Thursday, April 25, 2024
Increase In Foreign Remittance Sales At The Central Bank Auction, 25 APRIL
Increase In Foreign Remittance Sales At The Central Bank Auction
Money and business Economy News – Baghdad External remittances at the Central Bank of Iraq auction increased by 95% today, Wednesday, at the expense of cash sales, to reach $266 million.
In its auction today, the Central Bank sold 279 million and 556 thousand and 200 dollars, which it covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.
Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 266 million 256 thousand and 200 dollars, an increase of 95% over cash sales amounting to 13 million and 300 thousand dollars.
The number of banks that purchased cash dollars reached 6 banks, while the number of banks that responded to requests to enhance balances abroad reached 12 banks, and the total number of exchange and brokerage companies participating in the auction was 117 companies. 96 views 04/24/2024 PM https://economy-news.net/content.php?id=42783
Wednesday, April 24, 2024
"ALAQ'S SPEECH" BY FRANK26, 25 APRIL
KTFA
FRANK26: "ALAQ'S SPEECH"......F26
The Iraqi Central Governor reveals the plan to reform the banking system and talks about “sanctions”
- Baghdad
Today, Monday, the Governor of the Central Bank of Iraq presented a plan to reform the banking sector in Iraq, and while he touched on the issue of sanctions on Iraqi banks, he stressed that these measures did not threaten the Iraqi economy.
The Governor of the Central Bank, Ali Al-Alaq, said in a televised interview followed by “Al-Iqtisad News” that “the current Iraqi government is very focused on the economic dimension and renaissance, and the expansion of infrastructure and services,” indicating that “this matter requires the presence of an active and effective financial sector that can To accompany, activate, organize and finance, so this file goes hand in hand with the government’s plan within the framework of economic reform.”
He added, "Iraq has a very large financial relationship with the United States of America, given that the oil resources that form the basis of the Iraqi state's budget come from the export of oil via the dollar, and this is what is agreed upon globally," pointing out that "the first stop for Iraqi funds is in the Federal Reserve." The central bank then deals with these funds by investing them in various areas inside the United States and abroad in central banks of other countries.”
The Governor of the Central Bank continued, “There is diversity in the nature of these reserves, such as geographical and qualitative diversity in these investments, which are in the form of bonds, gold, goods, and others.”
Regarding the issue of financial reform in Iraq, Al-Alaq explained, “Iraq has a multi-faceted program in this framework, as the first aspect is harmony, adaptation, the adoption of international standards in financial transactions, and the application of compliance rules and laws related to combating money laundering and terrorist financing,” stressing that “there is interest.” Dollin is very focused on ensuring that transactions are free of any violations, violations, or suspicious issues.”
He continues by saying: “Given that the financial relationship with the United States of America is broad and large, the Iraqi financial system must be protected, as well as the system in America, and any money laundering or terrorist financing operations must be prevented from entering through it,” noting that “there is continuous coordination and common understanding, throughout the years.” The past in order to achieve this goal, which includes the presence of broad plans and programs, relying on international consultations and contracting with major offices specialized in this field, with which the Central Bank is organizing these matters in order to achieve the great goal, which gives positive messages to financial institutions all over the world.
As for the second matter, he stated, “This matter revolves around reforming the banking sector itself, and many details revolve around it with plans being worked on, starting with government banks such as Al-Rashid, Al-Rafidain, Al-Sina’i and Agricultural, which constitute 80% of the Iraqi banking sector,” adding by saying: "If we want to think about the reform process, we have to start from the largest part, as it was agreed in direct coordination with the Prime Minister, the government, and the Central Bank to reform these banks, through a large plan that is now underway in contract with one of the large international companies, which includes restructuring."
He continued his speech, saying, “There is a great focus on targeting the structure to advance these banks by introducing strategic partners from outside Iraq, who have accumulated experience in this field,” stressing that “there are clear desires from some internationally accredited banks to participate in this field, and we are still awaiting a study.” The company in charge of this matter in order to attract investors from inside Iraq, as it will be like public joint-stock companies that absorb capital from within the country, in addition to the necessity of having a strategic partner to modernize government bank departments in a way that reaches the advanced level.”
He pointed out, “Government banks were very late due to the circumstances that the country went through, and it is necessary to keep pace with the process of major changes,” explaining that “the detailed study of this project will be presented in the eighth month, and then there will be clarity about the road map and the next steps so that appropriate measures can be taken.” "In this regard."
Al-Alaq stated, “This is one of the things that was discussed during the meeting with the US Treasury, and it was very welcomed by all parties, not just in the United States, as it is an existing and ongoing question by the parties of international institutions.”
Regarding the US sanctions on Iraqi banks, he added: “We have a close relationship with the US Federal Bank, and what happened was the emergence of a list of bank names, where the issue was not imposing sanctions on these banks, or including them in the sanctions list, but rather depriving them of dealing in dollars only.” Pointing out that “the Central Bank took a serious look at the merits of the issue and how to take future measures, and this is part of the dialogue that took place, whether it was in the presence of the Prime Minister with the US Treasury, or even during the meetings held by the Central Bank with the US Federal Reserve.”
He noted, "Violations in the banking sector exist, and may occur, and this is the work of the Central Bank constantly, as we have a committee specialized in fines and penalties, which receives inspectors' reports, and imposes these fines on an ongoing basis in accordance with the Money Laundering and Anti-Terrorism Law."
Regarding the repercussions of this suspension on the Iraqi economy, Al-Alaq stated, “This suspension certainly has negative effects, but it will not threaten the Iraqi economy, especially since external transfer operations and the exchange rate continue normally.”
As for the fictitious companies that sell the dollar, the Governor of the Central Bank stated, “These phenomena exist in other countries as well, and due to technical developments and dealing through websites, they are an opportunity for fraud at the same time, and the Central Bank has a careful follow-up of these matters and they are reported in the judiciary.” Considering the use of these means to trap others, we warn against them.”
Al-Alaq touched on government debts, explaining: “The current government focused on the external debt, which amounts to a minimum of $9 billion to multiple parties, which is the lowest over the past years due to continuous repayments. As for the domestic debt, it has reached approximately 70 trillion dinars.”
Iraq Completes The Completion Of The Files For The Initial Offer Of Goods And Services To Join The World Trade Organization, 25 APRIL
Iraq Completes The Completion Of The Files For The Initial Offer Of Goods And Services To Join The World Trade Organization
Wednesday 24, April 2024 23:03 | Economical Number of readings: 115 Baghdad / NINA / The Ministry of Commerce announced the completion of the files for initial offers for goods and services and their official submission to the Secretariat of the World Trade Organization through official channels.
Minister of Commerce Atheer Al-Ghurairi, Chairman of the National Committee concerned with Iraq’s accession to the World Trade Organization, said: “This important step comes in the context of the Iraqi government’s efforts and its program aimed at promoting international trade and achieving sustainable development, which reflects its commitment to ensuring global economic integration and expanding economic partnerships.” .
He added “The National Committee, the technical committees emanating from it, and the accession team in the Ministry were able, within a short period of time, to complete these files and submit them to the organization in preparation for holding the third meeting of the working group on Iraq during the current year, 16 years after the date of the second meeting of the group in 2008.”
He pointed out that the World Trade Organization (WTO) and international circles welcomed Iraq's return to the negotiating table.
Al-Ghurairi stressed: “The two files for the initial offer of goods and services, which were submitted, included a wide range of products and services that reflect the diversity and competitiveness of the Iraqi economy and their negotiation,” noting: “
Work is underway to prepare the Iraqi negotiating team and build the team’s negotiating capabilities for the purpose of initiating a contract.” Negotiating rounds with member states of the organization in order for Iraq to obtain membership in the organization.
He explained: “The Department of Foreign Economic Relations, through official channels of dealing with the organization, is working on completing all requirements for accession in order for Iraq to obtain membership in the organization and to enhance Iraq’s integration into the multilateral trading system.”
It is worth noting that the World Trade Organization (WTO) has issued the annual report on the accession of observer countries, and praised the efforts led by the Ministry of Commerce through its chairmanship of the National Committee, and that Iraq is the only Arab country whose accession process has become active, and has passed advanced stages among the Arab countries that have It holds the status of an observer member. https://ninanews.com/Website/News/Details?key=1122971
"RV UPDATE" BY BREITLING, 25 APRIL
Breitling
You have these currencies that have a lot of zeros behind it. Comparing with these other currencies that LOPed, Iraq is a completely different case. They don't have a market problem. They don't have a customer problem. Where is the inflation coming from? It's coming from policy. How can they add value to their currency? It's all going to be based on 100% policy. The authority comes from parliament, the Ministry of Planning, Ministry of Finance and the Central Bank of Iraq. They don't need any more customers. To add value to the currency they don't need to do anything else.
LOP...people that are smart, economist, get this wrong. The underlying definition is hyperinflation. How do people fight it? By removing the zeros. Nothing wrong with that. It's smart. But it's hyperinflation. People will point out incorrectly, look at Iraq...
The best analysis I've read is that it [the dinar] was worth at it's height 2.25 to the U.S. dollar...Iraq has never had a customer problem. That's where you find the hidden value in this investment. It's not hyperinflation..
There is inflation but it's 100% policy based inflation. You had this currency that was worth a lot of money...What was their number one export?
Energy. Then war came along. You had war inflation. But did Iraq's customer base change? No. Did their oil producing output change? No, it went up. That's where you're going to find the value. That's where the value is coming from. That's it.
https://dinarevaluation.blogspot.com/2024/04/rv-update-by-breitling-22-april.html
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