Thursday, August 17, 2023
USD/IDR Forecast, United States Dollar / Indonesian Rupiah currency rate prediction: Buy or sell USD/IDR pair?, 17 AUGUST
USD/IDR Currency Rate is 15361.20 today.
1 year USD/IDR Forecast: 26452.425776291 *
5 year USD/IDR Forecast: 95221.51 *
About the United States Dollar / Indonesian Rupiah currency rate forecast
As of 2023 August 17, Thursday current rate of USD/IDR is 15361.20 and our data indicates that the currency rate has been in an uptrend for the past 1 year (or since its inception).
United States Dollar / Indonesian Rupiah has been showing a rising tendency so we believe that similar market segments were very popular in the given time frame.
Our site uses a custom algorithm based on Deep Learning that helps our users to decide if USD/IDR could be a good portfolio addition for the future. These predictions take several variables into account such as volume changes, rate changes, market cycles.
Future currency rate of the currencies is predicted at 26452.425776291 (72.203% ) after a year according to our prediction system.
This means that if you invested $100 now, your current investment may be worth $172.203on 2024 August 17, Saturday.
This means that this pair is suited as a new addition to your portfolio as trading bullish markets is always a lot easier.
USD/PHP Forecast, United States Dollar / Philippine Peso currency rate prediction: Buy or sell USD/PHP pair?, 17 AUGUST
USD/PHP Currency Rate is 56.732 today.
1 year USD/PHP Forecast: 93.971080623203 *
5 year USD/PHP Forecast: 315.625 *
About the United States Dollar / Philippine Peso currency rate forecast
As of 2023 August 17, Thursday current rate of USD/PHP is 56.732 and our data indicates that the currency rate has been in an uptrend for the past 1 year (or since its inception).
United States Dollar / Philippine Peso has been showing a rising tendency so we believe that similar market segments were very popular in the given time frame.
Our site uses a custom algorithm based on Deep Learning that helps our users to decide if USD/PHP could be a good portfolio addition for the future. These predictions take several variables into account such as volume changes, rate changes, market cycles.
Future currency rate of the currencies is predicted at 93.971080623203 (65.64% ) after a year according to our prediction system.
This means that if you invested $100 now, your current investment may be worth $165.64on 2024 August 17, Saturday.
This means that this pair is suited as a new addition to your portfolio as trading bullish markets is always a lot easier.
Iraq to Achieve Currency Stability: Official,17 AUGUST
ERBIL — Iraq's Central Bank governor on Thursday reaffirmed that the country is making progress in controlling and stabilizing the value of its currency (IQD) against the US dollar.
"The US's request to regulate the export of USD is not aimed at limiting it, but rather at implementing anti-money laundering regulations and preventing the transfer of funds to terrorist organizations," Central Bank Director Ali Allaq told reporters.
Allaq pointed out that the new system is processing foreign transfers at a rapid pace, which ensures a balance between the market and the demand for US dollars.
"The new framework aims to guard the banking and financial system from unlawful activities, money laundering and financing terrorists," the governor added.
US officials have been pressing Iraq to strengthen its banking controls in order to prevent the flow of funds to terrorist organizations and other illicit activities.
The value of the nation's currency has undergone a dramatic fluctuation recently as Iraqi banks endeavored to comply with SWIFT, the global electronic payment transfer network.
https://www.basnews.com/en/babat/803227
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Central Bank Announces Measures to Strengthen Iraqi Dinar
ERBIL — The Central Bank of Iraq (CBI) has identified four measures aimed at supporting the strength of the Iraqi dinar, according to the assistant general manager of the investment department in the bank, Mohammed Younis.
In an interview with state media Iraqi News Agency (INA), Younis explained that the measures are designed to enhance external transfer and financing of trade, study and other areas.
Younes noted that the effects of these measures have already begun to show, with the US dollar declining continuously against the dinar. He pointed out that the CBI's actions have contributed to reducing the difference between the official and parallel exchange rates.
However, the official also added that Iraq's high demand for the dollar, as an importer of goods, can sometimes make it stronger against the dinar. To address this issue, he emphasized the need for a comprehensive effort to support the dinar through measures such as supporting the local product, reducing import operations, controlling markets, and controlling border crossings.
Younis also acknowledged that some departments in Iraq have faced problems because their contracts are in dollars. To resolve this issue, the CBI and the federal government have started to take steps to address it. He highlighted that Iraq possesses more than 130 tons of gold.
" Expert says economic ties with sanctioned countries causes forex turbulences", 17 AUGUST
US Treasury reports Iraq's bond holdings surge to $33 billion after four-month decline
Shafaq News/ Iraq's holdings of US Treasury bonds have surged to approximately $33 billion, signaling a notable recovery after experiencing four consecutive months of decline, according to a report released by the US Treasury Department on Thursday.
The latest figures from the Treasury reveal that Iraq's ownership of US Treasury bonds witnessed a robust $300 million increase in June 2023, rising from the previous month's total of $32.7 billion. This represents a growth rate of 3.12% compared to the same period in the previous year, during which Iraq's bond holdings amounted to $32 billion.
Amongst Arab nations, Saudi Arabia emerges as the frontrunner with the largest bond holdings at $108.1 billion, followed by the UAE with $65.2 billion and Kuwait with $40.6 billion. Iraq secures the fourth position, while Oman rounds out the top five with bond holdings totaling $7.061 billion.
On a global scale, Japan is the largest holder of US bonds, boasting an impressive $1.105 trillion, trailed by China with $835.4 billion, the United Kingdom with $672.3 billion, and Belgium with $332.4 billion.
The cumulative value of US Treasury bonds for June reaches approximately $7.563 trillion, representing a noteworthy increase of 1.97% compared to the same month in the preceding year when the total stood at $7.417 billion. Furthermore, the growth continues on a monthly basis, registering an uptick of about 0.56% from $7.521 trillion recorded in May 2023.
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Expert says economic ties with sanctioned countries causes forex turbulences
Shafaq News/ Financial expert, Abdul Rahman al-Mushahidani, on Wednesday attributed the surge in the U.S. dollar's exchange rate against the Iraqi dinar to trade ties with countries facing international sanctions.
This comes despite the Central Bank of Iraq's attempts to impose stringent regulations on the American dollar supply.
"The online platform has essentially rendered financial transfer processes transparent, stating both the sender and the recipient bank, a marked shift from previous circumstances where exchange firms dominated external transfers unmonitored," Al-Mushahidani told Shafaq News Agency.
"Annually, Iraq imports between 8 to 10 billion dollars' worth of goods from Iran, necessitating the provision of 21 to 25 million dollars daily for merchants," he said, "Parvezkhan border crossing alone witnesses the export of about 3 million dollars daily. Notably, traders procure these dollars from the parallel market, bypassing the central bank's electronic platform."
"The fundamental issue is Iraq's trade ties with countries blacklisted and sanctioned by the United States. Such trade, approximately accounting for a quarter of Iraq's total, is primarily financed through the parallel market."
"The state could address the parallel market dilemma by devising a mechanism in collaboration with U.S. authorities to officially finance trade with the prohibited countries," he suggested.
Iraq has made strides implementing U.S. dollar supply restrictions targeting Iran but faces an uphill battle with a banking system unaccustomed to strict oversight and persistent currency smugglers, central bank governor Ali al-Allaq told Reuters.
"It is really a battle, because the people benefiting from this situation and those harmed (by the new measures) will try in various ways to continue their illegal activities," Allaq said in an interview with Reuters.
Allaq did not mention Iran by name and said he did not have data on how much of Iraq's dollars been smuggled to Iran or other neighbouring countries, including Turkey and Syria, before the United States tightened regulations in November.
The U.S. measures that aim to enforce sanctions on Iran are a sensitive matter in a country that has often been a front line in the rivalry between Washington and Tehran.
Iraq's government is reliant on Washington's continued goodwill to ensure oil revenues and finances do not face U.S. censure, but it came to power with the support of powerful, Tehran-backed groups and so cannot afford to alienate Iran.
The latter groups have accused the U.S. of meddling in Iraq's internal affairs and creating a currency crisis, as businesses either struggling or unwilling to abide by the new measures sourced dollars from exchange shops, driving down the value of the Iraqi dinar.
Iraq has more than $100 billion dollars in reserves, Allaq said, but could not freely intervene in the market to bring the rate down due to the restrictions.
Last month, the U.S. Treasury Department and the Fed barred 14 Iraqi banks from conducting dollar transactions as part of a wider crackdown on dollar smuggling to Iran via the Iraqi banking system, U.S. officials said.
Allaq said that action related to transfers from 2022, before a new platform that aimed to improve transparency went live. He said the central bank was undertaking a review of the banking sector and introducing new regulations that he said would likely see some banks close.
"It would be very normal in the coming period to see a reduction in the (number of private banks)," he said.
"There are always side-effects, but at the same time we have a responsibility to protect the country's interests by trying to find the necessary means for monitoring and oversight so as not to expose the country to any issues on this front," he said.
'TRANSFORMATION'
The U.S. measures have targeted Iraq's so-called dollar auction, where the central bank requests dollars from the U.S. Federal Reserve before selling them to commercial banks, which in turn sell the funds to businesses in the highly import-dependent economy.
U.S. and Iraqi officials have said the auction allowed large sums of money to be illegitimately acquired by groups who would provide fake invoices and then either transfer or physically smuggle the funds to neighbouring countries, chiefly Iran.
A feature of a highly informal economy, the system was also used by thousands of small businesses that are not registered with the state, Allaq said, a widespread phenomenon in Iraq that allows them to dodge taxes and customs fees.
Since January the central bank has asked banks to provide detailed information on senders and recipients of transfers via an online platform.
When companies began trying to use the platform in January, less than 20% of requests were approved by U.S authorities, Allaq said. That number had now risen to around 85 percent, signalling growing ease with the new regulations, he said.
Allaq said that tighter regulations along with government plans to promote digital payment were forcing a wider shift in the Iraq economy in a country where cash remains king and the majority of adults do not have bank accounts.
"It is not just an electronic platform, it will lead to a total reorganisation of trade and the movement of money, and control on a lot of avenues for suspicious activity."