[You must be registered and logged in to see this link.]
09.04.2015The continuing decline in the price of the dinar against the dollar and calls for the central banks to reconsider recent decisions?
Baghdad - He attributed specialize in the banking sector, on Thursday, the reason for the high dollar exchange rate against the dinar to the recent central bank own deduct customs duties and taxes in advance procedures, and called for a "freeze" the resolution, as expected continued decline in the value of the Iraqi dinar, stressed the need for the abolition of Article 50 of the Budget .
The Iraqi Central Bank announced, in (17 March 2015), the adoption of a new mechanism for the payment of taxes and control the "money laundering" through the prepayment of taxes and customs of the goods entering Iraq, returned it will double the country's imports.
The bank decided in (28 March 2015) to meet 8% of tax rates and customs own Bokiem imports by private banks
Serafi said Ali Saad's banking district Harthiya in an interview to the (long-Presse), "The US dollar exchange rate went up to 1,340 dinars, because of the procedures followed by the central bank to increase demand and reduce the size of its sales."
Saad said that "the continuation of the central bank actions may result in the coming weeks to a large rise in the price of the dollar against the Iraqi dinar."
For his part, the Executive Director of Bank Union Muhannad Kassem said in an interview to the (long-Presse), "The rise in the dollar exchange rate is due to the new regulations followed by the Central Bank of Iraq to get individuals or companies on the hard currency to cover imports of goods", calling for a "freeze decision."
Qasim pointed out that "the trader was formerly offers the amount of the Iraqi dinar and documentation required to get a dollar, but that the last instruction imposed on the merchant approximately 8% of the amount required to buy dollars in Iraqi dinars," explaining that "5% of the secretariats to calculate customs and 3% to account general tax authority.
He denominator "after taking these taxes will rise the dollar on the merchant nearly 90 tiger and this means increasing the cost of the dollar in 1282, thus raising the price of the dollar," stressing that "this mechanism has been talked about among specialists in government departments and experts, economists and central bank Nearly a month or more and applied on 25 March.
Qasim said that "the importers are getting on the dollar after the submission of documents and insurance after 15 days," expected "continued high dollar exchange rate if there is no change mechanism or at least freeze to search for other viable mechanism".
And the Executive Director of Union Bank that "the impact of exchange rate appreciation on the Iraqi market will be negative because the country relies B95% of its needs to import."
For his part, the Executive Director of the Association of Iraqi banks Tariq Ali said in an interview to the (long-Presse), said that "Article 50 of the federal budget for the 2015 law forced the Central Bank of Iraq to sell $ 75 million a day and is one of the reasons for the fluctuation of the dollar exchange rate."
Tariq pointed out that "the other reason behind the increase in the dollar exchange rate is the central bank's decisions on tax and customs deductions in advance," explaining that "these actions are correct but they must be applied gradually."
And invited the Executive Director of the Iraqi Central Bank to the banks, "the exchange rate returns to normal by injecting the dollar amounts of the private market and the Iraqi market needs more than $ 75 million."
It is noteworthy that the International Monetary Fund predicted in (21 March 2015), the high proportion of the deficit in the budget for Iraq in 2015 to more than the 12 percent announced by the government, due to lower oil prices, and the weakness of the possibility of Iraq's commitment to export 3.3 million barrels per day, and assume the budget, The proposed implementation of reform measures include strict austerity in investment projects, and a commitment to reducing expenses, and reconsider the limits of central bank sales of the currency, referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.
The current year's budget law, committed the Central Bank of Iraq, in paragraph 50, identifying sales of foreign currency (dollar) in daily auction ceiling does not exceed 75 million, with the exercise of justice in the sale, and claim the participant in the auction the bank providing the introduction of cargo documents and data Tax settling accounts and savings Alkmarki within 30 days from the date of purchase of the amount, and so it applies penalties stipulated in the Central Bank Act or regulations issued it, and use other banking tools to maintain the strength of the dinar against the dollar.
[You must be registered and logged in to see this link.]
Today at 4:55 pm by Rocky
» utube 5/9/24 MM&C 0:02 / 46:46 PM - Al-Sudani - Golden Opportunity - Private Sector - Contra
Today at 9:38 am by Rocky
» A leader in the National Bank: We are committed to the federal decision and to postpone the election
Today at 9:28 am by Rocky
» Al-Hakim: Iraq's future cannot be mortgaged to volatile oil prices
Today at 9:24 am by Rocky
» The conflict of the corridors: the path to development from a historical perspective and the door to
Today at 9:22 am by Rocky
» The Kurdistan Region demands that the federal government spend 1.1 billion dinars.. What is the reas
Today at 9:21 am by Rocky
» Tomorrow, Iraq is preparing to launch a complementary round of gas licensing
Today at 9:19 am by Rocky
» A government move to restore the funds of the Trade Bank of Iraq
Today at 9:17 am by Rocky
» The Central Bank informs France of plans to restructure the banking sector
Today at 9:15 am by Rocky
» A government advisor reveals the fate of the budget tables
Today at 9:13 am by Rocky
» Iranian mediation between Baghdad and Erbil... Revealing the most prominent files of Raisi’s visit t
Today at 9:10 am by Rocky
» Reconstruction and development is a priority.. A parliamentary committee follows up and monitors gov
Today at 9:08 am by Rocky
» Al-Hakim comments on the agreements concluded with Türkiye and confirms: Iraq is on the right path
Today at 9:06 am by Rocky
» Tomorrow... Iraq takes a step that will give it gas equivalent to 200% of imported Iranian gas
Today at 9:04 am by Rocky
» A long and disturbing message.. The Iraqi government “blames” the United Nations because of “other p
Today at 9:00 am by Rocky
» The Governor of the Central Bank and the French Ambassador discuss developments in the banking secto
Today at 5:18 am by Rocky
» Al-Bajari: Iraqi companies will have a great opportunity to work after opening the door to investmen
Today at 5:16 am by Rocky
» Transparency: Imports from Sulaymaniyah and Halabja during the past week amounted to more than 10 bi
Today at 5:13 am by Rocky
» Al-Sudani: The delayed projects left great damage to the level of services in Babylon
Today at 5:12 am by Rocky
» Economist: The fluctuation of the dollar is “the balance of speculators”
Today at 5:10 am by Rocky
» {Al-Furat News} publishes the text of Al-Sudani’s request to Guterres to end UNAMI’s work in Iraq
Today at 5:08 am by Rocky
» A former MP accuses Türkiye of transferring its conflict with the workers to Iraq
Today at 5:05 am by Rocky
» A call to the Sudanese to remove American forces from Iraq
Today at 5:03 am by Rocky
» Oil Parliament: Ankara holds Erbil responsible for the oil fines it owes
Today at 5:02 am by Rocky
» The government is silent...the reality of removing American forces from Iraq
Today at 5:01 am by Rocky
» The radiation protection law in the first session of the next legislative term
Today at 5:00 am by Rocky
» A Spanish company raises controversy and a representative reveals a parliamentary movement against i
Today at 4:59 am by Rocky
» Sudanese officially requests the end of the United Nations mission in Iraq / documents
Today at 4:58 am by Rocky
» Because its sessions were not held, the Kirkuk Council faces a judicial complaint, and its members d
Today at 4:56 am by Rocky
» Former US Chief of Staff: We slaughtered huge numbers of innocent people in Iraq and other countries
Today at 4:55 am by Rocky
» The Association of Private Banks counts the percentage of shares traded on the stock market during a
Today at 4:53 am by Rocky
» The European Union and Iraq agree to increase cooperation between them
Today at 4:52 am by Rocky
» American Bank: Expectations to increase Iraq’s oil capacity in 2025
Today at 4:50 am by Rocky
» Central Bank Governor to the French Ambassador: The plan to restructure government banks will change
Today at 4:48 am by Rocky
» Integrity confirms working to conclude a memorandum of understanding with the Kuwaiti Anti-Corruptio
Today at 4:47 am by Rocky
» Highlights of the Prime Minister's visit to Babylon
Today at 4:46 am by Rocky
» The Minister of Transport discusses with a Turkish delegation the latest developments in the develop
Today at 4:44 am by Rocky
» Free of charge.. Issuing approximately 13 thousand unified cards for those covered by social protect
Today at 4:42 am by Rocky
» A parliamentary committee advises the government to deter trespassers: Slums are one of the reasons
Today at 4:41 am by Rocky
» Embassy Protection confirms to “Baghdad Today”: The missions are safe and we have taken proactive me
Today at 4:38 am by Rocky
» Water resources resolve the controversy of the “Wadi Al-Tea” project.. It will nourish the Hamrin ic
Today at 4:37 am by Rocky
» After approving the National Security Strategy...a parliamentary movement to host “responsible” figu
Today at 4:36 am by Rocky
» Al-Hakim calls for the distribution of plots of land to the families of the martyrs of the Popular M
Today at 4:34 am by Rocky
» Order 160 Committee completes the “port scandals” papers... and searches for a legal outlet for impl
Today at 4:33 am by Rocky
» It revealed the details of its contract with four companies to complete the census requirements... P
Today at 4:31 am by Rocky
» Egypt, Morocco and Qatar praise the Iraqi Integrity proposal to establish the Arab Law Enforcement C
Today at 4:30 am by Rocky
» The Iraqi Parliament enters its legislative recess and requires holding an “extraordinary” session o
Today at 4:28 am by Rocky
» The Sudanese has not rested since the morning.. He carried out 12 activities and allocated a trillio
Today at 4:27 am by Rocky
» Blinken's agent: Erbil is a strategic ally of Washington in a 360-degree relationship
Today at 4:25 am by Rocky
» Oil seeks to convert refinery products to “Euro 5”... high quality and environmentally friendly
Today at 4:24 am by Rocky
» A leader in the framework: There is no need for early elections...the “legislative” elections will t
Today at 4:23 am by Rocky
» Parliament decides to extend its legislative term by 30 days
Today at 4:22 am by Rocky
» Iraq has the tenth worst economic growth in the world during the last 5 years
Today at 4:19 am by Rocky
» Al-Hakim: The future cannot be mortgaged to volatile oil prices
Today at 4:17 am by Rocky
» It will change the reality of Iraqi banks.. Al-Alaq reveals a plan that enjoys Sudanese support
Today at 4:15 am by Rocky
» MM&C 5/9/24 The Federation of Chambers of Commerce and the European Union discuss cooperation to fin
Yesterday at 9:27 am by Rocky
» MM&C 5/9/24 Customs, security and economic aspects
Yesterday at 9:24 am by Rocky
» Union of Arab Banks: Iraq's environment encourages investment
Yesterday at 6:57 am by Rocky
» Government advisor: Movement to recover bad debts for the benefit of the Iraqi Trade Bank
Yesterday at 6:55 am by Rocky
» The International Development Bank announces the opening of its new branch in Erbil
Yesterday at 6:52 am by Rocky
» Oil seeks to convert refinery products to “Euro 5”... high quality and environmentally friendly
Yesterday at 6:50 am by Rocky
» Budget delay: the cry for help for paralyzed services and disrupted dreams
Yesterday at 6:47 am by Rocky
» Oil: Completion of projects to improve the quality of petroleum products, and others are under imple
Yesterday at 6:44 am by Rocky
» Chairman of the Securities Commission: 3 million shares, average daily trading volume
Yesterday at 6:43 am by Rocky
» Tamim calls on the countries participating in the meetings of the Arab Administrative Development Or
Yesterday at 6:41 am by Rocky
» Parliamentary Endowments: 39 thousand pilgrims, Iraq’s share, and waiving the religious obligation i
Yesterday at 6:39 am by Rocky
» Washington refers to Iraqi legislation that “does not harm” his international presence, and Baghdad
Yesterday at 6:34 am by Rocky
» Deputy: Extending the legislative term depends on sending the budget schedules
Yesterday at 6:30 am by Rocky
» Parliamentary Legal: 88 draft laws on the parliamentary shelf
Yesterday at 6:29 am by Rocky
» The head of the movement denies any Iraqi-American negotiations to remove the coalition
Yesterday at 5:23 am by Rocky
» A deputy expects to resolve the issue of electing the Speaker of Parliament next week
Yesterday at 5:22 am by Rocky
» Obtaining the approval of the Minister of Electricity to fill the energy shortage in Dhi Qar
Yesterday at 5:21 am by Rocky
» Economist on the decline in dollar prices: My time and it will not reach its official price
Yesterday at 5:20 am by Rocky
» The Iraqi Ministerial Council for National Security approves the 2024-2028 strategy
Yesterday at 5:18 am by Rocky
» Mulla Bakhtiar: Nechirvan Barzani's visit to Iran melted the ice between Erbil and Tehran
Yesterday at 5:17 am by Rocky
» Password "78"... Why did the Sudanese government's interrogations and noisy sessions decline?
Yesterday at 5:16 am by Rocky
» JP Morgan forecasts an increase in the oil capacity of Iraq and other countries in 2025
Yesterday at 5:15 am by Rocky
» Turkish Minister of Transport: The development road will cost $20 billion
Yesterday at 5:13 am by Rocky
» The Supreme Committee for Reconstruction and Investment approves a package of strategic projects
Yesterday at 5:12 am by Rocky
» Work: Preparing a unified national strategy to create job opportunities for youth
Yesterday at 5:11 am by Rocky
» The Prime Minister's financial advisor reduces the risks of the budget deficit
Yesterday at 5:10 am by Rocky
» Sudanese announces the signing of an agreement with Japan to finance small and medium enterprises in
Yesterday at 5:09 am by Rocky
» Government Advisor: The Securities Commission represents the governance base for promoting financial
Yesterday at 5:08 am by Rocky
» A unified national strategy to create job opportunities for youth
Yesterday at 5:07 am by Rocky
» A one-week deadline to decide the position of Speaker of Parliament
Yesterday at 5:06 am by Rocky
» Parliament: We coordinate with the competent regulatory authorities to examine medicines
Yesterday at 5:04 am by Rocky
» The Commission suspends the Kurdistan Parliament's voting procedures
Yesterday at 5:03 am by Rocky
» $100 million to localize the pharmaceutical industry
Yesterday at 5:01 am by Rocky
» Increase in external remittances at the Central Bank
Yesterday at 5:00 am by Rocky
» A government advisor reduces the risks of a budget deficit
Yesterday at 4:54 am by Rocky
» Culture: We seek to invest in the stability of the country to advance the tourism sector
Yesterday at 4:53 am by Rocky
» Integrity announces the results of a questionnaire on bribery in real estate registration department
Yesterday at 4:50 am by Rocky
» Parliament comments on Sudanese plan to restructure the government apparatus: It needs radical refor
Yesterday at 4:49 am by Rocky
» The dollar rises again against the Iraqi dinar in Baghdad
Yesterday at 4:45 am by Rocky
» Politician: The government does not deal transparently with the issue of expelling the Americans
Yesterday at 4:43 am by Rocky
» A government bank participating in an accounting project
Yesterday at 4:42 am by Rocky
» Masrour Barzani: The Kurdistan Regional Government has implemented all its obligations and duties
Yesterday at 4:41 am by Rocky
» French Consul: France strengthens relations with the Kurdistan Region
Yesterday at 4:39 am by Rocky
» Studies Center: Sudanese faces the challenges of maintaining sustainable relations with the United S
Yesterday at 4:38 am by Rocky