Iraqi News Highlights Late Sunday Evening 7-30-23


Iraqi News Highlights Late Sunday Evening 7-30-23

Tlm724 Administrator Bondlady’s Corner

Starting Procedures To Limit The Rise In The Exchange Rate Of The Dollar Against The Dinar

The Iraqi Trade Bank decided to expand the scope of the external financial transfer process for merchants.   The media expert of the bank, Aqil Al-Shuwaili, said in a statement: “Based on the directions of the Presidency of the Council of Ministers and the Central Bank of Iraq to limit the rise in the exchange rate of the dollar against the dinar in the local markets, and to support the import process in accordance with the legal frameworks and correct and sound contexts to ensure the safety of financial transfer operations, which are positively reflected.” On individual merchants and shop owners, the Trade Bank of Iraq (TBI) decided to take the initiative to expand the scope of the external financial transfer process.

He explained, “This will be done by allowing the aforementioned groups to import consumer goods at the exchange rate of the Central Bank of Iraq 1320 dinars per one dollar, provided that the value of the external transfer for each individual trader per month does not exceed ($100,000 only one hundred thousand dollars),” indicating, “It will be Work on this matter, starting with the bank’s branches in the capital, Baghdad, and the work will be expanded in other branches outside Baghdad soon, according to the instructions of the Iraqi Trade Bank.

Below are the requirements for opening an account for individual merchants and shop owners as follows:

1- Identification documents: Civil status identity, Iraqi nationality certificate or unified national card, housing card, Iraqi passport, or submitting an undertaking to provide us with the passport as soon as it is issued.

2- Submitting what shows the deposited sources of income (sale receipts or contracts for periods not exceeding the previous six months) or any other documents that show that.

3- Submit proof of work address (lease contract or real estate deed).

4- Fill in the Know Your Customer (KYC) form.

5- A valid Chamber of Commerce ID (if any).

6- Provide evidence of the merchant’s activity.

7- Submitting an undertaking that the individual trader will not own a company registered now or in the future.

The Decline In The Exchange Rate Of The Dollar In Iraq

Economy | 10:56 – 07/30/2023  Baghdad – Mawazine News  Today, Sunday, the exchange rates of the dollar recorded a decline in the local markets in Iraq.

The selling price of the dollar was 151,000 dinars per 100 dollars, while the buying price of the dollar was 150,000 dinars per 100 dollars.

Adviser To The Prime Minister: Measures To Stabilize The Dollar Exchange Rates

Economy | 02:13 – 07/30/2023  Baghdad – Mawazine News  Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced a movement to stabilize the dollar exchange rates, stressing the provision of soft financing operations for importers at the official exchange rate.

Saleh said, “The foreign trade of small traders constitutes the highest number in the import commercial market activity, and its rate may reach 60 percent of the local market’s needs for imported goods.”

He added, “With the aim of dismantling the monopolistic financing trade ring to finance foreign trade and the entirety of external transfer operations resulting as dangerous mediating forces that carry a lot of colored noise between the small trader and the financing of trade in foreign currency, whether in the position of international compliance or the disposal of foreign currency outside the stability controls,

 in addition to its danger in spreading A dangerous pricing pattern based on floating the prices of goods and services at the parallel market exchange rate, which leads to a dangerous transfer of inflation from the exchange market to the general level of prices and endless price disturbances.

Therefore, the Iraqi Trade Bank works with direct openness in providing soft financing operations for small importers and at the official exchange rate outside the loop. the monopolist”.

He pointed out, “This matter will lead to providing a flexible commodity supply and help to establish stability in the parallel exchange market, in addition to removing the forces of commercial monopoly from the most dangerous mediation process between small traders and the exchange market, in a way that achieves stable competitiveness in which the parallel exchange rate matches the official exchange rate.” gradually”.

Iraq Raises Its Oil Exports To America

Economy | 08:59 – 07/30/2023  Baghdad – Mawazine News  The US Energy Information Administration announced that Iraq’s oil exports to America increased, overtaking Saudi Arabia during the past week.

The administration said in its schedule, “The average US imports of crude oil during the past week from eight major countries amounted to 5.487 million barrels per day, down by 770 million barrels per day from the previous week, which amounted to 6.257 million barrels per day.”

She added, “Iraq’s oil exports to America amounted to an average of 273,000 barrels per day last week, up by 14,000 barrels as a daily average from the previous week, in which oil exports to America amounted to an average of 259,000 barrels per day, thus Iraq surpassed Saudi Arabia in its exports to America.”

She pointed out that “most of America’s oil revenues during the past week came from Canada at an average of 3.203 million barrels per day, followed by Mexico at an average of 830 million barrels per day, and oil revenues from Colombia amounted to an average of 287 thousand barrels per day, and then Saudi Arabia at an average of 242 thousand barrels per day and from Nigeria.”

 It reached an average of 229 thousand barrels per day, and from Ecuador at a rate of 216 thousand barrels per day, and from Brazil an average of 216 thousand barrels per day.” Ended 29 / H

The President Of The Republic Stresses The Importance Of Consolidating Relations With Kuwait And Encouraging Investment And Trade Opportunities

Sunday 30, July 2023 16:14 | political Number of readings: 130  Baghdad / NINA / – President of the Republic Abdul Latif Jamal Rashid stressed today, Sunday, the importance of strengthening relations with Kuwait and encouraging investment and trade opportunities.

And the Presidency of the Republic said in a statement, “The President of the Republic received, today, at the Baghdad Palace, Kuwaiti Foreign Minister Salem Abdullah Al-Sabah and his accompanying delegation, in the presence of Foreign Minister Fuad Hussein,” noting that “Foreign Minister Salem Abdullah Al-Sabah conveyed the greetings of the Emir of the State of Kuwait.”

Nawaf Al-Ahmad Al-Jaber Al-Sabah to the President, while the President of the Republic entrusted the Minister with his greetings and appreciation to the Emir of the State of Kuwait and the brotherly Kuwaiti people.

Rashid stressed the importance of consolidating fraternal relations between the two countries and enhancing understanding and constructive cooperation in a way that achieves common interests and encourages investment and trade opportunities, with the need to continue joint coordination and work together to find satisfactory understandings on outstanding issues and reach decisive solutions that contribute to building a prosperous future.

We are interested in the success of all efforts aimed at establishing the security and stability necessary to continue work and construction.

For his part, Kuwaiti Foreign Minister Salem Abdullah Al-Sabah expressed his pleasure “for the achievements made in Iraq, and his confidence in Iraq’s arrival to safety, stability and prosperity.”

He added, “The talks with the Ministry of Foreign Affairs were fruitful, and our relations are solid and strong, and they will be better and witness great achievements,” referring to “the historical relations that unite the two countries, and the aspiration to strengthen them in various fields.”

Al-Sudani Chairs A Meeting Of The Supreme Committee For The Implementation Of The Development Path

Sunday 30, July 2023 16:16 | political Number of readings: 121  Baghdad / NINA / – The Prime Minister, Muhammad Shia’a Al-Sudani, chaired today, Sunday, the second meeting of the Supreme Committee for the implementation of the Development Road Project.

Al-Sudani’s office stated in a statement: “During the meeting, the latest steps taken in the course of advancing the project by the concerned authorities were reviewed, each according to his responsibility, and the progress of the measures taken with countries wishing to participate and contribute to the project was followed up.”

During the meeting, Al-Sudani directed the involvement of the Roads and Bridges Department in the Ministry of Construction, Housing, Municipalities and Public Works, in the process of supervising the road’s path, as well as the creation of specialized departments in the Ministries of Transport, and the Ministries of Construction and Housing, to find a specialized cadre that contributes to follow-up and implementation.

The Prime Minister stressed the necessity of resolving conflicts with existing projects, and careful coordination in this field.

The meeting discussed the appointment of an economic consultant for the project, communication with interested international companies specialized in sub-projects and industrial city projects, in addition to reviewing the World Bank’s proposals regarding the implementation stages and investment files./End