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Mon. PM KTFA Iraq News Articles 1-23-23

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Clare » January 23rd, 2023

WS & FRANK TOLD US WEEKS AGO THIS “COULD” HAPPEN IF GHALEB DID NOT GET THINGS DONE FAST ENOUGH …  TONIGHT WILL BE A VERY GOOD UB2B! IMO

After dismissing him, the governor of the Central Bank, the Sudanese hints at a decrease in the exchange rate of the dollar

01/23/2023

The Prime Minister, Muhammad Shia Al-Sudani, relieved the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, due to the continued rise in the exchange rate of the dollar and the bank’s inability to curb it.

Al-Sudani assigned former bank governor Ali Mohsen Al-Alaq to manage the central bank by proxy.

The Prime Minister also referred the Director of the Trade Bank of Iraq to retirement and assigned Rabal al-Hamdani to manage the Trade Bank of Iraq in addition to his duties.

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Al-Sudani commented on the changes by saying: “The departments that have been assigned to the Central Bank and the Trade Bank of Iraq possess skills and will work to reduce the rise in exchange rates.”

It is noteworthy that the Iraqi dinar lost about 10 percent of its value, as the Wall Street Journal says in a report it published a few days ago, after “mysterious” procedures for many, related to the imposition of compliance rules on the Central Bank of Iraq’s dealings with currency dealers in relation to the dollar. American.

Under the new procedures, Iraqi banks are required to submit dollar transfers on a new online platform with the Central Bank of Iraq, which are then reviewed by the Federal Reserve Bank.

US officials said the system aims to limit the use of the Iraqi banking system to smuggle dollars and launder money across the Middle East.

The exchange rate of the dollar in the local markets has been increasing for days, reaching 1,600 dinars per dollar, or slightly less than that, and sometimes exceeding it.LINK

Iraqi PM replaces heads of central bank, trade bank

1/23/2023

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ERBIL, Kurdistan Region – Iraq’s prime minister on Monday replaced the heads of the country’s central bank and trade bank after issuing a number of decisions to control the unstable dinar-dollar exchange rate the night before.

Iraqi state media reported that Prime Minister Mohammed Shia’ al-Sudani had dismissed Mustafa Ghalib Makhif of his post as the head of the Iraqi Central Bank “upon his own request” and had named Ali Mohsen al-Alaq as an interim head of the central bank.

Sudani also decided to change the head of the Trade Bank of Iraq, appointing Bilal al-Hamdani as the interim head following Salem Jawad al-Chalabi’s mandatory retirement.

The decisions from Sudani come after he issued a set of decisions on Sunday to control the fluctuation of the Iraqi dinar’s exchange rate.

The exchange rate of one USD reached 1,670 IQD in the currency markets of Iraq and the Kurdistan Region on Friday, continuing the massive depreciation of the Iraqi currency in recent weeks.

Some of the decisions taken to control the fluctuation included financing the Central Bank of the Trade Bank of Iraq with an additional $500 million to open credits for small merchants, opening a new foreign currency selling window for small traders by the Trade Bank of Iraq, authorizing the import of goods for companies registered with the trade ministry, and facilitating the import procedure.

The depreciation of the Iraqi dinar has been attributed to the New Year holidays, the closure of banks, as well as pressure from the United States.

Iraq’s foreign minister Fuad Hussein told Rudaw on Friday that an Iraqi delegation will visit Washington in early February and will discuss the exchange rate fluctuation with US officials.

In December of 2020, Iraq’s central bank announced devaluing the country’s currency in an effort to combat a national liquidity crisis and bring in much-needed cash to the government’s coffers.

The devaluation of the dinar struck the public hard as government employees get paid in dinar, and they would be able to afford less with their salaries given that many imported goods are paid for in dollars.

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Al-Shammari: The government’s decision towards the dollar is bold… and reveals a commitment to the new central bank governor

1/23/2023

A member of the Political Bureau of the National Wisdom Movement, Fadi Al-Shammari, said that the Iraqi Central Bank Governor, the agency {Ali Al-Alaq} pledged to restore the exchange rate of the dollar against the Iraqi dinar “within a short period.”

Al-Shammari said in a tweet on Twitter: “Bold decisions taken by the government to restore control and balance of the currency price after recent market speculation, including changing the management of the Central Bank and supporting providing merchants with the official price in various commercial sectors.”

He added, “The new governor’s pledge is to restore the exchange rate within a short period, and I estimate that it will only take weeks.”

Today, the Prime Minister, Muhammad Shia’a al-Sudani, relieved the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, due to the continued rise in the dollar exchange rate and the bank’s inability to curb it.

Al-Sudani assigned former bank governor Ali Mohsen Al-Alaq to manage the central bank by proxy.

The Prime Minister also referred the Director of the Trade Bank of Iraq to retirement and assigned Rabal al-Hamdani to manage the Trade Bank of Iraq in addition to his duties.   LINK

An almost complete halt to the circulation of the dollar in the local markets

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1/23/2023  Information/Baghdad..

On Monday, directors of banking offices in Diyala revealed a near-total cessation of circulation of the dollar in the markets.

Al-Malooma correspondent said that most of the exchange offices have now stopped trading the buying and selling of the dollar due to the state of instability and the fluctuation of buying and selling in the absence of a fixed standard for determining the exchange rate at the present time time.

And he added, that the change of the director of the Central Bank of Iraq this morning contributed to pushing the market to a partial decline in the exchange rates of the dollar, with the presence of arrests in the exchange offices in Baghdad.

He pointed out that the fear of losing is what prompted office owners to hesitate in buying and selling dollars in Baghdad and the provinces, with information that a return to the previous exchange rate is possible within days.

The currency markets in Iraq witnessed a slight decrease in the exchange rates of the dollar, as the purchase prices recorded 160 thousand for every 100 dollars, with the decision to exempt the director of the Central Bank of Iraq.    LINK

Iraqi delegation to discuss dinar-dollar exchange rate with Washington

1/22/2023

ERBIL, Kurdistan Region – Iraq’s prime minister is in talks with the US regarding the unstable dinar-dollar exchange rate and a delegation will be sent to Washington for the matter, the Iraqi foreign minister said on Sunday.

“We are meeting daily with Prime Minister Mohammed Shia’ al-Sudani and the economic committee to resolve this situation which has to do with the Iraqi Central Bank,” Fuad Hussein told Rudaw, adding that the premier has already spoken to the US regarding the matter.

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“Prime Minister Mohammed Shia’ al-Sudani is in talks with the US to increase the value of the Iraqi dinar in comparison to the dollar, and we will visit Washington soon,” he added.

The exchange rate of one USD reached 1,670 IQD in the currency markets of Iraq and the Kurdistan Region on Friday, continuing the massive depreciation of the Iraqi currency in recent weeks.

The depreciation of the Iraqi dinar has been attributed to the New Year holiday, the closure of banks, as well as pressure from the United States.

In an interview with Rudaw earlier this month, Hussein said that there are many reasons behind the drop in dinar value, among them is the US Federal Bank overlooking the flow of dollars in Iraqi market, which has led to a lower amount of dollars being released into the market by the Iraqi central bank.

In December of 2020, Iraq’s central bank announced devaluing the country’s currency in an effort to combat a national liquidity crisis and bring in much-needed cash to the government’s coffers.

The devaluation of the dinar struck the public hard as government employees get paid in dinar, and they would be able to afford less with their salaries given that many imported goods are paid for in dollars.

The devaluation of the Iraqi dinar is a step taken towards reform and creating a “financial balance” and will revive the economy, former Finance Minister Ali Allawi said at the time.

In mid-August of last year, a member of the parliament’s finance committee said the dinar-dollar exchange rate will be fixed for the next five years. LINK

Henig » January 23rd, 2023

Economist: CBI’s procedures are slow..and it must use its tools to raise the value of the national currency

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Baghdad / NINA / The economic and political analyst, Jalil Al-Lami, considered: The Central Bank’s measures regarding the dollar crisis are slow. Stressing that the CBI must use its tools to raise the value of the national currency.

He told the National Iraqi News Agency (NINA): What is happening now is that the supply of the dollar has decreased, which led to an increase in prices, and this is a natural economic result, indicating that the Central Bank of Iraq had to negotiate with the US Federal Reserve to make the procedures slower than what happened because what happened caused a shock to the commercial market in Iraq.

Al-Lami added: Now things have become difficult and more complicated, because the US Federal Reserve believes that it will not back down, and the Central Bank of Iraq is not capable of change. Therefore, the situation is likely to remain the same in terms of affecting the commercial markets.

He stressed: In this case, the Central Bank must use its tools to control the dire economic situation by providing the local currency in the commercial markets in light of the decline in sales of the Central Bank of Iraq by issuing new category money to fill the shortage in the commercial markets, as well as automating banking operations.   LINK

Al-Sudani: Government agencies are serious about carrying out economic reforms

January 22, 2023

Baghdad / Obelisk: Prime Minister Muhammad Shia’ al-Sudani affirmed, on Sunday, the government’s seriousness in carrying out economic reforms.

Al-Sudani’s office stated, in a statement received by Al-Masalla, that he chaired a meeting with the Federation of Iraqi Chambers of Commerce, which was devoted to discussing the reasons for fluctuations in the exchange rate of foreign currency in the Iraqi market and its impact on citizens, and to develop decisive solutions in this regard.

The meeting was attended by the governor of the Central Bank of Iraq, and the general managers of border crossings, tax, customs, and trade fairs.

And based on the directives of the Prime Minister, and what was presented at the meeting, several decisions were taken to stabilize the exchange rate, prevent manipulation, and limit damage to the national economy, most notably:

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1- Opening a new window for selling foreign currency to small traders through the Trade Bank of Iraq (TBI).

2- Financing the Central Bank of the Trade Bank of Iraq (TBI) with an additional amount of $500 million for the purpose of opening documentary credits for small merchants, and being satisfied with the initial invoice and the account number of the last beneficiary of the credit.

3- Launching the import of goods and merchandise for companies registered with the Companies Registration Department at the Federal Ministry of Trade of all types of companies and factories registered with the General Directorate of Industrial Development and investment projects of all kinds duly licensed by investment commissions, scientific offices duly registered, individuals and offices registered with the Iraqi Chambers of Commerce (included with the condition import license or not included).

4- Facilitating import procedures, reducing the requirements for opening documentary credits, and canceling the notification of the General Authority for Taxes to impose delay fines on importers and the rest of those charged with the General Authority for Taxes.

5- Involving the Chambers of Commerce and the Federation of Industries in the sessions of the Ministerial Council for the Economy, representing the private sector.

6- This meeting is held on a weekly basis, following up developments, implementation of decisions, and adding the aforementioned bodies to attend the meeting.

7- Adding the Real Estate Registration Department to this meeting, as well as the Registrar of Companies, Industrial Development, the Investment Authority, and the Rafidain and Rasheed Banks.

During the meeting, the Prime Minister stated that the responsibility to face fluctuations in the local market is a shared responsibility, with an ethical and patriotic dimension, and everyone must respond to it, whether in the private or public sector.

Within the framework of Al-Sudani’s directives to reduce the financial, administrative and routine burdens on citizens, Al-Sudani stressed the need to review the work of the General Tax Authority, and that its work be in accordance with the standards of integrity and the law, and stressed that the government will not tolerate any harm that the citizen may be a victim of.

Al-Sudani expressed the seriousness of government agencies in carrying out economic reforms and addressing the deterioration and regression caused by wrong decisions in previous years.   LINK

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Al-Mousawi _Understandings between Baghdad and Erbil to pass the oil and gas law

Baghdad / NINA / – A member of the Oil, Gas and Natural Resources Committee, Zainab Jumaa Al-Mousawi, confirmed today, Saturday, that there is a parliamentary effort to approve the oil and gas law soon.

Al-Moussawi said in a statement: “The adoption of the law soon in the House of Representatives will be a radical solution to the dispute over oil wealth between Baghdad and Erbil, and it will regulate all energy files throughout Iraq.”

Al-Moussawi added, “There are understandings between Baghdad and Erbil to approve the oil and gas law to take advantage of paragraphs that support the exclusive powers of the federal government regarding oil and gas in Iraq.”LINK

Clare » January 23rd, 2023

Dollar Crisis.. Calls To Protest In Front Of The Central Bank Next Wednesday

01/22/2023

The “Patriot Awareness” movement confirmed its support for the central protest against the high dollar, while calling for its organizations and formations to come down next Wednesday, at twelve o’clock in the afternoon, in front of the headquarters of the Central Bank in the capital, Baghdad.  LINK

Source: Dinar Recaps

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