Specialists propose a “forced merger” of non-compliant banks
Economical 2023/02/04
[You must be registered and logged in to see this image.]
Specialists in the economic affairs warned of the continued decline in the value of the dinar against the dollar, stressing the loss of the national currency by about 15 points from its actual value, which caused price hikes that negatively affected those with limited incomes, stressing the need for the Central Bank to take strict measures to stop the price hike. Exchange, including “forced mergers” of banks that do not comply with the instructions, and adapting them to work in accordance with international compliance laws.
In the midst of this, the Prime Minister, Muhammad Shia al-Sudani, reassured that "Iraq's financial situation is in the best cases, and we have a balance, revenues, circulation, and budget, and we have the ability to purchase any material," stressing the government's seriousness in measures to prevent currency smuggling, while directing the Ministry of Trade to play its role in importing materials, and revealing The existence of a committee that works to import any material needed by the Iraqi market and come down at the official cost price.
And in support of efforts aimed at limiting the rise in the exchange rate, the Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, discussed, in the presence of members of the committee, with the Governor of the Central Bank, Ali Mohsen Al-Alaq, the rise in the dollar exchange rate, the fluctuation of the dinar exchange rates and the possibility of controlling it to preserve the market, as well as discussing its repercussions. Citizens and the steps of the Central Bank and the procedures followed by it.
The academic and economic researcher, Dr. Abdul Karim Al-Issawi, believes that the international measures represented in preventing dollar smuggling, imposing sanctions on a group of local banks, and subjecting Iraq to what is called international compliance to monitor the nature and quality of financial transfers, are all factors that led to the rise in the exchange rate of the dollar against the dinar, and thus the rise Food and basic prices, in addition to creating the phenomenon of inflationary stagnation that disrupted the Iraqi market.
And Al-Issawi told Al-Sabah that “the exchange rate of the dollar recorded an increase of more than 15 points in the past weeks from the official rate,” noting that “the many measures taken for the purpose of controlling the exchange rate did not succeed to a large extent in limiting the repercussions of the decline in the national currency.” ".
He suggested that "the Central Bank undertake to carry out" the forced merger of banks that do not comply with the laws or on which money laundering operations are recorded, "noting that 80% of the import financing was rejected by the electronic platform developed by the Central Bank of Iraq to monitor the trends of remittances due to the lack of transparency in their submission, which means The existence of money laundering operations.
For his part, the academic, Dr. Amr Hisham, stated that "the issue of the exchange rate of the foreign currency with internal prices through the exchange channel is one of the main topics in economics, and it is a specific scientific relationship with laws that apply to varying degrees to global economies according to the degree of progress or delay of the economy, but developed economies are less exposure if their local currencies are part of global reserves.
Hisham added, to "Al-Sabah", that "countries whose economies depend on imports in foreign currencies are inevitably vulnerable to vibrations," noting that "the measures taken by the Central Bank of Iraq are temporary to reduce the crisis in the short term, such as preventing speculation and finding new channels to provide currency." difficult.”
[You must be registered and logged in to see this link.]
» Parliament intends to submit the Ministry of Education law for the second reading
» Prime Minister: Food prices were not affected by dollar prices
» Parliamentary Planning holds the regional government responsible for the crisis in the salaries of i
» Al-Aqili: Barzani did not get the green light to bring his forces into Kirkuk
» An economic expert confirms the possibility of increasing oil exports through southern ports
» Political assurances that the government will continue its reforms in executive positions despite th
» Politician: The movement to bring down Al-Halbousi will take place after the local elections
» A Jordanian representative told Al-Maalouma: Economic cooperation with Iraq has been translated into
» Parliamentary anticipation of the arrival of the final report to evaluate the ministers
» Finance Committee: All allocations for examiners in the Ministry of Defense are secured in the budge
» The end of the era of the Tigris and Euphrates: the first agricultural plan with groundwater in Iraq
» Labor is preparing an electronic system to accommodate the increasing number of employees
» Agriculture unveils a project to address high meat prices worth 5 billion dinars
» The central bank sells more than $194 million in the currency window
» Kurdistan provides loans of up to 150 million dinars to companies and businessmen who want to expand
» The Sudanese advisor reveals control over the theft of the century and its criminal implications
» The head of the Integrity Commission signs a cooperation agreement with the Egyptian Administrative
» Al-Araji assures the United Nations that Iraq is continuing to combat terrorism and dry up its sourc
» The Speaker of the Kuwaiti National Assembly comments on the Federal Court's decision regarding Khor
» The state of law denies the intention to amend some paragraphs of the budget
» Parliament is preparing to interrogate the governor of Salah al-Din because of his corruption
» Al-Sudani talks about electronic payment and the unified treasure account
» Al-Sudani chairs a meeting to follow up on the implementation of the unified treasury account
» https://alsabaah.iq/84632-.html
» A delegation from the regional finance department in Baghdad
» The general amnesty law faces political obstacles
» The capital lost its greenness and turned into a “building box.”
» Obliging companies implementing projects to remove bottlenecks to continue their work
» The World Bank supports the water file with $3 million
» An upcoming role
» Northern Oil overcomes Türkiye's procrastination and exports Qayyarah crude via the south
» Partnership with the private sector
» Experts: Iraq faces an opportunity to diversify oil export trends
» A Jordanian official reveals the reasons for the delay in starting the electrical connection with Ir
» Al-Barti on the judiciary’s decision to dissolve Kurdistan’s provincial councils: We cannot say anyt
» Barzani: There are those who want to hold the region accountable for demanding its rights, and “loya
» Al-Sudani supervises the second simulation of the upcoming provincial council elections
» Kurdistan.. The Ministry of Finance begins disbursing employees’ salaries for the month of July
» Cabinet Secretariat: More than 800,000 applications were submitted on the army volunteer platform
» Iran announces the volume of its trade exchange with Kurdistan and invites the region’s companies to
» Masrour Barzani...a government of words and deeds
» Baghdad and Washington are negotiating about linking the Iraqi market and currency to the dollar
» Iraq has huge cash reserves from oil revenues exceeding 113 billion dollars, at a time when it suffe
» The salary crisis raises rates of domestic violence in Kurdistan by 13 percent
» New projects between Iraq, Egypt and Jordan, including electrical interconnection
» Iran responds to the UAE and Kuwait regarding the disputed islands
» Dollar exchange rates during Monday's transactions in Iraqi markets
» Regarding Khor Abdullah...the Kuwaiti National Assembly determines its position on the Iraqi court’s
» 9/23/23 Militia Man & Crew IRAQ - NATURAL PLACE IN INTERNATIONAL COMMUNITY
» Will foreign investment restore reconstruction in Iraq and reflect on economic development?
» The International Monetary Fund urges African countries to use cryptocurrencies
» The date for completion of the preliminary designs of the second section of the Development Road Pro
» Guidance (correspondent banking, sanctions)
» The President of the Republic announces the completion of the preparation of draft 3 draft laws. Get
» The Federal Court rules to end the work of Kurdistan’s provincial councils
» Al-Sudani to the delegation of Arab lawyers: The government interacts with unions and professional f
» The President of the Republic: Completing the preparation of draft laws for the Supreme Water Counci
» Al-Sudani: Trade unions and professional federations support state institutions and are keen to inte
» The dollar declines against the Iraqi dinar in Baghdad markets
» The Minister of Labor and the Iranian Ambassador discuss preparing a memorandum of understanding for
» Experts: The lack of dams to contain the amounts of rain will lead to it being wasted again
» Economic: $70 million is smuggled daily through the northern ports towards Türkiye
» Badr Parliament mortgages the transformation of Tal Afar into a governorate in exchange for a vote o
» Rights: Kuwait's attempt to blockade Iraq at sea will lead to "battles"
» Al-Maliki: The Central Bank administration failed to contain the dollar crisis
» Iraq recorded a slight increase in the inflation rate during the month of August
» Al-Sudani: The political and constitutional system in Iraq granted the judiciary its complete indepe
» Al-Moussawi: Al-Sudani’s visit to New York opened the door to foreign investment in Iraq
» Economic calls to follow new measures to restore the dollar exchange rate
» The hammer of justice tears up the Khor Abdullah agreement amid calls to return Iraq's maritime lung
» Deputy: The Sudanese government succeeded in reviving half of the stalled projects within 5 months
» By up to 100%...a significant increase in the Central Bank’s external transfers of dollars
» Issuing “treasury bonds” in dollars to finance development
» Iran and Iraq are discussing the implementation of agreements signed in the field of communications
» More than 22 Jordanian companies participate in the Baghdad International Fair
» Cryptocurrency Industry Basics: What is Halving? How does this affect cryptocurrency prices?
» The foreign ministers of Iraq, Jordan and Egypt discuss enhancing tripartite cooperation and common
» News website: The continued closure of the oil export pipeline is harming the economy of the Kurdist
» Observatory: The Central Bank of Iraq undermined the project to use solar panels in homes
» The sewing company decides to distribute cash dividends of 49%
» A decline in Iraq's oil exports to America over the past week
» The central bank sells more than $194 million in currency auction
» Minister of Health: Lagging hospital projects are witnessing an increase in the pace of work and com
» Adviser to the Prime Minister: He directed to refer tourist facilities for investment
» Parliamentary Finance reveals 3 reasons behind the dollar not falling
» The Russian Foreign Minister confirms that his country's companies will remain in Iraq
» Central admission occupies parliament and calls for new controls in education
» Iran praises the Iraqi government's efforts to control the borders
» Introduction to Iraq
» The stagnation of the real estate market in Erbil
» Issuing {treasury bonds} in dollars to finance the {development road}
» The Iraqi Central Bank deposited 250 billion dinars in the region’s bank account
» The Kurdistan Region: Crises afflicting the Kurdish citizen at the expense of the well-being of the
» Al-Rafidain denies stopping granting dollars to travelers in its branches
» Does America have a role in efforts to resume Iraqi oil exports through Türkiye?
» Baghdad deposits 250 billion dinars in the account of the Ministry of Finance of the Kurdistan Regio
» The Khor Abdullah crisis...the repercussions of the Gulf position and Kuwait’s efforts to internatio
» The head of the Kurdistan Regional Government’s representative office in Baghdad receives Ghulam Muh