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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Alaq: the rise in the exchange rate "my time" and the project to delete zeros still exists

    Rocky
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    rate - Alaq: the rise in the exchange rate "my time" and the project to delete zeros still exists Empty Alaq: the rise in the exchange rate "my time" and the project to delete zeros still exists

    Post by Rocky Wed 26 Jul 2023, 11:34 am

    Alaq: the rise in the exchange rate "my time" and the project to delete zeros still exists

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    Economy News - Baghdad
    The governor of the Central Bank, Ali Al-Alaq, considered, on Wednesday, that the rise in the exchange rate of the dollar in the market was temporary, and while he indicated that there was no indication or indication from the American side to include new banks within the sanctions, he confirmed that the project to delete zeros from the currency still exists.
    Al-Alaq said in an interview with the official news agency, that "the central bank continues to provide the dollar at the official rate and cover all legitimate transactions for the purchase order, including transfers and credits for various imports," adding that "what is being talked about in terms of a rise in the exchange rate does not mean that there is a rise in the official price, which is still the same, but rather that the rise occurs in the cash price circulating in the market and is caused by the reluctance of some merchants to enter the electronic platform, which is the official channel for sale required by the new system."
    He added, "Merchants, in addition to other categories, cannot enter the platform because they do not practice legitimate activities and operations, and our role in the Central Bank is to push everyone who needs to buy dollars to enter the legal and correct path, and the process today is in fact a process of reorganizing the movement of trade and funds, which makes these operations subject to local and international controls and standards, which leads to an effective implementation of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015."
    Al-Alaq pointed out that "the process of implementing the new system in reorganizing the movement of trade and funds requires the cooperation of multiple parties, and we expected that the issue would receive support, implementation, and interaction from the official and popular parties to support the Central Bank in achieving the goal of this system to make the movement of funds proceed according to legal contexts and correct standards to avoid any internal or external risks."

    He stressed, "The international financial system is integrated, coherent, and interdependent, in which some affect others, and all financial institutions in the world deal with the movement of funds with caution within a careful assessment of risks and verification of the sources of funds and the beneficiaries from them. Iraq is part of this system, and we must achieve a high degree of compliance with the standards of the international financial system to ensure the integrity of our financial system, and this, as we indicated, requires great support for the Central Bank and for each party to take its role."
    And the Governor of the Central Bank stated, “Regulating foreign trade falls outside the control of the Central Bank and requires the cooperation of multiple parties concerned with this file, such as the Ministry of Commerce, the Border Crossings Authority, the Customs Authority and the security agencies, and other parties, and what we are doing serves all parties, the country’s economy and its general situation, and therefore there must be solidarity, collaboration and interdependence between everyone with the Central Bank to achieve the goal of the system.”
    He pointed out that "we often hear remarks about the dollar sale process and the movement of the currency, and today when the Central Bank assumed this great responsibility to reorganize it and put it in its correct contexts, the issue cost a great effort of human resources to monitor the process and ensure its safety with the application of electronic programs that cost the bank large sums of investments, and we seek the help of an international auditing company to review operations and verify their validity, and here there must be support and backing to achieve the primary goal." 
    He pointed out that "there are parties that do not want the correct standards to be adopted, and some of them are trying to take advantage of this situation to jump on the market and withdraw the cash in it to achieve private benefits and speculations. We have identified the elements that carry out these illegal actions, and there is an effective security effort and monitoring of these, and the legal prosecutions are continuing under the guidance and direct follow-up of Prime Minister Muhammad Shia'a Al-Sudani, who gave this issue great attention."
    Al-Alaq explained that “what the Central Bank announces of daily sales of foreign currency are not the operations actually in force, but rather the requests that the Central Bank transfers externally to conduct import transactions, and what is implemented is less than what is announced in terms of numbers, because there are transactions with notes or deficiencies or non-conformity of conditions on them and they are rejected and the rate of daily sales actually executed daily reaches 155 million dollars.”
    He added, "The failure to meet all requests is caused by merchants not entering the electronic platform, so they go to the market to buy dollars in cash, and the supply is what citizens circulate for the purposes of treatment, study, etc., and the current problem in Iraq is not related to a lack of cash reserves in it, as happens in a number of countries, but rather we have a large reserve that can respond to requests and there are no restrictions."
    He continued, "The problem is in the request itself, as some of those who want to buy dollars do not adopt the correct methods by going to the electronic platform, and we at the Central Bank submitted two proposals to the government to meet their requests: the first includes easing tax procedures and making their percentage simple and deposited directly in accounts without entering into tax complexities and tax accounting, and the second proposal is that the entry of any goods into Iraq should be through a new mechanism that includes the presence of evidence of its official transfer, and the first proposal was accepted by the government by benefiting from what was stated in the budget law Article 48 and now work is underway to define the categories covered. The second proposal is currently being studied by the government to document the entry of goods and to disclose the source of funding, which is one of the requirements of the Anti-Money Laundering Law.
    He noted that "there is acceptance of the idea of ​​taxation and benefiting from what was stated in the Budget Law in Article 48, and now work is underway to organize it and define the categories and tax," noting that "the rise in the exchange rate in the market is temporary, and the fate of merchants who buy dollars from the market is to enter the platform and transfer in a legal manner, and then there will be no pressure on the exchange rate in the market."
    Al-Alaq added, however, by saying: "The penalties imposed on 14 local banks were not in the time of the current government, but rather in the time of the previous government, and their announcement a few days ago came after completing the audits of all transfers and verifying their sources," noting that "the phenomenon of speculators in the market who broadcast radiation and create a crisis that leads to raising the price, and it does not change anything about the issue of the possibility of applicants to obtain dollars from going to banks other than those that have sanctions."
    Al-Alaq confirmed, “There is no indication or indication from the American side of including new banks within the sanctions,” noting that “the central bank will follow up on the issue of banks that have been subject to deprivation of the dollar and will enter into the process of reviewing and verifying them.”
    He revealed, "There are a number of proposals being developed to set up the trade process with the Iranian side and the payment mechanism within its framework, and work to provide means of payment through the Iraqi currency and prepare special cards for this issue."
    He noted that "the Central Bank continues to put forward regulatory packages to stabilize the market, and the most important action taken by the bank is to open the largest number of channels to conduct transfers, and now we have opened a direct channel to conduct transfers with China in its currency without going through complex operations, and these transfers are conducted quickly and easily," stressing that "the bank started transfer operations in the Chinese currency with one bank, and now the number of banks has reached more than 10 banks."
    Al-Alaq announced "close dealings with European banks and in other countries in order to give transfer channels speed and help attract merchants."
    Al-Alaq explained, "There are certain arrangements being worked on between the Iraqi government and Iran, and between the American side regarding the payment of gas supply dues."
    He pointed out that "there are good efforts that are focused and escalating related to the campaign to support the Iraqi dinar," noting that "the strength of the Iraqi dinar derives not from the citizen, but from the capabilities of the country."
    He continued, "Prime Minister Muhammad Shia al-Sudani personally is one of the main supporters of the campaign to support the Iraqi dinar." 
    Regarding the experience of generalizing electronic support, Al-Alaq explained that "the issue receives great interest from the Central Bank, and now a meeting has been completed with an international electronic payment company, and there is progress, but it depends on expanding the circle of culture in this aspect."
    And he indicated, "The experience of electronic payment for citizens against government institutions has begun to succeed, and there are many departments that have joined, and we are working on a very important step, which is conducting transactions by paying via mobile phone, that is, a person can pay as soon as the other party has a (code), where anyone who carries this code can pass the code to the device and enter his account, which is an advanced step even from using cards." 
    Regarding the size of Iraq's debts, Al-Alaq indicated, "The internal volume of Iraq's debts amounts to about 65 trillion, of which 46 trillion belongs to the Central Bank, and the rest belongs to government banks, and is paid in the form of payments. As for the external debt, it amounts to about 20 billion dollars, while the Iraqi reserves amount to more than 113 billion dollars." 
    Regarding the Riyada initiative, Al-Alaq said, "The Prime Minister launched a Riyada initiative to qualify young people and enter them into small projects, and to embrace their capabilities and innovations," pointing out that "the Central Bank entered as a financing party by launching a project to establish the Riyada Bank, in order to absorb and finance these capabilities."

    And he indicated, "The Central Bank is in the process of establishing this bank, and there is great interest from us and the private banks," noting that "the bank has various initiatives, including financing small and medium projects and the ongoing housing lending initiative through the Real Estate and Housing Bank. 
    He pointed out, "It has been dismissed from printing the category of twenty thousand dinars because of the existence of a category of 25 thousand dinars, and we do not wish to expand the current categories, because the project to delete zeros still exists." 
    Regarding the structure of government banks, Al-Alaq said, "There is now coordination and focus on this file, and great interest from the Prime Minister personally, and periodic meetings in this field, and we have some ideas about these banks that we are working on implementing at the present time."




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