The Federation of Chambers of Commerce put forward a proposal to end the “dollarization” of the car market in Iraq

Information / Diyala… On Monday, the Federation of Chambers of Commerce in Diyala submitted a proposal to end what it called dollarization of the car market in Iraq.

The head of the union, Muhammad Mulla Jawad, said in an interview with Al-Maalouma, that “the dollarization of the markets for buying and selling cars in Iraq began after 2005 and became absolutely controlled after 2010, as it is a financial standard for valuing cars of all kinds around the country and the decline in the use of the dinar.”

He added, “The car market attracts 30% of the pressure on the US dollar and pushes to increase its exchange rates, which amounted to approximately 156 thousand per $ 100 today, which is much higher than what was set by the Central Bank of Iraq.”

He pointed out that he “submitted a proposal to end the file of dollarization of car markets in Iraq through 3 tracks. The first is to secure the dollar for foreign import at central bank prices and impose regulations on companies, merchants and exhibitions in adopting the dinar in internal buying and selling, in addition to converting contracts into dinars.”

And he considered that “ending the dollarization of car markets will lead to a significant reduction in the rates of demand for buying dollars and lead to a balance of supply and demand in all Iraqi markets.”

The Iraqi markets are experiencing strong pressure on the dollar, which led to an increase in exchange rates at very high rates that raised public concern due to the high basic prices.

Almaalomah.me

Exchange rate for Western Union and Money Gram transfers

The Central Bank of Iraq has decided that the main agents of international money transfer companies (Western Union, Money Gram) will commit to adopting the official exchange rate of 1320 dinars / dollars for the final beneficiary of incoming and outgoing transfers based on our instructions issued in this regard, and their requests will be accepted for the purpose of strengthening their balances with the above companies in accordance with the transfer controls external for the year 2023.

cbi.iq/news/view/2258

Al-Sudani discusses with the Arab Monetary Fund steps to join the international financial system

The Prime Minister, Mr. Muhammad Shia’a Al-Sudani, discussed with the Director General of the Arab Monetary Fund, Abdul Rahman Al-Hamidi Sunday, Iraq’s steps in joining the international financial system.

A statement by Al-Sudani’s office stated that the latter “received the Director General of the Arab Monetary Fund, Dr. Abdul Rahman Al-Hamidi.”

During the meeting, they discussed mechanisms for joint cooperation in the field of supporting financial and banking policies and building human capacities, and discussed Iraq’s steps to engage in the international financial system, and the most prominent procedures and reforms that the government is taking in the field of the banking and financial sector, in a way that contributes to enhancing economic development in Iraq.

Burathanews.com

“Ain al-Assad” with an American vision… inexhaustible oil reserves and borders full of minerals

Information / Anbar… A high-ranking official source in the Anbar local government revealed, on Monday, the secrets of the American presence at Ain Al-Asad Air Base, west of Anbar.

The source said in a statement to Al-Maalouma Agency that “America insists that its forces remain inside the Ain Al-Assad Air Base in Al-Baghdadi district in the Hit district, west of Anbar, although the areas surrounding the base building are desert areas that do not have any importance as they are far from city centers. However, the matter is not as described, but rather It differs completely on the content and planning of America for these areas, which are sites of a strategic dimension.

The source added, “The American forces took the Ain al-Assad base, not randomly, as some imagine, but rather it came with an extensive study supervised by experts specialized in various fields, and they eventually concluded that these areas fall asleep on a lake of oil and gas fields, which allows America to extend its influence over those areas in a manner.” Undeclared and the acquisition of oil, gas, minerals and other wealth does not cross the minds of many political and clan figures.

He pointed out that “the step of increasing the number of US forces at Ain Al-Assad base is not for combat reasons, as some imagine, but comes for economic motives,” stressing that “the US forces will remain at Ain Al-Assad base for a long time, and that what is rumored about the withdrawal of these forces during the coming period is due to fantasy.”

Almaalomah.me

An oil agreement paves the way for announcing a comprehensive budget in the coming days

Information/Baghdad… A member of the Kurdistan Democratic Party, Wafaa Muhammad Karim, revealed today, Monday, that there is a presence to deliver Kurdistan’s oil to Baghdad to proceed with an oil agreement within the terms of the 2023 budget, while he indicated that there are more than 30 illegal outlets for oil smuggling in the region.

Karim said in a televised interview, followed by the information agency, that “the delegation of the Kurdistan region, for the first time, participated in writing the draft general financial budget in coordination with the federal government in Baghdad.”

He added, “The salaries of employees in Kurdistan will be paid from the 14% share of the budget for the region for the year 2023.”

Karim pointed out that “more than 30 illegal outlets are used by the owners of al-Qaqjaq to smuggle oil in the Kurdistan region.”

Yesterday, Sunday, the representative of the State of Law coalition, Ahmed Al-Watifi, confirmed in a statement to Al-Maalouma that the governments of Baghdad and Erbil have reached an integrated road map to resolve the crises, indicating that parliamentary consensus exists and is awaiting the budget to be passed.

Almaalomah.me

Finance directed to increase the number of outlets selling dollars at the official rate

Information / Baghdad… Finance Minister Taif Sami directed, on Monday, to increase the number of outlets selling dollars to citizens at the official rate.

Sami said, in a statement received by Al-Maaloumah, that “projects to modernize banking systems must be completed and advanced methods adopted to raise the level of services for the two banks, especially with regard to point-of-sale systems and the facilities that the Ministry of Finance is working to provide within the framework of generalizing the new experience as one of the pillars.” fundamentals of modern banking systems.

And she emphasized “to secure all the requirements for completing the stages of the comprehensive banking system project in agreement with the executing company (Ernst & Young) in terms of securing databases and servers, in addition to agreeing on a contract for maintenance, operation, training and all procedures to ensure the success of the project,” noting “the importance of completing the conditions for adopting the system Modernizing the IFMIS public financial management with the two banks, which in turn will provide a secure and integrated information environment for financial management operations in a way that allows safe transmission of information between ministries, government departments, banks and financial institutions.

And Sami directed to “increase the number of outlets selling US dollars to citizens at the official rate fixed by the Central Bank, through branches spread in Baghdad and the provinces, to ensure smooth access to foreign currency and reduce the momentum and delays resulting therefrom.”

Almaalomah.me

The Central Bank is discussing with “Visa” the expansion of the use of digital technologies in the banking sector

Information / Baghdad… The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, discussed, on Monday, with the regional head of the global “Visa” company, Andrew Tory, the expansion of the use of digitization in the banking sector.

According to a statement by the Central Bank, received by Al-Maalouma, “the meeting discussed the support provided by Visa to regulate the market and increase the acceptance of electronic collection, in support of the government’s directions and the decisions it took in activating electronic payment through the use of technology provided by the company, as well as improving special regulations and instructions.” digital financial services.

Ismail stressed, “The Central Bank of Iraq is supportive in its steps to expand the use of the latest digital technologies in the banking sector and to enhance financial inclusion in Iraq.”

He added, “The Central Bank of Iraq seeks to make a quantum leap in the field of financial technology in the Iraqi banking sector by keeping pace with the latest international technologies.”

Almaalomah.me

Central Bank obliges all banks to work on the electronic platform to obtain dollars

Shafaq News / The Central Bank of Iraq obliged, on Sunday, to directives to licensed banks, exchange companies, and mediation companies to buy and sell foreign currency, to apply through the electronic platform to obtain their determined share of the foreign currency, the “dollar”.

According to a document issued by the Iraqi Central Bank, seen by Shafaq News Agency; It stated, “The electronic platform for the cash sale of foreign currency (FITR) must be approved, as of Monday, corresponding to 20/2/2023.”

The document added that “the bank or company that does not use the aforementioned platform will be denied access to its weekly share of cash (dollars).”

Shafaq.com

Al-Sudani’s advisor: Iraq has maintained a stable credit rating over the last 8 years

Baghdad – Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Monday, that Iraq has maintained a stable credit rating during the last eight years, indicating that Iraq has a rating that includes countries, the majority of which are emerging economies.

Salih said, “The credit rating of Iraq has been adopted since 2015 in our country, which led to a reduction in the cost of external borrowing by 50%, when Iraq issued the European bond called (the Euphrates), which Iraq borrowed at the time from the international capital market by about one billion dollars, in circulation.” Currently on European secondary markets.

He pointed out, “There is a (Tigris) bond guaranteed by the United States government in the amount of one billion dollars as well, as well as a European bond for Iraq under the name (Iraq / 2028), which is related to the settlement of foreign private sector debts according to the settlement of the Paris Club agreement, with an issue amount of about $ 2.7 billion.” .

In an interview with the official news agency, Salih said, “The credit rating of Iraq depends in general, and for the aforementioned bonds, on important macroeconomic criteria primarily to achieve what is called (the creditworthiness of Iraq) and the ability of the economy to pay its debt services and external obligations without significant failure.” .

He added, “The economic capabilities are determined by the two issues of deficit or surplus in the current account of the balance of payments and the deficit or surplus in the general budget at the very least, in addition to the role of foreign reserves and their efficiency as an indicator in covering outstanding debts and their short-term services.”

He stressed, “Iraq has maintained, over the past eight years, a stable credit rating. Its indicators are issued by more than one of the international credit rating agencies, such as (Clubl Fitch) and others, on a semi-annual basis, which indicates the great capabilities of Iraq to fulfill its external obligations towards creditors and others around the world.” .

He pointed out, “The classification that Iraq enjoys today, which is in the B-level range, places Iraq among an important international group of no less than 60 countries in the world, most of which are emerging market countries and emerging economies.”

Mawazin.net

Al-Fateh: Washington is trying to isolate Iraq externally by fabricating a dollar crisis

Information /Baghdad… The representative of the Al-Fateh Alliance, Karim Al-Muhammadawi, accused the US of working to isolate Iraq regionally and internationally by fabricating the dollar crisis.

Al-Muhammadawi said in a statement to Al-Maalouma, “Washington is working to obstruct any agreement between the new Iraqi government headed by Muhammad Shia’ al-Sudani with the countries of the region that have a prominent role in the international arena.”

He added, “The US administration does not allow Iraq to open up to countries such as China, Russia and Iran to preserve its economic interests in the fields of oil, energy and security.”

Al-Muhammadawi indicated, “The Washington administration wants Iraq to be subordinate to it by taking decisions that are in line with US foreign policy in the region by pressing towards the economic stranglehold against Baghdad and fabricating the dollar crisis.”

Almaalomah.me