Economist: Reducing The Dollar Exchange Rate Is Exclusively In The Hands Of The Governor Of The Central Bank

Information / Baghdad.. The economic expert, Nabil Jabbar Al-Ali, confirmed, on Thursday, that the decision to change and determine the foreign exchange rate is in the hands of the Governor of the Central Bank exclusively, noting that the bank is responsible for monetary policy.

Al-Ali said, in a statement to “The Information”, that “returning the dollar exchange rate to its previous state is the exclusive competence of the Governor of the Central Bank, and there is no government or regulatory authority involved in this.”

He added, that the Central Bank is able to take a decision to change the price without restrictions or conditions, as it is independent and is responsible for drawing monetary policies in Iraq.

Al-Ali pointed out that “the government and parliament cannot force the central bank to change the foreign currency exchange rate.”

The economic expert, Younis Al-Kaabi, had confirmed earlier, that the central bank can gradually reduce the price of the dollar.

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There is no pressure anymore.. the Sadrist movement intends to open all corruption files in Iraq

Baghdad today – The Sadrist movement announced, today, Wednesday, its intention to open all corruption files throughout Iraq during the next stage, stressing that it will not succumb to any pressure.

The leader of the movement and former MP, Riyad Al-Masoudi, said in an interview with (Baghdad Today), that “the Sadrist movement, through the Sadrist Parliamentary bloc and its formation of the next government, will work to open all corruption files in the Iraqi state institutions, which were not opened during the past years, due to pressures.” and political favours.

He added that “the pressures will not be after today, with the Sadrist movement addressing the responsibility,” noting that “some political parties and personalities that lost the early parliamentary elections, are afraid of opening the files in which they are implicated in corruption cases, suspicions and others.”

He explained that “these parties want by all means to maintain their influence for the next stage, so that the hidden and hidden will not be revealed to the Iraqi people.”

Baghdadtoday.news

An expert reveals the possibility of reducing the dollar exchange rate!!

Mawazine News: The economic expert, Nabil Al Marsoumi, revealed the possibility of restoring the dollar exchange rate to its previous era, by a certain mechanism.

Al-Marsoumi told Mawazine News that “the current budgets in Iraq have inflated, and the 2021 budget differs from its predecessors,” noting that “the actual spending of the country exceeds 110 trillion dinars. Therefore, in light of current prices, if the exchange rate is restored, debts of up to 120 trillion dinars will accumulate. “.

He added, “It is possible for the state to gradually improve the Iraqi dinar exchange rate because the shock method adopted in changing the exchange rate was not appropriate.”
Al-Marsoumi stressed, “The rise was at a high rate and at an inappropriate time, at a time when poverty indicators were rising due to the Corona virus, and there was an uproar and shock in the markets.” Ended 29/A43

Mawazin.net

The Sadrists are close to forming a national government

Shafaq News / The preacher of the Kufa mosque, Kazem al-Husseini, announced on Friday that the Sadrist movement, which won first place in the parliamentary elections that took place this October, is “close to forming a national government” in Iraq.

Al-Husseini said in the Friday prayer sermon at the Kufa mosque that “the Sadrists are around the corner from forming a national government that has no importance other than saving Iraq from the clutches of ruin and corruption, and many of them know that.”

He believed that “change for the better is possible if the Sadrist bloc forms the next government, because positive change is impossible with others, and a ruling experience that spanned 18 years attests to this, but unfortunately they still prefer silence, and that many of them are deceived by the media’s extensive propaganda and falsified lies, which let Halim baffled.”

Shafaq.com

Iraqi banks get a rating from international agencies

Baghdad: (19) licensed banks in Iraq have obtained a rating from accredited international rating agencies: (Capital Intelligence – Fitch – Moody’s – Standard & Poors).

And the Central Bank said in a statement received by {Al-Sabah}, yesterday, that this comes {within the framework of the efforts made by the Central Bank of Iraq to develop the Iraqi banking sector and keep it in line with international standards}.

The statement stressed, “These banks will receive several banking facilities, which reflects the development of the performance of the banking sector in Iraq and the solvency of banks, and is evidence of their compliance with local and international standards.”

It is worth mentioning that the Central Bank seeks to increase the ability of Iraqi banks to expand their network of relations with international banks and enhance the confidence of citizens and investors in them, especially after their success in obtaining such ratings.

Alsabaah.iq

An “important” meeting to remove Iraq from the European list of high-risk countries

The Ministry of Foreign Affairs announced the participation of the delegation of the Republic of Iraq to the European Union in the technical meeting of the expert group concerned with removing the name of Iraq from the European list of high-risk countries in the field of combating money laundering and terrorist financing.

The Foreign Ministry said in a statement, received by Alsumaria News, that “Ambassador Abdul Karim Tohme Kaab Head of the Europe Department, next to him, Head of Mission The Republic of Iraq I have European Union Ambassador Sadiq Al-Rikabi Deputy Head of Mission, Minister Plenipotentiary Fadel Rahim, chaired a technical meeting held in the Belgian capital BrusselsThe Iraqi team concerned with removing the name of Iraq from the European list of high-risk countries in the field of combating money laundering and terrorist financing and the European team concerned with this file in European Commission AndManagement external work.

The technical team presented, according to the statement, “a review of the achievements of the Iraqi system for combating money laundering and terrorist financing, the latest developments in anti-money laundering and terrorist financing laws, the types of regulatory authorities and their work as the Anti-Money Laundering and Terrorist Financing Council, the Committee for Freezing Terrorist Funds, institutions concerned with combating organized crimes, and the judiciary.” And the most important achievements of Iraq under the first national strategy to combat money laundering and terrorist financing for the period (2017-2020).

Then, “the observations and inquiries of the European side were discussed regarding the information provided by the Iraqi side regarding criminalization laws, the number of convictions, the type of penalties for perpetrators of money laundering and terrorist financing, banks’ procedures for customer due diligence and international cooperation in the field of combating money laundering and terrorist financing.”

At the conclusion of the meeting, the ambassador affirmed Abdul Karim Tohme Kaab “Iraq looks forward to removing its name from the European list of countries with risk in the field of combating money laundering and terrorist financing, especially since Iraq has met all FATF standards and provided the European side with all the documents it requested that prove that it meets all European standards.”

Alsumaria.tv

Details of the meeting and discussions of the Governor of the Central Bank with his Saudi counterpart in Riyadh

Baghdad – The Governor of the Central Bank, Mustafa Ghaleb Mokhief, discussed, on Thursday, with his Saudi counterpart, prospects for cooperation in the banking field and the exchange of experiences.

And the Central Bank’s media office stated in a statement that “Nass” received a copy of it (October 21, 2021), that “the governor visited Riyadh, accompanied by a delegation from the Iraqi banking sector, to enhance bilateral relations and prospects for cooperation in the banking sector and to exchange experiences with the Saudi side.”

According to the statement, “the governor met with the Saudi Central Bank administration on the sidelines of this visit, and the Saudi side welcomed the governor and the accompanying delegation, considering this visit a gateway to deepening relations between the two brotherly countries and the two monetary institutions, and a step that will positively reflect on both sides.”

The readiness to open the field of exchange of experiences and cooperation in the foreign banking sector was also discussed, in order to establish a positive stage in the economic relations between the Iraqi side and the Saudi side.

Nasnews.com

THE ARAB MONETARY FUND (and IMF) ORGANIZES A COURSE ON “EXCHANGE RATE POLICY”

Abu Dhabi – United Arab Emirates: This morning, the ” Exchange Rate Policy ” course , organized by the Institute for Training and Capacity Building at the Arab Monetary Fund, in cooperation with the International Monetary Fund’s Center for Economics and Finance in the Middle East, was inaugurated during the period 18-28 October 2021, through the distance training method adopted by the Fund in continuation of its training activity.

Achieving economic and financial stability is one of the most important economic goals in all countries, so macroeconomic policies are unique in large areas, especially those policies that aim to achieve stability. The course also highlights the differentiation of macroeconomic policies associated with different exchange rate regimes, the choice of the exchange rate regime, and the most important challenges facing exchange rate policy in developing and emerging market economies.

On this occasion, the speech of His Excellency Dr. Abdulrahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, stated:

It gives me great pleasure to welcome you to the inauguration of the ” Exchange Rate Policy ” course, which is being held by the Institute for Training and Capacity Building at the Arab Monetary Fund in cooperation with the International Monetary Fund’s Center for Economics and Finance in the Middle East, hoping that you will seize the opportunity and benefit from the topics of the course.

Achieving economic and financial stability is one of the most important economic goals in all countries, so macroeconomic policies are unique in large areas, especially those policies that aim to achieve stability. The course also highlights the differentiation of macroeconomic policies associated with different exchange rate regimes, the choice of the exchange rate regime, and the most important challenges facing exchange rate policy in developing and emerging market economies.

The exchange rate policy is one of the most important policies adopted by countries to maintain the stability of macroeconomic variables, the most important of which is inflation, which is considered one of the obstacles in achieving economic growth. appropriate exchange. A fixed exchange rate policy helps curb inflation, and a flexible exchange rate policy helps absorb external shocks. The results of adopting such economic policies were evident during the many economic crises that afflicted the economies of the world during the past two decades, which contributed to alleviating the negative effects of those crises.

It is known that the influx of capital significantly in the presence of an effective monetary policy enables countries to avoid the consequences of these flows represented by the rise in real exchange rates, thus reducing the competitiveness of these countries’ exports. Although these flows contribute to an increase in the volume of reserves, the accumulation of reserves may entail costs represented in interest payments on government bonds that are used to absorb the liquidity left by these flows. Therefore, it is necessary for countries to have controls to deal with capital flows, especially short-term, as these funds are often quick to exit.

Your course is rich in topics related to many important topics, as the different types of exchange rate strategies and arrangements and their compatibility with the existing economic policy will be reviewed.

The course will focus on the following main themes:

Basics of analyzing different exchange rate systems.

How to read international currency market indicators and exchange rates.

Assessing the adequacy of foreign exchange reserves using traditional and new indicators.

The relationship between exchange rate policy and macroeconomic policies.

Basic parameters for the transition from a fixed to a flexible exchange rate.

Establishment of early warning systems for currency crises.

In conclusion, I would like to thank the distinguished experts who presented the course materials, and to commend the fruitful cooperation that exists between the Arab Monetary Fund and the International Monetary Fund.

Amf.org.ae

Al-Kazemi’s Financial Advisor Talks About Changing The Exchange Rate

The Financial Advisor To The Prime Minister, Mazhar Muhammad Salih, Confirmed Today, Monday, That The Financial Surplus From The Rise In Oil Prices Will Cover Three Important Axes, Including Filling The Expected Deficit In The Current Year’s Budget.

Saleh Said, “The Financial Surpluses Achieved From The Rise In Oil Prices And Their Reaching $75 Per Barrel Will Cover At Least Three Axes,” Noting That “The First Axis Is Covering The Planned Deficit In The General Budget For The Year 2021, Which Amounts To 29 Trillion Dinars, While The Second Axis Is Related To Covering The Real Additional Deficit Gap Of Less Than 10 Trillion Dinars, Which Is Caused By The Failure To Estimate Non-Oil Revenues, Which Achieve Only 40% Of Their Estimated Or Planned Estimates In The Budget, Which Unfortunately Causes Pressure On The Planned Annual Spending And Its Ceilings, Which Is Caused By The Failure Of The Financial Collection Institutions In The Country

He Added, “The Third Axis Goes Towards Supporting Faltering Projects Whose Operation Is Intended To Continue, And For Which Many Business Contractors Demand An Amendment Of Implementation Costs (Spare Parts) Due To The Exchange Rate Change Before The Initial Contract Or Other Changes In The Operating Costs Of Ongoing Projects,” Noting That “The Disposition Of With Financial Surpluses, It Is Not Easy Due To The Many Restrictions And Obligations Within The General Budget Itself, Including Postponing The Payment Of Many Of The Expenses That Are Payable And Were Not Spent In Previous Years.”

He Pointed Out That “There Are Dozens Of Laws That Carry Financial Burdens That The Public Finances Are Unable To Implement The Resulting Increases, Even According To The Hypothesis Of Achieving An Annual Average Price Of A Barrel Of Oil Of $75 Compared To The Price Fixed In The Federal General Budget For The Year 2021 Of $45 A Barrel.”

On The Extent Of The Possibility Of Adjusting The Exchange Rate Of The Dollar Against The Iraqi Dinar, Saleh Said, “Adjusting The Exchange Rate Is One Of The Actions Of Monetary Policy In Achieving Stability, Targeting Inflation And Limiting Its Heights Under The Effective Central Bank Law,” Noting That “This Is A Matter That Takes Into Account Monetary Balance Considerations, Two Restrictions, The First The Coverage In Foreign Currency Of The Local Liquidity, Which Has Increased Significantly, Due To Financing The Deficit In Government Expenditures, Which Led To The Expansion Of The Monetary Base, Or What Is Sometimes Called In The Literature The (Domestic) Cash Reserve, And If The Foreign Reserves Outweigh The (Domestic) Cash Reserve In A Way That Does Not Threaten The Country’s Foreign Reserve Wealth Or Its Depletion And Maintains Its Stability, Accumulation And General Stability In Prices.

He Pointed Out That “The Second Limitation Is That The Effects Of The Adjustment In The Exchange Rate Should Be Fully Consistent With The Objectives Of The Country’s Fiscal Policy And Its Level Of Stability, Meaning That It Should Not Threaten The Sustainability Of The Budget Or Cause Sudden Stumbles In Public Revenues Due To The Change In Monetary Values ​​And The Entry Into Failures (Compensatory Value Deficit) In The General Budget, I.e. Itself, Due To The Fluctuation Of Monetary Policy,” He Explained, “This Requires Always High And Accurate Coordination Within The Country’s Supreme Economic Policy Operations.”

Alahadnews.net