Wednesday, August 23, 2023
"PARALLEL MARKET" , 23 AUGUST
Parallel market
Economical 2023/08/15Muhammad Sharif Abu Maysam
The statement issued by the Central Bank on the third of August, regarding the rise in the exchange rate, is among the most important statements issued by this bank in this regard.
The statement clarified all the circumstances that stood behind the speculation market in exchange rates over the years, and presented the motives of monetary policy and its tools aimed at achieving monetary stability. before the law.
The media and many specialists in economic affairs used to call the black market the “parallel market” in which foreign currencies are traded as a market that operates away from government control, as the price in it is much higher than the official price.
What is new in this matter is that the Central Bank confirms, for the first time, that “no party or person has the right to trade in dollars issued by the Central Bank, and that trading and trading with it outside the licensed authorities is a prohibited activity according to the law, according to the text of Banking Law No. (94) of 2004.”
This matter, if applied on the ground, could contribute significantly to achieving monetary stability as soon as possible, without underestimating the importance of other monetary policy tools referred to in the statement.
The parallel market must have its own sources of foreign currency, as it is.
In many countries, the demand for foreign currency is met by private sector exports, domestic tourism, remittances from residents abroad, or other market activities governed by legal market relations.
While the central bank intervenes in cases of imbalance in the exchange rate between the official market and the parallel market with the aim of creating stability in exchange rates, as in cases of “managed floating of the currency”, not that the source of foreign currencies traded in the local markets is from one source, the central bank, and the market is black market parallel.
Accordingly, and as stated by the Central Bank, such a market is a “speculative market,” and The Central Bank has the right to follow legal methods to sue speculators and those who promote them through the media or through social networking sites, as long as it is its only source, and whoever proves otherwise has the right to trade at the prices it decides.
Because legitimizing illegal practices through these media tools has contributed over the years to shuffling the cards and harming the national economy.
https://alsabaah.iq/82403-.html
DINAR IRAQ & DONG VIETNAM UPDATE, 23 AUGUST
You ran with that number for three weeks as I recall, though you knew the CBI had the rate posted at 1320.
Coffee with MarkZ 08/23/2023
Parliamentary Finance Determines A Factor To Reduce The Exchange Rate, 23 AUGUST
Parliamentary Finance Determines A Factor To Reduce The Exchange Rate
425 The Parliamentary Finance Committee stressed, today, Wednesday, the implementation of a number of measures in order to reduce the exchange rate of the dollar, whether they are technical or related to the central bank and its procedures.
Committee member Mueen Al-Kazemi said, according to the official newspaper, that “the important factor for the decline in the dollar exchange rate is the simplification of the central bank’s procedures for merchants to urge them to resort to the currency window and not go to the parallel market that caused the high exchange rate, in addition to simplifying the procedures for granting sums to Iraqi travelers.” instead of the current method.
Al-Kadhimi added, “Another problem must be discussed with the US Federal Reserve regarding the countries from which the Iraqi merchant imports and does not grant a transfer to them, given that there is a national interest for the Iraqi people with this import.”
And on some technical matters, the committee member called for “consideration of simplifying the issue of tax that can be deducted in the central bank instead of reviewing the tax departments and entering into a complex routine.”
He stressed that "all these matters must be followed up by consulting the private sector, which is basically the root of the problem in order to obtain positive results."
https://takadum-news.com/archives/179917#hathalyoum
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Parliamentary Finance Determines A Factor To Reduce The Exchange Rate The Parliamentary Finance Committee stressed, today, Wednesday, the implementation of a number of measures in order to reduce the exchange rate of the dollar, whether they are technical or related to the central bank and its procedures. Committee member Mueen Al-Kazemi said, according to the official newspaper, that “the important factor for the decline in the dollar exchange rate is the simplification of the central bank’s procedures for merchants to urge them to resort to the currency window and not go to the parallel market that caused the high exchange rate, in addition to simplifying the procedures for granting sums to Iraqi travelers.” instead of the current method. Al-Kadhimi added, “Another problem must be discussed with the US Federal Reserve regarding the countries from which the Iraqi merchant imports and does not grant a transfer to them, given that there is a national interest for the Iraqi people with this import.” And on some technical matters, the committee member called for “consideration of simplifying the issue of tax that can be deducted in the central bank instead of reviewing the tax departments and entering into a complex routine.” He stressed that "all these matters must be followed up by consulting the private sector, which is basically the root of the problem in order to obtain positive results." https://takadum-news.com/archives/179917#hathalyoum
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Parliamentarian Expects To Pass The Oil And Gas Law Before The Local Elections Energy Economy News – Baghdad A member of the Parliamentary Oil and Gas Committee, Zainab al-Moussawi, expected, on Tuesday, to vote on the draft oil and gas law before the provincial elections scheduled for December 18. Al-Moussawi said, "Discussions and discussions are continuing about the oil and gas law, which will join the work of natural resources in Iraq, but we want to reach a formula for a law that serves the country and does not serve one party at the expense of another." She added, "There are objections by the Kurdish blocs about some articles in the law, such as handing over oil production in the region to Baghdad and exporting it through SOMO, in addition to allocations for oil-producing provinces and other matters that will be resolved soon." Al-Moussawi added, in an interview with "Euphrates News" agency, which was followed by "Al-Iqtisad News", that "a vote on the law is expected before the next local elections."
https://economy-news.net/content.php?id=35812
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