Golden advice” for Iraqis.. Which is safer for acquiring foreign currency, gold, or the dinar?
The economic expert, Dr. Abdul Rahman Al-Mashhadani, explained today, Thursday, that the most secure acquisition for Iraqis is between foreign currency, gold, and the dinar, under the current circumstances.
Al-Mashhadani told “In unstable countries, and Iraq has been one of them for 50 years, it is preferable to keep foreign currency only, because even gold is not easy to liquefy, which results in losses for its owner as a result of differences in wording and buying and selling accounts.”
He stressed, “Therefore, keeping acceptable foreign currencies remains the best.” link
The CBI and the Finance Committee are really tightening their restrictions on the dollar. They need to get this de-dollarization process ended...
Why not just make the dinar much more valuable than the dollar “officially” by raising the rate? ...we can see the CBI wants to follow up on this outcome...we know they first have to create the demand for the IQD outside of Iraq...That is the hurdle the CBI is now working on. They must now get agreements in place to accept the dinar in trade transactions with other Arabic countries and other developed nations trading partners.
The Parliamentary Finance Committee renewed its support for the Central Bank’s measures to control the exchange rate.
This tells us they are still onboard and working with the CBI towards their common goal or the eventual reinstatement on FOREX.
An Economic Vision To End The Dollar’s Dominance Of The Iraqi Market
November 8 10:17 Information / Baghdad... On Wednesday, the head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, presented an economic vision to end the crisis in the parallel market for the dollar in Iraq. Al-Tamimi told Al-Maalouma,
“The rise in the dollar exchange rate in the parallel market was not surprising, but was indicated in our expectations a month ago from now for multiple reasons, some of which are external related to Washington’s position on the Sudanese government and others are internal related to the Central Bank and the extent of implementation of measures in reality.”. He added,
"The Chamber of Commerce put forward a 7-dimensional vision to contain the parallel market,
starting with investigating the mechanisms for granting the dollar at the official rate at the specified outlets and seeking to end the dollarization of several sectors at home and stressing this measure, pointing out that the crisis is not temporary because there are accumulated factors that caused its exacerbation." Recently".
He pointed out that "70% of the dollar is exported abroad because Iraq is devoid of industries that supply its markets with basic needs.
Intelligence Seizes $806,000 In The Possession Of “Exchange Rate Speculators”
Thursday, November 9, 2023 Baghdad / National News Center Today, Thursday, the Ministry of the Interior announced the seizure of 806,370 thousand dollars that were in the possession of smuggling gangs and speculators in the price of the dollar through a network spreading between Baghdad and a group of governorates, and anti-organized crime detachments were on the lookout for them by arresting them red-handed.
The Ministry said in a statement received by the National News Center,
“As part of a series of specific objectives achieved by the Organized Crime Directorate within the Federal Intelligence and Investigation Agency, our detachments received accurate information about a group of smuggling gangs and speculators carrying out the price of the dollar, through their practice of an operation... Conducting transfers inside and outside the country and buying and selling the dollar currency, contrary to the instructions of the Central Bank, which would harm the national economy.” She continued,
“Immediately, our detachments specialized in combating organized crime formed a specialized intelligence and technical team to investigate and collect information about these speculators, and
after completing the technical investigations and judicial approvals, our detachments began raiding more than one specific target within Baghdad Governorate and a group of governorates, which resulted in the arrest of a group of speculators and seized sums of money estimated at 806,370 thousand US dollars.”
She added, “When interrogating the defendants, they frankly admitted to making transfers at home and abroad and buying and selling dollars in contravention of the instructions of the Central Bank.”
She confirmed, “Recording their statements and referring them to the relevant authorities in preparation for their appearance before the judiciary and trial in accordance with the Money Laundering Law, which stipulates the confiscation of their funds obtained as a result of money laundering operations so that they receive their just punishment.” https://nnciraq.com/236030/
