Just because the value increases against the US dollar does not mean the currency will be on the Forex market and just because the Iraqi currency increases in value also does not mean we as investors will have access to the currency.
Bruce
[via WiserNow] ...we got some intel today...and it comes from a very strong source...a military source and the information was... our notifications will come out between after five o'clock Friday [today]...when the markets are closed and the banks are just about closed...to Tuesday, mid morning.
[via WiserNow] ...Iraq did not put the rate in the printed Gazette [Wednesday] and our Iraqi sources are looking forward to quite possibly this Saturday... So let's see if Saturday happens...
The Sudanese is not satisfied with the policy of the Central Bank.. Will he relieve his governor?
It has been confirmed by researcher and writer Halim Salman that there will not be a change in the current governor of the Central Bank, Ali Al-Alaq, at this time. However, there are ongoing discussions regarding the reform of banking, financial, and monetary institutions. Salman has advised the government to work with the Central Bank to find a solution by implementing corrective measures, such as relieving failed departments within the bank.
Salman informed Jarida that the media is currently abuzz with news about the possibility of replacing the current governor of the Central Bank, Ali Al-Alaq, with another individual from a list of names that have recently been circulated.
During a recent interview, it was mentioned that there are ongoing discussions about reforming the banking, financial, and monetary institutions in Iraq. The interviewee also stated that there is currently no intention to replace the Central Bank governor, Muhammad al-Sudani.
The Prime Minister formed several teams to oversee financial and banking reforms. This indicates dissatisfaction with the current central bank policy and a belief that measures and reforms, particularly those related to exchange rate stability, are being implemented slowly. He added that these teams are tasked with supervising and following up on these issues.
He highlighted that the ongoing conflict in Gaza might have diverted attention from the urgent need to put an end to the corruption of the parallel currency market, which allows currency traders and dollar speculators to exploit the situation. He also pointed out that some employees in official and private institutions are partners in this illicit activity.
During his speech, he suggested that the government should work with the Central Bank to find a solution. He also stated that there must be corrective measures taken, including relieving some of the departments that failed to operate according to the government’s proposed rescue measures. Specifically, he pointed out the Prime Minister as the person responsible for these measures.
Iraq surpasses Saudi Arabia and is ranked third among the largest oil exporters to America
The US Energy Information Administration reported an increase in Iraq’s oil exports to the US last week.
According to the latest data from the administration, the average amount of crude oil imported by the US from nine major countries in the past week was 5.645 million barrels per day. This marks an increase of 392 thousand barrels per day compared to the previous week, which saw an import of 5.253 million barrels per day.
During the previous week, Iraq’s oil exports to the US increased by 169,000 barrels per day to reach 351,000 barrels per day on average.
During the past week, America’s oil revenues mainly came from Canada, with an average of 3,485 million barrels per day. Mexico followed with an average of 1,004 million barrels per day. Oil revenues from Saudi Arabia amounted to an average of 294 thousand barrels per day, and then Brazil with an average of 168 thousand barrels per day.
The administration reports that the United States imports 133,000 barrels of crude oil per day from Ecuador, 106,000 barrels per day from Libya, 74,000 barrels per day from Colombia, and 30,000 barrels per day from Nigeria. No crude oil is imported from Russia.
Question: "Are the new small category notes the next thing Iraq needs to move the reinstatement forward?" No, the exchange rate IMO. Although it would be nice to have them both come out together.
[Community Member Bank Story] I was in Philadelphia, I went to Chase to deposit money and decided to ask if they exchange foreign currency, the branch manager immediately had me talk to a private banker who set up an appointment for me and my husband to speak to a private banker in wealth management... we went yesterday we’re treated so nicely! We were told they currently exchange Dong along with other currencies we hold. She knew all about the IQD and we were told once it’s on OFX - FOREX and the rate changes to call and they will have everything set up for us to come in and exchange. A truly wonderful experience. The bank is in PA.
Sudani is arresting people left and right every day. It's like clearing the runway so that the new exchange rate will land safely...They are trying to drive corruption out of business and they're doing a good job.
Keeping Iraq from war is government’s top agenda, says foreign minister
ERBIL (Kurdistan 24) – The Iraqi government has fundamentally worked to keep the country away from wars, as it is not in the interest of conflict-ridden Iraq to slip into another round of instability, according to the chief diplomat.
Iraqi Minister of Foreign Affairs and Deputy Prime Minister Fuad Hussein’s remarks came during the inauguration of the 7th Conference of Ambassadors in Baghdad, where top Iraqi diplomats, prime minister, and lawmakers attended.
The diplomat highlighted the “dangers” the Middle East is currently dealing with, insisting it’s in Baghdad’s interest to avoid slipping into a war.
“It is the fundamental of government’s work,” Hussein said, referring to efforts to keep the country from conflicts.
The remarks come as the region is witnessing an unprecedented cycle of Israel-Hamas conflict that is feared to escalate into a regional conflict since Oct. 7.
Iraqi militia groups have threatened Israel recently with rocket attacks if it continues its “aggression” in the besieged Gaza Strip, where over 9,000 people, most of whom women and minors, have been killed.
The Iraqi Islamic Resistance Group even claimed responsibility for a rocket attack on one of the Israeli cities in retaliation for Tel Aviv’s ongoing ground operations in the Mediterranean enclave.
Attending the four-day conference, Prime Minister Mohammed Shia’ Al-Sudani reiterated the country’s “unwavering” support for the Palestinian people.
He also insisted that Iraq would remain a "key factor for peace" and would not be part of conflicts.
Iraq in recent years has adopted a “balanced approach” in its foreign policy, according to the country’s diplomats.
The Baghdad Conference III planned to be held in late November for “economic integration and regional stability", has been postponed due to “regional events”. French President Emmanuel was set to attend.
legislator accuses U.S. Federal Reserve of manipulating the forex market in Iraq
Shafaq News/ Iraqi lawmaker Moeen al-Kadhimi on Sunday attributed the Iraqi government's failure to control the U.S. dollar exchange rate against the Iraqi dinar to the restrictions the U.S. Federal Reserve has imposed on external transfers from Iraqi banks.
"The U.S. Federal Reserve is impeding the necessary daily transfers the merchants need to meet to complete their transactions," the member of the parliament's finance committee told Shafaq News Agency.
Traders, according to al-Kadhimi, "had to purchase green banknotes from the parallel market in order to complete their deals, which amounts to 150 to 200 million dollars daily.
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"This, among other factors, sent the U.S. dollar exchange rate against the national currency soaring, despite the government's plans and measures undertaken by the Central Bank and relevant authorities," he explained.
The lawmaker said that Iraq should seek long-term policies to free its financial system from the U.S. growing financial restrictions, calling for depositing the revenues from Iraq's oil deals in the central bank instead of the U.S. Federal Reserve.
Al-Kadhimi proposed using other hard currencies in oil deals in a bid to mitigate the Federal Reserve's financial restrictions, which he believes are rooted in political motives.
"Despite the fluctuations and increases in the dollar exchange rate, the Iraqi markets remain relatively stable when considering to the overall monetary situation," he said.