Iraqi News Highlights and Points to Ponder Thursday AM 12-21-23


Iraqi News Highlights and Points to Ponder Thursday AM 12-21-23

“Money Transfer, Not Purchase”

Clarification from the Association of Banks to the 964 network regarding imported dollar shipments

 2023-12-20 | 964  Director of the Iraqi Private Banks Association, Ali Tariq, told the 964 Network that Iraqi banks, based on the instructions of the Central Bank, were allowed to import foreign currency in various currencies, for the benefit of their customers who have incoming remittances from outside Iraq, indicating that the process makes it easier for banks to obtain cash and deliver it to its clients.

Clarification from the Association of Banks to the 964 network regarding imported dollar shipments Small

Governmental and private banks imported about $255 million within two weeks – a government source

He explained that when an Iraqi customer receives an external transfer, the transfer process is electronic and he needs to withdraw money from his account in Iraqi banks, and because the latter may not have sufficient liquidity in dollars, he resorts to withdrawing money from his accounts abroad and delivering it to his customers.

The Iraqi Bank plays the role of mediator in the process, as the imported funds belong to it in its accounts outside Iraq, according to Tariq, who noted that importing funds does not mean buying them, but rather transferring cash from abroad to inside for the benefit of bank customers.

Tariq confirmed that the coming period will witness operations to import money into banks, to meet customers’ demand for dollars.

Banks Await The Arrival Of Dollar Shipments

Iraq  12/21/2023  ukran Al-Fatlawi   Iraq is awaiting dollar shipments imported by government and private banks after the recent agreements between the Central Bank and the American side. It is hoped that they will contribute to curbing and reducing exchange rates in the parallel market.

Although government sales are made at a price of 132 thousand dinars per hundred dollars, prices in the parallel market currently range between 153 thousand and 155 thousand per hundred dollars.

The head of the Association of Private Banks, Wadih Al-Handal, said: “The recent measures of the Central Bank of Iraq and the government, with regard to facilitating trade financing using new currencies, represented by the euro, the dirham, the Chinese yuan, and the Indian rupee, are a step that contributes to reducing the exchange rate of the dollar in the parallel market,”

noting that “The regulation of trade financing carried out by the government and the central bank through the entry of other goods into the platform will lead to an increase in trade financing.”

He confirmed in a statement to “Al-Sabah” that “private banks are taking great steps in expanding international relations with international banks, which facilitates the financing of Iraqi trade with countries around the world,” explaining that “the Prime Minister’s great support for the private sector is considered the beginning of reforming the Iraqi economy.” Especially since the private sector is an important partner for the government, in providing services and jobs and reducing poverty.”

For his part, economic expert Dr. Mustafa Hantoush explained to “Al-Sabah”: The Central Bank used Instructions No. 4 of 2011 regarding the import of currency by banks licensed in the country that have the right to carry out this process to enhance capital or for the purposes of addressing monetary crises.

He added that the US Federal Bank had earlier reduced the dollar payments that were delivered to the Central Bank due to money laundering and the seizure of the dollar by some countries close to Iraq, but the Central Bank agreed with the US Treasury on a successful and correct step to support local banks by establishing relationships with foreign banks.

And the gradual transition of operations to enhance the balance of its accounts, which is consistent with what the bank previously announced in its plan to gradually reduce dependence on the electronic platform until it ends its work next year.

Hantoush stated that there are banking transactions and deposits received in dollars, and related operations were carried out in dinars with the approval of the Central Bank, because the depositor requests dollars or transfers coming from abroad that are deposited in bank accounts, and there is no payment in dollars except in dinars, which requires strengthening capital, and according to this process, the Central Bank Al-Iraqi agreed with the US Treasury on a successful step in this regard.

He continued that the American side deals as a merchant, concerned with the issue of profit, by imposing a reduction in the supply of the dollar, but on the other hand, when it sees its banks and companies making a profit, it agrees to most of the procedures, and it is a theory that it follows in managing the world economically.

It is noteworthy that a government source revealed that government and private banks imported $255 million within two weeks, and that a number of other requests to import the dollar are on their way to being audited and implemented, with other amounts expected to arrive within the next few days.

In turn, Imad Al-Muhammadawi, who is interested in economic affairs, told Al-Sabah: The steps taken by the Central Bank, represented by approaching banks to finance small merchants from Turkey in the euro, are extremely important as it reduces the burden and crises of using the dollar in commercial transactions. 

International Monetary Fund: We Expect Non-Oil GDP Growth In Iraq

The International Monetary Fund expected, on Wednesday, non-oil GDP growth in Iraq.

The bank said in a statement, “Inflation in Iraq has witnessed a decline and is expected to stabilize due to the policy of the Central Bank and the impact resulting from raising the exchange rate of the Iraqi dinar and improving compliance with the framework for combating money laundering and the financing of terrorism.”

He continued: “We welcome the Iraqi government plans aimed at strengthening public financial management.”

He added: “We welcome the steps taken by the Iraqi government towards establishing the unified treasury account.”

The statement added: “We commend the progress made in strengthening the local liquidity management framework.”

He stressed: “We stand ready to support the Iraqi government in its reform efforts.”–.html#hathalyoum

International Monetary Fund Expects Growth In Non-Oil Activity In Iraq

Special Sumerian   2023-12-21 | Source:  Sumerian  64 views  After concluding its talks with an Iraqi delegation in the Jordanian capital, Amman, the International Monetary Fund confirms its continued support for the Iraqi authorities with regard to reform, and indicates fears of the halt of the Iraqi-Turkish pipeline and its impact on the overall output.

What do the International Fund experts expect for the Iraqi economy? Details in the report above.  LINK

Decline In Iraqi Central Bank Dollar Sales

2023-12-21 Shafaq News/ The Central Bank’s sales of dollars in the currency auction decreased today, Thursday, to reach 209 million dollars.

Shafaq News Agency correspondent said, “The Central Bank sold the dollar during its auction for buying and selling the US dollar today, 209 million and 994 thousand and 098 dollars compared to yesterday, Wednesday, in which sales amounted to 215 million and 128 thousand and 512 dollars, which the bank covered at a base exchange rate of 1,305 dinars.” , per dollar for documentary credits and international settlements for electronic cards, at a rate of 1,310 dinars per dollar for external transfers, and at a rate of 1,310 dinars per dollar in cash.

Our correspondent added that most of the bank’s dollar sales went to strengthening balances abroad in the form of (remittances, credits), which amounted to 177 million 547 thousand and 98 dollars, an increase of 82%, compared to cash sales amounting to 32 million and 420 thousand dollars.

Our correspondent pointed out that the number of banks that purchased cash dollars reached 9 banks, while the number of banks that responded to requests to enhance balances abroad reached 20 banks, while the total number of exchange and brokerage companies participating in the auction was 222 companies.   LINK

Decrease In Dollar Exchange Rates In Iraqi Markets Today[/Size]

Economy  2023-12-21 | 8,622 views  Alsumaria News – Economy  Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Thursday, December 21, 2023.

Dollar prices fell with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 153,250 dinars against 100 dollars, while the selling prices in banking shops in the local markets in…BaghdadIt decreased as the selling price reached 154,250 Iraqi dinars, while the purchase price reached 152,250 dinars per 100 dollars.

On February 7, the Council of Ministers announced its approval of amending the dollar exchange rate to 1,320 dinars per dollar.

About a year ago, specifically since the Central Bank began working on the electronic platform and the international financial transfer system.”Swift(SWIFT), the dollar exchange rates are not witnessed inIraqstability despite the attempts of the government and the Central Bank to control the exchange rate in parallel markets.  LINK

Provoking Points To Ponder on Family:

 Happiness is having a large, loving, caring, close-knit family in another city.  – George Burns

The real question isn’t whether or not you love your kids, but how well you are able to demonstrate your love and caring so that your children really feel loved.  – Stephanie Marston

The last step in parental love involves the release of the beloved; the willing cutting of the cord that would otherwise keep the child in a state of emotional dependence. – Lewis Mumford

So if you have a grandma, Thank the Good Lord up above, And give Grandmama hugs and kisses, For grandmothers are to love.  – Lois Wyse

Oh, I love to see a man with a cigar. It reminds me of my grandfather. Morning to night, he used to sit with a great big stogie dangling from his lips. Oh, the hours we kids used to spend sitting on his lap, playing with the yellow whiskers beneath his nose. Then he’d take out his teeth with the cigar still in them and chase us around the room! We’d all laugh and laugh . . . then suddenly Grampa’s mood would change, and we’d all have to run for our lives. . . . You can’t buy memories like that. – Daphne Frasier

Children begin by loving their parents. After a time they judge them. Rarely, if ever, do they forgive them.  – Oscar Wilde

It is my pleasure that my children are free and happy, and unrestrained by parental tyranny. Love is the chain whereby to bind a child to its parents.  – Abraham Lincoln

Perfect love sometimes does not come until the first grandchild. – Welsh proverb

The reason grandparents and grandchildren get along so well is that they have a common enemy. – Sam Levenson

The whole world is my family.  – Pope John XXIII

To us, family means putting your arms around each other and being there. – Barbara Bush

The happiest moments of my life have been the few which I have passed at home in the bosom of my family.  – Thomas Jefferson

The family with an old person in it possesses a jewel.  – Chinese saying

Babies are such a nice way to start people.  – Don Herold

Each time a new baby is born there is a possibility of reprieve. Each child is a new being, a potential prophet, a new spiritual prince, a new spark of light precipitated into the outer darkness. – R. D. Laing

Bringing a child into the world is the greatest act of hope there is.  – Louise Hart

Children are the world’s most valuable resource and its best hope for the future.  – John F. Kennedy

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