Home
[size=36]Sudanese Advisor: Reforming the economy begins with the government banking sector[/size]
Economy | 06:25 - 11/28/2023
[You must be registered and logged in to see this image.]
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this link.]
Mawazine News - Baghdad
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Tuesday, that the economic policy in Iraq is moving towards implementing the principle of monetary sovereignty, and while he pointed out that the informal exchange market represents only 10% of trading, he stressed that it cannot be controlled The currency of a country other than the dinar with pricing within the country; Because monetary duality has harmed the economy, he pointed out at the same time that there is a tendency to diversify currencies for travel purposes and not be limited to the dollar.
Saleh told the official agency, “Economic policy in general and monetary policy in particular are moving towards a new principle called (monetary sovereignty), which considers the Iraqi dinar the only refuge for exchange, pricing, and coverage of internal transactions.”
He added, "It is not permissible for the currency of another country whose monetary policy is subject to pricing and trade exchange operations within the Iraqi economy, and the principle of monetary sovereignty starts from this level."
He continued, "The problem in Iraq is the existence of two exchange markets: the first is the regular one in which exchange takes place through the central bank's platforms, which prices the exchange rate at 1,320 dinars to the dollar as a stable and official price and defends monetary policy."
He explained, "The second market is irregular, representing 10% of the trading rate. It is an uncontrolled market controlled by speculators and adds noise to the Iraqi economy as a whole."
He pointed out, "There are two things: The first is commodity diversification, which the government has begun through baskets that support livelihoods, including the food basket that has achieved stability in the prices of materials, as well as the medicine basket, a construction basket, and another basket for reserve materials that the Ministry of Commerce will launch soon. These are financed at the official exchange rate and help... Stabilize prices and counteract the noise introduced by the informal market.”
He stressed that "dealing in the dollar (dollarization) and its pricing of the internal economic movement is what is most harmful to the economy, but there is no harm in covering external transactions exclusively and through official platforms."
Saleh pointed out, “On this basis, government policy and the policy of the Central Bank moved towards not relying on one country’s currency in foreign transactions and diversifying those currencies such as the Emirati dirham, the Turkish lira, the Chinese yuan, the British pound, and the euro, in addition to the dollar. This diversification reduces the dollarization of the economy and gives it great independence.” .
He stressed, "This diversification can be generalized at the level of selling foreign cash currencies for travel purposes and according to the currency of the country to which one is traveling. This will greatly reduce the demand for the dollar as a single currency in transactions, and the monetary and commodity diversification adds independence to the Iraqi economy."
Regarding Iraq’s steps to provide these currencies, Saleh said, “The monetary authority in Iraq is independent and there is a wide consultation circle between it and the government. This is happening for the first time to open banking arrangements with central banks in countries that have a commercial partnership with Iraq, such as the Emirates, Saudi Arabia, Turkey, and China, and it is possible to cooperate with these countries.” Directly in their national currencies to achieve ease of conversion and exchange to finance trade and the movement of goods, supported by a stable exchange rate of 1,320 dinars, which allows for achieving stability and monetary sovereignty.”
He pointed out, "The demand for foreign currency is linked to the demand for goods and foreign transactions. It is dangerous to use the dollar to cover internal transactions, and monetary double-dealing has harmed Iraq. This must end, and it does not mean not providing foreign currency to citizens for the purposes of financing foreign trade or for the purposes of travel and tourism. Therefore, there are steps." This is a major regulatory change aimed at achieving diversification through agreement with several countries with which transactions are conducted.”
He stressed, "The state has large commercial arms, and whenever it finds that there are needs affected by secondary market noise, the commercial apparatus intervenes to expand its dealings supported by a stable exchange rate, as well as in cooperation with Iraqi merchants."
Regarding the government’s steps to strengthen the banking system, the Prime Minister’s advisor said, “There is a large team headed by the Prime Minister that directly supervises the reform of the banking system, and the largest system is the government system, whose assets dominate 85% of the assets of the banking system in Iraq, so the reform begins with government banks.” We are working on this seriously, and during the next 6 months the results of this reform will appear, and there will also be work in parallel to reform the private banking system, and there is a strong movement and cooperation in this direction with the associations of private and Islamic banks.”
He stressed, "The Prime Minister's philosophy confirms that economic reform cannot be achieved without reforming the banking system, and therefore the priority begins with reforming the financial system."
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Tuesday, that the economic policy in Iraq is moving towards implementing the principle of monetary sovereignty, and while he pointed out that the informal exchange market represents only 10% of trading, he stressed that it cannot be controlled The currency of a country other than the dinar with pricing within the country; Because monetary duality has harmed the economy, he pointed out at the same time that there is a tendency to diversify currencies for travel purposes and not be limited to the dollar.
Saleh told the official agency, “Economic policy in general and monetary policy in particular are moving towards a new principle called (monetary sovereignty), which considers the Iraqi dinar the only refuge for exchange, pricing, and coverage of internal transactions.”
He added, "It is not permissible for the currency of another country whose monetary policy is subject to pricing and trade exchange operations within the Iraqi economy, and the principle of monetary sovereignty starts from this level."
He continued, "The problem in Iraq is the existence of two exchange markets: the first is the regular one in which exchange takes place through the central bank's platforms, which prices the exchange rate at 1,320 dinars to the dollar as a stable and official price and defends monetary policy."
He explained, "The second market is irregular, representing 10% of the trading rate. It is an uncontrolled market controlled by speculators and adds noise to the Iraqi economy as a whole."
He pointed out, "There are two things: The first is commodity diversification, which the government has begun through baskets that support livelihoods, including the food basket that has achieved stability in the prices of materials, as well as the medicine basket, a construction basket, and another basket for reserve materials that the Ministry of Commerce will launch soon. These are financed at the official exchange rate and help... Stabilize prices and counteract the noise introduced by the informal market.”
He stressed that "dealing in the dollar (dollarization) and its pricing of the internal economic movement is what is most harmful to the economy, but there is no harm in covering external transactions exclusively and through official platforms."
Saleh pointed out, “On this basis, government policy and the policy of the Central Bank moved towards not relying on one country’s currency in foreign transactions and diversifying those currencies such as the Emirati dirham, the Turkish lira, the Chinese yuan, the British pound, and the euro, in addition to the dollar. This diversification reduces the dollarization of the economy and gives it great independence.” .
He stressed, "This diversification can be generalized at the level of selling foreign cash currencies for travel purposes and according to the currency of the country to which one is traveling. This will greatly reduce the demand for the dollar as a single currency in transactions, and the monetary and commodity diversification adds independence to the Iraqi economy."
Regarding Iraq’s steps to provide these currencies, Saleh said, “The monetary authority in Iraq is independent and there is a wide consultation circle between it and the government. This is happening for the first time to open banking arrangements with central banks in countries that have a commercial partnership with Iraq, such as the Emirates, Saudi Arabia, Turkey, and China, and it is possible to cooperate with these countries.” Directly in their national currencies to achieve ease of conversion and exchange to finance trade and the movement of goods, supported by a stable exchange rate of 1,320 dinars, which allows for achieving stability and monetary sovereignty.”
He pointed out, "The demand for foreign currency is linked to the demand for goods and foreign transactions. It is dangerous to use the dollar to cover internal transactions, and monetary double-dealing has harmed Iraq. This must end, and it does not mean not providing foreign currency to citizens for the purposes of financing foreign trade or for the purposes of travel and tourism. Therefore, there are steps." This is a major regulatory change aimed at achieving diversification through agreement with several countries with which transactions are conducted.”
He stressed, "The state has large commercial arms, and whenever it finds that there are needs affected by secondary market noise, the commercial apparatus intervenes to expand its dealings supported by a stable exchange rate, as well as in cooperation with Iraqi merchants."
Regarding the government’s steps to strengthen the banking system, the Prime Minister’s advisor said, “There is a large team headed by the Prime Minister that directly supervises the reform of the banking system, and the largest system is the government system, whose assets dominate 85% of the assets of the banking system in Iraq, so the reform begins with government banks.” We are working on this seriously, and during the next 6 months the results of this reform will appear, and there will also be work in parallel to reform the private banking system, and there is a strong movement and cooperation in this direction with the associations of private and Islamic banks.”
He stressed, "The Prime Minister's philosophy confirms that economic reform cannot be achieved without reforming the banking system, and therefore the priority begins with reforming the financial system."
[You must be registered and logged in to see this link.]
» utube 10/12/24 MM&C Iraq News is Powerful - Minister of Finance to adhere to Time Tables - To Achie
» utube 10/9/24 MM&C Iraq Dinar News-Optimization-Automation-Digital-Schedule Date-Secured Salaries
» utube 10/10/24 MM&C Iraqi Dinar-International Focus-WTO File Joining Completed-Regularization of G
» Iraq.. Fourth in the Arab world in cheapest electricity prices
» Parliamentary Legal: No postponement of important laws and voting on them is linked to political agr
» Adnan to Al-Mirbad: The 13,000 file is vague and there was no need to delay the draw
» Basra Government: 12,295 beneficiaries of degrees have been published, and the remaining 857 are for
» "Autumn" economic recession in Iraq.. and a government advisor explains the reasons
» MP reveals Iraqi efforts to build the most important pharmaceutical factories in the Middle East
» Silk Road Base Enters High Alert Status Suddenly
» Al-Sudani agrees to pay compensation to farmers in Anbar
» Integrity investigates Anbar official for involvement in corruption and money laundering
» Iraqi Foreign Ministry: Corruption, Diplomatic Dispersion, and Embassies Without a Community
» 14 officials in the Kurdistan Regional Government resign due to political differences
» 100% completion rate of the designs of the gas development project in the Artawi field
» Iraq achieves abundance in wheat crop, but the government suffers losses
» Increase in revenues from international communication capacities through Iraq
» Parliamentary Finance Committee praises Al-Sudani: He has a real will to boost non-oil revenues
» Baghdad Council reveals reasons for tampering with monthly pricing of private generatorsBaghdad rank
» Baghdad Council reveals reasons for tampering with monthly pricing of private generators
» Turkish Trade Minister to visit Iraq next week
» Rafidain: Seizure of shares, bonds and balances in the Jordanian arena of an Iraqi businessman indeb
» Postponement of the "Iraq Investment Forum" for this reason
» An agreement suffocates Baghdad.. Blackness covers its sky and sulfur kills its residents with serio
» Integrity Commission arrests the director of Samawah Central Prison red-handed for bribery
» Al-Sudani: Neutrality, transparency and electoral justice must be adopted in Kurdistan
» Jordan.. Rafidain Bank seizes the assets of an Iraqi businessman who owes 625 billion dinars
» Iraqi oil slowly moves towards $80 per barrel
» An Iraqi reading answers the mystery of the “deep breaches” in the Iranian Revolutionary Guard
» Experts: Boosting revenues and activating the private sector are necessary to confront the fluctuati
» “Lack of liquidity”... Revealing the reasons for the delay in releasing the Ministry of Health’s all
» Planning dispels fears: Questions for the census or for tax disclosure?
» Energy war warnings are “expanding”... and Iraqi hints at Yemen and Iran’s involvement in it
» Minister of Commerce directs taking measures to protect food security
» Immigration reveals the latest developments of Lebanese immigrants to Iraq
» Turkish Trade Minister in Baghdad this week
» Trade supports low-income people through 6 marketing centers
» By name.. government officials of the Change Movement who submitted their resignations
» Al-Awadi: Iraq's approach emphasizes regional and international cooperation to stop the Zionist aggr
» Al-Sudani receives the Electoral Commission Board
» KRG: We have cut our oil production in half
» Position of the European Parliament and Amnesty International on the Personal Status Law in Iraq
» Parliamentary Legal: No postponement of important laws and voting on them is linked to political agr
» Pollution 30 times more dangerous than normal and the authorities remain silent.. What is the secret
» Dollar to Dinar Exchange Rates in Iraq Today
» Iraq ranks last globally and Arab world in the Nature Conservation Index 2024
» Government meeting headed by Al-Sudani regarding the Kurdistan Regional Parliament elections
» Economist: America is pressuring Iraq to support Jordan economically
» Minister of Finance stresses the need to adhere to timetables to achieve economic reforms
» 18-24 times above the healthy limit.. High values of environmental pollution rates in Iraq
» The Iraqi government demands an international position on the insult to the supreme authority
» Expert explains reasons for dollar rise and talks about 30-year reaction - Urgent
» Iraqi oil falls again despite rising global prices
» Oil: The percentage of completion of the designs for the gas development project in the Artawi field
» Iraq is losing its green spaces... Desertification is accelerating despite afforestation campaigns!
» Child labor in Iraq... a growing crisis that threatens the future of future generations!
» NBC: Al-Sudani informed the leaders of the Popular Mobilization Forces of the need to leave Iraq.. O
» “Draft Sales Tax Law”: Increasing government revenues at the expense of citizens’ income!
» "Iraq cannot tolerate escalation" .. Al-Sudani begins "preemptive steps" to ward off external risks
» 566 cases of electronic extortion have been dealt with in Iraq since the beginning of 2024
» Iraq Turns to Clean Energy Projects: Converting Wind Power to Electricity
» Census Questions Raise Suspicion: Routine Procedure or Tax Disclosure?
» Promoting the private sector through legislative and executive support
» Since the launch of the Central Bank platform.. Trade Bank of Iraq announces the transfer of 40,000
» Baghdad in a difficult position: The Gulf "closes its airspace" to the entity.. Planes may use Iraqi
» utube 10/7/24 MM&C Iraq Dinar News-Iraqi Dinar-Liquidity-Sudani Report-Digital Phase-Supreme Court
» The first project in Iraq to produce wind energy
» MP: No economic feasibility in Aqaba pipeline project
» Abu Saeeda: The American veto prevented Iraq from obtaining the S-400, Khordad and Pavak systems
» Parliamentary Finance Committee confirms imminent release of Ministry of Health allocations
» Federation of Iraqi Chambers of Commerce holds “fruitful” meeting with Kurdistan Regional Government
» Planning conducts new economic survey, expects unemployment rate to decline
» Iraq is the largest buyer of Iranian auto and motorcycle spare parts
» Iraq's oil exports to South Korea exceed 65 million barrels in 8 months
» Iraq offers Saudi Arabia investment opportunities in the agricultural sector
» Al-Sudani: We will continue to implement service projects in Baghdad and the governorates
» New agricultural projects in Diwaniyah
» Transportation: Returning (3) disabled aircraft to service before the end of this year
» Government Communication: Opening (175) schools
» Parliamentary praise for government financial support for {Guests of Iraq}
» Experts: Diversifying revenues is a guarantee of economic stability
» Basra oil approaches $80 per barrel
» New drop in the dollar exchange rate
» Minister of Commerce directs taking measures to preserve food stocks
» Commerce completes requests to lift injustice for its employees according to the amendment to the pe
» Parliamentary union meeting to discuss the proposed law of the Federation of Chambers of Commerce
» GCC countries officially sign contract to implement electricity interconnection project with Iraq
» How prepared is Iraq for an expected "cyber strike"?
» Al-Sudani stresses to the US Ambassador the necessity of major countries’ intervention to stop the Z
» After the Israeli threat to Sistani... Will Baghdad deploy air defense systems around Najaf?
» Who will stop the "collapse of the dinar"? Dollar prices continue to soar in Iraqi markets
» Iraq opens 22 new border posts with Türkiye
» Visited the Russian Supreme Court in Moscow... Today... The Chairman of the Judicial Council signs a
» Minister of Planning discusses with Al-Lami the role of the press in the success of the population c
» Al-Sudani's advisor: A thin Iraqi thread that will not be cut, and who is Abu Ali Al-Askari?
» Regional tension pushes the parliament speaker’s file to “the shelf of oblivion” and there are expec
» Signing the contract to implement the Gulf electricity interconnection with Iraq
» Violations in projects costing 3 billion dinars in Kirkuk