[size=45][size=41]The dollar escapes from the grip of the government, and the citizen is a victim of “failure”[/size]
two hours ago
419
[/size]
two hours ago
419
[/size]
[You must be registered and logged in to see this image.]
The exchange rate of the dollar in the black parallel markets in Iraq has risen again, as the markets record 1470 dinars for one dollar, although the Central Bank of Iraq sells it for 1320 dinars, a difference of more than 15 thousand dinars per cent of dollars.
It seems that the measures taken by the government and the Central Bank of Iraq to control the exchange rate have failed in front of “brokers” selling the currency and their arbitration over prices, which puts citizens and merchants at their mercy.
Economists rule out that the exchange rate will be affected by the approval of the financial budget law, which set the exchange rate at the official rate due to the increased demand for it locally with the fluctuation of the Central Bank's daily sales of foreign currency.
With the government's efforts to control prices in the parallel markets, the commercial markets witnessed a decline in the exchange rate in the past weeks, but it has recently risen again, which indicates an economic problem that is still present in the country.
And Iraq had witnessed during the last three years a great fluctuation in the exchange rate of the dollar after the previous government raised the exchange rate from 1180 dinars to the dollar to 1450 in December 2020, while the parallel markets witnessed a record high exchange rate after the central bank began using the electronic platform. And complying with the standards for international money transfers “SWIFT” last November.
As a result, the government resorted to a plan to impose dealings in Iraqi dinars in markets and retail stores in various governorates, as the concerned security services began to take written undertakings from merchants and owners of car showrooms to deal in Iraqi dinars instead of dollars.
The security services have warned that failure to comply with this will expose merchants to legal accountability, which can be considered a precedent in Iraq since 2003, which may cause security and economic problems, given that the majority of merchants refuse to deal in dinars due to the large difference between the official and parallel exchange rates, according to observers. .
Commenting on the procedures of the Ministry of Interior and preventing dealing in dollars, the spokesman for the Ministry of Interior, Major General Khaled Al-Muhanna, indicates that there are directives from the government to stop dealing in dollars in government and private outlets because there is no justification for dealing in other than the national currency.
He pointed out that the Ministry of Interior undertook to follow up on the implementation of these measures through two phases. The first is to educate and educate the public about the need to deal in dinars only to limit speculation and high prices of consumer goods, provided that the next phase includes security campaigns to control violators.
This rise in the exchange rate was reflected in many economic sectors in Iraq, including construction materials whose markets and building materials suffer from a great stagnation, with a sharp decline in purchasing power and a lack of investment projects, in addition to a significant increase in prices due to the dollar crisis and speculation operations that take place in the local market and the inability to Obtaining US currency at the official rate, which forces them to resort to the black market at a price ranging between 1460 and 1490 dinars per dollar, while the official price is 1302.
Iron traders also complained about the great recession in the Iraqi markets and the complete halt of the selling movement for many days, due to political differences that led to the delay of many investment projects in the Iraqi governorates, in addition to the government's inability to control the exchange rates of the dollar.
Some of them said that: “Obtaining the dollar is very difficult in light of the influencers’ control over the currency market and the outlets for buying it from the currency sale window at the Central Bank of Iraq, which forces them to buy dollars from the parallel market at prices that finally reached 148 thousand dinars per 100 dollars, while The official price set by the state is 132,000 dinars.
Others criticized the government's performance in dealing with local economic files and commercial movement in the markets, indicating that more than 75 percent of construction materials sales are related to investment projects, which are still suspended due to the delay in starting work on the budget and its entry into force.
They stressed that the greatest damage from this recession is directly reflected on the citizen, because there are large numbers of workers and small traders who depend on working in this field, and the continuation of the recession causes great economic damage.
And the governor of the Central Bank of Iraq, Ali Al-Alaq, contradicts all “hearsay” about the exchange of the dollar and expects it to decline soon, saying in a press statement on June 10 to the official agency that “commitment to strict instructions for financing foreign currencies will contribute to a significant decrease in the exchange rate of the dollar in the coming days,” denying “the existence of what necessitates launching New packages are urgent at present.”
And he believed that “the situation is moving towards stability and there is no need to take additional measures,” warning that some merchants’ insistence on buying dollars from the parallel market will expose them to legal accountability. Housing units".
For his part, Mazhar Muhammad Salih, economic advisor to the Prime Minister, said that the monetary policy of the Central Bank under Law No. 56 of 2004 is to preserve the purchasing power of the Iraqi dinar, and that dealing locally in any currency other than the Iraqi dinar leads to striking centers of economic stability.
The Central Bank's procedures require limiting dealings in dinars, according to Saleh, who confirms that the aim of this campaign is to reduce the turmoil in the local market, pointing out that the dual currency is one of the most dangerous aspects facing countries.
From a legal point of view, legal expert Ali Al-Tamimi indicates that the penalty for speculation that leads to influencing the exchange rate of the local currency was stipulated in Article 44 of the Money Laundering Law No. 39 of 2015, where the article punished speculators with imprisonment for a period of one year and a fine of one million dinars (about 760 dollars). As for the penalty for those accused of smuggling money to other countries and laundering it, it reaches 15 years in prison, according to Articles 36, 37 and 38 of the same law.
Al-Tamimi pointed out that the Iraqi government's approach to banning dealings locally in dollars aims to control the currency and consumer prices and prevent inflation through the application of consumer protection and monopoly laws.
While the economic researcher, Hamza Al-Hardan, attributed the significant increase in all imported goods and materials in price levels, due to the exchange rate difference and currency speculation, which created a state of price imbalance.
Al-Hardan stressed in a press statement that there is a real economic recession that the local markets are suffering from, and a state of despair afflicted most of the merchants with the existence of manipulation in the price situation, which generated a state of great fears among consumers.
Al-Hardan concluded his speech by saying that limiting the rise in prices is related to preserving the value of the Iraqi dinar against foreign currencies, the stability of the exchange rate, the elimination of currency speculation, and the reduction of crises that drain the Iraqi economy and cause a lot of money to leave the country.
Citizens and traders alike are anticipating the effect of approving the financial budget on moving the commercial and economic market and its reflection on the exchange of the dollar and the decline in prices to get out of the current state of recession the country is going through.
[You must be registered and logged in to see this link.]
Today at 7:01 am by Rocky
» utube MM&C 5/11/24 Iraqi Dinar - IQD Update - International - IraqTiming - 2024 Budget Schedule - Sp
Today at 7:00 am by Rocky
» Al-Atwani to Al-Furat News: 2024 is the year of work and our loans reach 50 million dinars
Today at 6:59 am by Rocky
» An economic expert warns against excessive selling of the dollar at the currency auction
Today at 6:50 am by Rocky
» Stopping gas burning in Iraq.. The Minister of Oil reviews the road map via “Baghdad Today” - Urgent
Today at 6:46 am by Rocky
» The Iraqi Trade Bank clarifies regarding the localization of the salaries of the region’s employees
Today at 6:42 am by Rocky
» Justice directs the provision of banking alternatives that guarantee higher profits for minors’ depo
Today at 6:40 am by Rocky
» Items related to Iraq on the agenda... Details of the 33rd Arab Summit in Bahrain
Today at 6:38 am by Rocky
» Al-Atwani to Al-Furat News: 2024 is the year of work and our loans reach 50 million dinars
Today at 5:14 am by Rocky
» A government campaign to close illegal oil refineries in the Kurdistan region
Today at 5:13 am by Rocky
» The dollar stabilizes on the Baghdad Stock Exchange
Today at 5:11 am by Rocky
» Parliamentary finance indicates government negligence regarding the budget
Today at 5:08 am by Rocky
» The Central Bank sells more than $271 million in the currency auction
Today at 5:07 am by Rocky
» Parliament sets a date to pass the Intelligence Service Law
Today at 5:06 am by Rocky
» Documents...a parliamentary movement to investigate the facts regarding Kuwaiti “violations” of Iraq
Today at 5:04 am by Rocky
» Setting a date for finalizing the gas import file in Iraq.. What about the licensing rounds?
Today at 5:02 am by Rocky
» The model school buildings project enters the final stages in Iraq
Today at 5:01 am by Rocky
» Led by JPMorgan, the 60 largest global banks finance fossil fuel projects with $705 billion.
Today at 5:00 am by Rocky
» The Jordanian Housing Bank raises its stake in the Iraqi Al-Mansour Bank to more than 7%
Today at 4:59 am by Rocky
» Government move to appoint veterinarians in Iraq
Today at 4:58 am by Rocky
» Including a capital increase of 400 billion dinars... a number of files on the table of the Bank of
Today at 4:57 am by Rocky
» More than 8 million barrels of oil are exported by Iraq to America within a month
Today at 4:56 am by Rocky
» Electricity: All regular and random properties are covered by the smart transformation system
Today at 4:55 am by Rocky
» Prime Minister: Confronting corruption is the most important criteria for increasing efficiency
Today at 4:54 am by Rocky
» Finland pledges to support and protect the marshes
Today at 4:52 am by Rocky
» Referring 13 blocks and fields in various governorates to licensing rounds.. Iraq is enhancing its o
Today at 4:51 am by Rocky
» The Media Authority is preparing a strategy for artificial intelligence
Today at 4:49 am by Rocky
» Next week, the Speaker of Parliament will be elected
Today at 4:48 am by Rocky
» $4 billion...Central Bank sales
Today at 4:47 am by Rocky
» Investing in government directions supporting the private sector
Today at 4:46 am by Rocky
» Licensing rounds.. Iraq succeeds in enhancing its oil production
Today at 4:45 am by Rocky
» The Kingdom of Bahrain affirms its support for all initiatives and any Arab effort and movement aime
Today at 4:43 am by Rocky
» The Foreign Minister arrives in Bahrain to participate in the Arab Summit
Today at 4:42 am by Rocky
» The National Data Center announces its readiness to launch an electronic window for establishing ind
Today at 4:40 am by Rocky
» Work: Excluding employees and retirees proven to receive social assistance
Today at 4:38 am by Rocky
» Revenues of the automobile manufacturing sector in China increased in the first quarter of this year
Today at 4:37 am by Rocky
» The Basra government discusses with a UN delegation the five-year development plan for the coming ye
Today at 4:36 am by Rocky
» The roots of begging mafias, stealing children and selling them... What did the “black box” reveal t
Today at 4:34 am by Rocky
» Fears of collapse prevent the storage of 3 billion cubic meters.. Why did the Mosul Dam unleash its
Today at 4:32 am by Rocky
» Al-Sudani renews Iraq's support for UNRWA to alleviate the suffering of the Palestinians
Today at 4:31 am by Rocky
» Today.. Barzani visits Baghdad to meet with Sudanese
Today at 4:30 am by Rocky
» Minister of Oil: Referring four blocks and fields within the two licensing rounds
Today at 4:27 am by Rocky
» The Ministry of Immigration announces the launch of an electronic form for employees from the Faili
Today at 4:26 am by Rocky
» Has Iraq given up on lifting the European ban on its airlines?
Today at 4:25 am by Rocky
» News website: Chinese companies dominate the Iraqi energy sector
Today at 4:23 am by Rocky
» Representatives call on Sudanese to stop work on the project to rehabilitate 42 neighborhoods in Diw
Today at 4:22 am by Rocky
» Türkiye will carry out a large ground operation on the borders of Kurdistan and will not storm Sinja
Today at 4:21 am by Rocky
» Iraq takes security precautions to confront the time bomb and announces the immediate dismantling of
Today at 4:20 am by Rocky
» Parliament sets next Saturday as the date for electing its president... despite the political divisi
Today at 4:19 am by Rocky
» To achieve financial stability... Iraq increases its gold reserves
Today at 4:17 am by Rocky
» Al-Sudani receives the Commissioner-General of the United Nations Agency (UNRWA)
Today at 4:14 am by Rocky
» Iraq increases its gold reserves to exceed 145 tons
Today at 4:12 am by Rocky
» Ministerial Council for the Economy: Electronic payment is a condition for granting work permits to
Yesterday at 3:53 pm by Rocky
» A deputy reveals the most dangerous files facing the Sudanese government’s program
Yesterday at 3:49 pm by Rocky
» Parliamentarian: Amending the election law needs time to pass
Yesterday at 3:48 pm by Rocky
» The work of the committees will bring nothing but disappointment to the people... procrastination an
Yesterday at 3:47 pm by Rocky
» Under American sponsorship, Jordanian banks swallow the Iraqi dollar
Yesterday at 3:46 pm by Rocky
» A member of the Parliamentary Oil Committee sets the date for ending the gas import file in Iraq
Yesterday at 3:43 pm by Rocky
» The Minister of Oil announces the end of licensing rounds and reveals the number of participating co
Yesterday at 3:41 pm by Rocky
» The Chinese company that won the development of Al Dhafriya field: The competition in the two licens
Yesterday at 3:40 pm by Rocky
» Political praise for the Sudanese: He has an industrial and commercial mentality
Yesterday at 3:36 pm by Rocky
» Melancholy Molly
Yesterday at 10:05 am by wciappetta
» The reality of the American presence... Objections are rising and the Sudanese are silent
Yesterday at 7:00 am by Rocky
» The work is discussing with the World Bank a project related to social protection beneficiaries
Yesterday at 6:58 am by Rocky
» Parliamentary Finance: The government intends to send the budget schedules this week
Yesterday at 6:57 am by Rocky
» The Emirates tops and Iraq does not exist...the list of the richest people in the Middle East and No
Yesterday at 6:54 am by Rocky
» A government plan to combat poverty and include 400,000 families with health insurance
Yesterday at 6:53 am by Rocky
» Iraq signs a memorandum of understanding with an American company to support the energy sector
Yesterday at 6:52 am by Rocky
» A deficit exceeding 75 trillion, and this is the date of its arrival.. Parliament’s finances talk ab
Yesterday at 6:51 am by Rocky
» Kirkuk.. A bank was caught receiving remittances for ISIS from a neighboring country
Yesterday at 6:48 am by Rocky
» The Minister of Commerce discusses with his Lebanese counterpart procedures for accelerating the con
Yesterday at 6:45 am by Rocky
» To find out who is negligent or not... The Basra Council forms a committee to follow up on the heads
Yesterday at 6:43 am by Rocky
» Iraq signs a memorandum of understanding with “Honeywell” to support the energy sector
Yesterday at 6:41 am by Rocky
» The judiciary reaches the final stage in the theft of the century file
Yesterday at 6:39 am by Rocky
» An economic expert proposes a solution to end the Jordan National Bank's "takeover" of the currency
Yesterday at 6:36 am by Rocky
» utube 5/12/24 Iraqi Dinar | Citi Bank Announced New Rate Of The Iraqi Dinar | Dinar News Today 202
Yesterday at 5:21 am by Rocky
» Reassurance to employees: “Salaries are not affected by delays in budget schedules.”
Yesterday at 5:18 am by Rocky
» Al-Anbeki: The framework is determined to proceed with the election of the Speaker of Parliament
Yesterday at 5:14 am by Rocky
» Al-Karaawi calls for revealing the truth about the presence of American forces
Yesterday at 5:13 am by Rocky
» Political conflict and corruption in Anbar oust two officials
Yesterday at 5:12 am by Rocky
» After joining Al-Halbousi, an agreement was reached to nominate Mahmoud Al-Mashhadani for the presid
Yesterday at 5:10 am by Rocky
» Within a month, the Central Bank of Iraq’s sales exceeded $4 billion
Yesterday at 5:09 am by Rocky
» The Iraqi Parliament decides to elect its new president next Saturday
Yesterday at 5:08 am by Rocky
» The Interior Ministry activates mobile stations to issue the unified card for communities abroad
Yesterday at 5:05 am by Rocky
» Jordan stops importing oil from Iraq
Yesterday at 5:05 am by Rocky
» The Association of Private Banks praises the Iraqi Central Bank’s approach to establishing digital b
Yesterday at 5:03 am by Rocky
» Iraqi fields cling to the foreign and kick the local... 3 reasons that embarrass private companies i
Yesterday at 5:02 am by Rocky
» The Minister of Commerce stresses the importance of creating a state of balance in the economy and e
Yesterday at 5:01 am by Rocky
» Among them is weak demand for gas...an economic diagnosis of the “most important” observations on th
Yesterday at 5:00 am by Rocky
» Proposing a parliamentary plan to get rid of job stagnation in state departments
Yesterday at 5:00 am by Rocky
» Involving and integrating the private sector into the investment map for sustainable development
Yesterday at 4:59 am by Rocky
» Population claims in the Maysan Marshes: Our water share is not distributed fairly
Yesterday at 4:58 am by Rocky
» The Iraqi Parliament reveals the latest developments in the “theft of the century”
Yesterday at 4:57 am by Rocky
» Jordanian industry exports to Iraq record an increase in 2024
Yesterday at 4:56 am by Rocky
» Implementation of 85% of the southern green belt in Karbala
Yesterday at 4:54 am by Rocky
» The Interior Ministry completes cleansing the areas of organized crime gangs
Yesterday at 4:53 am by Rocky
» Immigration: The displacement file will be closed next July 30
Yesterday at 4:52 am by Rocky
» Transport sets a date to close the file of development road route conflicts
Yesterday at 4:51 am by Rocky
» Service projects are launching non-stop
Yesterday at 4:49 am by Rocky