The Central Bank forms a joint operations room with banks to control the exchange of the dollar

economy

2023-02-05 | 12:50

The Central Bank forms a joint operations room with banks to control the exchange of the dollar

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Central Bank Governor Ali Al-Alaq held a meeting on Sunday with the heads of councils, general managers and commissioners of government and private banks to make the necessary arrangements for the first package of exchange rate control measures.

The bank said in a statement received byAlsumaria News“Alaq met with the heads of councils, general managers and commissioners of government and private banks to make the necessary arrangements for the first package of exchange rate control procedures into practice, and clarify and simplify the procedures to achieve smoothness and speed in the implementation of dollar purchase orders.

The governor stressed “the ability of the Central Bank to meet all legitimate requests,” noting that “an important second package will be issued in the middle of this month.”

He pointed out: “There are no restrictions, internal or external, on the external transfer or sale of cash of the dollar in compliance with the agreementthe International Monetary Fundwhich was ratified by the House of Representatives in 2008, and that the new system does not aim to restrict the response to legitimate requests, as much as it aims to provide protection to the banking and financial system from illegal or suspicious operations, supports the application of the Anti-Money Laundering and Terrorist Financing Law and related instructions, and also enhances the openness of the banking sector abroad, which has been deprived of

The governor pointed out that “the exchange rate is related to the lives of citizens and their purchasing capabilities, which should be stable at the target levels a high priority, and the efforts of the relevant concerned parties should be combined, to prevent harm to citizens.”

Keywords directed “not to limit requests to external transfer and cash in Baghdad, and to take immediate measures to receive branches of banks in the provinces those requests, and pointed out directly tothe Central Bank of IraqBy opening new external channels and outlets to facilitate external transfers and avoid the role of intermediaries who are not qualified to do so.”

He warned against “exploiting the current circumstance to carry out unauthorized acts or activities that make the situation more difficult,” noting that “the Central Bank will take strict punitive measures against violators sanctioned by him, and also praised the role of some banks in adhering to everything that achieves the desired goals.”

The governor listened to “the observations and proposals of the meeting, and directed the departments of the Central Bank to take the necessary measures on them, and a joint operations room was formed between the Central Bank and banks, to follow up the implementation of the first package of measures, monitor phenomena, results and obstacles and make appropriate recommendations thereon.”

https://www.alsumaria.tv/news/اقتصاد/446657/محافظ-البنك-المركزي-سنتخذ-إجراءات-عقابية-صارمة-بحق

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Coordination Framework: The Council Of Ministers Intends To Submit The 2023 Budget To Parliament For Approval

05/02/2023

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Earth News / The coordination framework confirmed on Sunday that the Council of Ministers intends to submit the 2023 budget to parliament for approval.

A statement of the coordination framework received by Earth News said that “the coordination framework held a meeting this evening, in the office of Haider al-Abadi in the presence of the Prime Minister and discussed developments in the political and the wish scene, in addition to discussing the file of the federal budget, which the ministers’ councils intend to submit to the House of Representatives for approval.”

During the meeting, the Prime Minister provided “a detailed explanation of the mechanisms on the basis of which the federal budget was drawn up and its compatibility with the government program, in addition to the dialogues held by the Central Bank of Iraq with the US Federal Bank in Istanbul two days ago and the reform packages issued by the Central Bank of Iraq.”

He pointed out that “the treatments provided by the Central Bank come within the process of financial and banking reform.”

According to the statement, “the meeting discussed government measures to reduce the effects of exchange rate fluctuations on poor and marginalized segments.”

He explained, “The meeting discussed the upcoming visit of the Iraqi delegation to Washington headed by the Foreign Minister to complete the Istanbul meetings.”

Baghdad Stock Exchange closes exchange with more than 165,000 dinars

  • Time : 2023/02/05 16:19:40
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Baghdad Stock Exchange closes exchange with more than 165,000 dinars

  

{Economic: Al-Furat News} The main stock exchange in Baghdad closed, on Sunday evening, on the rise in dollar exchange rates against the Iraqi dinar.

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Al-Kifah Central Exchange in Baghdad recorded 165,500 Iraqi dinars for $100, while prices this morning were 163,300 Iraqi dinars per 100 dollars.
The prices of buying and selling were also recorded in banking shops in the local markets in Baghdad, where the selling price amounted to 167,000 Iraqi dinars, while the purchase prices amounted to 164,000 dinars per 100 dollars.

https://alforatnews.iq/news/بورصة-بغداد-تغلق-الصرف-بأكثر-من-165-الف-دينار

Russian Foreign Minister arrives in Baghdad

PoliticiansBaghdadBreakingRussiaSergei Lavrov

2023-02-05 11:44Font

Twilight News / Russian Foreign Minister Sergei Lavrov arrived in the capital Baghdad on Sunday evening on an official visit as part of a high-level delegation, to discuss developments in the region and enhance cooperation between the two countries.

The Iraqi Foreign Ministry told Shafaq News that Lavrov heads a delegation that includes government figures, diplomats, various companies and media professionals from different Russian institutions.

Recently, Saudi Foreign Ministers Prince Faisal bin Farhan and Moroccan Nasser Bourita visited Baghdad, in addition to a visit by a US delegation headed by the White House Coordinator for Middle East and North Africa Brett McGurk.

https://shafaq.com/ar/سیاسة/وزير-الخارجية-الروسي-يصل-لى-بغداد

The Central Bank of Iraq announces a new package of measures to curb the rise in the price of the dollar

EconomyBreakingThe Dollar PriceThe Central Bank Of IraqNew Procedures

2023-02-05 12:06Font

Twilight News / The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed on Sunday that a new package of measures will be launched in the middle of this month to control the rise in the dollar exchange rate, while granting bank branches in the provinces the authority for foreign remittances.

The Information Office of the Central Bank said in a statement received by Shafaq News that Keywords met with the heads of boards, general managers and commissioners of government and private banks to make the necessary arrangements for the first package of exchange rate control procedures into practice, and clarify and simplify procedures to achieve smoothness and speed in the implementation of dollar purchase orders.

The governor confirmed the central bank’s ability to meet all legitimate requests, indicating that a second “important” package will be issued in the middle of this month.

He pointed out that there are no internal or external restrictions on the external transfer or sale of cash to the dollar in compliance with the IMF agreement ratified by the House of Representatives in 2008.

He pointed out that the new system does not aim to restrict the response to legitimate requests, as much as it aims to provide protection to the banking and financial system from illegal or suspicious operations, supports the application of the Anti-Money Laundering and Terrorist Financing Law and related instructions, and also enhances the openness of the banking sector abroad, which has been deprived of long decades.

Keywords pointed out that the exchange rate is related to the lives of citizens and their purchasing capabilities, which should be stable at the target levels of great priority, and the efforts of the relevant concerned parties should be combined to prevent harm to citizens.

Keywords directed not to limit requests to external transfer and cash in Baghdad, and to take immediate measures to receive bank branches in the provinces those requests.

He announced that the Central Bank of Iraq has launched new external channels and outlets to facilitate the conduct of external transfers and avoid the role of intermediaries who are not qualified to do so.

He warned against exploiting the current circumstance to carry out unauthorized acts or activities that make the situation more difficult, indicating that the Central Bank will take strict punitive measures against violators authorized by it.

The Governor of the Central Bank decided to form a joint operations room between the Central Bank and banks, which will follow up the implementation of the first package of procedures, monitor phenomena, results and obstacles and make appropriate recommendations thereon.

https://shafaq.com/ar/اقتصـاد/المركزي-العراقي-يعلن-حزمة-اجرا-ات-جديدة-لكبح-ارتفاع-سعر-الدولار

Dollar, budget and Washington visit at a “framework” table in the presence of Al-Sudani

PoliticiansDollar RatesVisit WashingtonMohammed Shiaa Al-SudaniShiite Coordination Framework

2023-02-05 14:09Font

Twilight News / The coordination framework supporting the Iraqi government discussed, on Sunday, a number of political, economic and diplomatic files, foremost of which is the budget and dollar fluctuations.

This came during a meeting held by the leaders of the coordination framework, in the office of the head of the victory coalition, Haider al-Abadi, in the presence of Prime Minister Mohammed Shiaa al-Sudani, according to a statement received by Shafaq News Agency.

According to the statement, the meeting discussed the file of the federal budget that the Council of Ministers intends to submit to the House of Representatives for approval.

In this regard, Al-Sudani gave a detailed explanation of the mechanisms on the basis of which the federal budget was drawn up and its compatibility with the government program, according to the statement.

The meeting of the leaders of the framework and the Sudanese touched on “the dialogues held by the Central Bank of Iraq with the US Federal Bank in Istanbul, two days ago, and the reform packages issued by the Central Bank, on the financial and banking sectors.”

On the other hand, the meeting discussed “government measures to reduce the effects of dollar exchange rate fluctuations on poor and marginalized segments,” according to the statement.

Before concluding, the meeting touched on the upcoming visit of the Iraqi delegation to Washington, headed by Foreign Minister Fuad Hussein, to complete the Istanbul meetings.

https://shafaq.com/ar/سیاسة/الدولار-والموازنة-وزيارة-واشنطن-على-طاولة-طارية-بحضور-السوداني

The Central Bank of Iraq issues “reform packages” to deter dollar smuggling and observers: It faces great challenges

Reports And Analysis Of The Rise In Dollar Prices, The Central Bank Of Iraq

2023-02-04 13:17Font

Twilight News / During the past months, smuggling of the dollar out of Iraq has increased in multiple ways, due to the “lack” of control measures by the Central Bank, according to the opinion of the Parliamentary Integrity Committee, while specialists believe that the packages recently launched by the Central Bank will “cut off crimes that disrupt national economic security.”

The word smuggling refers to “counter-operations of law and public order, which are among the criminal violations that are strictly governed by law and within economic crimes,” according to the Prime Minister’s adviser for Financial Affairs, Mazhar Mohammed Saleh.

Saleh tells Shafaq News that “the economic freedom provided by the country to deal with external transfer naturally, is enough to reduce the use of economic crimes represented by the illegal depletion of funds.”

Wider freedom

The Prime Minister’s Advisor for Financial Affairs pointed out that “the coming days in Iraq will witness wider freedom of external transfer or transfer of foreign currency with flexible, transparent and tight tools and means at the same time, and through the Iraqi banking system.”

Saleh continued, “The first easy procedural package launched by the Central Bank of Iraq is only an expression of facilitating the legitimate and legal movement of funds out of the country, which will cut off crimes that detrimental to national economic security.”

The Central Bank of Iraq issued, on Friday, the second package of facilities to meet the demand for the dollar, in both sides of cash and foreign transfers.

On Monday, January 19, the Central Bank announced the first package of decisions that would return the foreign currency market to normal after its rise.

The dollar against the dinar has risen significantly recently, due to measures imposed by the United States of America to curb currency smuggling from Iraq.

The beginning of smuggling

Currency smuggling began with “the currency auction that was a means of smuggling it and money laundering,” according to a member of the Parliamentary Integrity Committee, Bassem Khashan, adding, “Now it seems that restrictions have become tight on smuggling, so these results have emerged.”

Khashan explained in an interview with Shafaq News Agency that “the supervision of the Central Bank on the work of government and private banks was non-existent, as (banks) had a divorced hand due to the lack of supervisory procedures on them.”

multiple methods

“Dexit smuggling of dollars abroad has increased in recent months after the US Federal Bank imposed sanctions on banks that were facilitating money laundering operations,” says economic researcher Ahmed Eid.

Eid said during his speech to Shafaq News, “where smuggling amounts rose by withdrawing hard currency from secondary outlets and exchange shops through agents working for Iran.”

The researcher added, “The stages of hard currency smuggling are not limited to Iran only, but there are influential people who have interests in other countries where money laundering operations are carried out, through the purchase of real estate or opening investments.”

Eid continued, “The phenomenon of smuggling hard currency is increasing in many ways, including importing goods with bills that include fake goods, or through forged invoices in which prices are inflated at large levels.”

pressures and challenges

In turn, security expert Alaa Al-Nashwa says that “the Iraqi government without US restrictions cannot limit currency smuggling, for many reasons, including under the authority of the state coalition, especially pro-Iranian, who have been proven to be smuggling currency for the latter.”

Al-Nashwa explained to Shafaq News that “Sudanese does not have the decisive decision on this issue, and is subject to Iranian pressure and American determinations that work to ensure its interests by activating the decisions of the Federal Reserve in reducing the volume of sales to the Central Bank in currency auctions.”

The Central Bank of Iraq announced on Friday that the US Treasury has shown its readiness for the necessary flexibility to achieve “common goals”, and agreed to continue coordination and cooperation during meetings to be held in Washington, D.C., before the middle of this month.

Money laundering penalty

The Anti-Money Laundering and Combating the Financing of Terrorism Law No. 39 of 2015, in its articles 36, 37, 39, 40, 41, 42, 43, 44 and 46, punishes the crimes of money laundering, smuggling or affecting the local currency, according to legal expert, Haider Al-Sufi.

Al-Sufi explains to Shafak News that “the penalty (incarceration and a fine) varies according to the type of each crime and its article in Iraqi law, some of which amount to life imprisonment.”

https://shafaq.com/ar/تقارير-وتحليلات/المركزي-العراقي-يصدر-ح-زما-صلاحية-لردع-تهريب-الدولار-ومراقبون-مامه-تحديات-كبيرة

Al-Sudani hosts a presidential meeting at the government palace: Discuss the economic situation

PoliticiansBreakingThe Three PresidenciesMohammed Shiaa Al-Sudani

2023-02-04 10:47Font

Twilight News / Prime Minister Mohammed Shiaa Al-Sudani hosted, on Saturday evening at the government palace, a meeting that included President of the Republic Abdul Latif Jamal Rashid, Speaker of the House of Representatives Mohammed Rikan Al-Halbousi / and Speaker of the Supreme Judicial Council Judge Faiq Zeidan, according to a statement by the Sudanese office received by Sha

The meeting witnessed a deliberate on the most important political, economic and social situation at the national level, discussing a number of pressing issues and their repercussions on the reality of the country, and discussing the progress of the implementation of the government program and meeting the aspirations of citizens in services and care.

The meeting discussed the most prominent economic challenges and measures taken to confront them, in order to ensure the protection of the poor and vulnerable classes and provide them with protection.

https://shafaq.com/ar/سیاسة/السوداني-يستضيف-اجتماعا-للر-اسات-في-القصر-الحكومي-ناقش-الوضع-الاقتصادي

US Treasury for Istanbul meeting: We discussed with the Central Bank of Iraq the mutual commitment to money laundering

PoliticiansBreakingU.S. Treasury DepartmentThe Central Bank Of IraqMoney LaunderingIstanbul Meeting

2023-02-04 12:53Font

Twilight News / The US Treasury Department announced on Saturday the files it discussed with the Central Bank at the Istanbul meeting.

“Treasury Undersecretary for Terrorism and Financial Intelligence Brian E. Nelson met with the Governor of the Central Bank of Iraq Ali Al-Alaq in Istanbul on February 3 to discuss banking sector reforms and mutual commitment to combat money laundering and countering financing,” a ministry statement said. of the measures of terrorism (AML / CFT)”.

https://shafaq.com/ar/سیاسة/الخزانة-ال-ميركية-عن-اجتماع-سطنبول-ناقشنا-مع-البنك-المركزي-العراقي-الالتزام-المتبادل-لغسيل-ال-موال