Iraq Economic News and Points to Ponder Tuesday AM 12-17-24
What Is The Secret Of The Stability Of The Dollar In Iraq Despite The Tension In The Region? A Government Advisor Explains
Time: 12/16/2024 22:36:28 Read: 1,248 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, attributed the stability of the dollar exchange rate against the dinar to the procedures of the Central Bank of Iraq in selling the dollar through the electronic platform and compliance with it. Saleh told {Al-Furat News} agency:
“There is a reason for the stability of the exchange rate in the parallel market, contrary to expectations, as it emerges from the completion of the Central Bank of Iraq from working on the
compliance platform, and the complete shift to strengthening
foreign exchange in international banks corresponding to national banks,
which is now covering the needs of The market uses foreign currency to finance foreign trade for the private sector at the official exchange rate of 1,320 dinars per dollar.
He stated that "the period of anticipation and anxiety regarding the transition to the new situation was absorbed by the
ability to finance trade and other transfers successfully and with high fluency through the
direct relationship between the Iraqi Bank and its correspondents abroad, reinforced with
foreign currency that is bought at the official price for customers to finance their trade, especially import trade, without rejection or disruption as well." It happened while working on the platform.”
The dollar is currently sold in local markets at an exchange rate of 1,500 dinars, or 150,000 per hundred dollars.
https://alforatnews.iq/news/ما-سر-استقرار-الدولار-في-العراق-رغم-توتر-المنطقة؟-مستشار-حكومي-يوضح
Banking Expert: Private Banks Do Not Support The Iraqi Economy And Live Off The Central Bank
Economy Central Bank of Iraq Private banks 2024-12-16 00:52 Twilight News/ Banking expert Mohamed Salem confirmed on Monday that most private banks are... She no longer “lives” on the Central Bank of Iraq without engaging in any economic activity.
And he said Salem told Shafaq News Agency, “Most private banks do not practice banking business
It concerns credit only in a small way and therefore does not contribute to revitalizing the Iraqi economy, as... Currency exchange is the basis of its banking revenues, so
it has become dependent on
electronic trading Hard currency and
electronic payment, where
you
obtain the dollar from the central bank and
sell it And you
get net profits without getting tired.”
And he realized “Private banks, although they moved away from providing bank loans, were pioneers In
electronic trading and in
providing services to citizens and employees, whether related to ATMs Mechanism or other electronic services at a time when government banks were suffering from backwardness In this field." He explained
“These services at private banks encouraged employees to settle their salaries there While government banks, except for the Iraqi Trade Bank, remained suffering from the problem of scarcity Localizing the salaries of its employees.” He confirmed Salem said,
“Government banks, despite their failure to keep pace with international and even private banks
However, it remains faithful in preserving its depositors’ money, no matter how much it is exposed to theft or plunder This is what these banks witnessed in 2003.”
https://shafaq.com/ar/اقتصـاد/خبير-مصرفي-المصارف-ال-هلية-لا-تدعم-الاقتصاد-العراقي-وتعتاش-على-البنك-المركزي
Documents: The Iraqi Central Bank Punishes 49 Companies Involved In “Money Laundering” And Warns Against Fake Ones
Economy Central Bank of Iraq 2024-12-16 02:35 Shafaq News/ The Central Bank of Iraq decided, on Monday, to punish 49 companies involved in “money laundering,” and also warned of fake trading and investment companies.
The bank directed the banks not to allow the 49 sanctioned companies to enter external financial transfer channels. In this context, the
Central Bank warned citizens of the existence of fake companies for electronic trading. The bank said in a statement received by Shafaq News Agency,
“There are fictitious companies for electronic trading in shares that claim to be licensed by the bank, and the
bank states that it does not grant a license to companies trading in (stocks, metals, and cryptocurrencies), pointing out that
“it has taken all legal measures against such people.” Fake companies. The bank indicated that
"some pages and publications on social networking sites have reported the names of fictitious companies that exploit the name of the Central Bank and claim that they are official Iraqi trading companies licensed by it for the purpose of investing and trading in digital currencies, stocks, gold, and oil by broadcasting fake videos and publications, and profits are withdrawn through wallets." Or it is delivered to people according to their claims, noting that
these companies claim to have branches in the governorates of Kirkuk, Mosul, Erbil and Sulaymaniyah.” The bank stressed the
need for “victims of these fake companies to take legal measures against them and inform the relevant authorities, calling on the public, before making any transfer, to review the names of the non-banking financial institutions licensed by it and published on its official website.”
Documents: The Iraqi Central Bank punishes 49 companies involved in “money laundering” and warns against fake ones
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https://shafaq.com/ar/اقتصـاد/وثا-ق-المركزي-العراقي-يعاقب-49-شركة-متورطة-بـ-غسل-ال-موال-ويحذر-من-خرى-وهمية
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