New Directives From The Central Bank For All Banks
The Central Bank of Iraq directs all banks to take new controls regarding prepaid cards for the purpose of regulating financial movements taking place inside Iraq.
1- The ceiling of withdrawals for local financial movements (within Iraq) made through automated exchange machines (ATM) for prepaid cards shall be 2,000,000 (two million Iraqi dinars) per day instead of (395,000) Iraqi dinars.
2- Raising the ceiling of the purchase movement through points of sale inside Iraq to be 10,000,000 (ten million Iraqi dinars) with a commitment not to exceed the monthly limit for charging the card, which is (10 million).
3- Reducing the electronic purchase ceiling to be (750) US dollars per day.
4- It is your responsibility to expand your dealer network by contracting with entities that are allowed to sell and market this type of card.
5- Exclusion of local financial movements on prepaid cards with the obligation contained in paragraph (5) of the above related to merchant category codes (MCC), provided that they are included in the legitimate purposes of purchase and payment.
Expert proposes solutions to control the parallel exchange rate
Baghdad – NAS
The economist, Manaf Al-Sayegh, proposed a number of solutions to control the parallel exchange rate, and undermine the dollar, pointing out that the presence of two different exchange rates can confuse the local market and lead to a kind of imbalance in economic performance, and while praising the measures aimed at limiting the rise of the green currency in the parallel market, he called for “liberalizing the exchange rate” according to supply and demand levels and foreign trade activity, as well as working to change the pattern of the balance of payments and the balance of trade.
According to specialists in economic affairs, the Central Bank succeeded in controlling the exchange rate of the parallel dollar, and put an end to the booms witnessed by that currency in previous times, indicating that the packages of decisions issued by the monetary authority led to strengthening confidence in the national currency, stressing at the same time, that the fluctuation of the exchange rate is no longer an influential factor in the prices of goods and materials that are imported at the official rate of the Central Bank.
Al-Sayegh said in a statement to the official newspaper “Nas”, (August 19, 2023), that “the existence of two different exchange rates leads to an impact on economic performance negatively, especially if it is related to the pattern of consumer activity and thus will undermine government efforts to enhance its ability to provide quality services,”
Stressing the need to “establish development paths that diversify economic activity in line with the urgent requirements of society, such as continuous energy, efficient education and health institutions, as well as the provision of high-quality services, indicating These steps will achieve an active and flexible economy capable of continuous diversification while creating sustainable development opportunities and diversified and renewable job opportunities within the requirements of economic performance and its local and international commitments.”
In order to find remedies for the economic effects of the existence of two different exchange rates for the local currency, the jeweler believes that the exchange rate should be liberalized flexibly according to the levels of supply and demand as well as the levels of commercial activity for foreign trade, as well as the need to work to change the pattern of the balance of payments and the balance of trade in a way that leads to its transformation from negative to positive gradually.
Al-Sayegh also stressed the importance of changing the pattern of spending in the budget towards productive investment leading to serious development paths, taking into account changing foreign trade patterns from consumer goods to productive goods related to a specific economic activity, as well as the trend towards making a fundamental change in the pattern of performance and financial activity of public and private banks, enhancing the efficiency of government programs aimed at pushing development projects that support economic activity in general, and expanding small and medium entrepreneurial projects among young people.
Millions of dollars in damages.. Oil smuggling is costing Iraq huge amounts of money – Urgent
Millions of dollars in damages caused by the smuggling of oil derivatives from the country, while Iraq incurs huge sums of money as a result, while the concerned authorities indicate a noticeable decrease in these operations by rates of up to 90 percent. Millions of dollars in losses
Today, Saturday (August 19, 2023), the Parliamentary Oil and Gas Committee confirms that Iraq is losing millions of dollars due to oil smuggling operations.
Committee member Ali al-Lami told “Baghdad Today” that “the oil smuggling operations that take place in various Iraqi cities, Iraq has incurred huge losses in the millions of dollars, and these operations are behind gangs involving various influential parties and personalities.”
Al-Lami explains that “there is a decline in oil smuggling operations, after the blows dealt to these gangs by the security forces, who succeeded during the past periods in thwarting many oil smuggling operations, in addition to exposing many of these gangs,” adding, “But the smuggling operations are still going on.” This calls for doubling the security effort.”
In numbers, adjustments
The Energy Police Directorate of the Ministry of Interior revealed, on (August 18, 2023), statistics for oil derivatives seizures during the current year .
The Director General of the Energy Police, Major General Zafer Al-Husseini, said in a statement followed by “Baghdad Today”, that “the Energy Police Directorate continues to carry out its security duties and according to the orders issued by the references and in joint coordination with the National Intelligence and Investigation Agency, as well as the formation of joint teams during the security operations that carry out with it . ”
He added, “The Directorate has been able, since the beginning of this year until now, to seize 489 tanks and 100 dens for smuggling oil derivatives, confiscate 23 million and 308 thousand liters of fuel, and arrest 553 suspects, as well as seizing two violating fuel stations . “
And he stated, “The Energy Police Directorate has 9 brigades deployed in all regions of the country, carrying out its proactive operations, and these brigades continue to combat smuggling of oil derivatives, according to their responsibility, in addition to Iraqi oil installations scattered in all regions of Iraq,” stressing, “The Directorate is seeking to control smuggling operations and dumping Arresting smugglers .
Al-Husseini confirms, “The smuggling of oil derivatives decreased at the level of Iraq by 90% compared to previous years,” noting that “the Police Directorate has developed, since the beginning of this year, proactive and qualitative plans that were presented to the Minister of Interior and approved, which included joint coordination between the Directorate Energy Police and the Intelligence and Investigation Agency to provide us with information on smuggling operations, in addition to information that comes through a hotline link
Source: Dinar Recaps
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