Al-Sudani’s office concerns Shafaq News with 14 decisions to counter the rise in the exchange rate
Al-Sudani’s office concerns Shafaq News with 14 decisions to counter the rise in the exchange rate
2023-01-23 05:15
Shafaq News/ The office of the Prime Minister, Muhammad Shia’a al-Sudani, revealed, on Monday, a number of decisions taken to limit the rise in the exchange rates of the dollar.
The decisions obtained by Shafaq News Agency included:
1- Reducing the impact of the exchange rate hike on the poor and marginalized groups by providing food baskets and expanding the coverage base of the social protection network.
2- The Central Bank opened outlets in government banks to sell dollars to citizens at the official rate, for the purposes of treatment, Hajj, travel, Umrah, study, etc.).
3- Cabinet Decision (351) of 2022, which stipulates stopping the collection of tax and customs deposits in advance.
4- The Central Bank reduced the exchange rate for electronic payment cards from 1470 dinars to the dollar to 1455.
5- Directing the Ministry of Commerce to facilitate the issuance of import licenses, and directing the Ministry of Finance to initiate urgent reform procedures in the customs and tax system at border crossings, while taking measures to eliminate the fears of some importers of the possibility of tax arbitrariness.
6- Oblige all government agencies to sell all goods and services inside Iraq in dinars and at the Central Bank rate of (1470) dinars to one dollar.
7- Sales in Iraqi dinars and at the official price include sales of goods and services from the private sector, especially the offices of national and foreign airlines, commercial agencies, telecommunications and Internet companies, and sales of investment residential complexes, and it is emphasized that the prices of goods and services in Iraqi dinars are on the price of the Central Bank, at a price of 1460 dinars to one dollar. For transfers, at a price of 1455 dinars to one dollar for covering documentary credits.
8- The Central Bank reduced the selling price of the dollar to the electronic card holder who uses it while traveling, or pays his purchases via the Internet, to be at a price of 1465 dinars per dollar.
9- Activating the electronic payment process in all aspects of economic life, and the Central Bank of Iraq facilitating the procedures for granting licenses to collect bank cards using points of sale (POS), and reducing commissions on banks and agencies that use these devices.
10- Oblige all governmental, non-governmental and mixed departments, trade unions, associations and all centers in which amounts are collected to open bank accounts and provide point-of-sale devices for electronic payment (POS), pay by bank cards to collect money and to enable those who wish to pay with cards, while maintaining receipt cash together.
11- Opening a new window for selling foreign currency to small merchants through the Trade Bank of Iraq (TBI).
12- Financing the Central Bank of the Trade Bank of Iraq (TBI) with an additional amount of 500 million US dollars for the purpose of opening documentary credits for small merchants, and being satisfied with the initial invoice and the account number of the last beneficiary of the credit. Funding is being re-enforced to ensure the continuation of the import process with documentary credits and to cover the importers’ need of dollars to pay the values of their goods.
13- Launching the import of goods and merchandise for companies registered with the Companies Registration Department in the Federal Ministry of Trade of all types of companies and factories registered with the General Directorate of Industrial Development and investment projects of all kinds duly licensed by investment commissions, scientific offices duly registered, individuals and offices registered with the Iraqi Chambers of Commerce (included with the condition import license or not included).
14- Facilitating import procedures, reducing the requirements for opening documentary credits, and canceling the notification of the General Authority for Taxes to impose delay fines on importers and the rest of those charged with the General Authority for Taxes.
And today, Monday morning, Prime Minister Muhammad Shia al-Sudani decided to relieve the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, while Ali Mohsen Al-Alaq was assigned to run the bank by proxy.
Yesterday, Sunday, Al-Sudani took urgent decisions to “address” the exchange rate of the US dollar against the local currency during his meeting with the Federation of Iraqi Chambers of Commerce to discuss solutions to the fluctuation of the exchange rate of foreign currency.
These decisions come at a time when the exchange rate of the US dollar against the Iraqi dinar has witnessed a gradual rise since November 2022, reaching its highest levels in recent days, as it crossed the barrier of 165 thousand dinars per 100 dollars.
shafaq.com
