The dollar is on track for a major weekly decline as inflation recedes, 17 NOV

 The dollar is on track for its largest weekly decline against the euro, yen, and Swiss franc in months as investors sell in anticipation of a 100 basis points cut in US interest rates next year.

Over the past week, the dollar made some significant movements in the currency market. It recorded a decline of 1.6 percent against both the euro, with a rate of 1.0854 euros to a dollar, and the Swiss franc, with a rate of 0.8882 Swiss francs to a dollar. This marks the largest weekly decline for the dollar since mid-July. Additionally, the dollar fell by 0.6 percent against the Japanese yen, with a rate of 150.53 yen to a dollar.

Oil prices dropped to their lowest levels in four months on Thursday. Additionally, Walmart announced that it would lower its prices, further contributing to deflationary pressures. Recent data has shown that these deflationary pressures have stabilized US consumer prices, leading investors to believe that inflation is decreasing and that interest rates will remain steady.

The British pound experienced a 1.5 percent increase this week, reaching $1.2410. However, the Australian and New Zealand dollars saw a slight decline on Thursday due to indicators of a slowdown in the US economy, which negatively impacted commodity prices. Nevertheless, both currencies are poised to record weekly gains.

Movements in Asian transactions on Friday were limited. The Australian dollar traded at $0.6466, up 1.7% during the week, while the New Zealand dollar recorded $0.5960, up 1.2%.

The Chinese yuan reached its highest level in three months against the US dollar, trading at 7.2447, with expectations of achieving its best weekly performance in two months.

"RV UPDATE" BY PIMPY, 17 NOV

  Pimpy

  What would really be a super huge lift and bring a ton of value to the Iraq dinar is if they get away from the greenbacks and start using their own currency to do transactions for the oil.  That would be huge. 

There are a lot of things happening in Iraq that are contributing to the growth of their economy and the strengthening of their currency.  If Iraq could just get out of their own way.

  I haven't been this excited about Iraq in a long time.  I remember in 2019 they were really striving, making great steps and then everything kind of fell apart and then we had the whole "Rona" thing took place and it just seemed like they could not get their head above water.  But this past year, everything is looking pretty good. 

We know the beginning of 2024, we heard anyways, we'll see if it actually happens, Iraq is no longer going to use the US dollar in the country.  That will lower the demand for US dollars but that still doesn't curve the demand for US dollars that are being smuggled into other countries.  It will decrease the demand for US dollars and increase the demand for Iraqi dinars.  This is really good.

Central Bank of IRAQ RV Process is happening Now | Iraqi Dinar latest ne...

"RV UPDATE" BY MILITIAMAN, 17 NOV

 Militia Man 

  Bank of International Settlements ....when the Central Bank of all central banks starts talking the world starts to listen... Quote:  "One of the outputs of the meeting is the preparation and publication of...workings papers on the latest...monetary policy challenges and how to respond to economic shocks in the countries represented at the meeting."  All these banks....have been told there's going to be challenges ...When you raise the value of currencies...there's going to be consequences ...There's gong to be some good and bad but they're telling you, We're doing something and you need to be prepared...

If you own this currency and are an investor and you don't know what you own it's time to pay attention...because this is all coming to fruition...It's a beautiful time frame to be a so-called 'dinarian'...

The Hydro-Carbon Law will require an international exchange rate.  The 2023, 24, 25 budget will require it.  The salaries and the payment to the citizens will require it.  The WTO will require one.  The house contracts will require one.  The Development Road Projects, economic and financial reforms, all of them are going to require an international acceptable Article VIII compliant exchange rate..

Evening News with MarkZ. 11/17/2023

In euros and yuan.. The Sudanese advisor explains the mechanism of working in the “equal deal” for trade exchange, 17 nov

 In euros and yuan.. The Sudanese advisor explains the mechanism of working in the “equal deal” for trade exchange

On Wednesday, Mazhar Muhammad Saleh, economic advisor to Prime Minister Muhammad Shia al-Sudani, explained how the “equal deal” for trade exchange works.

Saleh explained that the equal deal involves financing trade exchange between countries using a mechanism of settlement and payment in their respective local currencies.

In simpler terms, trade exchange involves facilitating the trade of commodities between two countries. During this process, the settlement and payment are carried out using the currencies of both countries. As a result, each country retains the currency of the other country.

He explained that the trade process between any two countries in the world is conducted based on free competitive principles. The goods exchanged are priced in the local currency with a fixed exchange rate between the two local currencies. This simple commercial application is currently being used by some Gulf countries with countries like China or India.

According to a government source, Iraq is currently pursuing an “equal deal” initiative whereby trade and imports will be exchanged with certain countries like China and India, using their respective currencies instead of Iraq’s main trading partners like India, China, and some neighboring countries.

Iraq Central Bank Strikes Key Deals To Bolster Currency Reserves, 17 nov

 Iraq Central Bank Strikes Key Deals To Bolster Currency Reserves

ICB faces criticism over unconstitutional currency import methods

Iraq’s Central Bank has initiated agreements with foreign countries to enhance the reserves of Iraqi private banks in various currencies, amidst growing domestic challenges. These developments come amid calls for a no-confidence vote against the bank’s governor due to economic pressures and the declining value of the Iraqi dinar against the US dollar.

According to the Iraqi News Agency, the bank and US officials have reached an agreement to bolster the reserves of 10 Iraqi banks with US dollars. The agreement, made in Abu Dhabi, allows five banks to work with Citibank and another five with JP Morgan. Furthermore, the bank is increasing the number of banks permitted to hold reserves in the Chinese Yuan through the Singapore Development Bank to 13, with two banks already strengthening their reserves in Indian Rupees.

These measures are aimed at supporting nearly 95% of Iraq’s foreign trade needs, which rely on foreign currencies. Additionally, the bank is exploring ways to boost Iraqi banks’ balances in Emirati Dirhams, Euros, Chinese Yuan, and Indian Rupees, particularly for financing imports in the pharmaceutical and food sectors.

The bank’s decision to allow private banks to import foreign currencies via commercial flights has sparked controversy, with critics labeling it unconstitutional. This has contributed to a parliamentary motion to remove the bank’s governor, who is also facing criticism for failing to stabilize the dinar’s value against the dollar, despite a government-approved currency revaluation earlier this year.

https://themedialine.org/headlines/iraq-central-bank-strikes-key-deals-to-bolster-currency-reserves/