All of this is coming together. There's no reason for any pessimism or snide remarks for anybody around in dinarland... There's shouldn't be any doubt anymore that this is a real process and it's underway...
Iraq is going to be interconnecting with international countries and they're going to be doing it by International standards and guess what they're not going to be doing that with a 1310 program, or I call it, a punishment rate..
The facts are in the pudding.
Anybody that says it's never going to happen has not done any study...When people do that I think it's reckless and I don't think they've done their research properly...
The economist, Bask Jamil Antoine, expected to achieve a decrease in dollar exchange rates with interest to the Iraqi individual.
“The low exchange rates of the dollar can bring benefits to the economic reality of the individual if a balanced society is available,” Antoine said {Euphrates News}.
He stressed “the need to follow up the pockets of speculators and traders who do not lower prices even if the dollar exchange rate falls.”
“The dollar directly affects imported goods, but goods that are produced locally, we do not expect that their impact will be significant,” Antoine explained.
To reduce dollar prices in the local market, the Central Bank of Iraq, on Sunday, determined the parties covered by obtaining their foreign transfers in cash in dollar currency starting from January 2, 2024.
This included foreign remittances for diplomatic missions, all international organizations and agencies operating in Iraq, and non-governmental civil society organizations registered in the General Secretariat of the Council of Ministers in the event that the foreign donor stipulated the payment of foreign remittances received in dollar currency inside Iraq.
It also included government contracts in force in US dollar currency, and continuous contracts on grants, loans and foreign agreements,” noting that “40 percent of the remittances received by Iraqi exporters resulting from their exports abroad.
Selling prices in banking shops in local markets in Baghdad were recorded on Monday, 153,250 dinars, while the purchase price was 151,250 dinars per 100 dollars.
By mid-January 2024 the CBI is giving a time frame where the IQD CBI exchange rate will be one in the same as the market rate. That's all that matters. Let's see what that rate is by mid-January. The black market rate will be no longer...that shows great control of the CBI official exchange rate for their currency...
The goal to de-dollarize has been the goal all along of the monetary reform - to remove the American dollar from Iraq's banking structure. The fact that we are there is exciting.
1310 is actually a really good rate right now because it's good to keep control of the IQD exchange rate. By keeping it at 1310 until they're ready to pull the trigger, there's no profiteering. There's no reason to steal a dinar.As the CBI maintains the exchange rate value of the IQD it is affecting the rate of the USD verses IQD...The CBI is controlling the dinar...
Shafaq News/ On Monday, the Iraqi Prime Minister promised the Iraqis that the year 2024 would be a year of achievements.
Al-Sudani said in a statement distributed by his media office and reported to Shafaq News Agency: “I extend to our honorable Iraqi people my warmest words of congratulations, and I pray to God Almighty to protect them in our beloved Iraq.”
He added, “We enter a new year, in which we carry the aspirations of our people, hold out hope and determination, and renew our insistence that it be a year full of progress, work, and giving, and to carry on with what the government has committed to in its program and executive priorities, that it is a government of services, reform, and fulfillment of requirements and needs, which meet the aspirations of citizens everywhere.” From this dear country.
He continued, “Our new year will be (the year of achievements), God Almighty willing. It will be the year of transforming plans into work reality, and reaping and reaping the fruits of effort, in a way that meets the ambitions of our citizens everywhere.”
Banking Announcement of the CBI in Iraq: In an official statement from the CBI of Iraq, customers inside Iraq can receive the dollar with the permission of investors involved in the transaction. Otherwise, all transactions are to be done in the Iraqi Dinar going forward in order to enhance confidence in the dinar. This official statement is the new monetary policy that has been decided to begin on January the 2nd, 2024 per the Council of Ministries.
The Central Bank of Iraq has warned that some people are misusing the electronic payment cards it makes available to meet the legitimate natural needs of citizens.
The bank stressed its commitment to implementing strict measures to limit this phenomenon, protect the financial system, and ward off risks from it, indicating that it will include the names of bank card holders whose misuse or smuggling is caught on black lists and take legal measures against this group.
The bank noted that they will be deprived of issuing other cards and all financial products, and that all necessary measures will be taken against violators, based on the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 and the instructions and controls issued pursuant thereto.
CHINA AND SAUDI ARABIA HAVE SIGNED A LOCAL-CURRENCY SWAP AGREEMENT WORTH AROUND $7 BILLION, DEEPENING THEIR TIES AS NATIONS THROUGHOUT THE MIDDLE EAST AIM TO DIVERSIFY MORE OF THEIR NON-OIL TRADE AWAY FROM THE DOLLAR.