FRANK26: "FOREIGN CURRENCY AUCTIONS ENDING ALL OVER IRAQ'S NEWS!!!", 3 JAN

 FRANK26: "FOREIGN CURRENCY AUCTIONS ENDING ALL OVER IRAQ'S NEWS!!!".......F26

Iraq officially suspends work on the electronic platform.. Will we witness a crazy rise in the dollar?

1/1/2025

 

 

Sumerian News - Economist

The Central Bank of Iraq announced today, Wednesday, the suspension of work on the electronic platform mechanisms related to the sale of Dollar.

 

He said Deputy Central Bank Governor Ammar Khalaf, in a statement to the official agency, followed by Sumerian News, "The mechanism of work on the electronic platform related to foreign transfers has stopped working, but financing foreign trade continues through correspondent banks according to different mechanisms that are parallel to what is in effect in countries around the world."

 

 

 

He pointed out that "the granting of Dollar For travelers at airports according to the approved mechanism, which is the best in limiting the occurrence of Dollar For the traveler.

 

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. (NO IT DOESN'T... IT BROUGHT SECURITY & STABILITY FOR THE MONETARY REFORM -F26)   Iraqi before Dollar American.

 

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. Official And the black market price, where many money laundering and smuggling operations were prevented.

 

However, with the decision to cancel this platform, questions are raised about how the market will be regulated and transfers managed.

 

The impact of deplatforming on the price Dollar

 

1- Increased demand for Dollar In the black market, in the absence of an electronic platform, demand may increase. Dollar In the black market due to the absence of control mechanisms, which leads to higher exchange rates outside official channels.

 

2- Weak confidence in the dinar, as canceling the platform may weaken confidence in the Iraqi dinar, especially if effective alternatives are not put in place to ensure market stability. Weak confidence means that citizens and investors may withdraw their money in dinars and transfer it to Dollar As a safe haven.

 

3- The impact of smuggling and money laundering, as cancelling the platform could cancel strict control over smuggling operations. Dollar Smuggling and money laundering practices may expand, increasing demand for Dollar Significantly and affects the central bank's reserves.

4- The market depends on supply and demand. With the cancellation of the platform, the currency market may become more affected by direct supply and demand. This may lead to severe fluctuations in the exchange rate, especially in light of unstable economic and political conditions.

 

Chances of facing a rise Dollar

 

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 from Dollar

 

The central bank may resort to pumping more dollars into the market to meet demand and maintain price stability.

 

3- Promoting local investments

 

By encouraging investment and reducing dependence on foreign currencies, pressure on Dollar And 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 market stability.

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. (IT WILL HAVE A BULLSEYE EFFECT ON THE EXCHANGE RATE... BECAUSE THE GOAL IS TO GIVE THE IRAQI CITIZENS PURCHASING POWER!!!".....F26 Dollar In 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 of the financial market.

 

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.
 

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