Keywords: US sanctions on some countries imposed restrictions on the central bank
The Governor of the Central Bank of Iraq, Ali Al-Alaq, attributed, on Wednesday, the dollar crisis in the country to US pressure and sanctions on some countries.
Al-Alaq said in a televised interview, followed by Al-Maalouma, that “US sanctions on some countries imposed restrictions on the Central Bank of Iraq and prevented it from selling dollars indirectly.”
He added, “The Central Bank continues to set restrictions to prevent manipulation of the dollar price in the parallel market, and seeks to simplify the procedures for exchanging hard currency.”
Al-Alaq continued, “The Central Bank seeks to simplify procedures for traders to buy hard currencies,” noting that “30% of foreign currency goes in favor of imports from China.” link
Governor of Baghdad: We are awaiting instructions from the Ministry of Finance to launch appointments as a contract
The Governor of Baghdad, Muhammad Jaber Al-Atta, announced today, Wednesday, that the appointments are about to be launched as a job contract, with a salary of 300,000 dinars.
Al-Atta said, “During the discussion and vote on the budget, the issue of listing 150 job contracts for all governorates with a salary of 300,000 dinars for a period of three years was raised,” noting that “these 150,000 will be distributed to all governorates.”
He added, “These contracts are considered job contracts for three years, including 75% for holders of a bachelor’s, master’s, and doctoral degree, and 25% for others,” noting that “the controls have not been officially reached by the Ministry of Finance on how to deal with these contracts, but they do exist.” and approved in the budget.
And he continued, “We are waiting for the controls for the 2023 budget and instructions from the Ministry of Finance to arrive officially,” stressing, “We started preparing the equipment and arranging things according to the needs of the various specialties and according to the governorate’s need in order to be ready.” link
Baghdad will host the Iraq International Investment Forum next October
Next October, Baghdad will host the Iraq International Investment Forum, which aims to select the best investment opportunities to implement development projects in the capital.
Governor Muhammad Jaber al-Atta said, in an interview with the official newspaper, followed by “Nass” (August 16, 2023), that the Baghdad Investment Commission, with the aim of studying the optimal investment opportunities before it, and choosing the best one to implement the development projects that the capital needs, will be held during the month of October. Iraq Forum for International Investment Conference.
He explained that the conference seeks to draw the capital’s investment map in coordination with all sectoral agencies and investment commissions in all governorates, pointing to Baghdad’s need for real opportunities that must be studied extensively and presented to sober companies exclusively, provided that they are of great value and a good return in raising the level of the capital from In terms of economic and investment activities.
Atta considered the aforementioned forum a good opportunity to select distinguished companies to establish important strategic projects for various sectors, especially housing, to contribute to covering the capital’s need for housing, which is estimated at one million housing units, provided that it is implemented in the periphery areas to be attractive areas, in addition to other projects that raise the level of these areas. link
Source: Dinar Recaps
To cover foreign imports.. The Iraqi Central Bank begins to open channels of financial cooperation with India
Today, Wednesday, the Central Bank of Iraq announced the start of opening channels of financial cooperation with India.
A statement of the bank, received by Earth News, stated that “the governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the Ambassador of the Republic of India in Iraq, Prashant Bisai, to discuss strengthening economic and banking relations between Baghdad and Delhi, and the desire of the two parties to open bank accounts in accredited Indian banks.”
He added, “This comes to facilitate external transfers to cover Iraq’s imports, which amount to about (4) billion dollars, which facilitates and speeds up transfers for Iraqi importing merchants, as well as discussing India’s experience in electronic payment and expanding financial inclusion to advanced levels.”
In turn, the ambassador expressed the readiness of the concerned institutions in this field to provide support and training to the cadres of the Central Bank of Iraq.
For his part, the Governor of the Central Bank of Iraq expressed his congratulations and blessings on the occasion of the (77th) Independence Day of the Republic of India, praising its experience in its distinguished development journey in all sectors and its attainment of an advanced economic position. link
This was in Iraq’s news
Clients were allowed to withdraw money they did not own. An Irish bank suffered heavy losses
The Bank of Ireland apologized, on Wednesday, after fixing a technical fault that allowed customers to withdraw or transfer funds whose value exceeds that available in their accounts.
As a result of the holidays, long lines formed in front of some cash machines on Tuesday, which continued until the night as the news spread on social media, which led to the police being called.
Some reports stated that customers who did not have any money in their accounts were able to withdraw an amount of up to 1,000 euros ($1,100).
The bank warned customers that the money that was withdrawn or transferred, including amounts that exceed the normal limits, would be deducted from their accounts, which would plunge them into debt.
When announcing the fix, the bank said, “Payments made in accounts made at night may appear during the day. We sincerely apologize for the mess this outage caused. We know it was far below the standards customers expect from us.”
AskAboutMoney.com founder Brendan Burgess said the bank should improve its information systems. But he added, “If you know that you do not have the money, but you withdraw 1,000 euros … this is fraud. This has nothing to do with the failure of the bank’s systems.”
The Irish central bank had previously imposed fines on the Bank of Ireland, due to deficiencies in its information systems, and said it was monitoring the repercussions of the malfunction. link
Source: Dinar Recaps
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