Expert warns of a rebound in the dollar/dinar exchange rate near the new year, 24 DEC

 Expert warns of a rebound in the dollar/dinar exchange rate near the new year

Shafaq News/ An expert on Saturday warned of a rebound in the US dollar exchange rate against the Iraqi dinar that might follow a consistent pattern of decline towards the end of the current year. 

The Iraqi government attributes the drop in the dollar rate to many factors, including the country's strong foreign exchange reserves and the efficient management of foreign trade.

"The rate in the parallel market is gradually approaching the official benchmark, due to the recent growth of private sector trade, the adherence to forex regulations, and the great flexibility of the banks managing the exchange platform," said Mudher Mohammed Saleh, the financial and economic advisor to Prime Minister Mohammad Shia al-Sudani.

Saleh added that the opening up to transfers through various methods, including payment cards, importing physical foreign currency, and diversifying the hard currency reserves has also contributed to the decline in the US dollar rate in the parallel market.

Saleh said that the central bank's monetary policy is being "accurately and positively" implemented in accordance with short- and medium-term plans to maintain stability for the national economy.

"Therefore, the exchange rate will continue to decline in the parallel market," he said.

Meanwhile, the spokesperson for the Sulaymaniyah Stock Exchange, Kurban Jabar, revealed that the dollar exchange rate is expected to fluctuate in the coming days due to the Christmas holiday.

He attributed the recent drop of the US dollar exchange rate against the Iraqi dinar to the success of a campaign the Iraqi government launched to boost external transfers by the beginning of the new year and its intention to deal in Iraqi dinars in all financial transactions."

"Of course, delivering the green banknotes directly to the banks, basically five banks, instead of the Central Bank of Iraq was also a major influence," Jabar said.

Jabar confirmed that there is an intention to link those banks to a bank in Oman and to increase the number of banks soon. He explained that if financial transactions in the country were unified in Iraqi dinars, this would allow the dinar to recover and the dollar exchange rate to decline, as the demand for the US dollar would be limited only to traders and citizens who wish to travel abroad.

Jabar pointed out that it is expected that there will be fluctuations in the dollar exchange rate during the remaining days of the outgoing year since major companies are either on vacation or doing the final financial assessment of the year.

https://shafaq.com/en/Economy/Expert-warns-of-a-rebound-in-the-dollar-dinar-exchange-rate-near-the-new-year

"KTFA UPDATE" BY FRANK26, 24 DEC

 KTFA:

Frank26:  "THE ONLY WAY 2024 IS THE YEAR OF ACHIEVEMENTS... IS WITH A NEW EXCHANGE RATE!!!"...........F26

 Al-Sudani: 2024 will be the year of achievements and the opening of projects

 12/23/2023

 Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Saturday, that 2024 will be the year of achievements and the opening of various projects.

Al-Sudani said during the inauguration of the Freedom Bridge, “The Freedom Pedestrian Bridge is the first of its kind on the Tigris River,” praising “the efforts of workers in the companies of the Ministry of Construction, Housing and Water Resources, the Municipality of Baghdad, and other supporting bodies.”

The Prime Minister added, "The bridge was implemented despite the delays and will facilitate the movement of visitors and citizens in general."

He added, "The bridge was given the name Freedom, due to important considerations and connotations for this region, whose direct communication across the two banks was prevented by the former regime, especially on days of visits."

Al-Sudani confirmed, “Soon there will be additional services in this area, to complement the origin of this project according to the design prepared by the Ministry, making it a service, entertainment, and tourism facility worthy of the Kadhimiya area, and all areas of the capital, Baghdad.”  LINK

Iraqi Dinar Higher Fixed Exchange Rate Advantage $1 to 1 or $2 | Managed...

The Government And The Central Bank Win The Battle For Financial And Banking Reform In 2023, 24 DEC

  The Government And The Central Bank Win The Battle For Financial And Banking Reform In 2023, 24 DEC

Financial and banking advisor, Samir Al-Nusair   The data, indicators, achievements and preliminary results achieved in 2023 indicate that the government of the Prime Minister, Mr. Muhammad Shia Al-Sudani, and the Central Bank, in continuous cooperation and coordination between them, have resulted in their comprehensive reform steps contained in the government curriculum in the axis of financial and banking reform and in the strategy of the Central Bank, which focused on regulating foreign trade financing. Opening direct dealings between Iraqi banks that secured the necessary requirements to deal with correspondent banks and opening new foreign currencies in addition to the US dollar.

 Such as the Chinese yuan, the euro, the UAE dirham, the Indian rupee, and the Turkish lira. To be traded for external transfers with these countries in accordance with understandings and agreements with the US Reserve and the US Treasury Department.

The role of the Central Bank will be supervisory and supervisory. The other achievement is the compliance of Iraqi banks with the global banking system and regularity within the system of international banking relations, which has restored confidence in the integrity of banking transactions with Iraq. This is an important and basic goal.

The other important goal, which the government is working to implement in cooperation and coordination with the Central Bank and the Association of Banks. Electronic payment companies are moving and transforming from the cash economy to the digital economy and the issuance of a number of decisions from the Council of Ministers and several instructions and executive procedures from the Central Bank to achieve this in a record period.

And work to complete the necessary infrastructure to achieve digital transformation in the banking sector. The government is working seriously on governance and automation of the tax system, the customs system, and networking with the Central Bank of Iraq.

The new thing in the Sudanese government is that it draws up plans and follows up implementation on a daily basis with the parties concerned with implementation and participates in facilitating procedures and overcoming obstacles first and foremost. It consults continuously with the Central Bank as an advisor to the government.

Since we are in the last week of 2023, the Central Bank and the government have set before them in 2024 the completion of financial and banking reforms in a way that achieves complete financial and banking reform and controlling and maintaining the stability of the exchange rate of the Iraqi dinar in a way that does not allow the official rate to be equal to the exchange rate in the parallel market. And that the planned goals for the year are Mentioned as follows:

First - Building a stable financial system lies in accompanying financial electronic systems.

Second: Commitment to establishing the rules of compliance, risk management, transparency, and soundness of financial operations.

Third: Working to strengthen international relations, including establishing a network of relations with foreign correspondent banks.

Fourth: Establishing a Riyada Bank and redirecting work on initiatives to finance small and medium enterprises in accordance with standards

New banks contribute to its capital and management. In line with the initiative of the Prime Minister (Riyada).

Establishing a loan guarantee company.

Fifth: Prepare and launch a financial inclusion strategy and put it into practice in coordination with the relevant authorities.

Sixth - Launching the national lending strategy, relying on the banks’ own financial capabilities to attract deposits and invest them in providing the best banking products to customers and contributing to development.     Views 51 12/23/2023  https://economy-news.net/content.php?id=38767

"IMF PRAISES CBI FOR THEIR EFFORTS AND MEASURES ACHIEVING OBJECTIVES TO THEIR NEW MONETARY POLICIES", 24 DEC

  IMF praises central Bank of Iraq for their efforts and measures achieving objectives to their new monetary policies that strengthen liquidity management management. Stressing that these policies lowered inflation and the expectation is to bring stability in the coming months with the increase in the exchange rate of the IQD against the USD. As well as the return of foreign trade financing

This is straight from the CBI website!

https://twitter.com/StephanieStarrC/status/1737917378950799419?fbclid=IwAR01X6Xp_Y-Kp413Eye8OgtvnoBCCROldgj00ALp8-y-N5lmRUsvAtO_43Q

TRANSLATION IN SPANISH:

El FMI elogia al Banco Central de Irak por sus esfuerzos y medidas para lograr objetivos en sus nuevas políticas monetarias que fortalecen la gestión de la liquidez. Destacando que estas políticas redujeron la inflación y la expectativa es traer estabilidad en los próximos meses con el aumento del tipo de cambio del IQD frente al dólar. Así como el retorno del financiamiento al comercio exterior

¡Esto es directamente del sitio web de CBI!

https://twitter.com/StephanieStarrC/status/1737917378950799419?fbclid=IwAR01X6Xp_Y-Kp413Eye8OgtvnoBCCROldgj00ALp8-y-N5lmRUsvAtO_43Q

Central Bank of Iraq - Exchange Rate - Stability - An International Welc...BY MILITIAMAN

JUDY NOTES, 24 DEC

 JUDY

On Fri. night 8 Dec. the GCR started to roll out when the Admiral in Reno gave the Green Light; Zurich went liquid on Sun. 10 Dec and Whales were being paid; the IMF released the GCR funds to all countries a week later on Sun. 17 Dec;

 the Iraqi Dinar was on the back screens of the Forex and was tradable; as of this week US banks had live rates on their bank screens; Sources say Tier4b has a 98% chance of beginning to exchange before Christmas.