Government advisor: Tighter controls on suspicious money transfers reduce exchange rate manipulation, 12 DEC

 Government advisor: Tighter controls on suspicious money transfers reduce exchange rate manipulation

12/11/2024

Baghdad - WAA - Nassar Al-Hajj

Advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed today, Wednesday, that tightening control over suspicious financial transfers reduces manipulation of exchange rates and the stability of the national currency, while indicating that limiting speculation reduces the use of foreign currencies in unproductive operations.

Salih said in a statement to the Iraqi News Agency (INA): "The Prime Minister's directives to the monetary and financial authorities stressed the intensification of inspection and control procedures for financial transfers and monitoring speculators, which remain of great importance in enhancing currency stability and reducing speculation that is harmful to the national economy, through mechanisms leading to combating illegal speculative activities, including specifically: tightening control over suspicious financial transfers that conflict with the rules of compliance and transparency in a manner that reduces illegal activities, such as money smuggling or manipulation of exchange rates, which maintains the stability of the value of the national currency."

He added that "taking strict measures against speculators and manipulators in the currency market strengthens confidence in the financial system and demonstrates the strength of government policy in protecting the national economy, and increases the confidence of citizens and investors in the country's financial system, in addition to directing resources towards the real economy to invest in the available opportunities in it, whether industrial, agricultural or service," noting that "by limiting speculation, the use of foreign currencies in unproductive operations is reduced, which helps to provide them to finance imports or beneficial investments."

He continued that "the protective measures against currency speculation come to limit the negative effects resulting from the impact of regional crises, through preventive measures that reduce the exploitation of economic and political crises in the region to achieve illegitimate gains, which enhances the stability of the local market."

Saleh explained that "the importance of limiting speculation and speculators' opportunities remains in enhancing the efficiency of the banking system through the role of monitoring financial transfers, which undoubtedly contributes to revealing the loopholes in the banking system and enhancing governance and transparency in it, as such measures are in line with the comprehensive reform plan for the financial and banking sector, and aim to enhance financial stability and prevent violations that negatively affect the national economy."   LINK

BROTHERS TECHNOLOGY: The Czech meets the Iraq CBI cooperation in Digital transformation Iraq, 12 DEC

BROTHERS TECHNOLOGY

The Czech meets the Iraq CBI cooperation in Digital transformation Iraq spread your wings

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alak, received His Excellency the Czech Ambassador to Iraq, Mr. Jan Shneidov and the Economic Attaché at the Embassy.

During the meeting, economic and banking relations were discussed and strengthened in the interest of the two countries, as well as cooperation in the field of training and capacity building for the financial and banking sector within the digital transformation process led by the Central Bank of Iraq with the support and integration with the Iraqi government. It was agreed to train a team of employees of the Central Bank of Iraq and the Ministry of Finance in the Czech Republic with the support of the Czech Ministry of Finance. Central Bank of Iraq Media Office December 11, 2024

DINARES: WOLVERINE: Global Fund Launch & Cash Release Codes! @DINARREVALUATION #iraqidinar

 

Governor of the Central Bank of Iraq receives a delegation from the International Finance Corporation, 12 DEC

 Governor of the Central Bank of Iraq receives a delegation from the International Finance Corporation

December 11, 2024

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received a delegation from the International Finance Corporation, which included the Director of the Financial Sector of the Corporation in the region, Mr. Yousef Habash, and Mr. Bilal Al-Zughair, the Resident Representative in Iraq, the Financial Investment Officer, and the Head of the Advisory Department.

During the meeting, they discussed strengthening bilateral relations between the Central Bank of Iraq and the International Finance Corporation, the importance of cooperation between local banks and correspondent banks with technical support from the Corporation, and the development of Islamic banks operating in Iraq, in addition to the banking reforms carried out by the Bank in cooperation with the relevant authorities, especially the restructuring of government banks, and the role of international companies operating in this field (Ernst & Young and Oliver Wyman).

His Excellency the Governor discussed the proposal to establish a leasing company with local and foreign contributions, which is one of the financial systems used to provide financing for projects and individuals without the need to directly purchase assets such as machinery and industrial equipment, vehicles, offices, and warehouses. This proposal supports emerging projects and small and medium-sized companies looking for easy and flexible financing.

The meeting discussed the importance of launching Riyada Bank next year, which will support projects with small and medium-sized loans, in line with the government’s vision to support graduates and entrepreneurs and develop labor markets.

Central Bank of Iraq
Media Office
December 11, 2024

https://cbi.iq/news/view/2733

BARATEL: " THE RV HAPPENING NOW IN COUNTRY FOR IRAQI CITIZENS" , 12 DEC

 Baratel

 RV happening now in country for Iraqi citizens.

 in country exchange rates are $3.70 in country rate for govt officials, $3.50 for dong.

 They exchanged and got back dinar at higher rate.

BARATEL: " THE RV HAPPENING NOW IN COUNTRY FOR IRAQI CITIZENS" @DINARREVALUATION #iraqidinar

 

FRANK26: "PARLIAMENT BUYS & STEALS VOTES., 12 DEC

 KTFA

FRANK26: "PARLIAMENT BUYS & STEALS VOTES.".........F26

Economist: Budget amendment will raise the fiscal deficit

12/10/2024

 

Information/Special.. 

Today, Tuesday, economic expert Abdul Rahman Al-Mashhadani expected an increase in the deficit in the financial budget by the end of this year and Iraq's inability to pay its debts to international institutions during the coming period. 

Al-Mashhadani said in an interview with Al-Maalouma Agency, “Amending new paragraphs in the financial budget law will lead to raising the total budget to 250 trillion, and this is beyond the available capacity, and the planned deficit rate is 64 trillion dinars.” , and will rise to 30 trillion by the end of this year, ” noting that “some proposals aim to gain electoral gains, considering that next year will witness the holding of general elections.” 

He added that "all expectations indicate that Iraq's debt will increase in the coming years and may reach more than 70 percent of the gross domestic product, and thus will affect the payment of salaries, as well as the payment of interest on the debt and installments owed by Iraq to international institutions," indicating that "this matter entails major economic and political issues." 

It is noteworthy that the House of Representatives previously hosted Prime Minister Mohammed Shia Al-Sudani and his deputies, the Minister of Planning, the Minister of Foreign Affairs, and the Minister of Interior, where the amendments to the budget for next year 2025 were discussed .

LINK