Revealing the involvement of Joe Biden's brother in a $1.5 billion corruption case in Iraq - Urgent
The British newspaper, The Daily Mail, revealed today, Tuesday, that the brother of the current US President, Jim Biden, was under investigation by a committee within the US Congress, for his involvement in “corruption” cases in both Iraq and Saudi Arabia.And the newspaper indicated, according to the report translated by (Baghdad Today), that Jim, during the years from 2007 to 2010, worked as a mediator between the American Hull Construction Company, and the governments of Iraq and Saudi Arabia, and used the authority and name of US Vice President Joe Biden at the time, to pass “suspicious” deals.
The newspaper said, according to investigation documents obtained by (Baghdad Today), that Jim Biden, who was "the man of the Obama administration in Iraq in 2010," managed to mediate for the American company to obtain a contract in Iraq to build 100,000 housing units at a value of 1.5 billion US dollars. Using his brother's name as a means of pressure on the Iraqi authorities at the time to obtain the contract.
The Daily Mail said that the deal later failed due to the inability of the Iraqi government to “finance the project” due to the huge amount, explaining that Jim also played a role in “influencing the Saudi authorities who feared that he would reject the mediation of Biden’s brother, the US vice president at the time, to the American company, It will lead to a crack in relations with Washington."
His wife, Sarah Biden, who was part of the "coordination" operations for the US president's brother to assume responsibility for mediation with the Iraqi and Saudi governments for the company, refused to comment or issue statements about the current accusations against them, according to the Daily Mail.
Central Bank Governor: We are determined to stabilize the exchange rate
The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed today, Wednesday, that the platform was found to protect the banking sector, while indicating the central bank’s determination to stabilize the exchange rate of the dollar.
Al-Alaq said, "The new electronic platform is to avoid any penalties for those who carry out transfers, whether they are banks or others. It is a protection for the banking sector, the central bank and banks from falling into any forms related to external financial transfers, and this serves all parties."
On the exchange rate of the dollar, Al-Alaq explained, “The responsibility of the central bank is to close the difference in the exchange rate, and our steps are serious and vigorous, and we receive great support from all parties to achieve the goal.”
He added, “Our discussions with the International Monetary Fund were very fruitful, and we agreed on programs that serve properly directly and indirectly to achieve this goal.”urgent The central governor reveals the secrets of decreasing the dollar and the reason for its rise in the market
The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the secrets and the reason for the government's decision to reduce the exchange rate of the dollar against the dinar, on the recommendation of the bank.
Al-Alaq said in a press statement on the sidelines of the Iraqi delegation's visit to Washington: "The decision is based on an in-depth study in this field, and the main reason is the high rate of inflation, and we do not want to burden the citizen with the consequences of this price, especially with the high general level of prices."
And he indicated, "The main goal of the central bank in all the world is the general stability of prices, or preventing inflation and crossing unwanted levels, and this is one of our tools that we use in adjusting the exchange rate, in a way that reduces the rate of inflation."
Al-Alaq added, "What we are focusing on internally and externally is trying to facilitate and simplify the entry of merchants, especially those seeking dollars, to the platform. The faster their entry to the platform, the closer we are to achieving stability and balance between supply and demand."
He stressed, "This is our mission, and we will issue a number of instructions and directives to banks and other financial institutions in order for things to be clear and easy, so that they can enter the platform as soon as possible.
He pointed out that "the official price should not exceed 1,320 dinars against the dollar in the market. We believe that there is no reason or justification for selling the dollar at more than this price, as long as the Central Bank is committed to providing the dollar at the official price for all dollar seekers, whether for commercial purposes or For personal purposes or for all existing purposes, and if the Central Bank provides the dollar to all its applicants at the official rate, there is no longer justification for another price, unless it is for reasons related to speculation or illegal operations, so we do not believe that this price is the real price.
And he stressed that "with the procedures and instructions that were issued and that will be issued, we will not find a reason to pay more than the official price, as long as we provide it to everyone, and also everyone can report to the Central Bank about cases of exceeding the official price, and we cover the difference, and there is no longer any reason." There is a problem with the price issue.
And Al-Alaq continued, "As it is clear, the Iraqi dinar enjoys strength based on the large reserves that cover this dinar, and it constitutes a real strength. The value of the dinar is a real value and not made up, given that there are large foreign reserves that cover this dinar, and as long as the central bank affirms and works to achieve its goal of stability." The general price of prices and the preservation of the value of the dinar against the dollar, the external force for it is represented by the exchange rate, there should be great reassurance that this is our goal and we are working on it and we will achieve it.The coordination framework "reduces its conflict with the American presence in Iraq for a specific period of time."
Although more than a year has passed since the announcement of the transformation of the tasks of the US forces operating in Iraq from combat to advisory, in accordance with the agreement signed by Baghdad and Washington in October 2021, and entered into force on December 31 of the same year, a clear role for these forces has not emerged. The number is estimated at 2,500 soldiers, distributed in the bases of "Ain al-Assad" west of Anbar, and "Harir" north of Erbil, in addition to the "Victoria" camp adjacent to Baghdad airport .
These forces undertake programs to train and qualify the Iraqi army teams and the counter-terrorism apparatus, in addition to supervising and providing support for American mechanisms and weapons. On the other hand, the Iraqi leaders confirm that they need the air support of the American aviation, which provides information to the Iraqi forces, especially with regard to the western desert and the mountain range in northern Iraq, in addition to its speed in responding and carrying out strikes by launching from the Turkish base of Incirlik and other bases in the Gulf. But politicians in parties and alliances close to Iran are pushing for the removal of Americans from the country.
Despite the demands of the "coordinating framework" forces, which support Iraqi Prime Minister Muhammad Shia'a al-Sudani, to end the presence of US forces in the country, al-Sudani's position seems different, especially since the latter welcomed during his visit to Germany last January the presence of the forces. America in Iraq, describing it as "friendly."
This matter opened the door to several scenarios regarding the future of al-Sudani, while the "coordinating framework" forces, which include a number of armed factions allied to Iran, did not issue a clear position on these comments, which indicates a possible change in the tactics of these forces in dealing with the American file in Iraq. .
Continued US support for units within the army
A military official in Baghdad talked about the continued support of the US forces for certain units within the Iraqi army along with the Counter-Terrorism Service in various fields, while those at the "Harir" base are working on implementing a wide development program for the Peshmerga forces, which are charged with protecting the Kurdistan region of Iraq.
According to the official, the American forces at the "Ain al-Assad" and "Harir" bases maintain great privacy, meaning that "non-workers with the American forces can enter the part designated for the overnight stay and activities of those forces inside the two bases."
He explained that "there are training and support activities that take place in the two bases, but within common areas within the base's campus."
The former Secretary-General of the Ministry of Peshmerga and security advisor in the Kurdistan region, Lieutenant General Jabbar al-Yawar, said, "The international coalition is still supporting the Iraqi army and the Peshmerga in their war against terrorism, with training and providing information and advice."
He added, "Our forces still need this support. This does not mean that our forces are weak, but rather that they have developed a lot over the past years, but foreign expertise is important and supports security in the country, in addition to aid to the forces that are still carrying out security campaigns to hunt down what remains of the terrorist organization." ".
And he considered that "talking about any suspicious roles of the NATO mission or the international coalition falls within the political comments that cause many times crises."
However, this does not seem to coincide with Baghdad, as the spokesman for the Joint Operations Command in Iraq, Major General Tahsin al-Khafaji, responded to the nature of the activities of the American advisory forces, by saying that "the body that supervises the training of Iraqi forces is the NATO mission."
He added, "The advisors who provide services related to training, arming, and information against ISIS are affiliated with the NATO mission, and it is in high coordination in working with the Ministry of Defense," without clarifying the nature of the work of the American advisory forces, which are present under the cover of the International Coalition for the War on Terrorism .
Last December, the Iraqi Ministry of Defense confirmed, in a statement, "the departure of most of the combat forces operating within the international coalition," which participated in the war against "ISIS" after the organization invaded large areas of northern and western Iraq in mid-2014.
She added that "there will be a group of advisors to replace the former forces, with the aim of supporting the security forces in Iraq, and that the members of the international coalition (remaining in Iraq) will be concerned with providing support, advice and empowerment to the Iraqi security forces."
And Pentagon spokesman John Kirby confirmed that about 2,500 American soldiers will remain in Iraq. Kirby said, in a recent press conference, that "the duration of the new coalition mission, which is represented in advice and assistance, depends on the request of the Iraqi government, and it is determined in consultation with Baghdad."
And Kirby added that "the remaining forces have the right to defend themselves and have the ability to do so," adding that "threats against US forces in Iraq are still credible, and if we are attacked, we will defend ourselves."
In 2020, the Iraqi Parliament approved a decision in which it called on the government to work to end the presence of any foreign forces in the country, specifically the American ones, after Washington’s assassination, by a drone, of the deputy head of the “Popular Mobilization” Abu Mahdi Al-Muhandis and the commander of the “Quds Force” in the Revolutionary Guard. Iranian Qassem Soleimani near Baghdad International Airport in early January 2020 .
Security coordination agreements belong to the Armed Forces Command
Muhammad Al-Basri, a member of the "Badr Organization", which is part of the "Coordination Framework" coalition, said that they are dealing with the presence of American forces in Iraq currently as an "occupation", adding: "But in the event that there are agreements for security coordination, this matter is up to the General Command of the Forces." armed forces, represented by Prime Minister Muhammad Shia al-Sudani.
Al-Basri added, "The Sudanese government is working to review the security agreements with Washington, and this does not mean full acceptance of the American forces, because they are still playing suspicious roles, and so far we have not proven the advisory role that Washington claims to be playing in Iraq, because we do not want it to be." This presence is armed."
For his part, the Iraqi expert, Ghazi Faisal, stated that "Al-Sudani and the framework forces have retracted a lot from their conflict with the United States under the current government, because they want international support until the elections are held, whether early elections demanded by political forces, or extending Al-Sudani's term to complete a full term." .
And he considered, "The security leaders in Iraq feel that the services provided by the NATO mission to them are important in light of the continued presence of ISIS elements who want to go out into the open and carry out attacks, in addition to empowering the army and Peshmerga forces, and this collides with the aspirations of Iran's allies who want to expel all foreign forces."
Al-Rafidain Bank: The dollar outlet at Baghdad airport is open seven days a week
Al-Rafidain Bank confirmed, today, Tuesday, that its outlet for selling dollars at the official rate at Baghdad International Airport is open around the clock, seven days a week.
The bank said, in a statement received by (Baghdad Today), that "the bank's outlet is available seven days a week and 24 hours a day to receive travelers and sell dollars to them."
He added, "The dollar sale process is according to the instructions of the Central Bank of Iraq and at the official rate of 1320."
Sources reveal details of the Iraqi-American understandings regarding the dollar crisis
'Extendable deadline'
Political circles are talking about a renewable "grace period" granted by the US Treasury to Iraq regarding the circulation of the dollar, while the government denies these reports. And those circles refer to a series of understandings between Baghdad and Washington that resulted in postponing work on the American platform for a few months.
Al-Mada stated in a report followed by "NAS" (February 14, 2023) that among these understandings is related to the fate of the American forces, increasing the oil partnership and opening new fields within what is known as the "strategic agreement" with Washington.
It was remarkable that the central bank's sales jumped the day before yesterday, Sunday, from the dollar to more than 300 million dollars in one day, which is the most in about 3 months, before it returned yesterday to decline again.
The newspaper's sources said that "the Iraqi delegation to Washington was able to obtain a period of 3 months that can be extended before entering the SWIFT system (which is a global remittance system)."
During the last grace period, the United States is supposed to monitor Iraq's commitments to control money smuggling.
And the sources close to the coordination framework that leads the government add that "Iraq presented flexible positions regarding the oil pipeline to Aqaba, and there were previous understandings regarding stopping the bombing of the coalition forces."
Signs of those understandings had emerged during the first call that took place more than a week ago between Prime Minister Muhammad al-Sudani and Joe Biden, the American president, in which the Jordanian King Abdullah II later participated.
The sources indicated that Iraq "faces two problems: smuggling dollars and attempts to smuggle stolen Iraqi money abroad to be used after that in money laundering operations."
Iraq pledged during the delegation's visit, according to the sources, to address these problems, while it will gradually enter the "Swift" system, which needs infrastructure and training.
During the meeting of the Iraqi-American delegation, documents from the US Congress were leaked warning the Washington government against dollar laundering in Iran through Iraqi leaders and senior officials in the financial system.
In turn, Mazhar Muhammad Salih, the financial advisor to the government, denies "the existence of an extension of the American procedures regarding the circulation of the dollar."
Salih said in a press interview, "Iraq is 100% committed to these conditions, and we have no other solution than commitment and intensification of dialogues."
Regarding the increase in the central bank's sales on Sunday, the Sudanese advisor said it was "due to the accumulation of dollar demand and banks' improvement of their data."
Regarding the summary of the Iraqi delegation's meeting in Washington last week, Saleh asserts that "Baghdad will continue to reach understandings and open other aspects of the strategic framework agreement with Washington."
The government's policy, led by the coordination framework, towards the United States was the least conservative in the past three years, according to observers' description.
Since the government took over, operations targeting the US embassy and camps, which have recorded 120 attacks with 300 missiles in the last three years, have suddenly stopped.
Yesterday, Muhammad al-Najjar, the government advisor for investment affairs, said that Iraq would activate "7 inactive items in the strategic agreement" with the United States.
Al-Najjar said in a statement to state television that the delegation's recent visit to Washington "aims to lay new foundations for cooperation with the United States," noting that "one part of the strategic agreement between Iraq and the United States is activated, which is the security, intelligence and military part."
He added, "The situation in Iraq has changed, and Prime Minister Muhammad Shia' al-Sudani sought to activate most parts of the agreement in order for it to be a new starting point for cooperation between the two countries."
Al-Najjar said that the agreement with Washington is not only in the security and military aspects, but there are aspects in education, culture, trade and the introduction of "modern technology (...) through the aircraft industry, the agricultural field and food security."
The movement of extension of October rejects the amended Provincial Councils Law
The Extension movement announced its refusal to pass the provincial councils bill sent by the government.
And the movement stated, in a statement, "When the provincial councils law stipulated in the constitution was enacted because of its discreet oversight role over the provinces, these councils quickly turned into shops for corrupt parties to plunder the provinces' funds."
And she affirmed, "its categorical refusal to pass the provincial councils bill sent by the government to the parliament, as it is contrary to the will of the people and unfair to independents and emerging movements, and will restore the same corrupt faces to dominate those councils."Sale of precious gifts in flower shops in Kurdistan on Valentine's Day
Adornment and flower shops in the governorates of Erbil and Sulaymaniyah revealed that they sold precious bouquets, the price of which is about $6,500, wrapped in ornaments and jewels, the value of which amounts to about $50,000.
According to the filmed reports in Erbil and Sulaymaniyah, which were followed by "NAS" (February 14, 2023), adornment and gift shops monitored remarkable cases presented by husbands and men to their wives and sweethearts, including putting title deeds for homes and lands inside precious bouquets and roses, the value of which amounts to more than $50,000. Erbil today.
Shops in Sulaymaniyah stated that they sold bouquets of roses worth 6,500 dollars, and the buyer placed a gold band in them, valued at 45,000 dollars, on the occasion of "Valentine's Day."
And the fourteenth of February is an annual occasion in which loved ones and friends exchange bouquets of red roses and pink greeting cards, so that this day is an unofficial feast in which feelings of love flow in different ways.
The origins of Valentine's Day are unknown, but the celebration of February 14 dates back to ancient times. It was named after a number of different saints whose names were all "Valentine". Over time, this day has become an annual tradition that varies from country to country.
A spokesman for the Sulaymaniyah Stock Exchange explains the reasons for the high dollar exchange rate in the "parallel market"
Today, Tuesday, the official spokesman for the stock market in Sulaymaniyah explained the reasons for the instability of the dollar price at the government price during the last period.
Jabbar Gogan, the official spokesman for the stock market in Sulaymaniyah, said during a press conference attended by Shafaq News Agency; That "there are three main reasons why the value of the dollar did not reach the government pricing; the first is that the volume of foreign imports during the past two months was very large, which led to the accumulation of debts on merchants in foreign currency, and secondly, the lack of conditions for financial and banking transactions with the Central Bank of Iraq, in addition to To the fact that Iraq is a consumer country and imports its needs in foreign currency.
He added, "Even if the Central Bank of Iraq pumps more than 100 million dollars a day, it will not be able to support the Iraqi dinar because of the decline in pumping quantities during the past two months."
between Curran; The stability of the dollar price against the national currency requires time and work according to the electronic platform.
Parliamentary wealth: All roads are open to passing the oil law in parliament
A member of the Oil, Gas and Natural Resources Committee, Kazem Al-Tooki, revealed that there are parliamentary efforts to pass the oil and gas law soon, indicating that all roads are clear towards passing the law.
Al-Touki said in a statement to Al-Maalouma, that "the political situation that the country is going through is ready to accelerate the oil and gas law and all controversial laws."He added that "the legislation of the law will serve the oil-producing provinces," noting that "the legislation of the law is among the priorities of the government program and the political agreement within the State Administration Coalition."
Stressing that "the legislation of the law during the current session will be a radical solution to the dispute over oil wealth," and added that "there are efforts to pass the law in the dome of Parliament."
The Al-Fatah Parliamentary bloc had suggested, earlier, that the oil and gas law be approved during the current session due to the presence of the political will of all forces, including the Kurdish forces, stressing that the recent meeting of the state administration forces seriously discussed the issue in order to approve it in the current session
Barzani discusses with the new Japanese ambassador the relations between Baghdad and Erbil and the threat of terrorism
Today, Tuesday, the Kurdish leader, Massoud Barzani, discussed with the new Japanese ambassador to Iraq the relations between Baghdad and Erbil and the threats of terrorism, while the ambassador expressed his appreciation for the struggle of the Kurdish people and presented his country's economic projects in Iraq and the region.
Barzani's headquarters said in a statement received by Shafaq News agency, "President Masoud Barzani received, today, Tuesday, in Salah al-Din, the new Japanese ambassador to Iraq, Futoshi Matsumoto, and the meeting discussed the political situation in the region and the relations between Erbil and Baghdad, as well as the threats and dangers of terrorism."
The statement added, "President Barzani thanked the Japanese ambassador for his assistance to Iraq and the Kurdistan Region, wishing him success in his duties."
For his part, the Japanese ambassador to Iraq expressed his "appreciation for the struggle and sacrifices of the Kurdish people in order to achieve freedom."
The Japanese ambassador added, "His country wants prosperity and stability for Iraq and the Kurdistan Region," calling for the continuation of relations between Japan, Iraq and the Kurdistan Region. He also presented Japan's economic and infrastructure projects in Iraq and the Kurdistan Region.
Al-Rasheed: There is no truth to the existence of any delay in the procedures for selling dollars to travelers
Rasheed Bank announced, today, Tuesday, the controls for purchasing the dollar at the official rate.
The bank stated, in a statement received by Mawazine News, that “the selling price of the dollar to the traveler is 1,320 dinars, with a maximum of 7,000 dollars,” noting that “the traveler is required to have a passport in addition to a plane ticket and a visa or residence permit for residents, provided that it is original and photocopies.”
The statement emphasized, "The necessity for the traveler to come early in the flight time to complete the receipt procedures," pointing out that "the work is proceeding smoothly and there is no truth to the existence of any delay in the procedures."
With America's help, Iraq is looking to dispense with Iranian gas
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The US Bloomberg Agency reported, on Tuesday, that Iraq is discussing with the United States and American companies to invest in the gas associated with oil extraction, to use it in operating its power stations.
In a report translated by (Baghdad Today), the network quoted Hussein as saying that he held "good" meetings with a group of "American companies and officials" about investing Iraqi gas associated with oil extraction.
Hussein stressed that "Iraq is in dire need of this gas to produce electric power."
The foreign minister indicated that the discussions with the American side and its companies about investing associated gas also aim to "reduce Iraq's dependence on Iranian gas," noting that "it is trying to balance Iraqi relations between the United States and Iran through its current visit to Washington." .
Earlier, the Iraqi Foreign Minister, Fouad Hussein, arrived in Washington on an official visit at the head of a senior Iraqi delegation, "to discuss with senior officials there the bilateral relations and ways to enhance them in various sectors, based on the strategic framework agreement between the two sides. "
The visit is predetermined, to discuss a number of files that both countries classify as sensitive and important, on top of these files is the crisis of the decline in the value of the Iraqi dinar, following the measures recently imposed by the US Treasury Department on the Central Bank of Iraq to limit dollar smuggling, as well as military and security cooperation.
Parliamentary Finance: Budget funds will exceed 200 trillion dinars
Member of the Parliamentary Finance Committee, Representative Faisal Al-Naili, revealed, on Tuesday, the size of the amounts allocated within the 2023 budget, indicating that the size of the budget exceeds 200 trillion dinars.
Al-Naeli said, in a statement to Al-Maalouma, that "the general budget for the year 2023 was prepared according to the new exchange rate of 130 thousand dinars for every 100 dollars."
He added, "In the coming days, the preparation of the budget will be completed and sent to the House of Representatives," pointing out that "determining the price of a barrel of oil in approving the 2023 budget at about $70."
Stressing that "the size of the 2023 budget may reach 200 trillion Iraqi dinars,
The Al-Fatah Alliance had attributed the delay in sending the budget law to the House of Representatives to the differences between the Kurdish poles, while it was likely that the approval of the budget would be postponed until next month.
Samir Obaid: Washington imposed strict conditions on the Iraqi delegation
The academic and expert in political and strategic affairs, Samir Obeid, revealed the results of the discussions of the Iraqi delegation in Washington.
Obeid said in a series of tweets on his personal page on Twitter that Washington imposed a number of conditions on Iraq in order to overcome the dollar crisis and smuggle it abroad, and that Prime Minister Muhammad al-Sudani informed the leaders of the coordination framework of this.
Obeid pointed out that among the American conditions signed by the Iraqi delegation in Washington is the opening of a federal office in Amman, whose mission is to monitor the movement of Iraqi funds, i.e. monitoring and tracking! Indicating that this means the end of “the time for loading the dollar (as cash) inside Iraq, and that there are only documents moving in Iraq and the money in Oman.”
In another tweet, Obeid said, "Mr. al-Sudani broke the barrier of hesitation and courtesy with the leaders of the framework, and told them of the strict American conditions that the Iraqi delegation signed in Washington and became binding," according to him.
American report: The Iraqi delegation in Washington was subjected to “sharp” pressure from the Biden administration
The American “Middle East Institute” stated that the administration of US President Joe Biden pressured the Iraqi delegation, which visited Washington recently, in order to push Baghdad to redirect the Iraqi energy sector away from Iran, and to deal with accusations that its banking sector helps the Iranian regime evade Western sanctions.
The American report indicated that the Iraqi government is in a difficult situation economically and politically, as it is facing a reaction at home due to the sharp decline in the value of the dinar in light of the increasing restrictions by the US Federal Reserve, on dollar withdrawals from the Central Bank of Iraq.
The report explained; The Biden administration used the meeting held in Washington on February 9 on the “strategic framework agreement” with senior Iraqi officials, headed by Foreign Minister Fuad Hussein, to pressure Iraq to limit its economic relations with Iran.
The report recalled Hussein's statements, in which he said that this meeting is the first in a series of meetings that began in 2009, which this time focused on economic issues.
The report continued; Before his talks with Secretary of State Anthony Blinken, Hussein expressed hope that partnerships with the US government and private companies would contribute to helping Iraq develop its economy.
On the other hand, the report said that “the American side was more severe” in expressing its position, as the American secretary publicly urged Iraq to be independent in the field of electric energy, which means that the Baghdad government must find alternatives to Iranian energy imports in order to feed the energy sector. Stalled Iraqi energy.
The report pointed out that Blinken announced the United States' readiness to support efforts between the Gulf states and Jordan in order to integrate Iraq into the "regional" economy.
The report indicated that Blinken's statements came after the phone call that took place on February 2 between President Biden, the Jordanian King Abdullah II and the Iraqi Prime Minister Muhammad Shia Al-Sudani, when Biden expressed his support for joint Iraqi-Jordanian projects, including also the field of electricity transmission, and with regard to Oil pipeline (from Basra to Aqaba).
The report stated that an American delegation that visited Iraq in the past exerted the same pressure on the Iraqis to advance the implementation of these regional energy projects.
The report pointed out that, on the other hand, the most pressing issue from the Iraqi point of view was related to the measures taken by the Federal Reserve Board last November to impose restrictions on dollar transfers from the oil revenue account of the Iraqi government in New York to the Central Bank of Iraq, which are restrictions that caused In reducing dollar flows from the central bank to clients of local commercial banks who seek to transfer dollars out of Iraq, the Federal Reserve is currently scrutinizing recipients of dollar transfers to ensure that they do not violate US sanctions on Iran and Syria.
According to the report; The decline in electronic transfers from New York has caused an increase in the demand for the paper dollar and thus raised the exchange rate of the dollar inside Iraq, which resulted in an increase in the prices of imports, which sparked sharp popular resentment against the Sudanese government.
The report continued; That the head of the Central Bank of Iraq, Ali Al-Alaq, sought during his presence in Washington within the Iraqi delegation, to promote the steps taken by the bank in order to make the banking sector in his country, committed to the new procedures with regard to the movement of funds and control of dollar transfers outside Iraq.
According to the American report, the Iraqi government was betting that Fouad Hussein and Ali Al-Alaq would be able to convince the US administration to freeze the imposition of restrictions by the Federal Reserve Board on dollar transfers to Iraq, but Washington did not make such a commitment publicly.
The report concluded by pointing out that there is pressure within the US administration and from Congress to tighten restrictions on dollar flows from Iraq, which help Iran evade sanctions.
On the other hand, the report stated that Baghdad tried to remind Washington of the difficult situation of Iraq, referring in this context to a press statement by the Iraqi Foreign Minister on February 12, that Iraq would benefit from the decrease in tensions between Washington and Tehran.
The Central Bank invites travelers wishing to buy dollars to go to exchange companies
Today, Tuesday, the Central Bank of Iraq called on travelers wishing to buy dollars to go to exchange companies,
The bank said, in a statement received by Earth News, that it “calls on citizens who intend to travel to countries that are allowed to deal in the currency of the US dollar” to go to the sales outlets in banks, exchange companies, and mediation companies to sell and buy foreign currencies that are authorized to buy the dollar at the specified official rate.
The bank noted that “the sale of the dollar will take place according to the instructions and controls of the Central Bank of Iraq, stressing that in the event that any of the banks or companies refrain from selling at the official price, call the numbers (07809224663) or (07853330555) to file a complaint against the party that refuses to do so.”
He pointed out that "bank outlets for selling foreign currency continue to work by selling the dollar in accordance with the instructions and controls of the Central Bank of Iraq, which launched earlier a package of measures that contribute to the stability of the foreign currency market."
What is the reason for the high price of the dollar so far? .. Maliki's coalition is speaking
The State of Law Coalition confirmed, on Tuesday, that the crisis of price discrepancy between the official and the parallel is due to the speculators’ efforts to compensate for their losses after the government’s decision to reduce, while indicating that the government will take new measures to reduce the exchange rate gap.
"The exchange rate will stabilize in the local markets at 132,000 per 100 US dollars," coalition member Kazem al-Haidari said in an interview with Al-Maalouma agency, noting that "the gradual decline will start from the coming days and settle with a small difference from the official exchange rate of the Central Bank."
And he continued, "Allocating a number to file complaints against price speculators is an important step in light of the continuation of monopolistic traders who take advantage of such a crisis," noting that "there are many parties that are trying to continue the crisis of the dollar's rise to reduce their losses as a result of the dollar's monopoly before the government's decision to reduce the exchange rate." ".
The economic expert, Abd al-Rahman al-Mashhadani, said in an interview with Al-Maalouma agency that "the period of the gap between the official dollar exchange rate and the parallel local market will not exceed two weeks from now," noting that "the difference in foreign remittances for merchants is still large compared to the official price."
US Secretary of State for Defense: The necessity of continuing joint coordination to eliminate the remnants of ISIS
Deputy Prime Minister and Minister of Foreign Affairs receives the US Deputy Assistant Secretary of Defense for International Security Affairs
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein received, at his residence in Washington, Mrs. Theresa Stephen Gwenoff, US Deputy Assistant Secretary of Defense for International Security Affairs.
During the meeting, issues of common interest were discussed and the efforts of the US forces to assist Iraq in eliminating ISIS terrorist gangs, military and security cooperation with the Iraqi forces, and Iraq's efforts to achieve stability and security in the region were reviewed.
The Minister stressed the necessity of continuing joint coordination to eliminate the remnants of terrorist organizations and combat extremist ideologies and ideas that support this organization, and the Iraqi government's keenness to provide the best means of training and qualification for the Iraqi security forces in all their forms. He also indicated Iraq's commitment to achieving the best balanced friendly relations with neighboring countries and the region and not Using Iraqi lands to attack others, not allowing others to interfere in Iraq's affairs, not entering into disputes and conflicts, and keen to bridge the views between the different parties and build good relations based on common interests.
His Excellency indicated Iraq's role in rejecting wars in principle because of the suffering of the Iraqi people for decades from these wars, and affirmed the constant endeavor within the initiative of the League of Arab States to end the war between Russia and Ukraine, which affected the whole world in all political, economic, social and humanitarian aspects.For her part, Mrs. Joynov affirmed the United States' support for Iraq in achieving stability, building its armed forces, and supporting Iraq's efforts to achieve stability in the region.
The Sulaymaniyah Stock Exchange identifies 3 reasons for the exchange rate gap between the central and the market
Jabbar Goran, a spokesman for the Sulaymaniyah foreign exchange market, said on Tuesday that the value of the dollar has not decreased due to the increase in purchases of dollars by traders and indebted investors in recent months.
Jabbar Goran added in a press conference, translated by “NAS” (February 14, 2023): “There are three reasons behind the difference in the exchange rate of the dollar against the dinar in the markets with the official central bank rate, one of which is the increase in the volume of foreign investment in the last two months and the accumulation of a lot of debts on men.” Business and the third is the inability of traders to fulfill the conditions of the Central Bank in a hurry, which prompts some traders and traders to go to the free market to buy the dollar.
He pointed out that "merchants' purchase of dollars in the markets is a huge amount, especially since Iraq is a consuming country," noting that "if the central bank leaves more than $100 million a day, it will not be able to support the Iraqi dinar until the platform takes its natural course and facilitates all commercial businesses."
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Parliamentary Finance is discussing with the directors of the Rasheed and Real Estate Banks the development of the banking system
The Parliamentary Finance Committee discussed with the general directors of the Rasheed Bank and the Real Estate Bank the development of the banking system.
The Media Department of the House of Representatives stated: "The Finance Committee, headed by Representative Atwan Al-Atwani and the presence of its members today, hosted the General Manager of Al-Rashid Bank, Basem Abd Ali, and the General Manager of the Real Estate Bank, Abbas Shihab, to discuss the development of the banking system in Iraq and facilitate the granting of loans."
During the hosting, the committee clarified about the procedures followed by banks and initiatives to grant housing loans and support small projects, as well as the number and size of disbursed loans, in addition to the volume of indebtedness and the contribution to replenishing the budget, in addition to the salary settlement mechanism, expressing its readiness to provide assistance in developing and bringing about a quantum leap. In the field of automation and development of the banking system, and ideas that contribute to improving performance.
The committee asked to provide it with the procedures taken by banks and the investments pertaining to them, with an official letter for perusal, based on the internal system of the House of Representatives and to take over its oversight role.
For his part, the General Manager of Al-Rasheed Bank reviewed the bank's tasks and the bank's initiative to exchange dinars for dollars for travelers at the official subsidized rate, as well as the types of loans granted to support investment and commercial projects to contribute to providing citizens' needs.
The Director General of the Real Estate Bank clarified projects for financing citizens to purchase housing units, and the bank's procedures within the real estate initiatives, adding work on studying the organizational structure of the bank, the comprehensive banking system project (automation), and heading to the electronic collection project, stressing the importance of increasing capital to continue with initiatives to grant loans to buy Residential Units
Iraqi government efforts to open up to Washington economically and commercially
With the continuing talks of the Iraqi delegation visiting the United States of America, the Iraqi Prime Minister's advisor for investment affairs, Muhammad al-Najjar, confirmed his country's endeavor to activate the inactive clauses in the strategic agreement with Washington, stressing that it pertains to economic and trade cooperation.
Since Thursday, the Iraqi economic and banking delegation, headed by Foreign Minister Fuad Hussein, has been holding meetings with US officials in Washington, to discuss a number of files that both countries classify as sensitive and important, on top of these files is the crisis of the decline in the value of the Iraqi dinar following the measures imposed by the US Treasury. Finally, the Central Bank of Iraq to limit the infiltration of dollars into Iran and the Syrian regime.
A few days ago, the Central Bank of Iraq confirmed that it had reached understandings with the US Federal Bank and the US Treasury, and the two parties expressed their willingness to work jointly to meet the challenges of working on the electronic platform for remittances and cash, which allows the US Federal Bank to monitor remittances leaving Iraq, and they discussed a number of support mechanisms for the bank. The Iraqi Central Bank, in a way that enhances its capabilities to deal flexibly with crises during this stage.
According to the advisor to the Iraqi prime minister for investment affairs, "the visit will lay new foundations for cooperation with the United States," noting in a statement to the official Al-Iraqiya news channel, on Sunday evening, that "one part of the strategic agreement between Iraq and the United States is activated, which is the security, intelligence and military part." .
He added that "the situation in Iraq has changed, and that the Prime Minister, Muhammad Shia'a, of Sudan seeks to activate most parts of the agreement in order to be a new starting point for cooperation between the two countries," stressing that "since the entry of ISIS and the departure of terrorism from Iraq, most of the talk and cooperation was in the security and military aspects, Now, Iraq has the ability to think in a different way after all the problems of terrorism have ended, and there is a need for stability in Iraq, as its economy is able to grow and not be dependent on energy, but rather build large and very important economic tributaries.
And he indicated that "the Iraqi delegation is currently working on activating the seven inactive items of the strategic agreement, including the economy and education item," adding that "the agreement also includes the cultural item and the commercial item, and each item has a team discussing it," explaining that the economic item relates to many aspects. cooperation with the American side.
He stressed that "the trade item is related to the introduction of modern technology, as the United States has enormous capabilities in the field of technology, through the aircraft industry, the agricultural field, and food security, and all of this is economic opportunities for American companies and for the development of our companies."
He pointed out that "what we are negotiating now is how to find grounds for the entry of American companies into Iraq and their cooperation with our companies, whether public or private, and to benefit from experience in order for them to be managed and developed," explaining that "the obstacles that prevented the entry of these companies flow into two main aspects, The first is the previously unstable security situation, and we have now overcome it. The other side is the ideology of law between the two countries, one of which differs from the other.
He stressed, "We seek to stabilize some factors in a way that facilitates the contracting process in order to bring great benefit to the Iraqi people."
The Federal Reserve Board (the Central Bank of America) had imposed measures on money transfers leaving Iraq, to ensure that they did not reach Tehran and Damascus.
Iraq relies a lot on the results of his delegation's visit to Washington to revive the Iraqi dinar again, whose rapid decline in recent days has put the country's economy on the abyss, and caused an unprecedented wave of high prices in the Iraqi market.
During recent days, the dinar lost more than 30 percent of its value against the dollar, and the Iraqi market witnessed a record rise in food and consumer commodity prices than it was less than a month ago, which resulted in a significant decrease in purchasing power, and many citizens became powerless. from meeting the needs of their families due to the sudden rise in food and consumer prices.
The Foreign Minister from Washington: Not to allow others to interfere in Iraq's affairs
Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, affirmed Iraq's commitment not to use its lands to attack others, and not to allow others to interfere in Iraq's affairs.
And the Foreign Ministry stated in a statement: "The minister met, at his residence in Washington, Theresa Stephen Joynov, Deputy Assistant Secretary of Defense for International Security Affairs, and during the meeting they discussed issues of common interest: The meeting dealt with praising the efforts of the American forces in helping Iraq eliminate gangs.
" ISIS terrorist organization, military and security cooperation with Iraqi forces, and reviewing Iraq's efforts to achieve stability and security in the region.
The minister stressed the necessity of continuing joint coordination to eliminate the remnants of terrorist organizations and combat extremist ideologies and ideas that support this organization, and the Iraqi government's keenness to provide the best means of training and qualification for the Iraqi security forces in all their forms.
The minister indicated Iraq's commitment to achieving the best balanced friendly relations with neighboring countries and the region, not to use Iraqi lands to attack others, not to allow others to interfere in Iraq's affairs, not to enter into disputes and conflicts, and to be keen to bridge the views between the different parties and to build good relations based on common interests.
And he emphasized the role of Iraq in rejecting wars in principle because of the suffering of the Iraqi people for decades from these wars, and affirmed the constant endeavor within the initiative of the League of Arab States to end the war between Russia and Ukraine, which affected the whole world in all political, economic, social and humanitarian aspects.
For her part, Joynov affirmed the United States' support for Iraq in achieving stability, building its armed forces, and supporting Iraq's efforts to achieve stability in the region.
Barzani's party expects to obtain about 30 trillion dinars from the 2023 budget
Today, Tuesday, the Kurdistan Democratic Party revealed the latest developments in the negotiations between the governments of the Kurdistan Region and Baghdad, and while confirming that the Kurdish delegation arrived two days ago to discuss these files, between the region's share of the budget.
The party's leader, Wafaa Muhammad, said in an interview with Al-Maalouma agency, "The Kurdish negotiating delegation arrived in the capital, Baghdad, two days ago to discuss several files, including Kurdistan's share of the budget, in addition to the oil and gas law."
Muhammad stressed, "The Kurdistan region's share of the 2023 budget will range between 13.90 or 14 percent," considering "the negotiations between Baghdad and Erbil are positive."
And on the oil and gas law, the leader of Barzani's party explained that "everyone, especially the Baghdad government, is hasty to implement the oil and gas law agreement," hoping that "an agreement will be reached to approve the law during the coming period."
And a member of the Parliamentary Finance Committee, Faisal Al-Naeli, had confirmed that the size of the budget exceeds 200 trillion dinars, which means that the Kurds’ share may approach 30 trillion dinars from the total budget expenditures.
And at a time of racing, the Al-Fatah Alliance attributed the delay in sending the budget law to the House of Representatives to the differences between the Kurdish poles, while it was likely that the approval of the budget would be postponed until next month.
The Washington Institute: The Kurdistan government continues to survive due to Western support
A report by the Washington Institute confirmed, on Tuesday, that the Kurdistan government owes its survival to Western support and to the oil flowing legally from the fields of the region to Turkey through the port of Ceyhan.
The report, translated by Al-Maalouma Agency, stated, "The recent rulings of the Iraqi Supreme Federal Court and another imminent ruling by the International Court of Arbitration will certainly strengthen Baghdad's position to rein in the energy sector in Kurdistan. The Iraqi federal government can enjoy such legal gains." It may complicate the political, diplomatic and industrial impasse with Turkey and the KRG unless Baghdad is okay with politics.
He added, "Since 2014, energy and industry policy in Iraq has been divided across the federal government and the Kurdistan Regional Government, and despite the ambiguity surrounding the Iraqi constitution, it calls for sharing responsibility between the federal government and the Kurdistan Regional Government regarding the oil and gas sector. However, The Iraqi parliament has not yet passed a national oil and gas law defining those rights and responsibilities.In the absence of such a law, politics prevail.While each side created facts based on each side's interpretation of the constitution, the country ended up with two sets of energy policies, contract models, and IOCs , and buyers.
He explained, "As a result of this division, Iraq failed to increase its revenues from oil sales or to speak with one voice with international oil companies or OPEC, which led the country to suffer, and as soon as the Kurdish oil fields began to flow, the Kurdistan Regional Government searched for an outlet. And signed a long-term agreement With Turkey and established a local pipeline linked to the pipeline between Iraq and Turkey and by May 2014, KRG oil flowed to international markets through the Ceyhan terminal.
And he stated, "The Iraqi government immediately filed a lawsuit against Ankara at the International Court of Arbitration over allowing the flow of Kurdish oil without Baghdad's approval. After repeated delays due to the pandemic, the deaths of arbitrators, and requests by the Turkish government and the Kurdistan Regional Government to stop the procedures in Baghdad, the arbitrators issued a ruling in early 2023. And although the details of the ruling have not yet been finalized or announced, it is expected to be in favor of Iraq, which has demanded $36 billion in damages.Although Turkey is a defendant in the lawsuit and not the Kurdistan Regional Government, the latter is scheduled lose more than others.
He explained, "The decade-old conflict between Baghdad and Erbil was nothing more than a losing dynamic. Baghdad's volatility and Erbil's evasive tactics undermined the possibility of linking their respective energy industries and maximizing revenues for their public coffers. Early on, Baghdad decided to include any A company operating in Kurdistan is on the blacklist, which divided the energy market in Iraq into two parts.
Formal, parallel, market and economy
The "official" rate for the dollar is 1,300 dinars.
The price of the parallel market for the dollar now is 1527 dinars.
The market.. the market.
As long as there is an "official" price (of anything), there is a corresponding "market" price.
As long as there is a market, there will remain a "gap" between the "official price" and the "market price".Sometimes the price is “managed”, and the market rhythm is “set” .. and some “countries” do this, because they are able to do so .. i.e. they are able to influence the size of the price “gaps” and the extent of their widening, according to the main macro variables that govern the economy .
The “success” in achieving this “discipline,” “control,” or “influence” will remain “relative.” Because no “authority,” including the powers of the most powerful dictatorships in the world, can “completely” regulate or control the market price. .
Sometimes (as is the case with the current exchange rate crisis in Iraq, with all its details and causes), “success” in this regard will only be embodied in the ability of the “state” to narrow the difference between the official price and the parallel market price of the dollar against the dinar.
As for the “government” taking “urgent” decisions and adopting “hasty” policies with the aim of narrowing the difference between the two prices, and yet the difference between the official price and the parallel market price remains the same (or widens over time), this is the specific “failure”.
Failure that may lead to chaos in the economy.
This is the chaos that oil is covering up now.
We have nothing but oil now.
And we have no “guardian” or “intercessor” other than him..
even for a while.
Finance: Iraq maintains its credit rating at B/B- with a stable outlook
The Ministry of Finance announced, on Tuesday, that Iraq maintains its credit rating at -B/B with a stable outlook in the latest report of Standard & Poor's (S&P)
The Finance said, in a statement received by (Baghdad Today), that: “The new classification came as a reflection of the policy of continuous economic and financial reforms pursued by the Ministry of Finance, in addition to maintaining the level of foreign currency reserves that exceeds the external public debt service and the fulfillment of other external financial obligations as a result of the rise in crude oil prices.” ".
While the agency's report indicated, according to the statement, "the possibility of improving the credit rating of Iraq in the event of a high rate of economic growth, diversification of the public financial revenues of the oil and non-oil state, an increase in the per capita share of national income, and the continuation of financial and economic policy reform measures."
It is noteworthy that (Standard & Poor's), as a credit rating agency, issues its rating to measure the ability of a borrower government, company or institution to fulfill its financial obligations to the lender, meaning that this rating is a testimony about the financial position of the concerned party.
Parliamentary Committee: Iraq will achieve a financial surplus of more than 24 billion dollars this year
The Parliamentary Oil, Gas and Natural Resources Committee expected, on Tuesday, that Iraq would achieve a fiscal surplus of more than $24 billion this year.
Committee member Zainab al-Moussawi said, "The price of a barrel of oil will be in the current year's budget at about $65 per barrel, which will achieve a financial surplus," noting that "current expectations indicate a continued rise in crude oil prices between $85-100 in global markets this year as a result of The increasing demand for it by the European Union and some other countries following the Russian-Ukrainian war.
She added, "The size of the financial surplus for this year is 68,000,000 million dollars per day, and 2 billion and 40 million dollars per month, so that the annual total is 24 billion and 480 million dollars," stressing "the need to invest the financial surplus in developing industry and agriculture and supporting the foundations of the real private sector, to operate factories." Factories and the production of locally made goods and services, in conjunction with the gradual re-imposition of taxes on goods produced locally.
In an interview with the official news agency, which was followed by Mawazine News, Al-Moussawi stressed the importance of "activating the role of control and preventing the removal of locally produced commodities and keeping them at prices equal to or less than the prices of competing foreign commodities."
Urgent guidance from the Sudanese regarding the events of the October demonstrations
statement
..........
In support of the judicial procedures, and to show the facts, and in fairness to the families of the martyrs and the wounded in the events of the October 2019 demonstrations, the Prime Minister, Mr. Muhammad Shia'a Al-Sudani, directed the acceleration of the procedures of the Diwaniya Order Committee No. 293 of 2020, which are related to the investigation of the events that accompanied the October 2019 demonstrations and beyond.
Mr. Al-Sudani also called on the honorable citizens who have testimonies (exclusively in eye contact) regarding the events that resulted in criminal incidents that accompanied the events of the October 2019 demonstrations and beyond, to appear before the committee to write down their statements.
The Prime Minister confirmed that the findings of the fact-finding committee will be presented at a conference designated for this purpose, in compliance with the government program, and fulfilling our promises to the October demonstrators.
Note that the number assigned to the fact-finding committee is 07904487575
..........
The Supreme Fact-Finding Committee
Issued by Diwani Order 293 of 2020
February 14, 2023
The dollar is close to 46,000 tomans, and the Central Bank of Iran is warning
The price of the US dollar in the Iranian open market reached, on Tuesday, once again, 45,850 tomans, while the head of the Central Bank called this price the "fake numbers industry" and warned of the "pricing current".
According to the Iran International Network, foreign exchange rates in Iran, the exchange rate of the British pound, today, Tuesday, reached 55,685 tomans, and each euro recorded 49,230 tomans.
Unofficial website reports indicate that each gold coin is traded at 25,100,000 tomans. The coin of the old design type was sold for 23,700,000 tomans, and the price of each half coin was 14,450,000 tomans.
This comes two days after Mohammad Reza Farzin, head of the Central Bank of Iran in Ebrahim Raisi's government, spoke in a televised interview about the "pricing current" that makes numbers and tries to "create high prices."
He said, "Unfortunately, there is a pricing current that is trying to create high prices, and with these high prices, it causes losses to citizens."
Farzin also asked the citizens not to pay attention to the prices of this current.
Mohammad Reza Farzin's request comes from the citizens, while the price of the US dollar in the Iranian market has a direct, traditional effect on the prices of all commodities, and thus on the table and the lives of citizens.
And the head of the Central Bank continued, "In order to clarify these changes in prices, I ask radio and television to go to the Sabze Meydan and Ferdowsi Square areas to inform people of the latest prices. They seek to make the currency more expensive through sham transactions, and when it was The global market is closed, on Sunday, they made sham transactions.
The head of the central bank in Ibrahim Raisi's government blamed the rise and fall in foreign exchange rates inside Iran and the devaluation of the country's national currency on the "pricing current", while many experts and economists believe that the causes of economic and monetary problems in Iran lie in the political approach of the Iranian regime.
A government advisor reveals the rate of counterfeiting currency transfers abroad
Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the rate of forgery in currency transfers abroad, while indicating that the electronic platform imposed by the US Treasury on central bank sales is a security officer for selling currency.
Saleh said, in his interview with the program (Twenty), which is broadcast by Alsumaria TV, that "the decrease in the sale of currency by the Central Bank came due to old accumulations or its rejection by the platform," noting that "the electronic platform is a security officer for selling currency."
He added, "There is a fraud by taking the currency abroad by concealing it by importing materials that do not benefit the Iraqi people," stressing that "the rate of counterfeiting currency transfers abroad amounted to 20%."
He continued, "Most banks live on political liquidity and its circulation," pointing out that "market laws will not be controlled by force because they adopt strong systems."
He pointed out that "the reduction of the Iraqi dinar came under the previous government and was prepared in accordance with an international treaty and it was a positive step," adding: "Some banks do not care about the poor and depend on crises."
He explained that "Prime Minister Muhammad Shia' is working to adjust the exchange rate in line with the Iraqi street," adding, "There are various forces working to get the currency out of the country."
He confirmed that "
He pointed out that "the central bank as a monetary policy does not care about the stability of the dollar as long as the difference does not exceed 10%," explaining that "the bank's work is focused on producing the national currency and controlling its stability."
He pointed out that "the window that finances the currency is responsible for auditing," stressing that "America intervened because its currency reached countries at war with it.
Central Bank Governor: We are determined to stabilize the exchange rate
The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed today, Wednesday, that the platform was found to protect the banking sector, while indicating the central bank’s determination to stabilize the exchange rate of the dollar.
Al-Alaq said, "The new electronic platform is to avoid any penalties for those who carry out transfers, whether they are banks or others. It is a protection for the banking sector, the central bank and banks from falling into any forms related to external financial transfers, and this serves all parties."
On the exchange rate of the dollar, Al-Alaq explained, “The responsibility of the central bank is to close the difference in the exchange rate, and our steps are serious and vigorous, and we receive great support from all parties to achieve the goal.”
He added, “Our discussions with the International Monetary Fund were very fruitful, and we agreed on programs that serve properly directly and indirectly to achieve this goal.”
urgent The central governor reveals the secrets of decreasing the dollar and the reason for its rise in the market
The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the secrets and the reason for the government's decision to reduce the exchange rate of the dollar against the dinar, on the recommendation of the bank.
Al-Alaq said in a press statement on the sidelines of the Iraqi delegation's visit to Washington: "The decision is based on an in-depth study in this field, and the main reason is the high rate of inflation, and we do not want to burden the citizen with the consequences of this price, especially with the high general level of prices."
And he indicated, "The main goal of the central bank in all the world is the general stability of prices, or preventing inflation and crossing unwanted levels, and this is one of our tools that we use in adjusting the exchange rate, in a way that reduces the rate of inflation."
Al-Alaq added, "What we are focusing on internally and externally is trying to facilitate and simplify the entry of merchants, especially those seeking dollars, to the platform. The faster their entry to the platform, the closer we are to achieving stability and balance between supply and demand."
He stressed, "This is our mission, and we will issue a number of instructions and directives to banks and other financial institutions in order for things to be clear and easy, so that they can enter the platform as soon as possible.
He pointed out that "the official price should not exceed 1,320 dinars against the dollar in the market. We believe that there is no reason or justification for selling the dollar at more than this price, as long as the Central Bank is committed to providing the dollar at the official price for all dollar seekers, whether for commercial purposes or For personal purposes or for all existing purposes, and if the Central Bank provides the dollar to all its applicants at the official rate, there is no longer justification for another price, unless it is for reasons related to speculation or illegal operations, so we do not believe that this price is the real price.
And he stressed that "with the procedures and instructions that were issued and that will be issued, we will not find a reason to pay more than the official price, as long as we provide it to everyone, and also everyone can report to the Central Bank about cases of exceeding the official price, and we cover the difference, and there is no longer any reason." There is a problem with the price issue.
And Al-Alaq continued, "As it is clear, the Iraqi dinar enjoys strength based on the large reserves that cover this dinar, and it constitutes a real strength. The value of the dinar is a real value and not made up, given that there are large foreign reserves that cover this dinar, and as long as the central bank affirms and works to achieve its goal of stability." The general price of prices and the preservation of the value of the dinar against the dollar, the external force for it is represented by the exchange rate, there should be great reassurance that this is our goal and we are working on it and we will achieve it.
Fuad Hussein Interview 2023
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