The Iraqi Dinar Recovers Against The US Dollar.. 157,500 For Every 100 Dollars In Baghdad
Economy |Baghdad today – Baghdad Today, Thursday (November 30, 2023), the prices of the dollar against the dinar recorded a noticeable decline in the local markets in the capital, Baghdad.
The "Baghdad Today" correspondent said, "Dollar prices fell on the main Kifah and Harithiya stock exchanges in Baghdad to record 156,800 dinars against 100 dollars."
He added, "Selling prices in money exchange shops in local markets in Baghdad decreased, as the selling price reached 157,500 dinars for 100 dollars, while the purchase price reached 155,500 dinars for 100 dollars."
The dollar exchange rates in the local markets this week witnessed stability at an increase, at 158 thousand dinars for every 100 dollars. LINK
Al-Nasiri: A new round of understandings to regulate trade finance and control the exchange rate on the black market with the US Federal Reserve
Economy News _ Baghdad 2023/11/30 - 10:02 AM
A government delegation that includes officials from the Central Bank of Iraq will hold a new round of understandings early next December, with the US Federal Reserve, to hold meetings within the framework of a series of negotiations in order to reach more agreements to regulate trade financing and enhance the balances of Iraqi banks of various foreign currencies in correspondent banks, and thus control dollar speculation in black.
The adviser to the Association of Iraqi Private Banks Samir Al-Nasiri said in an interview with "Economy News", that there are negotiations currently taking place with the concerned authorities in Turkey and with Turkish banks to enhance balances in euros or Turkish lira, as well as that it will deal in the coming days with the UAE mediated by the First Abu Dhabi Bank to enhance balances in UAE dirhams, "stressing that "the government and the Central Bank are in the last round of the battle with speculators, and the dollar exchange rate in Iraq will stabilize soon."
Al-Nasiri pointed out that "the total foreign trade or trade exchange of Iraq with countries annually is about 60 billion dollars, distributed between China about 12-14 billion dollars, Turkey about 10 billion dollars, Iran about 10-12 billion dollars, and then the rest of the countries such as India, the UAE, Saudi Arabia, Jordan, Syria, Egypt and others." Samir Al-Nasiri pointed out that "the new currencies that will strengthen the balances of our banks are the European euro, the Chinese yuan, the UAE dirham, the Turkish lira and the Indian rupee, and may constitute at least 60% of the volume of our annual imports," noting that "dealing with these currencies comes after the approval of the US Federal Reserve and its assistance and in agreement with it."
He explained that "the opening of accounts for correspondent banks, which have now reached more than 40 new accounts in correspondent banks, opened by our banks, which number within the limits of a bank, which is heading to increase to more than this number, and that these correspondent banks are such as Citibank, JP Morgan, Chinese, Emirati, Indian and Turkish banks," stressing "that there are no fears that Iraq will be subjected to sanctions from the US Federal Reserve in this regard, but that these banks are authorized to deal and open accounts after agreement with the US Federal Reserve."
There are new instructions and procedures for the Central Bank that include allowing Iraqi banks that have accounts abroad in foreign currencies to import and transfer these currencies into Iraq for the purpose of using them to distribute citizens' deposits with our banks, which are in foreign currency, and therefore will be distributed to them, as well as giving flexibility to these banks to deal with companies and organizations who receive their salaries in foreign currencies, "in accordance with specific conditions and controls issued by the Central Bank and that this step will lead to the preservation of the foreign currency reserves of the Central Bank. According to the consultant of the Association of Iraqi Banks.
"The above twenty banks have opened their accounts according to specific obligations and controls to enhance their balances, and thus they will control the movement of black market speculators and put pressure on the dollar circulating on the black market resulting from illegal trade and uncontrolled uncontrolled uncontrolled outlets," al-Nasiri said. Advisor to the Association of Iraqi Banks, stated that "the measures to shift from the monetary economy to the digital economy, which will be implemented by the government and the Central Bank through broad measures, will contribute to determining the dollar dealing in the black market."
Militia Man: ...Iraq is going International big time…Iraq is considered to be one of the world’s wealthiest nations with vast reserves…They have the money they need for a new real effective exchange rate. With the oil, natural gas, sulfer, precious metals etc…they can afford it.
All the data we've had in the last two weeks has been pretty much phenomenal because it sets the stage of so many things that converge on one another.
A number of bankers I know are seeing “Pending” on the screens instead of “on hold” . Which is what they have seen on a number of currencies… So for the first time bankers are reporting seeing pending now. Depending on the bank…different rates are showing like $4.50 or $4.60 on the dinar. We don’t know if this is a test…or this is “it”. We don’t know if they are priming or prepping the system.
”Central Bank Governor: Washington responds to all that Iraq needs in terms of dollars and meeting with it next month 28th of Nov.” This article was from yesterday. Quote: “There are no restrictions on Iraqi funds abroad” This is what we call “International” Awesome things are coming out of Iraq. Question: I am hearing that a Dinar rate announcement is likely in the next couple days...are you hearing the same with reason for confidence? MarkZ: I am hearing that.
MarkZ:And the rare earth minerals…Iraq has just discovered…Iraq is worth much more now than when the rate was $3.22 over 20 years ago.
Most of these bilateral agreements and treaties include provisions related to the freedom of movement of capital. This whole topic...Article VIII, Article 14 of the IMF is accepting the obligations...It encourages the freedom of movement of capital between countries.So everybody get ready because the fact is what we're seeing is evidence of them actually doing it in real time..
What Is Expected From The OPEC+ Meeting Today? And The Most Likely Scenarios
Time: 11/30/2023 Read: 1,183 times {Economic: Al-Furat News} The Organization of the Petroleum Exporting Countries (OPEC) postponed the 51st meeting of the Joint Ministerial Monitoring Committee, and the 36th ministerial meeting of “OPEC+” countries, to today, Thursday, November 30 {today, Thursday}, instead of the 25th and 26th of the same month. And then later converting it to a virtual meeting, a lot of speculation about the reasons for postponement, and expected scenarios.
Below are the most frequently asked questions in the market in this regard, and the answers of oil sector analysts to them:
Why was the OPEC+ meeting postponed?
According to what Bloomberg reported from sources in OPEC, the main reason for postponing the meeting of OPEC and its allies (OPEC+) is to give the oil and energy ministers of the coalition countries more time to discuss the new cuts called for by Saudi Arabia with their governments in order to reach an agreement to reduce production. On the other hand, some sources said that the reason is the continuation of negotiations with three African countries (Angola, Nigeria, and Congo) that objected to their production quotas that will come into effect starting on the first day of next year 2024.
Why was it converted to a virtual meeting?
As for converting it to a virtual one, it may be a sign that countries do not want an in-person meeting in the Austrian capital, Vienna, without confirmation of the existence of an agreement. It may be converted to virtual coinciding with the presence of some ministers in Dubai to attend the opening of the Climate Summit (COP 28), which is being held for the first time in a member state of OPEC or the “OPEC+” alliance.
Why do African countries object to quotas despite previously agreeing to them?
African countries are in dire need to export the largest possible amount of oil in order to finance the budgets of these countries, which are considered poor even though they are oil producers. This is why, historically, it has always objected to the quotas imposed on it and tried to obtain a production ceiling higher than what was given to it.
Bloomberg: OPEC+ is close to agreeing on oil production quotas for Angola and Nigeria
But what happened this time is that the three African countries (Angola, Nigeria, and Congo) had objected to the quotas at the organization’s last meeting last summer, and then external expert houses were appointed to evaluate the production capacity of these countries for the year 2024, and then review these numbers again to ensure that they are accurate. Her health. According to what Bloomberg reported from sources, these three countries were not satisfied with the evaluation provided by the expert houses.
Who evaluated the shares of these countries?
The parties that assessed the shares of these countries were not OPEC or OPEC+, but rather three independent sources: IHS, Wood Mackenzie, and Rystad Energy.
What are the shares agreed upon in the new agreement and when will they start working?
The currently agreed-upon quotas began to be implemented in January 2023, and later this year during the last ministerial meeting of the organization and its allies, the agreement was extended to the end of 2024 and new quotas were agreed upon to take effect at the beginning of next year.
Below is a detailed table of the agreed production quotas for the year 2024 compared to the current production ceiling:
The Security Restriction Has Proven To Be A Failure... 3 Benefits Of “Importing The Dollar” And Recognizing The Parallel Market
Baghdad today – Baghdad Today, Wednesday (November 29, 2023), the Diyala Chamber of Commerce reviewed the existence of 3 positives for importing the dollar from abroad into Iraq, noting that the Central Bank officially recognized the existence of the parallel market and its influence.
The head of the Diyala Chamber of Commerce, Muhammad al-Tamimi, said in an interview with “Baghdad Today” that “the Central Bank giving some banks the green light to import the dollar to meet internal demand is a step in the right direction and carries in its content 3 positives, the most prominent of which is creating a greater supply and meeting customers’ needs at a more flexible pace,” expecting “The dollar will witness a gradual decline after the arrival of more shipments.”
He added, "The security restrictions surrounding the mechanisms for selling the dollar within the parallel market have proven to be ineffective and have caused prices to rise more than once," pointing out that "the step reflects government recognition of the parallel market and its influential role in shaping the exchange for buying and selling the dollar."
He pointed out that "the dollar crisis will remain and the difference between the official and the parallel will decrease, but not to the level of significant convergence, because a large portion of imports come from outside the platform to merchants and companies, which means that the parallel market will continue to suffer from pressure."
Earlier today, a source in the Central Bank of Iraq revealed the arrival of “dollar” shipments to Baghdad International Airport, imported by Iraqi banks.
The source confirmed to “Baghdad Today,” “The continued arrival of dollar shipments through Baghdad International Airport, imported by Iraqi banks to meet customer requests.”
He explained, "It is hoped that additional shipments will arrive within the next few days."
The Central Bank of Iraq had directed banks to meet the stipulated requirements for the dollar at the official rate, while the rest of the requests for the dollar are made according to supply and demand, which means lifting the ban on trading in the dollar, and making it permissible in the parallel market. LINK
