Official: CBI News 10/18/2023

[yota691]

A new statement by the Iraqi Central Governor regarding the dollar exchange rate

Economy |Yesterday, 23:28 |

    

 

 

 

Baghdad today - Baghdad

Today, Monday (October 16, 2023), the Governor of the Central Bank of Iraq, Ali Al-Alaq, identified several factors affecting the dollar exchange rate, the most important of which is the leakage of the dollar to neighboring countries.

 

During his attendance at the meeting of the Ministerial Council for the Economy, headed by Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein, and hosting the Parliamentary Finance Committee, Al-Alaq provided “a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq,” noting, “The exchange rate depends primarily on imports and not on local production, and that The exchange rate in Iraq has peculiarities because it is linked to the price of oil, as it is the largest source of providing hard currency.”

 

He pointed out, "Many factors affect the exchange rate, the most important of which is the leakage of the dollar into neighboring countries and internal dealing in local markets in a currency other than the national currency, as well as the lack of complete control over ports and smuggling."

 

Al-Alaq added, "The level of inflation has decreased significantly, and the goods that enter officially are witnessing price stability because imports are covered by the official price."

 

Al-Alaq noted, "We opened a special lounge for private banks to sell dollars to travelers at Baghdad International Airport, and we raised the interest rate for amounts deposited in banks to 7.5 percent to encourage citizens to deposit their amounts in banks and to withdraw the cash mass outside the banks."

 

After “substantive and serious discussions,” the Deputy Prime Minister and Minister of Foreign Affairs indicated that the Council will study in detail this important issue and will follow up on the localization of salaries for all workers in the government sector and then the mixed sector, reaching the private sector, and study increasing the interest rate on deposits, adding, “We are looking forward to building tools.” A future basis that helps the Central Bank and the Ministry of Finance assume their role in a way that is appropriate to the nature of their work.”

 

The Council also decided to proceed with the construction of a project to demolish and build a 600-bed Ibn Sina Specialized Hospital in Nineveh Governorate to serve the people of that governorate.

[yota691]

Al-Alaq: Opening a special lounge for private banks to sell dollars at Baghdad Airport

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00:37  2023-10-17  197  Economy 0

The Governor of the Central Bank, Ali Al-Alaq, announced the opening of a special hall for private banks to sell dollars to travelers at Baghdad International Airport. While he spoke about the reasons for the rise in dollar prices in parallel markets, Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, pointed out that “the Ministerial Council The economy will consider increasing the interest rate on deposits.”

 

During the thirty-first session of 2023 of the Ministerial Council for the Economy, which was chaired by Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, on Monday, Al-Alaq provided a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq, noting that “the exchange rate depends primarily on imports and not on... Local production, and that the exchange rate in Iraq has peculiarities because it is linked to the price of oil, as it is the largest source of providing hard currency,” according to what was stated in a statement by the Ministerial Council, Monday.

 

Al-Alaq, according to the statement received by Al-Mutalaa Agency, added: “Many factors affect the exchange rate, the most important of which is the leakage of the dollar to neighboring countries and internal dealing in local markets in a currency other than the national currency, as well as the lack of complete control over ports and smuggling,” pointing out that “The level of inflation has decreased significantly, and the goods that enter officially are witnessing price stability because imports are covered by the official price.”

 

The Governor of the Central Bank pointed out “opening a special hall for private banks to sell dollars to travelers at Baghdad International Airport, in addition to raising the interest rate for amounts deposited in banks to 7.5 percent, with the aim of encouraging citizens to deposit their amounts in banks, and to withdraw the cash mass outside the banks.”

 

After substantive and serious discussions, the statement quoted Deputy Prime Minister and Foreign Minister Fouad Hussein as saying: “The Council will study in depth this important issue, and will also follow up on the localization of salaries for all workers in the government sector, and then the mixed sector, all the way to the private sector, as well as... Studying the increase in the interest rate on deposits,” pointing out, “We are looking forward to building basic future tools that will help the Central Bank and the Ministry of Finance assume their role in a manner commensurate with the nature of their work.” 

 

Hussein, confirmed that “the Council decided to proceed with the establishment of a project to demolish and build (Ibn Sina) Specialized Hospital with a capacity of 600 beds in Nineveh Governorate to serve the people of that governorate,” according to what was stated in the statement, which indicated that “the session witnessed the presence of the Deputy Prime Minister and Minister of Planning, and ministers.” Finance, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Undersecretary of the Ministry of Oil, the Vice-Chairman of the National Investment Authority, the Chairman of the Securities Commission and the Prime Minister’s advisors for economic and legal affairs, as well as hosting the Chairman of the Finance Committee in the House of Representatives, and a number of committee members to discuss the dollar exchange rates in the markets. "Iraqiya."

 

The crisis of the dinar's exchange rates against the dollar has been ongoing in Iraq since late last year, which is witnessing "fluctuation" despite measures taken by the country's central bank with the aim of stabilizing currency prices.

 

Last February, the Central Bank decided to raise the value of the official exchange rate of the dinar against the dollar by 10 percent in a measure aimed at reducing the decline in the value of the currency that accompanied the adoption of more stringent regulations regarding financial transfers outside the country.

 

The Iraqi government then agreed to the Central Bank’s proposal to raise the value of the exchange rate from about 1,470 dinars to 1,300 dinars per dollar, which had a clear impact on the exchange market at that time by reducing prices that reached the level of 1,700 dinars in the parallel market, but that stability did not continue due to controls. Strict regulations were imposed by the New York Federal Reserve on international transactions in dollars for Iraqi commercial banks last November.

 

The United States prevented 14 Iraqi banks from conducting transactions in dollars as part of a comprehensive campaign to transfer the American currency to Iran and other countries subject to sanctions in the Middle East. According to the advisor to the Prime Minister, Fadi Al-Shammari, the sanctioned banks were financing 116 local exchange companies.

 

This comes a day after a noticeable decline in the exchange rate, after it had exceeded 1,600 Iraqi dinars in recent days, as the Iraqi dinar maintained its limited progress against the US dollar on Iraqi stock exchanges, as the dollar exchange rate recorded, on Monday, less than 1,580 dinars. Iraqi.

[yota691]

The Governor of the Iraqi Central Bank announces the opening of a lounge for private banks to sell dollars at Baghdad Airport

 

Central Bank of Iraq

 October 17, 2023 11:25 AM

Live: Central Bank Governor Ali Al-Alaq announced the opening of a special lounge for private banks to sell dollars to travelers at Baghdad International Airport.

 

The media office of the Ministerial Council for the Economy stated in a statement to the Central Bank, “Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein chaired today, Monday, the thirty-first session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister, the Minister of Planning, the Ministers of Finance, Labor, and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank, and the Undersecretary of the Ministry of Foreign Affairs.” Oil, Vice Chairman of the National Investment Authority, Chairman of the Securities Commission, and Advisors to the Prime Minister for Economic and Legal Affairs.”

 

He added, "The Council hosted the Chairman of the Finance Committee in the Iraqi House of Representatives and a number of committee members to discuss the dollar exchange rates in the Iraqi markets," pointing out that the Governor of the Central Bank provided a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq.

 

The Governor of the Central Bank explained, according to the statement, that “the exchange rate depends primarily on imports and not on local production, and that the exchange rate in Iraq has peculiarities due to its connection to the price of oil as it is the largest source of providing hard currency,” noting that “many factors affect the exchange rate, the most important of which is The leakage of the dollar to neighboring countries and internal dealing in local markets in a currency other than the national currency, as well as the lack of complete control over ports and smuggling.”

 

He added, "The level of inflation has decreased significantly and that the goods that enter officially are witnessing stability in prices because imports are covered by the official price.", stressing, "We opened a special hall for private banks to sell dollars to travelers at Baghdad International Airport, and we raised the interest rate for amounts deposited in banks to 7." 5 percent to encourage citizens to deposit their sums in banks and to withdraw cash from banks.”

[yota691]

The Governor of the Central Bank identifies the reasons for the rise in dollar exchange rates

 

•  Yesterday, 22:44
•  
•  Economy
•  
•  1059

Baghdad - IQ  

Central Bank Governor Ali Al-Alaq identified the reasons for the rise in dollar exchange rates.

The media office of the Ministerial Council for the Economy said in a statement received by ( IQ NEWS ), “Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein chaired the thirty-first session of 2023 of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister, the Minister of Planning, the Ministers of Finance, Labor, and Social Affairs, the Secretary-General of the Council of Ministers, and the Governor The Central Bank, the Undersecretary of the Ministry of Oil, the Deputy Chairman of the National Investment Authority, the Chairman of the Securities Commission, and the Prime Minister’s advisors for economic and legal affairs  ,” noting that “the Council hosted the Chairman of the Finance Committee in the House of Representatives and a number of members of the Committee to discuss the dollar exchange rates in Iraqi markets.”

The Governor of the Central Bank provided a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq, noting that “the exchange rate depends primarily on imports and not on local production, and that the exchange rate in Iraq has peculiarities because it is linked to the price of oil as it is the largest source of providing hard currency.”

He added that "many factors affect the exchange rate, the most important of which is the leakage of the dollar to neighboring countries and internal dealings in local markets in a currency other than the national currency, as well as the lack of complete control over ports and smuggling," pointing out that "the level of inflation has decreased significantly and that goods that enter officially are witnessing price stability." Because imports are covered by the official price.”

He pointed out, "Opening a special lounge for private banks to sell dollars to travelers at Baghdad International Airport, and raising the interest rate for amounts deposited in banks to 7.5 percent to encourage citizens to deposit their amounts in banks and to withdraw the cash mass outside the banks."

After objective and serious discussions, the Deputy Prime Minister and Minister of Foreign Affairs indicated that “the Council will study in detail this important issue and will follow up on the localization of salaries for all workers in the government sector and then the mixed sector until the private sector and study increasing the interest rate on deposits,” pointing out that “we are looking forward to building Future basic tools that will help the Central Bank and the Ministry of Finance assume their role in a way that suits the nature of their work.”

The Council decided to "proceed with the construction of a project to demolish and build Ibn Sina Specialized Hospital with a capacity of 600 beds in Nineveh Governorate to serve the people of that governorate."

[DinarDavo]

47 minutes ago, yota691 said:

l-Alaq, according to the statement received by Al-Mutalaa Agency, added: “Many factors affect the exchange rate, the most important of which is the leakage of the dollar to neighboring countries and internal dealing in local markets in a currency other than the national currency, as well as the lack of complete control over ports and smuggling,” pointing out that “The level of inflation has decreased significantly, and the goods that enter officially are witnessing price stability because imports are covered by the official price.”

 

Must be a new revelation....   

[horsesoldier]

With this never ending nonsense and the Oil & Gas saga, going to go out on a limb here and say ...

 

What EPIC ...Just my opinion of course, others may differ 

[Laid Back]

“The exchange rate depends primarily on imports and not on local production, and that The exchange rate in Iraq has peculiarities because it is linked to the price of oil, as it is the largest source of providing hard currency.”

 

Crude oil prices are one of the most volatile economic variables in the world economy, especially oil countries. These fluctuations often coincide with fluctuations in the dollar exchange rate. These fluctuations in the exchange rate of the US dollar, whether up or down, and these fluctuations in crude oil prices for oil-exporting countries lead to an improvement in the value of their currencies against the currencies of other countries.

[yota691]

The Governor of the Central Bank of Iraq opens new outlets for selling dollars at Baghdad Airport

 

  

October 18, 2023

 

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His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, opened new outlets for selling foreign currency (the dollar) to travelers at Baghdad International Airport.  

His Excellency was briefed on the mechanism of providing services that the exchange companies will provide 24 hours a day to their customers, stressing the speed of completing transactions by government banks and exchange companies that sell the dollar to the traveler at Baghdad International Airport, as it is limited to a specific time.
The Governor stressed that the step of opening new outlets at the airport will have positive effects, especially since it takes a short time for the traveler to obtain his share of the dollar, noting that the work of exchange companies at the airport will be monitored by the Central Bank of Iraq and the Civil Aviation Authority, as well as bank branches. Open, which operates in providing services to customers, including selling foreign currency to travelers.  

During his visit to Baghdad International Airport, His Excellency discussed with the Head of the Civil Aviation Authority, Mr. Imad Abdul Razzaq Al-Asadi, the strengthening of bilateral cooperation and the ongoing measures to open new outlets at all Iraqi airports.  

Central Bank of Iraq
Information Office
October 18, 2023

[yota691]

The Governor of the Central Bank opens new outlets for selling dollars at Baghdad Airport

• Time: 2023/10/18 14:01:04
•  
• Read: 1,573 times

  

{Economic: Al-Furat News} The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, opened new outlets to sell foreign currency (the dollar) to travelers at Baghdad International Airport.

 

Al-Alaq was briefed, according to a statement by the bank, a copy of which {Al-Furat News} received, “on the mechanism for providing services that exchange companies will provide 24 hours a day to their customers, stressing the speed of completing transactions by government banks and exchange companies that sell the dollar to the traveler at Baghdad International Airport, as it is specific to a specific time.” ".

 

Al-Alaq stressed that “the step of opening new outlets at the airport will have positive effects, especially since it takes a short time for the traveler to obtain his share of the dollar,” noting that the work of exchange companies at the airport will be monitored by the Central Bank of Iraq and the Civil Aviation Authority, as well as the open bank branches. Which carries out its work in providing services to customers, including selling foreign currency to travelers.

 

During his visit to Baghdad International Airport, Al-Alaq discussed with the head of the Civil Aviation Authority, Imad Abdul Razzaq Al-Asadi, the strengthening of bilateral cooperation and the ongoing measures to open new outlets at all Iraqi airports.

[yota691]

Governor of the Central Bank of Iraq: It takes a short time for the traveler to receive his share of the dollar

2023-10-18 07:08

 

Shafaq News/ Today, Wednesday, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, inaugurated new outlets for selling foreign currency (the dollar) to travelers at Baghdad International Airport.

 

A statement issued by the bank today stated that Al-Alaq was briefed on the mechanism for providing services that exchange companies will provide 24 hours a day to their customers, stressing the speed of completing transactions by government banks and exchange companies that sell dollars to the traveler at Baghdad International Airport as it is limited to a specific time.

 

The statement quoted the governor as saying that the step of opening new outlets at the airport will have positive effects, especially since it takes a short time for the traveler to obtain his share of the dollar, noting that the work of exchange companies at the airport will be monitored by the Central Bank of Iraq and the Civil Aviation Authority, as well as Open bank branches that provide services to customers, including selling foreign currency to travelers.

 

During his visit to Baghdad International Airport, Al-Alaq discussed with the head of the Civil Aviation Authority, Imad Abdul Razzaq Al-Asadi, the strengthening of bilateral cooperation and the ongoing measures to open new outlets at all Iraqi airports, according to the statement.

 

[yota691]

The Central Bank of Iraq organizes a mourning and protest in solidarity with the Palestinian people

 

  

October 18, 2023

 

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Employees of the Central Bank of Iraq organized a mourning and protest at the Central Bank building on Wednesday morning in solidarity and support for the Palestinian people and in denunciation of the horrific massacre committed by the Zionist occupation forces at the Baptist Hospital in wounded Gaza, in a new scene of their continuing crimes against the Palestinian people.
Central Bank employees expressed their solidarity with all calls for intervention and stopping this aggression and this painful human tragedy.

 

Central Bank of Iraq
Media Office,
October 18, 2023

[gregp]

Biting my tongue.  
Thanks. 

[southbeach]

On 10/19/2023 at 5:30 AM, gregp said:

Biting my tongue.  
Thanks. 

I know what you mean, but keep reminding yourself that they’re merely all about the money in the end.  Hang in there.