After The Rapid Decline And Slow Rise...An Expert Denies The End Of The Dollar Crisis In Iraq Except Under Two Conditions, 18 NOV
Economy |Baghdad today – Baghdad Economic expert Nabil Al-Marsoumi confirmed today, Friday (November 17, 2023), that the dollar exchange rate crisis will continue because the government’s solutions are unrealistic .
Al-Marsoumi said in an interview with “Baghdad Today” that “the dollar crisis in Iraq will continue due to the continuation of the American economic sanctions imposed on Iran.”
He added, "After implementing the electronic platform system, it became difficult to transfer dollars to Iran, and since Iraq has trade with Iran amounting to about 10 billion dollars annually, and tourists and patients visit Iran and spend more than 3 billion dollars annually, there is difficulty in controlling the dollar crisis."
He stated that "only two solutions can restore stability to the dollar exchange rate and end the crisis, which is convincing the United States to allow the transfer of dollars to Iran, or searching for another source to import goods from countries that do not have embargoes or sanctions."
The dollar exchange rates declined rapidly 3 days ago from 166 thousand dinars to 155 thousand dinars per 100 dollars, before returning to a relatively high rate, reaching 159 thousand dinars currently.
The decline came due to market sentiment, after statements and reports about a package of measures and agreements between the Central Bank of Iraq and American, European, Turkish and Emirati banks, for the purpose of strengthening the balances of some Iraqi banks in advance in the currencies of the dollar, the Indian rupee, the Chinese yuan, the euro and other currencies, to expand the possibility of financing Iraqi trade and diversifying it instead of... Limited to the dollar. LINK
A Deputy Reveals Three Risks Threatening The Iraqi Economy, 18 NOV
Information / Baghdad Representative Ali Al-Lami warned, on Saturday, of Iraq's continued dependence on the sale of oil to finance its expenses, indicating that the continued penetration of corruption will lead to a major economic collapse in the country.
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Al-Lami said in an interview with “Al-Ma’louma” that “Iraq’s economy has been facing serious complications for years that must be paid attention to,” calling for “the adoption of a road map that leads to reducing the risks of any international crises, especially with regard to oil prices, which represent more than 90% of treasury revenues.” ".
He added, "There are three risks that threaten the national economy: the corruption that has permeated state institutions and its large dependence on the sale of oil despite price fluctuations from time to time, in addition to the presence of 25 unofficial outlets in the Kurdistan region, which represent the largest smuggling front in the country."
He pointed out that "the danger of the unofficial outlets in the region is that they represent black loopholes because they are illegal and cause the livelihoods of six sectors, including agriculture and industry, to be directly robbed by flooding the markets with materials, which means huge losses for national production, which requires an urgent reconsideration that contributes to ending the issue of the outlets." "And push Baghdad to control it and force it to work in accordance with official instructions and conditions."
Iraq relies almost entirely on the sale of oil to secure public treasury revenues for spending and paying salaries. LINK
[via WiserNow] [the ISO 200 2022 allows for all currencies to be exchanged - And to be trading, to take place using multiple currencies as payments for trade international trade.] ...the ISO 200 2022...is to be fully implemented...and fully activated ...by midnight, Sunday night...We could probably expect the Iraqi dinars international rates to be out in that time window...and we're hearing supposed to be printed in the Gazette...
Saturday is their normal print day...HCL law is also supposed to be mentioned they brought up printed in the Gazette to...So that should be in there as well...I think it's really important to understand – this thing is good to go – and ready to go and should go...So let’s just see what happens...
Sandy Ingram
Article: "Good News for Investors: US Treasury Continues to Omit Vietnam Currency Off Currency Manipulator's List"
Vietnam was not included on the US Treasury Department currency manipulators list this time. The list comes out twice a year and includes countries that may have surpassed the value of their currency. When a country does this it cheats investors on potential profits...Iraq is rebuilding after the war so is not yet subject to currency manipulation lists...
On Wednesday the Prime Minister of Iraq's advisor took the lead from the Central Bank of Iraq and announced Iraq has the largest foreign currency reserves in its' history and that the exchange rate treatment package aims to prevent profiteering at the expense of the economy...
The reason deposit interest rates hit rock bottom is that people still deposit money in banks
Only 3 banks pay the highest interest rate at 6,2%/year
Last week, many large banks continued to maintain and reduce savings interest rates.
Currently, 12-month terms at many major banks are below 6%/year, the lowest in many years.
The highest 12-month term interest rate was recorded at PVcomBank, NCB, Sacombank, at 6,2%/year.
Vietcombank earlier this week just reduced another 0,2%, to 5,1%/year for terms of 12 months or more, the remaining 3 banks are Agribank, VietinBank, and BIDV still holding the highest deposit interest rates. is 5,3%/year for long terms over 12 months, for terms over 6 to under 12 months, deposit interest rate is 4,3%/year, for terms from 1 to under 6 months is 3-3,3 %/year.
According to statistics from the beginning of October, there have been 10 banks reducing deposit interest rates including: PVCombank, VIB, Sacombank, VietBank, SCB, VPBank, SHB, BIDV, VietinBank, HDBank, BaoViet Bank, Techcombank, SeABank, Viet A Bank , PG Bank, Dong A Bank, Vietcombank, LPBank, Nam A Bank, CBBank, ACB, Bac A Bank, and NCB.
Among them, CBBank, VIB, Vietcombank, SHB, Dong A Bank, PG Bank, Nam A Bank, HDBank, LPBank, Viet A Bank are the banks that reduced interest rates twice this month.
VietBank and Bac A Bank reduced interest rates for the third time this month.
Mobilization interest rates in the market have continuously decreased over the past few months in the context of the banking system having "a surplus of money" due to gloomy credit growth.
What do depositors do when interest rates hit rock bottom?
According to statistics from the State Bank as of August 8.2023, the amount of people's deposits into the banking system still increased to a record high.
People's savings deposited in banks reached the highest level ever with 6,43 million billion VND.
This is the 13th consecutive month that people's deposits into banks increased.
Notably, businesses also increased their deposits into banks again with an additional 103.501 billion VND in deposits in August. In July, the amount of deposits from economic organizations into the banking system decreased by more than 8 billion VND compared to June.
By the end of August, deposits from economic organizations reached 8 million billion VND.
The reason why people and businesses choose savings channels is because of their stable and safe nature, while other investment channels, although attractive, have many risks.
Sharing with a reporter from Lao Dong Newspaper, Viet Thang (born in 1996, Hanoi) saves 10 million VND every month.
This has been Thang's regular habit for many years.
Thang shared that because he had recently heard and read a lot of positive news, Thang did not want to choose any investment channel other than savings.
Furthermore, Thang's previous deposits still enjoyed high interest rates.
Talking with Lao Dong, Associate Professor. Dr. Dinh Trong Thinh - senior lecturer at the Academy of Finance - said that if banks simultaneously reduce interest rates to the bottom, whether money will flow into other investment channels such as stocks, gold or real estate depends on depends on investor psychology.
If they like to take risks, the cash flow will be withdrawn and put into other investment channels to seek higher profits.
Associate Professor, Dr. Dinh Trong Thinh analyzed that, in the current context, stocks are still an attractive investment channel.
This market is showing signs of improvement, but investing in stocks can be risky if you do not research carefully and have market analysis skills.
Meanwhile, investment channels such as gold, real estate... are still unstable, with no bright spots.
Some real estate prices are lower than before, but buyers now may not want to borrow money from banks.
Gold has increased and decreased erratically over the past time, making buyers hesitant.
Therefore, the current cash flow is mainly waiting to find investment opportunities.
“With its stable nature and low risk, bank savings is a form preferred by many Vietnamese people.
The fear of losing money is still high, so even though the interest rate is low, they still accept it" - Mr. Thinh commented.
Al-Barti: The political document included passing the oil and gas law, and the movement is going in this direction
Al-Barti - The political document included passing the oil and gas law and the movement is going in this directionInformation / Baghdad..
The representative of the Kurdistan Democratic Party, Sherif Suleiman, confirmed today, Friday, that the political movement is underway towards passing the oil and gas law during the next short period, pointing out that the political document gave priority in the laws to the oil and gas law in order to ensure the fair distribution of wealth among the governorates.
Suleiman told Al-Maalouma, “The oil and gas law is one of the most important laws in state administration, and it has been obstructed and postponed for many years as a result of the lack of agreement and consensus on it between the various political forces and parties.”
He added, “The oil and gas law will see the light in the coming period, which may be during the next legislative term of Parliament, especially since the political document has emphasized the importance of this law and placed its passage among the priorities.”
He stated that “there is a government intention to pass the aforementioned law within Parliament, but it will not pass easily and will require a lot of time and discussions within the corridors of Parliament before voting on it proceeds.”
FIREFLY: Television is talking to us all day about the government taking measures to address the exchange rate and the parallel market but they can’t change the rate. They say only the CBI.What’s going on? Why don’t the CBI help?
FRANK: Calm down, calm down…As far as parliament saying whatever they are saying…who cares. Their voice is an echo in the abyss of darkness.
Question: “Has anything changed in regards to Iraq satellite banks exchanging dinars for US citizens?”
No. They will follow American banking laws. They won’t do anything different than any American bank is doing in American territory.
You want to know the exchange rate of the BRICS because maybe, maybe the Iraqi dinar will be 1 to 1 with a basket of BRICS. Maybe…one clue. It’s an RI not and RV.