“Tidbits From TNT” Saturday Morning 11-30-2024
TNT:
Tishwash: Minister of Commerce sets date for opening shopping malls
Minister of Commerce, Athir Dawood Al-Ghariri, announced on Thursday the opening date of hypermarkets at the beginning of next year, while indicating that the prices of goods and food items will be competitive and 20 to 30 percent lower than the market.
Al-Ghariri said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "there will be major measures during the next two months to create real competition, as the shopping complexes have revived the central markets previously through (hypermarkets) by selling food and all goods at competitive cooperative prices that are 20 to 30 percent lower than the market."
He said, "The shopping malls will be opened on 1/1 of next year, as we will enter a new year of great achievements."
Al-Ghariri added, "The citizen can go to the existing shopping malls, as they are cheaper than the market at the official price," noting that "the supervisory and security agencies will hold accountable violators and weak-willed people who manipulate the prices of goods and food items." link
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Tishwash: Prime Minister: Iraq is ready to cooperate with major companies to develop its military and security system
Prime Minister Mohammed Shia Al-Sudani confirmed today, Friday, that Iraq is ready to cooperate with major companies to develop its military and security system.
The Prime Minister's Media Office said in a statement received by the Iraqi News Agency (INA): "Prime Minister Mohammed Shia al-Sudani received at his residence in the capital Madrid today, representatives of three major Spanish companies specialized in the military and security field, namely (rheilmetall expal), (Indra) and (Airbus), each separately."
Al-Sudani stressed that "Iraq is today ready to cooperate with major companies to develop its military and security system, stressing the existence of many opportunities for joint work between companies and the Military Industrialization Authority."
The Prime Minister stressed Iraq's need to diversify sources of armament, which the government has worked on as part of a comprehensive plan to raise the efficiency and readiness of the security forces, and enhance the country's ability to face internal and external challenges. link
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Tishwash: After the decision to cancel the platform.. Will we witness a crazy rise in dollar prices in Iraq?
In a move that has attracted the attention of economic and financial circles, the Governor of the Central Bank, Ali Al-Alaq, announced the bank’s intention to cancel the electronic platform for financial transfers early next year.
This decision comes as part of a series of reforms aimed at facilitating financial procedures and stimulating the economy, but at the same time it raises questions about its potential impact on the stability of the dinar exchange rate.IraqibeforeDollarAmerican.
The concept of the electronic platform and its role in currency stability
The electronic money transfer platform is a mechanism adopted to ensure the regulation of foreign money transfers and to limit manipulation of exchange rates.
The platform documents commercial transactions and money transfers by banks and financial companies, ensuring more effective control over hard currency flows in and out of the country.
This platform has greatly contributed to narrowing the gap between the exchange rate.OfficialAnd priceThe marketBlack, where it prevented many money laundering and smuggling operations.
However, with the decision to cancel this platform, questions are raised about how it will be regulated.The marketAnd transfer management.
The impact of deplatforming on the priceDollar
1. Increased demand forDollarinThe marketBlack, with the absence of an electronic platform, the demand for it may increase.DollarinThe marketBlack money is the result of the absence of control mechanisms, which leads to higher exchange rates outside official channels.
2. Weak confidence in the dinar, as cancelling the platform may weaken confidence in the Iraqi dinar, especially if effective alternatives are not put in place to ensure stability.The marketLack of confidence means that citizens and investors are likely to withdraw their money in dinars and transfer it toDollarAs a safe haven.
3. The impact of smuggling and money laundering, as cancelling the platform could cancel strict control over smuggling operations.DollarSmuggling and money laundering practices may expand, increasing demand forDollarSignificantly and affects the central bank's reserves.
4. AccreditationThe marketOn supply and demand, with the platform being cancelled, the currency market may become more affected by direct supply and demand. This may lead to extreme fluctuations in the exchange rate, especially in unstable economic and political conditions.
Chances of facing a riseDollar
1. Activating alternative control tools
The government and the central bank can rely on other supervisory tools such as strengthening the role of local banks and imposing strict restrictions on foreign transfers.
2. Increase reserves ofDollar
The Central Bank may resort to pumping more dollars intoThe marketTo meet demand and maintain price stability.
3. Promoting local investments
By encouraging investment and reducing dependence on foreign currencies, pressure onDollarAnd strengthen the dinar.
4. Cooperation with international organizations
The government may cooperate with international institutions such as the International Monetary Fund and the World Bank to develop economic plans that contribute to stability.The market.
The decision to cancel the electronic platform for money transfers represents a major challenge to the Iraqi economy, and may have direct effects on the exchange rate.DollarIn front of the dinar. To achieve economic stability in the next phase, it will be necessary to take proactive measures to compensate for the absence of the platform and ensure the continuity of supervision overThe marketFinancial.
The balance between facilitating economic procedures and protecting the national currency will be the decisive factor in determining the success of this decision and its effects on citizens and investors.
The Governor of the Central Bank, Ali Al-Alaq, confirmed in a statement to the official agency, which was followed by:Sumerian“Next year, we will launch a new approach to expand and enhance citizens’ remittances for various purposes, such as travel, treatment, or any legitimate remittances abroad, just as we did for commercial remittances,” he said, noting that “there are also agreements currently in place with relevant companies such as Visa, Mastercard, MoneyGram, Western Union, to establish a new framework for implementing these operations, which will constitute another shift in controlling these operations.”
Al-Alaq added, "Next year or the beginning of next year 2025 will witness the completion of the current procedures, and we seek to provide reassurance, especially with some people's questions about the fate of transfers after the completion of the electronic platform at the end of this year 2024."
“There is no sudden transition, but rather a gradual transition that began in 2024, where the banks’ relationship was transferred directly to correspondent banks without passing through other links, and the process has been completed with continued success,” he continued, stressing that “more than 95% of this goal has been achieved, and this process will be completed successfully within the next two weeks,” noting that “there is international anticipation to celebrate this occasion.” link
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