The Sudanese confronts the dollar with a package of bold decisions
The Sudanese confronts the dollar with a package of bold decisions
12-29-2022
Despite the short life of the Iraqi government headed by Muhammad Shia’a al-Sudani, it imposed a different reality, with calm, deliberate and comprehensive steps. Administrative, professional/specialized, and each track may have a set of functional scopes that are interrelated with each other to reflect the level of experience and the extent of responsibility, which helped him build scientific, functional and administrative expertise, and develop the right strategies to deal with crises in a knowledgeable and rapid manner and find solutions for any emergency. And in the same context The article published about 24 hours ago, on Rawabet Center for Research and Strategic Studies (1) Details are in the link
Details in the link below regarding the procedures and amendments imposed by the US Federal Bank on the mechanism of the Central Bank of Iraq, where Al-Sudani affirmed his support and how to deal with these measures to preserve the interests of the Iraqi people and manage the financial file in a disciplined manner, a step to eliminate corruption, as Al-Sudani indicated that these measures It should have taken place gradually, because it confuses the markets, especially with the presence of unofficial outlets for obtaining the dollar that contributed to the existence of this chaos in the Iraqi economy, but the wisdom in taking the necessary steps to avoid the exacerbation of this confusion, Al-Sudani took some quick measures during the past few days, in a way A well-thought-out and effective way to rectify the situation with the Economic Committee and the responsible authorities, where the meeting took place with the Governor of the Central Bank to achieve general stability of prices and the exchange rate, activate the correct steps to sell foreign currencies to the citizen and to serve the Iraqi economy, and the central bank pumped quantities of dollars into the market, and strengthenedMonitoring the work of banks, as stated in a bank letter addressed to licensed banks saying, “Based on Cabinet Resolution No. (351) for the year 2022 that includes non-compliance with the collection of customs duties and tax amounts in advance stipulated in Article (16 / fourth) of the Federal General Budget Law for the year Fiscal 2021, to expire at the end of the fiscal year 2021, with confirmation that the General Authority of Customs and the General Authority for Taxes have met those fees and tax amounts on goods entering Iraq at the border crossings, to kindly review and inform customers and act accordingly and prevent double taxation.2021, with confirmation that the General Authority for Customs and the General Authority for Taxes have met those fees and tax amounts on goods entering Iraq at the border crossings, for your kind review and inform customers and act accordingly and prevent double taxation.”2021, with confirmation that the General Authority for Customs and the General Authority for Taxes have met those fees and tax amounts on goods entering Iraq at the border crossings, to kindly review and inform customers and act accordingly and prevent double taxation.
All these measures taken by Al-Sudani aim to balance between the amendments imposed by the Federal Reserve and the requirements of the Iraqi market, and to control the outlets for corruption and smuggling. Payments, and the need for the bank to take the necessary measures to prevent illegal speculation, limit everything that harms the local market and lead to higher prices, activate steps to sell foreign currency at official rates for citizens through buying with electronic cards, and open sales outlets for travelers, or those traveling for treatment outside Iraq, or financing trade Foreign affairs, in accordance with the fundamentalist contexts and international standards for opening documentary credits and remittances.
The Governor of the Central Bank, Mustafa Ghaleb Makhaif, affirmed that “the measures taken will contribute to achieving monetary stability in Iraq,” and the bank is ready to fully cover the documentary credits for the import of foodstuffs, and to provide foreign currency to citizens. The important measures taken by the government are what was discussed with the Ministerial Council For the economy, the procedures of the Ministry of Commerce regarding securing foodstuffs, providing medicines and excluding them from the customs tariff, adjusting the customs tariff in accordance with economic requirements, and the ministry simplifying its procedures by granting import licenses within a short period of time of up to 24 hours, and securing the strategic storage of foodstuffs, as the Council affirmed Ministerial for the Economy The government’s full support for the central bank’s measures that would achieve a state of stability, and reduce the exchange rates of the dollar in the markets.
In conclusion, during this stage, the Iraqi Prime Minister recorded successful steps towards achieving financial stability, and resorted to the wisdom of dealing with internal and external crises, as he enjoys an experienced personality, an acceptable leadership in Iraq and abroad, and is characterized by its transparency and wisdom in managing matters on the political and financial levels, and securing materials Rawabet Center for Research and Strategic Studies monitored the steps and the mechanism by which the Sudanese government dealt with the crisis of the exchange rate of the Iraqi dinar against the US dollar, and how the treatment took place within discreet contexts and impact on the ground, and the coming days will witness a decline in the dollar against The Iraqi dinar to reach its stability before the crisis. It is an important stage for restoring financial stability, eliminating corruption, and securing the needs of the Iraqi citizen that he aspires to, in order to start policies worthy of a country like Iraq, which is rich in its financial and human resources.
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