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BEHIND THE SCENES HOSTING THE GOVERNOR OF THE CENTRAL BANK IN PARLIAMENT FINANCE, 30 AUGUST

 BEHIND THE SCENES HOSTING THE GOVERNOR OF THE CENTRAL BANK IN PARLIAMENT FINANCE

Today, Sunday, the head of the Parliamentary Finance Committee, Atwan Al-Atwani, revealed the most important things that were agreed upon during the committee’s hosting of the Governor of the Central Bank, Ali Al-Alaq, while indicating his assertion that the stability of the exchange rate takes place with the commitment to purchase from the government platform.

Al-Atwani said in a statement to the official agency, followed by “NAS”, (August 27, 2023), that “it was agreed during the hosting to form a joint committee from the Finance Committee and the competent staff at the Central Bank to study the revival and support of the housing loan initiative and ensure the permanence and continuity of its financing in a way that enhances economic stability and achieves sustainable development”.

He added, “The governor of the central bank affirmed his efforts to reach a state of stability in the exchange rates of the dollar by committing to buying from the government platform.”

And the Parliamentary Finance Committee confirmed in a statement issued by it that it discussed with Al-Alaq the Central Bank’s initiative to grant citizens loans to solve the housing crisis, as well as the exchange rate file.

The statement said that “Al-Atwani praised during the hosting the role of the Central Bank in financing loans related to solving the housing crisis in the country, with the aim of facilitating the investment sector, economic movement and employment,” noting that “the suspension of the initiative affects the economic aspect and job opportunities, with the increasing need for housing units, Which requires conducting a feasibility study to reach an appropriate formula that meets the citizen’s needs.

The statement quoted Al-Alaq as explaining the reasons that led to the suspension of the initiative, adding that “money has been allocated to the Real Estate Bank and the Housing Fund with the aim of achieving economic activity and launching the initiative,” while he indicated that “the bank deals with the file with an in-depth study in order to control the monetary mass in accordance with the policy.” Finance, stressing the need to increase capital and support the Central Bank to continue initiatives.

According to the statement, the hosting discussed the exchange rate of the dinar against the dollar, as well as tax procedures on products imported through the ports.

BY DINAR IRAQ & DONG VIETNAM

Dinar RV Breaking News🔥Revealed: Iraq & Turkey Increase Trade Exchange &...

The Decline In The Exchange Rate In Baghdad And Erbil With The Closing Of The Stock Exchange, 30 AUGUST

 The Decline In The Exchange Rate In Baghdad And Erbil With The Closing Of The Stock Exchange

Economy   Tuesday, August 29, 2023  Baghdad / The National News Center  The prices of the US dollar fell against the Iraqi dinar, today, Tuesday, in the markets of Baghdad and Erbil, with the closing of the stock exchange.

The correspondent of the National News Center said, “The dollar prices decreased with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 153,300 Iraqi dinars against 100 dollars, while the prices this morning were 153,800 dinars.”

He added, "The selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 154,250 dinars, while the purchase price reached 152,250 dinars for every 100 dollars."

In Erbil, the dollar also recorded a decline, as the selling price reached 153,850 dinars for every 100 dollars, and the purchase price was 153,750 dinars for 100 dollars.  https://nnciraq.com/224045/

Central Bank Sales Amounted To More Than 195.9 Million Dollars

Economy News-Baghdad   Today, Tuesday, the sales of the Central Bank of Iraq in the foreign currency sale window amounted to more than 195.9 million dollars.

The Central Bank's website published a schedule of its dollar sales, and "Al-Iqtisad News" reviewed it, as it included the participation of 26 banks and 132 exchange companies, and covered external transfer requests of $157.8 million, while cash requests amounted to more than $38.1 million.

And the Central Bank of Iraq sells the dollar for documentary credits and international settlements of electronic cards at a price of 1305 dinars per dollar, per dollar for documentary credits and international settlements of electronic cards and at a price of 1310 dinars per dollar for external transfers and at a price of 1310 dinars per dollar in cash. 40 views  08/29/2023 - https://economy-news.net/content.php?id=36005

Coffee with MarkZ and Andy Schectman. 08/30/2023

IS IRAQ ABLE TO PREVENT DEALINGS IN DOLLARS TO RESTORE THE “PRESTIGE” OF THE DINAR? – URGENT, 30 AUGUST

 IS IRAQ ABLE TO PREVENT DEALINGS IN DOLLARS TO RESTORE THE “PRESTIGE” OF THE DINAR? – URGENT

On Saturday (August 26, 2023), the expert in economic affairs, Mustafa Akram Hantoush, confirmed the difficulty of canceling dealing in dollars, especially since Iraq imports everything in hard currency .

Hantoush told “Baghdad Today” that “the government’s tendency to sell cars in Iraqi dinars instead of US dollars is very difficult from a practical point of view, despite the government’s attempt to impose pledges on exhibition owners and carry out a massive arrest campaign. “

He added, “The decision is practically difficult to implement, since the car trade passes through a global market that deals in hard currency, because we do not have the possibility of manufacturing cars inside Iraq, and we only have the Mahmoudiya factory .”

He pointed out that “large quantities of cars are imported from abroad and in the currency of the dollar, and therefore they are priced in hard currency, and even if they are priced in dinars, this will be done on the basis of the last price of the dollar, and therefore the citizen will not benefit anything from the process of selling cars in dinars. “

And that “the central bank is trying to strengthen the currency by reducing access to the dollar by traders only .”

The government is trying to control the continuing rise in the exchange rate of the dollar against the Iraqi dinar in the market, about seven months after its official decision to raise the value of the Iraqi dinar at a price of 1320 per dollar .

The government had taken a decision last February to raise the value of the Iraqi dinar against the dollar, after its price at the end of 2020 reached 1,470 dinars per dollar. It was implemented by the previous government to bridge the deficit in expenditures and salaries due to the drop in oil prices in global markets .

The dollar is forbidden

The Ministry of the Interior prevented merchants and citizens from dealing in dollars in markets and shops, and restricted transactions to Iraqi dinars.

It seems that the security solution to the rise in the price of the dollar in the parallel market inside Iraq did not achieve any significant results, but rather complicated the economic scene and led in part to a rise in prices in the Iraqi markets.

Economic specialists point out that the market requires many measures to maintain the stability of the currency, most notably preventing smuggling.

BY DINAR IRAQ & DONG VIETNAM

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 30 AUGUST

 Frank26 (KTFA)

1320 is not the official rate…that’s just the street rate…They told you very plainly 1132 is the official exchange rate today.  I’m not saying they’re using 2 exchange rates.  That’s against the law.  But there’s nothing against the law to have two sets of books.  The CBI website may show 1320 but IMO the economic reforms are at a different rate with permission to do so.  

[Iraq boots-on-the-ground report]

FIREFLY: TV says Iran and Iraq agree to disarm and get rid of the militant groups in the KRI.  This leads to better stability.

FRANK: Are you kidding me?  I never thought I’d live long enough to see Iran say they are willing to disarm in order to work with Iraq…This is stability at its highest form, which is exactly what the monetary reform needs. 

FIREFLY: Meeting with the World Bank...They talked about wanting…external transfers made up of international standards…They said it was about banking reforms.  And they’re also saying how important it is for citizens to join this new platform.  This will be set up to ensure citizens are receiving all they are entitled.

FRANK: …You’re seeing it unfold before your eyes right now…you know what you’re entitled to?  A new exchange rate and new currency.