Iraqi PM Predicts Iraqi Dinar Value
link no new info it's just getting spread around
The Prime Minister of Iraq, Mr. Mohammed S. Al-Sudani (pictured), has said the he anticipates the exchange rate between the Iraqi dinar and the US dollar will stabilize at the official rate of 1,320 IQD.
Speaking at the Iraq Forum for Stability and Prosperity in Baghdad last week, he also said that Iraq's current financial situation is the best it has been in recent years.
He added that illicit trading through the Foreign Currency Selling Window was prevalent until the introduction of the electronic platform, which effectively stopped it.
When will the exchange rates stabilize in the local market?
Economic expert Bassem Antoine confirmed, on Saturday, that the exchange of the US dollar against the Iraqi dinar will touch its official rate after the approval of the budget for the current year 2023.
Antoine said in a statement, to Al-Maalouma Agency, that "the exchange rates of the US dollar against the Iraqi dinar will touch the price set by the government and the administration of the Central Bank of Iraq after the approval of the financial budget."
He pointed out, "The government and the central bank's measures contributed to stopping the process of the dollar's rise, in addition to providing it in the local market through the electronic platform system, and obligating all licensed banks and exchange companies to work accordingly."
Today, Wednesday, the exchange rates of the dollar against the dinar witnessed stability at the exchange rates of the dollar in the local markets in all governorates of the country, as the selling price reached 141,000 dinars per 100 dollars, while the purchase prices reached 139,000 dinars per 100 dollars, in the capital, Baghdad.
Parliamentary Finance expects the date of stabilization of the dollar price at the official rate
The Parliamentary Finance Committee announced, today, Saturday, the date for the stability of the dollar exchange rate and its arrival at the official rate set by the Council of Ministers.
A member of the committee, Youssef Al-Kalabi, told Al-Furat News: "The delay in reaching the parallel dollar exchange rate to the official price is due to the attempt of some institutions to play on the citizen's economic stability."
Anbuge added, "We are sure that after the approval of the budget law, there will be a match between the official price and the parallel price."
In February 2023, the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to amend the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars per dollar.
The central Kifah Stock Exchange in Baghdad recorded 143,750 Iraqi dinars for 100 dollars, while the prices this morning were 144,350 Iraqis for 100 dollars.
That the buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 144,750 Iraqi dinars, while the purchase price reached 142,750 dinars for every 100 dollars.
9 electronic payment companies zeroed their commissions to support the decision of the Iraqi Council of Ministers
The Iraqi Private Banks Association announced, on Saturday, that 9 electronic payment companies will zero commissions on points of sale in all government sector institutions, by the end of this year, in support of the Cabinet's decision, which includes the deployment of electronic payment tools in state institutions.
The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, said in a press statement today, that the banking sector is currently working on implementing the decision of the Council of Ministers, to activate electronic payment tools, in all state institutions, so I decided 9 electronic payment companies, which are Amwal, Arabs, Iraq Gate and Ishtar Gate. And Iriba Iraq, Yanah, Qi Card, Exchange, and the National Gate, by zeroing commissions for local movements of government services on collection devices known as points of sale “POS” until the end of this year.
He added that the infrastructure of the banking sector is ready to deploy electronic payment tools, especially in light of the presence of a large number of citizens who own bank cards of all kinds.
He stressed that electronic payment companies are currently working to deploy their devices in ministries and institutions not linked to a ministry, in addition to universities, gas stations, restaurants, pharmacies, medical clinics, markets, etc., adding that this step, which is supervised by the Central Bank, is very important in achieving financial inclusion and contributing to the dissemination of Electronic payment culture and facilitation of transactions and procedures.
He added that the money cycle will be completed after activating electronic payment tools, which will contribute to increasing credit and financing large, medium and small projects.
Al-Alaq: The plan to reform Mesopotamia and Al-Rashid faltered, and we seek to rearrange their situation
Central Bank Governor Ali Al-Alaq confirmed, on Wednesday, the failure of all plans to reform Al-Rasheed and Al-Rafidain Banks, indicating that the Ministry of Finance's view of the Al-Rafidian Bank as a simple branch in the ministry caused a disaster.
Al-Alaq said during a speech to the Iraq Forum, followed by Al-Maalouma, that "the plan to reform the Rafidain and Al-Rashid banks faltered without achieving any progress, despite the efforts supported by important international and economic organizations."
He added, "The Rafidain Bank does not have decision-making powers compared to its size and tasks, which increased the administrative confusion."
He pointed out that "the Ministry of Finance's view of the Rafidain Bank as a simple branch in the ministry caused a disaster," noting that "Al-Rafidain did not succeed in presenting its final accounts for several years, which indicates the existence of a large gap in performance.
Al-Alaq pointed out that "the Rafidain Bank does not have decision-making powers compared to its size and tasks, which increased the administrative confusion."
Al-Alaq announces the success of negotiations with the American side regarding foreign transfers
Central Bank Governor Ali Al-Alaq announced, on Wednesday, the success of negotiations with the American side regarding foreign remittances.
Al-Alaq said in a speech during the "Iraq Forum to Address Corruption and Reform the Financial System", which was followed by the "Information" agency, that "the negotiations of the Iraqi side with the American side succeeded greatly in the file of foreign remittances for foreign currencies."
He pointed out that "the rates of bank transfers rose from 50 to 1,300 per day, after opening negotiations with solid international banks."
On the other hand, the governor of the Central Bank, Ali Al-Alaq, confirmed, on Wednesday, the failure of all plans to reform the Al-Rasheed and Al-Rafidian banks, indicating that the Ministry of Finance's view of the Al- Rafidian Bank as a simple branch in the ministry caused a disaster.
A Roadmap for Successful Economic Development in Iraq
Iraq: A roadmap for successful economic development
With every change of government, we hear similar political statements about rebuilding Iraq. I genuinely believe the Iraqi people are capable of developing an economy that can prosper and move away from being an oil dependent nation.
Despite previous initiatives, the Iraqi population continues to fall into poverty, with over half living below the poverty line and the illiteracy rate climbing to more than 25% over the last 20 years. The situation is even more dire in the southern Iraqi provinces, although they are the main producers of oil.
Fortunately, Iraq has been blessed with an abundance of natural resources that can easily finance its redevelopment. Iraq suffers from a lack of domestic expertise in program development, budget mismanagement, and insufficient global partnerships.
Sadly, many government officials view their role as a means of benefiting themselves rather than serving the country and its people. Fundamentally, there is a need to appoint a leader that will drive domestic cooperation between different government bodies.
Iraq needs to look to other developed countries and emulate similar development plans. There is a need to drive down corruption, but despite its presence, significant results can still be achieved.
A successful roadmap for reducing poverty and providing job opportunities is a government program that includes the following:
- A multi-faceted approach to education and training.
- Target future generations by providing youth with every opportunity to educate themselves through public education programs.
- Provide opportunities for often neglected Iraqi youth who show no interest or do not seek out higher education with an alternative means to success. This can be achieved via Vocational Education and Training (VET) programs offering the opportunity to learn specific and practical job skills.
- Job creation, private sector, and government initiatives.
To break the cycle of illiteracy and unemployment, the government must:
- Support agricultural programs especially in rural areas. If not, we will continue to see mass migration of our youth towards the main cities.
- Empower the private sector, which should be the largest employer in the country.
- Protect businesses from extortion.
- Revise government policies to enable and promote high levels of manufacturing and production.
- Promote small and medium business development.
- Education and job creation are the foundation of every successful nation.
Iraq must not repeat previous rebuilding programs that were merely politically motivated public relation initiatives.
There needs to be transparency, accountability and ultimately cooperation between domestic government bodies and international organizations to rebuild Iraq.
Without the right leader driven by a strong vision and motivation to build robust foundations, we would evolve into an idle society, stunting any future development of the country. Along the way, the only beneficiaries would be those who robbed the country of its wealth.
When will the exchange rates stabilize in the local market?
Economic expert Bassem Antoine confirmed, on Saturday, that the exchange of the US dollar against the Iraqi dinar will touch its official rate after the approval of the budget for the current year 2023.
Antoine said in a statement, to Al-Maalouma Agency, that "the exchange rates of the US dollar against the Iraqi dinar will touch the price set by the government and the administration of the Central Bank of Iraq after the approval of the financial budget."
He pointed out, "The government and the central bank's measures contributed to stopping the process of the dollar's rise, in addition to providing it in the local market through the electronic platform system, and obligating all licensed banks and exchange companies to work accordingly."
Today, Wednesday, the exchange rates of the dollar against the dinar witnessed stability at the exchange rates of the dollar in the local markets in all governorates of the country, as the selling price reached 141,000 dinars per 100 dollars, while the purchase prices reached 139,000 dinars per 100 dollars, in the capital, Baghdad.
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Parliamentary Finance expects the date of stabilization of the dollar price at the official rate
The Parliamentary Finance Committee announced, today, Saturday, the date for the stability of the dollar exchange rate and its arrival at the official rate set by the Council of Ministers.
A member of the committee, Youssef Al-Kalabi, told Al-Furat News: "The delay in reaching the parallel dollar exchange rate to the official price is due to the attempt of some institutions to play on the citizen's economic stability."
Anbuge added, "We are sure that after the approval of the budget law, there will be a match between the official price and the parallel price."
In February 2023, the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to amend the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars per dollar.
The central Kifah Stock Exchange in Baghdad recorded 143,750 Iraqi dinars for 100 dollars, while the prices this morning were 144,350 Iraqis for 100 dollars.
That the buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 144,750 Iraqi dinars, while the purchase price reached 142,750 dinars for every 100 dollars.
The central bank agrees to open a bank account to deposit the region's oil exports
On Sunday, the Central Bank agreed to open a bank account to deposit oil exports from the Kurdistan region of Iraq.
According to an official letter from the Central Bank of Iraq to the Iraqi Oil Marketing Company (SOMO) dated 4-27-2023, the bank revealed its position regarding the oil agreement between the Kurdistan Region and Baghdad to resume exporting the region’s oil.
"We have no objection to approving Citibank to deposit revenues from oil exports from the Kurdistan region, taking into account the necessity of appointing an international auditing firm to audit the account," the central bank said in the letter to SOMO Oil Marketing Company.
And the Central Bank added, regarding the mechanism proposed by the region and sent to us in your letter dated April 16, 2023, the Central Bank of Iraq will not be the beneficiary of oil sales to the Kurdistan Region responsible for relying on any means to receive that revenue.
Citi Bank is an American bank founded in 1812 and headquartered in New York City. The bank has 2,649 branches in 19 countries, 723 of which are in the United States.
The "Treasury Single Account" is on the table of the Minister of Finance and the International Monetary Fund
link this seems to be forward movement
The Minister of Finance is discussing with the experts of the International Monetary Fund the application of the Treasury Unified Account (TSA).
Minister of Finance, Taif Sami Muhammad, chaired today, Sunday, the consultative meeting with the experts of the International Monetary Fund (MITAC) through visual communication channels regarding the requirements for designing and implementing the unified treasury account system???. In the presence of the Director General of the Accounting Department and the ministerial team concerned with the project, in addition to the participation of the general managers of the Rafidain and Real Estate Banks and the Iraqi Trade Bank, and representatives of the Rashid, Industrial, Agricultural and Al-Nahrain Islamic banks.
The meeting discussed the approved outputs during the previous period, and reviewed the next stages of implementing the TSA project according to the specified timelines and allocated costs, as well as examining the extent of the system’s response to the rest of the sub-systems such as preparing the general federal budget, procurement and payments systems, fixed assets, the salary system, the revenue system, cash management, and others. .
Minister Taif Sami indicated that the ministry is keen to expand the use of technological solutions to ensure sustainable modernization of financial systems, according to the latest global standards and experiences in line with efforts to face challenges and facilitate financing procedures in record times.
She also clarified that the application of the account will allow the possibility of monitoring the movement of funds to the spending units and determining the remainder in the departments’ accounts and recovering it for the benefit of the state treasury, as well as diagnosing the units that are still outside the salary settlement system, in addition to that the project will provide an accurate database that contributes to accounting operations and diagnosing errors and instantaneous processing.
The Minister of Finance indicated seeking to agree with the support team at the World Bank on the participation of Iraqi cadres within expanded rehabilitation programs under the supervision of the World Bank, with the aim of enhancing the expertise and skills of cadres working on the account, and ensuring the success of its management with high professionalism and efficiency.
In numbers.. Money printing from the central bank rises 20% on an annual basis
link interesting time to print this
An economist revealed the rise in the value of the assets of the Central Bank of Iraq, as well as the rise in the exported currency to 97 trillion dinars, by about 20% on an annual basis.
Manar Al-Obaidi said in a statement received by (Baghdad Today) that "these assets increased in value by 35.5% on an annual basis and by 5.6% on a monthly basis, to reach more than 213.6 trillion dinars."
He pointed out that "the central bank's reserves of US dollars amounted to 114.2 billion dollars, rising on an annual basis by 61.8% and on a monthly basis by 7.9%."
He continued, "The value of the issued cash currency increased by 19.9% on an annual basis and by 0.3% on a monthly basis, bringing the value of the issued cash currency to 97 trillion dinars."
Al-Obaidi said, "Depending on the volume of dollar reserves, the global gold price and the exported monetary currency, the value of the dinar against one gram of gold amounted to 57.78 thousand dinars, high on an annual basis by 24.7% and low by 0.29% on a monthly basis."
Tag Ends of Currency Upheaval Sparks Market Rally
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Tag Ends of Currency Upheaval Sparks Market Rally
The market, as measured by the Rabee Securities RSISX USD Index, was up 12.5% for the month, and up 36.7% for the year.
The market's solid performance for the second month in a row on the back of February's super performance, enhanced by a revalued currency, underscores the underlying strength of the recovery that has discounted the currency's upheaval, as discussed here recently, and is beginning to discount its stability.
The market's technical picture continues to be positive, and the macroeconomic fundamentals discussed here last year argues that this uptrend will likely remain in force; however, its upward slope might moderate or even go sideways as it is currently above the upper band of its 36-month up-trending channel.
RSISX USD Index versus Average Daily Turnover
Pictures of the queues in front of KFC Baghdad.. Iraqis greedily try the American flavor
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We want to try it before everyone else, especially since it is the first international .restaurant agency in Baghdad :A source in the Rusafa Traffic Directorate for Network 964 .We received calls for parking on University Street, especially in the evening The Directorate was instructed to stop a traffic car to regulate traffic, with fines .for cars that stop irregularly
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