Dollar Transactions Continue at Ibrahim Khalil Border Despite Iraqi Government’s Dinar Directive, 30 NOV

 Dollar Transactions Continue at Ibrahim Khalil Border Despite Iraqi Government’s Dinar Directive

In direct contradiction to the Iraqi government’s decision issued a month ago, transactions continue to be conducted in US dollars at the Ibrahim Khalil border crossing. The government, in its bid to strengthen the national currency and regulate the economy, mandated the use of the Iraqi dinar for all transactions. However, the current situation at the border crossing paints a different picture, indicating either a delay in policy implementation or resistance to the change.

A Discrepancy Between Directive and Practice

This apparent discrepancy between the government’s directive and the on-ground reality raises several questions. It suggests that the transition from dollar to dinar transactions at this major border crossing has not been as smooth or instantaneous as the government might have hoped. The persistence of dollar transactions could be attributed to several factors, including market stability, convenience, or even established trade practices.

The Implications of Dollar Transactions

The continued use of dollars at the Ibrahim Khalil border crossing could have significant implications for the local economy, trade, and monetary policy. Although the dollar offers a stable and globally recognized medium of exchange, its dominance could undermine the government’s efforts to bolster the Iraqi dinar. It could also influence trade dynamics, potentially favoring those businesses and sectors with greater access to dollars.

Impact on Government’s Economic Goals

As the government strives to exert more control over its economic affairs, this situation serves as a stark reminder of the challenges they face. It underscores the complexity of implementing monetary policy changes in an economy where ingrained practices and external factors often hold sway. The government’s push to promote the dinar, while commendable for its potential to foster economic independence, also requires careful navigation to avoid any unintended consequences.

https://bnn.network/world/iraq/dollar-transactions-continue-at-ibrahim-khalil-border-despite-iraqi-governments-dinar-directive/

Investing in Basar Southern Iraq for Channel Members and Subscribers BY SANDY INGRAM

The Iraqi Dinar Recovers Against The US Dollar.. 157,500 For Every 100 Dollars In Baghdad, 30 NOV

 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, 30 NOV

 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."

Dinar RV Breaking News🔥PM Advisor: Iraq's to Strengthen the Dinar💣Predic...

"RV UPDATE" BY MILITIAMAN & MARKZ, 30 NOV

 Militia Man & MarkZ 

 [via PDK]  

 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, 30 NOV

 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:

https://vod2.alforatnews.iq/upload/2023-11/

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