determine the recurrence of American attacks.

The Presidency of the House of Representatives stated, in a statement received by Mawazine News, that “it expresses its strong condemnation of the American aggression against the Iraqi security sites in the Akashat and Al-Qaim regions at dawn today, and the neighboring civilian places, which led to the death of (16) martyrs and (25) wounded, including civilians.” “.

The Presidency confirmed, “The House of Representatives is determined to hold an extraordinary (emergency) session in the coming days, to determine the recurrence of the American attacks on the country, and to put an end to the violations of the sovereignty and lives of Iraqis by the international coalition forces,” indicating that “the recurrence of the American attacks on Iraqi security headquarters is a great disdain.” “It can be accepted.”

It renewed its call to the government for “the necessity of accelerating the implementation of Legislative Resolution No. (18) of the year (2020), issued by the House of Representatives, which includes the removal of international coalition forces from the country, since there is no need for their survival and because they are now threatening the security, stability, and sovereignty of Iraq,” stressing that “the decision The aforementioned represents a national and popular will, and its implementation is an urgent necessity to preserve the country’s sovereignty and the lives of citizens.”

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