I already said this about the World Trade Organization - There is no certain exchange rate that you must have to get into the World Trade Organization. What they're looking for is an exchange rate that's very stable. Although...IMO I'm pretty sure they would prefer it if you didn't have so many zeros.
Is it possible the exchange rate of the Iraqi dinar increases and for whatever reason we can't benefit from it over here in the west?
...I want to make money off the Iraqi dinar but not at the expense of the Iraqi people. The thing that's most important is that the people in Iraq prosper from this, they've been suffering a long time... As far as the people in the west not getting a taste of this wealth, the only thing I can think of is the exchange rate changing and for whatever reason Iraq is still on sanctions so we have a hard time finding a place to exchange our Iraqi dinar because a lot of people aren't going to have the money to go fly elsewhere to exchange...That would be a scenario I think that could play out...
Iran Downplays The Impact Of Canceling The Operating Licenses Of Three Of Its Banks In Iraq: It Harms Baghdad
Economy Iraq Iran breaking Drains Cancellation of license 2024-02-05 Shafaq News/, Monday, Iran reduced the news that talked about stopping dealing with three of its banks in Iraq, and
while it indicated that two of those banks had their operating licenses originally canceled two years ago, one Iranian expert described the commercial situation in Iraq as “without law.” Some tribes have more power than the government.”
The Iranian Eqtisad News website said in a report translated by Shafaq News Agency, that the head of the Joint Iranian-Iraqi Chamber of Commerce, Yahya Ali Ishaq, touched on the issue of canceling Bank Melli’s license in Iraq, saying,
“In Iraq, we had three banks, namely Bank Melli, the Parsian Bank, and the Islamic Cooperative Bank.”".
The report pointed out that “Bank Melli and Parsian Bank have not had any currency transfers and transactions for two years, and therefore such news now would not affect the relations between the two sides and the currency market.”
The head of the Joint Iranian-Iraqi Chamber of Commerce, Al Ishaq, added, "As a result, this issue is not a new matter, and will not affect the financial transactions of businessmen, and there is no need to worry." Al-Ishaq concluded his speech by saying,
“It appears that the news that was published in cyberspace about the cancellation of Bank Melli’s activities in Iraq is nothing but the work of exploiters and brokers to stop the trend of decline in the exchange rate that began at the beginning of this week.”
For his part, an Iranian trade expert confirmed that “canceling the National Bank’s license has no impact on trade between the two countries,” noting that “commercial exchanges between Iran and Iraq take place in different ways.”
Muhammad Ali Nadib said in a statement to the Iranian Bazaar website and translated by Shafaq News Agency, “It cannot be said that canceling the bank’s license could have a special impact on Iran’s trade with this country.”
Pointing out that Iraq does not have a clear commercial law, Nadib said, “The government is not strong in this country and some tribes have greater authority than the government, and for this reason the commercial path of this country is different from other countries,” stressing that
“with this news, there will be no There is a change in trade with this country, and it will not happen, even if there is a problem for one of the two countries in trade, that country will be Iraq, not Iran,” he said.
The Iranian trade expert in Iraq stated that “most of Iran and Iraq’s exports are made through the Emirates,” stressing that “this news did not have a negative impact on the trade of the two countries, and exchanges between the two countries continue as before, and
therefore the exaggeration of this news came to increase the price of the dollar because this The news is baseless and has been exaggerated by beneficial people.” The Iranian expert concluded his speech by saying,
“This news has no special impact on trade or the currency market, but the price of the dollar has been affected by political tensions in the past few months,” pointing out that
“the Iranian government’s handling of the situation and reducing tensions has contributed, since the beginning of the week, to the improvement in the trend.” Towards a decline in exchange rates.
Article: "The Governor of the Central Bank of Iraq receives a delegation from the World Bank" Separate article quote: "The World Bank confirmed on Wednesday that the infrastructure for electronic payment systems in Iraq is the best in the region."
Article: "A government advisor details indicators of the efficiency of foreign reserves: Iraq is in the best financial condition" Quote: "All indicators of the efficiency of foreign reserves mentioned above indicate that Iraq today is in the best condition in its financial history."
Article: "A government advisor details indicators of the efficiency of foreign reserves: Iraq is in the best financial condition" Quote: "...The financial advisor to the Prime Minister, Mazhar Muhammad Salih, detailed indicators of the efficiency of foreign reserves, while confirming that they indicate that Iraq today is better off in its financial history"
Article: "Advisor to the Prime Minister: The financial situation in Iraq is stable and sound"
Quote: "Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Thursday, that the future outlook for the financial situation in Iraq is stable, while indicating that oil market indicators are still more than 10% above the price specified in the budget until now"
Article: "Romanowski regarding the US Treasury’s visit to Iraq: enhancing cooperation between the two countries”
Quote: “The United States and Iraq share the goal of supporting a sound and strong financial system in Iraq, which will attract investment and ultimately benefit the Iraqi people. She added: I am pleased with the visit of US Treasury Undersecretary Ryan Nelson to Iraq, stressing that this visit has strengthened this important cooperation."
Article: " The Credit Bank of Iraq achieves a profit of 17.5 billion dinars during the year 2023”
Quote: "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 profits grew by 63.5% during the year 2023 compared to the year 2022, which reached 10.7 billion dinars ”
Clare: With the closure...the dollar price decreased
1/20/2024
The main stock exchange in the capital, Baghdad, closed today, Saturday, due to the decline in the exchange rate of the dollar against the Iraqi dinar.
Selling prices in money exchange shops in local markets in Baghdad reached 153,250 Iraqi dinars for 100 dollars, while purchasing prices reached 151,250 dinars for 100 dollars. LINK
The Governor Of The Central Bank Announces The Imminent Launch Of A Mechanism For Selling The Dollar
06/02/2024 2480 views The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday, that the electronic payment file is a high government priority, and while he indicated a significant decrease in inflation compared to the beginning of 2023, he announced the imminent launch of a special mechanism for selling the dollar to ensure that it reaches real travelers only. Al-Alaq said,
“The Central Bank and the government give high priority to the issue of electronic payment because of its important economic repercussions and raising the level of transactions away from excessive use of cash,” noting that
“the Iraqi economy is a cash economy par excellence and the electronic payment process aims to significantly reduce the degree of economic cash cash.”. He added,
"The Prime Minister is very supportive of the process of converting to electronic payment and holds successive and continuous meetings in order to strengthen the procedures related to this issue.
We have made important progress in arranging electronic payment at the level of collection and payment in state institutions, in addition to that the Council of Ministers approved a number of important packages and decisions." Which facilitates this process and does not burden the citizen with the resulting commissions.”
He stated that “the Central Bank has a broad strategy in the electronic payment file and has developed the infrastructure and covers any type of electronic payment, whether by cards, via mobile phone, or other means,” indicating that “the Central Bank is also working on a strategy of financial inclusion and increasing users of financial services.”.
He continued, "There are direct decisions issued to support the use of electronic payment, including obliging government agencies to make payment and receipt through cards, and
also linking the process of renewing licenses in stores and approving them in buying and selling operations with the incentives granted, especially the government decision to bear 50%, which will make it marginal." At the same time, Al-Alaq stressed that “the Central Bank is working to complete the establishment of Riyada Bank, which will focus on supporting small projects by relying on the use of financial services away from cash dealing.”
He stated that "the indicator of the success of monetary policy in any country is controlling the general level of prices and reducing inflation," explaining that
"inflation has now decreased significantly compared to the beginning of 2023, which indicates, as the US Treasury Assistant stated a few days ago, that
the low level of inflation indicates... Foreign trade is covered by the official rate, and foreign financing operations take place smoothly, and all importers and traders can obtain and control the dollar at the official rate.”
He pointed out, "The Central Bank's adherence to the rules and principles of external transfer in accordance with the conditions and requirements it set and its insistence on implementing them is what prompted many hesitant merchants to enter the platform for selling foreign currency, especially since using it is easy and safe and it provides them with the dollar at the official rate."
Al-Alaq pointed out, “The Central Bank confirms the possibility of meeting all requests for the dollar, whether personal, commercial, or any kind, as long as they are valid and legitimate, and
this is strongly supported by the size of the foreign reserves present at the Central Bank.” He pointed out, “The Central Bank has no problem with offering or selling the dollar, and it does not place restrictions on sales operations at all.
It has never specified for the bank how much it can buy a dollar, nor has it set an upper or lower limit for a merchant, importer, or user of the dollar, or any other limit.”
This gave the impression that there was no problem in responding to demand for the dollar and that speculation was useless because the rules for this speculation were not available and incorrect.” He added,
"Some groups are still trying, from here and there, to stay away from the platform for various reasons, whether to evade taxes, customs, etc., or for the presence of illegal trade, as the drug dealer cannot transfer it through the central bank, or if it is corruption money, it cannot be transferred." Through the Central Bank.
He pointed out that "the Central Bank is in a comfortable position to respond to requests to buy the dollar and we have sufficient reserves.
On the other hand, there are some countries that do not have sufficient reserves to respond to demand, and thus they have a large difference in the price between the parallel and the official price."
Regarding providing the dollar to travelers, Al-Alaq said,
“After the experience we had in how to sell the dollar to travelers and citizens, we found many observations, including that it is difficult for the real traveler to obtain the dollar, and therefore we had a meeting in this regard, and we will finalize a new mechanism after developing its programs related to this.” The subject, according to which only the real traveler will receive the dollar.”
He stated, "One of the things that helped calm and reassure the market is the stability of the exchange rate and the central bank's provision of payment options after currencies such as the euro, the dirham, the Turkish lira, and the Indian rupee, which are expanding." https://www.nrttv.com/ar/detail3/23091
3 LETTER GUYS ARE INDICATING THAT THE DINAR RATE IS STILL SET FOR $4.81 BUT MAY TEMPORARILY INTRODUCE LOWER...THEY ARE "WATCHING THE CLOCK"
REPORTS ARE COMING IN THAT THE PACE OF THE RATE INCREMENTS HAS INCREASED....LATER THIS WEEK LOOKS EXTREMELY FAVORABLE. EXTREMELY!!!
GOOD NEWS: A TOP SOURCE SAYS THAT THE BOMBINGS WERE "ACCOUNTED FOR" IN THE PLANNED RELEASE OF THE RV. SO, IT APPEARS THAT EVERYTHING IS "ON SCHEDULE" AS WE WERE INFORMED.
3-LETTER GUYS ARE INFORMING THAT THE "ISSUE" STOPPING THE RV HAS BEEN RESOLVED...
[via Babysmom] ..."EFFECTIVE 1/1/24 (BUT STARTED ALREADY) DEALERS (USA) CAN ONLY SELL YOU $1,000 WORTH OF DINAR PER 24 HOUR DAY. THAT'S NOT EVEN 1 MILLION DINAR TODAY."
[via Babysmom] ..."BANKERS CAN SEE RATES..."NOW" EVEN THOUGH THEY HAVE TO WAIT ON FOREX TO OPEN FOR THIS WEEK...WOOOOO HOOOOOO"
US BANKS HAVE THE RATES, SAID THEY WERE WAITING FOR FOREX TO LOAD BEFORE THEY CAN START ...THEY "THOUGHT" IT WOULD BE AT OPENING ON SUNDAY EVENING, BUT NOT YET. FEDERAL RESERVE IS SENDING ALL STAFF IN TOMORROW NIGHT TO OBSERVE THE "TRANSACTION" .
.. .I DO "BELIEVE" THAT IT HAS BEGUN!! RATES DID CHANGE IN IRAQ LAST WEEK...MAYBE AGAIN OVER THE WEEKEND?
WAITING TO HEAR FROM SOME FOLKS WHO WERE EXCITED LAST NIGHT AND WERE LOOKING TO SEE SOMETHING (BEHIND THE SCENES) THROUGHOUT THE NIGHT...TIME WILL TELL
The expected RV is now scheduled. Good news. This morning Iraq citizens were told in the next couple days. Sudani told ppl the rate is going to change in the next couple of days. I also go this from Tish she was watching in Iraqi tv. The RV was supposed to occur last nightThurs. 14 Dec.
Supposedly, the reason it didn’t is the U.N. filed a motion to take over the entire process. The judge denied the U.N. motion. It didn’t make any sense b/c the IMF already released it to the counties. Every country has money, reserved currency, and is waiting to go live. Our window of time is 4:30pm Eastern Fri. 15 evening until 5:00 pm Eastern Sun 17 Dec.of when this could go through. In Iraq today the Kurdistan region was told that today was the last day they can turn in three zero notes and actually get 25,000 dinar for a 25,000 note.
Sudani was telling ppl this morning in a town hall type of meeting that the rate is going to change in the next couple of days. The last day the rate changed was the 20th of December. If Iraq says today is last day, 4:30 EST is the next day Iraq time ~ a few minutes past midnight. They wanted to do it at 1:00 am eastern. This is how they want it to go down. In Iraq everyone is off Monday and Tuesday so they can go vote and the budget will be released onTuesday.All the money.
Always said they wouldn’t do that until the rate was changed. This hopefully will be our weekend. People who had bank appointments this weekend were told that there would be no fees during the exchange. If you go to the teller window, there will be fees. There is no turning back. US has released it. IMF released to each country so when it goes, they can start exchanging. The money is in place so they can operate with it. They can’t wait. Sudani saying in acouple of days.
Fri. 8 Dec. TNT: It was supposed to goThurs. night 7 Dec.Everyone was waiting on the IMF to release it. After a meeting earlier todayFri. 8 Dec,contacts said it will happen byMon. 11 Dec. Sun. 10 Dec. is Iraq’s Victory Day, so Tony thinks it might happen then.
People that have already contacted their banks are being called in to go over the procedures for the exchange, interest rates they would pay them, debit and credit cards that will be available to them, etc. Banks are acknowledging that it is happening and that they want people to choose them.
GOOD NEWS: A TOP SOURCE SAYS THAT THE BOMBINGS WERE "ACCOUNTED FOR" IN THE PLANNED RELEASE OF THE RV. SO, IT APPEARS THAT EVERYTHING IS "ON SCHEDULE" AS WE WERE INFORMED.
3-LETTER GUYS ARE INFORMING THAT THE "ISSUE" STOPPING THE RV HAS BEEN RESOLVED...
[via Babysmom] ..."EFFECTIVE 1/1/24 (BUT STARTED ALREADY) DEALERS (USA) CAN ONLY SELL YOU $1,000 WORTH OF DINAR PER 24 HOUR DAY. THAT'S NOT EVEN 1 MILLION DINAR TODAY."
[via Babysmom] ..."BANKERS CAN SEE RATES..."NOW" EVEN THOUGH THEY HAVE TO WAIT ON FOREX TO OPEN FOR THIS WEEK...WOOOOO HOOOOOO"
US BANKS HAVE THE RATES, SAID THEY WERE WAITING FOR FOREX TO LOAD BEFORE THEY CAN START ...THEY "THOUGHT" IT WOULD BE AT OPENING ON SUNDAY EVENING, BUT NOT YET. FEDERAL RESERVE IS SENDING ALL STAFF IN TOMORROW NIGHT TO OBSERVE THE "TRANSACTION" .
.. .I DO "BELIEVE" THAT IT HAS BEGUN!! RATES DID CHANGE IN IRAQ LAST WEEK...MAYBE AGAIN OVER THE WEEKEND?
WAITING TO HEAR FROM SOME FOLKS WHO WERE EXCITED LAST NIGHT AND WERE LOOKING TO SEE SOMETHING (BEHIND THE SCENES) THROUGHOUT THE NIGHT...TIME WILL TELL
The expected RV is now scheduled. Good news. This morning Iraq citizens were told in the next couple days. Sudani told ppl the rate is going to change in the next couple of days. I also go this from Tish she was watching in Iraqi tv. The RV was supposed to occur last nightThurs. 14 Dec.
Supposedly, the reason it didn’t is the U.N. filed a motion to take over the entire process. The judge denied the U.N. motion. It didn’t make any sense b/c the IMF already released it to the counties. Every country has money, reserved currency, and is waiting to go live. Our window of time is 4:30pm Eastern Fri. 15 evening until 5:00 pm Eastern Sun 17 Dec.of when this could go through. In Iraq today the Kurdistan region was told that today was the last day they can turn in three zero notes and actually get 25,000 dinar for a 25,000 note.
Sudani was telling ppl this morning in a town hall type of meeting that the rate is going to change in the next couple of days. The last day the rate changed was the 20th of December. If Iraq says today is last day, 4:30 EST is the next day Iraq time ~ a few minutes past midnight. They wanted to do it at 1:00 am eastern. This is how they want it to go down. In Iraq everyone is off Monday and Tuesday so they can go vote and the budget will be released onTuesday.All the money.
Always said they wouldn’t do that until the rate was changed. This hopefully will be our weekend. People who had bank appointments this weekend were told that there would be no fees during the exchange. If you go to the teller window, there will be fees. There is no turning back. US has released it. IMF released to each country so when it goes, they can start exchanging. The money is in place so they can operate with it. They can’t wait. Sudani saying in acouple of days.
Fri. 8 Dec. TNT: It was supposed to goThurs. night 7 Dec.Everyone was waiting on the IMF to release it. After a meeting earlier todayFri. 8 Dec,contacts said it will happen byMon. 11 Dec. Sun. 10 Dec. is Iraq’s Victory Day, so Tony thinks it might happen then.
People that have already contacted their banks are being called in to go over the procedures for the exchange, interest rates they would pay them, debit and credit cards that will be available to them, etc. Banks are acknowledging that it is happening and that they want people to choose them.
