Iraq Economic News and Points to Ponder Tuesday Afternoon 4-30-24


Iraq Economic News and Points to Ponder Tuesday Afternoon 4-30-24

An Economist Explains The Reason For The Decline In The Price Of The Dollar Against The Iraqi Dinar

Political | 30/04/2024   Mawazine News – Baghdad,  economic expert Nabil Jabbar Al-Tamimi, on Tuesday, attributed the reason for the decline in the price of the dollar against the Iraqi dinar to the increase in sales of the Central Bank, noting that most traders went to the official market for the dollar.

Al-Tamimi told Mawazine News, “The drop in prices came as a result of the Central Bank selling more than 270 million dollars a day,” pointing out that “the Sudanese visit to Washington has nothing to do with the matter.”

He continued, “The increase in sales at the Central Bank indicates that many traders left the parallel market and headed towards the official market, which led to a decrease in its prices in the local market.”

Economist: The Central Bank Committed A Massacre Against Private Banks At The Expense Of Foreign Ones

Political |  04/30/2024   Mawazine News – Baghdad.. Economic expert Mustafa Akram Hantoush was surprised, on Tuesday, by the Central Bank’s continued granting of dollar licenses to foreign companies and the neglect of Iraqi banks.

Hantoush said to Mawazine News, “The Central Bank of Iraq is required today to reveal the list of dollar sales on the platform that He supervises it, so that the Iraqi people know which banks are holding the dollar.”

He pointed out that “the Central Bank of Iraq, instead of strengthening the work of Iraqi banks, went towards supporting foreign banks, which are Jordanian, which swallowed up the Iraqi banks and confused the market,” pointing out that “Jordanian banks will control 95 percent of the market compared to 5 percent for Iraqi banks, and this is competition.” unfair”.

Hantoush concludes, “There is a major campaign undertaken by Jordanian banks to acquire human resources in Iraqi banks, and this is due to the policy of the Central Bank.”

The United States intervened in the movement of the dollar in Iraq to limit its smuggling, and more than once imposed sanctions on private Iraqi banks and removed them from the currency window, which led to a decline in the Central Bank’s sales. The Central Bank also took several measures and opened an electronic window for merchants.

In the middle of last month, the Governor of the Central Bank, Ali Al-Alaq, revealed meetings with the US Treasury to reconsider the sanctions on Iraqi banks, pointing out that these sanctions should not be issued in the future except after discussing and informing the Central Bank of Iraq, as it is concerned with monitoring their activity.

Al-Sudani Chairs A Meeting To Follow Up On The Outcomes Of The Washington Visit

Tuesday 30, April 2024 23:02 | Political Number of readings: 143  Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani chaired, this evening, Tuesday, a meeting that included a number of his advisors, to follow up on the outcomes of his recent visit to Washington.

The meeting discussed, according to a statement by the Prime Minister’s Office, the file of the Washington visit, and the follow-up of the implementation of the agreements and understandings concluded by the official Iraqi delegation, headed by the Prime Minister, with the American side, during the last visit, based on the government’s approach to closely following up on all the files it is working on, including “What is related to foreign relations and understandings with the governments of countries, the latest of which is the file of the relationship with the United States.”

The meeting witnessed a discussion of the results of the meetings of the Supreme Coordination Committee (HCC), concerned with activating the framework agreement between Iraq and the United States with its seven axes, as well as a discussion of the file of the important economic partnership held by the private sector.

Al-Sudani stressed the importance of following up on the understandings reached between Iraq and the United States in many areas, in order to arrange the bilateral relationship, in a way that serves the highest interests of Iraq.

Al -Sudani stressed the need to benefit from the competencies that the Iraqi communities abound in Reconstruction campaigns and service provision, and in implementing the priorities of the government program, and described these competencies as idle wealth.

The Prime Minister directed the advisors to arrange priorities in following up on the outcomes of the Washington visit, and that each advisor should follow up on a specific file, along with the relevant ministry and the Iraqi embassy in Washington, and raise the number of priorities in following up on the outcomes of the Washington visit.

What has been achieved, he also directed to appoint a special secretariat for the Higher Coordination Committee (HSS), and to emphasize the continuation of periodic meetings, to follow up and review what has been accomplished./End 9

The Government Hires An External Auditor For The Trade Bank Of Iraq

Economy | 04/30/2024   Mawazine News – Baghdad  The Council of Ministers announced, today, Tuesday, the approval of contracting with an external auditor for the Trade Bank of Iraq; For the purpose of auditing the bank accounts.

A statement from the Prime Minister’s Media Office received by Mawazine News stated, “Within the framework of financial and administrative reform decisions, and what is related to reforming the banking sector, the Council approved, according to the statement, what was recorded in the letter of the Prime Minister’s Office on April 3, 2024, regarding contracting with an auditor.”

 External to the Iraqi Trade Bank, for the purpose of auditing the bank’s accounts, as the bank deals with a network of reputable international banks.”

Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani chaired the eighteenth regular session of the Council of Ministers.

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 Provoking Thoughts and Points To Ponder on Character:

The great hope of society is individual character.  – William Ellery Channing

 You must look into people as well as at them.  – Lord Chesterfield

Human improvement is from within outward.  – James Froude

Talent is nurtured in solitude; character is formed in the stormy billows of the world.  – Goethe

 Only what we have wrought into our character during life can we take away with us.  – Wilhelm von Humboldt

Every man has three characters – that which he exhibits, that which he has, and that which he thinks he has.  – Alphonse Karr

Not in the clamor of the crowded street, Not in the shouts and plaudits of the throng, But in ourselves, are triumph and defeat.  – Henry Wadsworth Longfellow