Iraq: Trade gold, cars, mobile phones and cigarettes on the dollar selling platform soon
A government source reported today, Monday (November 20, 2023), that directives have been issued to adopt trade in gold, cars, mobile phones, and cigarettes within the dollar selling platform soon.
The source explained in an interview with “Baghdad Today”, “Based on the Prime Minister’s directives regarding regulating trade and import operations for some materials and goods, most of which are financed from the parallel market and the negative effects it has on the stability of exchange rates, the Ministerial Council for the Economy will consider proposing important decisions to facilitate and simplify… Procedures for importers of goods (gold, cars, mobile phones, and cigarettes) to enter the foreign money transfer platform.
He added, “These decisions and instructions will be the catalyst for importers of these goods to abandon the process of buying and transferring dollars through the parallel market for the dollar and direct them towards the platform for the foreign currency selling window in the Central Bank of Iraq at the official price.”
The source confirmed, “This will have a positive and significant impact on reducing the price of the dollar in the parallel market, as trade in the above materials contributes the largest proportion of the demand for the dollar in that market link
The President of the Republic from Baku: We hope that foreign companies and businessmen will enter the Iraqi market
The President of the Republic, Abdul Latif Jamal Rashid, confirmed that Iraq is keen to establish balanced relations with everyone, calling for the entry of foreign companies and businessmen into the Iraqi market.
Rashid said during a reception held by the Iraqi embassy in Azerbaijan, for heads of diplomatic missions and ambassadors in Baku, as well as a number of Azerbaijani ministers, parliamentarians and officials, that “Iraq attaches great importance to establishing security and stability and moving toward providing services to citizens, rehabilitating infrastructure, and improving the standard of living of citizens through developing Economy and investment.”
He added, “The Iraqi government has developed an ambitious and important program to establish the foundations of security stability in the country and move to providing health and educational services and revitalizing the Iraqi economy by expanding trade exchange and encouraging investors and businessmen to work in Iraq in order to achieve sustainable development in the country.”
The President of the Republic expressed his hope that Azerbaijani and European companies and businessmen will enter the Iraqi market, indicating that Iraq is keen to provide facilities and approve the necessary legislation in this regard.
He touched on the situation in Gaza, where His Excellency stressed Iraq’s firm position towards the Palestinian issue and its rejection of the ongoing violations and aggression against the Palestinians.
The President stressed that Iraq has good relations with neighboring countries and the world, starting from establishing balanced relations with everyone on the basis of respect for Iraqi sovereignty, the independence of Iraqi decision-making, common interests, and continuous cooperation between Iraq and its Arab and regional surroundings.
Regarding relations with Azerbaijan, he stressed that Iraq desires to consolidate relations between the two countries at various levels to include many sectors, especially tourism, economic and cultural, in a way that serves common interests.
The President reviewed the challenges facing the region in the field of water and climate change and their impact on all aspects of life. link
Parliamentary wealth calls on the government to send the oil and gas law
The Oil, Gas and Natural Resources Committee of the House of Representatives called on the government to expedite sending the oil and gas law to the committee in order to study and approve it to control the pace of revenues from the sale of oil.
Committee member Nazem Al-Shibli stated that “95 percent of the Iraqi budget depends on oil revenues, and there are major failures due to the failure to legislate the oil and gas law, which, if legislated, will control the pace of oil revenues issued by the regional government.”
He added, in an interview with “Al-Sabah” followed by “Al-Iqtisad News,” that “the stage requires documenting the law and intensifying the Oil and Gas Committee’s oversight of the performance of the Ministry of Oil, which there were many comments on its performance, and it requires the intervention of the Prime Minister to control the work of agents and general managers in The Ministry of Oil, which we consider an unconvincing performance.”
Al-Shibli explained that there are “obstacles within the oil and gas law itself, including the condition of selling from SOMO, and the committee is waiting for the government to send the law to control the rhythm of oil revenues, because oil is a natural wealth for all the Iraqi people, but the difference in authorities affected the legislation of the law, especially since passing the law is the solution.” “The only way to unify wealth,” noting that “there are great indicators of the performance of the Ministry of Oil.”
For her part, a member of the Oil, Gas and Natural Resources Committee, Thanaa Al-Rubaie, indicated in an interview with “Al-Sabah” that “the failure to approve the oil and gas law negatively affected the pace of development of the oil sector and led to major losses to the budget,” stressing that “the committee calls on the government and the blocs “The policy is to resolve agreements on the oil and gas law and approve it in order to control the pace of the oil sector and intensify work on it because it is the basis of the budget.”
She explained, “The committee, through its supervisory position, and according to the information it received, contaminated oil was sold due to money laundering,” confirming, “a subcommittee was formed to follow up on the sale of contaminated oil, and recommendations were made, including exempting officials in the Ministry of Oil from selling contaminated oil.”
She stated, “The committee, over the course of 6 months, followed up on the issue and made major decisions. Therefore, the committee in this parliamentary session is considered effective and strong. The subcommittee received the support of the Prime Minister and came up with important and useful recommendations. The employees concerned were diagnosed with selling the contaminated shipment and they were exempted and transferred.”
To the judiciary, while it was proven after research and review that the process is money laundering,” and she continued, “
The committee is working with the Ministry of Oil to move and develop the gas investment file, and there is a sixth licensing round for gas investment link
Source: Dinar Recaps
Chinese Foreign Ministry: We are actively participating in rebuilding the Iraqi economy
The Chinese Ministry of Foreign Affairs confirmed, on Monday, that Beijing is actively participating in rebuilding Iraq’s economy, and is ready to coordinate and expand joint work with the Iraqi side.
The Chinese Foreign Ministry spokeswoman, Mao Ning, said about the Chinese company “PetroChina” taking over the position of the American company “ExxonMobil” in the Qurna field in Basra: “We are ready to make joint efforts with the Iraqi side to advance continued practical cooperation in various fields between the two countries.”
She pointed out that “China and Iraq have a friendly relationship, and China, as a true friend of Iraq, has actively participated in rebuilding the Iraqi economy.”
She added that China had “positive participation in economic and social development, and this was widely praised by the Iraqi government and people.” link
Saudi Arabia and China sign a currency swap agreement worth 50 billion yuan
The Saudi Central Bank and its Chinese counterpart signed a 3-year agreement for bilateral currency swaps worth 50 billion yuan (about $7 billion).
The Saudi Central Bank (SAMA) said in a statement that the signing of the agreement comes in the context of financial cooperation between the two central banks, which reflects the consolidation of relations between them in areas of common interest.
The Saudi Minister of Finance, Mohammed bin Abdullah Al-Jadaan, announced in an interview with the American Bloomberg Television, last January, that the Kingdom is open to trade in currencies other than the dollar.
China is the largest buyer of Saudi oil and its largest trading partner.
Chinese President Xi Jinping visited Riyadh in late 2022, and said that his visit, which included the signing of billions in trade partnership agreements, would open a “new era” for relations between China, the Arab world, the Gulf states, and Saudi Arabia.
Since 2016, the International Monetary Fund has included the Chinese yuan in its Special Drawing Rights basket, and added it to its basket of reserve currencies, along with the dollar, the single European currency, the euro, the Japanese yen, and the British pound, in a move that indicated at the time that the yuan had become an important global currency, and paved the way for the use of… The largest international currency for the Chinese currency.
According to IMF data, the dollar’s share in global foreign exchange reserves decreased at the end of 2022 to 58.36%, the lowest level in 27 years. While the expectations of the US investment bank Morgan Stanley for the year 2020 indicate that the yuan’s share in global foreign reserve assets will rise from 2% to between 5% and 10% by 2030. link
Dubai Financial Market signs a memorandum of understanding with the Shanghai Stock Exchange
The Dubai Financial Market and the Shanghai Stock Exchange signed a memorandum of understanding to enhance cooperation in the capital markets and simplify listing and trading processes between the two markets .
The Dubai Financial Market said in a statement on Monday that the partnership agreement between the two parties opens the door to the development of joint products, such as indices, traded investment funds, and other fields .
The agreement also aims to facilitate the exchange of knowledge, expertise and information and enhance efficiency and transparency between the two markets, according to the statement .
The statement indicated that the Dubai Financial Market and the Shanghai Stock Exchange also plan to develop and launch products related to environmental, social and government sustainability .
The cooperation agreement also aims to introduce companies and bond issuers to the advantages of dual listing and enable them to access growth opportunities in both markets link
Source: Dinar Recaps
If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we’ll forward your request to the author.
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © 2022 Dinar Chronicles