Iraqi Cabinet pushes for State Contracts in Dinars
As part of financial and economic reforms, the Iraqi Cabinet has endorsed recommendations to conduct all state contracts within Iraq in Iraqi dinars.
Exceptions will be made for ongoing external grants, loans, and agreements. New contracts involving foreign grants, loans, and agreements may adhere to foreign currency terms agreed upon in the Ministry of Finance’s April 27, 2023 circular.
Beneficiaries can open documentary credits for importing project materials and transfer foreign currency for salaries, wages, and company dues, subject to the controls of the Central Bank of Iraq (CBI).
It looks like Iraq is pushing for its own monetary sovereignty... Article: "Iraq is moving towards applying the principle of monetary sovereignty. What does that mean?" This is actually really good news...This is what we've been bugging Iraq to do - get out of the shadow of the United States and do your own thing...
In other words, our little child is wanting to be all grown up and make a move to be on its own. This is exactly what we've been looking for...Once we kick the training wheels off of Iraq, you have to trust the people who are making the decisions about the Iraqi dinar make smart ones and not screw everything up...
In 2020 we know they almost went bankrupt and they ended up devaluing their currency. After about a year they increased it again. Not to where it was. We used to be able to get 1,190 for every dollar. Now we're getting what 1,310 for every dollar...We need it to go in the other direction.
The less amount of dinars we get per dollar the better it is for our investment. Eventually what you want...it to cost you more dollars than it does dinars. You want to spend $2.00 for 1 dinar. That's the direction we want to go in.
All those gurus out there making the claim that because of the amount of oil they have, 'Oh, my God, they're going to be reinstated. The Iraqi dinar is going be extremely valuable. Pimpy doesn't know what he's talking about.' What did I say? I say, stay grounded. That's not true. Not true at all.
There are other hurdles Iraq has to go through in order for the exchange rate to increase in value. I said this a million times, Iraq relies too much on oil to fund their government so it's not going to go up just because they got tons of oil.
A parliamentarian accuses the Central Bank of hiding the facts about the currency auction
On Thursday, MP Hadi Al-Salami confirmed the lack of transparency standards in the Central Bank auction and pointed out that the bank is concealing the details of its daily bulletin of complex currency sales.
During an interview with [publication name], Al-Salami revealed that the size of dollar amounts sold to companies and banks during auction operations is not disclosed through a daily bulletin.
The speaker expressed their concern regarding the Central Bank’s performance, stating that there seems to be confusion and a lack of control over the dollar exchange rate. They highlighted that the objectives of the Central Bank Law are to promote economic and sustainable development and support various segments of society, which they believe have not been achieved yet.
He noted the absence of transparency standards at the Central Bank in relation to the daily sales volume of the dollar.
Al-Salami noted that there is a lack of transparency regarding the volume of dollar sales to banks and companies.
Ahmed Brehi, a member of the Board of Directors of the Central Bank, refuted claims that the bank is experiencing any issues with its foreign currency balance or revenues. He stated that the supposed shortage of cash liquidity is a fabricated issue resulting from a lack of understanding about central banking.
Integrity enters the field of “illicit gain” and stops inflation by 266 billion dinars, 30 NOV
During a review on Thursday, Judge Haider Hanoun, the head of the Federal Integrity Commission, highlighted Iraq’s efforts to combat corruption in the past year. He urged international organizations to acknowledge the country’s achievements in deterrence, prevention, awareness, and education, which he described as “unprecedented.” However, he also pointed out that there were still challenges in tackling illicit gain, citing files inflated by over a quarter of a trillion dinars.
Hanoun delivered at the European Union mission forum in Iraq on International Anti-Corruption Day. The conference was titled “Iraq… Prospects and Challenges of Combating Corruption”. He mentioned that the Commission had made significant progress in the fight against corruption and that Iraq’s experience in this field is almost unparalleled globally. Hanoun urged international organizations to give Iraq its due recognition and rank it highly in the anti-corruption index.
Hanoun reviewed the Authority’s preventive education and awareness-raising efforts over a year. The Authority launched an extensive campaign to follow up on the debts of senior officials and the inflation occurring therein. Hanoun stressed that opening this file resulted in significant achievements. The funds amount to an amount that represented inflation in light of the technical reports of the Prevention Department. The referral of its files to the judiciary exceeds 266 billion dinars.
The head of the Integrity Commission expressed gratitude towards the judiciary and the current government for their support in the Commission’s efforts to combat corruption within state institutions. The Commission aims to recover the accused and the funds related to crime inside and outside Iraq. It has also cooperated with the international community to conclude agreements. Some of these efforts have resulted in the successful recovery of funds and the conviction of those who committed corruption.
Hanoun expressed his appreciation for the significant efforts made by international and regional organizations in assisting Iraq in combating corruption. He specifically mentioned the United Nations Development Program and the European Union mission, which funded the project entitled “Supporting Justice Initiatives to Combat Corruption and Promoting the Settlement of Commercial Disputes.” Hanoun also acknowledged the contributions of the United Nations Office on Drugs and Crime and the German Agency for International Cooperation (GIZ).
The European Union.
European Union Ambassador Thomas Seiler remarked that corruption is a global problem that affects even developed nations. Its impact can be seen in various sectors, such as healthcare, security, and education. He emphasized that effectively combating corruption is crucial to eradicating poverty and unemployment. On the other hand, the proliferation of corruption can lead to organized crime, which negatively affects the local economy and undermines public trust in the system and the government.
Seiler commended Iraq for its recent efforts in combating corruption, which have demonstrated to the European Union and countries worldwide that Iraq is committed to fighting this crime and adhering to the United Nations Convention against Corruption. He emphasized that a society governed by the rule of law creates an attractive environment for investments and facilitates the creation of a strong economy.
Baghdad resume
The Deputy President of the Baghdad Court of Appeal – Al-Rusafa, Judge Iyad Mohsen Damad, has acknowledged the cooperation and coordination between the judiciary and regulatory agencies in the fight against corruption. He highlighted that the Supreme Judicial Council plans to establish specialized courts to handle cases related to integrity issues. The council also seeks to support judges in their rulings against those who misuse public funds and help recover smuggled funds.
According to Damad, the collaboration and coordination among the Integrity Commission, Supervision Bureau, and Anti-Money Laundering Office led to the development of the Financial Investigation Guide. This guide is now available for investigative judges and investigators to utilize in their work.
Sudanese role
Moayad Al-Saadi, the advisor to the Prime Minister, has emphasized Al-Sudani’s commitment to progress with the anti-corruption agenda. He has also stated that the regulatory agencies will be supported in their efforts to hold accountable those who have stolen public funds, without any exceptions for government employees.
Al-Saadi concluded by stating that Al-Sudani encouraged taking legal action against anyone, whether a current or former official, who dares to misuse public funds. He praised the efforts of the Federal Integrity Commission in combating and preventing corruption.
Can the CBI, Alaq and the board of directors reduce the exchange rate of the American dollar?
No, of course not. They don't have jurisdiction to do that.
Who can do that?
The US Treasury. Alaq and Sudani said to the citizens, 'Private banks will give support to the Iraqi citizens by reducing the dollar exchange rate.' What that means is they're going to give value to the Iraqi dinar...It reduces the value of the American dollar in the country of Iraq.
Every day those that were against it [The dinar/monetary reform], those that were negative like parliament are complimenting and cheering on what is about to happen.
Everyday they come up with new ways of saying the same thing. Article: "Advisor to the prime minister: Economic policy in Iraq is moving towards implementing the principle of monetary sovereignty"
MONETARY SOVEREIGNTY... ANOTHER BEAUTIFUL WAY OF SAYING WE HAVE A NEW CURRENCY.
Question: "Do I need my receipt when I go exchange my Iraqi dinar?"
The answer is no but you will need your receipt if you are ever audited to determine the tax bracket that they would charge you under. [Note: Speak with your tax professionals at the appropriate time to determine the right tax for your unique circumstances.]
The coordination framework talks about the “possibility” of deciding on the selection of Al-Halbousi’s replacement before the local elections, 30 NOV
The coordination framework talks about the possibility of deciding on the selection of Al-Halbousis replacement before the local electionsShafaq News/ The coordination framework, which brings together the Shiite political forces, confirmed today, Wednesday, that there is a possibility of deciding the selection of the new speaker of parliament, before the governorate council elections scheduled for next December 18.
The leader in the framework, Hassan Fadaam, told Shafaq News Agency, “There is a possibility of deciding the election of the new speaker of the House of Representatives before the governorate council elections, and the political forces in general, and not the coordination framework, are in dialogue and studying setting a date for holding an extraordinary session of Parliament to elect the new president, especially since there is no “There is no interest in obstructing the resolution of this important entitlement.”
He added, “There is no division within the coordination framework regarding the names nominated for the position of Speaker of Parliament, especially since the framework is not a political alliance, but rather a coordination meeting between the Shiite forces, to coordinate positions, determine the compass for political action and the interests of Iraq, and take the necessary steps to support the government.”
He continued, “There are different views among the forces of the coordination framework regarding the names nominated for the position of Speaker of Parliament, and perhaps the framework does not fully support one person and the framework may have two or more opinions, but now the coordination framework is studying the nominated names, and will soon inform the Sunni political forces of its opinion.”
The leader in the coordination framework concluded by saying, “Every political party in the framework is free to support any candidate it deems appropriate, and the decision remains within the House of Representatives through voting and any candidate obtaining a majority of the votes.”
The Presidency of the Iraqi Council of Representatives decided to officially terminate the membership of Council Speaker Muhammad al-Halbousi, based on the decision of the Federal Supreme Court, as of the fourteenth of November 2023.
On Tuesday, November 14, the Federal Supreme Court, “the highest judicial authority in Iraq,” announced the termination of the membership of Parliament Speaker Muhammad Al-Halbousi, against the backdrop of a lawsuit filed against him by Representative Laith Al-Dulaimi, in which he accused him of forging his (Al-Dulaimi’s) resignation from membership in the House of Representatives. As a result, the Federal Court ruled to terminate their membership (Al-Halbousi and Al-Dulaimi).
An economic expert shows 3 advantages of the electronic payment system, 30 NOV
An economic expert shows 3 advantages of the electronic payment systemInformation / Baghdad..
Today, Wednesday, economic expert Nabil Al-Ali identified three positive aspects of the government’s steps towards floating the electronic payment system in future transactions.
Al-Ali said in a statement to Al-Maalouma, “The trend towards electronic payment aims to limit the phenomenon of the cash economy, which has major negative effects on the Iraqi economy and consequences and effects with regard to managing liquidity and the costs of this liquidity from printing currency and controlling it.”
He added, “One of the positives of implementing the electronic system is that it contributes to controlling customs and taxes and providing specialists with financial movement, as well as eliminating the phenomenon of tax evasion through the process of linking control and knowledge of the volume of sales, which will thus save the treasury large sums.”
It is noteworthy that Prime Minister Muhammad Shiaa Al-Sudani confirmed during his visit to the General Traffic Department yesterday, Tuesday, that the experience of electronic payment in collections and transactions with state institutions is part of reforming the financial and banking system, and prevents suspicions of corruption.
Article: "Inflation rate in Iraq declines in 2023 compared to 2022"
The Central Bank of Iraq announced the inflation rate decreased in 2023 compared to 2022. Inflation in Iraq reached approximately 3.7% in August 2023, compared to 4.4% in August 2022. Iraq's inflation rate is good compared to many countries where inflation has reached 30% and 40%...
Wealthy Iraqis move to the Caribbean. Guess who's on the list? ...The leader of the Kurdistan region and the former governor of the Central Bank of Iraq and other businessmen suspected of corruption...Iraq's politician are monitored by the organized Crime and Corruption Report Project (OCCRP)...This is part of the effort to catch
individual involved in corruption....The project reported the purchase of Dominica (tiny Caribbean island) citizenship...enabling them to travel worldwide without a Visa...This country's visa is magical. Citizens can travel to 144 countries without a visa..
The country has no tax on foreign income, capital gains, inheritance, stock profits, wealth or gifts...The former Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, obtained Dominica citizenship in 2017 along with his wife and two children and did not renounce it upon his appointment as governor of the CBI which was clear violation of article 18 paragraph 4 of the Iraqi Constitution. He held the position of governor of the Central Bank of Iraq from September 2020 until his removal by the current prime minister on January 23, 2023...
There are corruption questions...a legal complaint... has been filed due to the loss and depletion of millions of dollars regarding forged import documents.
The reason countries have foreign reserves is to make sure that a country has backup funds if its national currency rapidly devalues or becomes entirely worthless. It's common practice for central banks of different countries around the world to hold large amounts of reserves of foreign exchange. Most of these reserves are held in US dollars since it is the most traded currency in the world...The amount of monies a country holds in its reserves has a lot to do with the county's currency rate...Iraq has the largest foreign currency reserves in its' history.
The reason countries have foreign reserves is to make sure that a country has backup funds if its national currency rapidly devalues or becomes entirely worthless. It's common practice for central banks of different countries around the world to hold large amounts of reserves of foreign exchange. Most of these reserves are held in US dollars since it is the most traded currency in the world...
The amount of monies a country holds in its reserves has a lot to do with the county's currency rate...Iraq has the largest foreign currency reserves in its' history...
Article: "Good News for Investors: US Treasury Continues to Omit Vietnam Currency Off Currency Manipulator's List"
Vietnam was not included on the US Treasury Department currency manipulators list this time. The list comes out twice a year and includes countries that may have surpassed the value of their currency. When a country does this it cheats investors on potential profits...Iraq is rebuilding after the war so is not yet subject to currency manipulation lists...
On Wednesday the Prime Minister of Iraq's advisor took the lead from the Central Bank of Iraq and announced Iraq has the largest foreign currency reserves in its' history and that the exchange rate treatment package aims to prevent profiteering at the expense of the economy...
Saleh: The Final Accounts Of Official Institutions Are A Binding Condition For Evaluating Public Money Management
11/30/2023 Read: 1,573 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, stressed the necessity of preparing official institutions for the final accounts.
Saleh told {Al-Furat News} agency, “It is necessary for all state institutions, in cooperation with financial oversight bodies, to take the initiative to prepare the requirements for the final account for each institution or spending unit separately at the end of the fiscal year. This is a necessary condition that facilitates the attainment of the total final accounts as a general budget, in accordance with what is stipulated.” According to the effective Financial Management Law No. 6 of 2019, amended.”
He pointed out the importance of "adopting this as a binding context for all concerned institutions in order to evaluate the management of public money early without delay or delay."
The head of the Federal Financial Supervision Bureau, Ammar Al-Mashhadani, announced the day before yesterday, Tuesday, that the audit of the final accounts for the entire 2016 budget had been completed, while indicating that the Council of Ministers had issued a directive to oblige all government agencies to disclose their accounts.
Al-Mashhadani said, in a press statement, “The audit of the final accounts for the 2016 budget has been fully completed, and will reach the competent authorities in the Council of Ministers and Representatives,” stressing that “an agreement was reached with the Ministry of Finance to complete the audit of the final accounts for the years 2017, 2018, and 2019.”
He added, "The final accounts for the years after 2020 did not reach the Financial Supervision Bureau by the Ministry of Finance," stressing "the necessity of obtaining financial data from the Ministry of Finance to begin the audit process."
Regarding the disclosure of the final accounts of the officials, Al-Mashhadani confirmed that “there are entities whose data did not reach the Office of Financial Supervision, as the issue was presented in a transparent manner before the Council of Ministers, and a directive was issued by the latter to oblige government agencies, whether self-funded or centrally, to deliver their data to the Office,” pointing out. To, “The low percentages of budget utilization for governorates and ministries is a negative indicator, which is wasting opportunities to utilize budgets properly to provide the best services to citizens.”
He pointed out, “The Financial Supervision Bureau follows up on any evidence of conviction or suspicions of corruption of those who exploited public funds, and communicates them to the judiciary, the public prosecution, and the competent authorities, but the most important thing is sufficient proof.”
It is noteworthy that the Ministry of Finance announced earlier the completion of the final accounts for the budgets of the years from 2017 to 2019. LINK
A New Round Of Understandings To Regulate Trade Financing And Control The Exchange Rate On The Black Market With The US Federal Reserve
Economy News _ Baghdad A government delegation, including officials from the Central Bank of Iraq, will hold a new round of understandings early next December, with the US Federal Reserve, to hold meetings within the framework of a series of negotiations in order to reach more agreements to regulate trade financing and enhance the balances of Iraqi banks from various foreign currencies in banks. Correspondence, thus controlling dollar speculation in the black and maintaining the stability of the exchange rate.
The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, said in an interview with Al-Iqtisad News that there are currently negotiations taking place with the relevant authorities in Turkey and with Turkish banks to enhance balances in euros or Turkish lira, in addition to that dealings will be made in the coming days with the Emirates through the mediation of Abu Dhabi Bank.
The first is to enhance balances in the UAE dirham,” stressing that “the government and the central bank are in the final round of the battle with speculators, and the dollar exchange rate in Iraq will soon stabilize.”
Al-Nusairi noted that “the total foreign trade or commercial exchange of Iraq with countries annually is approximately 60 billion dollars, distributed between China about 12-14 billion dollars, Turkey about 10 billion dollars, Iran about 10-12 billion dollars, and then the rest of the countries such as India, the Emirates, Saudi Arabia, Jordan, Syria, Egypt and others.”
Samir Al-Nusairi pointed out that “the new currencies with which our bank balances will be strengthened are the European euro, the Chinese yuan, the Emirati dirham, the Turkish lira, and the Indian rupee, and they may constitute a percentage of no less than 60% of the volume of our annual imports,” indicating that “dealing with these currencies comes after the approval of the Federal Reserve.” "The American, with his assistance and in agreement with him."
He explained, "The opening of accounts for correspondent banks, which have now reached more than 40 new accounts in correspondent banks, were opened by our banks, whose number is approximately the same as a bank, and they are on the verge of increasing to more than this number.
These correspondent banks are such as Citibank, JP Morgan, and Chinese, Emirati, and Indian banks." And Turkish, stressing that “there are no fears of Iraq being subjected to sanctions from the US Federal Reserve in this regard, but rather that these banks are authorized to deal and open accounts after agreement with the US Federal Reserve.”
There are new instructions and procedures for the Central Bank that include allowing Iraqi banks that have accounts abroad in foreign currencies to import and transfer these currencies into Iraq for the purpose of using them to distribute citizens’ deposits with our banks that are in foreign currency, and thus they will be distributed to them, in addition to giving these banks flexibility to deal with companies.
And organizations and those who receive their salaries in foreign currencies,” according to specific conditions and controls issued by the Central Bank, and this step will lead to preserving the foreign cash reserves of the Central Bank, according to the advisor to the Association of Iraqi Banks.
Al-Nusairi stressed that “the above twenty banks opened their accounts in accordance with specific commitments and controls to enhance their balances, and thus they will control the movement of speculators on the black market and put pressure on the dollar circulating on the black market resulting from illicit trade and unofficial outlets that have not been controlled.”
An advisor to the Iraqi Banks Association, stated that “the procedures for transitioning from a cash economy to a digital economy, which will be implemented by the government and the central bank through broad measures, will contribute to determining dealing in dollars on the black market,” and thus will lead to stability of the exchange rate. Views 75 11/30/2023 - https://economy-news.net/content.php?id=37996
Every day those that were against it [The dinar/monetary reform], those that were negative like parliament are complimenting and cheering on what is about to happen.
Everyday they come up with new ways of saying the same thing. Article: "Advisor to the prime minister: Economic policy in Iraq is moving towards implementing the principle of monetary sovereignty" MONETARY SOVEREIGNTY... ANOTHER BEAUTIFUL WAY OF SAYING WE HAVE A NEW CURRENCY.
Question: "Do I need my receipt when I go exchange my Iraqi dinar?"
The answer is no but you will need your receipt if you are ever audited to determine the tax bracket that they would charge you under. [Note: Speak with your tax professionals at the appropriate time to determine the right tax for your unique circumstances.]
There is a start IOO of a testing of the lower denominations and the new exchange rate. We believe the testing is starting in the Kurdistan region...Once they show the citizens the colors/ crayon [New lower note samples] they will release the currency within 24-28 hours.We should also see a new exchange rate to come out with it as well.Has all this started? We are not seeing it in the streets. We're seeing it in preparation...
Iraq Welcomes Chang Shin Delegation: A Step Towards Global Investment Opportunities
In a significant move signaling an economic shift, Mohammed Shia’ Al-Sudani, the Prime Minister of Iraq, has welcomed a delegation from Chang Shin, a leading Chinese investment company. The meeting marks a significant step towards enhancing Iraq’s position as a promising investment hub, offering a wealth of opportunities to global investors.
Emphasizing Iraq’s Investment Attractiveness
During the meeting, Al-Sudani emphasized Iraq’s potential as a hotbed of investment opportunities, committed to providing all necessary facilities for major companies, irrespective of their nationalities. This move aligns with the country’s economic policy of implementing the principle of monetary sovereignty, as confirmed by Mazhar Muhammad Salih, the financial advisor to the Prime Minister. The aim is to leverage Iraq’s large commercial arms while reforming its banking system.
Chang Shin’s Investment Plans
Chang Shin plans to embark on a significant project: establishing an advanced industrial city in the Basra province of Iraq. The city will specialize in the production of steel using direct reduced iron (DRI), often referred to as sponge iron. This initiative aligns with the company’s ambition to explore and invest in untapped potentials. Furthermore, Chang Shin is in the process of contracting for a project aimed at investing in sulfur in Iraq, with the intention of exporting it globally.
Iraq – A Major Investment Destination for China
Describing Iraq as his country’s largest investment destination, the Chinese Embassy Counselor Xu Haifeng revealed that Iraq ranks third among the largest oil exporters to China in 2023. These data underline China’s growing interest in Iraq, further corroborated by the recent renewal of an agreement between China and the UAE to exchange their local currencies for a period of five years.
Iraq’s Unprecedented Strides in Combating Corruption: A Look into the Work of the Iraqi Integrity Commission, 30 NOV
The Iraqi government, under the leadership of Hyder Hanoun, head of the Iraqi Integrity Commission, has made significant strides in combating corruption and poverty, and enhancing public services. This progress is underpinned by the commission’s committed efforts to implement international commitments through legislating crucial laws, including the Right to Access Information Law. The government, over the past year, has prioritized these initiatives, providing robust support to the Integrity Commission and law enforcement agencies, thereby enabling them to effectively fulfill their duties.
Recovery of Embezzled Funds and Legal Amendments
The government has focused its efforts on recovering embezzled funds, a critical aspect of its strategy to combat corruption. This has been paired with amendments to the Integrity Commission and Illicit Gains Law, strengthening the legal framework for prosecuting corrupt practices. The effectiveness of these measures is evident in the successful conviction of corrupt individuals and the recovery of stolen funds.
Investigations into Unlawful Enrichment and Financial Disclosure
In an unprecedented move, the commission has opened investigations into unlawful enrichment and the financial disclosure of officials. Judges have collaborated in this process, ensuring the rigorous application of the law. The resulting convictions serve as a powerful deterrent, reinforcing the government’s zero-tolerance stance on corruption.
Repatriating Fugitives and Funds
The commission’s work extends beyond domestic borders, actively repatriating fugitives and funds internationally. The government’s international successes in this area have bolstered these efforts, reinforcing the commission’s mandate.
In conclusion, the tireless work of the Iraqi Integrity Commission, backed by the government’s unwavering support, signifies a new chapter in Iraq’s fight against corruption. The commission’s groundbreaking initiatives, such as the investigation into officials’ financial disclosure, reflect its commitment to transparency, accountability, and the rule of law.
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Morning al…l happy Thursday
Member: Any good news today Mark?
MZ: the chatter I am hearing from the bond side….and interesting enough Mike Bara is getting the same thing….from different, separate contacts ….that a number of bond contacts have been told to make certain that any banking information is up to date by 3:00 PM EST today….We do not know if that’s when they get paid…or what that means . But that they have a deadline is interesting.
MZ: Very quiet from the group side.
MZ: Very little out of Iraq overnight. But everything coming out of Iraq this week has been overwhelmingly positive.
MZ: I know this is tough…..I know we have been sitting at the edge of our seats for entirely too long…But, it’s hard to nail down a world-wide ,historic, once in a millennium event….But we know its coming.
MZ: “ UK’s Metro Bank eyes axing 1 in 5 jobs , 7 day banking. “ Sweeping money saving plans….
MZ: “Goliath falls-Sudden bankruptcy of financial empire exposes Europe’s Real Estate bubble” Signa Holdings needed bailing out and nobody was interested.
Member: Praying and praying and praying this our special week/ weekend
Member: Everyone have a great day. The Best is yet to come.
There is a special guest on today …HOH….Please listen to replay for their opinions and information.
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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.
Dollar Transactions Continue at Ibrahim Khalil Border Despite Iraqi Government’s Dinar Directive
In direct contradiction to the Iraqi government’s decision issued a month ago, transactions continue to be conducted in US dollars at the Ibrahim Khalil border crossing. The government, in its bid to strengthen the national currency and regulate the economy, mandated the use of the Iraqi dinar for all transactions. However, the current situation at the border crossing paints a different picture, indicating either a delay in policy implementation or resistance to the change.
A Discrepancy Between Directive and Practice
This apparent discrepancy between the government’s directive and the on-ground reality raises several questions. It suggests that the transition from dollar to dinar transactions at this major border crossing has not been as smooth or instantaneous as the government might have hoped. The persistence of dollar transactions could be attributed to several factors, including market stability, convenience, or even established trade practices.
The Implications of Dollar Transactions
The continued use of dollars at the Ibrahim Khalil border crossing could have significant implications for the local economy, trade, and monetary policy. Although the dollar offers a stable and globally recognized medium of exchange, its dominance could undermine the government’s efforts to bolster the Iraqi dinar. It could also influence trade dynamics, potentially favoring those businesses and sectors with greater access to dollars.
Impact on Government’s Economic Goals
As the government strives to exert more control over its economic affairs, this situation serves as a stark reminder of the challenges they face. It underscores the complexity of implementing monetary policy changes in an economy where ingrained practices and external factors often hold sway. The government’s push to promote the dinar, while commendable for its potential to foster economic independence, also requires careful navigation to avoid any unintended consequences.
The Iraqi Dinar Recovers Against The US Dollar.. 157,500 For Every 100 Dollars In Baghdad
Economy |Baghdad today – Baghdad Today, Thursday (November 30, 2023), the prices of the dollar against the dinar recorded a noticeable decline in the local markets in the capital, Baghdad.
The "Baghdad Today" correspondent said, "Dollar prices fell on the main Kifah and Harithiya stock exchanges in Baghdad to record 156,800 dinars against 100 dollars."
He added, "Selling prices in money exchange shops in local markets in Baghdad decreased, as the selling price reached 157,500 dinars for 100 dollars, while the purchase price reached 155,500 dinars for 100 dollars."
The dollar exchange rates in the local markets this week witnessed stability at an increase, at 158 thousand dinars for every 100 dollars. LINK
Al-Nasiri: A new round of understandings to regulate trade finance and control the exchange rate on the black market with the US Federal Reserve
Economy News _ Baghdad 2023/11/30 - 10:02 AM
A government delegation that includes officials from the Central Bank of Iraq will hold a new round of understandings early next December, with the US Federal Reserve, to hold meetings within the framework of a series of negotiations in order to reach more agreements to regulate trade financing and enhance the balances of Iraqi banks of various foreign currencies in correspondent banks, and thus control dollar speculation in black.
The adviser to the Association of Iraqi Private Banks Samir Al-Nasiri said in an interview with "Economy News", that there are negotiations currently taking place with the concerned authorities in Turkey and with Turkish banks to enhance balances in euros or Turkish lira, as well as that it will deal in the coming days with the UAE mediated by the First Abu Dhabi Bank to enhance balances in UAE dirhams, "stressing that "the government and the Central Bank are in the last round of the battle with speculators, and the dollar exchange rate in Iraq will stabilize soon."
Al-Nasiri pointed out that "the total foreign trade or trade exchange of Iraq with countries annually is about 60 billion dollars, distributed between China about 12-14 billion dollars, Turkey about 10 billion dollars, Iran about 10-12 billion dollars, and then the rest of the countries such as India, the UAE, Saudi Arabia, Jordan, Syria, Egypt and others." Samir Al-Nasiri pointed out that "the new currencies that will strengthen the balances of our banks are the European euro, the Chinese yuan, the UAE dirham, the Turkish lira and the Indian rupee, and may constitute at least 60% of the volume of our annual imports," noting that "dealing with these currencies comes after the approval of the US Federal Reserve and its assistance and in agreement with it."
He explained that "the opening of accounts for correspondent banks, which have now reached more than 40 new accounts in correspondent banks, opened by our banks, which number within the limits of a bank, which is heading to increase to more than this number, and that these correspondent banks are such as Citibank, JP Morgan, Chinese, Emirati, Indian and Turkish banks," stressing "that there are no fears that Iraq will be subjected to sanctions from the US Federal Reserve in this regard, but that these banks are authorized to deal and open accounts after agreement with the US Federal Reserve."
There are new instructions and procedures for the Central Bank that include allowing Iraqi banks that have accounts abroad in foreign currencies to import and transfer these currencies into Iraq for the purpose of using them to distribute citizens' deposits with our banks, which are in foreign currency, and therefore will be distributed to them, as well as giving flexibility to these banks to deal with companies and organizations who receive their salaries in foreign currencies, "in accordance with specific conditions and controls issued by the Central Bank and that this step will lead to the preservation of the foreign currency reserves of the Central Bank. According to the consultant of the Association of Iraqi Banks.
"The above twenty banks have opened their accounts according to specific obligations and controls to enhance their balances, and thus they will control the movement of black market speculators and put pressure on the dollar circulating on the black market resulting from illegal trade and uncontrolled uncontrolled uncontrolled outlets," al-Nasiri said. Advisor to the Association of Iraqi Banks, stated that "the measures to shift from the monetary economy to the digital economy, which will be implemented by the government and the Central Bank through broad measures, will contribute to determining the dollar dealing in the black market."
