Sudanese exempts frightening and assigns Ali Al-Alaq to manage the Central Bank

[6ly410]

Sudanese exempts frightening and assigns Ali Al-Alaq to manage the Central Bank

Economic Agency News - Sudanese exempts frightening and assigns Ali Al-Alaq to manage the Central Bank (economy-news.net)

 

   

---

Economy News-Baghdad

Prime Minister Mohamed Shia al-Sudani decided on Monday to relieve Central Bank Governor Mustafa Ghaleb Makhif from his post.

The official news agency quoted a government source as saying that "Prime Minister Mohamed Shia al-Sudani decided to relieve Central Bank Governor Mustafa Ghaleb Makhif from his post at his request."

The source added that "the prime minister assigned Ali Mohsen Al-Alaq to manage the central bank by proxy."

---

Views 134

Added 2023/01/23 - 9:23 AM

Update 2023/01/23 - 1:49 PM

[6ly410]

After his appointment as governor of the Central Bank. Al-Alaq: One of our first tasks is to raise the value of the dinar against the dollar

After his appointment as governor of the Central Bank. Al-Alaq: One of our first tasks is to raise the value of the dinar against the dollar (ninanews-com.translate.goog)

Monday 23 , January 2023 13:23 |EconomicalViews: 162

Baghdad /Nina/ The Governor of the Central Bank of Iraq, acting Ali Al-Alaq, announced that one of his first tasks is to work to raise the value of the Iraqi dinar against the dollar. Al-Alaq said in a tweet: "We received the duties of the Governor of the Central Bank on behalf of His Excellency Prime Minister Mohammed Al-Sudani. The first tasks and recommendations are that we will work to raise the value of the Iraqi dinar Against the dollar with sound and accurate procedures, and we will work to gradually restore the price of the dollar to the previous one.”

The Prime Minister Mohamed Shia Sudani exempted, on Monday, the Governor of the Central Bank Mustafa Ghaleb Makhif, at his request. Ali Mohsen appointed Al-Alaq instead of him. /Ends8
 

[6ly410]

 

[6ly410]

 

[screwball]

2 minutes ago, 6ly410 said:

 

We knew it was coming looks like the WEF just lost their puppet…let’s see if the new one pulls the trigger 

[6ly410]

 

The dollar falls after the dismissal of the central bank governor. Price List - Urgent

Posted 32 seconds ago

 

The dollar falls after the dismissal of the central bank governor. Price List - Urgent - Iraq News (iraqakhbar-com.translate.goog)

 

News Source /Baghdad Today

 

News source /

 

Baghdad today Baghdad

Dollar exchange rates fell on Monday in local markets, after the Prime Minister's decision to dismiss Central Bank Governor Mustafa Ghaleb Makhif.

The selling price of the dollar recorded 162,200 dinars per 100 dollars, while the purchase price of the dollar recorded 162,000 dinars per 100 dollars.

The Central Bank of Iraq decided earlier to amend the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance was 1450 dinars, while the selling price to banks was set at (1460) dinars per dollar, while the selling price for the citizen is (1470) dinars per dollar.

Earlier on Monday, Prime Minister Mohamed Shia al-Sudani ordered the dismissal of Central Bank Governor Mustafa Ghaleb Makhif, and the assignment of Ali Mohsen Al-Alaq to manage the Central Bank by proxy.

Prime Minister Mohammed Shia Al-Sudani also decided on Monday to refer the director of the Iraqi Trade Bank to retirement, while Bilal Al-Hamdani was assigned to manage it in addition to his duties.

On Sunday, the Sudanese took urgent decisions to "address" the exchange rate of the US dollar against the local currency, during a meeting with the Federation of Iraqi Chambers of Commerce to discuss treatments for the fluctuation of the exchange rate of the foreign currency.

[6ly410]

Prime Minister takes the right decision to assign Dr. Ali Mohsen Al-Alaq to manage the Central Bank by acting

Posted 6 seconds ago

 Prime Minister takes the right decision to assign Dr. Ali Mohsen Al-Alaq to manage the Central Bank acting - Iraq news (iraqakhbar-com.translate.goog)

 

 

News Source /Iraq Today Agency

 

Baghdad - Iraq Today:

In a measure aimed at rehabilitating the Iraqi dinar and restoring its position in the local market, Prime Minister Mohammed Shia al-Sudani took a courageous and correct decision to reinstate former Central Bank of Iraq Governor Ali Mohsen Al-Alaq and dismiss Mustafa Ghaleb Makhif, who held a legal position in the bank.

Al-Alaq, who also successfully served as the former Foreign Secretary General of the Council of Ministers, his management of the Central Bank of Iraq knew the stability of the Iraqi dinar, as well as the preservation of currency, but things turned to the occurrence of this problem caused by the floundering management of this institution.

Observers are encouraged by this measure, which could put things back on track.

[6ly410]

The Prime Minister relieves the governor of the Central Bank of his post and assigns Ali Mohsen Al-Alaq to run the Central Bank by proxy

Posted 48 seconds ago

 

Prime Minister relieves the Governor of the Central Bank of his post and assigns Ali Mohsen Al-Alaq to manage the Central Bank by acting - Iraq News (iraqakhbar-com.translate.goog)

 

news source /change channel

 

The Prime Minister relieved the Governor of the Central Bank of his post and assigned Ali Mohsen Al-Alaq to manage the Central Bank by proxy... The Prime Minister referred the Director of the Trade Bank of Iraq to retirement, and assigned Bilal Al-Hamdani to manage the Trade Bank of Iraq in addition to his duties

The post The Prime Minister relieves the governor of the Central Bank of his post and assigns Ali Mohsen Al-Alaq to run the Central Bank by proxy appeared first on Al-Tagheer TV channel.

[screwball]

1 minute ago, 6ly410 said:

 

The dollar falls after the dismissal of the central bank governor. Price List - Urgent

Posted 32 seconds ago

 

The dollar falls after the dismissal of the central bank governor. Price List - Urgent - Iraq News (iraqakhbar-com.translate.goog)

 

News Source /Baghdad Today

 

News source /

 

Baghdad today Baghdad

Dollar exchange rates fell on Monday in local markets, after the Prime Minister's decision to dismiss Central Bank Governor Mustafa Ghaleb Makhif.

The selling price of the dollar recorded 162,200 dinars per 100 dollars, while the purchase price of the dollar recorded 162,000 dinars per 100 dollars.

The Central Bank of Iraq decided earlier to amend the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance was 1450 dinars, while the selling price to banks was set at (1460) dinars per dollar, while the selling price for the citizen is (1470) dinars per dollar.

Earlier on Monday, Prime Minister Mohamed Shia al-Sudani ordered the dismissal of Central Bank Governor Mustafa Ghaleb Makhif, and the assignment of Ali Mohsen Al-Alaq to manage the Central Bank by proxy.

Prime Minister Mohammed Shia Al-Sudani also decided on Monday to refer the director of the Iraqi Trade Bank to retirement, while Bilal Al-Hamdani was assigned to manage it in addition to his duties.

On Sunday, the Sudanese took urgent decisions to "address" the exchange rate of the US dollar against the local currency, during a meeting with the Federation of Iraqi Chambers of Commerce to discuss treatments for the fluctuation of the exchange rate of the foreign currency.

This will be interesting…

[6ly410]

The dollar falls after the dismissal of the central bank governor. Price List

The dollar falls after the dismissal of the central bank governor. Price List » Baghdad Today News Agency

 

 

Baghdad today Baghdad

Dollar exchange rates fell on Monday in local markets, after the Prime Minister's decision to dismiss Central Bank Governor Mustafa Ghaleb Makhif.

The selling prices of the dollar recorded 162,200 dinars per 100 dollars, while the purchase prices of the dollar recorded 162,000 dinars per 100 dollars.

The Central Bank of Iraq decided earlier to amend the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance was 1450 dinars, while the selling price to banks was set at (1460) dinars per dollar, while the selling price for the citizen is (1470) dinars per dollar.

Earlier on Monday, Prime Minister Mohamed Shia al-Sudani ordered the dismissal of Central Bank Governor Mustafa Ghaleb Makhif, and the assignment of Ali Mohsen Al-Alaq to manage the Central Bank by proxy.

Prime Minister Mohammed Shia Al-Sudani also decided on Monday to refer the director of the Iraqi Trade Bank to retirement, while Bilal Al-Hamdani was assigned to manage it in addition to his duties.

On Sunday, Sudani took urgent decisions to "address" the exchange rate of the US dollar against the local currency, during a meeting with the Federation of Iraqi Chambers of Commerce to discuss treatments for the fluctuation of the exchange rate of the foreign currency.

Edited by: A.G.

 

[screwball]

So Dr. Ali Mohsen Al-Alaq was the former CBI Governor back in 2017

[6ly410]

Despite the exemption of a governorate. Political movement calls for a demonstration in front of the Central Bank

 

Despite the exemption of a governorate. Political movement calls for a demonstration in front of the Central Bank » Baghdad Today News Agency

| Policy Today, 13:25 | 

    

 

 

Baghdad Today – Baghdad

The National Awareness Movement called on Monday for popular demonstrations next Wednesday in front of the Central Bank of Iraq building, despite the dismissal of Governor Mustafa Ghaleb Makhif.

A member of the movement, Hamid al-Sayed, said in a tweet followed by (Baghdad Today) that "the National Awareness Movement confirms the continuation of the protest on Wednesday at the Central Bank building."

"The movement demands the return of the dollar exchange rate to its original value and the detection of dollar smugglers from the symbols and leaders of the power alliance," he said.

Earlier on Monday, Prime Minister Mohamed Shia al-Sudani decided to dismiss Central Bank Governor Mustafa Ghaleb Makhif, and assign Ali Mohsen Al-Alaq to manage the Central Bank by proxy.

Al-Sudani also decided, on Monday, to refer the director of the Iraqi Trade Bank to retirement, while Bilal Al-Hamdani was assigned to manage it in addition to his duties.

On Sunday, Sudani took urgent decisions to "address" the exchange rate of the US dollar against the local currency, during a meeting with the Federation of Iraqi Chambers of Commerce to discuss treatments for the fluctuation of the exchange rate of the foreign currency.

[6ly410]

After dismissing the Governor of the Central Bank. Sudani hints at a reduction in the dollar exchange rate

•  Time : 2023/01/23 11:08:32
•  
• After dismissing the Governor of the Central Bank. Al-Sudani hints at a reduction in the dollar exchange rate - Al-Furat News (alforatnews.iq)

  

The Prime Minister, Mohammed Shia Al-Sudani, relieved the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, from his post against the background of the continued rise in the dollar exchange rate and the bank's inability to restrain it.

Al-Sudani assigned former bank governor Ali Mohsen Al-Alaq to run the central bank by proxy.
The Prime Minister also referred the Director of the Iraqi Trade Bank to retirement and assigned Rabal Al-Hamdani to manage the Iraqi Trade Bank in addition to his duties.
Al-Sudani commented on the changes by saying: "The departments that have been assigned in the Central Bank and the Iraqi Trade Bank have skills and will work to reduce the rise in exchange rates."
It is noteworthy that the Iraqi dinar has lost about 10 percent of its value, as the Wall Street Journal says in a report published a few days ago, after "ambiguous" measures for many, related to the imposition of compliance rules on the Central Bank of Iraq's dealings with currency traders in relation to the US dollar.
Under the new procedures, Iraqi banks are required to submit dollar transfers on a new online platform with the Central Bank of Iraq, which is then reviewed by the Federal Reserve.
U.S. officials said the system was aimed at reducing the use of the Iraqi banking system to smuggle dollars and launder money across the Middle East.
The exchange rate of the dollar in the local markets has been rising for days, reaching 1600 dinars per dollar or slightly less, and sometimes exceeding it.

 

 

[6ly410]

Amid the volatility of the dinar exchange rate... Removal of the Governor of the Central Bank of Iraq from his post

Amid the volatility of the dinar exchange rate... Removal of the Governor of the Central Bank of Iraq from his post

•  1 hour ago

Amid the volatility of the dinar exchange rate... Removal of the Governor of the Central Bank of Iraq from his post 23-01-2023 | 11:59 Source: AFP Share on fb tw whatsapp telegram messenger linkedIn A scene from Iraq's Basra province (AFP) A+ A- iframe{max-width:100% !important;} img{height:auto !important; max-width:100% !important;} Iraqi Prime Minister Mohammed Shia al-Sudani relieved the governor of the Central Bank of Egypt "at his request", al-Sudani announced at a press conference, at a time when the exchange rates of the Iraqi dinar against the dollar are witnessing unprecedented volatility. For about two months, the exchange rate of the Iraqi dinar continues to decline, and while the official fixed exchange rate is 1470 dinars against the dollar, the exchange rate in the market reached 1620 Sunday, according to the official news agency, meaning that the Iraqi currency lost about 10 percent of its value.Experts attribute the decline in the exchange rate to Iraq's start complying with international rules in remittances, which affected the supply of dollars in the market, while politicians hold Washington responsible for this decline. In light of this decline in the Iraqi currency, Al-Sudani announced during a press conference today, that "the request of the President of the Central Bank for exemption and the President of the Commercial Bank of Iraq for retirement has been approved." He added: "Administrations known for their experience, ability, integrity and vision have been assigned to confront this problem with quick measures that will have a clear impact on exchange rates." The official news agency, citing a government source, also reported that al-Sudani "decided to relieve Central Bank Governor Mustafa Ghaleb Makhib from his post at his request," and "assigned Ali Mohsen al-Alaq to manage the Central Bank by proxy." The volatility of the dinar is linked to the start of Iraq's compliance with some of the standards of the International Remittance System (SWIFT), which Iraqi banks must apply since mid-November to access Iraq's dollar reserves in the United States. Iraqi banks must now register their "transfers (in dollars) on an electronic platform that checks applications ... The Federal Reserve is examining them and if it has doubts, it stops the transfer," the Iraqi prime minister's adviser for financial affairs, Mazhar Saleh, told AFP. Since the start of the restrictions, the Federal Reserve has rejected "80 percent of requests" for financial transfers to Iraqi banks, according to Saleh, against the background of doubts related to the final destination of those amounts being transferred, he said.In the meantime, the Iraqi authorities have taken measures, including facilitating the financing of private sector trade in dollars through Iraqi banks, and opening outlets for the sale of foreign currency in government banks for the public for travel purposes.The Sudanese decided on Sunday a number of additional measures in order to limit the decline in the exchange rate, including "opening a window "The Central Bank financed the Iraqi Trade Bank (TBI) with an additional amount of $ 500 million for the purpose of opening documentary credits for small traders, and sufficiency with the proforma invoice and the account number of the last beneficiary of the credit." PNG tags Dinar Exchange rate Dollar Iraq Read in the day Premium Book of the Day "Treason"... By the standards of collapse! Book of the Day A president who does not succumb to American pressure... or any pressure Book of the Day "Mar Mikhael Understanding" Again: When to Get Out of the Ambiguous Phase? announcement Related topics Reports & Analysis Flying Dollar Threatens Auto Parts Trade... And safety... Al-Kazemi receives the Pope on his first visit to Baghdad... Pope Francis plane lands at Baghdad International Airport Iraqi Prime Minister Mustafa Al-Kazemi arrives at Baghdad Airport... Sistani... Iraq's "patron" who said "no" to Iran Latest News Dollar Rate on the Black Market Today Most Read Art & Celebrities Video - with a wonderful participation of "Mayas"... Beyoncé offers... Fashion & Beauty Emily Ratajkowski in an extra-long skirt and top-cherub... Art & Celebrities Death hurts Adel and Tariq Karam: "Rahat a sweeter place" Art & Celebrities Tim Hassan and Wafaa Kilani turn heads at the Joy Awards... Art & Celebrities Writer Nadine Jaber reveals to "An-Nahar" the reasons for Mohammed's absence... Art & Celebrities Jennifer Michel Aoun, the young woman who dazzled the Swedes......

[WheresmyRV?]

Why did they remove Alaq back in 2017? I can't remember.

[screwball]

2 minutes ago, WheresmyRV? said:

Why did they remove Alaq back in 2017? I can't remember.

To be honest not sure, just looked it up as I heard or seen his name before 

[screwball]

We’re they supposed to delete zeroes back in 2017-2019?

[6ly410]

 

[6ly410]

ERBIL, Kurdistan Region - Iraq’s prime minister on Monday replaced the heads of the country’s central bank and trade bank after issuing a number of decisions to control the unstable dinar-dollar exchange rate the night before.

Iraqi state media reported that Prime Minister Mohammed Shia’ al-Sudani had dismissed Mustafa Ghalib Makhif of his post as the head of the Iraqi Central Bank “upon his own request” and had named Ali Mohsen al-Alaq as an interim head of the central bank.

Sudani also decided to change the head of the Trade Bank of Iraq, appointing Bilal al-Hamdani as the interim head following Salem Jawad al-Chalabi’s mandatory retirement.

The decisions from Sudani come after he issued a set of decisions on Sunday to control the fluctuation of the Iraqi dinar’s exchange rate.

The exchange rate of one USD reached 1,670 IQD in the currency markets of Iraq and the Kurdistan Region on Friday, continuing the massive depreciation of the Iraqi currency in recent weeks.

Some of the decisions taken to control the fluctuation included financing the Central Bank of the Trade Bank of Iraq with an additional $500 million to open credits for small merchants, opening a new foreign currency selling window for small traders by the Trade Bank of Iraq, authorizing the import of goods for companies registered with the trade ministry, and facilitating the import procedure.

The depreciation of the Iraqi dinar has been attributed to the New Year holidays, the closure of banks, as well as pressure from the United States.

Iraq’s foreign minister Fuad Hussein told Rudaw on Friday that an Iraqi delegation will visit Washington in early February and will discuss the exchange rate fluctuation with US officials.

In December of 2020, Iraq’s central bank announced devaluing the country’s currency in an effort to combat a national liquidity crisis and bring in much-needed cash to the government’s coffers.

The devaluation of the dinar struck the public hard as government employees get paid in dinar, and they would be able to afford less with their salaries given that many imported goods are paid for in dollars.

 

[6ly410]

 

[screwball]

You are on fire @6ly410🔥

[6ly410]

ERBIL (Kurdistan 24) – Iraqi Prime Minister Mohammad Shia’ Al-Sudani on Monday sacked the country’ Governor of the Central Bank and head of Trade Bank of Iraq (TBI) amid ongoing depreciation of the Iraqi dinar, state media reported.

Al-Sudani replaced Mustafa Ghalib, the current CBI chief with Ali Mohsen Al-Alaq, who presided over the key institution for seven years.

Salem Chalabi of the TBI, chairing the bank since 2020, was “retired”, the state media reported. 

Bilal Hamdani has been tasked to manage the bank, it added.

The decision comes as the Iraqi currency has been depreciating since November against the U.S. dollar, as measures have been tightened on international dollar transfers.

Although the official exchange rate has been fixed at 1,470 dinars against the US dollar, the local currency was trading up to 1,600 to the greenback on local markets.

The instability in the value of the exchange rate has caused a public outcry, fearing the volatility will drive prices of commodities up,  in an economy heavily dependent on imports.

However, economists argue the currency depreciation is due to the tightening measures on international transfers, some accuse Washington, particularly those backed by Iran, to have played a role in the roller coaster. 

[6ly410]

 

[screwball]

Clearly these two muppets are stalling the process

[JonnyV]

He was Maliki’s guy years ago but looks like he will help to get it done or Sudani wouldn’t have placed him there.