Parliamentary Services: The Rise In The Dollar Did Not Affect The Work Of The Service And Contractors
Time: 10/25/2023 Read: 429 times {Local: Al-Furat News} The Parliamentary Services and Reconstruction Committee confirmed that the rise in the dollar exchange rate did not affect the level of services and service work.
Committee member Baqir Al-Saadi told Al-Furat News Agency, “With regard to the fluctuation of the dollar exchange rates and its impact on service work, the government supports contractors by providing it to them at the official price from the Central Bank of Iraq of 1,320 dinars.”
He stated that “the government’s orientation is towards supporting service work in all its aspects, in addition to monitoring and following up on its integrity.”
Prime Minister Muhammad Shiaa Al-Sudani announced yesterday that there are many projects that will see the light during the next year.
Al-Sudani pointed out during a press conference that “the current high price of the dollar is the price of speculators and not the official price of the dollar,” noting that “some private banks, banking companies, and merchants are manipulating the official price of the dollar, and there are legal measures and deterrents for dollar speculators.” Raghad Dahham LINK
Economical 10/25/2023 Muhammad Sharif Abu Maysam The most important characteristic of Iraq’s economic relationship with the BRICS group is the volume of trade exchange, as Iraq’s oil exports to the countries of this group constitute more than half of the total exports, especially the countries of India and China. Imports amount to approximately 70 percent of the total import volume.
The most important thing that concerns us in this matter is that commercial exchanges and financial transactions can be carried out in national currencies within the BRICS program, which heralded countries aspiring to escape from the dominance of the “SWIFT platform” for exchanges and transactions and liberate local currencies from the pressure of the dollar’s dominance as the sole currency for commercial exchanges and financial transactions in light of dollarization.
The global economy, as well as the possibility of trade partnership within the Chinese “Belt and Road” program within the framework of a clearly defined program in which the common rights and interests of the countries of the group and the countries participating with it are guaranteed without monopoly or domination.
Iraq’s location is considered one of the most important locations on the map of trade between East and West, in addition to its importance on the map of global oil markets. Certainly, the mechanisms of this cooperation will push towards more partnerships with the countries of this group, especially investment partnerships in a promising and attractive environment once the main goals of engagement are achieved. In this group.
BRICS are the first letters of the names of five countries with rapidly growing economies that share the desire to be liberated from Western hegemony over the global economy, and to put an end to this hegemony in international political issues. These countries are (Brazil, Russia, India, China, and South Africa), and recently this group was able to attract…
A number of the most important and promising economies in the world, including (Argentina, Venezuela, Algeria, the Kingdom of Saudi Arabia, Iran, Egypt and the United Arab Emirates).
Most of these countries have locations on the map of the Chinese “Belt and Road” initiative and have a desire to transact business through their local currencies in purchasing goods, to ensure freedom from the power and hegemony of the dollar over commercial exchanges, while Iraq shares its important position and the desire to be free from the power of the dollar, which has caused Many monetary and financial imbalances were one of the elements that repel investment,
which means that Iraq’s economic interests push towards economic cooperation with the countries of this group and the aspiration towards monetary stability and towards broader areas in the flow of investments from the BRICS countries in a way that serves the future of sustainable development in our country. https://alsabaah.iq/86116-.html
Al-Sudani Reveals The “Reasons” For The Rise In The Price Of The Dollar And Admits To A Legal Problem: We Need Strict Penalties, 25 OCT
Politics Dollar prices breaking Sudanese 2023-10-24 Shafaq News/ Prime Minister Muhammad Shiaa Al-Sudani revealed, this evening, Tuesday, the reasons for the rise in the exchange rate of the US dollar against the Iraqi dinar, and while he acknowledged the need for “strict” legal penalties against currency speculators, he pointed out the presence of private banks and money changers seeking to keep dollar prices high..
Al-Sudani said during the weekly press conference attended by Shafaq News Agency, “There are problems in banking reform and major challenges facing the government, and the current dollar exchange rate in the markets is the price of currency speculators.”
He added, "There are entities, private banks, merchants, and owners of banking companies who are seeking to keep the dollar exchange rate at the current price."
Al-Sudani stressed, "We support some banks that we trust are good and have achieved success, in order to be part of the solution," adding, "One of the problems we face is that Iraqi law does not contain strong and strict penalties against those who are arrested as speculators at the dollar exchange rate."
He pointed out that "despite the high exchange rate of the dollar, food prices are stable and good, and the government will take on the role of some merchants in some matters.
There is also a good initiative to provide medicines from international origins for chronic diseases and sell them in the market at subsidized prices, as well as construction materials that we will provide and sell." "At a subsidized price, this will force traders and speculators to reduce the price of the dollar in the market."
On the other hand, Al-Sudani pointed out that “the Development Fund is one of the important projects that we adopt and is supposed to have a special law, and the Fund project has been included in the budget law.” He said, "Today this fund was voted on, and this is a glimmer of hope for the Iraqi economy.
This fund will be exclusively for the private sector and will provide investment opportunities.
One of its priorities is building schools with approximately a thousand schools, and after that it will have a role in other sectors such as industry, environment, and housing."
Regarding the electricity file, Al-Sudani explained,
“The costs of producing electricity are very high, and the government today has given the green light to the Ministry of Electricity to adopt very modern electronic systems to measure the wages of electric energy consumption.
We will take into account those with limited income according to a specific mechanism.
This system will contribute to preventing the waste of electricity and provide energy stability.” He stated,
"There will be a trial for these organizations in 10 regions, with 10 sectors in each region, and 50,000 subscribers in each sector. They will receive electricity 24 hours a day." He stressed that
"these systems will be under the supervision of major companies, and the Prime Minister and the Iraqi government have granted the Ministry of Electricity a license to contract with companies. There will also be a treatment for any defect in reading the consumption fees recorded by the systems in a short time, and there will be teams dedicated to addressing any defect in record time."".
In another context, Al-Sudani said, "On the 27th of this October, a full year will have passed since the formation of the government, and we asked the House of Representatives to be a host to talk about the achievements and failures that have been achieved since the formation of the government until now."
A SPECIALIST DIAGNOSES THE “REAL REASON” FOR THE DOLLAR’S RISE… AND THE CENTRAL BANK IS “RELUCTANT” ABOUT IT – URGENT
Today, Friday (October 13, 2023), the economic affairs specialist, Nabil Jabbar Al-Tamimi, revealed the reason for the rise in the dollar exchange rate, in light of the volume of daily “black transfers.”
Al-Tamimi told “Baghdad Today”, “The Central Bank of Iraq is failing to solve the problem of remittances with Iran, and the rise in the exchange rate is related to pressures on foreign exchange in the market and the continuation of black remittances.”
He stated, “Up to 30 million dollars a day cross the border as (black transfers) to feed remittance requests for trade with Iran, Syria, Lebanon, and Turkey as well, and the fluctuation will continue unless the remittance crisis with Iran is resolved in the first place and a suitable transfer mechanism is found for merchants, even if they are in other currencies.” other than the dollar.
(This article speaks directly to another article we read about the customs and tariffs issues. Simply put, not being on the Global Foreign Exchange such as FOREX, is putting damper on Iraq’s ability to conduct foreign trade with a multiple of other foreign currencies. Iraq MUST soon move back to FOREX or these problems will only worsen. You see Iraq keeps kicking the can down the road but they know what they must do. They can complain and complain about the issues with the dollar. The FACT still stands that to get off the dollar they must be able to go a central point of exchange. Its easy to trade with a sole source of currency but when you are dealing with potential of hundreds of currencies then what do you do? )
The $30 million per day is exactly equivalent to the cash sales that the Central Bank sells daily and is supposed to be intended for travelers.
Experts point out that some of these cash sales allocated to travelers leak into the black market and are purchased by merchants to finance their trade with countries banned from the dollar, led by Iran, from which Iraq’s annual import volume amounts to approximately 10 billion dollars.
Others warned of the repercussions of some banks not handing over dollars to “travelers,” while stressing that the continuation of the matter would lead to an increase in demand for the dollar in the parallel market and thus an increase in the exchange rate.
Many private banks and exchange companies are accused of being involved in smuggling the dollar, leaking it to the black market, and seizing large amounts of currency auction sales. The accusations also targeted the National Bank of Iraq (Jordan) of seizing 70% of the Central Bank’s daily dollar sales.
The dollar exchange rate witnessed a noticeable increase in the past few days, exceeding the barrier of 160 thousand dinars per 100 dollars, while the Central Bank took many measures and decisions to prevent the circulation of the dollar in local markets above the official price (1320), but to no avail, despite the fact that the dollar is its only source. The Central Bank, although those who take the dollar, namely private banks and exchange companies, are known to it, but it is unable to control them and oblige them not to leak dollars through fake transfers, according to observers.
[On his approach to the Iraqi dinar]I am the ultimate puritan. I only believe in what I can prove. I don't have faith about nothing. I have faith about my abilities but if someone comes up to me and goes, 'Good, ole fashioned faith?' Nope...
Walkingstick
[Aki Iraqi bank friend update]
Iraqi Bank friend #1
[Aki's boss] told Aki you gotta stay put. Stay right where you are at [his bank in the south of a northern state].
As much as Aki wants to go stay in the north because in the north he has a home there... Obviously something's happening IMO.
Sandy Ingram
There is a global shortage of wheat due to Russia's invasion of Ukraine...Next year flour prices in the United States will skyrocket due to drought... Dunums is the unit of measurement of land in the Middle East.
One acre equals approximately 4 dunums. Iraq will plant 1.5 million dunums in irrigated areas of the desert and 4 million dunums in desert areas using underground water. This planning event will take place during the winter months (October and November) and will secure Iraq's food security for the coming year...
An economic expert talks about the gold reserve of the Central Bank in London... This is the relationship of its price to the dollar
An economic expert stressed the difficulty of predicting gold prices, specifying “the relationship in gold prices and the dollar.”
Salah Nouri said in a press interview seen by “Taqaddam” that “it is known to economists that the dollar currency and gold represent a reserve for central banks, and among them the Central Bank of Iraq adopts this diversification, and in practical life the relationship between the dollar and gold is an inverse relationship, as whenever there are signs of a decline in the price The dollar in the financial markets tends to invest in gold as a safe haven, and thus the global demand for gold increases and its price rises.”
He stated, “The Central Bank of Iraq owns a good amount of gold and it is stored in London, where the World Gold Council is located. The Central Bank of Iraq depends in determining the value of gold on its price on the London Stock Exchange.”
Nouri pointed out that “it is difficult to predict whether the price of gold will rise or fall because it is linked to the price of the dollar, and the latter is linked to unstable economic and political events in the world.” link