Minister of Trade: Iraq is currently witnessing fundamental economic changes, 18 OCT

 Minister of Trade: Iraq is currently witnessing fundamental economic changes

Economy News - Baghdad

Trade Minister Atheer Al-Gheriri stressed on Tuesday keenness to increase the volume of trade exchange with Saudi Arabia, while noting that Iraq is currently witnessing fundamental economic changes.

The Ministry of Commerce said in a statement that "Minister of Trade Atheer Al-Ghurairi delivered a speech on the occasion of the opening of the activities of the Made in Saudi Arabia exhibition and the participation of Iraq as a guest of honor in it, which kicked off yesterday in Riyadh."

Al-Ghuriri stressed "Iraq's keenness to increase the volume of trade exchange, exchange experiences and increase opportunities for partnerships with the Kingdom of Saudi Arabia," noting that "Iraq is currently witnessing fundamental economic changes and gives a greater role to the private sector in the process of development and economic development and creating a suitable environment for work, investment and economic development."

He continued, "Since its inception, the Iraqi-Saudi Coordination Council has played a major role in strengthening bilateral relations, whose results have been tangible on the ground through the main committees emanating from it and the agreements reached that laid the foundations for sustainable joint action and the implementation of projects that would contribute significantly to work in the long term and in line with the strategic vision of the leadership of the two countries."

"RV UPDATE" BY PIMPY, 18 OCT

  Pimpy  

Article: "Al-Kadhimi: The decision to increase the interest rate will activate the banking system inside Iraq" 

  Will increasing interest rates on your account to 7.5% draw people in?  

Heck yeah it will!  If a bank did that in American you would see a lot of people run to it... 

Quote:   "The Central bank's decision...falls within banking reform measures... of prime minister Al-Sudani's directives... The decision...will certainly encourage citizens to deposit in banks which will stimulate financial movement...in addition to... reducing the exchange rate of the dollar against the Iraqi dinar."   That's really what the goal is...If this doesn't work there's going to be other measures that need to be taken in order for them to do something about closing that gap between the parallel market and the set rate of 1320 dinar.

 All kinds of articles about the exchange rate. 

 And how easy is it to predict when you see a bunch of articles about the exchange rate you got a bunch of people out there...making claims this means they're going to change the exchange rate...

I keep telling you guys not to fall for that...Could they increase the Iraqi dinar exchange rate?  Of course they could but if you think they're going to do an RI you're sadly mistaken.  An RV is possible but not an RI...

Iraqi Dinar🔥They're Are Going To Change Now Today 2023🔥iraqi dinar news ...

Strict Measures Regarding The Dollar In Kurdistan Following A Decision Related To The Iraqi Dinar, 18 OCT

 Strict Measures Regarding The Dollar In Kurdistan Following A Decision Related To The Iraqi Dinar

Baghdad today – Erbil   Today, Wednesday (October 18, 2023), Kurdistan Customs Director Samal Abdul Rahman revealed that strict measures have been taken for the purpose of preventing the smuggling of dollars and hard currency from the region.

Abdul Rahman told "Baghdad Today", "The decision to collect fees in Iraqi dinars at border crossings is an important decision aimed at preserving the hard currency and also strengthening the Iraqi dinar."

He added, "This measure is very important, and a good step aimed at strengthening the dinar, and the measures taken by the Customs Directorate at all ports and airports are deterrent measures for the purpose of preventing smuggling.

Yesterday, Monday (October 16, 2023), the Kurdistan Regional Government decided to collect taxes and fees at border crossings in Iraqi dinars, instead of the US dollar.

The Department of Media and Information stated in a statement, “Based on a decision issued by the Kurdistan Region Council of Ministers, customs duties and taxes at border crossings and customs points will be collected in Iraqi dinars instead of dollars,” indicating that “any party that does not adhere to this decision will be subject to punishment.”

She stressed that "all ministries and relevant authorities will be bound by this decision, and in the event of any violation occurring at one of the border crossings or customs points, the violator will be subject to punishment."

Experts point out that some of these cash sales allocated to travelers leak into the black market and are purchased by merchants to finance their trade with countries banned from the dollar, led by Iran, from which Iraq’s annual import volume amounts to approximately 10 billion dollars.

Others warned of the repercussions of some banks not handing over dollars to “travelers,” while stressing that the continuation of the matter would lead to an increase in demand for the dollar in the parallel market and thus an increase in the exchange rate.

Many private banks and exchange companies are accused of being involved in smuggling the dollar, leaking it to the black market, and seizing large amounts of currency auction sales. The accusations also targeted the National Bank of Iraq (Jordan) of seizing 70% of the Central Bank’s daily dollar sales.  LINK

Will The Dollar Disappear In Iraq?, 18 OCT

 Will The Dollar Disappear In Iraq?

Economical  10/18/2023   Sarah Salam   For eight months, the Central Bank has been unable to stop the rampage of the dollar against the dinar in the parallel market. This is offset by the absence of the ability to meet the dollar demands that cover foreign trade in light of the expansion of Iraq’s import list and its limitation to exporting oil only.

The electronic platform recently introduced by the Central Bank was not able to restore stability to the parallel market and reduce the gap between the official price and the parallel price, as most transfers still take place outside that platform, especially with countries that are witnessing US sanctions such as Iran, Syria, and entities in Turkey.

With this landscape full of uncertainty, Iraq intends to completely ban transactions in US dollars starting from January 2024, under the pretext of reducing the misuse of hard currencies, financial crimes, and currency smuggling abroad.

From my point of view, the timing of this measure is not correct, in light of the absence of solutions to the problems facing the parallel markets for foreign currency, as this portends an exacerbation of the cash or cash crisis in Iraq, and there is a possibility that matters will reach a severe shortage in the Iraqi monetary mass, which means resorting to... The central bank will print money, and the consequences will be dire, most notably the monetary inflation that a number of countries in the region are currently witnessing, such as Iran, Turkey, and Lebanon.

Here I call on the Central Bank to work diligently towards adopting a new currency to replace the dollar, such as the euro, for example, the Chinese yuan, or the Emirati dirham. This is not easy, but it is not impossible, while working to use gold as an agreed-upon unit for evaluating goods and services.

This trend would reduce the pressure on the dollar in the parallel market, and would also be a fatal blow to speculators in the parallel markets, in addition to preserving trade with countries that are currently witnessing economic sanctions by the US Treasury Department and the US Federal Bank.

Today, the Central Bank of Iraq has a historic opportunity to address and manage the dollar exchange rate and arrange the parallel market securities, in a practical and decisive manner, and work to determine priorities in the monetary market with the aim of improving the stability of the foreign currency. This is matched by a serious effort to push private banks towards providing the best services to customers and creating a spirit of competition between them. In order to attract the hoarded cash mass outside the Iraqi banking system. https://alsabaah.iq/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9/

Iraqi Dinar Revaluation News Last Hour’s / Iraqi Dinar News Today 2023 /...

JUDY NOTES, 18 OCT

Global Currency Reset  (RUMORS)

By Mon. 16 Oct. the Dinar had (allegedly) revalued in Iraq, was fluctuating in value on the back screens of the Forex, though was mainly at $1.47 to the USD in-country. The in-country rate could climb higher, with the international rate being much higher and the Contract rate much higher than that.

Mon. 16 Oct. TNT: Any minute, any time of the day between now and Thurs. 19 Oct. is the new window. The electronic cards were turned off in Iraq on Fri. 13 Oct, and the ATM machines that gave US dollars were shut off on Sat. 14 Oct.

Tues. 17 Oct. Bruce: Redemption Centers would  (allegedly) receive emails between 10-11 am EST on Wed. 18 to tell them about notifications. There was a possibility Tier4b could get notified on Wed. 18 Oct. and start appointments on Thurs. 19 Oct.

Tues. 17 Oct. MarkZ: A certain regional bank president told me that they expect to be able to exchange within this week. The rest of my banking contacts say they are “on notice” and feel it could happen at any time….any hour…or any minute. Evergrande was the largest property owner in the World and they were liquidating all assets. This was what we have been waiting for. Others will follow. Bank runs started yesterday Mon. 16 Oct.

Tues. 17 Oct. Wolverine: My banker contact said he was expecting something by Wed. afternoon 18 Oct. or Thurs. morning 19 Oct. The launch algorithms were  (allegedly) ready to go on Mon. 16 Oct. Dubai 1 has all been  (allegedly) released and Dubai 2 is n (allegedly) early finished. Banks (allegedly)  completed the remaining layers of payments overnight Sun. 15 Oct.

The Iraqi Dinar has  (allegedly) revalued and for the past week has been trading on the back screens of the Forex, putting itself in a position for the new exchange rate that was soon to be made public.

Iraqi Banks have been  (allegedly) telling Iraqi citizens that the Iraqi Dinar Rate has been changing up in value on the back screens of the Forex and the new rate was about to be announced by the Central Bank of Iraq Board of Directors.

The Central Bank of Iraq has suspended Western Union service for international money transfer: https://search4dinar.wordpress.com/2023/10/12/central-bank-of-iraq-suspends-western-union-service-for-international-money-transfer/

On Sun. 15 Oct. the IMF and World Bank held their  (allegedly) last meeting.

Tues. 17 Oct. Iraq increasing interest rates to activate their banking system. https://iraqidinarchat.net/al-kadhimi-the-decision-to-increase-the-interest-rate-will-activate-the-banking-system-inside-iraq/