Wednesday intel call to my contact at the CBI: I was told there was a TV media output broadcast that told the citizens the official rate of the dinar would be over $1 in the coming days. They used the PM Al-Sudani in a speech like format to explain most of it...This is part of the education process. So, it did begin...I was told that the process of the revaluation is now in motion and they expect to begin issuing the newer lower denominations to the banks in exchange for the larger 3 zero notes...
when they do distribute the lower denominations to the public for circulation, they will start at the airports first...they are only going to use dinars exclusively as of January 1st, 2024 in Iraq. This is also why they needed and allowed to let the banks now hold other foreign currencies besides dollars.
.Iraq is just moving now to standard protocol in money exchanging. This is such fantastic news. As of January 2024 there will be no more program rate...There will be no more dollars taken by any merchant in Iraq...But what is the timing of the switchover, I asked? First let me say it is not going to be a sudden switchover all at once, as many of us anticipated.
I was told it would be more gradual and has already begun. So, there is no turning back...Based on this latest conversation with my CBI contact, it could be said that they might be planning to RV prior to January...I will tell you I have never received such good information before... \
The agreement arrangements with Abu Dhabi have ended and the Iraqi banks will deliver dirhams - the Central Bank
The official news agency, quoting a source in the Central Bank, said that Iraq has completed the final arrangements related to the agreement with Abu Dhabi Bank, as part of the government’s efforts to control the exchange rate.
The source:
The Central Bank of Iraq finalizes the final arrangements for the agreement with the UAE’s First Abu Dhabi Bank.
It is hoped that the actual implementation of the enhancement operations for Iraqi bank accounts in the UAE dirham will begin next week.
The first phase of reinforcements will include five Iraqi private banks.
The number of banks is expected to double after evaluating the first phase of implementation, which may last for a few weeks. link
The Central Bank finalizes the arrangements for the agreement to strengthen five Iraqi banks with the UAE dirham
Today, Saturday, the Central Bank of Iraq completed the arrangements for the agreement to strengthen five Iraqi banks with the UAE dirham.
A banking source told the Iraqi News Agency (INA): “The Central Bank of Iraq has completed the final arrangements for the agreement with the UAE’s First Abu Dhabi Bank, and it is hoped that the actual implementation of the enhancement operations for Iraqi banks’ accounts in the UAE dirham will begin during the next week.”
The source added, "The first phase of the reinforcements will include five Iraqi private banks, and it is expected that the number of banks will double after evaluating the first phase of implementation, which may last for a few weeks." link
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.
Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..
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...
