Foreign Minister: The exchange rate crisis is on its way to a solution, and the national currency is

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[size=52]Foreign Minister: The exchange rate crisis is on its way to a solution, and the national currency is still strong[/size]

[size=45]Foreign Minister Fuad Hussein stated that the exchange rate crisis is on its way to a solution, stressing the strength of the national currency, pointing out that the country's reserves exceeded $100 billion. Hussein said in a press conference about the outcomes of the Iraqi delegation's visit to Washington, that the aim of the visit is economic and the various aspects of the economy, whether trade, energy, associated and free gas, oil, electricity, and alternative energy, in addition to the environment, climate challenges, and environmental changes.[/size]
[size=45]He added, "The main issue was related to monetary policy and the policy of the Central Bank of Iraq, and reaching understandings with the Federal Reserve Bank, in addition to understandings with the Treasury and other sectors, which were part of the discussions, as well as understandings in the agricultural, health, educational and tourism sectors."[/size]
[size=45]The American side “was telling us that this was the first time that an Iraqi delegation had come, and the discussions focused on economic, financial, oil and energy issues, because in previous discussions we were part of military, security and political discussions, but this time the focus was on economic relations between the two countries.” According to Fouad Hussein. In the context, he stressed that “the visit comes within the framework of bilateral relations with the United States, as they are good and advanced relations, meaning that the visit came to protect and develop these relations, but we entered the joints of the economy this time, as there were political issues, but the large percentage of understandings and discussions were about relations.” economic.”[/size]
[size=45]The political issues discussed, according to Fuad Hussein, were related to the new government and its policy headed by al-Sudani, economic reform policy, what are the tools of economic policy used, how to fight corruption, how to deal with ISIS “terrorists”, and what about regional relations, adding that “Iraq’s important role was It is always evaluated by US officials in the field of regional relations, and in fact international relations.[/size]
[size=45]He noted that "the members of the delegation played an important role, and there was clear harmony, and work and duties were divided from the day of their arrival in Washington, in addition to political and economic meetings. There were meetings with American companies and also with the International Monetary Fund and the World Bank, and there were two meetings with the Central Bank." And the US Reserve Bank, and a symposium with the US Institute of Peace, and we conducted about 20 interviews with TV channels.[/size]
[size=45]The Iraqi foreign minister said: “We want to reassure the Iraqi people that the Iraqi currency is strong for economic, financial and political reasons and not an intellectual issue. Oil or financial reserves indicate that the Iraqi currency is strong.[/size]
[size=45]As for the issue of the dollar crisis, according to Fouad Hussein, “it was related to the electronic financing system. Before the application of the electronic financing system, the Iraqi economy was the cash economy, but with the installation of the platform or the electronic financing system, this led to many reactions, especially merchants, in how to deal with this platform.” This requires time to deal with and harmonize with this new system.[/size]
[size=45]And he noted that “many unreal bills were revealed through the platform, which were presented and on the basis of which they received the dollar, as the platform does not accept these matters, and thus led to determining the payment of the dollar to the market, in the past that it sometimes paid millions of dollars to the market and it was There is a perception that the market need is the basis, but with the application of the platform it was revealed that the market need differs from the currency that was paid to the market. He pointed out that “on the other hand, the Iraqi society is still a consumer, meaning that it imports food, medical, and industrial materials. All materials except oil are imported from other countries. This means that we need the dollar in the market to import these materials, as the dollar is important in the Iraqi market for trade exchange.” And the continuity of the strength of the Iraqi dinar.[/size]
[size=45]From the political point of view, some conversations were raised on social media about imposing certain conditions on the Iraqi delegation by the American side, whether financial or economic, and sometimes some went too far and talked about political conditions such as “the issue of normalization with Israel, in fact, I did not hear once in any of the meetings.” The issues that we held are not valid at all.” According to Fuad Hussein.[/size]
[size=45]The understandings reached in Washington with the American side, according to Fouad Hussein, are that “the dollar in relation to the dinar is in the right direction, and there will be stability for the currency, and it is a matter of time if we see the movement of the dollar before traveling and taking measures and the meeting that took place in Istanbul between the bank’s governor The Central Bank, and the representative of the treasury, and after the visit to Washington, we will notice that the dollar has stopped rising, meaning that the measures that have been taken are clear on the price of the dollar, and prices will move towards stability.[/size]
[size=45]As for the issue of smuggling the dollar abroad, the Foreign Minister stressed that it “is not a cause but a consequence. We did not have a platform, but through the electronic system it is difficult not to know who receives the dollar, and who is the last beneficiary in the end to stop smuggling, and this contributed to reducing smuggling, However, the platform must be placed in many banks that deal in dollars, border crossings and airports.[/size]
[size=45]And the Central Bank issued a statement received by (Al-Mada), stating, “The Central Bank of Iraq continues to receive public comments, complaints, and inquiries related to outlets selling foreign currency, the dollar.” He added, "The Central Bank receives complaints from eight in the morning until four in the evening at the numbers 07853330555 and 07809224663."[/size]
[size=45]For his part, the financial advisor in the government, Mazhar Muhammad Salih, said in a statement to the official news agency, “The credit rating of Iraq has been adopted since 2015 in our country, which led to a reduction in the cost of external borrowing by 50%, when Iraq issued the European bond called (Euphrates), which Iraq borrowed at that time from the international capital market by about one billion dollars, and is currently circulating in the European secondary markets.[/size]
[size=45]He pointed out, “There is a (Tigris) bond guaranteed by the US government in the amount of one billion dollars as well, as well as a European bond for Iraq under the name (Iraq / 2028), which is related to the settlement of foreign private sector debts according to the settlement of the Paris Club agreement, with an issue amount of about $ 2.7 billion.” .[/size]
[size=45]He explained, “The credit rating of Iraq depends in general, and for the aforementioned bonds, on important macroeconomic criteria, mainly to achieve what is called (the creditworthiness of Iraq) and the ability of the economy to pay its debt services and external obligations without significant failure.”[/size]
[size=45]He added, "The economic capabilities are determined by the two issues of deficit or surplus in the current account of the balance of payments and the deficit or surplus in the general budget at the very least, in addition to the role of foreign reserves and their efficiency as an indicator in covering outstanding debts and their short-term services."[/size]
[size=45]He stressed that “Iraq has maintained, over the past eight years, a stable credit rating, whose indicators are issued by more than one of the international credit rating agencies such as (Clubl Fitch) and others on a semi-annual basis, which indicates the great capabilities of Iraq to fulfill its external obligations towards creditors and others around the world.” .[/size]
[size=45]And Saleh went on to say, “The classification that Iraq enjoys today, which is in the B-level range, places Iraq among an important international group of no less than 60 countries in the world, most of which are emerging market countries and emerging economies.”[/size]
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