Exchange rate/you can’t kill an idea by NADER FROM MID EAST

Stability Rate IQD Iraq News

What is the importance of the “electronic platform” in the Iraqi Central Bank’s transactions? A specialist explains, 21 OCT

What is the importance of the “electronic platform” in the Iraqi Central Bank’s transactions? A specialist explains

 Today, Saturday (October 21, 2023), banking affairs specialist Hammam Al-Shamaa revealed the importance of the “electronic platform” in the Central Bank’s transactions to sell the dollar. 

 Al-Shamaa told “Baghdad Today” that “there is great importance in using the (electronic platform) in the Central Bank’s dealings with the sale of the dollar,” noting that “this platform prevented many illegal sales of the dollar as was happening previously, and it also prevented "A lot of currency smuggling operations abroad."

He explained that "Iraq cannot stop working on the electronic platform, because it was imposed on it by the US Federal Reserve, and this imposition came in order to prevent any incorrect external transfers, whose goal is only to transfer the dollar to Iraq."

Al-Shamaa confirmed, “After working on this platform, many of these operations were stopped, and for this reason some people began to rely on black transfers through some companies to extract dollars.”

On May 10, 2023, the Central Bank confirmed that it would continue to meet companies’ requests and finance the personal needs of all citizens.

A statement from the Central Bank, received by (Baghdad Today), said, “The bank continues to meet companies’ requests (financing their imports of goods and services), in addition to financing the personal needs of all citizens, such as travel, treatment, and study, through the electronic cash platform, and meeting the requests of banks and electronic payment companies to enhance... Their balances are to cover electronic payment card settlements (Visa, MasterCard) at the official exchange rate of 1,320 dinars per dollar.” 

On (February 19, 2023), the Central Bank of Iraq announced a directive to licensed banks, exchange companies, and brokerage companies buying and selling foreign currency, to apply via the electronic platform to obtain their prescribed share of the foreign currency “dollar.”

According to a document issued by the Iraqi Central Bank, it stated, “The electronic platform for the cash sale of foreign currency (FITR) must be approved as of Monday, February 20, 2023.” link

"RV UPDATE" BY BRUCE, 21 OCT

 Bruce 

  [via WiserNow]   ...we heard that once the currency sellers stopped being able to sell...It was our turn...what is remarkable about this, we have three confirmations so far from currency sellers, that they have been advised that they are no longer to sell these currencies that we have 

- which is dinar  - Dong...there's a bunch of others that are going up in value...they are no longer able to sell those  after  11:59pm [last] night - Friday night...Central time...Then all those currency sales will be shut off...that's great news for us because I think that sets the bar for us to get started.

Currency Sellers have been advised they were no longer able to sell currencies after 11:59 pm Fri. night 20 Oct. Central Daylight time.

  Once the Currency Sellers stopped being able to sell, Tier4b (us, the Internet Group) would go. The optimal time we could be notified was Sat. morning 21 Oct.

What we got in report today was all the rates are extremely good. 

And we know that the dinar came back up on the Forex yesterday and came back up on the streets for trading on forex and on the bank screen today.  The rates are very good.

Al-Alaq: Stability of the exchange rate requires changes in the Iraqi commercial system, 21 OCT

 Al-Alaq: Stability of the exchange rate requires changes in the Iraqi commercial system

Central Bank Governor Ali Al-Alaq considered, on Saturday, the process of stabilizing the exchange rate of the dinar against the dollar as a “major process” that requires changes to the Iraqi commercial system and financial transfers outside the country.

This came in his speech during the first annual banking conference hosted by the city of Erbil under the slogan “The banking sector, opportunities for advancement and the future of international companies,” in its first edition.

Al-Alaq said in his speech, “The rules stipulated in the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2018 must be consolidated, and international practices and standards must be applied in a way that preserves the integrity of the financial system from local and international risks and procedures, and in a way that ensures the transparency and integrity of financial operations.”

He added, "We emphasize once again that these rules are what preserve the integrity of the financial system, and even protect Iraq from serious risks, and what is related to this matter is the relationship between the application of these rules and standards and the process of external transfer and the sale of the dollar in various forms."

Al-Alaq added, “There is a close relationship between establishing these standards and the smooth flow of transfer operations, and maintaining the stability of the exchange rate. To the extent of this commitment, we can determine monetary stability and exchange rate stability, which is a major process that requires making many changes and reorganizing the commercial system in Iraq.”

And the external transfer system and what is related to that,” noting that the Central Bank “is going through this process in daily details until it leads us to the right and correct path, and every day it opens a new channel to facilitate and accelerate this process.”   link

"RV UPDATE" BY MILITIAMAN AND WALKINGSTICK, 21 OCT

 Militia Man 

 Iraqi-Saudi coordination council has played a major role with their bilateral relations.  Iraq is doing a good job.  If you've noticed in the news, Iraq is a mediator.  It's almost like the Switzerland of the Middle East.  Kudos to Al-Sudani...

 They've increased the interest rate to encourage citizens to save their money.  They're going to be paying 7.5%... What's the main goal here?  I think what they're really trying to do is to get large amounts of money off the street...mattress money is what they call it.  They're still trying to get that money in...

They're going to be building roads, railways, building residential cities, industrial cities...How are they going do that without being Article VIII complaint?

Walkingstick

  Everything is there for the citizens concerning the monetary reform.  Everything is in its position.  Everything is ready to go.  

They may be waiting for more Iraqi citizens to open bank accounts...maybe they're waiting for more accounts to open up because that's how they're going to deliver the HCL. 

Iraqi PM Rejects Forced Displacement of Palestinians Amid Gaza Conflict, 21 OCT

 Iraqi PM Rejects Forced Displacement of Palestinians Amid Gaza Conflict, 21 OCT

In the heart of the Middle East, amid the staggering human toll and the rubble of the ongoing Gaza conflict, a voice of the region rises. Prime Minister of Iraq, Mohammed Shia’ Al Sudani, has issued a clarion call: The forced displacement of Palestinians from Gaza and their migration elsewhere is not a viable solution.

Resonating Beyond Borders

The Prime Minister’s statement synchronizes with the rhythm of regional tension, echoing through the corridors of power and into the hearts of the beleaguered Palestinians. His words arrive at a time when the region is aflame with conflict, marked by the abrupt cancellation of a visit by the Hamas political bureau chief to Iraq due to escalating strife.

The conflict in Gaza, now the deadliest of the five wars that have convulsed the territory, has left thousands dead and injured. In its aftermath, a fragile lifeline has been extended in the form of aid deliveries, trickling in through the Rafah border crossing. As the humanitarian crisis unfolds, regional leaders, Western officials, and the United Nations chief are converging on Egypt for a summit aimed at forging a path out of the bloodshed.

A Power Play of Perspectives

The international community’s response to the Gaza crisis reflects a complex tapestry of perspectives. While Western leaders largely support Israel’s campaign against Hamas, many Muslim states call for an immediate ceasefire. The Israeli government, for its part, warns its citizens against travelling to Egypt, Jordan, and Morocco due to rising hostility.

Meanwhile, Pakistan’s caretaker Prime Minister condemned the Israeli strikes on Gaza during a call with Palestinian President Mahmoud Abbas, urging the international community to press Israel to halt the violence. Across the Atlantic, the United States welcomes the release of two American hostages in Gaza, with President Joe Biden expressing gratitude to the governments of Qatar and Israel for their assistance.

The Humanitarian Imperative

Caught in the crossfire are the civilians of Gaza, whose plight has prompted the United Nations food chief to call for increased aid. The United Nations Humanitarian Affairs office is also advocating for more aid trucks to enter Gaza daily, with checks at the border being expedited.

Simultaneously, Israeli Prime Minister Benjamin Netanyahu remains unyielding, signalling no pause in the military’s bombardment and anticipated invasion of Gaza. As the battle lines harden, the Iranian defense minister expresses support for Hamas fighters and warns of a humanitarian catastrophe if the blockade of Gaza continues and humanitarian aid is denied.

The Prime Minister of Iraq’s stand against forced displacement and migration of Palestinians is more than just a statement. It is a stark reminder of the human cost of conflict and a call to action for a world that cannot afford to turn a blind eye to the suffering in Gaza.

https://bnn.network/politics/iraqi-pm-rejects-forced-displacement-of-palestinians-amid-gaza-conflict/