Al-Sudani's office concerns with 14 decisions to counter the rise in the exchange rate

[yota691]

After dismissing him, the governor of the Central Bank, the Sudanese hints at a decrease in the exchange rate of the dollar

• Time: 01/23/2023 11:08:32
•  
• Read: 3,939 times

  

{Economic: Al Furat News} The Prime Minister, Muhammad Shia Al-Sudani, relieved the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, due to the continued rise in the exchange rate of the dollar and the bank’s inability to curb it.

Al-Sudani assigned former bank governor Ali Mohsen Al-Alaq to manage the central bank by proxy.
The Prime Minister also referred the Director of the Trade Bank of Iraq to retirement and assigned Rabal al-Hamdani to manage the Trade Bank of Iraq in addition to his duties.
Al-Sudani commented on the changes by saying: "The departments that have been assigned to the Central Bank and the Trade Bank of Iraq possess skills and will work to reduce the rise in exchange rates."
It is noteworthy that the Iraqi dinar lost about 10 percent of its value, as the Wall Street Journal says in a report it published a few days ago, after “mysterious” procedures for many, related to the imposition of compliance rules on the Central Bank of Iraq’s dealings with currency dealers in relation to the dollar. American.
Under the new procedures, Iraqi banks are required to submit dollar transfers on a new online platform with the Central Bank of Iraq, which are then reviewed by the Federal Reserve Bank.
US officials said the system aims to limit 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 increasing for days, reaching 1,600 dinars per dollar, or slightly less than that, and sometimes exceeding it.

[yota691]

Al-Sudani's office concerns Shafaq news with 14 decisions to counter the rise in the exchange rate

2023-01-23 08:15

 

 

Shafaq News/ The office of the Prime Minister, Muhammad Shia'a al-Sudani, revealed, on Monday, a number of decisions taken to limit the rise in the exchange rates of the dollar.

The decisions obtained by Shafaq News Agency included:

 

 

 

1- Reducing the impact of the exchange rate hike on the poor and marginalized groups by providing food baskets and expanding the coverage base of the social protection network.

 

2- The Central Bank opened outlets in government banks to sell dollars to citizens at the official rate, for the purposes of treatment, Hajj, travel, Umrah, study, etc.).

 

3- Cabinet Decision (351) of 2022, which stipulates stopping the collection of tax and customs deposits in advance.

 

4- The Central Bank reduced the exchange rate for electronic payment cards from 1470 dinars to the dollar to 1455.

 

5- Directing the Ministry of Commerce to facilitate the issuance of import licenses, and directing the Ministry of Finance to initiate urgent reform procedures in the customs and tax system at border crossings, while taking measures to eliminate the fears of some importers of the possibility of tax arbitrariness.

 

6- Oblige all government agencies to sell all goods and services inside Iraq in dinars and at the Central Bank rate of (1470) dinars to one dollar.

 

7- Sales in Iraqi dinars and at the official price include sales of goods and services from the private sector, especially the offices of national and foreign airlines, commercial agencies, telecommunications and Internet companies, and sales of investment residential complexes, and it is emphasized that the prices of goods and services in Iraqi dinars are on the price of the Central Bank, at a price of 1460 dinars to one dollar. For transfers, at a price of 1455 dinars to one dollar for covering documentary credits.

 

8- The Central Bank reduced the selling price of the dollar to the electronic card holder who uses it while traveling, or pays his purchases via the Internet, to be at a price of 1465 dinars per dollar.

 

9- Activating the electronic payment process in all aspects of economic life, and the Central Bank of Iraq facilitating the procedures for granting licenses to collect bank cards using points of sale (POS), and reducing commissions on banks and agencies that use these devices.

 

10- Oblige all governmental, non-governmental and mixed departments, trade unions, associations and all centers in which amounts are collected to open bank accounts and provide point-of-sale devices for electronic payment (POS), pay by bank cards to collect money and to enable those who wish to pay with cards, while maintaining receipt cash together.

 

11- Opening a new window for selling foreign currency to small merchants through the Trade Bank of Iraq (TBI).

 

12- Financing the Central Bank of the Trade Bank of Iraq (TBI) with an additional amount of 500 million US dollars for the purpose of opening documentary credits for small merchants, and being satisfied with the initial invoice and the account number of the last beneficiary of the credit. Funding is being re-enforced to ensure the continuation of the import process with documentary credits and to cover the importers' need of dollars to pay the values of their goods.

 

13- Launching the import of goods and merchandise for companies registered with the Companies Registration Department in the Federal Ministry of Trade of all types of companies and factories registered with the General Directorate of Industrial Development and investment projects of all kinds duly licensed by investment commissions, scientific offices duly registered, individuals and offices registered with the Iraqi Chambers of Commerce (included with the condition import license or not included).

 

14- Facilitating import procedures, reducing the requirements for opening documentary credits, and canceling the notification of the General Authority for Taxes to impose delay fines on importers and the rest of those charged with the General Authority for Taxes.

 

And today, Monday morning, Prime Minister Muhammad Shia al-Sudani decided to relieve the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, while Ali Mohsen Al-Alaq was assigned to run the bank by proxy.

 

Yesterday, Sunday, Al-Sudani took urgent decisions to "address" the exchange rate of the US dollar against the local currency during his meeting with the Federation of Iraqi Chambers of Commerce to discuss solutions to the fluctuation of the exchange rate of foreign currency.

 

These decisions come at a time when the exchange rate of the US dollar against the Iraqi dinar has witnessed a gradual rise since November 2022, reaching its highest levels in recent days, as it crossed the barrier of 165 thousand dinars per 100 dollars.

[yota691]

He revealed the scenes of changing the governor of the Central Bank.. The Sudanese gives Al-Alaq a period of three months

2023-01-23 07:07

 

Shafaq News/ A prominent leader in the coordination framework revealed today, Monday, the scenes of Prime Minister Muhammad Shia'a Al-Sudani's decision to dismiss the Governor of the Central Bank and assign Ali Mohsen Al-Alaq to replace him.

 

 

 

The leader told Shafaq News agency, who asked not to be named, that "the decision to dismiss the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, was made by agreement between the leaders of the coordination framework and Prime Minister Muhammad Shia' al-Sudani, during their meeting, last night, at the home of the leader of the Al-Fateh Alliance." Hadi Al-Amiri.

And he indicated that "the decision to exempt was made by a vote of the majority of the leaders of the framework and was supported by the Prime Minister, and the selection of Ali Mohsen Al-Alaq as governor of the Central Bank, was done by the vote of the leadership body of the coordination framework, and also the Sudanese was supportive of this choice."

He pointed out that Al-Alaq was given a period of three months to evaluate his work and performance, and he attended the meeting with the leaders of the framework and the Sudanese after it was agreed to assign him this task.

And today, Monday morning, Prime Minister Muhammad Shia al-Sudani decided to relieve the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, while Ali Mohsen Al-Alaq was assigned to run the bank by proxy.

Yesterday, Sunday, Al-Sudani took urgent decisions to "address" the exchange rate of the US dollar against the local currency during his meeting with the Federation of Iraqi Chambers of Commerce to discuss solutions to the fluctuation of the exchange rate of foreign currency.

These decisions come at a time when the exchange rate of the US dollar against the Iraqi dinar has witnessed a gradual rise since November 2022, reaching its highest levels in recent days, as it crossed the barrier of 165 thousand dinars per 100 dollars.

[yota691]

Al-Sudani's decisions.. Al-Maliki's office notes another "important" matter that will restore order

2023-01-23 02:48

 

Shafaq News/ The director of the office of the leader of the State of Law Coalition, Nuri al-Maliki said, on Monday, that there are other "important" decisions that will be taken to restore things to normal, in a comment on the decisions taken by the Prime Minister, Muhammad Shia' al-Sudani. 

 

 

 

Hisham Al-Rikabi said, in a tweet to him on Twitter, that after the changes that the Prime Minister made this morning in the Central Bank of Iraq and the Iraqi Trade Bank, there are other important decisions that the government will take that will gradually restore things to normal.

Today, Monday, Al-Sudani decided to relieve the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, while Ali Mohsen Al-Alaq was assigned to run the bank by proxy.

 Al-Sudani also decided to refer the director of the Iraqi Trade Bank to retirement, and assign Bilal Al-Hamdani to manage it in addition to his duties, according to the official news agency.

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

The most prominent of these decisions included opening a new window for selling foreign currency to small merchants through the Iraqi Trade Bank (TBI), and financing the central bank for the bank with an additional amount of $500 million.

He also decided to launch the import of goods and merchandise for companies registered with the Companies Registration Department at the Federal Ministry of Trade, facilitate import procedures, and cancel the tax authority’s notification of imposing delay fines on importers.

Al-Sudani also decided to include the Chambers of Commerce and the Federation of Industries in the sessions of the Ministerial Council for the Economy, representing the private sector.

These decisions come at a time when the exchange rate of the US dollar against the Iraqi dinar has witnessed a gradual rise since November 2022, reaching its highest levels in recent days, as it crossed the barrier of 165 thousand dinars per 100 dollars.

[6ly410]

Al-Maliki: The measures taken by the government today of changes represent a step in the context of overcoming the crisis of raising the dollar exchange rate

Monday 23 , January 2023 17:17 |PoliticalViews: 47

Al-Maliki: The measures taken by the government today in terms of changes represent a step in the context of overcoming the crisis of raising the exchange rate of the dollar (ninanews-com.translate.goog)

Bagdad (NINA) - The head of the State of Law Coalition, Nouri Al-Maliki, discussed bilateral relations with the Ambassador of the Republic of Italy to Iraq, Maurizio Cricante. During the meeting, according to a statement by Al-Maliki's office, they discussed the future of bilateral relations between the two friendly countries, and developments in the political and security situation in the region and the world.

Al-Maliki stressed the importance of increasing aspects of cooperation and coordination between Iraq and Italy in all issues of common interest, expressing his hope that Italy will deal with Iraq directly away from any other addresses.
He explained that the new government has the strength and qualifications to succeed despite the challenges it faces and the heavy legacy left by the previous government.
The head of the State of Law Coalition pointed out that the measures taken by the government today of changes represent a step in the context of overcoming the crisis of raising the exchange rate, despite the presence of political parties trying to invest and exploit the crises to employ them politically.

In turn, Ambassador Cricanti congratulated Al-Maliki on the formation of the government, expressing his appreciation for Iraq and the keenness of its leadership to consolidate relations with Italy, inviting him to visit Rome at the earliest opportunity. / Ends h

[6ly410]

 

[6ly410]

 

[Mammaw]

Really, we're going to go by what M has to say? Why is this man still part of the government with any say so, especially when it comes to the dinar and the US dollar? What hole did he crawl out of this time around. Just saying. IMO

[yota691]

The dollar is falling against the dinar, and the exchange rate is likely to stabilize

2023/01/24

 

 

 Baghdad: Haider Fleeh Al-Rubaie and Hussein Thaghb 

 

The government has intensified its measures aimed at controlling prices in the local markets and limiting the effects of the rise in the dollar exchange rate, while specialists have suggested that stability will return to the exchange market. 

 

Yesterday, Monday, the local markets recorded a decline in the dollar exchange rate to less than 160,000 dinars for the $100 category, after it exceeded 167,000 dinars for the same category. 

 

The government sought the help of the private sector to confront the waves of high prices, by issuing seven decisions in favor of controlling the repercussions of the exchange rate hike in the parallel markets.

 

The decisions taken during the meeting of Prime Minister Mohamed Shia Al-Sudani with the Federation of Chambers of Commerce were welcomed by many specialists in economic affairs, who emphasized the importance of the government's step in controlling prices, in addition to being "a real recognition of the ability of the private sector to play a role in the economic process."

 

The decisions included opening a new window for selling foreign currency to small traders through the Trade Bank of Iraq (TBI). And financing the Central Bank of the Iraqi Trade Bank with an additional amount of 500 million dollars for the purpose of opening letters of credit for small merchants.

 

Economic affairs specialist Maytham Al-Bolani believes that there is a real desire on the part of the Prime Minister to advance the economic and development situation, and to increase cooperation with the private sector.

 

Al-Bolani, who attended the meeting between the Prime Minister and the Federation of Chambers of Commerce, told Al-Sabah that "Al-Sudani is determined to make the private sector a partner in the economic decision by having a voice for it when making decisions within the Ministerial Council of Economy."

 

He stressed, "The government's determination to adopt real economic reform mechanisms whose results can be felt within a year from now, and this matter will be a starting point for the private sector towards activating the productive and service joints inside Iraq, where the private sector that owns expertise and capital is looking for hope to move towards turning the wheel of production and advancement." services." 

 

Al-Bolani pointed out that "the problems that confuse the mechanisms of developing the national economy are not spur-of-the-moment, but rather accumulated and need time to be contained and overcome their effects, and then transformed into outlets that support the national economy, and thousands of factories and factories suspended from work due to lack of interest are revived." 

 

Al-Bolani stressed that "the important and positive thing about communicating with the prime minister is that it is a regular weekly meeting that reviews the reality of the economy and the most important issues that concern activating activities, and assessing the past period."

 

For his part, Bassem Jamil Antoine, an economist and specialist in the private sector, believes that the government's approach to the private sector is a good step to take advantage of its capabilities and the speed of its dealing with economic events, but we hope that this approach will be a fixed "government principle", and not during times Only crises, especially since the private sector is part of the state and citizenship and that its affiliation with the country is authentic and cannot be isolated, in addition to its ability to respond to the government’s demands at certain times, as is happening now from a high-price crisis caused by the high exchange rate.

 

Antoine explained, "The private sector's reassurance of government economic trends, its provision of guarantees and exemptions, the elimination of red tape and bureaucracy, as well as automation that facilitates private sector procedures in state departments, and the reduction of fees and taxes, are all good government beginnings that we hope will continue and be a general government approach during the coming periods." 

coming".

 

The economist pointed out that within the paragraphs of the five-year plan, the state's approach is a "social market economy" and this step can work to restore all the capabilities of the Iraqi private sector from abroad to invest in the country, indicating that the private sector hopes to double cooperation opportunities with government agencies, especially With regard to granting him the "dollar" at the official rate, with the aim of completing import operations without additional costs.

 

Amer Naji, a specialist in economic affairs, confirmed to Al-Sabah that "the presence of the government alongside the private sector to discuss economic problems is extremely important at this time, as the national economy is clearly suffering in its production and service sectors, despite the availability of the elements to achieve sustainable development in the private sector."

 

Naji indicated that "seriousness in addressing economic problems is required, especially since both the government and the private sectors have a real desire to advance the economic reality through their agreement to chart paths for developing economic performance by experts who have long experience in various production and service sectors."

 

[yota691]

Conflict in information about the subtleties of the decision to change the governor of the Central Bank

2023.01.24 - 12:06

 

Baghdad - Nas  

The Prime Minister relieved the Governor of the Central Bank, Mustafa Makhaif, from his position “at his request” as part of decisions to confront the exchange rate crisis, while bloggers and observers question the motives of the move, amid talk that the governor was a victim of pressure exerted by parties and factions that are looking for a mechanism to enable them to continue Circumventing currency smuggling.  

  

  

  

The London-based Al-Arab, in a report affiliated with “NAS” (January 24, 2023), quoted observers as saying, “The dismissed central bank governor is a victim of political calculations that may have pushed Al-Sudani to put pressure on him and force him to resign, especially since he is affiliated with previous governments that were on A disagreement with the coordinating framework that controls and directs the current government from behind the scenes.  

  

The paper's observers noted that Mustafa Ghaleb Makhaif was a hardliner on the issue of bank transfers between Iran and its allies, and that he was enthusiastic about implementing US restrictions aimed at bringing the Iraqi banking system into compliance with international money transfer practices.  

  

They pointed out that the dispute over the application of these restrictions prompted these forces to pressure for the dismissal of the governor, and at the same time accuse Washington of being behind the Iraqi dinar crisis.  

  

In return for this, Fadi Al-Shammari, a member of the Political Bureau of the Wisdom Movement, praised the move and justified it in a tweet (January 23, 2023), that “bold decisions were taken by the government to restore control and balance of the currency price after recent market speculation, including changing the management of the central bank and supporting providing merchants with the official price in various markets.” commercial sectors.  

  

Al-Shammari added, "The pledges of the new governor are to restore the exchange rate within a short period," noting that "my estimate of it will not exceed only weeks."  

  

In addition, the head of the Center for Political Thinking, Ihsan Al-Shammari, described to "NAS" on Monday, the appointment of Ali Al-Alaq as governor of the Central Bank as "a step in the right direction."  

  

He added, "I imagine, although the installation of Al-Alaq is an internal measure by Prime Minister Muhammad Shia'a Al-Sudani to absorb popular resentment as a result of the collapse of the dinar; but I think it is a message to the outside specifically, that there is a possibility of dialogue with the US Federal Reserve through a figure who previously dealt with the United States of America." and the international community on the financial side.  

  

He concluded, "Al-Alaq was classified in many international questionnaires as having advanced positions in financial policies, and all of this provides an opportunity for a new financial policy that can save the country."  

  

On the political level, the awareness movement criticized the appointment of Al-Alaq because his name is linked to the sinking of billions of dinars, as the head of the consciousness movement, Salah Al-Arabawi, commented in a post followed by "Nass", that "there must be a clear sign of failure in your resume (Al-Seifi) in order to deserve a sovereign position. For example, to drown in your previous era 7 billion dinars!  

  

And the governor, Ali Al-Alaq, had said before Parliament: "7 billion dinars were destroyed as a result of the rainwater entering and the flooding of the coffers of the Rafidain Bank (governmental) in 2013, which led to 100 percent damage to banknotes."  

  

Last November, the New York Federal Reserve began imposing stricter restrictions on international dollar transfers to Iraqi commercial banks, in a move US and Iraqi officials said was "aimed at curbing money laundering and the illegal transfer of dollars to Iran and other heavily sanctioned countries."  

  

The fluctuation of the dinar is linked to the start of Iraq's compliance with some standards of the international transfer system (SWIFT), which Iraqi banks have to apply since mid-November to access Iraq's dollar reserves in the United States.  

  

Iraqi banks must now record their “transfers (in dollars) on an electronic platform, check the requests … and the Federal Reserve checks them, and if it has doubts, it stops the transfer,” according to Mazhar Saleh, the advisor to the Iraqi prime minister for financial affairs.  

  

Since the implementation of the restrictions, the Federal Reserve has rejected "80 percent of requests" for remittances to Iraqi banks, according to Saleh, on the back of doubts about the final destination of those amounts being transferred.  

  

And the official news agency reported, quoting a government source, that Al-Sudani “decided to relieve Central Bank Governor Mustafa Ghaleb Makhaif of his post at his request,” and “assigned Ali Mohsen Al-Alaq to run the Central Bank by proxy.”  

  

Al-Sudani referred the director of the Iraqi Trade Bank, Salem Jawad Al-Jalabi, to retirement, and “assigned Bilal Al-Hamdani to manage the bank in addition to his duties,” according to the official news agency.  

  

Al-Sudani stressed that the rise in the exchange rate of the dollar at the present time was not a government decision, but rather a mechanism agreed upon between the financial institutions and the central bank to rationalize the process of selling the dollar through the currency sale window.   

[yota691]

An economist reveals the secrets of the "last night" before dismissing the central governor... and a close decision regarding the dollar

• Today 15:54

Information / Baghdad..

Economic expert Nabil Jabbar Al-Tamimi ruled out, on Tuesday, that the decision to change the governor of the Central Bank would be political, suggesting a decline in dollar prices in the coming days.

Al-Tamimi said in a Facebook post seen by Al-Maalouma: “I rule out that the decision to end the mandate of the former central bank governor is related to political reasons and goals, but rather it is linked to a measure of the governor’s ability and measures in facing the crisis.” 

He added, "The Sudanese Prime Minister adopted the policies of the Central Bank during the past two months and provided support to his previous administration, and removed suspicions about rumors related to the existing exchange rate crisis and its relationship to internal or external conflicts, but an event took place the night before the termination of the assignment and the appointment of a new governor for the bank." The Central Committee may be the most influential on the Sudanese decision to end the assignment.

He explained that "that night witnessed a meeting attended by the Prime Minister, the Federation of Chambers of Commerce and the Governor of the Central Bank, in addition to other government officials, and according to the leaks about this meeting, the governor's answers were not convincing about the issues raised in the meeting, and this meeting may have an impact on changing Al-Sudani's point of view towards his support." to the former governor and end his mandate. 

As for the appointment of Al-Alaq, Al-Ali pointed out that “Al-Alaq is a former governor of the Central Bank, and he also held several positions specialized in monetary and banking affairs inside or outside Iraq with international organizations or international financial institutions as a representative of Iraq, and he is politically descended from the Dawa Party, the party that rearranged His situation will be restored in state institutions after the elections and the formation of the government.

He pointed out that "the party may present a set of visions and policies that support its mission, including the monetary policies of Iraq, and it has a tendency to reconsider reducing the exchange rate and raising the value of the Iraqi dinar again, and the party may see in appointing the relationship an opportunity to draw such directions in the near future." Ended/25 h

[yota691]

After dismissing him, the governor of the Central Bank, the Sudanese hints at a decrease in the exchange rate of the dollar

• Time: 01/23/2023 11:08:32
•  
• Read: 8,203 times

  

{Economic: Al Furat News} The Prime Minister, Muhammad Shia Al-Sudani, relieved the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, due to the continued rise in the exchange rate of the dollar and the bank’s inability to curb it.

Al-Sudani assigned former bank governor Ali Mohsen Al-Alaq to manage the central bank by proxy.
The Prime Minister also referred the Director of the Trade Bank of Iraq to retirement and assigned Rabal al-Hamdani to manage the Trade Bank of Iraq in addition to his duties.
Al-Sudani commented on the changes by saying: "The departments that have been assigned to the Central Bank and the Trade Bank of Iraq possess skills and will work to reduce the rise in exchange rates."
It is noteworthy that the Iraqi dinar lost about 10 percent of its value, as the Wall Street Journal says in a report it published a few days ago, after “mysterious” procedures for many, related to the imposition of compliance rules on the Central Bank of Iraq’s dealings with currency dealers in relation to the dollar. American.
Under the new procedures, Iraqi banks are required to submit dollar transfers on a new online platform with the Central Bank of Iraq, which are then reviewed by the Federal Reserve Bank.
US officials said the system aims to limit 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 increasing for days, reaching 1,600 dinars per dollar, or slightly less, and sometimes exceeding it.

[yota691]

Economist: Changing the governor of the central bank is late, and we await its reflection on the exchange of the dollar

• Time: 01/23/2023 20:20:07
•  
• Read: 3,705 times

  

{Economic: Al Furat News} An economist considered the decision to change the governor of the Central Bank of Iraq "positive, but late."

Rashid Al-Saadi told the Euphrates News agency that "the procedures that affected the management of the Central Bank should have taken place at an earlier time, given the consideration of jurisdiction."
He added, "The government began to take several steps, including limiting money smuggling, as well as supporting citizens with the food basket, which contributed to limiting the rise, because foodstuffs are among the most prominent materials that raise the exchange rate of the dollar."
He pointed out, "The security and reform operations implemented by the government led to remedying the situation, thanks to the successive decisions."
Al-Saadi stressed, "Until now, it is not possible to expect the rates of exchange rates to decline or to stabilize at any extent."
Today, the Prime Minister, Muhammad Shia'a al-Sudani, relieved the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, due to the continued rise in the dollar exchange rate and the bank's inability to curb it.
Al-Sudani assigned former bank governor Ali Mohsen Al-Alaq to manage the central bank by proxy.
The Prime Minister also referred the Director of the Trade Bank of Iraq to retirement and assigned Rabal al-Hamdani to manage the Trade Bank of Iraq in addition to his duties.

Raghad Daham

[yota691]

Al-Hamdani assumes his duties as President of the Iraqi Trade Bank

 

drains
   

Economy News - Baghdad
Bilal Al-Hamdani, on Tuesday, assumed his duties as Chairman of the Iraqi Trade Bank and Chairman of the Board of Directors (in addition to his duties as Director General of the Industrial Bank), in implementation of the decision of the Prime Minister, Muhammad Shia Al-Sudani.

 

The media expert and spokesman for the bank, Aqil Al-Shuwaili, said in a statement, “Al-Hamdani met with the advanced staff of the bank upon his arrival to see the nature and mechanism of the bank’s work in general,” stressing that “an expanded strategic action plan will be developed based on the directives of the Prime Minister to advance the reality of the financial sector.” ".

 

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Views 72

Added 01/24/2023 - 3:45 PM

Updated 01/24/2023 - 5:06 PM

[yota691]

"They did not interact with the dollar crisis" .. Major changes affecting the management of Iraqi banks

2023-01-24 02:57

 

 

 

Shafaq News/ A government source revealed, on Tuesday, that major changes will soon take place in the banks' departments, with the end of the period for evaluating the performance of general managers.

 

 

 

The source told Shafaq News agency, "Big changes will soon occur in the departments of government banks, to appoint those with professional experience and competence, which coincide with the change of the governor of the Central Bank, especially since some of them did not interact with the crisis of the dollar's rise and the solutions that the government put in place to end the crisis." .

 

The source added, "The government did not like the performance of some government banks in terms of dealing with the dollar crisis and other banking reforms in terms of implementing the government program," pointing out that "the government assessment granted a period of 3 months for general managers to improve and develop their work, and for this, the deadline will soon expire." Change will begin."

 

Yesterday, Monday, Prime Minister Muhammad Shia al-Sudani decided to relieve the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, and assign Ali Mohsen Al-Alaq to manage the bank by proxy.

 

Al-Sudani also decided to refer the director of the Iraqi Trade Bank to retirement, and assign Bilal Al-Hamdani to manage it in addition to his duties.

 

These decisions come at a time when the exchange rate of the US dollar against the Iraqi dinar has witnessed a gradual rise since November 2022, reaching its highest levels in recent days, as it crossed the barrier of 165 thousand dinars per 100 dollars.