Iraqi News Highlights and Points to Ponder Thursday Afternoon 1-4-24

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Iraqi News Highlights and Points to Ponder Thursday Afternoon 1-4-24

Monetary Conflicts: The Iranian-Iraqi Chamber Of Commerce Confirms The Continuation Of Exchanges Despite The Seizure Of The Dollar

January 3, 2024  Baghdad/Al-Masala Al-Hadath: Member of the Iranian-Iraqi Chamber of Commerce, Hamid Hosseini, said that the Iraqi Central Bank’s law to control the dollar and the announced restrictions do not mean the end of trade exchanges between the two countries or create problems in trade.

During a televised interview, Hosseini referred to the recent measures of the Central Bank of Iraq to deal with foreign currencies: The restrictions imposed after the adoption of this law were in no way a new or unprecedented event in the face of Iranian-Iraqi trade, as they had existed before in many ways.

He added: Naturally, this law made it difficult to exchange dollars in the markets of this country, which will naturally affect the process of commercial and international exchanges. These restrictions are very similar to the laws on buying and selling currencies in Iran and cannot be considered a complete ban on currency exchange.

He pointed to the consequences of applying this law on the foreign exchange process for Iranian merchants and businessmen in Iraq, and said: Nothing new will happen after this law, especially in a country like Iraq, where such issues can be easily resolved. Of course, perhaps export and import expenditures will rise slightly for a short period of time and the business process will face some risks, but it is unlikely that there will be a major problem in trade exchanges.

Referring to the political developments and events in the region and their impact on similar restrictions, this economic activist added: Such issues are generally related to political situations, relations and regional tensions, especially since Iraq is always under pressure from the United States and is forced to surrender to the demands of the United States often.

Hosseini expressed his hope that the positive trend of foreign exchange and trade between Iran and Iraq would continue, and he said: In Iraq, many people still do not want to transfer, buy and sell dollars through financial and banking networks or letters of credit and the like, and Iraqi exchange offices are still the main agent. To exchange currencies in this country.

He continued: Given the circumstances that Iraq is going through, there has always been a way to buy and sell currencies in this country, and Iran can continue its trade exchanges with this country in different ways. There is no doubt that despite the adoption of the new law in this country, the window is open for foreign exchange between Iran and Iraq, and the export process must continue in this way.

He believed that Iranian businessmen and merchants should not worry too much about the consequences of the new Central Bank of Iraq law, because other countries such as Russia, Syria, Venezuela, and others also face similar problems, but they were able to solve them.

In conclusion, he stressed that the Iranian government and the Central Bank are taking effective steps in this regard by providing more support and solutions for export operations and currency exchange with Iraq.   https://almasalah.com/archives/78281

Exchange Rate Fluctuations In Iraqi Stock Exchanges…This List

Economy News – Baghdad  The dollar exchange rates continue to fluctuate in the Iraqi markets during Thursday’s trading.

The exchange rate on the Al-Kifah Stock Exchange in the capital, Baghdad, reached 152,700 per 100 dollars, while the hard currency on the Basra Stock Exchange reached 152,600 dinars per 100 dollars.

The Kurdistan stock exchanges recorded a variation in exchange rates, as it reached 152,500 on the Erbil Stock Exchange, while in Sulaymaniyah, it reached 152,650, and moving to Dohuk, it recorded 152,600 for every 100 dollars.  Views 94 01/04/2024 – https://economy-news.net/content.php?id=39151

The Iranian Riyal Instead Of The Dollar.. Who Benefits From Financing Trade Between Baghdad And Tehran?

Posted On01-04-2024 By Sotaliraq  Ayoub Saad   Iraq began a project to import Iranian goods in the riyal currency instead of the US dollar, as it considered this step important and would contribute to increasing trade exchange with neighboring regional countries.

According to experts, this will put a big question mark on how Iraqi merchants can buy Iranian currency, because that requires either using the US dollar or using the Iraqi dinar, which will be returned again to Iraq for the purpose of being replaced with the dollar, given the very modest volume of Iraqi exports to Iran.

Assistant Director General of the General Foodstuff Company, Muthanna Jabbar, said in an interview with (Al-Mada), “The project was adopted by the Central Bank of Iraq in coordination with Iraqi government banks, starting with the Iraqi Trade Bank, Al-Rafidain and Al-Rashid Bank, and other accredited private banks.”

He adds, “The project depends primarily on reducing the internal demand of importing merchants for the dollar currency,” noting that “imports from Turkey, Iran, Syria, and Saudi Arabia are in the internal currency. It is possible to adopt the internal currency as an alternative currency and calibrate the dollar prices within a specific mechanism in the banks.”

He continues, “Banks have a network of correspondents covering all locations of the world, and are also connected to stock exchanges. If the importer is from China or Iran, he is originally purchasing a specific commodity or commodity in that country’s currency.”

Jabbar explains, “Accreditation is opened on the basis of that country’s currency and is calibrated in dollars, so the Iraqi Trade Bank ensures through the correspondent network that it provides that country’s currency to the merchant applying for the platform for the purpose of import.”

The Assistant Director General of the General Foodstuff Company states, “This step will contribute to increasing trade exchange with regional neighboring countries on the basis of the dinar against the currency, which will help strengthen the dinar and reduce the demand for the import dollar.”[/size]

It is noteworthy that the volume of trade between Iraq and Iran reaches 10 billion dollars per year, and is divided into 95% in favor of Iranian goods, goods and services, and 5% in favor of Iraqi exports, in addition to amounts equivalent to the volume of this trade that Iraq pays to the Iranian side in exchange for importing the gas necessary to operate the stations. electrical.

For his part, economic expert Nasser Al-Kanani said, during a brief interview with (Al-Mada), that “the issue is not easy, and is in the negative interest of Iraq,” noting that “the government is forced to take this measure because it imports from countries under a blockade.”

It is noteworthy that the Central Bank of Iran confirmed the start of a project to settle its country’s exports abroad in the national currency, the riyal, and the issue of settling Iranian exports via the riyal currency outside the borders has been studied by the Central Bank for several months, and that its entry into force will address the requirements of exporters to Iraq and Afghanistan, in addition to the draft regulations. The cross-border riyal was formulated by the Central Bank, and practically two banks have started this project, and soon it will be circulated to all the country’s banks.

The American magazine Forbes classified the Iranian riyal as the weakest in the world against the US dollar, as every one US dollar is equivalent to more than 422,000 Iranian riyals. “The difference is greater in parallel markets.”

Specialists believe that continuing to implement the decision to finance trade between the two countries in the Iranian currency would benefit the Iranian riyal but not the Iraqi one, due to the very modest volume of Iraqi exports to Iran.

According to statistics, Iran imported more than $263 million of various Iraqi products, witnessing a decline of 78% compared to previous years, and Iraq was one of Iran’s permanent trading partners over previous years and decades.   LINK

Tens Of Tons And Hundreds Of Thousands Of Dollars.. What Do You Know About Iraq’s Import Of Pork?

Economy   01-04-2024   2,805 views  Al-Sumaria News – Economy   The announcement of statistical data and numbers related to the volume of what Iraq imports and consumes annually of some foodstuffs and goods has become subject to astonishment by citizens, even though they consume these goods continuously, but converting them into numbers makes the Iraqis surprised and believe that the announced numbers are larger. From the volume of what is actually consumed and available in the markets.

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While this applies to goods that are already widely consumed, such as the Indomie product, announcing figures on the volume of pork imported by Iraq may become more surprising.

There is not much clear data available on the volume of pork imported and consumed by Iraq, but the Global Economic Complexity Observatory indicates that Iraq imported pork in 2021 worth 808 thousand dollars, that is, more than one billion Iraqi dinars.

It ranks 141st in the world as the largest importer of pork globally, and pork ranks 738th among the most imported products in Iraq.

Data indicate that Iraq imported pork mainly from the Netherlands for $765,000, South Korea for more than $24,000, Germany for about $13,000, and the United States for about $7,000.

In a historical review, the “Selina” website, which specializes in global agricultural statistics, indicates that Iraq imported 127 tons of pork in 2015, 47 tons in 2016, 74 tons in 2017, 115 tons in 2018, and in 2019 imports jumped to 186 tons. In 2020, it decreased to 90 tons, and in 2021 it jumped to 117 tons.

This makes 2019 the highest year, but following the spread of Corona and the closure of ports, imports decreased significantly.   LINK

Provoking Points To Ponder on Adversity:

Too much happens … Man performs, engenders so much more than he can or should have to bear. That’s how he finds that he can bear anything.  – William Faulkner

A great man does not lose his self-possession when he is afflicted; the ocean is not made muddy by the falling in of its banks.- Panchatantra

I’ve had an unhappy life, thank God.- Russell Baker

Do not show your wounded finger, for everything will knock up against it.- Baltasar Gracian

They sicken of the calm that know the storm.- Dorothy Parker

Trouble is only opportunity in work clothes.- Henry J. Kaiser

The man who is swimming against the stream knows the strength of it.- Woodrow Wilson

Famous Quotes and Authors, Famous Quotations for all Occasions