Iraq Economic News Highlights and Points to Ponder Sunday AM 10-29-23

Iraq Economic News Highlights and Points to Ponder Sunday AM 10-29-23

Baghdad Dollar Stabilizes At An Increase.. Money Exchangers Sell For More Than 162 Thousand

Economy | Baghdad today - Baghdad  Today, Sunday (October 29, 2023), the exchange rate of the dollar against the Iraqi dinar stabilized at an increase, reaching 162 thousand for every 100 dollars.

The "Baghdad Today" correspondent said, "The selling price of the dollar in banking offices in Baghdad reached 162,250 dinars for every 100 dollars." He added, "The purchase price reached 160,250 dinars per 100 dollars."

Yesterday, Saturday, the dollar selling prices reached 162,500 dinars per 100 dollars, while the purchasing prices reached 161,500 dinars per 100 dollars in banking offices in the capital. LINK

Launching The Electronic Reservation Of The Dollar And Calling For Avoiding Unlicensed Cards

Posted On2023-10-29 By Sotaliraq   10/29/2023  Baghdad - Nada Shawkat  Today, Saturday, Rafidain Bank launches electronic reservation for selling dollars to travelers in a step aimed at facilitating banking procedures.

Yesterday’s statement said, “In line with government directives and the Central Bank’s instructions to facilitate procedures for obtaining the dollar for travelers, the electronic reservation service for selling the dollar has been launched starting today, Saturday.”

He added that “the reservation form will be available to customers on the bank’s website,” and pointed out that (After completing filling out the reservation form, the customer goes to one of the bank’s branches, namely Al-Ma’rifa and Al-Quds, as a first stage to deposit the cash amount in dinars, which was marked via the electronic reservation form), and he continued, “All the bank’s branches designated for selling the dollar will be included soon.”

Meanwhile, the Central Bank warned against dealing with unlicensed entities that issue electronic payment cards, in order to avoid falling into fraud and financial fraud. Yesterday’s statement said: “It has been observed that some unlicensed entities issue and promote electronic payment cards,” warning against “dealing with these entities in order to avoid fraud and financial fraud.”

he statement pointed out “the importance of verifying their licenses before using their cards and applications in order to benefit from their services, and accreditation.” On the official websites and channels of licensed companies and banks).

Bank Governor Ali Al-Alaq urged citizens to use bank cards instead of cash. The statement explained that (Al-Alaq chaired a meeting that included representatives of the bank and electronic payment companies operating in Iraq, in which he discussed ways to follow up on the project of spreading point-of-sale devices and digital transformation), stressing that (the meeting reviewed the most important challenges facing the process of spreading point-of-sale devices, and the importance of expanding the geographical area.

To cover all parts of the country, in addition to solving the problems facing the use of bank cards and settling their amounts through the national exchange inside and outside Iraq. Al-Alaq pointed out that (the spread of point-of-sale devices has positive effects on the Iraqi street), urging citizens to (use bank cards instead of Currency).

On the other hand, the Supreme Judicial Council recovered 775 million dinars from those accused of financial and administrative corruption cases.

Yesterday's statement confirmed that (the Second Karkh Investigation Court, which specializes in integrity issues, recovered an amount of 775 million dinars from cases related to administrative and financial corruption), and added that (the amount was paid as a bribe in exchange for referring projects to companies in Baghdad Governorate, where the amount was recovered after conducting due diligence investigations with The defendants charged with bribery.  LINK

Erbil Threatens Baghdad: Send More Money, Otherwise We Will Not Remain Silent!

Politics   10/29/2023 10:05  Number of readings: 183  Baghdad - Iraq Today:   The Kurdistan Regional Government of Iraq held Baghdad responsible for the delay in sending funds allocated for employee salaries, noting that a government delegation from Erbil will visit Baghdad this week.

The Kurdistan Regional Government of Iraq said, in a statement, that the salary allocations amounting to 700 billion dinars were supposed to be sent last week, but again, contrary to all statements in the meetings and agreements, the funds were delayed.

She added, "The delegation of the Kurdistan Regional Government will visit Baghdad this week and will hold a meeting with the federal government on Tuesday, to avoid the return of problems."

  The statement continued: The Kurdistan Regional Government has demonstrated its clear intention to reach an agreement with the federal government. We have nothing left to do, but if the situation continues like this, we cannot remain silent.   LINK

Al-Rafidain Publishes A Link To Access The Electronic Form To Reserve The Sale Of Dollars To Travelers

Information/Baghdad..  Today, Sunday, the Rafidain Bank published a link to enter the electronic form to reserve the sale of the dollar to travelers.

A statement from the bank, received by the “Al-Ma’louma” agency, stated, “Entering the electronic form to reserve the sale of dollars to travelers from Rafidain Bank is through the link below:   LINK

https://loans.rafidain-bank.gov.iq/sell_dolar   

An Iraqi Government Minister Reassures Kurdistan Of Sending 700 Billion Dinars To Finance The Salaries Of The Region’s Employees

2023-10-29 04:22    Shafaq News/ The Minister of Construction, Construction, Housing and Public Municipalities, Bankin Rekani, reassured on Sunday that the federal government will soon send an amount of 700 billion dinars as part of the second agreed-upon installment to finance the salaries of employees and workers in the public sector in the Kurdistan Region for the last three months of the year 2023.

Rikani said during the conference he held inside the ministry building in the capital, Baghdad, “Today morning I spoke with the Prime Minister, Muhammad Shiaa Al-Sudani, and with the Minister of Finance, Taif Sami, and we received promises from them that if the Kurdistan Region delegation came to Baghdad, it would be possible the day after tomorrow to solve the problem that the regime was able to solve.” Accounts,” stressing that an amount of 700 billion dinars will be sent to the region.

He added that the atmosphere in Parliament and the federal government is positive and helps solve the problem, which is technical and there is nothing left to address.

The Kurdistan Regional Government decided to send a delegation to Baghdad in the middle of this week in order to settle the amount of the cash loan that it agreed with the federal government to send to pay employees’ salaries after they were delayed.   LINK

Provoking  Points to Ponder on FACTS:

Any fact is better established by two or three good testimonies than by a thousand arguments -- Emmons

Facts are to the mind, what food is to the body -- On the due digestion of the former depend the strength and wisdom of the one, just as vigor and health depend on the other -- The wisest in council, the ablest in debate, and the most agreeable companion in the commerce of human life, is that man who has assimilated to his understanding the greatest number of facts -- Burke

Every day of my life makes me feel more and more how seldom a fact is accurately stated; how almost invariably when a story has passed through the mind of the third person it becomes, so far as regards the impression it makes in further repetitions, little better than a falsehood; and this, too, though the narrator be the most truth-seeking person in existence -- Hawthorne

There should always be some foundation of fact for the most airy  fabric; pure invention is but the talent of a deceiver -- Byron