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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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    Securities Commission: The rise in the exchange rate of the dollar to 2000 dinars is unlikely

    Rocky
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    • Post n°1

    Securities Commission: The rise in the exchange rate of the dollar to 2000 dinars is unlikely Empty Securities Commission: The rise in the exchange rate of the dollar to 2000 dinars is unlikely

    Post by Rocky Tue 08 Aug 2023, 7:10 am

    [size=38]Securities Commission: The rise in the exchange rate of the dollar to 2000 dinars is unlikely[/size]


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    August 8, 2023[You must be registered and logged in to see this link.]
    Baghdad / Obelisk Al-Hadath: The head of the Iraqi Securities Commission, Faisal Al-Haimus, ruled out the rise in the exchange rate of the dollar to 2,000 dinars, noting that the exchange rate of the dollar would begin to decline after fluctuation for a short period.
    The head of the Iraqi Securities Commission, Faisal Al-Haimus, said, according to Rudaw Network, that the issue of the exchange rate of the dollar “relates exclusively to the Central Bank of Iraq,” adding that preventing the fourteen banks from entering the platform to buy the dollar has an impact on the nature of the exchange rate against the dinar.
    He stated that there are “governmental efforts by the Central Bank and the Prime Minister to consolidate the banking sector,” noting that it was represented by launching a campaign to arrest price speculators.
    Faisal Al-Haimus, explained that 18 Iraqi banks have been restricted and banned from entering the dollar purchase platform out of about 71 banks in the country, indicating that the procedure is not a punishment, but rather a consolidation of the banking process in Iraq.
    He pointed out that the US measure is a “temporary ban,” hoping that the covered banks will “solidify their business and comply with dollar purchases for legitimate purposes and engage in legitimate trade, and review their procedures in order to resume their activity in the future.”
    The head of the Iraqi Securities Commission confirmed the presence of people who “benefit from causing panic among people with the rise in the price of the dollar against the dinar in the coming period,” describing the rumors that the price of one dollar has reached two thousand dinars as “an exaggeration.”
    Regarding money smuggling to neighboring countries, he considered this operation “one of the reasons that led to distorting the image of the Iraqi banking sector, and as a result, the 14 banks were restricted.”
    Al-Haimus pointed out that the recent measures are “required,” attributing this to “reducing the emergence of illegal activity through smugglers.”
    He continued, "The recent package launched by the Central Bank regarding the entry of small merchants and others, measures that will help reduce the gap between the official exchange rate and the black market."
    The head of the Iraqi Securities Commission, stated that there is an initiative from the Iraqi Trade Bank to “enable small merchants to obtain dollars by submitting official documents,” ruling out the possibility of violations.
    “The process of legal merchants obtaining foreign currency to import their requirements of goods, and the presence of a foreign company contracted by the Central Bank to audit invoices,” will lead to “providing sound and grounded funding,” according to Faisal al-Haimus.
    He added that he does not agree with saying, “The number of beneficiaries from the platform from the merchants of the Kurdistan Region is small, because all the operating banks entering the platform are in the Kurdistan Region and the rest of the governorates of Iraq, and all this indicates that there are a large number of merchants entering the platform daily.”
    He pointed out that the Central Bank “sells between 200 to 220 million dollars a day, and they are a large number, which shows that (the bank) is the legitimate outlet that is used to meet the need of merchants to buy products from abroad and import them into Iraq.”
    Regarding the repercussions of preventing 14 banks from dealing in dollars, he said that it “led to an increase in the exchange rate of the dollar against the dinar, and this is the result of the surprise that occurred and the rumors that were previously reported,” referring to “the drop in the exchange rate of the dollar in the last two days against the Iraqi dinar.”
    Faisal Al-Haimus expressed his belief that “there is great cooperation between the Central Bank, the US government, the US Treasury and the Federal Bank to control this situation.”
    The head of the Iraqi Securities Commission expressed his optimism about the decline in the exchange rate of the dollar, saying that “the rise (exchange rate of 100) dollars to 200 thousand dinars is unlikely.”
    And he went on, “There will be fluctuation for a short period of time,” stressing that “the measures taken by the Central Bank will contribute to reducing the gap, and I believe that we will start a gradual decline, not an increase” in the dollar exchange rate.
    Regarding the role of the Securities Commission, he indicated that “its supervisory role is on the Iraqi Stock Exchange, and we supervise it and its trading on a daily basis and try to advance it, and there are efforts to open branches of the Iraqi Stock Exchange in all governorates, including in the Kurdistan Region.”
    In this context, he referred to the visit of a joint delegation from the Securities Commission and the Iraq Stock Exchange to Sulaymaniyah to “arrange the establishment of a trading hall in Sulaymaniyah, and we will follow up these efforts in order to be present” in the Kurdistan Region and serve its citizens in the field of trading in “stocks and bonds.”
    Regarding a branch in Erbil, he said: “We granted the license to the Erbil Stock Exchange in 2014, and the concerned authorities in the Kurdistan Region took the initiative to establish the Erbil Stock Exchange Company,” noting that the events in Mosul and ISIS “delayed the establishment of this market, and we are still in contact with the brothers in Erbil, and the place needs to be worked with by the Kurdistan Regional Government.”
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