The dollar confuses merchants’ accounts and raises prices.. Economists propose solutions

Reports And AnalyticsIraqExchange RateThe Price Of The DinarThe Rise In The Price Of The Dollar

2022-12-18 03:27ShareFont

Shafaq News / In an effort by the Central Bank of Iraq to reduce the price of the dollar in the parallel markets, the “black market”, it decided to increase the share of banks and banking companies in dollar sales through the auction that it conducts daily, but the dollar prices remained high and constantly increasing, to finally resort to reducing the price of the dollar for the beneficiary The “customer of the bank”, who finances his imports with documentary credits, to be at the rate of 1465 dinars instead of 1470 dinars.

In turn, a number of economists and financial experts put some solutions to stop this rise, noting that the rise is not scary.

Selling to citizens

Financial expert Hilal Al-Taan said, in an interview with Shafaq News agency, “The rise in dollar prices is due to the international sanctions imposed on 15 private banks who were buying dollars through the currency auction of the Central Bank, and therefore the latter refrained from selling to them according to international orders, which led to a rise Dollar prices in the parallel markets.

He added, “The best solution to reduce the price of the dollar in the market is to sell the dollar through bank branches to citizens for a certain amount, and therefore the dollar will decrease as soon as the supply increases.”

He added, “What we notice in the markets is that the rise in the dollar is not frightening, but it certainly affects the rise in food and consumer prices.”

Monopoly prevention

For her part, economist Salam Sumaisem considered, in an interview with the agency, that “the dollar’s rise came because of the currency window and the money transfer companies’ control of the auction.”

Sumaisem added, “The solution to the problem of not raising the dollar is to break the monopoly of some banks on the dollar by providing the dollar through the stock exchange and conducting assessments on the basis of which the dollar is granted to importers. To smuggle dollars out of Iraq.

The electronic platform

For his part, the economic expert, Muhammad al-Hassani, saw that “building an electronic platform for transferring dollars abroad led to an increase in the price of the dollar, as it restricted the owners of remittances from taking out any dollar without the knowledge of the customer or the beneficiary after it was transferred and exited from Dubai without the central bank being aware of that.”

 Al-Hassani considered, during his speech to the agency, that “increasing the share of banks and exchange offices from the dollar may reduce the dollar prices in the local markets, but it is not sufficient, expecting the continuation of the difference between the central bank prices and the dollar prices in the parallel markets.”

And the Central Bank of Iraq decided, on December 4, to increase the weekly share of banks and exchange companies from dollar sales in order to reduce dollar prices in the local markets, which recently rose significantly from what the bank sells to these banks.

 According to a document issued by the Central Bank, the companies were identified according to their classification, as Class A companies receive one million and 800 thousand dollars per week, Class B companies receive 750 thousand dollars per week, Class C companies receive 80 thousand dollars per week, and banks receive 200 thousand dollars per week.

Government dollars

On the other hand, an informed government source told Shafaq News agency, “The guarantee of decreasing the dollar in the local markets is to re-work the sale of dollars by government banks, so that they have a role in the process of selling dollars to merchants and citizens, and that it is not restricted to private banks only.”

The source noted, “The sale of the dollar to government banks has been suspended for a long time, and the government and members of Parliament must ask the central bank to expand the sale of the currency to include government banks, so that there is complete control over the exchange rates in the local markets and to ensure that there is no (large black market) controlling the dollar.”


Al-Sudani reveals the reason for the high exchange rate of the dollar and preaches the lecturers

  • Time: 12/19/2022 21:32:31
  • Read: 2,392 times
Al-Sudani reveals the reason for the high exchange rate of the dollar and preaches the lecturers

  {Local: Al Furat News} Prime Minister Muhammad Shia Al-Sudani confirmed a clear increase in the exchange rates of the dollar against the Iraqi dinar.

Al-Sudani said in a press conference this evening: “Remittances to fake companies were rejected, and there are exaggerated prices in the currency sale window,” noting that “price inflation in the currency sale window aims to remove the dollar from the country.”

He pointed out that “the government was and is still monitoring the central bank’s policy to ensure market stability,” revealing that “the Iraqi Central Bank’s reserves of foreign currency amounted to 96 billion dollars.”

Al-Sudani said, “The financial situation in Iraq is at its best.”

Regarding the smuggling of oil derivatives, the Prime Minister announced the confiscation of more than 1,781,000 liters of oil derivatives and the seizure of 66,000 tanks.

Regarding the theft of tax secretariats, known as the theft of the century, Al-Sudani expressed “confidence in the judicial procedures,” stressing that “the government continues to investigate this file.”

He stressed: “There will be no settlement of the corrupt at the expense of public money,” noting that “the government is keen to support the judiciary in anti-corruption measures.”

Al-Sudani added, “Fighting corruption is not promises, but rather a program voted on in the House of Representatives.”

Regarding the terrorist attack in Riyadh district in Hawija district in Dohuk governorate yesterday and the martyrdom of 12 federal policemen, the Commander-in-Chief of the Armed Forces said: “What happened in Hawija was caused by errors and a clear defect of the security services, and we will hold those responsible for the Hawija incident accountable.”

He pointed out that “the security breach in Kirkuk comes after great victories for the security services in the past period,” noting that “the air force launched strikes that resulted in the killing of several leaders of the terrorist ISIS.”

And Al-Sudani continued, “There is a plan to improve the ration card and direct it to the beneficiaries, especially the social protection category,” noting that “authorizing the service and engineering effort to carry out infrastructure works for residential areas in Baghdad and the provinces.”

Regarding the lecturers’ file, Al-Sudani announced that “the real numbers of lecturers will be presented to the Council of Ministers next week for the purpose of confirming them in the 2023 budget.”

He said, “This week, we met with representatives of the free lecturers from all the governorates, and we informed them of our procedures, which began ten days after the government assumed its duties. I showed them a book we directed regarding the implementation of the Food Security Law, which relates to confirming those who have spent two years, and the process is subject to scrutiny between the directorates of education, governors, and the Ministry of Finance.” .

He added, “This work is continuing, and I indicated that the meetings are continuing until the hour of meeting with them. We have completed four provinces, and God willing, during this week we will complete the rest of the provinces so that it will be presented to the Council of Ministers next week in order to confirm the real numbers, because there are numbers that have been added and we will not abide by them.” .

Al-Sudani explained, “For example, some governorates sent a list under the heading “It was inadvertently reported” and it contained 12,000 names. These numbers and their increase certainly do not have the financial capacity to cover them, and there are orders issued and there are lecturers who have spent years providing voluntary service without pay, and these have the right to be confirmed, and it is well known. Their names and administrative orders, and within a week, the final audit will be presented to the Council of Ministers, and we will prove their right to the 2023 draft budget.

The Iraqi Foreign Ministry Reveals The Details Of The “Baghdad 2” Conference.. These Files Will Be Discussed

12/19/2022 17 

Earth News / Today, Monday, the Ministry of Foreign Affairs revealed the details of the Baghdad Conference for Cooperation and Partnership, in its second session, which will be held tomorrow in Jordan.

“The Hashemite Kingdom of Jordan will host the Baghdad Conference for Cooperation and Partnership in its second session on the twentieth of December 2022 at the King Hussein Bin Talal Convention Center / Bahr El-Mit,” ministry spokesman Ahmed Al-Sahhaf said in a clarification, followed by Earth News. 
He added, “The conference will be held to confirm the support of the participating countries for Iraq in several files, including Iraq’s sovereignty, security and stability, support for the political process, the economic and development process and reconstruction, in a way that meets the aspirations of the Iraqi people,” noting that “the goals of the summit are that the conference will discuss ways to support Iraq.” And the efforts it is making to enhance its security and sovereignty, ensure its stability, and achieve development and prosperity for its people.
He continued, “In addition to developing regional cooperation mechanisms with Iraq in a number of areas that include combating terrorism, food security, water security, energy and other fields that contribute to its support, in addition to discussing regional cooperation mechanisms that achieve integration, security and stability in the region.” 
He pointed out that “the participants are the participants in the Baghdad conference in its first session, in addition to each of the Sultanate of Oman, the Kingdom of Bahrain and the European Union,” stressing that “the Hashemite Kingdom of Jordan, as the host country for the conference, will invite ambassadors of Arab countries, European Union countries, the G20 and permanent members of the Security Council accredited She has to attend the opening session of the conference as a guest.

The Central Bank launches the first package of measures after the rise in dollar prices

  • Time: 12/19/2022 18:38:53
  • Read: 949 times
The Central Bank launches the first package of measures after the rise in dollar prices

  {Economic: Al Furat News} The Central Bank of Iraq launched today, Monday, a package of measures to improve the performance of transactions related to the dollar.

The useful summary.. On important news, you can find it on Al-Furat News channel on Telegram.. To subscribe, click here

According to the central bank’s statement, {Euphrates News} received a copy of it, saying: “The procedures were as follows:

Allowing the banks participating in the foreign currency buying and selling window to purchase any amounts in foreign currency and deposit them with this bank in accounts used for external transfer purposes.

Facilitating the financing of private sector trade through Iraqi banks and meeting the demand for foreign transfers by strengthening bank balances with their correspondents in other currencies.

– Opening outlets for selling foreign currency in government banks to the public for travel purposes (treatment, Hajj Umrah, study, etc.) in accordance with the rules for buying and selling foreign currency

– Reducing the selling price of the dollar to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet, to be at a price of (1465) dinars to the dollar instead of (1470) dinars to the dollar.

Launching the first online financial trading system in Iraq

political| 04:42 – 12/19/2022


Baghdad – Mawazine News
The Iraqi Stock Exchange announced, today, Monday, the launch of the trading system for the shares of Iraqi joint-stock companies via the Internet – for investors.
And the market stated in a statement that Mawazine News received a copy of it, that “based on the regulatory regulation” trading in securities via the Internet – for investors “and based on the approvals issued by the Securities Commission and the Board of Governors in the Iraqi Stock Exchange and on the occasion of the completion of the implementation plan of the trading system project With the shares of Iraqi joint-stock companies listed on the Internet – for investors by the Carmel Brokerage Company with the Iraqi Stock Exchange and the success of the testing plan that the company carried out on electronic systems and cyber examination by an entity independent of the market and the company.
He added, “The online trading system for the shares of Iraqi joint-stock companies will be launched – for Go Life investors, starting from the session on Sunday 1/29/2023,” stressing that “this step is one of the required development requirements in enabling shareholders and investors to buy and sell themselves using their stations.” Or their smartphones through a trading application that meets the instructions and rules of electronic trading and central depository

In the document .. Parliamentary signatures to hold an extraordinary session to discuss the rise in dollar prices

  • Time: 12/19/2022 15:41:43
  • Read: 130 times
In the document .. Parliamentary signatures to hold an extraordinary session to discuss the rise in dollar prices

  {Politics: Al-Furat News} A number of deputies demanded, on Monday, to hold an extraordinary session to discuss the rise in the exchange rate of the dollar and its impact on citizens.

According to a document obtained by {Euphrates News} that, “18 deputies called for holding an extraordinary session to discuss the high exchange rate of the dollar and its negative impact on the lives of citizens.”

The Prime Minister of Kuwait heads his country’s delegation to the second summit to support Iraq in the capital, Amman

the seventh day

Main  Arabic news

Kuwaiti Prime Minister Sheikh Ahmed Nawaf Al-Ahmad Al-Sabah

Kuwaiti Prime Minister Sheikh Ahmed Nawaf Al-Ahmad Al-SabahAhmed Gomaa wrote

Monday, December 19, 2022 02:10 PM

The Kuwaiti Prime Minister, Sheikh Ahmed Nawaf Al-Ahmad Al-Sabah, will leave tomorrow, Tuesday, for the Hashemite Kingdom of Jordan to participate in the second summit on supporting Iraq .-

The summit is witnessing the holding of the Baghdad Conference, the second edition, in the capital, Amman, under the slogan “Partnership and Cooperation, and How Do We Work Together to Support and Continue Support for Iraq,” which faces great challenges related to food security, drug security, and energy security, and it needs regional and international relations to face these challenges.

On the other hand, the Jordanian Armed Forces revealed, last Saturday evening, the deployment of its military forces and vehicles, on the main road from Queen Alia International Airport to the Dead Sea region, in preparation for the Kingdom’s hosting of the conference.

On August 28 of last year, the Iraqi capital, Baghdad, hosted the works of the first edition of the Cooperation and Partnership Conference, with the participation of 9 countries.

Al-Sudani to visit Jordan tomorrow to participate in the Baghdad Summit/2

  • Time : 2022/12/19 07:34:11
  • Read : 1,989 times
Al-Sudani to visit Jordan tomorrow to participate in the Baghdad Summit/2


(Political: Al-Furat News) Prime Minister Mohammed Shiaa Al-Sudani will leave on Tuesday for Jordan to participate in the “Baghdad Conference for Cooperation and Partnership” in its second edition, which is sponsored by Iraq and France.

The conference will be held at the King Hussein bin Talal Center in the Dead Sea area west of the capital Amman with the participation of leaders and officials of Arab and foreign countries, namely: Jordan, Egypt, Kuwait, Saudi Arabia, the United Arab Emirates, France, Qatar, Oman and Bahrain, and most likely the participation of Iran and Turkey.
Last week, Iraq and France held talks to coordinate the holding of the “Baghdad Conference for Cooperation and Partnership” in its second edition in Jordan, and during two phone calls within one week with French President Emmanuel Macron, Prime Minister Mohammed Shiaa Al-Sudani stressed the keenness of Iraq – the owner of the idea of the conference – on its intermediate and balancedالسوداني-يزور-الأردن-غداً-للمشاركة-في-قمة-بغداد-2

stability of gold prices

  • Time : 2022/12/19 11:35:11
  • Read : 364 times
stability of gold prices


(Economic: Euphrates News} Gold prices stabilized on Monday as the possibility of the US Federal Reserve raising interest rates next year dispelled support provided by weaker dollars

Gold held steady in spot transactions at $1,791.56 an ounce by 0709 GMT. U.S. gold futures rose 0.1 percent to $1802.50.

The dollar index fell 0.2 percent, making the yellow metal less expensive for overseas buyers.

Gold prices are trying to offset the losses despite the Fed’s monetary tightening approach.

Gold posted its biggest weekly drop since mid-November on Friday after Federal Reserve Chairman Jerome Powell said the U.S. central bank would continue to raise interest rates next year despite growing recession fears.

For other precious metals, silver fell 0.4 percent to $23.12 an ounce.

Platinum fell 0.2 percent to $989.52, and palladium rose 0.7 percent to $1725.38.استقرار-أسعار-الذهب

UN delegation after meeting Sistani: Supreme Leader calls for peace and justice

political| ? 10:45 – 19/12/2022


Baghdad – Mawazine News
The United Nations delegation headed by the Special Adviser and Head of the Investigation Team on ISIS Crimes in Iraq, Christian Richard, confirmed on Monday that the Supreme Reference, Mr. Ali al-Sistani, called for peace and justice.

“My team and I had a great honor and the visit culminated in the warm reception and meeting of the Supreme Reference Mr. Sistani, which is an incomparable legacy of his personality and wisdom,” said the Special Adviser and head of the Investigation Team on ISIS Gang Crimes in Iraq (UNITAD) Christian Richard, during a press conference held after meeting with Supreme Reference Ali Sistani.

“Since the establishment of the team, we have been guided by the wisdom of Mr. Sistani in order to investigate ISIS crimes and his call for peace and justice has always been against the crimes inflicted by gangs against the Iraqi people,” Richard added.

“We are overwhelmed with feelings of humility with all Iraqi communities and the team believes that all victims have the right to prosecute criminals without a hierarchy,” he said, expressing “hopefully to continue Mr. Sistani’s work in renounce violence and genocide.”

“I had the honor to discuss the investigations carried out by my team in Iraq and the world with Mr. Sistani,” he continued, noting that “we cannot forget all the communities that suffered and suffered because of the crimes of ISIS gangs.”

He stressed, “Continuing to hold ISIS gangs accountable against all sects,” noting that “gang crimes were intended to destroy Iraqi culture and the diversity of the social fabric in this country.”

Richard renewed his team’s “commitment to hold accountable, hold accountable and pursue all crimes carried out by gangs.” Finished 29/n33