Sudanese advisor explains about (fluctuations) the exchange rate of the dollar

Economie| 10:59 – 12/29/2022

Baghdad – Mawazine News
, Advisor to the Prime Minister, Mazhar Muhammad Salih, explained, on Thursday, regarding fluctuations in the exchange rate of the dollar in the Iraqi market, while confirming that the external transfer platform meets 90% of the market demand for foreign currency.

Salih said in an interview with the official news agency, followed by Mawazine News, that “Iraq is one of the largest countries in the region in terms of its current reserve financial capabilities,” explaining that “rumors and gossip began to circulate among people as a result of the fluctuations in the exchange market following the adoption of international controls that surrounded the work of The external transfer platform, which meets 90 percent of the market demand for foreign currency.

He added, “We would like to reassure everyone that, with the increasing transparency of information provided by the commercial community requesting financing its import in foreign currency through effective mediation by the Central Bank and passing through the international auditing platform, the collection of foreign currency is increasing to meet the requirements of foreign trade and is achieved immediately and at the official exchange rate of 1460 dinars to the dollar.

He pointed out that “the financial market is in an adjustment phase to rearrange its conditions in the correct and orderly direction, and there are no concerns,” noting that “the government economy constitutes the center of gravity in organizing economic life and possesses sufficient basic ingredients in supporting and stabilizing the market economy.”

The prime minister’s advisor called for “rejecting misleading rumors launched by speculators and enemies of stability.” Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=215397

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Postponing the payment of pensioners’ salaries to next year

• Time: 12/29/2022 21:45:00
• Read: 4,719 times

  {Local: Al Furat News} An informed banking source said that the release of pensioners’ salaries for the month of January, which was scheduled to be launched today, Thursday, has been postponed until the beginning of next year 2023.

The source told {Euphrates News} agency, “The payment of the retirees’ salaries may be postponed to next Tuesday {the third of next month} due to the lack of funding from the Ministry of Finance in addition to its coinciding with the New Year holiday and the government bank holiday on Monday due to the continuation of the inventory and auditing operations. annual financial.
He added, “The financing of the Ministry of Finance reached the banks a little, and not all the necessary amount, which prevented the release of the salaries of retirees this evening, Thursday.”
The source pointed out, “The possibility of releasing the salaries of retirees the day after tomorrow, Saturday, if Prime Minister Muhammad Shia’a al-Sudani issues a directive to the Ministry of Finance to expedite the release of full funding. Otherwise, he will postpone the disbursement to Tuesday, January 3.”

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Al-Rafidain: Our Branches Open During Holidays To Sell Dollars To Citizens

12/30/2022 1786

Earth News / Rafidain Bank announced today, Thursday, the opening of its branches tomorrow, Friday, to sell dollars to citizens for travel purposes.The bank stated, in a statement received by Earth News, that it “announces the continuation of the process of selling dollar currency to citizens during holidays for travel purposes, with no more than 10,000 US dollars per customer at a price of 1455 dinars per dollar deposited in the Master Card issued by Al-Rafidain Bank and through my branch.” Palestine Street on the side of Al-Rusafa and the Arab neighborhood in Al-Mansour next to Al-Karkh.He added, “The branches will open their doors on Friday 12/30/2022, Saturday 12/31/2023, and Sunday 1/1/2023.”

الرافدين: فروعنا تفتح أبوابها خلال أيام العطل لبيع الدولار للمواطنين

In numbers. Central Bank reserves rise 46% of foreign currency

• Time : 2022/12/29 12:00:10
• Reads : 1,170 times

  

{Economic: Euphrates News} The Central Bank of Iraq achieved the value of assets amounting to about 200 trillion dinars during the month of November, an annual increase of 36%.

Economist Manar Al-Obeidi said in a statement received by {Euphrates News} a copy of it, “The reserves of the Central Bank amounted to 96 billion US dollars, an annual increase of 46%, and the value of the issued monetary currency rose to more than 84 trillion Iraqi dinars, with an annual increase of 10%.”
He pointed out that “depending on the value of reserves in foreign currencies, the value of the issued monetary currency and the value of gold in global markets.”
He pointed out that “the value of one gram of gold is equivalent to 46 thousand Iraqi dinars, an annual increase in the value of the dinar amounted to 84%, as the value of one gram of gold was equivalent to 67 thousand dinars in November last year.”
Al-Obeidi continued, “The lowest actual value of the Iraqi dinar against gold was in the fifth month of 2021, where one gram of gold reached its actual value of 72 thousand dinars.”
He explained that “this increase in the value of the Iraqi dinar as a result of the growth of reserves and is offset by less growth in the issued monetary currency, which contributed to enhancing the actual value of the Iraqi dinar against the price of gold.”

https://alforatnews.iq/news/بالأرقام-ارتفاع-احتياط-البنك-المركزي-46-من-العملة-الأجنبية

Cabinet Secretariat: Official working hours will be suspended next Sunday

political| ? 12:40 – 29/12/2022

Baghdad – Mawazine News
The General Secretariat of the Council of Ministers announced on Thursday the suspension of the official working hours on the occasion of the New Year.

“It was decided to suspend official working hours in ministries and entities not associated with the Ministry and all state institutions, next Sunday, corresponding to January 1, 2023,” the Secretariat said in a statement.

“That came on New Year’s occasion,” the statement added. Finished 29/n33

https://mawazin.net/Details.aspx?jimare=215407

A new warning from the World Bank for Iraq: reduce your dependence on oil

money and business

   

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Economy News-Baghdad

The World Bank warned Iraq against relying entirely on oil and the need to move towards other sectors.

“The World Bank does not have detailed information or analysis about the fluctuation of oil prices in conjunction with global changes, as a result of moving to less carbon-emitting global economies,” said Salim Rouhana, the official in charge of sustainable development programs at the World Bank.

Rouhana added, “The demand for gas has begun to decrease, as the world has begun to turn to it as a transformational source, and to replace it with clean energy such as the sun and air.”

And Rouhana indicated that “the decrease in demand is offset by a decrease in the prices of petroleum materials, and therefore a country like Iraq that depends entirely on oil will also decrease its revenues,” noting that “the climate and development report that was issued recently confirmed that there is a huge amount of investments that Iraq must make.” On the scale of adapting to climate change, such as water, agriculture, etc., and within the framework of the strategic shift to alternative energies such as the sun and air in Iraq, to ​​more than 31% of production capacity by 2040, and this requires many investments, whether at the near or medium level.

Rouhana warned that in the event of “low oil revenues and a lack of direction towards these sectors that require investments during the near stage, there will be no opportunity to adapt and adapt to global changes.”

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Added 12/29/2022 – 9:31 AM

Updated 12/29/2022 – 9:57 AM

https://economy-news.net/content.php?id=31584

Does the US Federal Reserve intervene to reduce the exchange rates of the dollar in Iraq?

December 29, 2022 

Baghdad / Obelisk: Legal expert Ali Al-Tamimi said that the United States is obliged to help Iraq economically and in times of crisis, especially when the price of the dollar rises, which Washington controls through the US federal system.

Al-Tamimi added, in a statement to Al-Masalla, that “according to the bilateral agreement between Iraq and the United States of America for the year 2008 in Article 27 of it, the United States of America committed itself to assisting Iraq economically and in times of crisis, especially if the price of the dollar, which is controlled by the US federal government, and foreign remittances rise.”

He stressed that “Iraq can approach America by implementing this agreement directly, or through the United Nations, as this agreement is international and deposited with the United Nations under Article 102 of the Charter of the United Nations.”

And he continued, “The United States of America is obligated under the Fourth Geneva Convention to help Iraq, as it is an occupied country, and according to this agreement, it is obligated to help the country that occupied it.”

Representative Mustafa Sanad, on Sunday, accused America of leading international colonialism and blackmail against Iraq by causing a rise in the exchange rate of the dollar, criticizing the silence of the political blocs on this matter.

Sanad said that the rise of the dollar these days is completely different. It came because of America itself, without a mediator, and the purpose is to prevent the dollar from entering Iraq in the first place, for the purpose of punishing it lightly, and it is waiting for it at the dialogue table in early 2023 for the purpose of understanding about hot files such as the Iranian file and the file Energy and the future of US forces and security agreements.

There is popular dissatisfaction with the rise in prices in the Iraqi markets, after the exchange rate of the US dollar rose against the Iraqi dinar, at a time when the Iraqi street was waiting for government decisions leading to the return of the exchange rate to its previous state.

The Central Bank attributed the rise, in a statement, to temporary pressures resulting from external and internal factors that led to the rise of the dollar against the Iraqi dinar.

However, Iraqi economists question the justifications of the Iraqi Central Bank, pointing to fears of a possible continuation of the increase in exchange rates during the coming period, which may mean that Iraq enters a new phase of inflation, especially with its dependence on imports for everything.

Experts point out that what was known as the “theft of the century” had consequences that affected the movement of liquidity and remittances, and prompted an unjustified increase in exchange rates.

The economic expert, Dr. Diaa Mohsen, says, “The rise in the exchange rates of the Iraqi dinar against the US dollar cannot be considered economic as much as it is political, because after the advent of Prime Minister Muhammad Shia al-Sudani, developments took place in the Iraqi economic system, especially with regard to fighting corruption.

The US Treasury Department and the Central Bank of Iraq monitor dollar transactions in Iraq through an electronic system that will take 10 to 15 days, which in turn will affect the dollar’s appreciation, according to deputies.

Prepared by Mohamed Salah

هل يتدخل الفيدرالي الأمريكي لتخفيض أسعار صرف الدولار في العراق؟

A new decline in the exchange rates of the dollar in the local markets

• Time: 12/29/2022 09:07:47
• Read: 897 times

  {Economic: Al Furat News} The exchange rates of the dollar witnessed a good decline in the local market today, Thursday, after a significant increase at the beginning of this week.

The selling prices for today were 151,700 dinars per 100 dollars, while the buying prices of the dollar amounted to 151,500 dinars per 100 dollars.

The exchange rates of the dollar had touched 160,000 per hundred dollars at the beginning of this week.

https://alforatnews.iq/news/%D8%A7%D9%86%D8%AE%D9%81%D8%A7%D8%B6-%D8%AC%D8%AF%D9%8A%D8%AF-%D9%84%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%81%D9%8A-%D8%A7%D9%84%D8%A3%D8%B3%D9%88%D8%A7%D9%82-%D8%A7%D9%84%D9%85%D8%AD%D9%84%D9%8A%D8%A9