Iraqi News Highlights Monday Evening 7-31-23
Tlm724 Administrator Bondlady’s Corner
Proceedings Continue To Lower The Exchange Rate Of The Dollar
Samir Al-Nusairi, an advisor to the Iraqi Private Banks Association, confirmed that the rise of the dollar against the dinar on the black market these days is temporary, and will decrease due to the target rate of the Central Bank of Iraq.
Al-Nusairi told the Iraqi News Agency: “One of the most prominent reasons for the dollar’s rise is the news of depriving 14 banks of dealing in US dollars and what speculators have done in withdrawing the dollar and unauthorized money exchanges manipulating exchange rates, in addition to the failure of some small retailers to enter the electronic platform for external transfer.”
He added, “Some media outlets and analysts exacerbated the confusion of the market by exaggerating unreal and incomplete data and information, and all the aforementioned reasons led to a rise in the exchange rate on the black market.”
Al-Nusairi pointed out that “the Central Bank follows up and monitors the markets in cooperation with the concerned government agencies, and urgent measures are taken to address the situation and stop all actions counter to harming the national economy.”
And he continued, “The Central Bank is working to diagnose and study the causes and obstacles to entering the electronic platform, and to make possible facilities and flexibility to accelerate external transfers in banks, the Central Bank, and in the relevant international banking agencies, and to ensure that foreign currencies reach the real and final beneficiary.”
Al-Nusairi noted that “the measures have resulted in a decline in the dollar since yesterday and will continue to decline, especially since the Central Bank is currently working on adopting new mechanisms and work contexts to control monetary stability, and their results will appear soon, and we urge all government agencies, wholesalers and businessmen to support the Iraqi dinar and deal with it in all Domestic monetary activities and trades, as it is strong and covered by foreign monetary reserves exceeding $113 billion, and its purchasing power is gradually recovering, in addition to being a basic pillar of national sovereignty.
He pointed out that “the Central Bank constantly announces the possibility of securing the dollar in the quantities required by everyone who needs it at the official price and by the only way, which is the electronic platform of the Central Bank.” https://www.radionawa.com/all-detail.aspx?jimare=35242
An Economist For / NINA /: Imposing Economic Sanctions On Iraqi Banks Is A Punitive Measure, Not An Economic One
Monday 31, July 2023 16:06 | Economical Number of readings: 310 Baghdad / NINA / The expert in economic affairs, Raad Twij, counted the imposition of renewed economic sanctions on Iraqi banks by the US Treasury as a punitive measure, not an economic one.
Twigg said in a statement to the National Iraqi News Agency ( NINA ) that “the imposition of renewed sanctions on Iraqi banks by the US Treasury is an uneconomic and punitive act, and it can work to obstruct the work of the Iraqi banking system, monetary instability and obstruction of the mechanisms of the Central Bank of Iraq, and thus the failure to continue the cycle.” cash.”
He added that “private banks should expand their cooperation in order to increase compliance with the Swift system and the electronic platform, not to burden the Iraqi economy with more burdens, and to make the Iraqi monetary system more flexible.”
Twigg confirmed that “the US sanctions led to the deterioration of the Iraqi currency and the economy, and thus harmed the Iraqi citizen by raising the price of imported goods and commodities to Iraq and burdening the citizen with the economic cost.”/ End
A New Decline In The Exchange Rate Of The Dollar In Iraq
Economy | 10:26 – 07/31/2023 Baghdad – Mawazine News The exchange rate of the dollar decreased today, Monday, in the local markets in Iraq. The selling price of $100 was recorded at 149,000 dinars. The purchase price was also recorded at 148 thousand dinars per 100 dollars. Ended 29 / h
The Prime Minister Stresses The Importance Of Continuing Coordination With The GCC Countries In The Field Of Recovering Looted Iraqi Funds
political | 04:44 – 07/31/2023 Baghdad – Mawazine News Today, Monday, Prime Minister Muhammad Shia Al-Sudani stressed the importance of continuing coordination with the countries of the Cooperation Council in the field of recovering looted Iraqi funds.
The media office of the Prime Minister said in a statement, of which Mawazine News received a copy, that “Prime Minister Muhammad Shia’ al-Sudani received the Secretary-General of the Cooperation Council for the Arab States of the Gulf, Jassim Muhammad al-Budaiwi, and his accompanying delegation,” pointing out, “It took place, During the meeting, they discussed prospects for joint cooperation in various fields, foremost among them security coordination and drug control, as well as cooperation in the cultural, academic and artistic fields.
He stressed “the importance of continuing coordination with the countries of the Cooperation Council and other countries in the field of recovering looted Iraqi funds and those wanted by the Iraqi judiciary in corruption cases, as part of the government’s plans to combat and confront corruption,” referring to “Baghdad Conference, two thousand and twenty-three, for the upcoming economic integration and regional stability, Which is of great importance, as it will focus on developing economic partnerships between the countries of the region and the world.”
For his part, Al-Budaiwi conveyed the greetings of the leaders of the Gulf Cooperation Council to the Prime Minister, stressing the satisfaction of the countries of the region with the encouraging policies of the Iraqi government, and its keenness to enhance the security of the region, in a way that contributes to the stability and development of its peoples, pointing to the importance of the Iraqi Gulf Business Forum that will be held in Sharjah next September, which will strengthen the economic partnerships between the countries of the Cooperation Council and Iraq. https://www.mawazin.net/Details.aspx?jimare=232430
World Bank: Iraq Is Witnessing A Strong Recovery
Economy | 07:13 – 07/31/2023 Baghdad – Mawazine News Today, Monday, the World Bank confirmed that Iraq is witnessing a strong recovery after years of turmoil.
And the Regional Director of the Middle East Department at the World Bank, Jean-Christophe Carré, said in a statement that Mawazine News received a copy of, that “Iraq is witnessing a strong recovery after many years of turmoil.”
Carre added, “It is necessary to take measures to accelerate the move towards diversification of economic activity.”
He continued, “The importance of reforming the banking sector and promoting digital financial services in order to increase financial intermediation activities and enhance financial inclusion.”
Adviser To The Prime Minister: Central Bank Measures Reduced The Dollar By 60 Points Against The Dinar
political | 10:26 – 07/31/2023 Baghdad – Mawazine News Adviser to the Prime Minister Fadi Al-Shammari confirmed today, Monday, that the Central Bank’s measures reduced the dollar by 60 points against the dinar.
Al-Shammari said in a statement: “The rapid measures that Prime Minister Muhammad Shia’ al-Sudani directed to apply contributed to gradually rebalancing the dinar exchange rate,” noting that “after a series of accurate and effective measures from the Central Bank, the dollar fell by 60 points against the Iraqi dinar.” “.
He added, “The Iraqi government seeks to control the rhythm of the financial market, encourage traders to engage in legitimate financial transactions, and ease administrative procedures,” expecting that “decisions to reduce taxes will contribute to increasing the value of the Iraqi dinar during the coming period.”
And he continued, “The central bank’s procedures for transferring 116 exchange companies that were receiving their weekly shares of dollars from the punished banks to other banks and easing the imposed taxes, as well as the central bank’s diagnosis of manipulators, contributed effectively to the stability of the dinar’s exchange rate.” https://www.mawazin.net/Details.aspx?jimare=232449
The Supreme Judicial Council Holds A Meeting To Support The Iraqi Dinar
Money and business Economy News – Baghdad The Supreme Judicial Council announced, on Monday, the holding of a meeting to support the Iraqi dinar and address manipulation and speculation.
The council stated in a statement received by “Al-Iqtisad News”: “A meeting was held at the headquarters of the Supreme Judicial Council today, within the framework of supporting national efforts to support the Iraqi dinar and to address manipulation and speculation by some speculators in violation of the law.”
He added, “The meeting included the head of the Public Prosecution Service, the head of the Judicial Supervision Authority, the senior investigative judges of the second and third Karkh Investigation Courts, and the Rusafa Investigation Court specialized in cases of integrity and economic crime, in addition to the head of the National Security Agency and the Undersecretary of the Interior Minister for Intelligence Affairs.” That “during the meeting, the best ways and mechanisms were discussed to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in order to ensure its reduction and the prosecution of those involved in it in accordance with the laws in force.”
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The Central Bank Announces Its Foreign Currency Sales Today
Monday 31 July 2023 14:20 | Economical Number of readings: 272 Baghdad / NINA / – The Central Bank of Iraq announced, today, Monday, its total sales of foreign currency through the electronic window.
The total amounts of transfers abroad (remittances, credits) amounted to 193,590,035 dollars, while the total amounts of cash sales amounted to 16,700,000 dollars, and the total sales amounted to 210,290,035 dollars.
And the bank indicated that the selling price for amounts of documentary credits and international settlements for electronic cards was (1305) dinars per dollar, while the selling price for amounts of remittances abroad was (1310), and the cash sale price was (1310) dinars per dollar./
More Than 126 Trillion Dinars.. The Increase In The Value Of Deposits In Iraqi Commercial Banks
The value of total deposits in Iraqi commercial banks increased to more than 126 billion dinars in May of the year 2023, according to what was announced by the “Iraq Future” Foundation for Economic Studies and Consultations, today, Sunday.
The Foundation said in a report published today that this value recorded an annual increase of 28%, with a monthly increase of 2.78%.
The report added that private sector deposits occupied the largest percentage of deposits, with a value of 53.2 trillion Iraqi dinars, an annual increase of 18.2%, and a monthly decline of 0.7%..
Commercial deposits occupied the largest percentage of the nature of deposits, with an acquisition rate of 78.8%, amounting to 99.78 trillion dinars of total deposits, an annual growth rate of 42%, and a monthly growth rate of 3.39%, then
savings deposits, which represented 13.1% of the total deposits, with a value of 16.6 trillion Iraqi dinars. With an annual growth rate of 4% and a monthly growth rate of 0.6%,
fixed deposits accounted for only 8% of total deposits, according to the report, which included a detailed table.
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