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Tues. PM KTFA News Articles 11-22-22

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Samson » November 22nd, 2022

Exchange offices indicate two reasons behind the rise in dollar prices in Iraq and expect a further rise

22nd November, 2022

Some banking offices revealed, on Tuesday, that the denial of some banks to enter the currency auction and the new instructions of the Central Bank are behind the rise of the dollar against the Iraqi dinar.

The owner of the Al-Waha office, Hussein Al-Moussawi, said in an interview with Shafaq News agency, “The central bank’s suspension of 14 banks from entering the currency auction is behind the rise in dollar prices in the local markets.”

The Central Bank had decided on November 6 to stop dealing in “dollars” with four banks for audit purposes whose names are linked to corruption files, while some parties said that the US Federal Reserve stopped financial transfers to 14 Iraqi banks on charges of smuggling money from the currency auction.

He added, “The bank’s new instructions, which will be applied on the first of next January with regard to obtaining currency in the bank’s auction, which will also include exchange offices, is to apply through the electronic platform and directly to the central bank,” noting that “the bank will also be able to disclose all the names that are sold to by these banks and exchange offices.

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Al-Moussawi also indicated that, “These complex instructions, which are rejected by banks and exchange offices, are expected to raise the dollar above 1,500 dinars during the coming period.”

It is noteworthy that the prices of the dollar rose gradually during the past days, to reach today the price of 100 dollars on the Kifah Stock Exchange 148,900 Iraqi dinars. LINK

Amer Al-Jawahiry : The country needs an economic renaissance through investing in major projects and with an international partnership 

22nd November, 2022

The consultant in economic development and investment, Amer Al-Jawahiri, stressed the country’s need for a major economic renaissance.

He told the National Iraqi News Agency that the country’s economy cannot be advanced without major investment projects that generate money in order to gradually reduce dependence on oil as the only resource for the annual budget.

Al-Jawahiry added that the first signs of this renaissance are the establishment of major joint investment projects with the countries of the region and other countries, in addition to activating the agreements concluded, especially with China.

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He explained: Among the major projects is the Nibras Petrochemical Project, in partnership with the global Shell company, which must be activated by setting a specific time period for its completion.

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Source: Dinar Recaps

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