Electronic payment... Money is hoarded in homes and education is not at the required level

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Not long ago, Iraq took the first steps towards attempts to activate the ⁠electronic payment⁠ system . These steps began by localizing employee salaries, and then installing ⁠electronic payment devices⁠ in several places, including gas stations. However, many experts and specialists still see... The culture of electronic payment is not at the required level, for many reasons, including those related to economic and electronic culture, in addition to the widespread ⁠corruption⁠ in the country, which hinders its full implementation.

Senior Congress and Pentagon officials met. The Kurdistan Region Presidency delegation

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The Presidency of the Kurdistan Region announced today, Saturday, that its delegation concluded its visit to the United States of America after holding a series of meetings and encounters with senior government officials in America. The Presidency pointed out that its delegation received America’s assurance of continued support for Iraq and the region.

Senior Congress and Pentagon officials met. The Kurdistan Region Presidency delegation

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The Presidency of the Kurdistan Region announced today, Saturday, that its delegation concluded its visit to the United States of America after holding a series of meetings and encounters with senior government officials in America. The Presidency pointed out that its delegation received America’s assurance of continued support for Iraq and the region. 

Al-Alaq: All importers and traders can obtain the dollar at the official rate

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This episode contains a hodgepodge of news that happened last week up until today.

I've been away but I'm back.

According to Iraqi and American officials, Iraq prevented 14 banks in July 2023 from conducting dollar transactions as part of a broader campaign aimed at reducing the smuggling of dollars into Iran through the Iraqi banking system after a request from Washington, according to Reuters.

Prime Ministers that Iraq will not be an arena for conflict and are pursuing banking reform

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 "The two presidents discussed the developments taking place in Iraq and the region," noting that they "stressed the importance of Iraq not being an arena for conflict, and the necessity of working to perpetuate everything that preserves the country's sovereignty, stability, and security."

Al-Nusairi identifies the causes of exchange rate fluctuations and recovery measures

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Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, identified the reasons for the fluctuation of the exchange rates of the Iraqi dinar against the dollar in the local market as a lack of control over the regulation of trade financing internally and externally and the lack of a clear trade policy previously.

Al-Nusairi attributed the continued rise of the dollar to several reasons, noting in a press interview that “the instability of the exchange rate of the dinar with its equivalent of the US dollar on the black market since January 2022

Parliamentary Economy indicates the risks of the “parallel market”: “important” sessions with the Central Bank next week

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The Parliamentary Economics Committee pointed out the dangers of the “parallel market,” while revealing “important” sessions with Central Bank of Iraq officials next week in order to coordinate and support the market.

Parallel market risks

Today, Tuesday (January 23, 2024), a member of the Parliamentary Economics Committee, MP Briar Rashid, monitored the danger of the “parallel market” in Iraq.

Rashid said in an interview with “Baghdad Today” that “many factors contributed to creating the parallel market for the exchange of the dollar in Iraq, which is currently far from the official price set by the Central Bank at about 20 thousand dinars for every 100 dollars (the official price is 132 thousand dinars for every 100 dollars). $)".

Al-Sudani: We are facing a new Iraq economically

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Al-Sudani: We are facing a new Iraq economically

Prime Minister Muhammad Shiaa Al-Sudani in the dialogue session within the work of the Davos Economic Forum held in Switzerland:

The Iraqi people emerged victorious over the adversities that faced the country over the past years

We are trying to take steady steps in the areas of providing job opportunities and services

We set a goal to reduce the dependence of the three budgets on oil

Al-Sudani: We are serious about scheduling the end of the international coalition’s missions in Iraq

Maintaining the exchange rate... Parliamentary Finance determines the variables of the 2024 budget

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Today, Wednesday, the Parliamentary Finance Committee confirmed that the exchange rates of the dollar and a barrel of oil will be maintained in the budget for the current year 2024.

Committee member, MP Hussein Moanis, said in a statement to Al-Maalouma, “The government kept calculating the price of a barrel of oil, the quantity of oil exported, and the dollar exchange rate stipulated in the tripartite budget in the current year’s 2024 Without budget change.”

A precise breakdown of monetary policy in Iraq

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The economic and financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained today, Sunday, the mechanism of monetary policy in Iraq.

Saleh said {to Al-Furat News} that: “The monetary policy works to ensure that the price of the dollar in the parallel market is close to the nominal price through procedures and measures by using its operational objectives, whether {quantitative} of them, that is, by controlling and sterilizing surplus liquidity opportunities with high flexibility.”