Question "Does Iraq need to change their exchange rate in order to be part of a currency basket?"
In the news lately Iraq has talked about expanding their currency basket but somehow, some way, that ended up being that Iraq wanted to be part of a currency basket...I did the research...'In order for Iraq to be part of a currency basket it may need to consider changing its exchange rate.' Slow down. Don't get excited. It says, 'It may need to consider changing its exchange rate.'...If Iraq was actually being invited to join the currency basket then I would say with confidence Iraq must be doing very very good in order to be invited.
They've been talking...for the past couple weeks or even couple months - They want people now to start taking pride in their currency, start using their currency. Their goal is to strengthen Iraqi dinar and one of the steps they needed to do was get rid of the US dollar.
The Central Bank announces the agreement with the UAE to launch financial transfer and trade financing operations in the UAE dirham
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today that they have agreed with the UAE to launch financial transfer operations between the two countries and finance trade and imports in the UAE dirham currency.
The governor’s media office announced that Ali Mohsen Al-Alaq, the Governor of the Central Bank of Iraq, had a meeting in Dubai with Hanaa Al-Rustamani, the Chairman of the First Abu Dhabi Bank Group. They agreed to initiate financial transfer operations between Iraq and the United Arab Emirates and finance trade and imports in their respective currencies. These transactions will be carried out through First Abu Dhabi Bank.
The transfer operations in UAE dirhams started on Wednesday. The first phase involves five Iraqi banks and will be gradually expanded.
He said, “This measure is part of an effort to help Iraqi banks establish relationships with credible foreign banks and aims to reduce reliance on electronic platforms for financial transfers. The goal is to adopt standard international practices that will strengthen the financial standing of Iraqi banks and enable them to finance trade more effectively.”
First Abu Dhabi Bank offered to finance clean energy projects in Iraq.
It is worth noting that First Abu Dhabi Bank is one of the world’s largest and strongest financial institutions, with a credit rating of AA- and total assets of about 300 billion US dollars.
Surge in Searches for US Dollar Exchange Rate in Iraq Reflect Rising Dollar Value, 14 DEC
In recent times, a noteworthy uptick in searches related to the exchange rate of 100 U.S. dollars in Iraq has been observed across various internet search engines. This surge of interest, coming predominantly from citizens residing in different provinces of Iraq, is directly linked to the escalating value of the U.S. dollar. The rising dollar value has piqued the interest of many, resulting in a daily follow-up on the USD/IQD exchange rate.
Exchange Rates on December 13th
As of Wednesday, December 13th, the exchange rate of the U.S. dollar against the Iraqi dinar was recorded at around 1,310.5000 Iraqi dinars. However, a different picture emerged in the parallel market, colloquially referred to as the ‘black market’. Here, the U.S. dollar was trading at 50.00 Egyptian pounds for buying and 51.00 Egyptian pounds for selling in Egypt.
The Iraqi Dinar in the Parallel Market
In the parallel market, the Iraqi dinar exchange rate stood at approximately 37.96 Egyptian pounds for buying and 38.72 Egyptian pounds for selling. The stark difference in these rates indicates the volatility and unpredictability inherent in currency exchange markets.
Live Currency Rates and Historical Data
Real-time currency rates for USD to IQD, along with a live currency converter, conversion table, exchange rate history for the last week, and live charts for USD to IQD were also provided. Platforms like TorFX were suggested for international money transfers, promising free transfers with zero fees for amounts exceeding £2000.
The exchange rate was recorded as 0.0008 Dollars for one Iraqi Dinar, with the provision for users to sign up for exchange rate alerts and access historical exchange rate data. The current exchange rate was notably higher compared to the previous day’s rate, sparking curiosity and concern among followers of the USD/IQD exchange rate.
USD Exchange Rate in Baghdad and Erbil
Contrary to the rising rates, the USD exchange rate against the Iraqi dinar was lower in the markets of Baghdad and Erbil. The closing rate in the al-Kifah and al-Harithiya Central Exchanges was 155,950 IQD to 100. The selling and buying rates of the USD in Baghdad’s parallel markets were 157,000 and 156,000 IQD to 100, respectively. Meanwhile, in Erbil, the USD selling and buying rates were 156,050 and 156,950 IQD to 100, respectively.
Shafaq News / Prime Minister Mohammed Shiaa Al-Sudani held, before Wednesday afternoon, a special meeting of the Networking Committee for Border Ports, in the presence of a number of government advisers.
A statement issued by the Sudanese office said that the latter “hearded, during the meeting, a comprehensive presentation of the port networking project, the system designed to manage it and the unified and central database it provides, in addition to the possibilities of interconnection with the controls in order to enhance security and follow up transit trucks.”
The statement added that Al-Sudani “beared the developed electronic declaration system, the intelligent tracking system inside the ports for trucks, and the obstacles to the completion of the project, which began work in March 2023, which will reduce time and reduce financial corruption, smuggling and customs manipulation.”
According to the statement, the Prime Minister stressed the need for the draft system to include extensive automation in the processes related to border crossings, centrally securing its work, and forming a unified inspection picture containing all the required information, directing that the dependence on the human factor is minimized to the maximum extent.
The statement added that the Sudanese “directed to accelerate the integration of the linkage between the departments, in order to reach a state of linking between the Central Bank, customs, border crossings and all sectoral departments, commending the efforts made to complete the work of this system and implement it with all its capabilities.”
Al-Rafidain explains about issuing electronic cards and opening bank accounts
Economy News – Baghdad
On Wednesday, Rafidain Bank issued a clarification on the issuance of electronic cards and the opening of bank accounts.
The bank’s media office said in a statement received by “Economy News” that “the process of issuing electronic cards and opening bank accounts is proceeding at an increasing pace from the bank’s branches spread in Baghdad and the provinces.”
