Urgent: The Council of Ministers approves the memorandum of understanding on salaries with Kurdistan.
The Council of Ministers approved the Memorandum of Understanding with the region and praised Talabani's efforts.
The Federal Council of Ministers, in an extraordinary session held today, Thursday, headed by Prime Minister Mohammed Shia al-Sudani, approved the financial memorandum of understanding signed with the Kurdistan Regional Government.
This development comes one day after the leader of the Patriotic Union of Kurdistan (PUK), Pavel Talabani, visited Baghdad, where he held a key meeting with the Sudanese Prime Minister. The meeting addressed ways to resolve outstanding issues between Erbil and Baghdad, most notably the salaries issue.
During the cabinet meeting, Al-Sudani thanked Pavel Talabani, head of the Patriotic Union of Kurdistan, for his efforts in ensuring the success of the negotiations and reaching an agreement between the region and Baghdad to resolve the issue of salaries for the region's employees.
It is noteworthy that the President of the Patriotic Union of Kurdistan, Pavel Jalal Talabani, arrived in the capital, Baghdad, this Thursday morning, for the second time in two days.
Informed sources confirmed that Talabani's visit, leading the Kurdish delegation, marked a decisive turning point in resolving the stalemate between the two sides. It directly contributed to reactivating official channels between the federal government and the regional government, expediting the signing and formal ratification of the memorandum of understanding.
The Kurdistan Regional Government, in turn, ratified the same memorandum at its weekly meeting held on Wednesday, welcoming the agreement and stressing the need to implement all provisions of the agreement, including the regular disbursement of the region's financial dues within the general budget.
The federal government is expected to begin transferring May salaries to approved bank accounts in the region within the coming hours, in accordance with the terms of the agreement.
This understanding represents an important step toward normalizing financial relations between Baghdad and Erbil, opening the door for further coordination on outstanding issues. This comes amid calls from political parties to prioritize dialogue and joint action to ensure financial and administrative stability throughout Iraq.
Baghdad - IQ publishes
today , Thursday, the exchange rates of the dollar against the Iraqi dinar in local markets. - Selling: 141,500 dinars for every $100. - Buying: 139,500 dinars for every $100. read 1395 dinars per $1
Prime Minister's Advisor: Economic and disciplinary factors behind exchange rate stability and dollar decline
Saleh explained, in a statement to Al Furat News Agency, that "the disciplinary factors were represented by tightening control over the circulation of the dollar in domestic transactions and completely prohibiting its use in local settlements and payments, in accordance with the law. He pointed out that these measures included bank deposit mechanisms for real estate transactions, which were previously the focus of demand for cash dollars, and the dinar replaced them with remarkable success. He noted that this success is credited to the Central Bank of Iraq and its monetary policy, despite the criticism it faced. Saleh added that the exchange rates in the parallel market would have been in line with the official markets, had it not been for the recent geopolitical tensions in the Middle East, which caused a difference of 142 dinars per dollar."
Foreign trade financing and monetary strengthening mechanisms
The financial advisor explained that "one of the most important success factors that led to the decline in the parallel market's strength is the direct financing of small traders' foreign trade from official dollar outlets at a rate of 1,320 dinars per dollar, without the need for intermediaries. He pointed out that small traders' imports constitute more than 50% of Iraq's total foreign market trade."
Saleh did not fail to point out that the mechanisms for Iraqi banks' foreign currency cash consolidation with correspondent banks have become easier as an alternative to the Central Bank's window and previous platforms, which were abolished at the beginning of the year. He emphasized that these mechanisms have proven successful in ensuring the official exchange market dominates the entire market for foreign transfers at the fixed exchange rate of 1,320 dinars per dollar.
Trade Policy and the Use of Electronic Payment
Saleh also emphasized the role of trade policy, which intervened for the first time by opening giant shopping centers and expanding into this area (hypermarkets), describing it as a "price defense policy in favor of the official exchange rate," and weakened market demand for financing some of its trade from the parallel market, which had become "highly costly."
Finally, the financial advisor noted the growing public trend toward widespread use of electronic payment cards funded at the official exchange rate (1,320 dinars), which has become "one of the modern travel customs and traditions in Iraq." He added that travelers now receive a share of cash dollars when traveling, subject to very transparent and strict controls.
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