[size=41]Central Bank: The dollar price has nothing to do with filling the budget deficit[/size]
[You must be registered and logged in to see this image.]
Central Bank Governor Ali Al-Alaq revealed the success of monetary policy in reducing the inflation rate in the country, and while announcing the date of abandoning the electronic platform, he pointed to the reasons for stopping the industrial initiative and imposing interest on housing loans.
The Governor of the Central Bank, Ali Al-Alaq, said in an interview with the official agency, “The Central Bank views the exchange rate as something directly related to the general level of prices in the country, and that the bank has succeeded in covering the needs of importers at the official rate,” stressing that the monetary policy has succeeded in maintaining The general level of prices through the most important indicators regarding inflation, which has witnessed a decline, and this is the main matter that the Central Bank focuses on in the success of its monetary policy.”
He added, “Maintaining the general level of prices and low inflation indicate the success of the monetary policy, especially after real traders engaged in the conversion process at the official price, which gave reassurance in the conduct of foreign trade.”
Electronic platform
He pointed out that “the electronic platform witnessed many difficulties at the beginning of its work, which led to the reluctance of some people to enter it,” noting that “the implementation rate in the electronic platform has now increased from 20 percent to 95 percent, and this gave reassurance that entering the platform provides speed and safety.”
He pointed out that “accessing the electronic platform in the external transfer process spares all parties from the risks of being exposed to local and international sanctions,” warning of some merchants who cannot work in an organized atmosphere and are looking for chaos, and that the Central Bank is working to contain this challenge in coordination with the government to besiege it. These are the categories that are being diagnosed and followed up.”
Al-Alaq stated that “90% of the Central Bank’s sales are for the purposes of remittances and external transfers, and they are proceeding smoothly and at the official price (1320), but the problem lies in the cash side, which represents 10% of internal daily sales,” indicating that “ten percent is sufficient.” To meet the needs of travelers, but some are trying to dominate by withdrawing the amount allocated to travelers, which creates pressure and an increase in the cash price, and these parties have been identified as carrying out illegal and criminal operations.”
Al-Alaq revealed the development process for the cash sales system allocated to the traveler within a system prepared by exchange companies, and it is being developed to fill the gaps, and does not accept repetition and the unreal traveler,” denying that there is a tendency to stop selling cash dollars to travelers, and that the Central Bank has no problem in covering requests. The correct and legitimate classification is within the categories (travelers - study - treatment - private transfers), as the bank provided this through financial transfer companies represented by (Western Union and Mini Card).”
Direct transfer
He explained that “the electronic platform is now being gradually transitioned to direct transfer between the Iraqi Bank and the correspondent bank, with an international auditing company in the middle, stressing that the Central Bank has cut the 60 percent that does not pass through the platform, but rather is a direct transfer.” Al-Alaq noted that “next year The Central Bank will permanently cease being an intermediary in the process, and the electronic platform will end next year and become direct transfer operations as internationally approved. This is a major shift that will put things on the right path, accelerate transfer operations, and intertwine relations with international banks.”
The truth about Iraq's loss of 27 trillion
He pointed out that “the idea of linking the exchange rate to filling the general budget deficit is an inaccurate view, and that the central bank is responsible for determining monetary policy, determining the exchange rate within the indicators it has, and achieving the goal of monetary policy,” indicating that “the calculation process is for those who say that Iraq will lose 27 trillion.” The difference between changing the exchange rate is a wrong process, and 30 percent of oil revenues do not enter the central bank, because the Ministry of Finance uses it for external payments, while the second part is that the exchange rate should not be linked to achieving balance in the budget.”
US Treasury
Al-Alaq confirmed that “the US Assistant Secretary of the Treasury praised during her visit to Iraq the measures taken by the Central Bank to organize the external transfer process, implement compliance rules, combat money laundering and terrorist financing, and direct coordination between the Central Bank, the US Treasury and the Federal Bank, and there is very great American satisfaction in this.” the frame".
Sanctions on banks
He noted that “the Central Bank is conducting a review and audit process to diagnose violations against the 14 banks that were subject to restrictions and denial of obtaining the dollar,” indicating that “the Central Bank indicated the existence of a response and compliance from the 14 banks to the specified standards.”
He stated that “the American side does not restrict the demand for the dollar, and there is coordination regarding cash shipments through an annual agreement on the number of shipments and their dates,” stressing that the Central Bank prefers to use non-cash payment tools through the use of cards (Visa and MasterCard), which has recorded a significant increase. During the past months, this is a good indicator that reduces the focus on the use of cash, and reduces the hassle of reviewing companies to obtain cash dollars.”
Regulating trade with Iran
Al-Alaq added, “There are ongoing discussions to regulate the import process from the Iranian side in a way that does not expose Iraq to any problems by violating sanctions and agreements,” indicating that “the Central Bank will reach a clear formula in organizing the trade process, especially since part of it is through barter.”
He stated that “an agreement was reached to settle the debts incurred by Iraq from Iranian gas imports through a new method through which these amounts are paid.”
Adopting new currencies
He noted that “there is work to adopt the UAE dirham, the Turkish lira, the Indian rupee, and the euro as part of the process of facilitating external transfer by opening direct outlets in the currencies of the countries we deal with,” noting that “the trade balance with India amounts to 3 billion dollars, as well as There are high numbers for imports from the UAE and Turkey.”
He stressed that “the Central Bank has reached advanced stages of understanding in adopting the currencies of these countries, which will facilitate the external transfer process.”
Dinar support campaign
Al-Alaq said, “The campaign to support the Iraqi dinar is multi-faceted and multi-party. Its goal is the sovereignty of the local currency in internal transactions instead of foreign currencies, which are being limited. There is a gradual transition process within the Prime Minister’s directive to limit dealing in the Iraqi dinar internally, and to oblige companies to do so, to which a large percentage responded.” Of which".
Industrial initiative and housing loans
Al-Alaq pointed out that “the industrial initiative has not stopped, but the amounts approved for it have been exhausted, and the volume of the lending initiatives has reached more than 13 trillion dinars,” noting that “the Central Bank raised the interest on the housing initiative to 2 percent, and this is a low price compared to international countries.”
He explained that “the stated interest does not include complexes that received previous payments, while it includes new complexes.”
[You must be registered and logged in to see this link.]
Today at 3:53 pm by Rocky
» A deputy reveals the most dangerous files facing the Sudanese government’s program
Today at 3:49 pm by Rocky
» Parliamentarian: Amending the election law needs time to pass
Today at 3:48 pm by Rocky
» The work of the committees will bring nothing but disappointment to the people... procrastination an
Today at 3:47 pm by Rocky
» Under American sponsorship, Jordanian banks swallow the Iraqi dollar
Today at 3:46 pm by Rocky
» A member of the Parliamentary Oil Committee sets the date for ending the gas import file in Iraq
Today at 3:43 pm by Rocky
» The Minister of Oil announces the end of licensing rounds and reveals the number of participating co
Today at 3:41 pm by Rocky
» The Chinese company that won the development of Al Dhafriya field: The competition in the two licens
Today at 3:40 pm by Rocky
» Political praise for the Sudanese: He has an industrial and commercial mentality
Today at 3:36 pm by Rocky
» Melancholy Molly
Today at 10:05 am by wciappetta
» utube MM&C 5/11/24 Iraqi Dinar - IQD Update - International - IraqTiming - 2024 Budget Schedule - Sp
Today at 7:05 am by Rocky
» The reality of the American presence... Objections are rising and the Sudanese are silent
Today at 7:00 am by Rocky
» The work is discussing with the World Bank a project related to social protection beneficiaries
Today at 6:58 am by Rocky
» Parliamentary Finance: The government intends to send the budget schedules this week
Today 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
Today at 6:54 am by Rocky
» A government plan to combat poverty and include 400,000 families with health insurance
Today at 6:53 am by Rocky
» Iraq signs a memorandum of understanding with an American company to support the energy sector
Today at 6:52 am by Rocky
» A deficit exceeding 75 trillion, and this is the date of its arrival.. Parliament’s finances talk ab
Today at 6:51 am by Rocky
» Kirkuk.. A bank was caught receiving remittances for ISIS from a neighboring country
Today at 6:48 am by Rocky
» The Minister of Commerce discusses with his Lebanese counterpart procedures for accelerating the con
Today 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
Today at 6:43 am by Rocky
» Iraq signs a memorandum of understanding with “Honeywell” to support the energy sector
Today at 6:41 am by Rocky
» The judiciary reaches the final stage in the theft of the century file
Today at 6:39 am by Rocky
» An economic expert proposes a solution to end the Jordan National Bank's "takeover" of the currency
Today 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
Today at 5:21 am by Rocky
» Reassurance to employees: “Salaries are not affected by delays in budget schedules.”
Today at 5:18 am by Rocky
» Al-Anbeki: The framework is determined to proceed with the election of the Speaker of Parliament
Today at 5:14 am by Rocky
» Al-Karaawi calls for revealing the truth about the presence of American forces
Today at 5:13 am by Rocky
» Political conflict and corruption in Anbar oust two officials
Today at 5:12 am by Rocky
» After joining Al-Halbousi, an agreement was reached to nominate Mahmoud Al-Mashhadani for the presid
Today at 5:10 am by Rocky
» Within a month, the Central Bank of Iraq’s sales exceeded $4 billion
Today at 5:09 am by Rocky
» The Iraqi Parliament decides to elect its new president next Saturday
Today at 5:08 am by Rocky
» The Interior Ministry activates mobile stations to issue the unified card for communities abroad
Today at 5:05 am by Rocky
» Jordan stops importing oil from Iraq
Today at 5:05 am by Rocky
» The Association of Private Banks praises the Iraqi Central Bank’s approach to establishing digital b
Today at 5:03 am by Rocky
» Iraqi fields cling to the foreign and kick the local... 3 reasons that embarrass private companies i
Today at 5:02 am by Rocky
» The Minister of Commerce stresses the importance of creating a state of balance in the economy and e
Today at 5:01 am by Rocky
» Among them is weak demand for gas...an economic diagnosis of the “most important” observations on th
Today at 5:00 am by Rocky
» Proposing a parliamentary plan to get rid of job stagnation in state departments
Today at 5:00 am by Rocky
» Involving and integrating the private sector into the investment map for sustainable development
Today at 4:59 am by Rocky
» Population claims in the Maysan Marshes: Our water share is not distributed fairly
Today at 4:58 am by Rocky
» The Iraqi Parliament reveals the latest developments in the “theft of the century”
Today at 4:57 am by Rocky
» Jordanian industry exports to Iraq record an increase in 2024
Today at 4:56 am by Rocky
» Implementation of 85% of the southern green belt in Karbala
Today at 4:54 am by Rocky
» The Interior Ministry completes cleansing the areas of organized crime gangs
Today at 4:53 am by Rocky
» Immigration: The displacement file will be closed next July 30
Today at 4:52 am by Rocky
» Transport sets a date to close the file of development road route conflicts
Today at 4:51 am by Rocky
» Service projects are launching non-stop
Today at 4:49 am by Rocky
» Launching the Development Investors Map 2030
Today at 4:48 am by Rocky
» Minister of Health to the Family Physicians Association: The year 2024 is the year of primary health
Today at 4:45 am by Rocky
» The Iraqi Car Company wins the investment in the Al-Khulaysia area on the Iraqi-Syrian border
Today at 4:44 am by Rocky
» Oil: No company has come forward to develop the Shihabi area within the provinces of Maysan and Wasi
Today at 4:43 am by Rocky
» The House of Representatives sets next Saturday as the date for holding a session to elect its speak
Today at 4:42 am by Rocky
» The Kurds refuse to share security positions in Diyala, “and there is nothing wrong with partnership
Today at 4:40 am by Rocky
» Kurdistan is a repellent environment for young people... migration is still taking place and victims
Today at 4:39 am by Rocky
» A Kurdish-Arab conflict prevents the harvest in Kirkuk and a call for the Sudanese to intervene
Today at 4:38 am by Rocky
» An Iranian newspaper accuses Iraq of participating in a "water plot" against Tehran
Today at 4:37 am by Rocky
» The Minister of Immigration directs all the ministry’s departments and branches to simplify procedur
Today at 4:33 am by Rocky
» Al-Mandalawi: Parliament attaches utmost importance to human rights laws
Today at 4:32 am by Rocky
» Al-Sadara was surprised and announced its joining Al-Halbousi
Today at 4:31 am by Rocky
» Parliamentary Oil: Licensing rounds will pave the way for raising oil and gas production
Today at 4:30 am by Rocky
» Al-Saadawi and the Tunisian Foreign Minister discuss activating the Baghdad-Tunisia line
Today at 4:29 am by Rocky
» After joining Al-Halbousi, an agreement was reached to nominate Mahmoud Al-Mashhadani for the presid
Today at 4:28 am by Rocky
» The Minister of Commerce stresses from Manama the importance of supporting efforts made to enhance A
Today at 4:27 am by Rocky
» Minister of Oil: Most of the licensing round projects focused on gas patches to support electrical s
Today at 4:26 am by Rocky
» Al-Awadi: Terminating the work of the UNAMI mission came at an Iraqi request and a UN recommendation
Today at 4:25 am by Rocky
» Kurdistan Democratic Party: Resuming the export of the region's oil in the near future
Today at 4:24 am by Rocky
» After two years of isolation, Al-Sadr is looking for a majority that will not force him to ally with
Today at 4:23 am by Rocky
» Middle East Eye: A booming underground trade in alcohol in Iraq after it was banned in 2023
Today at 4:21 am by Rocky
» 4 million for each year of imprisonment... Freedom in exchange for money... A controversial new Iraq
Today at 4:20 am by Rocky
» The livestock sector in Iraq...indicators warning of a major crisis
Today at 4:18 am by Rocky
» “Unfair” reconstruction in Iraq: areas where machinery is crowded and others still demonstrating for
Today at 4:17 am by Rocky
» Economic statistics: The volume of internal debt in Iraq has risen to more than 76 trillion dinars
Today at 4:15 am by Rocky
» Saleh explains the relationship between the rise in gold and the decline of the dollar and warns of
Yesterday at 3:32 pm by Rocky
» The Minister of Oil sponsors the signing of an agreement to develop the Tuba oil field project with
Yesterday at 3:26 pm by Rocky
» In numbers... Basra Oil explains the importance of the Tuba field after signing a contract to develo
Yesterday at 3:25 pm by Rocky
» Electricity: The government provides energy at subsidized prices for (4) categories
Yesterday at 3:24 pm by Rocky
» The electricity produced in Iraq covers 65% of demand... and 15 thousand megawatts is a “deficit”
Yesterday at 3:22 pm by Rocky
» Parliamentary services: Government interest in Baghdad will make it one of the most beautiful capita
Yesterday at 3:21 pm by Rocky
» Basra Council emphasizes work to qualify young people and place them in the labor market
Yesterday at 3:19 pm by Rocky
» Politician: Al-Kadhimi was recommending that Plasschaert write “negative” reports about Iraq
Yesterday at 3:17 pm by Rocky
» Trade launches operations to lift the ban on the ration card next to Rusafa
Yesterday at 3:16 pm by Rocky
» utube 5/9/24 MM&C 0:02 / 46:46 PM - Al-Sudani - Golden Opportunity - Private Sector - Contra
Yesterday at 6:57 am by Rocky
» Bahr Al-Ulum calls for legislating the renewable energy law and localizing the solar panel industry
Yesterday at 6:49 am by Rocky
» In numbers: the rise in internal debt in Iraq
Yesterday at 6:49 am by Rocky
» Jordan demands that Iraq continue to export oil for another three months
Yesterday at 6:46 am by Rocky
» Iraq is the largest producer.. OPEC+ is pumping higher than scheduled and in anticipation of the Jun
Yesterday at 6:44 am by Rocky
» Close to the coordination framework: There is no intention to change the internal regulations of Par
Yesterday at 6:43 am by Rocky
» Central Bank sales exceed $274 million today
Yesterday at 6:41 am by Rocky
» But the representative of the exchange companies is pessimistic... Why did the dollar fall?... The C
Yesterday at 6:38 am by Rocky
» Jordan addresses Iraq to extend a memorandum of understanding to purchase oil
Yesterday at 6:36 am by Rocky
» Bribes increased from 3,000 to 50,000 dollars.. What is the condition of alcohol in Iraq after the p
Yesterday at 6:34 am by Rocky
» Presence movement: Sunnis and Kurds while the Americans remain in Iraq
Yesterday at 5:31 am by Rocky
» A deputy reveals the contents of the first water strategy in Iraq
Yesterday at 5:29 am by Rocky
» Soon...the second reading of the proposed red card law
Yesterday at 5:28 am by Rocky
» The discovery of 10 new oil and gas fields in the Anbar desert
Yesterday at 5:27 am by Rocky
» A bloc announces to “Al-Ma’louma” the date of the parliamentary speaker’s election session
Yesterday at 5:26 am by Rocky
» Parliamentary Finance explains the mechanism for amending the retirement law
Yesterday at 5:24 am by Rocky
» Sovereignty accuses Al-Halbousi of obstructing the election of a Speaker of Parliament
Yesterday at 5:23 am by Rocky