The Ministry of Finance confirmed on Tuesday that Iraq maintained its credit rating at -B/B with a stable outlook.
“In the latest Standard & Poor’s (S&P) report, Iraq maintained its credit rating at -B/B with a stable outlook, and emphasized financial and economic stability, according to the agency’s report,” the ministry said in a statement. She added, “The new classification came as a reflection of the policy of continuous economic and financial reforms pursued by the Ministry of Finance, in addition to maintaining the level of foreign currency reserves that exceeds the service of external public debt and fulfillment of other external financial obligations as a result of high crude oil prices.” She added that “the agency’s report indicated the possibility of improving Iraq’s credit rating in the event of a high rate of economic growth and the diversification of the general financial revenues of the oil and non-oil state, the increase in per capita income in national income, and the continuation of fiscal and economic policy reform measures.”
The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed on Wednesday that the platform was found to protect the banking sector, while noting the Central Bank’s determination to stabilize the dollar exchange rate. Keywords said, “The new electronic platform to avoid any sanctions on the entities that carry out transfers, whether banks or others, is to protect the banking sector, the Central Bank and banks from falling into any forms related to external financial transfers, and this serves all parties.” On the dollar exchange rate, Keywords explained that “the responsibility of the Central Bank is to close the difference in the exchange rate, and our steps are serious and diligent, and we receive great support from all parties to achieve the goal,” adding, adding that “Our discussions with the International Monetary Fund were very fruitful and we agreed on programs that serve directly and indirectly to achieve this goal.” Finished
{Economic: Al-Furat News} The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the secrets and reason for the government’s decision to reduce the exchange rate of the dollar against the dinar on the recommendation of the bank.
Keywords said in a press statement on the sidelines of the visit of the Iraqi delegation to Washington: “The decision is based on an in-depth study in this field, and the main reason is the high inflation rate, and we do not want to hold the citizen the consequences of this price, especially with the high level of prices.” He pointed out that “the main goal of the central bank all over the world is to stabilize prices, or prevent inflation and the crossing of unwanted levels, and this is one of our tools that we use in adjusting the exchange rate, in order to reduce the rate of inflation.” Keywords added, “What we are focusing on internally and externally is trying to facilitate and simplify the entry of traders, especially dollar seekers, into the platform. The sooner they enter the platform, the closer we get to stabilizing and balancing supply and demand.” “This is our mission and we will issue a number of instructions and directives to banks and other financial institutions in order to make things clear and easy, so that they can access the platform as soon as possible, the faster they join this platform, the more there is a balance between supply and demand,” he stressed. He pointed out that “the official rate should not exceed 1320 dinars against the dollar in the market, we believe that there is no reason or justification to sell the dollar at more than this rate, as long as the Central Bank is committed to providing dollars at the official rate for all dollar applicants, whether for commercial purposes, for personal purposes or for all existing purposes, and if the Central Bank provides dollars to all its applicants at the official rate, there is no longer justification for another rate, unless it is for reasons related to speculation or illegal operations, so we do not believe that this rate is the real price.” He stressed that “with the procedures and instructions issued and issued, we will not find a reason to pay more than the official price, as long as we provide it to everyone, and everyone can report cases of overruns on the official price, and we cover the difference, and there is no longer any reason for a problem with the issue of the price.” Keywords continued, “Obviously, the Iraqi dinar has a strength based on the large reserves that cover this dinar, and constitutes a real force. The value of the dinar is real and not fabricated, considering that there are large foreign reserves covering this dinar, and as long as the Central Bank confirms and works to achieve its goal of general stability of prices and preserving the value of the dinar against the dollar, its external strength represented by the exchange rate, there should be great reassurance that this is our goal and we
{Economic: Al-Furat News} The Central Bank of Iraq, on Tuesday, called on citizens who want to travel to “countries allowed to deal in the US dollar currency” to go to outlets in banks, exchange companies and companies to mediate the sale and purchase of foreign currencies licensed to buy dollars at the specified official price.
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The Central Bank noted, in a statement received by {Euphrates News} a copy of it, that: “The sale of the dollar will be in accordance with the instructions and controls of the Central Bank of Iraq,” stressing that “in the event that any of the banks or companies refrains from selling at the official price, the numbers (07809224663) or ( It is noteworthy that the ports of banks to sell foreign currency continue to work by selling dollars in accordance with the instructions and controls of the Central Bank of Iraq, which earlier launched a package of measures that contribute to the stability of the foreign currency market.
Twilight News / The American “Middle East Institute” reported that the administration of US President Joe Biden pressured the Iraqi delegation that visited Washington recently, in order to push Baghdad to redirect the Iraqi energy sector away from Iran, and to deal with accusations that its banking sector is helping the Iranian regime by evade Western sanctions.
The American report, translated by Shafaq News, pointed out that the Iraqi government is in an economically and politically difficult situation, as it faces a reaction at home due to the sharp decline in the value of the dinar in light of increasing restrictions by the US Federal Reserve, on dollar withdrawals from the Central Bank of Iraq.
The report explained that the Biden administration used the meeting held in Washington on February 9 on the “strategic framework agreement” with senior Iraqi officials headed by Foreign Minister Fuad Hussein, to pressure Iraq to limit its economic relations with Iran.
The report recalled Hussein’s statements that this meeting is the first in a series of meetings launched in 2009, this time focusing on economic issues.
The report continued; Hussein expressed before his talks with Secretary of State Anthony Blinken, hope that partnerships with the US government and private companies would contribute to helping Iraq develop its economy.
On the other hand, the report said that “the American side was more sharp” in expressing its position, as the US Secretary of State publicly urged Iraq to be independent in the field of electricity, which means that the Baghdad government must find alternatives to Iranian energy imports in order to feed Iraq’s struggling energy sector.
The report pointed out that Blinken announced the readiness of the United States to support efforts between the Gulf countries and Jordan to integrate Iraq into the “regional” economy.
The report pointed out that Blinken’s comments came after the phone call held on February 2 between President Biden, King Abdullah II of Jordan and Iraqi Prime Minister Mohammed Shiaa Al-Sudani, when Biden expressed support for joint Iraqi-Jordanian projects, including also the field of electricity transmission, and with regard to the oil pipeline (from Basra to Aqaba
The report stated that a US delegation that visited Iraq in the past exerted the same pressure on Iraqis to progress in the implementation of these regional energy projects.
The report pointed out that, on the other hand, the most pressing issue from the Iraqi point of view related to the measures taken by the Federal Reserve last November to impose restrictions on dollar transfers from the oil revenues account of the Iraqi government in New York to the Central Bank of Iraq, restrictions that reduced dollar flows from the Central Bank to customers of local commercial banks seeking to transfer dollars out of Iraq, as the Federal Reserve is currently scrutinizing recipients of dollar transfers to ensure that they do not violate US sanctions on Iran and Syria.
According to the report, the decline in electronic transfers from New York caused an increase in demand for the paper dollar and thus a rise in the dollar exchange rate inside Iraq, which resulted in high import prices, which sparked sharp popular discontent against the Sudanese government.
The report continued; that the President of the Central Bank of Iraq, Ali Al-Alaq, sought during his time in Washington as part of the Iraqi delegation, to promote the steps taken by the bank in order to make the banking sector in his country committed to the new procedures with regard to the movement of funds and controlling dollar transfers out of Iraq.
According to the US report, the Iraqi government was betting that Fouad Hussein and Ali Al-Alaq could convince the US administration to freeze restrictions by the Federal Reserve on dollar transfers to Iraq, but Washington has not made such a commitment publicly.
The report concluded by noting that there is pressure within the US administration and from Congress to tighten restrictions on dollar flows from Iraq, which help Iran evade sanctions.
On the other hand, the report stated that Baghdad tried to remind Washington of the difficult situation of Iraq, pointing out in this context to a press statement by the Iraqi Foreign Minister on February 12, that Iraq would benefit from the reduction in tensions between Washington and Tehran.
{Economic: Al-Furat News} The Central Bank of Iraq warned, on Tuesday, against dealing with applications, websites and platforms that practice betting and trade money using the name of the Central Bank of Iraq and its logo as an interface for them.
A statement to the bank’s media received by {Euphrates News} a copy of it that “the Central Bank noted the use of its name and logo by weak souls to exploit citizens in promotional matters in applications, websites, and fake platforms that adopt multiple methods and methods to mislead citizens and expose them to financial fraud.”
He pointed out that “these applications, websites and platforms are not licensed by him,” warning citizens not to deal with them, stressing “the importance of verifying their reliability before using them, and informing the awareness and monitoring department of banking services in the bank when there is any suspicious case.”
{Economic: Al-Furat News} Al-Rasheed Bank announced the controls for buying the dollar at the official price of 1320 dinars.
The bank said in a statement received by {Euphrates News} a copy of it that “what is required of the traveler is a passport in addition to a plane ticket and a visa or residence permit for residents, provided that it is original and photocopies.”
He stressed “the need for the traveler to come early in the flight to complete the receipt procedures, knowing that the work is proceeding smoothly and incorrect because of any congestion or delay in the procedures.”
Al-Rasheed announces the controls for the traveler’s access to the dollar and the upper limit
{Political: Euphrates News} Deputy Prime Minister and Foreign Minister Fuad Hussein announced Iraq’s intention to host the Baghdad Cooperation and Partnership Conference in its third edition.
A Foreign Ministry statement received by {Euphrates News} a copy of it, said that Hussein “participated, in a conversation with Ambassador James Jeffrey, head of the Middle East program and former ambassador to Iraq, hosted by the Wilson Center in Washington, on February 13, 2023, to talk about Iraqi-American relations and their prospects in supporting stability efforts in the Middle Hussein pointed out, according to the statement, “the common ties between the two sides, and the desire of each of them to strengthen the economic and cooperative frameworks between the two countries in light of the strategic framework agreement.” The Foreign Minister reviewed “Iraq’s regional role in bringing together views in the region and Iraqi cooperative relations in both Egypt and Jordan within the framework of the tripartite mechanism, and the close cooperation between Iraq, Saudi Arabia and the rest of the Gulf Cooperation Council countries, and Iraq’s efforts to host the Baghdad Cooperation and Partnership Conference in its third edition to move forward in building bridges of cooperation and promoting regional dialogue in a way that enhances common interests.” The Iraqi capital had previously hosted the Baghdad Conference for Cooperation and Partnership, a conference of Iraqi neighboring countries, on August 28, 2021, in which nine Arab and foreign countries participated, in addition to several regional and international organizations. In its final statement, he supported Iraq security and economically in order to achieve its stability, sovereignty and territorial integrity, and called on the countries of the Arab Mashreq and its neighbors to deal with the challenges of the region on the basis of cooperation, mutual interests and good neighborliness. The 2022 Baghdad Cooperation and Partnership Conference was also held in Jordan in the Dead Sea region on December 20, 2022. In the final statement, the participants stressed the continuation of cooperation with Iraq in support of its security, stability, sovereignty, democratic process, constitutional process and efforts to devote dialogue as a way to resolving regional differences. The participants also stressed their support for Iraq’s efforts to achieve comprehensive development, work to build economic integration, and cooperate with it in many sectors, including energy, water, electricity interconnection and food security.
Twilight News / Deputy Prime Minister, Foreign Minister Fuad Hussein, stressed that tension between the countries of the region is not in Iraq’s interest.
“We support their dialogues and negotiations to bring peace to the region,” Hussein said in a statement to a number of journalists who attended a panel discussion held in Washington, D.C. Hussein said, referring to Saudi Arabia and Iran, where Baghdad is leading mediation between the two countries to restore relations between Tehran and Riyadh.
On the internal situation in Iraq, the Foreign Minister said that the dictatorship killed the Iraqi people and isolated Iraq from the whole world for decades, but “Iraq today is moving towards democracy and is an important part of international politics and the global economy.”
Hussein also participated in a conversation with Ambassador James Jeffrey, head of the Middle East program, and former ambassador to Iraq, hosted by the Wilson Center in Washington on Monday, to talk about Iraqi-American relations and their prospects in supporting stability efforts in the Middle East, according to a statement issued by the Iraqi Foreign Ministry.
Hussein touched on the joint ties between the two sides, and the desire of each of them to strengthen the cooperative economic frameworks between the two countries in light of the strategic framework agreement.
The minister reviewed Iraq’s regional role in bringing views closer in the region and Iraqi cooperative relations in both Egypt and Jordan within the framework of the tripartite mechanism, the close cooperation between Iraq, Saudi Arabia and the rest of the Gulf Cooperation Council countries, and Iraq’s efforts to host the Baghdad Cooperation and Partnership Conference in its third edition to move forward in building bridges of cooperation and promoting regional dialogue in a way that enhances common interests.
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