Monday, December 2, 2024
Speculators, Crisis Traders, And 1,200 “Unlicensed” Money Exchange Shops..The Reasons For The Fluctuation Of Dollar Prices In Iraq, 2 DEC
Speculators, Crisis Traders, And 1,200 “Unlicensed” Money Exchange Shops..The Reasons For The Fluctuation Of Dollar Prices In Iraq
Economy 11-28-2024, |Baghdad today – Baghdad Today, Thursday (November 28, 2024), economic expert Samir Al-Nusairi revealed the reasons for the fluctuation in the exchange rate of the US dollar in stock markets, while confirming the existence of 1,200 unlicensed money exchange shops.
l-Nusairi told “Baghdad Today” that “once again the fluctuation in the exchange rate of the US dollar is back to the fore, and this time by speculators and merchants of crises and wars, exploiting the war that the Zionist entity is currently waging against our people in Palestine and Lebanon and the confusing security conditions resulting from that.”
He added, "The continuation of this problem from time to time can be attributed to several reasons, including before 2023 the
lack of control over the regulation of foreign trade financing, the
lack of a clear trade policy, the
intertwining of policies, and the
lack of an annual import program for the private sector in quantities and amounts. Rather, imports are open and without controls." For external transfers. He pointed out that "the
lack of control over illicit imports and unofficial border crossings, in addition to the presence of about
1,200 currency exchange shops spread across all governorates that are not licensed by the Central Bank
, deal in cash dollars, and about
12,000 outlets for disbursing the salaries of retirees and social welfare deal in trading it at the exchange rate on the black market.".
He pointed out that "most of the merchants who obtain the US dollar at the official rate from the Central Bank, but sell their goods in the local market at the black market price, as well as the absence of global correspondent banks previously that deal with our banks and no accounts were opened for them in the currencies of the countries with which we have extensive trade exchange." Such as China, India, Turkey and the Emirates.
He explained that "the failure of merchants and some banks to adhere to international banking standards that guarantee the dollar's access to the final beneficiary, so the
efforts of the Central Bank and the government in 2023 focused on drawing up a strategy for financial and banking reform for the purpose of controlling the stability of the exchange rate."
He explained, "Among the axes of this strategy are
organizing the financing of foreign trade,
building new international understandings with international banks, and
opening accounts for our banks in correspondent banks, where
more than 30 accounts have been opened with American, Chinese, Emirati, Turkish, and Indian banks.
We expect that the number of banks will increase over the next two months." Iraqi women who have accounts in correspondent banks due to the efforts made by the Central Bank to provide aid and assistance to them and coordinate with the targeted correspondent banks.”
The dollar exchange rates in local markets witnessed a state of fluctuation during the current week between rises and falls, which created a state of confusion among citizens.
https://baghdadtoday.news/262905-مضاربون-وتجار-أزمات-و1200-محل-صرافة-غير-مجاز.-أسباب-تذبذب-أسعار-الدولار-في-العراق.html
Sunday, December 1, 2024
MILITIAMAN CC HIGHLIGHTS NOTES, 2 DEC
MILITIAMAN CC HIGHLIGHTS NOTES
Summary
Iraq is advancing its financial inclusion with electronic payments, non-oil revenue agreements, and substantial foreign investments, signaling economic growth.
Highlights
- 🏦 Central Bank of Iraq promotes electronic payments to reduce cash dependency.
- 🌍 Foreign investments in Iraq reach $62 billion, highlighting economic potential.
- 💼 Kurdistan region agrees to share non-oil revenues with the federal government, stabilizing finances.
- 🚧 Upcoming projects aim to boost infrastructure and housing, enhancing local economy.
- 📈 Electronic payment systems expand access for citizens, increasing financial literacy.
- 🛤️ Iraq and Spain solidify partnerships for railway projects, fostering international cooperation.
- 🏖️ Focus on tourism and non-oil revenue aims to diversify Iraq’s economy and reduce dependency on oil.
Key Insights
- 📊 Financial Inclusion: Iraq’s push towards electronic payments is crucial for modernizing its economy. By reducing cash transactions, it aims to increase transparency and efficiency in financial dealings. This transition is essential for fostering trust in the banking system.
- 🏗️ Investment Growth: The reported $62 billion in foreign investments indicates a renewed confidence in Iraq’s economic stability, largely due to government reforms and international partnerships, which could lead to sustained economic growth and job creation.
- 🤝 Kurdistan Revenue Sharing: The agreement on non-oil revenues between the Kurdistan region and Baghdad is a significant step toward financial stability, ensuring timely salary payments to public employees and enhancing regional cooperation.
- 🏡 Infrastructure Development: The emphasis on housing projects reflects the urgent need for improved living conditions in Iraq. This not only addresses housing shortages but also stimulates job creation and economic activity in construction.
- 💳 Digital Transformation: The increase in electronic payment cards and POS devices signifies a cultural shift towards cashless transactions, making financial services more accessible to all citizens and encouraging responsible financial behavior.
- 🚂 International Collaboration: Iraq’s partnership with Spain for railway projects exemplifies its strategic focus on infrastructure development, which is essential for connecting markets and enhancing trade routes.
- 🌟 Tourism Potential: The initiative to promote Baghdad as a tourism capital emphasizes the country’s diverse attractions and its potential to generate non-oil revenue, contributing to economic diversification and resilience.
Monetary stability achieves economic stability and sustainable development, 2 DEC
Monetary stability achieves economic stability and sustainable development
On the sidelines of the participation of the Governor of the Central Bank in the opening of the activities of the Arab Week for Sustainable Development Forum in its fifth edition, which was held in the Egyptian capital Cairo this week, he stressed that the monetary position in Iraq is very excellent through the achieved of basic indicators and goals on which monetary policy is based in its support for the government’s directions to diversify, stimulate and strengthen the national economy, and exit from the circle of the rentier economy based on oil revenues, which constitutes a major imbalance in the structure of the economy.
When there is no diversified productive base, in the important productive economic sectors, namely agriculture and industry, and this is not achieved without a strong, sober and advanced banking sector capable of constituting the main financial and investment link in financing, qualifying and developing projects with a productive dimension and increasing general budget revenues by more than 30% during the years of the National Development Plan 2024-2028.
This requires the need to activate the banking sector and stabilize the pillars of the monetary position, which is in building foreign reserves, which amounted to more than 100 billion dollars and 153 tons of gold and constitute an adequacy rate of 140% to enable the central bank to cover and support the defense of the exchange rate, achieve monetary stability and cover imports. Despite the difficult and complex circumstances surrounding the countries of the geographical region.
This enabled the Central Bank to control the general level of prices and inflation, which decreased from 7.5% in January 2023 to 3.8% currently, which is the lowest rate compared to inflation rates in Arab and regional countries, as the Central Bank continues to provide dollars for trade at the official rate. It achieved a qualitative shift to regulate the financing of foreign trade.
New channels of transfer have also been opened using other currencies, such as Turkey, India and China, in addition to European countries, this will make the process of external remittances more flexible, streamlined, transparent and regulated and comply with international standards that enhance trust and credibility in the operations we carry out.”
This means that the Central Bank is moving steadily to achieve the objectives of monetary policy and achieve economic stability in accordance with its law 56 of 2004.
TIDBIT FROM CLARE, 2 DEC
Clare
Article: "Trump warns BRICS against replacing dollar with other currencies"
Quote: "US President-elect Donald Trump threatened to impose 100 percent customs duties on BRICS countries if they undermine the US dollar...Trump added 'BRICS cannot replace the dollar in world trade, and any country that tries will have to say goodbye to the US market."
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