Monday, December 25, 2023
Iraq Nears End of Dollar Struggle Amidst Financial Reforms and Rising Dinar, 25 DEC
Iraq Nears End of Dollar Struggle Amidst Financial Reforms and Rising Dinar
As Iraq inches closer to the resolution of its dollar conundrum, a recent statement from a media advisor to Prime Minister Mohammed Shia al-Sudani has confirmed the near-end of this struggle. The U.S., represented by Ambassador Alina L. Romanowski in Baghdad, has pledged its support to the Iraqi government’s efforts by offering dollar services.
Renewed Confidence Between Baghdad and Washington
The Iraqi government’s commitment to financial reforms and the resolve to rectify institutional practices have fostered a renewed sense of confidence between Baghdad and Washington. Romanowski has lauded the mutual cooperation between the U.S. Treasury Department and the Central Bank of Iraq. The budding relationships between Iraqi banks and international banks are viewed as a positive stride towards reforming the banking sector.
Washington’s Refusal and the Rising Dinar
This announcement follows a report by The Wall Street Journal, revealing that Washington had declined Iraq’s request for $1 billion in cash from the Federal Reserve. This refusal was attributed to the efforts to curb Baghdad’s dollar use and halt illegitimate cash flows to Iran. Contrarily, the Central Bank of Iraq had previously announced that dollar payments from the Federal Reserve were on track, adhering to a schedule mutually agreed upon by both institutions. Simultaneously, the value of the Iraqi dinar has seen a surge for the first time in about a year following the formation of the current government. This government has been combating currency speculators and manipulators while addressing the currency sale window used for financing import and export operations.
A Hopeful Start to 2023 for Iraq
Prime Minister al-Sudani has initiated the formation of an Iraqi-Turkish committee to streamline trade and strategic partnership between the two nations and bolster Iraqi merchants’ imports in Iraqi dinars. Despite the preliminary local election results announced a week ago, the final results are yet to be declared, leading to public confusion. Nevertheless, the U.S. ambassador reiterated the continuation of dollar services to Iraq, and Prime Minister al-Sudani appeared confident as he inaugurated the Freedom Bridge in Baghdad, indicating a hopeful start to 2023 for Iraq.
"RV UPDATE" BY NADER FROM MID EAST, 25 DEC
Nader From The Mid East
Article quote: "Salih the financial advisor to the Prime Minister confirmed that the dollar exchange rates in the parallel market began to approach the official price set at 1320 per dollar after recent measures taken by the central bank and the Iraqi government..."
That's what's slowing down all this process. It's people still using the dollar in Iraq. Even me, I use the dollar in Iraq. When I was there last week I use a dollar in Iraq. Why? Because it's a lot easier. It's smaller. You don't carry a lot. You carry $500, $600, $700 with you, $1000 max...If I didn't have the dollar and If the dinar for me to carry...it would be a lot in my pockets..
The facts are the facts. If they delete the dollar, if they take off the dollar from the markets in Iraq, they're going to have to come out with a small category of dinar. That's it. Why? Because it's too much dinars to carry...I'm not going to cary 150,000 dinars in my pockets. I'm not going to do that. I prefer to have $100 than 150,000.
Everybody's asking me what's going on. What's the news. The news, you will see it on the 1st of January - what exactly is going on. They already gave you a date. I told you the 1st of January we'll be out of the dollar. We will not work with the dollar anymore in Iraq.
"RV UPDATE" BY FRANK26, 25 DEC
Frank26
Article: "Media Advisor to the Prime Minister: Our battle with the dollar is almost over" THE SANCTIONED PROGRAM RATE IS ALMOST OVER!
The HCL is waiting for what you're waiting for, what the contracts are waiting for, what everybody's waiting for - the new exchange rate. You see the new exchange rate you got the HCL automatically. It has no choice but to come out hand in hand. One feeds the other. But only once can feed the other, not both ways. It's not symbiotic.Parliamentary Legal: Agreement to pass three controversial laws in one basket, 24 DEC
Parliamentary Legal: Agreement to pass three controversial laws in one basket The parliamentary legal committee revealed on Monday the ag...
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...