screwball Posted July 21, 2023 Report Share Posted July 21, 2023 Does fiscal spacE refer to cash liquidity and or purchasing power? 1 Quote Link to comment Share on other sites More sharing options...
screwball Posted July 21, 2023 Report Share Posted July 21, 2023 8 hours ago, yota691 said: to find out the real reasons for the inability to control the parallel price." It’s called purchasing power and too many zeros 1 2 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 22, 2023 Author Report Share Posted July 22, 2023 The dollar crisis is “worsening” and Parliament is hosting the central governor Economical 2023/07/22 Baghdad: The Emad of the Emirate The House of Representatives intends to host the Governor of the Central Bank, Ali Al-Alaq, and the Minister of Finance, Taif Sami, during the current week, to find out the reasons for the lack of control over the parallel exchange rate. The parallel price means the exchange rate of the dollar in the market and exchange offices, and not the official rate set at 1132 dinars per dollar, according to the decision of the Board of Directors of the Central Bank of Iraq, which was approved by the Council of Ministers. The exchange rates of the US dollar against the Iraqi dinar rose in Baghdad markets, after Washington imposed sanctions on 14 Iraqi banks, to reach 152 thousand dinars per hundred dollars yesterday, Friday. A member of the Finance Committee, MP Moein Al-Kazemi, said in a press statement: "The government tried to control the exchange rate, by reducing the dollar from 145 to 130 thousand, and was able to provide remittances to countries to which remittances can be sent." Al-Kadhimi added, "However, there are other countries from which Iraqi merchants import, and US sanctions prevent sending these remittances, forcing these merchants to obtain dollars from the parallel market." And he explains, “Which leads to the dollar’s price remaining high in this market, and with the recent measures of the US Federal Reserve not to deal with a number of private banks, this had an impact on the rise in the dollar’s price. Regarding the procedures of the Finance Committee in this regard, Al-Kazemi stressed, "There will be a hosting of the Governor of the Central Bank and the Minister of Finance this week, to find out the real reasons for the inability to control the parallel price." For his part, the specialist in economic affairs, Dr. Ahmed Al-Rawi, believes in an interview with "Sabah" that "the approval of the current budget with large allocations for spending will lead to an increase in the demand for the dollar, and despite the Central Bank's measures to mitigate the difference in the official price from the parallel, all these measures do not affect only a few percentages in this difference," it is likely that "the large size of the budget, especially in items of operating expenses, will lead to the continuation of the difference in the exchange rate of the parallel dollar." Al-Issawi stated, "The Iraqi economy is going through a dangerous phase after two decades have passed after changing the political system without economic diversification, the absence of private sector participation, and the meagerness of the stock market with great functional slack," noting that, after "approving the tripartite budget, the Iraqi economy faces the possibility of witnessing an increase in demand for the dollar to meet the needs of merchants and citizens and to meet import requests, especially after the release of budget funds," likely at the same time, the inability of "monetary policy" to bridge the gap between the official and parallel prices in light of the indicators of the unilateral economy. For his part, academic Dr. Amr Hisham stated, "Relaunching the general budget, especially the investment budget, will enhance aggregate demand and raise prices if the productive base cannot respond to this increasing demand." He continued, so large sums of dollars will be transferred abroad as a result of increased imports, which will inevitably raise the demand for foreign currency. The sanctions affected "banks (the Islamic Advisor for Investment and Finance, Al-Qartas Islamic Investment and Finance, as well as the Islamic Spectrum, Elaf Bank, Erbil Bank for Investment and Finance, International Islamic Bank, Trans-Iraq Bank, Mosul Bank for Development and Investment, Al-Rajih Bank, Sumer Commercial Bank, Trust International Islamic Bank, Ur Islamic Bank, Islamic World Bank for Investment and Finance, and Zain Iraq Islamic Bank for Investment and Finance." nation on remittances in the country in general 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 22, 2023 Author Report Share Posted July 22, 2023 The legislative authority is preparing for a new round of censorship battle Iraq 2023/07/22 Baghdad: Muhannad Abdel-Wahhab and Haider Al-Jaber With the start of the new legislative term, Parliament is preparing to engage in a new round of oversight over the executive power, as it is heading to take a number of measures stipulated in the constitution, including parliamentary questions and hosting all the way to interrogation. The General Budget Law constitutes the most important laws that occupied Parliament's time in the first half of this year, and after the law has been approved, Parliament will devote itself to its other tasks, including following up on the process of disbursing the general budget. Representative Muhammad Al-Khafaji denied the existence of political targeting in the process of monitoring executive officials, and told Al-Sabah: "There are parliamentary hosts and questions, and we will follow them up with the concerned deputies because it is a matter of oversight and audit." And he continued, "In the event of procrastination or procrastination, we will raise the issue in parliament," and revealed that several requests for hosting and accountability had been submitted, adding: "We have not received a response yet." The Council's record in previous sessions contains famous interrogations that ended with the dismissal of important officials, including the Ministers of Defense and Finance. And the deputy, Jay Taymur, confirms that the parliamentarians will exercise the oversight role individually or through the specialized committees, pledging to dismiss non-responsive officials. Taymur told Al-Sabah: "Parliament's work includes two aspects: supervisory and legislative, and the oversight role continues, whether through the individual efforts of deputies or through specialized committees." He added that this is done "on a daily basis through correspondence, correspondence, and oral or written parliamentary questions." And he indicated, "If necessary, we will interrogate more than one official and withdraw the hand of any incompetent official, and there are no political obstacles in front of us." He explained, "We voted to host the Minister of Youth and the head of the Olympic Committee, and we are currently monitoring the disbursement of the general budget." In turn, a member of the Parliamentary Integrity Committee, Alia Nassif, said in an interview with "Al-Sabah": "The House of Representatives lives in a state of legislative and parliamentary stability and performs its work properly." Regarding the Integrity Committee's hosting, she explained that "there is a completion of the hosting, and a number of sub-committees related to the work of the ministries were formed, and each of the members of the Integrity Committee took specific files such as the electricity, interior, oil, central bank, banking and finance files and the files of the remaining ministries, and all of these committees have reached advanced stages that may be announced in the next few days." Nassif confirmed, "The Prime Minister interacts with the committees - especially from the Integrity Committee - well, as confidence was withdrawn from the Director of Iraqi Insurance, and we have promises from the Prime Minister to withdraw the hand of a number of other officials, as well as several measures were taken by the Minister of Interior based on the reservations of the Integrity Committee, and there is interaction and coordination between the legislative and executive authorities in exercising the oversight role." Edited by: Muhammad Al-Ansari 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 22, 2023 Author Report Share Posted July 22, 2023 With the exacerbation of the dollar crisis.. Parliament hosts the central governor The first 2023/07/22 F Baghdad: The Emad of the Emirate The House of Representatives intends to host the Governor of the Central Bank, Ali Al-Alaq, and the Minister of Finance, Taif Sami, during the current week, to find out the reasons for the lack of control over the parallel exchange rate. The parallel price means the exchange rate of the dollar in the market and exchange offices, and not the official rate set at 1132 dinars per dollar, according to the decision of the Board of Directors of the Central Bank of Iraq, which was approved by the Council of Ministers . The exchange rates of the US dollar against the Iraqi dinar rose in Baghdad markets, after Washington imposed sanctions on 14 Iraqi banks, to reach 152 thousand dinars per hundred dollars yesterday, Friday. Member of the Finance Committee, Representative Mueen Al-Kazemi, said in a press statement: "The government tried to control the exchange rate, by reducing the dollar from 145 to 130, and was able to provide remittances to countries to which remittances can be sent." Al-Kadhimi added, "However, there are other countries from which Iraqi merchants import, and US sanctions prevent sending these remittances, forcing these merchants to obtain dollars from the parallel market." He explains, "Which leads to the dollar's price remaining high in this market, and the recent measures of the US Federal Reserve not to deal with a number of private banks had an impact on the rise in the dollar's price." Regarding the procedures of the Finance Committee in this regard, Al-Kazemi confirms, "There will be a hosting of the Governor of the Central Bank and the Minister of Finance this week, to find out the real reasons for the inability to control the parallel price." For his part, the specialist in economic affairs, Dr. Ahmed Al-Rawi, told Al-Sabah that “the approval of the current budget with large allocations for spending will lead to an increase in demand for the dollar, and despite the central bank’s measures to mitigate the official price difference from the parallel, all these measures only affect a few percentages in this difference. 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 22, 2023 Author Report Share Posted July 22, 2023 The dollar crisis is 'aggravating' and Parliament hosts the Central Governor and the Minister of Finance 2023.07.22 - 12:33 l Baghdad - people The House of Representatives intends to host the Governor of the Central Bank, Ali Al-Alaq, and Minister of Finance, Taif Sami, during the current week, to find out the reasons for not controlling the parallel exchange rate. The parallel price means the exchange rate of the dollar in the market and exchange offices, and not the official rate set at 1132 dinars per dollar, according to the decision of the Board of Directors of the Central Bank of Iraq, which was approved by the Council of Ministers. The exchange rates of the US dollar against the Iraqi dinar rose in Baghdad markets, after Washington imposed sanctions on 14 Iraqi banks, to reach 152 thousand dinars per hundred dollars yesterday, Friday. A member of the Finance Committee, MP Moein Al-Kazemi, said in a press statement: "The government tried to control the exchange rate, by reducing the dollar from 145 to 130 thousand, and was able to provide remittances to countries to which remittances can be sent." Al-Kadhimi added, "However, there are other countries from which Iraqi merchants import, and US sanctions prevent sending these remittances, forcing these merchants to obtain dollars from the parallel market." And he explains, “Which leads to the dollar’s price remaining high in this market, and with the recent measures of the US Federal Reserve not to deal with a number of private banks, this had an impact on the rise in the dollar’s price. Regarding the procedures of the Finance Committee in this regard, Al-Kazemi stressed, "There will be a hosting of the Governor of the Central Bank and the Minister of Finance this week, to find out the real reasons for the inability to control the parallel price." For his part, the specialist in economic affairs, Dr. Ahmed Al-Rawi, believes that “approving the current budget with large allocations for spending will lead to an increase in demand for the dollar, and despite the Central Bank’s measures to mitigate the difference in the official price from the parallel, all these measures do not affect only a few percentages in this difference.” It is likely that “the large size of the budget, especially in items of operating expenses, will lead to the continuation of the difference in the exchange rate of the parallel dollar.” For his part, the researcher and academic, Dr. Abdul Karim Al-Issawi, explained that the basis of the economy's problem lies in its absolute dependence on oil revenues in financing the annual federal budgets by up to 95 percent with the absence of non-oil financial revenues, and from this well-established fact, the Iraqi economy did not emerge from the bottleneck in order to avoid the chronic structural dependence on the extractive sector with the low percentage of the contribution of the commodity, production and service economic sectors. Al-Issawi stated, "The Iraqi economy is going through a dangerous phase after two decades have passed after changing the political system without economic diversification, the absence of private sector participation, and the meagerness of the stock market with great functional slack," noting that, after "approving the tripartite budget, the Iraqi economy faces the possibility of witnessing an increase in demand for the dollar to meet the needs of merchants and citizens and to meet import requests, especially after the release of budget funds," likely at the same time, the inability of "monetary policy" to bridge the gap between the official and parallel prices in light of the indicators of the unilateral economy. For his part, academic Dr. Amr Hisham stated, "Relaunching the general budget, especially the investment budget, will enhance aggregate demand and raise prices if the productive base cannot respond to this increasing demand." He continued, "So large sums of dollars will be transferred abroad as a result of increased imports, which will inevitably raise the demand for foreign currency." The sanctions affected "banks (the Islamic Advisor for Investment and Finance, Al-Qartas Islamic Investment and Finance, as well as the Islamic Spectrum, Elaf Bank, Erbil Bank for Investment and Finance, the International Islamic Bank, Trans-Iraq Bank, Mosul Bank for Development and Investment, Al-Rajih Bank, Sumer Commercial Bank, Trust International Islamic Bank, Ur Islamic Bank, Islamic World Bank for Investment and Finance, and Zain Iraq Islamic Bank for Investment and Finance." And the US Treasury Department prevented four other Iraqi banks from accessing the dollar last November, and also imposed, in cooperation with the Central Bank of Iraq, stricter controls on financial transfers in the country in general. "The Official Gazette" 1 Quote Link to comment Share on other sites More sharing options...
6ly410 Posted July 23, 2023 Report Share Posted July 23, 2023 The Finance Minister and central bank governor are invited to parliament on the decline of dinar 4 hours ago. SHARE ON FACEBOOKMinister of Finance and Central Bank of... It happened. (rudaw.net) SHARE ON TWITT IRAQ A member of the Finance Committee of the Iraqi parliament said that regarding the further fall in the Iraqi dinar، the measures of the Ministry of Finance، the Central Bank and a number of other issues، they asked the Minister of Finance and the Governor of the Central Bank of Iraq to attend their committee. On Sunday، 23-7-2023، Mu'in al-Kazemi، a member of the Finance Committee of the Iraqi parliament، said: "We have asked Finance Minister Taif Sami and D. Ali Alaq، governor of the Central Bank of Iraq to attend the Finance Committee to explain the reasons for not raising the value of the Iraqi dinar and staying at this low level. Increase the value of the stock in the future." After the holidays، today (Sunday، July 23، 2023)، the Central Bank of Iraq sold 231 million and 354 thousand and 316 dollars at an official price، of which 14 million and 540 thousand dollars was for cash and 216 million and 814 thousand dollars. Today at 12:30 p.m.، Haji Sabir Bawaji، a member of the Currency Exchange Council in Erbil، told Rawdaw Media Network، "Now 100 dollars is being traded for 153 thousand and 300 dinars. "The central bank of Iraq has always influenced the value of the dinar and it has sold a little؛ it will go out and not enter the markets، and if the dollar reduces the market in this way، the value of the dinar will fall further." The reason for the recent fall in the value of the dinar is due to a U.S. decision this month that banned the transaction of dollars from 19 Iraqi banks and accused them of sending dollars to countries that are under U.S. sanctions. While these banks have previously had shares in the Central Bank of Iraq and received the dollar at official prices. Jamal Kochar، a member of the Finance Committee of the Iraqi parliament، said on Sunday، July 23، 7، about the invitation of the Minister of Finance and the Governor of the Central Bank: "We made this request a week ago، the time has not yet been set، so we are waiting for the response of these two institutions." With the sanctions on banks، dollar cash sales fell by more than half، as last Tuesday the Central Bank of Iraq sold $49.470 million in cash؛ Wednesday was a public holiday and Thursday sold about $30 million in cash. 4 2 Quote Link to comment Share on other sites More sharing options...
horsesoldier Posted July 23, 2023 Report Share Posted July 23, 2023 Whatever could the matter be. Dragging it ALL through the weeds as usual. OR, is this the plan. Going nowhere and in no particular hurry to get there ??? 2 1 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 24, 2023 Author Report Share Posted July 24, 2023 To discuss the exchange of the dollar.. Parliamentary Finance hosts the Governor of the Central Bank 2023.07.24 - 13:01 Baghdad - Nas On Monday, the Parliamentary Finance Committee hosted the Governor of the Central Bank, Ali Al-Alaq, to discuss the issue of dollar exchange. The official agency said, "The committee hosted the governor of the Central Bank, Ali Al-Alaq, to discuss the issue of dollar exchange and the mechanism of the central bank's work to control the market." While committee member Saad Awad Al-Tobi confirmed, "The committee prepared a program to host a number of officials, including the directors of Al-Rasheed and Al-Rafidain Banks," noting that "hosting aims to discuss the fees and benefits imposed on borrowers, whether they are decreasing or fixed, which sometimes amounts to twice the loan received by the citizen." 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 24, 2023 Author Report Share Posted July 24, 2023 Details of Parliament Finance meeting with the Governor of the Central Bank Time: 07/24/2023 15:46:23 Read: 429 times {Economic: Al Furat News} The Governor of the Central Bank, Ali Al-Alaq, said today, Monday, that the general principle of monetary stability is the linkage of the exchange rate to cash. And the media department of Parliament stated, received by {Euphrates News} that the Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, hosted today, Monday, the Governor of the Central Bank, Ali Al-Alaq, regarding the discussion of the banking sector and the high exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks. Al-Alaq reviewed "a number of issues related to the work of the central bank and monetary policy," noting that "the task of the central bank is to achieve monetary stability and control prices." Al-Alaq stressed, "The necessity of creating a balance between supply and demand for foreign currency, monitoring the cash currency entering and leaving through the outlets, and emphasizing its entry in a fundamental manner," adding that "the general principle of monetary stability is the linkage of the exchange rate to cash." And he added, "The problem lies in the increased demand for the currency, while the bank provides the currency through the platform, stressing its willingness to cooperate in order to get out of the crisis." 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 24, 2023 Author Report Share Posted July 24, 2023 The Finance Committee issues a number of recommendations to the Central Bank, and the relationship confirms: Our problem is the increase in demand for currency 2023-07-24 08:30 Shafaq News/ The Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, hosted, on Monday 7/24/2023, the Governor of the Central Bank, Ali Al-Alaq, regarding the discussion of the banking sector, the rise in the exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks. According to a statement by the Finance Committee, Al-Atwani said that there is optimism in the process of reforming the economic reality and money management, and the path of controlling the exchange rate, adding: We hope to achieve economic stability and improve performance. He pointed out that there is a problem related to the existence of sanctions imposed on some banks, which leads to challenges that must be faced and the need to find measures to control the labor market and the exchange rate. , For his part, Ali Al-Alaq reviewed a number of issues related to the work of the Central Bank and monetary policy, indicating that the Central Bank's mission is to achieve monetary stability and control prices. He explained that there must be a balance between supply and demand for foreign currency, and control the cash currency entering and leaving through the outlets and confirming its entry in a legal manner, adding that the general principle of monetary stability is the linkage of the exchange rate with cash. However, he added that the problem lies in the increased demand for the currency, while the bank provides the currency through the platform, stressing its willingness to cooperate in order to get out of the crisis. The members of the committee asked a number of questions regarding the reasons for the rise in exchange rates, the penalties imposed on some banks, and what are the procedures that the Central Bank follows to find out the details, with the importance of developing radical solutions to this crisis. The observations focused on the need to follow a monetary policy concerned with achieving economic packages that meet the requirements of the labor market, determining the number of banks approved by the Central Bank, and finding clear plans to address the financial situation, since the most affected is the Iraqi citizen and the poor groups, as well as how to protect the Iraqi dinar, and monitor exchange companies, in addition to procedures for dealing with banks, stressing the importance of concerted efforts in order to support the financial institution and avoid the results of the stage. At the end of the meeting, the Finance Committee affirmed support for the decisions taken by the government so that they are in the public interest of the country and building an advanced financial and economic system. 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 24, 2023 Author Report Share Posted July 24, 2023 Outputs Of The Meeting Of The Finance Committee With The Governor Of The Central Bank Regarding The Dollar 7/24/2023 1364 On Monday, the Finance Committee, chaired by Atwan Al-Atwani and in the presence of its members, hosted the Governor of the Central Bank, Ali Al-Alaq, regarding the discussion of the banking sector, the high exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks. During the hosting, which was attended by a number of deputies of other committees, the Chairman of the Committee welcomed the Governor of the Central Bank, stressing that there is optimism in the process of reforming the economic reality and money management, and the path of controlling the exchange rate, adding: We hope to achieve economic stability and improve performance, pointing out that there is a problem related to the existence of sanctions imposed on some banks, which leads to challenges that must be faced and the need to find measures to control the labor market and the exchange rate. For his part, Ali Al-Alaq reviewed a number of issues related to the work of the central bank and monetary policy, indicating that the central bank's mission is to achieve monetary stability and control prices, and he explained that there must be a balance between supply and demand for foreign currency, and to monitor the cash currency entering and leaving through the outlets and confirming its entry in a fundamental way. Committee members asked a number of questions regarding the reasons for the rise in exchange rates, the penalties imposed on some banks, and what are the procedures followed by the Central Bank to find out the details, with the importance of developing radical solutions to that crisis. The observations focused on the need to follow a monetary policy concerned with achieving economic packages that meet the requirements of the labor market, determining the number of banks approved by the Central Bank, and finding clear plans to address the financial situation, since the most affected is the Iraqi citizen and the poor groups, as well as how to protect the Iraqi dinar, and monitor exchange companies, in addition to procedures for dealing with banks, stressing the importance of concerted efforts in order to support the financial institution and avoid the results of the stage. At the conclusion of the meeting, the Finance Committee affirmed support for the decisions taken by the government in the interest of the country and the building of an advanced financial and economic system. 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 24, 2023 Author Report Share Posted July 24, 2023 The Iraqi parliament discusses the relationship in the "significant rise" in the price of the dollar 2023-07-24 03:50 Shafaq News/ The Finance Committee in the Iraqi Parliament will host, on Monday, the Governor of the Central Bank, Ali Al-Alaq, regarding the significant rise in the exchange rate of the dollar against the dinar. A parliamentary source told Shafaq News agency that the Finance Committee in the Iraqi Parliament is hosting, this afternoon, the Governor of the Central Bank, Ali Al-Alaq, in order to discuss the significant rise in the dollar exchange rate and the bank's procedures and plans to counter this rise. During the past two days, the exchange rates of the US dollar against the Iraqi dinar increased dramatically, in the Baghdad markets, and in Erbil, the capital of the Kurdistan region, after Washington imposed sanctions on 14 Iraqi banks. In this context, Moeen Al-Kadhimi, a member of the Finance Committee, told Shafaq News agency, "The government tried to control the exchange rate, by reducing the dollar from 145 to 130, and was able to provide remittances to countries to which remittances can be sent." Al-Kazemi added, "But there are other countries from which Iraqi merchants import, and the US sanctions prevent sending these remittances, which forces these merchants to obtain dollars from the parallel market, which leads to the dollar's price remaining high in this market, and with the recent measures of the US Federal Reserve not to deal with a number of private banks, this had an impact on the rise in the price of the dollar, to reach 155." Regarding the procedures of the Finance Committee in this regard, Al-Kazemi confirms, "There will be a hosting of the governor of the Central Bank and the Ministry of Finance during the next week, to find out the real reasons for the inability to control the parallel price." Last Wednesday, the US Treasury imposed sanctions on 14 Iraqi banks in a crackdown on Iran's dollar transactions. 1 Quote Link to comment Share on other sites More sharing options...
T B Posted July 24, 2023 Report Share Posted July 24, 2023 dear LORD ,you know the hold ups and the people that control IT🙂, LORD NOT OUR WILL,BUT YOURS WILL BE DONE ON EARTH AS ITS IN HEAVEN ! IN JESUS NAME I PRAY, AMEN! BE BLESSED! 2 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 24, 2023 Author Report Share Posted July 24, 2023 The Central Bank informs Shafaq News about a "problem" related to dollar prices, and promises a decrease 2023-07-24 08:18 Shafaq News/ Deputy Governor of the Central Bank, Ammar Hamad revealed, on Monday, the bank's measures to confront the significant rise in the exchange rates of the dollar against the dinar. During the past two days, the exchange rates of the US dollar against the Iraqi dinar increased dramatically, in the Baghdad markets, and in Erbil, the capital of the Kurdistan Region, to reach 155 thousand dinars per hundred dollars, after Washington imposed sanctions on 14 Iraqi banks, in a crackdown on Iran's dealings in dollars. The official exchange rate is 1,320 dinars to the dollar in the Iraqi budget. As a result, the Finance Committee in the Iraqi Parliament hosted, today, Monday, the Governor of the Central Bank, Ali Al-Alaq, and also to discuss the bank’s procedures for stabilizing currency prices. The Deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News agency, "The central bank's main goal is to achieve stability in the exchange rate of the dollar against the Iraqi dinar," explaining that "the central bank provided the electronic platform to save dollars for buying goods and services from abroad." Hamad expressed his surprise that "merchants or citizens go to the market to buy foreign currency at a price that is a big difference from the official rate," noting that "the Central Bank provided the dollar at an official rate, but within the uses of the private sector is the purchase of goods and services from abroad." The Deputy Governor of the Central Bank pointed out that “speculative operations in the market have caused a rise in the exchange rate of the dollar now, and it will be returned to the previous price soon.” Almost since the beginning of this year, the Central Bank of Iraq launched a working mechanism in an electronic platform and the international financial transfer system "SWIFT", but this did not help the dollar exchange rates to stabilize in Iraq, despite the attempts of the government and the central bank to control the exchange rate in the parallel (black) markets. 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 24, 2023 Author Report Share Posted July 24, 2023 Parliamentary Finance hosts the Governor of the Central Bank to discuss the rise in the exchange rate of the dollar Economy 15:10 - 2023-07-24 Today, Monday, the Parliamentary Finance Committee in the House of Representatives hosted the Governor of the Central Bank, Ali Al-Alaq, to discuss the issue of the exchange of the US dollar against the Iraqi dinar. And the media department of the House of Representatives stated in a statement, that "the committee hosted the governor of the Central Bank, Ali Al-Alaq, to discuss the issue of dollar exchange." She pointed out that "hosting also includes a discussion of the mechanism of the Central Bank of Iraq's work to control the exchange rate of the dollar against the dinar in the local market." 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 24, 2023 Author Report Share Posted July 24, 2023 The Governor of the Central Bank stresses the need to monitor the entry of foreign currency and strike a balance between demand and supply - 07-24-2023 04:29 PM - Number of readings: 1091 The Central Bank affirmed, on Monday, the necessity of creating a balance between supply and demand for foreign currency, and monitoring the cash currency entering and leaving through the outlets, and ensuring its entry in a legal manner. And the media department of the House of Representatives stated in a statement, “The Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, hosted the Governor of the Central Bank, Ali Al-Alaq, regarding discussing the banking sector and the high exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks.” During the hosting, which was attended by a number of deputies from other committees, the head of the committee welcomed the governor, stressing that "there is optimism in the process of reforming the economic reality, money management, and the path of controlling the exchange rate." He expressed his hope for achieving economic stability and improving performance, pointing out that there is a problem related to the existence of sanctions imposed on some banks, which leads to challenges that must be faced and the need to find measures to control the labor market and the exchange rate. Al-Alaq stressed, "The necessity of creating a balance between supply and demand for foreign currency, and monitoring the cash currency entering and leaving through the outlets and confirming its entry in a fundamental manner," noting that "the general principle of monetary stability is the linkage of the exchange rate with cash," adding that "the problem lies in increasing the demand for currency, while the bank provides currency through the platform, stressing its willingness to cooperate in order to get out of the crisis." The members of the committee asked a number of questions regarding the reasons for the rise in exchange rates, the penalties imposed on some banks, and what are the procedures that the Central Bank follows to find out the details, with the importance of developing radical solutions to this crisis. He pointed out, "The observations focused on the need to follow a monetary policy concerned with achieving economic packages that meet the requirements of the labor market, determining the number of banks approved by the central bank, and finding clear plans to address the financial situation, since the most affected is the Iraqi citizen and the poor groups, as well as how to protect the Iraqi dinar, and monitor exchange companies, in addition to procedures for dealing with banks, stressing the importance of concerted efforts in order to support the financial institution and avoid the consequences of the stage." At the end of the meeting, the Finance Committee affirmed support for the decisions taken by the government so that they are in the public interest of the country and building an advanced financial and economic system. 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 24, 2023 Author Report Share Posted July 24, 2023 Parliamentary Finance: The coming days will witness a further rise in dollar exchange rates two hours ago 398 Parliamentary Finance confirmed today, Monday, that the coming days will witness a further rise in dollar exchange rates, while it suggested that US sanctions might reach the Central Bank of Iraq. And the first deputy head of the Parliamentary Finance Committee, Ahmed Mazhar al-Jubouri, said, “The placement of US sanctions on some Iraqi banks indicates the existence of problems in their dealings, and that the Central Bank today is losing at least $140 million that was sold to these banks.” He added, "Frankness is painful, and the coming days may witness a further rise in the exchange rates of the dollar," noting that "all solutions are only patchwork and formalities." And he continued, “The central bank’s dealings with exchange companies, this step is a major disaster, as the banks and their sobriety have imposed sanctions on them, so how about the exchange companies, which will make the central bank face to face in front of the US treasury, and the sanctions may reach the central bank.” Earlier today, the Parliamentary Finance Committee hosted the Governor of the Central Bank, Ali Al-Alaq, to discuss US sanctions on some banks, and the repercussions of the high dollar exchange rates. 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 24, 2023 Author Report Share Posted July 24, 2023 The Parliamentary Finance Committee calls on the governor of the central bank to present new reform packages to control the dollar. July 24, 2023 3:22 PM 0 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 24, 2023 Author Report Share Posted July 24, 2023 The governor of the central bank determines the reasons for the rise in the dollar 1 hour ago 405 Today, Monday, the governor of the Central Bank, Ali Al-Alaq, revealed the reasons for the rise in the dollar. And the media department of Parliament stated that the Finance Committee, headed by Atwan Al-Atwani and the presence of its members, hosted today, Monday, the Governor of the Central Bank, Ali Al-Alaq, regarding the discussion of the banking sector and the high exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks. Al-Alaq reviewed, “a number of issues related to the work of the central bank and monetary policy,” noting that “the task of the central bank is to achieve monetary stability and control prices.” Al-Alaq stressed, “The necessity of creating a balance between supply and demand for foreign currency, monitoring the cash currency entering and leaving through the outlets, and emphasizing its entry in a legal manner,” adding that “the general principle of monetary stability is the exchange rate’s link to cash.” And he added, "The problem lies in the increased demand for the currency, while the bank provides the currency through the platform, stressing its willingness to cooperate in order to get out of the crisis." 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 24, 2023 Author Report Share Posted July 24, 2023 The Central Bank explains to Parliament "the reasons for the rise in the exchange rate" and the repercussions of US sanctions economy |Today, 15:30 | Baghdad today - Baghdad Today, Monday (July 23, 2023), the Central Bank of Iraq affirmed the necessity of striking a balance between the supply and demand for foreign currency, monitoring the cash currency entering and leaving through the outlets, and ensuring its entry in a legal manner. The media department of the House of Representatives stated in a statement received by "Baghdad Today", that "the Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, hosted the Governor of the Central Bank, Ali Al-Alaq, regarding the discussion of the banking sector and the high exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks." During the hosting, which was attended by a number of deputies from other committees, the head of the committee welcomed the governor, stressing that "there is optimism in the process of reforming the economic reality, money management, and the path of controlling the exchange rate." He added, "We hope to achieve economic stability and improve performance," pointing out that "there is a problem related to the existence of sanctions imposed on some banks, which leads to challenges that must be faced and the need to find measures to control the labor market and the exchange rate." The statement continued, "Al-Alaq reviewed a number of issues related to the work of the central bank and monetary policy," noting that "the task of the central bank is to achieve monetary stability and control prices." Al-Alaq stressed, "The necessity of creating a balance between supply and demand for foreign currency, and monitoring the cash currency entering and leaving through the outlets and confirming its entry in a fundamental manner," noting that "the general principle of monetary stability is the linkage of the exchange rate with cash," adding that "the problem lies in increasing the demand for currency, while the bank provides currency through the platform, stressing its willingness to cooperate in order to get out of the crisis. " The members of the committee asked He pointed out, "The observations focused on the need to follow a monetary policy concerned with achieving economic packages that meet the requirements of the labor market, determining the number of banks approved by the central bank, and finding clear plans to address the financial situation, since the most affected is the Iraqi citizen and the poor groups, as well as how to protect the Iraqi dinar, and monitor exchange companies, in addition to procedures for dealing with banks, stressing the importance of concerted efforts in order to support the financial institution and avoid the consequences of the stage." At the end of the meeting, the Finance Committee affirmed 1 Quote Link to comment Share on other sites More sharing options...
horsesoldier Posted July 24, 2023 Report Share Posted July 24, 2023 It's your own doing and you know what you're doing. It's not a surprise nor a shocker & I'm calling to the whole sky is falling crud. You know how to fix it all and yet still you you refuse. Greed is your God. 1 1 1 1 Quote Link to comment Share on other sites More sharing options...
6ly410 Posted July 24, 2023 Report Share Posted July 24, 2023 1 1 Quote Link to comment Share on other sites More sharing options...
6ly410 Posted July 24, 2023 Report Share Posted July 24, 2023 1 Quote Link to comment Share on other sites More sharing options...
6ly410 Posted July 24, 2023 Report Share Posted July 24, 2023 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.