Interior Ministry: Signing more than 17,000 pledges not to deal in dollars in buying and selling, 27 OCT

 Interior Ministry: Signing more than 17,000 pledges not to deal in dollars in buying and selling

The Ministry of Interior announced today, Sunday, that it had taken more than 17,900 written pledges from shop owners not to deal in the dollar in buying and selling operations, as part of campaigns to support the Iraqi dinar and combat dealing with the dollar.

The Director of Operations at the Ministry’s Organized Crime Directorate, Hussein Al-Tamimi, pointed out that “the campaigns that began in May and continued until October also resulted in the arrest of a number of foreign currency speculators and smugglers.”

He explained, “The Ministry has taken written pledges obligating the owners of car showrooms, electrical stores, and tourism, travel, and wholesale companies to refrain from dealing in dollars and deal in Iraqi dinars according to the price set by the Central Bank,” indicating, “Whoever violates this decision may expose himself to legal accountability.” According to Iraqi laws.”

He stressed that “merchants importing basic and necessary materials from outside the country are allowed to deal in dollars only through the electronic platform.”

nrttv.com

Low trust in banking keeps Iraqis from depositing money: PM advisor, 27 OCT

 Low trust in banking keeps Iraqis from depositing money: PM advisor

ERBIL, Kurdistan Region – Low trust in Iraq’s banking institutions has prevented residents from depositing their cash into their bank accounts with an overwhelming 80 percent of cash being kept in households, an advisor to the Iraqi prime minister said on Wednesday.

“Because people’s confidence in dealing with the banking institutions is very weak, only about 20 percent of their money is kept in banks and the rest is retained by the residents. This is called currency leakage, and it is a widespread phenomenon in the Iraqi economy,” Mazhar Mohammed Salih, the financial advisor to the Iraqi prime minister, told Rudaw’s Nahro Mohammed.

“People keep about 80 percent of their cash at home instead of depositing it in the banks,” he added.

As the Iraqi dinar continues to lose value against the US dollar despite ongoing efforts from the federal government to control the instability, many banks across Iraq have started preventing customers from withdrawing their money in dollars and only allowing them to withdraw in Iraqi dinars at the value set in the budget.

The move has drawn a lot of controversy and public outcry, as the value of the Iraqi dinar against the US dollar in the country’s currency markets continues be much lower than the one set out in the budget.

Salih, however, praised Iraq’s high foreign exchange reserves and said they contribute positively towards the Iraqi dinar.

“Iraq’s foreign exchange reserves are the highest in its history, exceeding $100 billion, which supports the Iraqi dinar,” he said.

The Central Bank of Iraq (CBI) has set the dinar-dollar exchange rate at 1,310 dinars per $1, while the market value with currency exchange vendors is approaching 1,600 dinars per dollar.

Earlier in October, the CBI warned banks across the country against rejecting customers’ requests to withdraw their cash in dollars, saying it will take necessary measures against banks refusing such demands.

Last month, the CBI announced that all the transactions inside Iraq would be made using Iraqi dinars starting in 2024.

The 2023, 2024, and 2025 Iraqi federal budget, passed in June, set the exchange rate of $1 to 1,300 Iraqi dinars. The ongoing smuggling has prevented the suggested value from being reached, with the value of the dollar currently sitting at around 1,600 IQD in the currency markets of Iraq and the Kurdistan Region.

The depreciation of the Iraqi dinar has been attributed to the smuggling of dollars out of the country, mainly to neighboring Iran.

The US in July banned transactions with 14 Iraqi banks for allegedly violating its rules. The move further dropped the value of the Iraqi currency.

 

Source: Rudaw, 18. October 2023

https://www.rudaw.net/english/middleeast/iraq/18102023

Iraqi Dinar Exchange Rate Today / Iraqi dinar News Today / Iqd Dinar / D...

The Governor of the Central Bank discusses supporting electronic payment, 26 OCT

 Emphasizing the expansion of the geographical area of ​​POS points of sale.. The Governor of the Central Bank discusses supporting electronic payment

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, chaired a meeting that included representatives of this bank and a number of electronic payment companies operating in Iraq, in which they discussed ways to follow up on the project of spreading point-of-sale (POS) devices and digital transformation.

The meeting reviewed the most important challenges facing the process of spreading point-of-sale (POS) devices and the importance of expanding the geographical area to cover all parts of the country, as well as solving the problems facing the use of bank cards and settling their amounts through the national exchange inside and outside Iraq.

The Governor stressed that the spread of point-of-sale devices has positive effects on the Iraqi street and that it is important to urge citizens to use bank cards instead of cash, and that it should be a priority for all electronic payment companies and banks, stressing the need to develop appropriate marketing plans to support digital financial inclusion in Iraq.

Central Bank of Iraq
Media Office,
October 26, 2023

cbi.iq/news/view/2459

"RV UPDATE" BY MILITIAMAN, 26 OCT

 Militia Man

   On the WTO site...you'll come to the ITC (International Trade Center) help system.  Click on that...and type in Iraq...You can see they're set up on the WTO's website.  Why that is important is because...these guys are already Hooked up.  They're already set up.  They have code numbers already today at the WTO.  Even thought they're not international completely yet, they haven't published ascension, you can see though they're ready to go.  It's really phenomenal.

This gentleman is fascinating.  He's giving Al-Sudani some kudos but he's also poking him in the eye a little bit  because if you remember Al-Sudani said and
confirmed to his people more than once that the dinar is stronger than
the dollar and this guy gives a reality check, well it's not today. 

Article quote "The Sudanese confirm that the dinar is stronger than
the dollar but the reality is currently the opposite."  He's not
wrong at this moment in time but the plan is to be [stronger]...

Article quote:  "...the government's plan included establishing 1,600 project...The budget for ongoing project will reach the government in the coming days..." 

 That's the 2023, 24, 25 budget we've been talking about...they haven't funded anything and they haven't shown any money to be spent...but here he's saying, "The budget for ongoing projects will reach the governance in the coming days..."  They've been paying for all this stuff in dollars.  The dollar is going to end...by January.

The Dance of Currencies: Iraqi Dinar Against the US Dollar in Kurdistan, 26 OCT

 The Dance of Currencies: Iraqi Dinar Against the US Dollar in Kurdistan

The market stalls of the Kurdistan region in Iraq are bustling with activity. Amid the cacophony, the quiet yet persistent hum of currency exchange can be discerned. Today, the Iraq dinar stands at 161,250 against 100 US dollars, a testament to the relentless dance of global economics.

The Unseen Puppeteers: Politics and Economics

The dinar’s journey is a narrative of resilience. From the onslaught of wars to the undulations of political instability, the currency has endured. Its current stability, despite minor fluctuations against the US dollar, is a testament to Iraq’s ongoing economic recovery.

However, it’s vital to appreciate the varying regional dynamics within the country. The exchange rate reported today is specific to the Kurdistan region. Elsewhere, in the labyrinthine markets of Baghdad or the sprawling bazaars of Basra, the story could be different. It’s a reminder of how economic landscapes can diverge within the same national frontiers.

(Read Also: Republican Mike Johnson Secures Position as Speaker of the House)

The Choreography of Exchange Rates

Exchange rates dance to the tune of the international forex market, a global platform where currencies pirouette in a ballet of buying and selling. Factors such as supply-demand dynamics, economic indicators, geopolitical events, and government policies choreograph this dance.

A nation’s currency exchange rate is not merely a number; it’s a reflection of its economic health. It influences the cost of imports and exports, shaping the purchasing power of individuals and businesses. A strong exchange rate can make imports cheaper and exports more expensive, and vice versa.

(Read Also: Biden Expresses Doubt Over Gaza Death Count, Says ‘No Confidence’ in Palestinian Numbers)

Why it Matters

The exchange rate between the Iraqi dinar and the US dollar is more than an economic indicator. It’s a beacon for those involved in international trade and investment. It holds significance for those sending or receiving remittances, and for travelers who swap currencies.

The current exchange rate implies that 1 US dollar equals 1612.50 Iraqi dinars. Thus, converting 100 US dollars would yield 161,250 Iraqi dinars. However, this rate is not static. Like a pendulum, it swings throughout the day, reflecting the dynamism of the market.

In conclusion, understanding the exchange rate is not merely about currency conversion. It’s about deciphering the economic narrative of a nation, its global standing, and the implications for its people. Today, as the dinar stands at 161,250 against 100 US dollars in the Kurdistan region, it tells a tale of economic resilience in the face of adversity.

https://bnn.network/world/us/the-dance-of-currencies-iraqi-dinar-against-the-us-dollar-in-kurdistan/

Evening News with MarkZ. 10/26/2023