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Al-Sudani identifies the parties insisting on a rise in the exchange rate in Iraqi markets

Information / private… Today a member of the House of Representatives, Muhammad Saadoun Al-Sudani, identified the parties insisting on a rise in the dollar exchange rate in Iraqi markets, highlighting the difference between the Al-Kadhimi and Sudanese governments.

Al-Sudani said, in an interview with the Al-Ma’louma Agency, that “there is a difference regarding the file of the exchange rate of the dollar against the dinar between the previous and the current government,” indicating that “it was the Al-Kadhimi government that worked to raise the exchange rate, while Al-Sudani worked to reduce these prices.”

He added, “There are local internal agendas, as well as international forces, that insist on the dollar remaining at this high level,” pointing out that “the dollar is a major project whose goal is to force the government to follow a path desired by these international forces.”

The member of the House of Representatives explained, “The current government has fought a lot in several areas, especially the dollar, as well as the issue of importing gas from Iran, to try to prevent Iraq from giving money to the Iranian government, which the American Federal Bank stands behind.”

The series of rising dollar exchange rates in Iraqi markets is still continuing, amid conflicting opinions about the real reasons that led to the exhaustion of the local currency again, especially as it began to rise to levels that portend a great danger to the country’s economy.

Washington continues to create crises and create chaos through its malicious cards that it uses from time to time, as America continues to obstruct Iraq’s progress through many files, most notably the dollar.

Almaalomah.me

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A deputy expects new government changes before the end of September

Information / Baghdad… On Monday, the leader of the coordination framework, Turki Al-Otbi, expected a new wave of changes in government positions to be issued at the end of this September.

Al-Atbi told Al-Maalouma, “The government change program is continuing and these changes will include 6 ministries,” noting that “they will not exclude any government institution, and no political bloc has objected to these changes so far.”

He pointed out that “the change of governors may be postponed due to the approaching provincial council elections, and that some governors are facing negative indicators and the government has their files complete.”

The government had changed many government positions, including deputy ministers, in accordance with a comprehensive government plan.

Almaalomah.me

Al-Sudani urges Iraqis to use electronic payment

Shafaq News / The Iraqi Prime Minister Muhammad Shiaa Al-Sudani chaired a special meeting to follow up on the implementation of the unified treasury account, stressing the need to urge citizens to use electronic payment.

His office said in a statement received by Shafaq News Agency, that Al-Sudani chaired a meeting devoted to discussing and following up on the steps for implementing the unified treasury account, and completing the application of electronic card/POS payment points, as well as discussing the facilities and incentives that can be provided to citizens who use electronic payment. In order to encourage them to do so.

Al-Sudani listened to a comprehensive presentation on the measures taken in this path, the rates of progress and requirements, as he stressed the necessity of continuing to hold meetings with technicians and specialists to remove obstacles, indicating that these steps are among the most important financial, banking and economic reform measures, which the government focuses on as a priority in its program. .

At the beginning of last June, the Central Bank of Iraq announced that Council of Ministers Resolution No. (23044) for the year 2023 had entered into force, which was to increase the number of electronic payment devices (POS) in government institutions and the private sector to enhance the culture of electronic payment and collection, and reduce the use of paper money in collections and transactions. Commercial.

Shafaq.com

Excluding the dollar from commercial transactions in Iraq by 2024

BAGHDAD – The Central Bank of Iraq announced last Sunday that all internal commercial and other transactions will be in dinars instead of dollars, and that external transfers will be dispensed with, starting next year.

The Governor of the Central Bank, Ali Mohsen Al-Alaq, said in a statement reported by the official Iraqi News Agency, “The coming year will witness the limitation of internal commercial and other transactions in dinars instead of dollars, except for those amounts that are delivered to travelers.”

He confirmed during the meeting with the heads of the councils and authorized directors of the banks licensed in Iraq that the bank is proceeding to dispense with external transfers next year and that local banks will rely on correspondent banks in external transfer operations.

According to Central Bank data, transfers via correspondent banks amounted to 60 percent of the total transfers outside the Central Bank’s electronic platform, while the implementation rate of verified transfers reached more than 95 percent.

This came after an agreement between the Central Bank of Iraq and the US Federal Reserve (Central Bank), similar to countries around the world, where central banks do not perform executive duties, and their role is focused on supervision and control.

The Central Bank sought to open direct channels of communication for Iraqi banks with their foreign counterparts in correspondence, commercial exchange, etc., in intensive stages.

The problems associated with the restrictions imposed by the United States on Iraqi banks are pushing the authorities to open other outlets, such as accelerating the search for trade swaps in other currencies.

Al-Alaqi explained that transfer channels are currently being opened in various currencies, including the Emirati dirham, the Turkish lira, the Indian rupee, and the euro.

He pointed out that the entry of most merchants into official transfer channels and the provision of the dollar at a price of 1,320 dinars was a direct reason for controlling the general level of prices and reducing the inflation rate, which is a basic indicator of the effectiveness of monetary policy.

He stressed that the black market price is not suitable as an “indicator” as it relates to the cash dollar for non-fundamental transactions and is not intended for the purposes of legitimate trade.

Officials are convinced that the new system of external transfer and sale of the dollar provides protection from risks for all parties to the operations, enjoys international acceptance and praise, and is consistent with the law on combating money laundering and terrorist financing.

Following this path also achieves an important initiative for direct relations between Iraqi banks and their accredited international counterparts.

Last April, the monetary authorities revealed that they had a program to restructure government banks, which numbered six, divided between commercial and specialized banks.

Official figures show that more than fifty banks operate in Iraq, but most of them have not introduced any updates to their activities, especially in terms of financial technology, which has become one of the determinants that measure standards of transparency and speed in securing payments and commercial transactions.

According to official statistics, only three major banks, namely Al-Rafidain, Al-Rasheed, and the Iraqi Trade Bank, account for about 85 percent of the total assets of the banking sector.

There is only one major international bank currently operating in the country, Standard Chartered, which has a small number of branches and focuses on major government projects.

Private banks will establish the new entity with support from both the Central Bank and the Iraqi Private Banks Association to provide services to small and medium-sized enterprises and people with limited income.

Since last summer, the government and monetary decision-makers have focused on setting a plan to achieve financial inclusion by adapting plans to upgrade the banking sector with structural reforms aimed at moving the wheels of the economy forward.

Although the financial inclusion rate rose to 33.5 percent in 2022 as a result of the measures taken by the Central Bank, it is still small compared to other countries in the Arab region, especially the Gulf, which have set goals to reach the level recorded in emerging economies.

The meeting discussed the mechanism for establishing “Riyadah Bank” and the societal importance that the bank will have, especially as it is consistent with the directives and vision of the Prime Minister.

During the recent period, discussions were raised on this topic, including the banks’ contributions to establishing “Riyada.”

The private banks will establish the new entity with the support of both the Central Bank and the Association of Iraqi Private Banks, to provide services to small and medium-sized enterprises, people with limited income, and young people with pioneering or traditional ideas and projects.

The working mechanisms of this new bank, which will be effective for those wishing to open small productive and commercial projects that contribute to developing the local economy and reducing the unemployment rate, with direct support from the Central Bank.

Rawabetcenter.com

The Dinar is playing a losing game with the dollar

Muhammad Hassan Al-Saadi – Once again, the main player returns on the field, to control the economic movement of Iraq, and Washington returns to impose itself as the “captain” and lead the match, especially since the people know very well who is leading this game and controlling the rounds of the match.

Sometimes we see it satisfied with the government’s performance, and the way it deals economically with the US Federal Bank, or with the requirements of the World Bank, and at other times we see it coming out with new controls to control the movement of the dollar and announcing new punitive controls for Iraqi private banks that violate buying and selling operations in the local currency market. .

The pretext that Washington is still clinging to is that Iraq is not adhering to the controls set by the Federal Bank to limit the smuggling of dollars abroad, especially Iran, which is subject to severe American sanctions, and it believes that Baghdad has still not done what is required of it in stopping currency smuggling. Whether from the Kurdistan region or other outlets, linked to neighboring Iran.

Iraq, for its part, and despite the efforts made by the Sudanese government to prevent the smuggling of the dollar abroad, pursue traders and smugglers, control the internal market, and emphasize the use of the dinar instead of the dollar in daily commercial transactions, these efforts are still inadequate in curbing… This smuggling, therefore, sought to find alternative plans by dealing in a currency other than the dollar, in order to reduce the demand for it, open the way for trading in other currencies, and provide support to finance the country’s foreign dealings, using currencies such as (the euro, the Chinese yuan, and the Emirati dirham).

Despite all the measures taken by the Central Bank of Iraq, it still lacks a mechanism to control the movement of the dollar in the market, and all its reform steps failed to control the exchange rate, and only led to an exacerbation of the crisis and a decline in confidence between Iraq and the World Bank. This prompted the latter to take escalatory and strict steps towards international transaction requests coming from Iraq, as many of them were rejected, under the pretext of not conforming to international economic dealing standards, in addition to including a number of banks on the blacklist, which are suspected of carrying out unlicensed cash transactions.

The wrong monetary policy practiced by the Central Bank of Iraq would reflect the negative financial reality, the primitiveness of the financial system and its lack of the simplest modern means of daily financial dealing, in addition to the control of the crime mafias over the internal Iraqi market, and its control over the movement of the dollar within the market. The current government is planning to control the dollar, in order to achieve economic development, and to consolidate and stabilize the value of the dinar, by expanding the scope of its commercial uses, in addition to preventing the smuggling of the dollar abroad, its storage, or the manipulation of its prices..

The positive side is the attempt to remove the influence of the dollar on the internal Iraqi market, and prevent its circulation in an attempt to restore the prestige of the dinar, and for it to be in control of the internal market at least, which means that there is an important opportunity to restore the prestige of the dinar, as it was before, and to limit the dollar to foreign transactions with The world, and the positive thing in these decisions, is that supporting the dinar will end the traders’ control over the internal market, and the manipulation of the capabilities and livelihoods of the simple citizen.

Iraq is looking forward to joining the BRICS bloc, in a step to end dependence on the US dollar, especially since there is acceptance among the citizen, relying on the Iraqi dinar in his dealings. It is hoped that the BRICS summit will hold its meeting in Cape Town, South Africa, in August 2023, and 19 official requests to join were submitted. For the alliance, which may lead to damage to the value of the dollar and its future prospects, in the face of the strength of the BRICS currency, which I mentioned, even if it has not been issued yet, but it sounds the clinical death knell for the US dollar.

Burathanews.com

The US Treasury discusses with the Iraqi Central Bank foreign trade in three foreign currencies other than the dollar

Shafaq News / The Governor of the Central Bank of Iraq announced on Wednesday that he discussed with the US Assistant Secretary of the Treasury combating money laundering, terrorist financing and foreign trade in three foreign currencies other than the dollar.

The bank’s media said in a statement, received by Shafaq News Agency, that the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received, today, Assistant Secretary of the US Treasury Elizabeth Rosenberg and her accompanying delegation, explaining that during the meeting, bilateral relations were discussed and the measures taken by the Central Bank of Iraq were discussed. The field of combating money laundering and terrorist financing, as well as confirming the continued support provided by the US Treasury and joint efforts to enhance transparency, integrity, and applying international compliance instructions in the Iraqi banking system.

According to the statement, the two parties discussed following up on the outcomes and results of previous meetings between the Central Bank of Iraq on the one hand, and the US Treasury Department and the US Federal Bank on the other hand, as well as the possibility of providing technical support in the field of financing foreign trade through reliable banking channels with mechanisms that enable the financing of legitimate foreign trade. In various currencies, including (the euro, the Chinese yuan, and the Emirati dirham), as well as organizing trade with the Republic of Turkey.

According to the statement, the US Treasury Department appreciated the efforts and steps of the Central Bank of Iraq in contracting with international auditing companies to ensure the accuracy and transparency of procedures.

Yesterday, Tuesday, the US Ambassador to Iraq, Alina Romanowski, said in a blog post on the X website, “formerly Twitter,” “I am pleased to welcome the assistance of US Treasury Secretary Elizabeth Rosenberg to Baghdad,” noting that she is looking forward to holding important meetings with government leaders and officials in the Central Bank. “The Iraqi.”

She indicated that “progress in combating international money laundering and banking reform will help combat corruption and support international investment in Iraq.”

Shafaq.com

Parliamentary Finance: All segments whose paragraphs were mentioned in the budget will be appointed

Information/Baghdad… The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed on Wednesday the continued implementation of the budget items and the appointment of the grades listed in the budget, indicating that the Service Council is responsible for managing appointments.

Al-Atwani said in a televised interview followed by “Al-Ma’louma” that, “After approving the budget, the funding came in the form of payments and was released to the governorates.”

He added, “All the categories whose paragraphs were mentioned in the budget will be appointed gradually, and all paragraphs related to appointments will be followed up with the Ministry of Finance and the competent authorities to ensure that the rights of the included groups are not lost.”

He pointed out that “the committee is following up on all the details of the budget and its implementation in order to intervene and correct its course in the event that any paragraph in it is not implemented.”

Almaalomah.me

Economic accusations pursue entities in the Central Bank: they are working to bring down the government through the dollar

Information / Baghdad… On Wednesday, economic expert Zia Mohsen accused parties within the Central Bank affiliated with internal and external agendas of working to fail the government of Muhammad Shiaa al-Sudani by creating a state of instability in the dollar exchange rate.

Mohsen said in a statement to Al-Maalouma, “The measures taken by the Sudanese government regarding limiting the rise in the exchange rate of the US dollar against the Iraqi dinar since the appointment of a new governor of the Central Bank faced obstacles placed by parties within the Central Bank.”

He added, “There are parties working for internal and external agendas to thwart the government of Prime Minister Muhammad Shiaa al-Sudani by creating a dollar exchange rate crisis.”

He pointed out that “these parties have found new outlets for currency smuggling, including disbursing $30 million a day to travelers, in addition to the government’s ban, taking into account the views of specialists in the field of monetary policy.”

The exchange rates of the US dollar against the Iraqi dinar, in the local markets, are witnessing a state of instability, despite the many measures taken by the government and the Central Bank.

Almaalomah.me