The Iraqi Central Bank announces the imminent issuance of a decision regarding the possibility of printing a denomination of 20 thousand dinars
Today, Wednesday, the Central Bank expected a decrease in the difference between the official and parallel exchange rates during the coming period, and while it indicated the imminent issuance of a decision regarding the possibility of printing a denomination of 20,000 dinars, it clarified its procedures for monitoring commercial banks.
Mounir continued, "The Central Bank is in continuous updating of all procedures, and every step that is launched is reviewed and the extent of its response and impact on the market is measured, and what are its pros and cons, if any."
Regarding printing new cash categories, Mounir indicated that "the Central Bank is amending and updating currency papers in response to market requests and developments and limiting counterfeiting," noting that "the Department of Issuance and Treasurys is working to study the possibility of printing a cash category of 20 thousand dinars, and in the coming days it will take The decision to print or not to print.
Regarding the Central Bank building, he stressed that "work is in full swing and 24 hours to complete it."
On the other hand, he pointed out, "The Banking and Credit Control Department monitors commercial banks, and there are field and office inspection teams that are responsible for monitoring the work and performance of banks."
And he stressed, "The doors and phones of the Central Bank are open to any complaint submitted by the citizen to the banks or one of the financial institutions or merchants, and the complaint is met and urgent action is taken in its regard."
Iraqis make profits from money transfers to Turkey
A number of citizens stood in line in front of Al-Taif Islamic Bank for transfer to seize some profits from the process of converting the Iraqi dinar into dollars.
One of the citizens standing in the queue said, in an interview with Shafaq News agency, "Al-Taif Islamic Bank is currently selling the dollar at 7,400 dollars for 10,400,000 Iraqi dinars, which means that the exchange rate will be around 1,400 dinars against one dollar."
He added, "The process of selling the dollar by the bank requires a transfer to Turkey to be received from there by the beneficiary," noting that "this transfer comes to help merchants and importers," adding, at the same time, "there are those who benefit from this process from the price difference from what exists." in the parallel market.
The central bank set a price of 1,300 Iraqi dinars to buy the dollar from the Ministry of Finance, 1,310 dinars to sell it to banks through the “electronic platform,” and 1,320 dinars to sell it to the final beneficiary.
And the Central Bank of Iraq issued three reform packages, which it said came with the aim of addressing the rise in dollar exchange rates.
Despite the procedures of the Central Bank and its approval of a specific exchange rate, the exchange rates of the dollar still range in the markets between 155 - about 160 thousand dinars for the category of 100 US dollars.
The Saudi Export Bank signs an agreement to support trade and open investment horizons with Iraq
The CEO of the Export-Import Bank, Saad Al-Khalab, signed a line of credit agreement with the Iraqi Islamic Bank for Investment and Development. It aims to enhance export movement and develop trade relations between the Kingdom and Iraq.
The Iraqi Islamic Bank for Investment and Development said, in a statement, that it had signed an international credit line agreement to finance imports and goods with the Saudi Export-Import Bank; Within the framework of his efforts to open investment horizons that support commercial relations between the Republic of Iraq and the Kingdom.
The agreement was signed by the Iraqi Islamic Bank for Investment and Development, Chairman of the Board Ahmed Walid Ahmed and the Managing Director, Hammam Thamer Kazem Al-Attar, and from the Saudi Export-Import Bank, CEO, Saad bin Abdulaziz Al-Khalab.
The Iraqi Islamic Bank for Investment and Development added that the signing of the agreement represents an extension of the credit and financing packages that it provides to Iraqi merchants, and aims to enhance the import movement and develop trade relations between the Republic of Iraq and the Kingdom of Saudi Arabia.
The bank stated that the agreement comes within the bank's efforts to provide financing solutions that support the development of Iraqi non-oil imports and enhance their competitiveness in regional and global markets.
The Iraqi Islamic Bank for Investment and Development confirmed that the terms of the agreement were designed to contribute to activating the trade movement between the two brotherly countries, reduce import risks and costs, and bridge financing gaps for imports from the Kingdom.
A former parliamentarian sends a request to the Presidency of the House of Representatives regarding the budget.. This is the date for its approval
oday, Sunday, the former member of the House of Representatives, Fadel Al-Fatlawi, called on the Presidency of the House of Representatives to expedite sending the draft budget to the relevant parliamentary committees, while it was likely that the law would be passed during the blessed month of Ramadan.
Al-Fatlawi said in an interview with Al-Maalouma agency, "The competent parliamentary committees, whether legal or financial, must discuss the draft budget in detail, as well as the Presidency of the House of Representatives, asking not to delay it and sending it as soon as possible."
He added, "The budget law is the most important for the Iraqi people, and they are eagerly awaiting the date of the vote, especially since many graduates and contracts are waiting for their job grades."
The former deputy reiterated "the need to send the draft to the Finance Committee in order to be read first and second, and to vote on it inside the dome of Parliament."
And regarding the date of voting on it, Al-Fatlawi suggested: "The completion of the budget law and a final vote on it during the blessed month of Ramadan."
The deputy head of the Planning and Government Program Monitoring Committee, Muhammad Al-Baldawi, held the parliament presidency responsible for delaying the introduction of the federal budget law, indicating that some political and technical observations were not studied by the presidency for the purpose of referring them to the concerned committees or returning them to the government.
The Presidency of the House of Representatives is pursuing popular criticism as a result of not sending the financial budget law for the year 2023, despite the fact that the draft was sent by the Council of Ministers, headed by Muhammad Shia’a Al-Sudani.
The Ministry of Planning holds a meeting to discuss the effects of changing the dollar exchange rate on the Iraqi market
Today, Monday, the Ministry of Planning confirmed the start of discussing the effects of changing the dollar exchange rate on the economic and commercial movement within the local markets.
The ministry stated, in a statement received by the National News Center, that “the Undersecretary for Technical Affairs, Maher Hammad Johan, chaired today an expanded meeting, with the participation of the Investment Authority and a number of government agencies, and stakeholders, to discuss a number of proposals and recommendations, which aim to address the repercussions of changing prices.” Exchange on the economic and commercial movement.
The ministry added that it "will present the recommendations of the meeting to the Council of Ministers during the coming period."
It is noteworthy that the Prime Minister, Muhammad Shia' al-Sudani, had directed that the Ministry of Planning study the effects of changing the exchange rate on the Iraqi market.
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Planning discusses a number of proposals to address the high price of the dollar
Today, Monday, the Ministry of Planning confirmed the start of discussing the effects of changing the dollar exchange rate on the economic and commercial movement within the local markets.
The ministry stated, in a statement received by (Baghdad Today), that "the Undersecretary for Technical Affairs, Maher Hammad Johan, chaired today an expanded meeting, with the participation of the Investment Authority and a number of government agencies, and stakeholders, to discuss a number of proposals and recommendations, which aim to address the repercussions of changing prices." Exchange on economic and commercial movement.
The ministry added, according to the statement, that it "will present the recommendations of the meeting to the Council of Ministers during the coming period."
It is noteworthy that the Prime Minister, Muhammad Shia' al-Sudani, had directed that the Ministry of Planning study the effects of changing the exchange rate on the Iraqi market.
A government plan to distribute electronic POS devices to the local markets
A source in the Iraqi Ministry of Finance revealed, on Monday, a government plan to distribute electronic POS devices to local markets, after completing their distribution to fuel filling stations, with the beginning of next April.
The source told Shafaq News agency, "The first stage of generalizing the electronic payment experience using POS devices will be at fuel filling stations, starting next week, and government banks will start providing station owners with these devices."
He added, "The experience will be expanded to include the private sector, commercial centers, shop owners, companies, malls, stores, markets, and other various sectors."
He explained that "the mechanism for obtaining these devices from government banks will be easy and with smooth procedures by submitting requests to the bank and receiving the device immediately."
He pointed out that "this process comes to facilitate financial transactions and provide point-of-sale service to shop owners, malls and companies to enable them to accept payments electronically through MasterCard cards, so that the amounts of transactions executed through the point-of-sale device are automatically transferred from the card account to the merchant's account with the bank."
During the past and current week, the Oil Products Distribution Company piloted the electronic payment process (POS) in a number of fuel filling stations within the capital, Baghdad.
A member of the Finance Committee recommends returning the budget to the government
It will take time to be approved
A member of the Finance Committee, Uday Awad Al-Tamimi, suggested today, Monday, that the budget be returned to the government.
Al-Tamimi said in a statement received by (Baghdad Today) that "the budget has not yet been sent by the Speaker of Parliament to the Finance Committee, and it is possible that it will be returned to the government," stressing that "the budget will take time to be approved."
He added, "We did not pass the budget until after guaranteeing the dues of Basra, transferring the remaining wages and contracts, a fair salary handover, the PMF differences, and a lot of grievances that many groups were subjected to. We will add them," adding that "his office will be open to all groups who have been subjected to injustice to discuss their files and add them to the budget." .
Reveal the date of the oil and gas law legislation
The Oil, Gas and Natural Resources Committee in the House of Representatives revealed today, Monday, the date for the legislation of the Oil and Gas Law in Parliament.
Committee member Zainab al-Moussawi said, "There is an agreement between Baghdad and Erbil to legislate the federal oil and gas law," noting that "the House of Representatives will work to legislate it during the upcoming legislative chapters."
She added, "The Federal Oil and Gas Law guarantees the rights of the oil-producing governorates in the center and south."
And she indicated, "Discussions are underway about a draft law to finally resolve the differences between the center and the region," pointing out, "The law will include the delivery of oil revenues from the region, amounting to approximately 500,000 barrels per day, to the public treasury."
Legislation has been waiting for 18 years. An agreement between Baghdad and Erbil to approve the oil and gas law
The Oil, Gas and Natural Resources Committee in the House of Representatives confirmed, on Monday, the existence of an agreement between Baghdad and Erbil to legislate the oil and gas law in Parliament.
Committee member Zainab al-Moussawi said, "There is an agreement between Baghdad and Erbil to legislate the federal oil and gas law," indicating that "the House of Representatives will work to legislate it during the upcoming legislative chapters."
Al-Moussawi pointed out that "the federal oil and gas law guarantees the rights of the oil-producing governorates in the center and south."
She added, "Discussions are underway about a draft law to finally resolve the differences between the center and the region," pointing out that "the law will include the delivery of oil revenues from the region, amounting to approximately 500,000 barrels per day, to the public treasury."
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The parallel dollar market.. negative effects that limit purchasing power
And the mainstay of the emirate
Specialists in economic affairs have warned of the dangers of continuing speculation taking place in the "parallel market" at the level of individuals' income, calling for monitoring phenomena harmful to the Iraqi economy.
Despite the successive "packages and measures" of the Central Bank, aimed at controlling the dollar's reins, and at the same time seeking to bridge the gap between the official dollar price and what is being sold in the parallel market, this currency is still witnessing successive rises that have remarkably affected the level of per capita income, and led to clear increases in inflation rates, as a result of relying almost entirely on financing commodity imports in dollars.
The noticeable increase in the volume of the Central Bank’s sales of dollars did not constitute a factor that could affect the dollar prices in the parallel market, in which the exchange rate reached 156 thousand dinars for every 100 dollars.
Economist Dr. Sattar Al-Bayati believes, during his interview with Al-Sabah, that “the exchange rate remains subject to speculation, which is normal according to economic theories and the opinions of financial scholars who assert that money in any country is requested for three reasons. The first is in transactions, and the second is for reserve or hedging, and the third is for speculation.”
According to the expert al-Bayati, "the times of crises and difficult circumstances that countries are going through show the so-called war dealers, meaning that in such difficult circumstances there are personalities and institutions that work and exploit these conditions to work in the market of speculation and money laundering, as well as smuggling hard currency, which is what happens." speaker saying.
Al-Bayati also stressed the need for the successive packages and procedures of the Central Bank to accompany the security services, with the support of the judiciary, to monitor these phenomena harmful to the Iraqi economy and hold them accountable by all legal means, warning of the dangers of the parallel market for the currency and its negative repercussions on the life of the citizen, especially since Iraq is an importer of most consumer goods and foodstuffs. This has a negative impact on the purchasing power of low-income citizens.
In turn, the researcher in economic affairs, Dr. Ali Dadoush, indicated during his interview with “Al-Sabah” that “the Central Bank’s measures to control the crisis of the dollar’s rise did not have an effect on the parallel market, as the successive rises in the exchange rate of the dollar in the parallel market,” warning That this will lead to a rise in inflation rates, especially with the existence of a wide difference between the official price set by the Central Bank and the price in the parallel market, which directly affected the rise in the prices of goods and commodities in the markets, as most, if not all, are imported in dollars.Dadoush believes that these conditions and the resulting continuous price hikes have negatively affected the salaries of employees, which, in my opinion, decreased by about 12%, stressing the need to stimulate private banks to enter the window and buy remittance dollars according to the terms and conditions of the new electronic platform and to deal more realistically. In import operations in terms of amount, quantity and quality, down to the main source of the goods or commodity.
Political analyst: 4 reasons behind Muqtada al-Sadr's silence on the passage of St. Lego
The head of the Center for Political Thinking, Ihsan al-Shammari, explained the reasons why the leader of the Sadrist movement, Muqtada al-Sadr, did not interfere in approving the election law, while noting that al-Sadr achieved several gains by leaving the coordination framework in approving the law alone.
Al-Shammari said in a press statement, "The leader of the Sadrist movement made gains by letting the coordination framework approve the election law alone, and these gains are as follows: - The
first thing: Al-Sadr succeeded in showing the Shiite framework as moving towards laws that contradict the opinion of the reference, and thus falls from the framework." The coordinating party that they listen to the opinion of the reference and thus remove this religious paper from them.
The other thing: is that Al-Sadr will not be responsible for approving this law, and therefore put the coordination framework and its allies against the Iraqi street, although he may run in the elections according to this law, and he will not be a loser according to some people’s belief, and therefore the biggest loss is for the Shiite framework and its allies, given that they approved the law on the basis of contrary to the will of the street.
The third thing: is that the leader of the Sadrist movement in the medium term will be closest to the emerging political forces and even activists in the protests, despite the existence of intersections between them; But in the end, I think that the interest will unite them and al-Sadr will be the winner and he will get a new political class through a possible political alliance.
The fourth issue: Of the gains that al-Sadr has achieved in this regard, especially with some of the trenches that still exist, I imagine that he (Al-Sadr) will go towards forming a national list that transcends the sectarian entrenchments in central and southern Iraq, and this in itself may be his last position that pushes the joining of some personalities the other in the chest so it will be a great gain.
Al-Alaq: Central Bank packages contributed to the stability of the dollar exchange rate
Today, Tuesday, the governor of the Central Bank, Ali Al-Alaq, announced the stability of the dollar exchange rates after the three packages launched by the bank during the last period.
Al-Alaq said to the official agency, followed by (Al-Oula News): “The central bank’s procedures are continuing, and the packages that it launched are serious and have contributed to the stability of the dollar exchange rate, and we are still continuing our procedures.”
He added that "the central bank's reserves depend on oil revenues through the sale of oil, as it is the source of foreign currency reserves that come from Iraq's oil exports. It is the main factor in determining the reserves," noting that "the central bank's reserves are within international standards."
It is noteworthy that the Central Bank launched a set of packages in order to advance the banking sector and stabilize the exchange rate of the dollar.
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The central bank talks about the stability of dollar prices
The Governor of the Central Bank, Ali Al-Alaq, announced, on Tuesday, the stability of the dollar exchange rates, after the three packages launched by the bank during the last period.
Al-Alaq said in a statement to the official agency, followed by "NAS", (March 28, 2023), that "the Central Bank's measures are continuing, and the packages it launched are serious and contributed to the stability of the dollar exchange rate, and we are still continuing our procedures."
He added, "The central bank's reserves depend on oil revenues through the sale of oil, as it is the source of foreign currency reserves that come from Iraq's oil exports. It is the main factor in determining the reserves," noting that "the central bank's reserves are within international standards."
Mazhar Muhammad Salih: The Central Bank reserves are currently the largest in the history of Iraq
The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, announced: The Central Bank's reserves are currently the largest in the history of Iraq, after reaching 115 billion dollars.
Sudanese advisor: The official exchange rate will match the parallel exchange rate within a few weeks or months
The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, revealed, on Tuesday, in numbers, the volume of daily financial transfer through the window of the Central Bank and Iraq's hard currency reserves, considering that the Iraqi economy is "strong and moving towards improvement."
Salih said in an interview with the official news agency, followed by Mawazine News, that "the Iraqi financial sector is living in a transitional circumstance, which includes several goals, including reducing the value of the dollar against the dinar from 1450 dinars per dollar to 1300 dinars per dollar," noting that "there are currently no transfers." transient, ambiguous, or intersection with international compliance.”
He added, "There is freedom in the transfer of trade and capital, such as buying a property outside the country, provided that it passes through the correct banking digital tools and through international compliance," noting that "this procedure generated two prices for the dollar: the first is official, and the other is parallel, except that the difference between the two prices It started to shrink over time."
He stressed, "The economic situation is gradually improving as long as there is freedom in transfers that must be subject to compliance," noting that "during the next few weeks or months, the official exchange rate will match with the parallel."
And he stated, "The banks began to comply correctly, and began to conduct the correct transfers," pointing out that "the external transfer number from the Central Bank window reached a normal rate, which is 200 million dollars per day."
Salih reassured the Iraqis, that "Iraq's reserves are sufficient and freedom of transfer is available through legal frameworks and compliance, as imports take place at an exchange rate of 1,300 dinars to the dollar, and this gives strength to the Iraqi dinar," noting that "the central bank's reserves today are around 115 billion dollars, which It is the largest reserve in the history of the country.
He continued, "The Iraqi economy is strong and easily faces crises, and the situation is heading towards improvement," explaining that "Iraq is towards gradually improving the digital payments climate and compliance with the world."
The Prime Minister's Advisor for Financial Affairs pointed out that "the packages launched by the Central Bank are smart and give reassurance to the Iraqi citizen," noting that "we have entered the stage of digital payments correctly in Iraq."
Parliament hosts the representative of the International Monetary Fund
Today, Tuesday, the Finance Committee hosted the representative of the International Monetary Fund, Dr. Ghazi Al-Shabikat, and discussed support for the Federal General Budget Law for the year 2023. And a
statement indicated, “It hosted the Finance Committee, headed by Representative Atwan Al-Atwani, and in the presence of a number of its members, the representative of the International Monetary Fund, Dr. Ghazi Al-Shabikat on Tuesday 3/28/2023, to discuss support for the Federal General Budget Law for the year 2023 and the general economic situation in Iraq.
"The committee welcomed at the outset of the meeting, which was held at its headquarters, the representative of the Fund, appreciating the continuous cooperation between Iraq and the International Monetary Fund," the statement added.
And the statement continued, "For his part, Dr. Ghazi Al-Shubaikat expressed his happiness at the meeting, adding that the fund has a long relationship with Iraq, while he reviewed the report of the Iraqi economic reform consultations and the financial reform policy with the Iraqi side as a result of the problems that befell the country and led to the stagnation of the economy, stressing the importance of activating governance and sustainable development.
The committee listened to observations regarding the drop in oil prices and fears of slow trading in the global market, emphasizing the activation of the private sector, ending unemployment and not relying heavily on the public sector, supporting the reform process by helping the poor classes, in addition to the need to avoid risks affecting the economic reality. and finance in Iraq.
And the statement continued, "In the same regard, the necessity of not relying on oil and the central bank in implementing the budget, reducing the deficit, rearranging spending priorities, protecting the fragile classes from high prices and automating banks, while setting a strategic path to address the financial situation and end the deficit, and plan for a future vision, was emphasized." ".
The interventions of the members of the committee focused on the necessity of regulating the banks' policy and automating the financial system, diversifying revenue sources in order to reduce the deficit, and assisting in the automation process, as well as having a vision for a set of legal provisions related to revitalizing the economy during the 2023 budget, discussing the economic structure, developing a program for public employment and supporting the orientation. to the private sector.
At the end of the meeting, "the representative of the International Monetary Fund expressed readiness to provide technical assistance in everything that would create a financial space for the country."
New talk from the Central Bank regarding the exchange rate and the possibility of printing a denomination of 20 thousand dinars
On Wednesday, the Central Bank expected a decrease in the difference between the official and parallel exchange rates during the coming period, while it indicated that a decision would soon be issued regarding the possibility of printing a denomination of 20,000 dinars.
The assistant general manager of the investment department in the bank, Muhammad Mounir, said, "The packages and procedures of the Central Bank of Iraq contributed to limiting the continuous rise in the exchange rate of the dollar," expecting "a decrease in the difference between the official and parallel exchange rates in the coming period through the first, second and third packages of the Central Bank." In addition to the government's continued support.
Mounir added, "The Central Bank is in continuous updating of all procedures, and every step that is launched is reviewed and the extent of its response and impact on the market is measured and what are its pros and cons, if any," according to the official news agency.
Regarding printing new cash denominations, Mounir stated that "the Central Bank is amending and updating currency notes in response to market requests and developments and limiting counterfeiting," noting that "the Department of Issuance and Treasurys is working to study the possibility of printing a cash
denomination of 20,000 dinars, and in the coming days it will take the decision to print it or not printed.”
The Central Bank announces the imminent issuance of a decision regarding the possibility of printing a denomination of 20 thousand dinars
Today, Wednesday, the Central Bank expected a decrease in the difference between the official and parallel exchange rates during the coming period, and while it indicated the imminent issuance of a decision regarding the possibility of printing a denomination of 20,000 dinars, it clarified its procedures for monitoring commercial banks.
The assistant general manager of the investment department in the bank, Muhammad Mounir, told the Iraqi News Agency (INA): “The packages and procedures of the Central Bank of Iraq contributed to limiting the continuous rise in the dollar exchange rate,” expecting “a decrease in the difference between the official and parallel exchange rates in the coming period from During the first, second and third packages of the Central Bank, as well as the government's continuous support.
Mounir continued, "The Central Bank is in continuous updating of all procedures, and every step that is launched is reviewed and the extent of its response and impact on the market is measured, and what are its pros and cons, if any."
Regarding printing new cash categories, Mounir indicated that "the Central Bank is amending and updating currency papers in response to market requests and developments and limiting counterfeiting," noting that "the Department of Issuance and Treasurys is working to study the possibility of printing a cash category of 20 thousand dinars, and in the coming days it will take The decision to print or not to print.
Regarding the Central Bank building, he stressed that "work is in full swing and 24 hours to complete it."
On the other hand, he pointed out, "The Banking and Credit Control Department monitors commercial banks, and there are field and office inspection teams that are responsible for monitoring the work and performance of banks."
And he stressed, "The doors and phones of the Central Bank are open to any complaint submitted by the citizen to the banks or one of the financial institutions or merchants, and the complaint is met and urgent action is taken in its regard."
International Monetary is optimistic about the Iraqi economy: it is witnessing an improvement
The Regional Director of the International Monetary Fund expressed, on Wednesday, his optimism about the improvement of the Iraqi economy, stressing at the same time his support for the government's "reform" programmes.
The Iraqi Ministry of Finance said, in a statement received by Shafaq News Agency, that its Minister, Taif Sami Muhammad, received today the Regional Director of the International Monetary Fund in Iraq, Ghazi Shbeikat, indicating that the meeting discussed a number of files related to the framework of joint cooperation between the two sides, most notably providing technical advice. necessary by the Fund to enhance financial reform plans, in addition to involving international experts in the process of developing the performance of the banking sector and improving accounting systems and budget work.
And the Minister of Finance stressed, according to the statement, that Iraq is looking forward to more cooperation with the IMF, in support of the government's reform programs that it is implementing in the sectors of finance, economy, investment and sustainable development projects.
For his part, Shbeikat expressed, according to the statement, his optimism that the Iraqi economy will witness an improvement in annual growth rates, and that this improvement will be reflected in supporting the rest of the development sectors.
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Finance urges the participation of international experts in the process of developing the performance of the banking sector
Today, Wednesday, Finance Minister Taif Sami Muhammad confirmed Iraq's aspiration for more cooperation with the IMF.
The Ministry of Finance said in a statement, "The Minister of Finance, Taif Sami Muhammad, received today the Regional Director of the International Monetary Fund in Iraq, Ghazi Shbeikat," noting that "the meeting discussed a number of files related to the framework of joint cooperation between the two sides, most notably the provision of the necessary technical advice by The fund to promote financial reform plans, in addition to involving international experts in the process of developing the performance of the banking sector and improving accounting systems and budget work.
And the Minister of Finance confirmed that "Iraq is looking forward to more cooperation with the IMF, in support of the government's reform programs that it is implementing in the sectors of finance, economy, investment and sustainable development projects."
While Shbeikat expressed his optimism "that the Iraqi economy will witness an improvement in annual growth rates, and that this improvement will be reflected in supporting the rest of the development sectors."
The Central Bank expects a decrease in the difference between the official and parallel exchange rates in the coming period
The Central Bank expected, on Wednesday, a decrease in the difference between the official and parallel exchange rates during the coming period, while indicating the imminent issuance of a decision regarding the possibility of printing a denomination of 20 thousand dinars.
The assistant general manager of the investment department in the bank, Muhammad Mounir, said, "The packages and procedures of the Central Bank of Iraq contributed to limiting the continuous rise in the dollar exchange rate," expecting "a decrease in the difference between the official and parallel exchange rates in the coming period through the first, second and third packages of the central bank." In addition to the government's continued support.
Mounir added, "The Central Bank is in continuous updating of all procedures, and every step that is launched is reviewed and the extent of its response and impact on the market is measured and what are its pros and cons, if any," according to the official news agency.
Regarding printing new cash denominations, Mounir stated that "the Central Bank is amending and updating currency notes in response to market requests and developments and limiting counterfeiting," noting that "the Department of Issuance and Treasurys is working to study the possibility of printing a cash denomination of 20,000 dinars, and in the coming days it will take the decision to print it or not printed.”
Investors Association: Foreign investors are now selling their shares from Iraqi companies
The head of the Investors Association, Alaa al-Moussawi, confirmed that foreign investors are now selling their shares of Iraqi companies on the stock exchange, to take advantage of the dollar price difference.
Al-Moussawi told "Al-Iqtisad News" that "the reform package launched by the Central Bank allowed foreign investors to transfer their money after selling it from joint-stock companies, at the official price of 1320 dinars, which makes profits of 11%, in addition to changing the exchange rate, making the dinar stronger than before.
He added that the Iraqi Stock Exchange is currently witnessing reluctance by foreign and local investors, and the trend towards investing in forex and commodities such as gold, oil and others, which achieve good returns, especially since a number of banks have established platforms for trading in the shares of international companies, after they were prohibited in previous years.
Al-Moussawi pointed out that the quantities of stocks currently offered on the stock exchange do not match the large quantities of demand, which made the stocks continue to decline.
And he indicated that brokerage firms have established electronic trading platforms, and these will encourage young people to buy and sell without attending the market, pointing out that the drop in the price of the Baghdad invasive company's share is due to the sale of one of the foreign investors' shares.
