TNT – “Tidbits From TNT” Wednesday 12-27-2023

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Tishwash:  Adviser to Sudanese: Work is underway to diversify foreign currencies in Iraq’s trade with the world

The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed the success of government measures and the Central Bank of Iraq in managing the demand for the dollar and contributing to reducing the exchange rate in the parallel market recently.

Saleh told {Al-Furat News} agency, “The government’s measures were combined in coordination with the Central Bank in managing the demand for foreign currency in an easy and flexible manner through the regular banking channels, which made the electronic compliance platform meet today 95% of the actual demand for foreign currency at an exchange rate of 1320.” Dinar for every dollar.

He pointed out that “the monetary policy has allowed the use of various foreign currencies to finance foreign trade for the private sector and through banking channels such as the UAE dirham and the Turkish lira, in addition to the euro, the Chinese yuan, and others.”

Saleh revealed that “work is underway to diversify sources of foreign currencies according to areas of trade with the world and in an easy manner.”

It is noteworthy that the local markets have been witnessing a noticeable decline in the dollar exchange rate for days, as it fell for the first time in months to below 1,500 dinars per dollar.

Prime Minister Hisham al-Rikabi’s media advisor said last Sunday that “the battle with the dollar is almost over,” referring to government measures to limit the rise of the currency in the parallel market and bring it close to the official rate at the Central Bank of 1,320 dinars to the dollar.   link

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CandyKisses:  Attempt to bring smuggled gold bullion into Iraq thwarted

Economy Baghdad News

The Border Guard Forces Command announced on Tuesday that it had thwarted the entry of smuggled gold bars into Iraqi territory.

The command said in a statement, seen by “Economy News”, that “a detachment belonging to the second regiment, the third brigade of the border forces, was able to arrest a suspect in possession of (3) kg of gold bars that he intended to enter through smuggling into Iraqi territory.”

The statement added that “a seizure report has been organized and the necessary legal measures have been taken against him.”

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CandyKisses:  Al-Kadhimi: Iraq’s treatment of a basket of currencies reduces the dominance of the dollar and the government with an economic battle

{Economic: Al-Furat News} A member of the parliamentary financial committee, Moeen Al-Kadhimi, treated Iraq with a basket of currencies “reduces the dominance of the dollar,” while he waved to challenge the government with an economic battle.

Al-Kademi said, for the program of {State Dialogue} broadcast by the Al-Euphrates Satellite Channel this evening, that: “The committee hosted the Governor of the Central Bank of Iraq and a deputy for multiple sessions.

The issue of the dollar was discussed, and the package of measures taken by him, the latest of which is the import of cash blocks of foreign currencies under certain conditions, in addition to the recent measures and the consensus with the US Federal to agree to deal with the UAE dirham, the euro, the Chinese yuan and the Indian ruppe, all contributed to reducing the exchange rate.”

He added, “Some banks have started to import the dollar, but they are not sufficient for the black market, and the sales of the central bank are large and we are surprised by their inadequacy for trade.”

Al-Kazimi pointed out that “the Finance Committee continues with the Central Bank and its follow-up and submitted proposals to take some of them and others are still in the bank’s commerge, including the industrial initiative, which will gradually work on some industries to become their production internally to reduce the demand for the dollar.”

He continued, “Control of customs and border crossings contributes to the stability of currency exchange internally, and the Central Bank, in cooperation with parliamentary finance, seeks to facilitate the work of Iraqi traders,” stressing “the need to start the allocation committees in the House of Representatives with their work, which is the responsibility of the heads of the committees.”

Al-Kazimi added, “The state of competition in the local market forces the trader to resort to the official price, and the regular distribution of the ration contributed to the stability of food prices,” calling on the Sudanese government to “address the Ministry of Commerce radically regarding the quality of the ratification items, which affects the lives of citizens.”

“There must be political solidarity and national vegetation; to bring back some industries and agriculture to promote the local market and imports should be controlled in order to strengthen Iraqi industry,” he continued.

Al-Kazemi pointed to “the reasons for the policy of the US federalism against Iraq as a matter of pressure on the Iraqi government for that central bank, explained these things and demanded that the Federal Reserve to explain the reason for the rejection of remittances without justification.”

He explained, “The regulation of financial transactions and foreign trade enhances Iraq’s position in financial politics, and Iraq must deal with a basket of currencies in addition to the dollar gradually so that it is not governed by federal instructions in addition to reducing import.”

“The government has a real battle to address the economic situation and the political blocs are required to strongly support this trend,” Al-Kazmi concluded.

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CandyKisses:  Political movement to cancel the strategic framework agreement between Baghdad and Washington

Information / Baghdad…

MP Ali Turki revealed on Wednesday that there is a political movement to cancel the strategic framework agreement with the US side after the parliament resumes its sessions in the next few days, after the continuous US attacks on the Iraqi security services. 

Turki told Al-Maalouma that “parliament held a session in the past few months to condemn the US attacks and all the indiscriminate bombing carried out by the occupier on the security services and the Popular Mobilization.”

He added that “after the parliament resumes its sessions, it will witness a movement within the House of Representatives to cancel the strategic framework agreement signed between the Iraqi government and the American side in the past period.”

He pointed out that “canceling the agreement would distance the government from any justifications that allow it to continue and work in accordance with the agreement signed between Baghdad and Washington, despite the government’s explicit announcement that there is no need for the presence of any foreign combat forces on the ground of Iraq.”