Identifying The Most Prominent Ways To Reduce “Manipulation” Of Exchange Rates And Stabilize The National Currency
December 11, 2024 Baghdad/Iraq Observer Today, Wednesday, Advisor to the Prime Minister, Mazhar Muhammad Saleh, revealed ways to
reduce manipulation of exchange rates and
stabilize the national currency, while stressing the
reduction of the use of foreign currencies in unproductive operations.
Saleh said in a statement to the official agency and followed by “Iraq Observer”:
“The Prime Minister’s directives to the monetary and financial authorities stressed the intensification of inspection and control procedures for financial transfers and monitoring speculators.
This remains of great importance in
enhancing currency stability and
reducing harmful speculation in the national economy, through mechanisms.” Leading to
combating illegal speculative activities, including specifically:
tightening control over suspicious financial transfers that conflict with the rules of
compliance and transparency and in a way that
reduces the activities. Illegal acts, such as money smuggling or manipulation of exchange rates, which
maintains the stability of the value of the national currency.” He added,
“Taking strict measures against speculators and manipulators in the currency market
strengthens confidence in the financial system and
demonstrates the strength of government policy in protecting the national economy, and
increases the confidence of citizens and investors in the country’s financial system, as well as
directing resources towards the real economy to invest in the opportunities available in it, whether industrial.” Or agricultural or services,” pointing out that
“by limiting speculation, the use of foreign currencies in
unproductive operations is reduced, which
helps save them to finance imports or beneficial investments.” He continued,
“The measures to protect against currency speculation come to limit the negative effects resulting from the impact of regional crises, through preventive measures that reduce the exploitation of economic and political crises in the region to achieve illicit gains, which enhances the stability of the local market.”
Saleh stated that “the importance of reducing speculation and the opportunities of speculators remains to
enhance the efficiency of the banking system through the role of
monitoring financial transfers, which undoubtedly contributes to
revealing the gaps in the banking system and
enhancing governance and transparency in it, as
such measures
are in line with the comprehensive reform plan for the financial sector.” and banking, and aims to
enhance financial stability and
prevent violations that negatively affect the national economy.” https://observeriraq.net/تحديد-أبرز-طرق-تقليل-التلاعب-بأسعار-ا/
What Is The Relationship Between Gold Imports And Dollar Smuggling In Iraq?
Economy | Yesterday, 13:02 | Baghdad today – Baghdad Economic affairs specialist Ahmed Al-Tamimi confirmed today, Wednesday (December 11, 2024), the use of gold import operations in operations to smuggle the dollar out of Iraq.
Al-Tamimi said, in an interview with “Baghdad Today,” that “recently, there have been more gold imports by the Emirates and Turkey than in previous periods, and this indicates the existence of operations to smuggle the dollar through such import operations, especially since the dollar for these operations is done through the official price.”
Through a special platform, this brings huge profits to some of these smugglers.” He stressed that
“there must be strict controls on importing gold from abroad, and imports must be according to specific weights as well as time frames between one operation and another.
This matter may lead to tightening American measures again on the dollar in Iraq, as
this matter is an indicator of smuggling operations through… Importing gold, and even
Iraqi government agencies are aware of this, and they are working to limit it during the next stage.”
In a related matter, independent MP Kazem Al-Fayad confirmed, on Friday (October 25, 2024), the existence of companies working to smuggle currency abroad in many illegal ways. Al-Fayyad told Baghdad Today:
“There are fake companies in Baghdad and the rest of the governorates that work to smuggle currency.
There are also non-fake companies that also work to smuggle work in many different illegal ways, and
some of them were revealed by the competent authorities during the past periods.”
He stated, “Despite the tightening of security and oversight by the Central Bank and other arties, these companies are still working to smuggle currency, and this is considered the most prominent reason for the continued rise of the dollar in the parallel market, significantly above the official price, and some of these companies are affiliated with influential parties and figures.”
“It takes advantage of this matter in its illegal operations.”
On Sunday (August 18, 2024), the Parliamentary Security and Defense Committee revealed the secrets of 6 specific strikes by what it called hard currency smuggling mafias in Iraq.
Committee member Representative Yasser Iskandar Watut told Baghdad Al-Youm,
“Smuggling hard currency in all its forms is a drain on the country’s economic capabilities and leads to pressure on the markets by raising exchange rates which leads to an increase in prices.”
Watout added, “There are efforts being made, some of which are exceptional, through the reports we receive that reflect the continued implementation of a series of strategies to reduce the smuggling of hard currency, which has been controlled by up to 80% in recent months through the efforts of the Ministry of Interior and its formations with the Central Bank, which have achieved results.” positive in this regard.
He pointed out that “six operations that took place in the past months represent qualitative strikes against the hard currency smuggling mafias in Iraq, and they bore fruit.” He explained,
“But has smuggling ended completely?
The answer is no, and efforts are continuing to end these illegal acts, which are carried out with complexities that require intense and multiplied work from before the competent authorities.
https://baghdadtoday.news/263738-ما-علاقة-عمليات-استيراد-الذهب-بتهريب-الدولار-في-العراق؟.html
The Governor Of The Central Bank Of Iraq Receives A Delegation From The International Finance Corporation
December 11, 2024 His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq,
received a delegation from the International Finance Corporation, which included the director of the institution’s financial sector in the region, Mr. Yousef Habash, and Mr. Bilal Al-Zaghir, the resident representative in Iraq, the financial investment officer, and the head of the advisory department.
During the meeting, they discussed strengthening bilateral relations between the Central Bank of Iraq and the International Finance Corporation, the importance of
cooperation between local banks and correspondent banks with technical support from the institution, and the
development of Islamic banks operating in Iraq, as well as the
banking reforms that the bank is carrying out in cooperation with the concerned authorities, especially the restructuring of government banks.
The role of international companies working in this field (Ernst & Young and Oliver Wyman).
His Excellency the Governor discussed the proposal to establish a leasing finance company with local and foreign contributions,
which is one of the financial systems used to provide financing for projects and individuals without the need to directly purchase assets such as
industrial machinery and equipment,
vehicles, offices, and
warehouses.
This proposal supports
emerging projects and
small and medium-sized companies that are looking for easy financing. And flexible.
The meeting discussed the importance of launching Riyada Bank during the next year, which will support projects with small and medium loans, in line with the government’s vision of supporting graduates and entrepreneurs and developing labor markets. Central Bank of Iraq Media office December 11, 2024 https://cbi.iq/news/view/2733
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