Experts: The Iraqi-American Agreement Is The Beginning Of Exchange Rate Stability, 17 nov

 Experts: The Iraqi-American Agreement Is The Beginning Of Exchange Rate Stability

 Baghdad: Huda Al-Azzawi   Experts and officials in financial and economic affairs praised the agreement of the Central Bank of Iraq and the representative of the US Federal Bank, regarding strengthening the balances of Iraqi banks in dollars and increasing their number, and  strengthening other local banks with balances from a basket of international currencies, indicating thatb this step will contribute to the stability of the dollar exchange rate and reduce the influence of the market.

Parallel  Engaged in speculation.

Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, indicated in an interview with “Al-Sabah” that

 “the Iraqi monetary authority holds foreign currency reserves, which are the highest in Iraq’s financial history,” indicating that  “Iraq has the highest foreign currency reserves and commercial efficiency.”

 High,  today the reserve currencies are sufficient for Iraqi trade for a period of (fifteen months), while the standard   Global is (three months).

 He explained, “External financing for the private sector takes place through the compliance platform, which required conditions that lasted for a year from last October to this November, and

 thus the banks adapted on the basis of global compliance with the use of foreign currency for the purpose of trade and not for other purposes that cause problems for the state.”  He noted,

  “The agreement between Iraq and the United States indicates the presence of high flexibility in financing the private sector, by strengthening a number of banks in dollars, which have adapted themselves to global compliance and will finance Iraq from major global commercial centers.”

 Saleh pointed out that   “more than 85% of the demand for foreign currency is done through the external platform managed by the (Central Bank of Iraq), by enhancing the balances of foreign banks, while the parallel market constitutes only 15% of the speculators’ market,” stressing that

 “This agreement constitutes the beginning of price stability in the exchange market.”

 For his part, the rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, indicated in an interview with “Al-Sabah” that

 “the process of strengthening the banks will positively affect the exchange rate of the dollar,” indicating that “the point is not in increasing the number of banks, but in the amounts that are made.”

Adding them to the balance of these banks first, and secondly by monitoring these banks and ensuring that these amounts reach citizens and merchants,

 especially since some of these banks take dollars from the currency window, but these amounts do not reach the market but are used for speculation purposes,

which is the main reason for the large difference between The price of the dollar in the parallel market and the official price.

Al-Saffar pointed out that  “increasing the number of banks and enhancing their balances will contribute to reducing the price of the dollar in the parallel market,

provided that these banks are monitored and ensure that those dollars are delivered to citizens and merchants,

in addition to verifying the truth of the documents submitted through the platform regarding materials related to transfers.” And remittances. He explained,

“The bulk of this money that goes out the window goes to remittances and is not real.

The process lies in two points:

(Monitoring transfers and ensuring their authenticity), and

secondly (monitoring the funds that go out the window through participating banks), and whether they actually reach the parallel market or are they used

For speculative purposes.

In addition, the economic affairs analyst, Jalil Al-Lami, said in an interview with “Al-Sabah” that

 “what happened is a new reform step by the Central Bank of Iraq by reaching an agreement with the representative of the United States of America responsible for foreign transfer operations.”

 To cover imports.

 He stated, “The matter does not affect the issue of cash or (cash), but rather the delay procedures in the electronic platform, and the return of some transfers in the currency buying and selling window,” explaining,

 “In the first place, the problems related to rejected transfers were resolved, as it was agreed that The rejection of remittances is based on strong reasons, which will achieve more streamlined transfer process than before, and

thus this will partially affect the demand for the dollar, which limits the possibility of its rise, and after that temporary stability will be achieved for the dollar, and then return later.

 To a gradual rise.

An Iraqi government source had previously revealed an Iraqi-American agreement aimed at strengthening the balance of 10 Iraqi banks in dollars.

 He also revealed an increase in the number of Iraqi banks whose balances in Chinese yuan would be enhanced through the Singapore Development Bank to 13 banks, while

 the number Banks that have strengthened their accounts in Indian rupees with the Development Bank of Singapore 2, and other banks will be added within the next two weeks.  https://alsabaah.iq/87235-.html       

"RV UPDATE" BY WOLVERINE, 17 NOV

 Bearded_PatriotUSA

Telegram post 
11/16/23

Forwarded from Wolverine:

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Provides financial and political support.. The European Bank (EBRD) welcomes Iraq’s membership, 17 NOV

 Provides financial and political support.. The European Bank (EBRD) welcomes Iraq’s membership

2023-11-16 05:10

Provides financial and political support.. The European Bank EBRD welcomes Iraqs membershipShafaq News/ The European Bank for Reconstruction and Development (EBRD) announced that Iraq has joined it, becoming the 74th country contributing to the bank after Baghdad had applied for membership in April 2018.

The European Bank stated in a report on its website, translated by Shafaq News Agency, that Iraq has become the newest member of the bank, after the Board of Governors approved its membership in October 2020, while the process of transitioning to shareholder status in the bank has now ended.

The bank explained that Iraq, as a shareholder, can apply to become a recipient economy category, and can thus benefit from the financial and political support provided by the European Bank for Reconstruction and Development, indicating that this application will be reviewed by the shareholders in a separate process.

The report stated that during the bank’s annual meeting this year in the city of Samarkand, the Board of Governors agreed to amend the agreement establishing the bank to allow the expansion of the bank’s operations in Iraq, adding that once the amendment enters into force, the bank will be in a position to follow up on any request from Iraq to become an active country. The bank is in it.

The report pointed out that the decision of the Board of Governors in Samarkand also means integrating Iraq into the bank’s southern and eastern Mediterranean region, with which Iraq has strong economic relations.

The report quoted the bank’s president, Odile Renaud Basso, as saying, “I am pleased to welcome Iraq as a member of the bank. We are fully committed to dealing with the country, and when the time comes, we look forward to starting work in Iraq and applying our expertise to develop its economy.”

The bank’s report pointed out that its activity in the southern and eastern Mediterranean region began for the first time in the year 2012, specifically in Egypt, Jordan, Morocco, and Tunisia. Then, in 2017, its activities extended to Lebanon, the West Bank, and the Gaza Strip in Palestine.

The report concluded by noting that the European Bank provides support to countries undergoing transitional stages, through a combination of investment, advisory role and policy reform, in addition to the Bank’s focus on developing the private sector and achieving sustainable change for a better future.

He added that the bank is currently focusing its efforts on supporting Ukraine, and helping the economies of member states transform into a more environmentally friendly, digital and inclusive manner.

shafaq.com

Al-Salhi: The government must hold the resigned ministers accountable, 17 NOV

 Al-Salhi: The government must hold the resigned ministers accountable

11-16-2023

Al-Salhi - The government must hold the resigned ministers accountableInformation / private..

Today, Thursday, Member of the House of Representatives, Rafiq Al-Salhi, called on the government to hold accountable the ministers who submitted their resignations by order of the person expelled from the House of Representatives, Muhammad Al-Halbousi, while stressing that the constitutional oath must be adhered to before assuming the position.

Al-Salhi said in an interview with the Maalouma Agency, “Al-Sudani is required to accept the dismissals that were submitted in order to bring in people working in the name of Iraq and not for a specific person,” noting that “there is a political and popular rejection of such actions that lose the people’s confidence in the government.”

He continued, “The Federal Court’s decision to terminate Al-Halbousi’s membership exposed all those who do not truly represent Iraq and the constitutional oath,” pointing out that “the constitutional oath must be adhered to and observed before assuming the position that is in the service of the state and the people.”

Al-Salhi concluded his speech, saying: “The political quotas negatively affected the work of the ministries and made them affiliated with a specific party instead of the government,” adding that “the government is required to hold accountable the ministers who submitted their resignations by order of the expelled from the House of Representatives, Muhammad al-Halbousi.”

The leader in the coordination framework, Jabbar Odeh, had confirmed in a statement to the Maalouma Agency that it was impossible for the Speaker of the House of Representatives, Muhammad al-Halbousi, to return to his position after terminating his membership in Parliament.

Many popular and political circles criticized the submission of the resignations of the Minister of Industry, Khaled Battal, the Minister of Culture, Ahmed Al-Badrani, and the Minister of Planning, Muhammad Tamim, by order of Muhammad Al-Halbousi after the decision to terminate his membership by the Federal Supreme Court.

almaalomah.me

Iraq dinar - Progression - Acceleration into International - Bank for I...BY MILITIAMAN

The Iraqi Central Bank agrees with Turkish banks to enhance external transfer in the euro currency, 17 NOV

 The Iraqi Central Bank agrees with Turkish banks to enhance external transfer in the euro currency

Central Bank of IraqThe Central Bank of Iraq agreed with Turkish banks to open accounts for Iraqi banks; For the purposes of external transfer and enhancing balances to finance foreign trade in the euro currency.

Sources added, today, Thursday, that the agreement came during a meeting with the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, with the Turkish Ambassador, the Chairman of the Turkish Business Council, and the managers of Turkish bank branches in Iraq, according to the Iraqi News Agency, “INA.”

She explained that other proposals have been developed and will be discussed in Istanbul at the end of this month with the participation of the Central Bank of Iraq and representatives of Iraqi banks.

The sources indicated that the agreement came to facilitate the process of trade exchange between Iraq and Turkey, especially since the volume of trade between the two countries is very high, in addition to expanding the external transfer outlets for importers in the euro currency.

She noted that the Central Bank of Iraq has taken a number of measures that will contribute to reducing the dollar exchange rate.

This agreement comes within the work strategy of the Central Bank of Iraq and the implementation of its plan to shift from the electronic platform for external transfer to transfer via correspondent banks to Iraqi banks, and to create multiple channels for external transfer, leading to the transfer of all local banks to external transfer via correspondent banks.

mubasher.info

These Are The Results Of The Meeting With Government Bank Officials, 17 NOV

Parliamentary Finance For / Nina /: These Are The Results Of The Meeting With Government Bank Officials

 Thursday 16, November 2023 18:45 | Economical     Number of readings: 471 Baghdad / NINA / The Parliamentary Finance Committee revealed the results of the joint meeting with officials and directors of the five government banks, “Al-Rafidain, Al-Rashid, Agricultural, Industrial, and Real Estate.”

 The head of the committee, MP Atwan Al-Atwani, said in a statement to the National Iraqi News Agency ( NINA ), that

 “the joint meeting with government bank departments is related to a set of activities to advance their work and match them with the government program, given that supporting and enabling the work of the banking sector is a pivotal focus for the government.” 

He explained,  "The main pillar of the meeting is related to the transition from the paper system to the electronic system within a specific time frame to frame this, as

 we found some banks achieved certain completion rates through contracting with specialized companies, and there are other banks that are still under contract." 

He added,  "We discussed the files of the industrial initiative, the agricultural initiative, and the housing initiative, which are strategic initiatives that support the banks and sectors concerned, because the government is responsible for employment in the country, and

 there is a necessity to support these initiatives to create and provide projects and job opportunities," indicating that  "the Finance Committee stressed to government banks the necessity of commitment."

 “Yesterday, Wednesday, the Parliamentary Finance Committee held a joint meeting with the directors of the government banks, Al-Rafidain, Al-Rasheed, Industrial, Agricultural, and Real Estate,” to discuss the banks’ procedures for managing the currency platform and the shift to automation. Digital, and facilitating tax procedures.   https://ninanews.com/Website/News/Details?key=1090298