Government advisor: The parallel dollar will approach the official rate within 10 days
my favorite article from friday
The Central Bank prepares a list of the names of the complexes that are not committed to the exchange rate
The Central Bank of Iraq announced that it has prepared a list of the names of residential complexes that do not adhere to the dollar exchange rate.. to be continued
update**
The Central Bank of Iraq announced that it has prepared a list of residential complexes that do not adhere to the dollar exchange rate.
The assistant general manager of the investment department at the bank, Muhammad Yunis, said in a televised statement, that: “The Central Bank issued three circulars obligating the owners of residential complexes and companies at the official dollar price and pricing in Iraqi dinars, based on the decision of the Council of Ministers that stipulated obligating all government agencies and the private sector to price their products.” In Iraqi dinars and receiving the local currency at the official exchange rate," pointing out that "some of them adhered to the instructions, while the other part is still not committed."
He added, "The Central Bank registered a list of residential complexes and violating companies, including car companies that are not committed to the exchange rate, in clear violation of the decisions of the Council of Ministers, and we sent the list to the Investment Authority to hold them accountable."
He pointed out, "All providers of services and goods inside Iraq must abide by the official exchange rate, and their dealings are in the local currency."
Yunus stressed, "The dollar is a foreign currency used for international payments abroad, and the Iraqi dinar should have the main role in the economy, not the dollar."
In preparation for holding them accountable.” The Central Bank: Registering a list of complexes and companies that are not committed to the exchange rate
Today, Friday, the Central Bank of Iraq revealed the registration of a list of the names of complexes and companies that are not committed to the official exchange rate.
The Deputy Director-General of the Investments Department at the Central Bank, Muhammad Yunis, told state television, “The Central Bank issued three circulars obligating the owners of residential complexes and companies to the official dollar price and pricing in Iraqi dinars, based on the decision of the Council of Ministers, which stipulated obligating all government agencies and the private sector to price their products in dinars.” Iraqi and receiving the local currency at the official exchange rate," noting that "some of them adhered to the instructions and the other part is still not committed."
He added, "The Central Bank registered a list of residential complexes and violating companies, including car companies that are not committed to the exchange rate, in clear violation of the decisions of the Council of Ministers, and we sent the list to the Investment Authority to hold them accountable."
And he continued, "All providers of services and goods inside Iraq must abide by the official exchange rate, and their dealings are in the local currency," stressing that "the dollar is a foreign currency used for international payments abroad, and the Iraqi dinar must have the main role in the economy, not the dollar."
Duck Donuts signs Franchise Agreement for 10 shops in Iraq
US-based Duck Donuts has said it has signed a franchise agreement for 10 shops in Iraq.
Eric Lavinder, Duck Donuts chief development officer, said:
"We welcome our newest franchise partners to the system and look forward to supporting them throughout their journey as a small business owner."
The company did not disclose the name of the Iraqi franchisee.
It opened its first locations in 2007 in North Carolina, and began franchising in 2013.
The Central Bank of Iraq in Washington with a large delegation.. a discussion about “automating funds” and other measures
The governor of the Central Bank, Ali Al-Alaq, in the presence of the minister of finance, Taif Sami, and a large delegation of experts, began his meetings on financial issues and teh economic roadmap for Iraq, in the presence of large monetary and financial institutions, according to a statement received:
On the sidelines of the spring meetings of the International Monetary Fund and the World Bank held in Washington, D.C. for the period from 10 to 16 April, the Iraqi delegation is conducting a series of meetings with a number .of international financial and monetary institutions
Finance Minister Taif Sami Muhammad holds a meeting with the Executive Director of the World Bank, Mr. Mansour Al-Shamali, in the presence of the Governor of the Central Bank, Mr. Ali Al-Alaq and his accompanying delegation, and with the participation of the DirectorGeneral of the Public Debt Department and the Director-General of the .Iraqi Fund for External Development
The meeting witnessed discussion of the economic and financial visions that the Iraqi government is working to achieve in accordance with the priorities of sustainable development, projects, water, climate, environment, transportation and social protection, in addition to strengthening the capabilities of the banking sector, applying automation, supporting small projects, advancing the reality of the private sector, and .establishing development funds
The Minister of Finance indicated that the Iraqi government will continue its national and economic reform efforts, adopting for this purpose a road map to achieve the goals of sustainable development and the gradual approach to financing development by maximizing revenues .for the budget
The representative of the World Bank expressed the bank's readiness to .contribute to supporting the course of the government program
Iraq: American fast food is leaving its mark two decades after the invasion
US franchises such as Burger King and Cold Stone Creamery open with fanfare, including appearances by high-level American diplomats
In 2003, the United States invaded Iraq to topple Saddam Hussein. Twenty years later to the month, the American ambassador to the country, Alina Romanowski, attended the opening of Burger King's newest outlet, in Erbil.
As part of the burger diplomacy, she cut the red ribbon to the third outlet in the city, the 12th and largest branch in the country.
The US invasion killed at least 300,000 Iraqis, changing the country and the world. Whether one thinks Iraq is in a better state since then, American military power and diplomacy there has since been checked by a beefier regional presence of its adversaries, including Russia and China.
Nonetheless, it appears fast-food chains and "American values", such as excess and convenience, are making their mark on the Iraqi market.
Fast food has been at the centre of international relations and globalisation for decades. Prior to the fall of Saddam, The Economist magazine introduced its Big Mac Index in 1986 to monitor the purchasing power of foreign currencies.
A decade later, New York Time's journalist Thomas Friedman published his "Golden Arches Theory", in which he put forth an observation that no two countries with a McDonald's had ever fought a war against one another.
There are several counter-examples to dispute this idea, but still there were no Mickey-D's in Iraq.
Due to economic sanctions and an ironically named 1996 oil-for-food programme that actually left Iraqis starving across the country, there were no American fast-food brands operating in the country until after the invasion.
Changing food landscape
Today, Iraq finally has its own alphabet soup of American junk-food chains. While a lot has been made about the bombings, occupation and botched US projects in Iraq, much less attention has been given to the burgers and onion rings and the long-term effects of American fast food on the country's food landscape.
The current flourishing of fast-food outlets has been a long time coming; while branded chains are new, local demand always seemed to be there.
Several copycats, such as the MaDonal’s and Matbax restaurants in the northern Kurdish city of Sulaymaniyah, sprouted in the 1990s in lieu of any enforcement of intellectual property rights.
Suleiman Qassab, the owner of the former, worked as a cook at the real thing while a refugee in Vienna, Austria, before returning to his homeland after the establishment of the autonomous Kurdish region.
When he moved back to Iraq, McDonald's allegedly turned down his franchise request, so he opened his own restaurant instead, a homage to the original.
As an elementary school teacher in the late 2000s in Iraq, I also recall my students showing off ketchup-stained paper bags at lunch with day-old burgers their parents had got them from fast-food outlets while in transit in Dubai or Istanbul.
The trip, however, was much smoother than in other parts of the regiona - Gazans previously paid to get their not-so-fast-food fix smuggled in through tunnels from Egypt.
After the invasion of Iraq, US military bases set up in the subsequent occupation were outfitted with several chains, acting as a sort of taste incubator for Iraqis working there.
The Joint Base Balad, north of Baghdad, had options that would rival any food court in middle America, including Burger King, Pizza Hut, Cinnabon, Subway and Popeyes.
From these bases, some chains eventually made it out beyond the walls and into Iraqi mainstream society.
Restaurant openings began to celebrate changes on the ground. After Mosul was freed from Islamic State in July 2017, McMosul restaurant opened its shiny doors to denizens of the city, signalling the start of a new chapter.
Beating local fast food
Iraqis are still waiting for the real golden arches to come to town. The local food delivery app Lezzoo even teased the option to order McDonald's on April Fools' Day.
Nevertheless, citizens have many other options, including Hardees, Papa Johns and Church's Chicken, named Texas Chicken in the Middle East.
When branches do open, they do so with fanfare, and sometimes even with some official US representation present. For instance, in 2022, then US ambassador Matthew Tueller was on hand for the opening of Cold Stone Creamery in Baghdad.
This phenomenon is particularly evident in Iraq's Kurdish region. As you pull out of Erbil International Airport, the autonomous region's capital, the sparkling two-storey Burger King beckons you to its play place and koi pond. A Kentucky Fried Chicken with a drive-through is only a few U-turns away.
Yadgar Mirani, the co-founder and CEO of Lezzoo, is fascinated by how quickly US-style fast food has taken over the market.
"When burger and fried chicken chains landed in Iraq, I never thought they could become the top categories [amid] local foods like shawarma, rice and stews and grilled meat," Mirani told MEE.
Hamburgers and fried chicken are the most popular options across the country, he said, and they have "remained dominant throughout our delivery service".
Iraqis may love "Kentucky" most of all, a colloquial shorthand for fried chicken that applies both to the original recipe and its many imitators.
"Everyone here loves Kentucky," said Amir Mekhael, who represents KFC in Iraq through the Americana Group, a Kuwaiti food company headquartered in Sharjah. "Everyone is coming to the source of the original chicken."
American fast-food chains, however, indulge in product localisation to adapt to local tastes.
The Rizo bowl, one of the most popular items at KFC in Iraq, contains crispy, boneless chicken drenched in sweet and spicy sauce on a bed of saffron-yellow rice.
Although not quite as bold as Pizza Hut's "Chee-Zee Marmite Stuffed Crust" in New Zealand or Taco Bell's "Chocodilla", which replaces cheese with Baby Ruth chocolate, the Rizo bowl is helping KFC become a staple in Iraq.
Drive-throughs, a popular feature of fast-food chains in the US, have also been introduced to Iraq, offering a portal to an American lifestyle obsessed with speed and efficiency.
This might be what attracted Nechirvan Barzani, President of the Kurdistan Region, to the KFC quick-service window one evening. They gel with Iraqi cities becoming less pedestrian friendly and offer anonymity.
"Its very popular, they love the drive-through," Mekhael said.
'Everyone wants a whopper'
The franchises also offer entry-level jobs for thousands in the country. "Everyone wants a whopper!" Zein, who works at a Burger King branch, told me after the mad rush of customers who arrived to break their fast during the holy month of Ramadan.
He has worked there for the past year and has met customers from across the world. He is appreciative and has learned a lot, from leading a team to dealing with people and gaining "experiences in building burgers".
Popular books and documentaries, such as Fast Food Nation and Supersize Me, have meanwhile helped foster a social reckoning with the production and health impacts of fast food in the United States.
Proximity to fast food was found to increase the risk of being overweight or obese, according to a study by New York University School of Medicine.
However, the deep-fried icon of Americana does not appear to have had any cultural reconsideration in Iraq. "I see people who come eat here every day," Zein told me at the end of his shift.
The long-term cost of such sought-after conveniences in Iraq is yet to be understood, but fast food is a harbinger of a broader reckoning with consumer capitalism. US brands have come in and transformed the country since the invasion.
saturday
Chambers of Commerce: The dollarization of the markets has decreased, and the exchange rate will reach 140
The head of the Chambers of Commerce in Diyala, Muhammad al-Tamimi, confirmed, on Saturday, that the circulation of the dollar in the markets decreased by 10%.
Al-Tamimi said in an interview with Al-Maalouma, that "the use of the dollar in commercial exchange and the payment of debts at home, or what is known as the dollarization of markets, decreased by 10% for the first time in many years, and the demand for the dinar began to be greater in ending deals and exchanges between merchants in the local markets." .
He added, "The decline in dollarization led to a lack of demand for buying dollars from parallel markets and pushed the exchange rate to 144,000 dinars per $100," expecting that "the exchange rate will reach 140,000 dinars per $100 at the end of this April."
He pointed out that "the government's steps to make important changes in the Iraqi markets are taking place at a good pace so far by limiting the use of the dollar at home, restricting the exit of hard currency abroad, and adopting the principle of electronic trading in transferring funds, which will directly enhance control efforts."
The Diyala markets and the rest of the provinces are witnessing a remarkable decline in the exchange rate of the dollar recently, and it reached 144, while it was about 160 weeks ago.
A government spokesman reveals, via “Earth News,” the content and objectives of the Development Fund for Iraq
The Iraqi government spokesman, Basem Al-Awadi, revealed today, Saturday, the content of the Development Fund for Iraq, in addition to its objectives and most prominent features.
Al-Awadi told Earth News Agency, “The Development Fund for Iraq is specialized in financing creativity and development required to launch sustainable economic development. Individual creative initiatives and ideas and enormous human energies that use technology become this creativity the locomotive that pulls various government sectors towards modernization and reform to launch the transition from the rentier economy.” To a diversified economy capable of integrating into the economy of the current century.
He added, “In general, the fund is in its first experience after approving the budget, and it must provide a new economic, financial and investment experience far from the previous traditional frameworks, using modern investment and innovative ideas based on the use of digital transformation technology, and mainly aims to spread blood in small and medium-sized companies to be a lever for economic recovery.” The local community as the basis for reviving the labor market, providing thousands of new job opportunities, and reviving the middle class, which is the main lever for the advancement of society.
Al-Awadi continued, “The fund’s objectives are as follows:
1- Developing and diversifying non-oil economic resources.
2- Transforming crises into opportunities for sustainable economic development.
3- Creating a qualitative technological and organizational boom in the sectors that are invested in.
4- The Iraqi and foreign private sectors are the main financiers of the pivotal projects launched by the fund.
5 Providing thousands of job opportunities through the investment opportunities it presents.
6- Activating, strengthening and supporting small and medium enterprises.
7- Developing human capital and developing young skills in various fields.
8- Improving state services to citizens in certain fields.
Al-Awadi explained that what distinguishes the fund from other funds is the following:
1- It exclusively finances projects that require creativity, innovation and modernization, which increase production and improve utilization.
2- The fund does not grant loans or bank grants, and does not enter into projects that intersect with the budgets of state ministries that are concerned with the first track.
3- The fund transforms crises into investment opportunities by designing, describing and launching pivotal projects at the level of Iraq for the private sector to invest and operate.
4- The fund purchases the services resulting from the projects established and operated by the investors.
5- Attracting capital from global sovereign funds.
6- Working with international technology companies to expand their investments and work in Iraq.
Regarding the mechanisms for achieving the goals of the fund, Al-Awadi noted the following:
1- Launching and managing innovative and creative projects at the national level to transform service crises into investment opportunities according to well-studied plans.
2 Reliance on the private sector in implementation and operation.
3- Facilitating small and medium-sized companies' access to institutional financing.
4- Allocating a share of the implementation of projects for small and medium-sized companies to obtain projects within the fund's projects.
5- Activating the local stock market.
6- Finding and developing new types of guarantees to enable small and medium investors to access the financial markets.
7- Establishment, investment, participation and partnership in private, mixed and public companies, including holding companies, funds, banks, or projects in kind or in cash.
8- Selling shares and profits to achieve its objectives, provided that priority is given to transferring ownership of the fund's projects shares to Iraqi citizens upon subscription, issuance, or transfer of ownership.
9- The fund, in the two cases stipulated in Clauses (Third and Fourth) of this Article, may offer the Iraqi public first, and then the foreign public, to subscribe to shares when starting projects or when listing in financial markets inside and outside Iraq.
And he indicated that "the specialized sectors that the fund works on are six specific sectors (agriculture / industry / education / housing / environment / and digital transformation)."
Central Bank Governor: Sober international banks want to work inside Iraq
The Deputy Governor of the Central Bank, Faisal Al-Haimus, revealed today, Thursday, that the bank is striving to bridge the gap between the official and parallel exchange rate of the dollar. And Al-Haimus said, during a televised interview, which was followed by “The Insider”, that: “There are inquiries about issues related to money laundering and other auditing bodies that prolong the release of the electronic platform’s funds to the beneficiary of the transfer,” stressing that “the US Federal Reserve does not work on auditing, but rather the Central Bank.”
The Iraqi is ultimately responsible for that through the auditing company contracting with us. He added, "There is a development in the Iraqi banking sector to achieve the goals of feasibility studies and an expansion of the network of correspondent banks to provide service in different currencies such as the yuan or the euro. There is also an agreement with banking institutions regarding yuan transfers.
The pause will not take a long period, and it is only days and returns." To meet the requests after a simple pause, and there is a desire from discreet international banks to enter the Iraqi banking sector and work inside the country. Pointing out that "the Central Bank of Iraq is working to stop networks that issue cards with forged documents or deceased people and use these cards to smuggle currency out of Iraq, which affects the Iraqi economy." He pointed out that "there are supervisory teams that visit banks to follow up on sales of dollars and meet the demand for it and the need of the market and citizens."
US Secretary of State Meets with Vietnamese Prime Minister | VOA News (4/15/23
apr 16 23
Central: directed to provide services in currencies such as «yuan or euro»
The Deputy Governor of the Central Bank of Iraq, Faisal Al-Haimus, stated that the bank has a tendency to expand the network of correspondent banks to provide services in different currencies, indicating that there is a desire by solid international banks to enter the Iraqi banking sector and work inside the country.
Al-Haimus said that the Central Bank is striving to bridge the gap between the official and parallel rate, and our supervision continues over all banks, by increasing confidence in the local market and cooperating with international institutions.
And he added, “We noticed a reluctance to enter the electronic platform launched by the Central Bank of Iraq by merchants, and there were delays due to the recent experience by banks dealing with the bank, and we noticed that some banks do not carry out the transfer for a long time and arrive at the bank late, and we check it and ensure the safety of the parties.” Dealing with the window, we implement it in a record period, and then release the money.
Al-Haimus also noted that the number of employees of the electronic platform is sufficient in the current situation, and the number will be increased and the work will be shifted to morning and evening shifts in the event of an increase in the demand for remittances in the platform.
He pointed out that due to inquiries about money laundering and other issues related to the auditing authority, the period for releasing the electronic platform’s funds to the beneficiary who owns the transfer is prolonged, stressing that the US Federal Reserve does not work on auditing, but rather the Central Bank of Iraq is responsible for that through the auditing company contracting with us.
He went on to say that there is a development in the Iraqi banking sector to achieve the objectives of the feasibility studies and the expansion of the network of correspondent banks to provide service in different currencies such as the yuan or the euro. There is also an agreement with banking institutions regarding yuan transfers. After a short pause, there is also a desire from solid international banks to enter the Iraqi banking sector and work inside the country.
Al-Haimus denied that there is a directive from the bank to limit the withdrawal ($250) per day, saying: It is the prerogative of the bank issuing the card or the owner of the ATM, and there is no cash limit if the purchase is through electronic payment devices (POS).
The Iraqi banking official indicated that there is a great tendency to deal with cards and electronic payment devices (POS), and there is a big plan to increase the confidence of the beneficiary of these services, and we confirm the presence of great support from the Iraqi Council of Ministers in many executive decisions, as well as the support by Parliament in this aspect.
He stressed that the Central Bank of Iraq is working to stop networks that issue cards with forged documents or to deceased persons, and use these cards to smuggle currency out of Iraq, which affects the Iraqi economy.
IMF expert considers Vietnam bright spot in world economy
The office of the Grand Ayatollah Sistani announces its expectations regarding the first days of Eid al-Fitr
The office of the supreme religious authority, Sayyid Ali al-Sistani, expects that next Saturday, corresponding to April 22, will be the first day of Eid al-Fitr.
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Ali Al-Alaq.. Great successes in a few days
The Governor of the Central Bank of Iraq, Ali Mohsen Ismail Al-Alaq, continued to work diligently and with insight in a thorny, complex and intertwined file such as the currency file, as well as the money laundering file and the inflation of the financial transfer problem, and the insane rise in the exchange rate of the US dollar against the Iraqi dinar , and the accompanying wave of intense anger, which almost swept the country again after the devastating wave of storms years ago.
But the man quickly rolled up his sleeves, and actually started working from the first hours of assuming responsibility, and continued his efforts day and night to save the country from its predicament, which it was stuck in as a result of the low price of the barrel, as well as random policies, nested corruption, and old bureaucracy. And a horrible banking failure, in addition to all of this, the absence of vision, daring and courage in making important decisions.
But Al-Alaq did not stop at all of this, and went on enthusiastic and impulsive to face these challenges, and soon won the first round of betting, as he succeeded in achieving clear monetary stability, and went towards activating the electronic platform system, and the operations of monitoring financial transfers began in a manner My knowledge is accurate, and it almost ended the phenomenon of false receipts, and proceeded towards reducing the exchange rate of the US dollar against the Iraqi dinar, a step that reflected positively on public life and the citizen began to feel a clear improvement in his dealings, with the stability of the local markets, and the studied cash flow.
What Al-Alaq did during this short period deserves appreciation, respect and praise, and people hope that this man will have the opportunity to complete his national project, which will raise the status of Iraq economically in proportion to its resources and capabilities.
Will Iraq succeed in switching to electronic payment?
Although it lagged behind many years behind the rest of the world, Iraq has recently sought to switch to electronic payment and educate citizens on the new global banking system.
Economic experts saw that the Iraqi culture of electronic payment is almost non-existent
A few years ago, Iraq took its first steps towards the electronic system by settling the salaries of employees whose numbers, according to the Ministry of Planning , are estimated at more than 3 million, which prompted the private sector to work with the same government step.
economic goals
In fact, in 2017, Iraq began to move towards electronic exchange, which was adopted by all countries and was far ahead of Iraq, according to Jalil al-Lami, an economist and financial expert.
Al-Lami told Ultra Iraq, "The new government found, at the beginning of this year, the need to take advantage of these technologies and incorporate them into financial transactions and economic systems, in order to pave the way for freedom of trade, movement, and the exchange of resources, both locally and internationally."
The Iraqi government aims, through electronic payment, to withdraw the monetary mass circulating in Iraq, which amounts to 84 trillion dinars, and to benefit from it in financing investment projects and infrastructure projects, according to Al-Lami.
On January 17, 2023, the Iraqi Council of Ministers approved the recommendation of the Council of Ministers for the Economy to activate the electronic payment service, as the decision stipulated that "the system enjoys a high level of protection and security and a shortening of time and effort, and its contribution to revitalizing the economy."
The previous government decision obligated the Central Bank to “facilitate the procedures for granting licenses to collect bank cards and exempt all electronic payment transactions (POS) from taxes.”
3 features of the electronic system
According to Al-Lami, the advantages of the electronic system are:
- First: Fast reduces time and effort, and the most important feature of electronic payment systems is that it allows customers to receive and transfer money within a few moments.
- Second: It allows companies to overcome the distances between them, as electronic payment will allow companies and economic activities to expand and spread if it is applied properly.
- Third: It is important in revitalizing the economy, as the system opens the electronic commerce portal for countries all over the world to exchange resources and services freely, away from the economic restrictions imposed on countries.
Obstacles stand in the way of its implementation
However, despite all the services provided by electronic payment, there are obstacles that stand in the way of this experience, which Al-Lami identified, including:
- First: the culture of the population, as the culture of the population in Iraq and their experience with the advantages of electronic payment is almost non-existent.
- Second: Restrictions on shipping and delivery services, since Iraq lacks shipping companies or offices that can absorb the huge amount of resources that could flow if the electronic commerce system was activated.
- Third: Lack of electronic security, as Iraq is one of the countries in which there is insufficient electronic security, and this aspect will have a negative impact through security and information breaches.
- Fourth: Weak qualifications and infrastructure, as Iraq does not have a strong and suitable platform from which to spread electronic commerce and transform into a digital economy in which securities disappear completely.
Over the past years, Iraq has witnessed citizens' reluctance to deposit their money in government and private banks, due to a loss of confidence in this sector, while Al-Lami expects that Iraq's proper use of its available resources "will achieve a qualitative leap in the field of electronic exchange."
Success or failure?
And Iraq is able to move towards electronic payment, especially after the recent central bank procedures that facilitated obtaining and issuing ATM cards, according to the economist, Hammam Al-Shamaa.
Al-Shamaa told Ultra Iraq, "The central bank's decision to adopt the local currency in ATMs will increase reliance on the electronic payment system," stressing that "allowing citizens to withdraw small amounts of dollars that are within the official price also encourages support for the developed system." ".
And the Central Bank decided, last Thursday, that the electronic financial services provided inside Iraq through (automated teller machines, point-of-sale machines, electronic payment gateway) will be in the Iraqi dinar currency only.
On the possibility of its success in Iraq, Al-Shamma believes that expectations indicate the success of the modern system in the country, adding, "However, citizens must get used to it and encourage it by issuing incentives that attract them towards relying on electronic card payments, in addition to providing machines for this issue." .
The Central Bank of Iraq, according to the deputy governor of the bank, Ammar Hamad Khalaf, confirmed earlier that the use of electronic payment tools will be circulated in the government and private sectors in a binding manner.
Khalaf added, "The decision will enable the bank to implement a mechanism that enables employees to receive their salaries through the payment cards currently used, such as MasterCard, and to be filled into their bank balance without the need to receive cash."
Government advisor: The parallel dollar will approach the official rate within days
A government advisor confirmed, on Tuesday, that the parallel market for selling the dollar will witness a new decline during the next ten days and will come closer to the official price, indicating that transfers are currently taking place in an easy and accurate manner, after the agreement with the American side.
According to local stock exchanges, the parallel market exchange rate for yesterday was 1440 dinars to one dollar.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said, "The elaborate measures taken by monetary policy in Iraq have become clear at the present time."
Saleh added, "The price turmoil of the dollar began since the adoption of the electronic platform to pre-check remittances." He pointed out that "remittances constitute 80% of the demand for foreign currency," noting that "the level of sale ranged between 180 to 200 million dollars."
Salih stressed that "Iraqi banks have adapted today by complying with the electronic platform," noting that "transfers have become easy."
He believes, "The market has begun to absorb the accumulation of demand that has not been implemented during the past four months," noting that "this absorption leads to the exchange rate in the parallel market being brought closer to the official rate."
And Saleh stressed, "The visit of the Central Bank Governor Ali Al-Alaq to Washington witnessed the agreement to conduct some transfers through the platform, but in a more flexible manner."
It is expected that "the exchange rate in the parallel market will approach the official exchange rate within 10 days, and more quickly." Saleh stressed, "The difference between the official price and the parallel market was 20 points, and it has decreased today to less than nine points, and it will reach five points in the coming days, while the normal difference required is only two points."
Waad, "The government's measures are a success in controlling money, its flow, its transparency, and its governance in the interest of the Iraqi and international economy at the same time."
And Saleh indicated that "the Iraqi economy is strong and has large resources that qualify it to stand in front of foreign currencies if there is a correct economic and monetary policy and political, economic and security stability," expressing optimism that "the Iraqi economy will stabilize, which will be reflected in the rise of the dinar against foreign currencies."
For his part, a member of the Parliamentary Finance Committee, Jamal Cougar, stated that "the rise that occurred in the past months in the exchange rate of the dollar is due to the procedures of the US Federal Bank regarding the currency auction."
And Cougar continued, "The number of participants in the currency auction reaches 42 banks, and seven major banks have been excluded, and a large part of them has its share of the currency auction."
He pointed out, "Iraq has suffered during the past period from presenting forged invoices from some banks participating in the currency auction."
And between Cougar, "the exclusion of some banks and the confirmation of the authenticity of the bills tighten the screws on illegal operations."
He stressed, "These measures led to a scarcity of the dollar in the markets, and we are facing a shortage," noting that "full control over the exchange rate of the dollar in the parallel market can only be achieved by obligating all banks to follow the electronic window system."
He finds, "The measures taken by the Central Bank over the past period to control the exchange rate are good, but not sufficient in order to reach official levels in the parallel market."
Cougar concluded, "Parliament is following up on what the executive authorities are working on to control the parallel market and prevent a new rise in the exchange rate."
It is noteworthy that the market for the parallel exchange rate to the dollar has witnessed great leaps and has sometimes exceeded 1,700 dinars for one dollar, while the government decided to reduce the official rate to 1,300 dollars, and it has adopted this in the draft budget currently before the House of Representatives.
Al-Sudani discusses efforts to reform the Iraqi economy with the US Secretary of State
Today, Tuesday, Prime Minister Muhammad Shia Al-Sudani affirmed Iraq's firm stances regarding security and economic challenges, regionally and internationally.
Al-Sudani's office said in a statement that the latter "received a phone call from US Secretary of State Anthony Blinken, and they discussed bilateral relations between Iraq and the United States, and ways to enhance them at various levels and fields."
He added, "During the call, they discussed the Iraqi government's efforts in the field of economic reform and diversification of development sources, in addition to the performance of the Iraqi security forces in pursuing terrorist remnants, and the role of the American side in providing assistance in the field of military advice and training."
During the call, the Prime Minister affirmed, according to the statement: "Iraq's firm positions on security and economic issues and challenges, at the regional and international levels, and strengthening efforts for calm and strengthening the policy of dialogue to resolve differences."
Sudden wealth increases women's willingness to divorce, unlike men
link are they thinking the women are going to have a sudden wealth increase? hmmm
Perhaps it is another moment of intersection between common popular ideas and documented scientific studies, regarding the relationship between marriage and wealth, specifically the acquisition of abundant money suddenly. This intersection took place in Sweden, which requires those who read it to take into account the cultural differences with the data of that study and the conditions of the Arab region, which is dominated by a different culture regarding family, marriage and women, in addition to suffering from a long poverty in studies and documented figures in various fields.
In Sweden, a study promoted by universities in Sweden, Spain and the United States documented that money makes a person attractive in the eyes of the opposite sex, and therefore it affects marriage, divorce and having children, according to an article recently published by "Fortune" magazine. This idea is pervasive in popular culture, and it was documented in economics half a century ago thanks to the work of Gary Becker, who won the Nobel Prize in it, according to the website of "Fortune".
According to that magazine, the new study focused on a specific segment consisting of winners and winners of the grand prizes of the lottery in Sweden, whose average value reaches one million Swedish kronor (96 thousand dollars). As usual, the results of a randomly selected sample of male and female winners were compared on the one hand, and a random sample from the rest of the community.
Fortune also reported that, as a result, it was found that sudden wealth prompts single men to marry within five years after the money flows into their hands, and reduces the tendency of married couples to divorce in the ten years following the arrival of wealth. Likewise, the tendency of men to have children increases, after they have acquired sudden wealth.
On the other hand, winning big money contributes to women’s willingness to file for divorce and separation from their husbands, twice as much!
It is difficult to avoid contemplating that tendency among married women in countries where the status of women is well established and advanced. According to the "Fortune" website, the same study mentioned that there are social and cultural elements that interfere with this issue, so the field becomes open to the question of the issue of male domination and its various forms, including indirect and "hidden", and the extent of its impact on the deep relations of families in Western countries. Advanced in the field of equality and advancing women's rights. In a sense, the influx of money seems to liberate women from pressures they would have accepted in his absence, but they no longer have to bear those burdens as long as the money enables them to free themselves from them.
Perhaps it is news that raises deeper and more complex questions for Arab readers, and may even be of greater importance to Arab women who suffer from intertwined forms of male domination. It may be important to wait for their opinion and voice on those matters that are a crucial axis in their relationship with their societies, cultures, and practices towards them. So, let's wait and see.
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