Iraqi Dinar Final Countdown CBI's Triumph Over the Dollar Unveiled on Ir...

"RV UPDATE" BY CLARE, 28 NOV

 Clare 

  Article:  "The dinar will recover.. Iraq is approaching an “imminent end” to the dollar crisis before the end of 2023”  Quote:   “The government and the central bank are working to end the dollar crisis once and for all, and there is great progress in this file and there is control over the market, as well as a gradual decline in exchange rates in the parallel market..."

 Article:   "Central Bank: There is no scarcity of dinar stocks and the monetary supply exceeds 100 trillion" Quote: “the size of the monetary mass or the exported currency amounts to more than 100 trillion dinars, 70 percent of which is in circulation.”

 Article:  "The media advisor to the Prime Minister, Hisham Al-Rikabi, confirmed...Friday, that the dollar battle is nearing its end"   X Tweet:   "The reform plans for the financial and banking system undertaken by the government and the Central Bank of Iraq aim to build strong foundations for the stability of the economy and pave the way for creating a suitable climate for investment, and end the eras of illegal trade, dollar smuggling, and speculative operations in market.  In short, the battle for the dollar is nearing its end."

Article:   "Central Bank Governor: Washington responds to all that Iraq needs in terms of dollars and a meeting with it next month"  Quote:  "Al-Alaq said in a press interview that “the Iraqi Central Bank will hold a meeting with the US Treasury and the Federal Reserve early next month in Dubai, noting that “radical steps will be taken within the framework of reorganizing trade on the right foundations,” noting that the electronic platform will be completed early next year.”

 Article:  "US approval to increase the dollar balances of 10 Iraqi banks" 

 Quote:  "The source explained that this agreement came in light of the recent meetings held by the Central Bank of Iraq with the American side, which resulted in an increase in the number of banks that can directly enhance their dollar balance to 10 banks, 5 of which are through Citibank, and the other five are through JP Morgan Bank. "

Article:  " The dollar in Iraq.. Baghdad is planning “permanent solutions” with Washington, and Parliament describes the dialogues as “successful” 

 Quote:  " Monday (November 20, 2023), an informed source reported an expected meeting between the Central Bank of Iraq and the US Treasury Department next week."

Article: "An upcoming meeting between the Iraqi Central Bank and the US Treasury next week”  

 Quote "...new meeting between Iraq and the United States of America regarding the dollar...

On (last September 19) in New York, Iraqi Prime Minister Muhammad Shia al-Sudani informed the US Treasury Under Secretary of the expansion of his government’s work in reducing money laundering operations, while the latter indicated that the confidence of global financial institutions had been restored."

Article:  "Iraqi Banks Association: The dollar will fall to the rate of 1,400 dinars... and the date is expected"  Quote:  " The advisor to the Iraqi Banks Association, Samir Al-Nusairi, expected dollar prices to fall to 1,400 dinars during the first quarter of next year. "

Article Written by: Baqir Jabr Al-Zubaidi - former Minister of Finance "The ongoing dollar crisis" 

 Quote:  "The dollar crisis is a policy crisis of the continued American threat of sanctions, accompanied by the continued bleeding of the currency by private banks that are protected by some influential people, and this conflict is paid for by the citizen...

Solutions exist, and during our tenure at the Ministry of Finance (2006-2010), we succeeded in increasing the value of the dinar from (1,500 dinars to the dollar to 1,170 dinars to the dollar). We were planning to reach (1,000 dinars to the dollar) and then raise the zeros so that the dinar was equal to the dollar."

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-clare-25-nov.html

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-clare-27-nov.html

This evening… Al-Rasheed Bank announces the opening of the platform for buying dollars for travel purposes, 28 NOV

 This evening… Al-Rasheed Bank announces the opening of the platform for buying dollars for travel purposes

Al-Rashid State Bank announces opening a platform for purchasing travel purposes, effective 8:00 PM today.

The bank’s media office has released a statement stating that a new mechanism has been introduced to facilitate the exchange of Iraqi cash for dollars at the bank branch located inside Baghdad International Airport. Under this new mechanism, travelers are required to make advance reservations by following the link provided on the bank’s official website. Once a reservation has been obtained, the traveler can visit the bank branch at the airport to deliver the Iraqi cash and receive the desired amount of dollars.

He said that with this procedure, the bank will help citizens buy dollars smoothly. It must ensure correct data entry for a successful reservation.

https://dinaropinions.com/this-evening-al-rasheed-bank-announces-the-opening-of-the-platform-for-buying-dollars-for-travel-purposes/

Sudanese Advisor: Reforming The Economy Begins With The Government Banking Sector, 28 NOV

 Sudanese Advisor: Reforming The Economy Begins With The Government Banking Sector

Economy |11/28/2023  Mawazine News – Baghdad  The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Tuesday, that the economic policy in Iraq is moving towards implementing the principle of monetary sovereignty, and while he pointed out that the informal exchange market represents only 10% of trading, he stressed that it cannot be controlled The currency of a country other than the dinar with pricing within the country; Because monetary duality has harmed the economy, he pointed out at the same time that there is a tendency to diversify currencies for travel purposes and not be limited to the dollar.

Saleh told the official agency, “Economic policy in general and monetary policy in particular are moving towards a new principle called (monetary sovereignty), which considers the Iraqi dinar the only refuge for exchange, pricing, and coverage of internal transactions.”

He added, "It is not permissible for the currency of another country whose monetary policy is subject to pricing and trade exchange operations within the Iraqi economy, and the principle of monetary sovereignty starts from this level."

He continued, "The problem in Iraq is the existence of two exchange markets: the first is the regular one in which exchange takes place through the central bank's platforms, which prices the exchange rate at 1,320 dinars to the dollar as a stable and official price and defends monetary policy."

He explained, "The second market is irregular, representing 10% of the trading rate. It is an uncontrolled market controlled by speculators and adds noise to the Iraqi economy as a whole."

He pointed out, "There are two things: The first is commodity diversification, which the government has begun through baskets that support livelihoods, including the food basket that has achieved stability in the prices of materials, as well as the medicine basket, a construction basket, and another basket for reserve materials that the Ministry of Commerce will launch soon. These are financed at the official exchange rate and help... Stabilize prices and counteract the noise introduced by the informal market.”

He stressed that "dealing in the dollar (dollarization) and its pricing of the internal economic movement is what is most harmful to the economy, but there is no harm in covering external transactions exclusively and through official platforms."

Saleh pointed out, “On this basis, government policy and the policy of the Central Bank moved towards not relying on one country’s currency in foreign transactions and diversifying those currencies such as the Emirati dirham, the Turkish lira, the Chinese yuan, the British pound, and the euro, in addition to the dollar. This diversification reduces the dollarization of the economy and gives it great independence.” .

He stressed, "This diversification can be generalized at the level of selling foreign cash currencies for travel purposes and according to the currency of the country to which one is traveling. This will greatly reduce the demand for the dollar as a single currency in transactions, and the monetary and commodity diversification adds independence to the Iraqi economy."

Regarding Iraq’s steps to provide these currencies, Saleh said, “The monetary authority in Iraq is independent, and there is a wide consultation circle between it and the government, and this is happening for the first time to open banking arrangements with central banks in countries that have a commercial partnership with Iraq, such as the Emirates, Saudi Arabia, Turkey, and China, and it is possible to cooperate with these countries.”

Directly in their national currencies to achieve ease of conversion and exchange to finance trade and the movement of goods, supported by a stable exchange rate of 1,320 dinars, which allows for achieving stability and monetary sovereignty.”

He pointed out, "The demand for foreign currency is linked to the demand for goods and foreign transactions. It is dangerous to use the dollar to cover internal transactions, and monetary double-dealing has harmed Iraq. This must end, and it does not mean not providing foreign currency to citizens for the purposes of financing foreign trade or for the purposes of travel and tourism.

Therefore, there are steps." This is a major regulatory change aimed at achieving diversification through agreement with several countries with which transactions are conducted.”

He stressed, "The state has large commercial arms, and whenever it finds that there are needs affected by secondary market noise, the commercial apparatus intervenes to expand its dealings, supported by a stable exchange rate, as well as in cooperation with Iraqi merchants."

Regarding the government’s steps to strengthen the banking system, the Prime Minister’s advisor said, “There is a large team headed by the Prime Minister that directly supervises the reform of the banking system, and the largest system is the government system, whose assets dominate 85% of the assets of the banking system in Iraq, so the reform begins with government banks.

” We are working on this seriously, and during the next 6 months the results of this reform will appear, and there will also be work in parallel to reform the private banking system, and there is a strong movement and cooperation in this direction with the associations of private and Islamic banks.”

He stressed, "The Prime Minister's philosophy confirms that economic reform cannot be achieved without reforming the banking system, and therefore the priority begins with reforming the financial system."   https://www.mawazin.net/Details.aspx?jimare=238673

Evening News with MarkZ. 11/28/2023

Finance Announces The Launch Of The Second Issue Of Reconstruction Bonds Worth More Than One Trillion Dinars, 28 NOV

 Finance Announces The Launch Of The Second Issue Of Reconstruction Bonds Worth More Than One Trillion Dinars

Tuesday 28, November 2023 | Economical Number of readings: 487

Baghdad / NINA / The Ministry of Finance announced on Tuesday that it intends to make the second issue of reconstruction bonds available.

The ministry stated in a statement, “Given the strong demand for trading national bonds (reconstruction bonds) and the complete subscription of the first issue amount, the ministry, represented by the Public Debt Department and in cooperation with the Central Bank of Iraq, intends to make the second issue of reconstruction bonds available at a value of 1.5 trillion dinars.” Iraqi) and with the same mechanism previous to the first issue.

She added, "This measure comes in implementation of the paragraphs of the government program related to enhancing the development and investment aspects represented by the reconstruction and construction movement that our dear country is witnessing, in addition to developing financial and monetary policies and providing opportunities for citizens to contribute to the overall economic activity through investment in bonds," noting that "these bonds are issued with a guarantee."

 The Ministry of Finance, and it is possible to purchase the bond by submitting an application to one of the official banks approved and registered with the Central Bank.”

The Ministry called on "investors and citizens to take advantage of the offer and take the initiative to benefit from this investment opportunity," noting that "the size of this issuance will be limited."

She explained that “the second issuance of bonds worth one and a half trillion dinars is negotiable on the Iraqi Stock Exchange, and is available in two denominations: - The first at a price of

(500,000) dinars, with an annual interest of 6% for two years.

- The second at a price of 1,000,000 dinars, with an annual interest of 8 % for four years.

She pointed out that “purchasing and trading the bonds offered are exempt from taxes according to what is stated in the General Federal Budget Law No. 13 of 2023.”/End 11

https://ninanews.com/Website/News/Details?key=1092285

Overthrowing A Network That Manipulated Dollar Exchange Rates In Baghdad, 28 nov

 Overthrowing A Network That Manipulated Dollar Exchange Rates In Baghdad

Economy News – Baghdad  The General Directorate of Intelligence and Security announced, on Tuesday, the overthrow of a network that manipulated the dollar exchange rates in Baghdad .

The directorate stated in a statement, seen by Al-Iqtisad News, that “it is part of a series of specific duties carried out by the General Directorate of Intelligence and Security at the Ministry of Defense, and after the availability of accurate information about a group of smuggling gangs and speculators at the price of the dollar, through their carrying out remittance operations and buying and selling the dollar, contrary to instructions.

” The Central Bank of Iraq, the detachments of the Baghdad Intelligence and Security Directorate, affiliated with the same directorate, boycotted the information, and after obtaining judicial approvals, they were able to raid one of the banking companies in the Karrada area in Baghdad. ”

She added, "The operation resulted in the arrest of five accused speculators in the dollar exchange rate, in addition to carrying out remittance operations contrary to official instructions," noting that "they were handed over to the legally competent authorities. "

Views 44 11/28/2023 - https://economy-news.net/content.php?id=37928