"An Anomalous Case"... Economic Criticism Of Dealing In The Dollar In Local Markets, 27 SEPT

 "An Anomalous Case"... Economic Criticism Of Dealing In The Dollar In Local Markets

September 26 19:07   Information/private..  Today, Tuesday, economic expert Hazem Hadi criticized the dealing in the dollar in local markets, while he considered this situation “an anomaly,” among the main reason behind the high exchange rate.

The economic expert, Hazem Hadi, said in an interview with the Maalouma Agency, “The market is governed by supply and demand. If demand exceeds supply, this will lead to a rise in the dollar, but the central bank will try gradually and by all means and methods to limit the unjustified rise.”'He added, "Limiting dealing in the dinar is important because it is the national currency," considering dealing in the dollar internally "an anomalous case, since most countries deal in their local currency internally."

The economic expert explained that “measures to limit dealing in the dinar internally will lead to reducing demand for the dollar, and as long as demand decreases, it will affect supply,” indicating that “the main problem is not internal demand, but rather external demand.”

He stressed the need to "reduce random and unjustified import operations, as most of the supplies of goods and services have no economic feasibility."

Earlier, a member of the House of Representatives, Muhammad Al-Sayhoud, confirmed that “there are local internal agendas, as well as international forces, that insist on the dollar remaining at this height,” pointing out that “the dollar is a major project whose goal is to force the government to follow a path that these international forces desire.” ".

The series of rise in the dollar exchange rates in Iraqi markets is still continuing, amid conflicting opinions about the real reasons that led to the exhaustion of the local currency again, especially as it began to rise to levels that warn of a great danger to the country’s economy.   LINK

Iraqi Dinar Latest Update Today / Iraqi Dinar News Today / Iqd Dinar / I...

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 27 SEPT

 Frank26 (KTFA)

[Iraq boots-on-the-ground report]

FIREFLY: We’re hearing we have the full support and acceptance into the global financial world…All the financial institutions like JPMorgan Chase, all of them are welcoming Iraq Sudani says. This is great for Iraq and it will attract more investors.

FRANK: Even Wells Fargo …

The WTO is going to have a meeting that will announce to the world the introduction of Iraq into the WTO.  Does the WTO require an international exchange rate?  No.  So we’re not going to look for that here…They are going to do this on the 4th of next month…

Within 72 Hours.” Al-Shammari Reveals Procedures And Proposals Regarding The Dollar, 27 SEPT

 Within 72 Hours.” Al-Shammari Reveals Procedures And Proposals Regarding The Dollar

Time: 09/26/2023 22:22:00 Read: 6,123 times  {Economic: Al-Furat News} The political advisor to the Prime Minister, Fadi Al-Shammari, revealed proposals that the government will present regarding the dollar within the next 72 hours.

Al-Shammari said in a television interview this evening, followed by {Al-Furat News}: “The dollar file is a complex file and needs time to regulate the exchange rate, but government measures are moving in the right direction.”

He added, "The Central Bank of Iraq is embarking on a set of measures to control small traders and their commercial exchange, as they constitute 40% of market traders."

Al-Shammari noted that, "Within 72 hours, papers and proposals will be presented regarding the dollar after an extensive meeting of the Prime Minister with Iraqi financial institutions."

He continued, "There is a serious discussion between the government and the Central Bank with the Iranian side to search for alternatives to trade in the dollar," denying "the presence of American pressure or punitive attempts against Iraq because of the dollar."

He noted, "There are commitments to standards in the exit and sale of the dollar, and this requires time and the market to adapt to them."

He revealed that "Turkish President Recep Tayyip Erdogan's scheduled visit to Iraq is linked to completing the development road project procedures."   LINK

(FRANK26 9-25-23 IQD UPDATE) SECURITY & STABILITY...MISSION ACCOMPLISHED...

"RV UPDATE" BY ANGEL1 & MILITIAMAN, 27 SEPT

 Angel1 

 They're doing away with the auctions January 1, 2024.  But as of this Thursday...the implementation of how you do the auctions are completely changing...it's dinars from here on out only...

 There are only two things left to do on this laundry list of things for us to get to the bank.  What are they? 

 Change the exchange rate and release the lower denominations...at that point, shortly thereafter if not simultaneously. 

 I have the opinion it'll be on Forex internationally.  They'll have an internationally exchangeable currency.  That is when we go to the bank...I would not be surprised if something special happened very quickly.

Militia Man

Article:  "Alaq pointed out the new system of external transfer and the sale of dollars provides protection from risk to all parties to operations and  enjoys international acceptance."  There you go.  I think that's kind of almost a drop the mic situation...

Article:  "The invitation to the organization to attend the introductory symposium on Iraq's entry into the World Trade Organization which is being held on 4th of October" 

 The showcasing of them having had an international exchange rate has got to be coming because the WTO is not going to allow IMO ascension to the WTO without having a valuation of their country.

  Al-Sudani came home from the United States of America.  He showcased his presentation.  He did it very very well, professionally, turns out people felt he was a statesman all around the world. 

 When it comes down to it are you going to do a tripartite budget at 1310?  The answer is probably 100% IMO no...

A “major demonstration” followed by a comprehensive strike… exchange companies rise up against the Central Bank, 27 SEPT

A “major demonstration” followed by a comprehensive strike… exchange companies rise up against the Central Bank, 27 SEPT

 Iraqi exchange companies have announced their readiness to stage a “major demonstration” on Thursday, followed by a comprehensive strike across all governorates. The protest is against the decisions of the Central Bank and aims to demand the bank to address a package of demands that would stabilize the local market and support the private sector. The exchange companies hope that the protest will contribute to the overall stability of the economy.

The exchange companies have released a statement through “Jarida” announcing their intention to protest against the Central Bank’s confusing decisions, hostile and retaliatory practices, and illegal penalties. The protests will begin with a major demonstration on Thursday, October 5, followed by a comprehensive general strike across all governorates, which will stop the activities of all companies and officially exit the currency auction window. The exchange companies feel that these decisions have affected over 1,000 companies, causing the dollar exchange rate to rise and resulting in severe damage to the private sector. The exchange companies are one of the most important pillars of the private sector, with over 2,000 companies and 10,000 employees. They play a prominent role in the Iraqi economy and its sustainability.

The exchange companies announced that the Central Bank issued a set of demands aimed at stabilizing the local market and supporting the private sector. Some of the most notable demands include:

1- Financial institutions can continue their work by stopping arbitrary measures, revenge policies, and sanctions, and by allowing the Central Bank to exercise its evaluative supervisory role over its departments.
2- Before issuing penalties and deprivation letters, legal contexts must be re-introduced by clarifying with the company.
3- Clear and binding schedules should be issued, indicating every violation and its corresponding punishment, to put an end to arbitrary dealings and injustice against companies.
4- Companies’ previous cash shares will be returned to meet traveler needs and cover expenses.
5-Resolving late transactions promptly as soon as penalties are imposed.
6- It is crucial to remove corrupt elements from the Central Bank’s departments and to swiftly replace those who seek to harm the institution and the Iraqi state.