Iraqi dinar loses ground as US dollar surges in Baghdad and Erbil markets, 18 OCT
Wednesday, October 18, 2023
"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 18 OCT
Frank26 (KTFA)
[Iraq boots-on-the-ground report]
FIREFLY: News saying within 2 months the dollar exchange rate will stabilize.
FRANK26: Remember they’re talking about November and December to get it done by January 1st. That’s the time period I believe we’re going to see a change because that’s what they tell the Iraqi citizens…In order to stabilize the dollar exchange rate you’re going to increase the value of the Iraqi dinar.
This is the CBI Article Quote:
“The expectations of the Central Bank and specialist is that the exchange rate will return to a stable state but it requires time which we hope will not be long.”
Man I have read so many good things my mouth feels like sugar! I feel like I have candy in my mouth, sugar cookies. This is from the CBI. This is them talking about the the exchange rate. They tell you don’t believe the bull KaKa from those other guys…
I bought my dinars April 2004. I paid $500 and something for a million dinars. Good gosh I think it’s more than doubled now. It’s almost tripled. So I guess it was a good investment. But that’s not what I’m in it for. I’m in it for the long haul. I don’t just want to get a first down I want to get a touchdown…
The Iraqi currency auction and World Bank determinants, 18 OCT
The Iraqi currency auction and World Bank determinants
The Iraqi currency auction and World Bank determinantsMuhammad Hassan Al-Saadi
Since the US invasion of Iraq, the World Bank and the US Treasury have been providing the necessary funds to its central bank, with funds received estimated at 10 billion dollars or more annually.
Iraq, for its part, announced its need for a billion dollars in cash to support its deteriorating dinar, while the US Treasury is still studying the request. In contrast, discussions are still raging in the internal corridors of the Federal Bank, in light of the absence of a clear and transparent financial system in Iraq, which can Relying on it to receive hard currency, as large amounts of dollars flow to private banks and money exchange shops, which are subject to unclear mechanisms, and there are many suspicions of corruption, money laundering and smuggling outside Iraq.
The US Federal Bank informed Iraq of its refusal to send a shipment of dollars, and considered it inconsistent with Washington’s goal, to reduce Iraq’s use of the US dollar, in favor of electronic transactions, which can be tracked more easily, as US officials confirm that smuggling operations out of Iraq are carried out by corruption mafias. It negatively affects the price of the dollar internally, and undermines the efforts of the Central Bank of Iraq to control its movement internally.
For its part, the Central Bank of Iraq is trying to make some adjustments to the mechanisms of financial work, so it initiated a rapid, phased plan, based on dealing in dinars in the internal Iraqi market, to get rid of the dollar until 2024, by controlling the efforts of informal companies and individuals subject to sanctions. , to buy billions of dollars, through currency auctions.
Government measures would restrict the movement of the dollar and revitalize the dinar to be the only one in circulation in the market, in addition to using modern mechanisms and technologies, and developing the financial system in a manner consistent with the development witnessed by the global system, and achieving monetary stability in the country.
Although there is a suspicion of a political aspect in the American measures, it does not negate the necessity and need of Iraq to develop and automate its financial sector, and prevent the smuggling of its oil imports outside its borders, as this is in its interest and its people, before any other party in the world..
Does Washington have a hand in the dollar crisis, and what is the validity of Baghdad’s intention to print a new currency? Parliament Finance answers, 18 OCT
Does Washington have a hand in the dollar crisis, and what is the validity of Baghdad’s intention to print a new currency? Parliament Finance answers, 18 OCT
Does Washington have a hand in the dollar crisis and what is the validity of Baghdads intention to print a new currency - Parliament Finance answersToday, Monday, the Parliamentary Finance Committee denied the government’s intention to print a new local currency, while revealing the influence exerted by the US Federal Bank on the continuation of the dollar crisis.
Committee member Moeen Al-Kazemi said in a statement to Al-Mutala’ Agency, “Talk about the federal government intending to print a new local transaction has no truth at all, and the Iraqi dinar has a cover and bonds of approximately 150 billion dollars.”
Al-Kadhimi added, “Addressing the discrepancy in the dollar exchange rate does not happen by printing a new currency, but rather through thoughtful steps that should be implemented by all concerned parties.”
He pointed out, “The Central Bank covers the needs of merchants at the official price of 132 thousand dinars for every 100 dollars, and the reason for the disparity is the black market.”
He stated, “The influences exercised by the US Federal Bank to maintain this crisis for political purposes in Iraq.”
Tuesday, October 17, 2023
"ANALYZING NEWS OF IRAQ" BY CLARE & SANDY INGRAM, 18 OCT
Clare
Article: "A new statement by the Iraqi Central Governor regarding the dollar exchange rate"
Quote: "Today, Monday (October 16, 2023), the Governor of the Central Bank of Iraq,
Ali Al-Alaq, identified several factors affecting the dollar exchange rate, the most important of which is the leakage of the dollar to neighboring countries."
Article: "Sudanese Advisor: 70% of Iraq’s imports are made with BRICS countries" Quote:
"Iraq announced its desire to join the BRICS group, as there is an objective basis related to the connections of the Iraqi economy with the markets of the BRICS group itself,
as it reflects the current account of the Iraqi balance of payments with the countries of that economic group, which includes the strongest emerging markets in "The world"
Article: "Erbil: Withdrawing the dollar via ATM machines stopped by a decision of the Central Bank”
Quote: "A number of Erbil residents were surprised, on Saturday, by the stopping of the ATMs, which were designated for withdrawing US dollars, in several areas, including the “Empire” complex, which witnesses a large presence of foreign expatriates...
There are banks that still issue dollars via ATM machines, and they are subject to stopping at any time."
Sandy Ingram Article: "35 million lost every day: Shutdown of Iraq-Turkey oil pipeline has hurt stat and oil companies"
In total Iraq lost $7 billion USD. Turkey has officially notified Iraq the oil pipeline is ready to be reopened...
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