Adviser to the Prime Minister: Accelerating the approval of the oil and gas law will establish two important matters

[Carrello]

1 hour ago, southbeach said:

And he better enjoy every minute of it here because his enjoyment here is going to match his coming horrors after he is judged by the Lord Jesus and sentenced to hell, not because of all his atrocities but because he refuses to repent from his sins against God and America and follow Christ Jesus instead of, well, nothing.

 

Matthew 7 :: NIV. "Do not judge, or you too will be judged. For in the same way you judge others, you will be judged, and with the measure you use, it will be measured to you. "Why do you look at the speck of sawdust in your brother's eye and pay no attention to the plank in your own eye?

[yota691]

Saleh: The mysterious transfers are controlled, and the dollar will soon return to "1,300" dinars

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12:26  2023-03-28  48  Economy 0

 

Today, Tuesday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, revealed in numbers the volume of daily financial transfer through the window of the Central Bank and Iraq's hard currency reserves, considering that Iraq's economy is "strong and moving towards improvement."

And Salih said in an interview with the official news agency and his follow-up, "The Insider", that: "The Iraqi financial sector is living in a transitional circumstance that includes several goals, including reducing the value of the dollar against the dinar from 1450 dinars per dollar to 1300 dinars per dollar," noting that "there are currently no Transient or ambiguous external transfers or intersection with international compliance.

And he added, "There is freedom in the transfer of trade and capital, such as buying a property outside the country, provided that it passes through the correct banking digital tools and through international compliance," noting that "this procedure generated two prices for the dollar: the first is official, and the other is parallel, but the difference is Between the two prices has started to shrink over time.”

And he stressed, “The economic situation is gradually improving as long as there is freedom in transfers that must be subject to compliance,” noting that “during the next few weeks or months, the official exchange rate will match the parallel.”

And he stated, "The banks began to comply correctly, and began to conduct the correct transfers," pointing out that "the external transfer number from the Central Bank window reached a normal rate, which is 200 million dollars per day."

Salih reassured the Iraqis, that "Iraq's reserves are sufficient and freedom of transfer is available through legal frameworks and compliance, as imports take place at an exchange rate of 1,300 dinars to the dollar, and this gives strength to the Iraqi dinar," noting that "the central bank's reserves today are around 115 billion dollars, which It is the largest reserve in the history of the country.

He continued, "The Iraqi economy is strong and easily faces crises, and the situation is heading towards improvement," explaining that "Iraq is towards gradually improving the digital payments climate and compliance with the world."

The Prime Minister's Advisor for Financial Affairs pointed out that "the packages launched by the Central Bank are smart and give reassurance to the Iraqi citizen," noting that "we have entered the stage of digital payments correctly in Iraq."

[6ly410]

Sudanese adviser reveals the reasons for the continued rise of the dollar and confirms a "breakthrough soon" to the crisis

Sudanese advisor reveals the reasons for the continued rise of the dollar and confirms "a breakthrough soon" to the crisis - Shafaq News

2023-03-29 09:20

 

Shafaq News / Financial Advisor to Prime Minister Mazhar Mohammed Saleh revealed on Wednesday that the continued rise in the price of the dollar is caused by Iraq's commitment to international compliance on foreign remittances, stressing a near breakthrough in the dollar crisis.

 

Saleh said in an interview with Shafaq News Agency that "reorganizing the sales of foreign remittances by the Central Bank of Iraq in accordance with the international compliance platform, which the latter has been undertaking since October 2022, is not easy."

He pointed out that "the value of these foreign remittances amounts to 80% of the bank's total sales per day."

"The process of financing foreign trade in dollars is in the recovery phase after international compliance processes," he said, explaining that "the bank's sales through the auction window after the three packages launched by the central bank previously have returned to their normal level and by $ 200 million per day."

Saleh pointed out that "these sales have become stable and meet the demands of traders and the local market of the dollar, and the bank provides them based on its large reserves of hard currency, which enables it to intervene at any time to control exchange rates for long periods and has the ability to support the economy by financing foreign trade."

Saleh stressed that "the price differences between the official exchange rate of the dinar against the dollar and the parallel price (the black market), began to shrink gradually, albeit slowly," noting at the same time that "the period between last October to the end of February 2023 during which requests were accumulated from rejected transactions due to violating the controls of the compliance platform."

He pointed out that "the foreign currency window in the Central Bank needs some time to absorb that surplus demand for foreign currency and according to the terms of the compliance platform," stressing that "signals to the market show that it is moving positively and gradually towards détente in the coming days."

Iraq witnessed a shortage of dollars after being subjected to pressure from the United States aimed at limiting the flow of money to neighboring countries, which have been imposed financial sanctions by the United States of America, and the Federal Reserve Bank of New York imposed last October stricter controls on dollar transactions for Iraqi commercial banks, as a result, the approval of transfers slowed down and eventually prompted traders to buy dollars from exchange offices, which raised dollar prices against the dinar Iraqi to high levels led to a rise in the prices of basic materials and food in the local markets.

[6ly410]

Financial Advisor to the Prime Minister Mazhar Muhammad Saleh: The continued rise in the price of the dollar is caused by Iraq's commitment to international compliance on foreign remittances, confirming a breakthrough soon in the dollar crisis

[6ly410]

Advisor to the Association of Private Banks Samir Al-Nasiri: Economic reform begins with banking reform

Al-Eqtessad News Agency - Advisor to the Association of Private Banks Samir Al-Nasiri: Economic reform begins with banking reform (economy-news.net)

 

The advisor to the Association of Iraqi Private Banks, Samir Al-Nasiri, stressed that the comprehensive and radical economic reform starts from the reform and development of the banking sector in line with what is stated in Article 12 in paragraph (7) of the government curriculum, which clearly stated and accurately diagnosed that (banking reform in a way that provides a real and effective base for the advancement of the Iraqi economy and stimulate investment through the restructuring and mechanization of government banks, reconsidering their work, stimulating private banks and enabling them to be able to support investment and development in a real way.

In a lecture held by the College of Business Economics at Al-Nahrain University, Al-Nasiri touched on the importance of the banking sector, which occupies a vital position in the financial structure of the economy in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step of economic reform.

He added that the measures currently being carried out by the Central Bank, with the support of the government, are to prepare its new comprehensive strategy to reform, develop and classify banks according to several axes, most notably the completion and implementation of digital transformation projects and internationally approved payment systems, the launch of the financial inclusion strategy, working to adhere to international standards of the global financial system, focusing on controlling foreign transfers, encouraging and motivating traders and importers who need US dollars and other foreign currencies for commercial transactions to access the electronic platform. For external transfer and benefit from the new instructions for external transfer for the year 2023 and the three packages issued by the Central Bank to facilitate access to the services provided by the platform.

He continued to draw up a national lending plan that adopts new mechanisms to organize the granting of loans for the development of small and medium enterprises based on the self-financial capabilities of banks, attracting deposits to provide liquidity and investing it in accordance with the instructions of the Central Bank, directing the initiative to finance small and medium enterprises towards the economic and productive sectors that most affect the contribution to development, establishing a loan guarantee company and activating the work of the deposit guarantee company, continuing procedures and using monetary policy applications to control the exchange rate and reduce the gap between the official rate. And the parallel price, which began to narrow towards reaching the target and balanced exchange rate.

Al-Nasiri added that without the many services provided by the banking system in developed countries, these countries would not have been able to reach the progress and economic growth they have reached, and that the strength of the banking structure has become one of the necessities of building a prosperous economy that adopts modern systems and sound sustainable development. The development of banking habits and awareness of the importance of developing the banking establishment in a way that secures building the national savings base and developing the financial resources necessary to build the economy have become priorities for decision-makers.

Al-Nasiri concluded his speech, "The soundness of the banking system and the mobilization of sound decisions in the field of economic policies towards the development and modernization of banking systems ensure the achievement of momentum in the world of real and financial investment, which revives the financial and monetary markets, which leads to attracting foreign capital looking for profit, which should be taken by the decision-maker to take the necessary measures to fortify and strengthen the local banking systems in a way that makes them able to face the challenges of moving capital to and from abroad without money laundering or money laundering operations. Smuggling foreign exchange, thus increasing the profitability of financial and banking institutions and strengthening the structure of GDP, and this is what the government and the central bank are currently active in."

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60 Views

Added 2023/03/31 - 3:43 PM

[screwball]

On 3/30/2023 at 4:05 AM, 6ly410 said:

confirming a breakthrough soon in the dollar crisis

Waiting….

[yota691]

'Because of inherited customs and traditions'

Sudanese advisor: About 70% of the cash issuance is outside the banking system

2023.04.04 - 22:13

 

Baghdad - people   

Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, proposed two quick solutions to take advantage of the public's cash surpluses for development purposes, while pointing out that attracting large deposits requires encouraging citizens to use electronic banking.  

 

  

Saleh said in a statement to the official agency, followed by “NAS”, (April 4, 2023), that “the cash issue amounted to perhaps 100 trillion dinars, and about 70% of it is currency in circulation outside the banking system and in the form of cash hoarding by the public, due to inherited customs and traditions, which are Deep institutional factors that society has been accustomed to for many years, bearing in mind that the interest on using a lot of that money hoarded in the unregulated money market exceeds 80% annually, which is a type of obscene usury.  

He added, "There are two quick ways to take advantage of the public's cash surpluses, especially for the purposes of development funds. The first is to deal with borrowing bonds, which are issued by the central bank or the government, which are negotiable in buying and selling, extinguishing receivables and bearing annual interest, including the issuance of Islamic sukuk as a hybrid financial instrument."  

And he continued, “The second way is to spread borrowing and deposits through mobile phone banks within the wide uses of electronic banking and very easy applications, without neglecting the current banking activity in carrying out its basic duties, which is cash credit, improving banking services for depositors, and attracting their chunky deposits and other means of attraction towards banks.” And with innovative, easy and attractive tools for depositors, without also neglecting to strengthen the role of the deposit guarantee company and show its effectiveness and strength in guaranteeing the rights of depositors in the face of the risks of failure faced by banks.  

[screwball]

45 minutes ago, yota691 said:

about 70% of it is currency in circulation outside the banking system and in the form of cash hoarding by the public, d

And this is why they will change their rate, this cash needs to enter the system I would think….and a rate change is the only way to get this cash to the banks…

[yota691]

Mazhar Saleh: A Practical Vision to Address Poverty and Unemployment

Iraq  04/08/2023

 

 

 Baghdad: morning

 

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, warned that unemployment is the most dangerous factor associated with spreading poverty and depleting budget resources, indicating that it accompanies a decline in overall annual economic growth and investment activity.

 

Salih told the Iraqi News Agency (INA): "There is a difficult equation in the public finances of our country, between the philosophy and principles of defending living life and the necessities of life that are occupied by the social spending side of the public budget (due to the growing poverty area, which has reached no less than 25 percent). percent of the country's total population).

 

He added, "Social protection expenditures directed to addressing the conditions of families living below the poverty line and the fragility of society, are supported at the same time by food basket projects within the priorities of food security for the majority of society's segments that need real income support."

 

And he continued, "All these needs and meeting their high expenditures in the public budget are directly or indirectly linked to the disturbance in the stability of the standard of living that threatens it (annual inflation in the general level of prices), as all social expenditures and expenditures supportive of price stability, ensuring stable incomes and maintaining the standard of living are calculated." At the minimum, within the (support) clause in the composition of the general budget allocations, which today take a percentage of no less than 13% of the GDP. 

to Iraq."

 

And he added, "Since the subsidy clause is at the same time directly linked to policies to combat poverty and mitigate the effects of inflation on real incomes, as the degree of support allocations to support the poor segments of society rises with the degree of inflation mentioned above and the deterioration of living standards."

 

He pointed out that "there is an important paradox that states that the annual (deficit) ratio in the public budget to the gross domestic product doubles with inflation to reach 23%, which means that price inflation and the erosion of real income (and the resulting decline in economic life and the accumulation of poverty) Destitution, disease and their hardships across generations) has become a difficult constraint in the country's financial equation, as annual inflation is also fundamentally linked to the sustainability of subsidy levels and then the sustainability of deficit levels that go to meet investment spending needs as well, which is a three-pillar syndrome (inflation, subsidy, and deficit). .

 

And he added, “Based on the foregoing, the difficult (negative) financial constraint cannot be removed except by advancing investment expenditures related to economic development that help accelerate growth rates or what is called (economy accelerators),” noting that “economic acceleration is the lever and the most important saving variable.” For economic prosperity and improving the standard of living by providing permanent job opportunities and eliminating poverty and its main source (unemployment), the latter of which reached approximately 16% of the total labor force, according to official data.

 

He pointed out that "unemployment is often associated with a decline in the growth of investment activity and a decline in overall annual economic growth, and it is one of the most dangerous factors associated with spreading poverty and depleting budget resources through the increase in the consumer subsidy clause, which prompted the government approach to see a process based on the adoption of (development funds). ), in order to provide sufficient sustainability for investment spending and break the difficult (negative) financial equation of poverty and unemployment by ensuring development goals, job creation, stability of life and progress. 

the economist"

[ronscarpa]

The Sudanese advisor comments on the continued decline in the "parallel" price of the dollar

EconomyDollar PriceParallel Price

 

2023-04-09 at 03:02

 

Shafaq News/ The financial advisor to the Prime Minister, Mazhar Muhammad Salih commented, on Sunday, on the continued decline in the exchange rate of the dollar in the parallel market.

 

Salih told Shafaq News agency, "The decline in the exchange rate of the dollar in the parallel market and its start to converge towards the official exchange rate is mainly due to the success of the monetary policy of the Central Bank of Iraq in particular and the role of supportive government policies in general to deal positively and effectively in meeting the demand for foreign currency."

 

".And he indicated that "facilitating and improving the procedures for necessary external transfers, and selling cash dollars through international compliance channels, to which the private commercial community and the general beneficiaries of foreign exchange in our country have adapted rapidly, after today's international compliance procedures have become more flexible, more transparent, and broader governance."

 

He added, "At the same time, it is supported by large foreign currency reserves, which are the highest in the country's financial history. All of these factors are gradually shrinking the gap between the two prices," noting that "foreign currency window sales today have reached their high levels in imposing stability and sterilizing liquidity."

 

The exchange rate of the dollar recently witnessed a clear decline, to reach today less than 1480 dinars per dollar, after it was in the past month exceeding 1500 dinars.

 

https://shafaq.com/ar/اقتصـاد/مستشار-السوداني-يعلق-على-استمرار-انخفاض-السعر-الموازي-للدولار

[6ly410]

The {parallel} dollar is approaching the official rate

 04/10/2023

The dollar is approaching the official price » Al-Sabah Newspaper (alsabaah-iq.translate.goog)

 

Baghdad: Al-Sabah

 

The exchange rate of the dollar against the Iraqi dinar fell yesterday, Sunday, on the main stock exchange in the capital, Baghdad, about 145,500 Iraqi dinars per 100 US dollars, while Mazhar Muhammad Saleh, adviser to the Prime Minister, believes that the monetary policy of the Central Bank has succeeded in overcoming the crisis.

Baghdad's Al-Kifah and Al-Harithiya Central Stock Exchanges recorded 146,500 Iraqi dinars for 100 dollars and 145,500 Iraqi dinars for every 100 dollars.

For his part, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, said in a press statement that “the decline in the exchange rate of the dollar in the parallel market and the beginning of its march towards the official exchange rate is mainly due to the success of the monetary policy of the Central Bank of Iraq in particular and the role of government policies supporting in general the positive and effective dealing in meeting the demand for foreign currency.”

He pointed out that "facilitating and improving the necessary foreign transfer procedures, and selling cash dollars through international compliance channels, to which the private commercial community and the general beneficiaries of foreign exchange in our country have rapidly adapted, after international compliance procedures have become more flexible, more transparent and more broadly governed.”

"At the same time, it is supported by large foreign currency reserves, which are the highest in the country's financial history, all of these factors are gradually reducing the gap between the two prices," he said, noting that "foreign currency window sales today have reached high levels in imposing stability and sterilizing liquidity.”

[yota691]

The {parallel} dollar is close to the official rate

Economical  2023/04/10

 

 

 Baghdad: morning

 

Yesterday, Sunday, the exchange rate of the dollar fell against the Iraqi dinar in the main stock exchange in the capital, Baghdad, to about 145,500 Iraqi dinars for every 100 US dollars, while Mazhar Muhammad Salih, advisor to the Prime Minister, believes that the monetary policy of the Central Bank has succeeded in overcoming the crisis. 

 

Yesterday, the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded 146,500 Iraqi dinars for 100 dollars, and 145,500 Iraqi dinars for every 100 dollars. 

 

For his part, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained in a press statement that "the decline in the exchange rate of the dollar in the parallel market and its start to creep towards the official exchange rate is mainly due to the success of the monetary policy of the Central Bank of Iraq in particular and the role of supportive government policies in general to deal with Positive and effective in meeting the demand for foreign currency.

 

And he indicated that "facilitating and improving the procedures for necessary external transfers, and selling cash dollars through international compliance channels, to which the private commercial community and all beneficiaries of foreign exchange in our country have rapidly adapted, after today's international compliance procedures have become more flexible, more transparent, and broader governance."

 

He added, "At the same time, it is supported by large foreign currency reserves, which are the highest in the country's financial history. All of these factors are gradually narrowing the gap between the two prices," noting that "foreign currency window sales today have reached their high levels in imposing stability and sterilizing liquidity."

[yota691]

Sudanese advisor: The Central Bank succeeded in increasing the strength of the dinar and began to approach the parallel price

• Time: 04/11/2023 11:25:06
•  
• Read: 2,392 times

  

{Economic: Al Furat News} The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, said today, Tuesday, that the Central Bank has achieved great success in managing the file of controlling exchange rates and gradually reducing them.

 

Saleh told {Euphrates News}, "The Central Bank has succeeded with great success in managing the file of controlling exchange rates and gradually reducing them through the electronic platform and the management of banks, which therefore adapted to the work of the platform, which was positively reflected by knowing the last beneficiary of the transfers."

 

He added, "These are positive indicators, as we have noticed the parallel market approaching the official exchange rate, and that monetary policy has achieved great success in increasing the strength of the Iraqi dinar until the parallel exchange rate seemed close to the official."

From.. Raghad Dahham 

[6ly410]

Mazhar Mohammed Salih, the prime minister's financial adviser on the economy, said the value of the dinar is moving towards a rise, and dollar sales at the central bank are more than 200 million a day.

[yota691]

The Sudanese advisor warns: the delay in approving the budget obscures part of the important expenditures

04/12/2023 - 14:30

 

Baghdad - people   

Today, Wednesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, stressed the need to expedite the budget legislation, and while he indicated that it is a strategic and important issue in the progress of Iraq, he stressed that the delay in its approval obscures part of the important expenditures in the Iraqi economy, and affects opportunities for progress and growth.  

  

Salih said in a statement to the official agency, followed by "NAS", (April 12, 2023), that "the federal general budget is an important issue in Iraq's economic life, as government expenditures, whether currently underway within the Financial Management Law or that will be added in the Budget Law, constitute about 50 percent of the Iraqi total, and its effects reach about 85 percent in economic activity.  

  

He added, "The delay in approving the budget means withholding part of the important expenditures in the Iraqi economy, especially good projects, appointments, programs, and commitments."  

  

He pointed out that "the budget is a big thing, and any delay will affect the chances of progress and growth," calling for "expediting budget legislation in the coming days."  

  

And he continued, "The country today, in the fifth chapter without a budget, and this does not indicate correctness in the course of the economy," stressing that "accelerating the budget legislation is a strategic and important issue in the progress of Iraq."  

  

  

 

[screwball]

On 3/29/2023 at 11:28 PM, yota691 said:

“The economic situation is gradually improving as long as there is freedom in transfers that must be subject to compliance,” noting that “during the next few weeks or months, the official exchange rate will match the parallel.”

says it all! currently no freedom, when they remove the exchnage restrictions as per IMF they eliminate MCP and parallel rates! this confirms it

[screwball]

8 hours ago, yota691 said:

He pointed out that "the budget is a big thing, and any delay will affect the chances of progress and growth," calling for "expediting budget legislation in the coming days."  

lets get the second reading out of the way....

[screwball]

8 hours ago, 6ly410 said:

said the value of the dinar is moving towards a rise,

👍

[yota691]

Iraq is outside the list of the most indebted to the {International Monetary}

The first  2023/04/16

 

 

 Baghdad: Hoda Al-Azzawi 

 

The Adviser to the Prime Minister for Financial Affairs, Dr. Mazhar Muhammad Salih, considered that Iraq’s exit from the list of countries most indebted to the “International Monetary Fund” is an attractive element for investment, as it greatly raises the creditworthiness of Iraq, while experts considered that leaving Iraq carries significant positive economic repercussions that should be invest in a professional manner. Salih said in an exclusive interview with "Al-Sabah": "Iraq's exit from the list of countries most indebted to (the International Monetary Fund) raises the creditworthiness of Iraq significantly in the list of the most worthy countries," and he explained that "this is an attractive element for investment on the one hand, and on the other hand." On the other hand, all international contracting that takes place in Iraq reduces the risks of affecting project costs, in addition to positive repercussions on all external business costs associated with the Iraqi economy. He noted that "

[yota691]

Iraq is outside the list of the most indebted to international criticism.. and the appearance of Muhammad Salih: positive repercussions

2023.04.16 - 11:00

 

Baghdad - people   

The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, considered that Iraq’s exit from the list of countries most indebted to the “International Monetary Fund” is an attractive element for investment, as it greatly raises the creditworthiness of Iraq, while experts considered that leaving Iraq carries great positive economic repercussions that must be invested in a way professional.  

  

  

  

Salih said in a statement to the official newspaper, followed by "Nas", (April 16, 2023), that "Iraq's exit from the list of countries most indebted to the (International Monetary Fund) raises the creditworthiness of Iraq significantly in the list of the most worthy countries," and he explained that "this is considered An attractive element for investment on the one hand, and on the other hand, all international contracting that takes place in Iraq reduces the risks of affecting project costs, in addition to positive repercussions on all external business costs related to the Iraqi economy.  

  

He noted that "Iraq, since the (Paris Club) agreement signed on 11/21/2004 by former Finance Minister Adel Abdul-Mahdi at the time, got rid of 100 billion dollars of its debt, i.e. 80% was reduced, and the volume of debt was about 130 billion dollars. According to the agreement, 100 billion dollars were deducted from it, and the remainder was scheduled for 20 years, with a grace period of six years.  

  

The advisor to the Prime Minister for Financial Affairs confirmed that "Iraq is committed to fulfilling its debts, whether to companies or creditor countries, and there is great cooperation between the Ministry of Finance and the Central Bank of Iraq in paying installments with their benefits and on time, and since 2009 Iraq began paying interest, and in 2011 it began paying installments with their benefits." .  

  

With regard to the internal objections that affect the two institutions (the Bank and the International Monetary Fund), Saleh indicated that “the reason for the great objections is that the dealings of these two institutions are completely in accordance with the Western system.” 2003 until now, Iraq has entered into six agreements with (the fund) and has not suffered any harm, and has facilitated many things for Iraq, especially the simple agreement that was for a period of months as an emergency agreement, which helped drop 80% of Iraq's debts.  

  

A report issued by the "International Monetary Fund" last week indicated that there are 19 countries with debts exceeding one billion US dollars (not including Iraq), out of the total number of creditor countries from the United Nations Economic Foundation, which is 94 countries.  

[6ly410]

economy

 

Government advisor: The parallel dollar will approach the official rate within days

2023.04.18 - 15:24

Government advisor: The parallel dollar will approach the official rate within days (nasnews.com)

 

 

  

Baghdad - NAS  

A government adviser confirmed on Tuesday that the parallel market for the sale of the dollar will witness a new decline during the next ten days and get closer to the official price, indicating that remittances are currently taking place in an easy and accurate manner, after the agreement with the US side.  

  

  

  

According to local stock exchanges, the exchange rate of the parallel market yesterday recorded 1440 dinars per dollar.  

  

The financial adviser to Prime Minister Mazhar Muhammad Saleh said in press statements followed by "NAS" (April 18, 2023), that "the elaborate measures taken by monetary policy in Iraq have become clear at the present time."  

  

Saleh added that "the price turmoil of the dollar began since the adoption of the electronic platform to audit transfers in advance." He pointed out that "remittances constitute 80% of the demand for foreign currency," noting that "the level of sale was ranging from 180 to 200 million dollars."  

  

Saleh stressed that "Iraqi banks have adapted today to comply with the electronic platform," pointing out that "transfers have become facilitated."  

  

"The market has begun to absorb the accumulation of demand that has not been implemented during the past four months," he said, noting that "this absorption leads to the approximation of the exchange rate in the parallel market from the official rate."  

  

Saleh stressed that "the visit of the Governor of the Central Bank Ali Al-Alaq to Washington witnessed an agreement to conduct some transfers through the platform, but in a more flexible manner."  

  

He expects that "the exchange rate in the parallel market will approach the official exchange rate within 10 days and more rapidly." Saleh stressed that "the difference between the official price and the parallel market was 20 points, and today it fell to less than nine points, and will reach five points in the coming days, while the natural difference required is only two points."  

  

He promised, "The government's measures are a success in controlling funds, their flow, transparency and governance for the benefit of the Iraqi and international economy at the same time."  

  

Saleh pointed out that "the Iraqi economy is strong and has great 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 is reflected in the rise of the dinar against foreign currencies."  

  

For his part, a member of the parliamentary finance committee, Jamal Kojar, said that "the rise that occurred in the past months in the dollar exchange rate is due to the actions of the US Federal Reserve regarding the currency auction."  

  

Koger continued in press statements followed by "NAS", (April 18, 2023), that "the number of participants in the currency auction reaches 42 banks, and seven major banks have been excluded, some of which are large and have their share of the currency auction."  

  

He pointed out that "Iraq suffered during the past period from the submission of forged invoices from some banks participating in the currency auction."  

  

"The exclusion of some banks and the confirmation of the validity of invoices tighten the noose on illegal operations," Koger said.  

  

He stressed that "these measures led to a shortage of dollars within 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 through obliging all banks to follow the electronic window system."  

  

"The measures taken by the central bank over the past period to control the exchange rate are good, but they are insufficient in order to reach official levels in the parallel market," he said.  

  

"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," Koger said.  

  

It is noteworthy that the exchange rate market parallel to the dollar has witnessed significant jumps and has sometimes exceeded 1700,1300 dinars per dollar, while the government decided to reduce the official rate to <>,<> dollars and has adopted this in the draft budget currently before the House of Representatives.  

[screwball]

6 minutes ago, 6ly410 said:

expressing optimism that "the Iraqi economy will stabilize, which is reflected in the rise of the dinar against foreign currencies." 

Let’s see what the next tend days brings…

[screwball]

7 minutes ago, 6ly410 said:

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," Koger said.  

Remove mcp and go to single rate yuan or euro who cares!😂😂

[yota691]

Sudanese advisor: The exchange rate of the parallel dollar is rapidly approaching the official rate

---

16:54  2023-04-21  23  Economy 0

 

- Economic Adviser to the Prime Minister, Mazhar Muhammad Salih: We expect very soon that the exchange rate of the parallel dollar will approach the official rate, with the continuation of external transfers, especially

• Saleh: All private banks committed themselves to transfers, and the e-government controlled these external transfers

Saleh: All of these things will lead to the drop in the parallel dollar exchange rate to the official rate

[yota691]

A government advisor expects the exchange rate of the dollar in the parallel market to approach the official rate

Economy

14:16 - 2023-04-21

 

 

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, expected that the exchange rate of the dollar in the parallel market would approach the official rate.

Saleh said in a press statement: "We expect very soon that the exchange rate of the parallel dollar will approach the official rate with the continuation of external transfers, especially since all private banks have committed themselves to transfers and the electronic government controls these external transfers."
And he indicated that "all these matters will lead to the decline of the parallel dollar exchange rate to the official rate."
Prime Minister Muhammad Shia al-Sudani said in an interview with a number of local media two days ago that: "The fluctuations in the exchange rates of the dollar are the result of the non-implementation of the agreement signed between the previous government and the central bank with the Federal Bank and the US Treasury."
Al-Sudani added, "The exchange rate of the dollar against the dinar will decrease to reach its official price of 1,320 dinars," stressing that "the Iraqi dinar is strong and the financial situation is at its best, and we have great confidence in the Iraqi dinar."
He stressed that "the exchange rates of the dollar tend to stabilize and reach the official rate soon."