Tues. PM TNT Iraq News Articles 2-28-23



Foreign Minister: Iraq is in the process of approving the budget law for the current year

Foreign Minister Fuad Hussein confirmed today, Tuesday, that the budget included large sums for the implementation of investment and service projects.

The ministry said in a statement received by (Baghdad Today) that “Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein received the British Minister of State for Middle East and South Asian Affairs and the United Nations Tariq Ahmed, and the meeting was attended by the head of the Europe Department, Ambassador Haider Mansour Al-Athari, and during the meeting they discussed bilateral relations aspects of cooperation between the two countries.

During the meeting, the Foreign Minister stated that “Iraq is looking forward to moving forward to concluding the partnership and cooperation agreement between the two friendly countries,” stressing “the need to work to strengthen economic and trade relations.”

Hussein called on British companies to “increase their presence in Iraq, in addition to the need for the United Kingdom to contribute to the development of the Iraqi banking sector, and issues related to the environment and confronting climate changes, in addition to the energy sector and associated gas investment.”

He explained that “Iraq is in the process of approving the budget law for the current year, which included the allocation of large sums to implement many investment and service projects, which is the main goal set by the current government.”

For his part, the British Minister of State indicated that “Iraq is witnessing a tangible improvement in its security and economic situation,” stressing “the British government’s keenness to provide all forms of support to the Iraqi government in various fields, expressing the desire of British companies to invest in Iraq.”


He stressed “the need to continue cooperation and joint coordination in the field of combating terrorism and defeating the extremist ideology adopted by the terrorist organization ISIS.” link

Iraq enhances the digitization of its financial and banking services

Iraq continues to enhance the digitization of its financial and banking services , and in this context, Prime Minister Muhammad Shia’ al-Sudani met today, Tuesday, with a delegation from the global “Visa” institution, reaffirming his country’s commitment to the gradual transition to digitization of financial transactions.

This coincides with the passage of two months since the start of implementing a series of financial reforms, in response to the measures taken by the US Federal Bank to limit dollar smuggling from Iraq to Iran and the Syrian regime, the most prominent of which was imposing an electronic trading platform for selling hard currency in the Central Bank of Iraq that allows the United States to monitor The movement of money transfers in hard currency (dollars), and the prohibition of various companies and banks from dealing with them.

During the past days, the dinar recorded a new recovery, after its value declined to about 1,700 dinars per dollar, during the past month, and the Baghdad Stock Exchanges (“Al-Kifah” and “Al-Harithiya”) and the Erbil Stock Exchange witnessed, today, Tuesday, trading at a value of 1,520 dinars per dollar, while the bank sells The central dollar in a limited way for small licensed traders at a price of 1310 dinars.

The Central Bank also began covering the needs of travelers outside Iraq in dollars, at the same price, at $7,500 per person, after presenting a travel ticket and entry visa, while those planning to buy real estate abroad can also obtain dollars at the official price, provided they provide proof of their need for it, and exceptions were made. Iran and Syria are among those measures, given that they are among the US sanctions.

The official news agency (INA) quoted a statement issued by the Prime Minister, today, Tuesday, in which he said that he had received a delegation from the global Visa Corporation, which issues electronic payment cards.


During the meeting, he expressed “the government’s determination to implement reform, proceed with plans for financial inclusion and digitization of banking transactions, and upgrade them to meet international standards and specifications in force at an international level.”

He stressed that “the government’s steps in this field will facilitate financial transactions for citizens, reduce time and strengthen the umbrella of the law by implementing controls that combat money laundering.”

The statement quoted the company’s representatives as “their comprehensive support for the government’s plan to publish points of sale with electronic cards (POS), the steps of the Central Bank of Iraq, and the government program seeking more flexibility in economic transactions, while raising the level of efficiency and legal compliance.”

Yesterday, the delegation of the “Visa” company held a series of intensive meetings with Iraqi financial officials, most notably the governor of the Central Bank, Ali Al-Alaq.

The central bank said in a statement, “The governor of the central bank, Ali Al-Alaq, received Monday, the regional president of Visa, Andrew Tory, and the accompanying delegation.”

He added, “The support provided by Visa to regulate the market and increase the acceptance of electronic collection was discussed, in support of the government’s directions and the decisions it took in activating electronic payment through the use of the technology provided by the company, as well as improving regulations and instructions for digital financial services.”

Al-Alaq stressed that “the Central Bank is supportive in its steps to expand the use of the latest digital technologies in the banking sector and enhance financial inclusion in Iraq,” noting that “the Central Bank seeks to make a quantum leap in the field of financial technology in the banking sector by keeping pace with the latest global technologies.”

In early January, the Central Bank announced the start of selling dollars via the electronic platform, in response to American conditions, and great chaos ensued within the Iraqi market, due to the inability of import companies and merchants to obtain dollars to finance their trade, especially with Iran, China, Turkey and Jordan, the most countries. A presence in the Iraqi market, and the value of the dinar declined due to the speculations of transfer and exchange offices and companies, which resulted in the dinar losing more than 30% of its value.

And the Sudanese government approved a series of decisions, the most prominent of which was the dismissal of the former bank president, Mustafa Makhaif, and naming Ali Al-Alaq as his replacement, and a series of arrests and penalties against speculators in the market, before it decided to officially raise the value of the dinar from 1450 dinars to one dollar, to 1310 dinars last week.

The financial expert, Muhammad al-Sheikhly, attributed the continued existence of a difference between the official exchange rate for the dinar offered by the Central Bank at 1310 dinars to the dollar, and the black market trading at 1520 dinars, to the lack of sales of the central bank of dollars through the official window, and the continued great demand for it in the market.


Al-Sheikhly added that many dealers in the automotive and construction sectors prefer to continue dealing in dollars, considering that it is more reliable than the dinar, while there are small traders who have deals that the Central Bank does not accept within the US-monitored electronic platform, because they are with Iran, Syria, or private companies that have US sanctions, so they resort. To the market to get dollars, even if it’s at a higher rate.

Al-Sheikhli continued, “The difference will continue for quite some time between the official price and the market price in relation to the dollar against the Iraqi dinar, but if the government continues on one unchanging policy, the difference will shrink.”

He added, “The Central Bank sold on Sunday 161 million dollars, of which only 45 million were in the form of direct sales and to approved official banks and financial companies, and the rest through the platform in the form of transfers and financial credits and coverage of Iraqi import deals from different countries, and this amount (45 million dollars) is not Sufficient to secure the needs of Iraq as a whole on the open market.

And he indicated that the continuation of dollar smuggling operations to Iran and Damascus from many parties and in ways, some of which are cross-border, also contributes to the continued weakening of the value of the dinar and an increase in the demand for dollars. ink

Source: Dinar Recaps


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