Friday, January 10, 2025
IMPORTANT IRAQ NEWS: AL-NUSAIRI: EXPLAINS THE NEW MECHANISM FOR EXTERNAL TRANSFERS AFTER THE PLATFORM IS CLOSED, 10 JAN
AL-NUSAIRI: EXPLAINS THE NEW MECHANISM FOR EXTERNAL TRANSFERS AFTER THE PLATFORM IS CLOSED
Economic and banking advisor Samir Al-Nusairi explained that closing the electronic platform on 12/31/2024, which was used by the Central Bank for prior auditing and controlling the transparency of foreign transfers and ensuring their arrival to the final beneficiary and overcoming suspicions of money laundering and terrorist financing, is not, as some believe, closing the platform is a closure of foreign transfers, but rather a change in the mechanisms to achieve fluidity and speed by reducing the links.
Al-Nusairi said in a televised interview that it is not normal for the Central Bank or the US Federal Reserve to carry out executive procedures, but rather the task of central banks is supervision and control, and the electronic platform was a stage in this direction, and now we have reached the stage that is practiced in the countries of the world according to international banking standards through the direct relationship between local banks and correspondent banks.
He added that transfers in other currencies will enable Iraqi banks that do not have correspondents in American banks to conduct their transfers through correspondent banks in other countries such as China, Turkey, the United Arab Emirates, India, Europe, Jordan and Saudi Arabia. This will lead to expanding the number of Iraqi banks that participate in foreign transfers and reduce pressure on other banks.
He stressed that the exchange rate announced as the parallel rate does not reflect the price reality, firstly because Iraq does not have the parallel market situation, which is only achieved when it has sources of dollars and currencies other than the Central Bank, such as private sector exports, remittances from residents abroad, tourism, etc., so it has exchange rates that correspond to the official exchange rate at the Central Bank, and that speculation in dollars on the black market is punishable by law.
Secondly, limiting the sale of cash dollars to travelers and through a strict mechanism has made cash dollar sales at a minimum level, and therefore what is in circulation is what remains with travelers. We should look at the price at which the Central Bank covers all external operations, including imports and personal transfers for the purposes of study and treatment abroad and legitimate purposes, which explains the stability of prices in light of the current inflation rate, which is about 3.1% less than the inflation rates in Arab, regional and neighboring countries. This means that the Central Bank has achieved a basic objective of monetary policy.
Al-Nusairi expressed his surprise that some people calculate the banks’ revenues from selling the dollar by measuring the difference between the market price and the official price, which is a big mistake because the banks do not transfer at the market price but at the official price monitored by the Central Bank. He explained that the foreign currency selling window is dedicated to securing the Iraqi dinar for the purposes of the Ministry of Finance’s operating budget and to enhance the banks’ balances in foreign currencies for external transfers and to cover the cash dollar for travelers and for other legitimate needs of citizens.
AJ: : THE AGENDA OF THE IRAQ'S PARLIAMENT, 10 JAN
AJ
Iraq's Parliament scheduled for next Monday, which includes 10 important paragraphs that will be discussed during the session.
The House of Representatives announced, on Thursday, the agenda of its session scheduled for next Monday, which includes 10 important paragraphs that will be discussed during the session.
Republic of Iraq House of Representatives
Fifth electoral cycle
Fourth Legislative Year First Legislative Term
From the light Tonerome ni Navitoran
Republic of Iraq House of Representatives
Agenda of Session No. 2 Monday, January 13, 2025
Reading verses from the Holy Quran circle
: Voting on the draft law of the National Intelligence Service. Security and Defense Committee, (36) articles). First
On the project of the arts of the high-end tele-town Shiba year (1) for the year 2010. Paradise Second: Voting 9
Culture, Tourism, Antiquities and Media, (4) articles.
Third: Voting on the draft law amending the fourth amendment to the Industrial Investment Law for the private and mixed sectors No. 20 of 1998 (Investment and Development Committee), (9) articles).
Fourth: Voting on the draft law of Iraqi programmers. Labor Committee and Civil Society Organizations, Legal Committee (26 articles).
Fifth: Voting on the draft mental health law. Health and Environment Committee, (42) articles.
Sixth: First reading of the proposed law amending the second amendment to the Law on the Rights of Persons with Disabilities and Special Needs No. 38 of 2013. (Labor Committee and Civil Society Organizations), (2) articles.
Seventh: First reading of the proposed law on the genocide of the Yazidis. Human Rights Committee, (9) articles.
Eighth: The first reading of the proposed law to protect the rights of minorities, the Human Rights Committee, the Committee of Martyrs, Victims and Political Prisoners, (19) articles.
Ninth: Report and discussion of the second reading of the draft law amending the first law of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2024 - 2025) No. (13) of 2023. (Finance Committee).
Tenth: Report and discussion of the second reading of the proposed law on the trade union organization of workers and craft employees in Iraq. (Labor Committee and Civil Society Organizations), (48) articles).
The session begins at one o'clock in the afternoon
IMPORTANT IRAQ NEWS: ECONOMIST: ELECTRONIC FINANCIAL TRANSACTIONS SAVE IRAQ FROM CASH SHORTAGE WITH MNT GOAT COMMENTS, 10 JAN
ECONOMIST: ELECTRONIC FINANCIAL TRANSACTIONS SAVE IRAQ FROM CASH SHORTAGE
Economic researcher Diaa Abdul Karim said on Thursday that the shift towards electronic financial transactions and generalizing this to all government and private transactions will save the country from a shortage of cash.
(WELCOME to the 21st century!… lol..lol..lol.. 😊)
Abdul Karim told Al-Maalouma, “Most countries in the world, and Europe in particular, have moved towards electronic financial transactions, such that the culture of dealing with electronic cards in buying and selling in various sectors has been created in society, and even With the decline of its economy, it will not suffer financially because its financial transactions are electronic.”
He added, “These transactions make it unnecessary for governments to print currency continuously, as this process is financially costly. Iraq prints some denominations domestically and other denominations of currency are printed abroad, and printing them costs the financial value of this currency.”
(I’d say 1/6 of a penny per note is not a large cost. That’s six notes per penny. What do you think? This article is a joke. Sorry but I have to say it like it is. Unless you are referring to the value of a new currency not yet issued? 😊 )
He explained that “the move towards electronic transactions requires intensive education in order to withdraw the cash mass from the street and to transform transactions, especially large amounts, through electronic cards. Consequently, the citizen will not be forced to withdraw large amounts from banks in order to buy a property, a car, etc., but will use his card to transfer money to the other party, which ensures the safety of financial transactions and prevents the cash mass from being wasted and taken out of the banking framework.”
JEFF: IRAQ IS PREPARING TO THEIR NEXT STEP THAT IS TO REVALUE THE CURRENCY, 10 JAN
Jeff
Up Until, through the end of September...was the government's busiest time period for having and holding sessions of parliament, getting record steps done, all in preparation for them to revalue.
Since September they only got a few odds and ends done.
Why so little? Because they have a rate change date and they are working around that date...awaiting the revaluation...
In this month of January you're witnessing them on a small level starting to implement their banking reforms via what they're doing through the currency auctions.
That's another critical preparation step for them to revalue the currency.
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