Iraqi Dinar ✅ Redemption Centre Screen Show IQD Exchange Rate $4 to $5 I...

The Dollar Fluctuates In The Iraqi Stock Exchanges.. And An Economist Shows: There Are 10 Influential People Who Control The Parallel Market, 29 JAN

 The Dollar Fluctuates In The Iraqi Stock Exchanges.. And An Economist Shows: There Are 10 Influential People Who Control The Parallel Market

Posted On01-28-2024 By Sotaliraq    

The dollar exchange rates throughout Iraq witnessed a slight decline and fluctuation at descending levels for a week, which left impressions on the Iraqi street and doubts about controlling the rise in the dollar exchange rates.

On Friday evening, the exchange rates of the US dollar remained near the level of 151,000 dinars per $100 note on the main stock exchanges in Baghdad, with slight differences in the offices of exchange companies from one region to another. While dollar prices recorded a decline in Baghdad yesterday, Thursday, on the Baghdad stock exchanges, recording 151,500 Iraqi dinars for every 100 dollars.

The Central Bank of Iraq has relied on the dollar auction for years, as one of the tools to adjust the exchange rate of the Iraqi dollar and prevent speculation in it. 

However, with the arrival of the government of Prime Minister Muhammad Shia al-Sudani, financial revenues improved due to the significant rise in oil prices, and with the Russian-Ukrainian war entering its second year, a crisis emerged. The rise in dollar prices, which agitated all sectors of society and led to an unprecedented increase in commodity prices.

Creating a parallel market

Despite the fact that Iraq sells its oil smoothly to global markets, and receives its value in dollars. Then the journey of converting the dollar into the Iraqi dinar begins towards the local markets, but experts confirm that there is a depletion of hard currency, and it can be compensated for with more modern measures to preserve the value of the local currency and control the official price of the dollar.

Member of the Parliamentary Finance Committee, Mustafa Al-Karaawi, explains, “There is no official decline, according to the financial releases that occur.” Noting that, “If the dollar is available, its price will decrease, but if there are amendments to the procedures by the government, it will return to an increase.”

Al-Karaawi added in an exclusive interview with Al-Mada: “The Central Bank must be serious about implementing a plan to control the dollar exchange rate, as its plans have not yet reached the level of ambition.”

He continues, “If correct mechanisms are applied and the exchange outlets are controlled, as well as control over imported goods and foreign remittances, the government can control the exchange rate of the dollar, as it will have special uses, which will make there a lack of demand for the dollar.” Continuing his speech, he said, “The lack of an electronic system that facilitates the financial transfer process made companies and merchants resort to using the so-called (parallel market).”

Financial Currency Balance

Specialists confirmed that speculation occurs in the parallel market with the publication of inaccurate information that leads to raising or lowering the price of the dollar, and they pointed out that lowering the price moved the solid dollar among individuals and pushed them to sell it for fear of its continued decline.

While economic expert Abdul Salam Hassan explained, “The dollar will remain a moving market due to the lack of a stable basis for it.” Pointing out, “The hard currency in Iraq is unstable, and in the next few days the dollar exchange rate will return to rising, because we do not have a balance for the financial currency, and there is no definition of a correct mechanism for trading.”

Hassan added in his interview with (Al-Mada), “If I had 100,000 US dollars, through which I would be able to control the market, what about the influential people in the market who have many interests, as the number of these influential people does not exceed 10 people and they are the ones who control the currency market in Iraq?”

The economic expert continues his speech by saying, “The control of the parallel market over financial transactions in the country is due to the absence of a parallel market for it in the local currency, and this is what makes solutions non-existent. We, as specialists, have been given a fixed mechanism for Iraqi financial liquidity through which the dollar exchange rate is controlled, and the exchange rate of the dollar has been determined.” A date to consider this proposal by the Council of Ministers, but private interests are the ones who created the parallel market that destroyed the country’s economy.”

It is noteworthy that for more than a year, and specifically since the start of the Central Bank’s work on the electronic platform and the international financial transfer system “SWIFT”, the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel markets.  LINK

"ANALYSIS OF IRAQ NEWS" “IT WAS MUCH MORE THAN THAT… AND THIS WAS MAINLY DUE TO THE CONTRACTS SUDANI SIGNED IN 2023.” BY FRANK26, 29 JAN

 “IT WAS MUCH MORE THAN THAT… AND THIS WAS MAINLY DUE TO THE CONTRACTS SUDANI SIGNED IN 2023.”…………F26

The Credit Bank of Iraq achieves a profit of 17.5 billion dinars during the year 2023

1/26/2024

The Credit Bank of Iraq achieved a profit of 17.5 billion dinars during the year 2023.

The bank announced its financial budget for the year 2023. Its assets rose to 507.7 billion dinars, while it was 406.7 billion dinars in the year 2022, a growth rate of 24.8%.

The bank’s revenues amounted to 27.1 billion dinars, divided into 18.3 billion dinars resulting from banking interest revenues and 3.7 billion dinars through banking commission revenues, in addition to revenues from the dollar and capital platform.

The bank’s profits grew by 63.5% during the year 2023 compared to the year 2022, which reached 10.7 billion dinars.   LINK

Iraqi dinar 🔥 Iraqi dinar very close to finish line it’s a big move 🔥 di...

Egypt operates a trade line with Iraq and Jordan to transport goods to Europe and America, 29 JAN

 Egypt operates a trade line with Iraq and Jordan to transport goods to Europe and America

The Egyptian Ministry of Transport has operated the first phase of the Arab integrated multimodal logistics trade line between Egypt, Jordan and Iraq, to serve the transport of goods in the Gulf countries to the ports of European and American countries.

Goods pass through the connection between the ports of Aqaba and Nuweiba on the Gulf of Aqaba, including by land – currently – through Sinai through the Nuwayba road, and from there to the ports of Al-Arish, East Port Said, Damietta and Alexandria, which is the land part of the Taba Al-Arish Logistics corridor, in order to exploit direct maritime services between Egyptian, European and American ports, through the Egyptian Ministry of Transport in cooperation with the Iraqi and Jordanian ministries of transport.

Goods are transported through trucks from Iraq and Jordan to the port of Aqaba in Jordan, then the trucks cross freely inside the ships to the port of Nuweiba, then by land through the Nuweiba road, the tunnel passing through Sinai to reach the ports of East Port Said, Damietta and Alexandria, and then shipped in ships to European and American ports.

The Taba-Al-Arish – Bir Al-Abd Railway – Al-Fardan Railway is being constructed with a length of 500 kilometers, to increase the volume of goods targeted for transport from the Gulf, Iraq, Jordan and Jordan to Europe and America within the second phase of the integrated Arab Trade Line, and trucks in the ports of Nuweiba and Taba will be replaced by railway trains, which increases goods through railway lines that connect with all Egyptian ports.

It was operational at the beginning of January 2024, as Egypt amended all the necessary customs legislation to facilitate and increase direct international transit movement through the Egyptian state through the infrastructure of ports and road and railway networks. The Egyptian Ministry of Transport also joined the “Tir” and “Vinna 1968” agreements, which facilitate the entry of foreign trucks to cross inside Egyptian territory in the shortest possible time.

The line is the fastest in arrival time, the least expensive and the easiest in procedures and opportunities, and it also contributed to the link between Jordan, Iraq and the Gulf countries, through the Nuweiba seaport to the Egyptian ports overlooking the Mediterranean Sea and from there to the European market.

For his part, the Egyptian Minister of Transport, Lieutenant General Kamel Al-Wazir, confirmed, according to the Egyptian Day Seven, that the operation of this line came based on coordination between the Egyptian Ministry of Transport and the Jordanian and Iraqi ministries of Transport through the strategic partnership with the Arab Bridge Shipping Company. Its operation also comes in light of the directives of President Abdel Fattah Al-Sisi, President of the Republic, to transform Egypt as a center for global trade and logistics, and the implementation by the Ministry of Transport, an integrated plan for the development and development of international multimodal transport hubs (land – railway – river – sea) and within the framework of the Taba- Al-Arish logistics corridor, which is currently being implemented within 7 integrated international development corridors.

https://mawazin.net/Details.aspx?jimare=241195

"ANALYSIS OF IRAQ NEWS: “THE NEW EXCHANGE RATE OF THE NEW MONETARY REFORM IS DEVELOPING MANY NEW ECONOMIC PARTNERSHIPS!" BY FRANK26, 29 JAN

 “THE NEW EXCHANGE RATE OF THE NEW MONETARY REFORM IS DEVELOPING MANY NEW ECONOMIC PARTNERSHIPS!!!”………..F26 

The Prime Minister confirms that Iraq is moving towards major development and strategic projects and productive economic partnerships

1/25/2024   Baghdad

Prime Minister Muhammad Shiaa Al-Sudani confirmed on Thursday that Iraq is moving towards major development and strategic projects and productive economic partnerships.

The Prime Minister’s Media Office stated in a statement, seen by Al-Iqtisad News, that “Prime Minister Muhammad Shiaa Al-Sudani received, this evening, Thursday, a delegation of secretaries and governors of Arab capitals headed by the Secretary-General of the Arab Cities Organization, Abdul Rahman Hisham Al-Asfour, and Al-Sudani welcomed the The meeting began with the Arab guests and their meeting that was held in Baghdad after a break that lasted more than three decades, stressing Baghdad’s permanent readiness and ability to host all its guests, whether they are Arab brothers or friends.

The Prime Minister affirmed – according to the statement – “Iraq is moving towards major development and strategic projects and productive economic partnerships,” noting that “the government in Iraq has placed as its top priority the comprehensive improvement of Baghdad and the rest of Iraqi cities, as well as openness to the successful experiences of brothers and friends, in Regarding reliance on technology and advanced methods for urban development and all service sectors.”

Al-Sudani stated, “At a time when we are searching for the best ways to develop and advance our cities, Gaza stands out before us because of the systematic destruction and devastation it is suffering from, and the lack of the most basic means of livelihood, due to the aggression and inhumane crimes committed by the occupation authorities against our Palestinian people there.” He reiterated his support for “establishing a fund to support and reconstruct the Gaza Strip after the cessation of the aggression, which is the initiative launched by Iraq during the 2023 Cairo Peace Summit, which was held last October, and was greatly welcomed.”  LINK

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