Iraq Is Experiencing High Price Stability And The Decline Of Parallel Market Noise
Time: 02/12/2024 15:02:46 Read: 949 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq “is experiencing a state of price stability.”
Saleh told Al-Furat News Agency: “The country is experiencing a high state of stability at all price levels, whether in terms of the general level of prices and low inflation growth rates, or in terms of the broad influence of the central exchange market and the foreign currency window in stabilizing the commodity supply prices of goods imported into the country and integrating “The capabilities of the official central exchange market in providing broad financing to the private sector at the fixed exchange rate for foreign trade of 1,320 dinars per dollar.”
He pointed to "high flexibility, whether in applying compliance procedures or in methods of external transfer in various currencies, which has begun to affect the decline of the parallel market and reduce the level of price noise that it previously caused on price stability." LINK
...You don't need to go to a Redemption Center...I bank out of Wells Fargo. I went in there, talked to my manager. He said this if the exchange rate is very large and you end up making a lot of profit off it, 'All you got to do is call, let me know when you come in or just walk in, wave to me so I see you and tell me that you're coming to exchange your currency. We will go ahead and run it through the machine to make sure it's not counterfeit...once we say it's all good we deposit it directly into your account.' ...They don't ask for a receipt. They don't ask where you got it from. They don't ask you about any of that...
I've been following the Vietnam dong closely. With all these corruption cases going on, we're talking about several politicians being sent to jail or going to court. With them cleaning up so much of their corruption I've really been paying attention to the markets and seeing if there's any news coming out about a possible change in exchange rate. I'm not saying it's going to happen but if these are the same people that's holding it down...hopefully they'll allow the exchange rate to increase...It's looking pretty good over there in Vietnam.
Zimbabwe's Finance Minister announced new measures to stabilize its local currency in an online press briefing held Monday. Zimbabwe to back its currency with hard assets such as gold to end exchange-rate instability, Finance Minister Mthuli Ncube said. "The idea going forward is to make sure that we manage the growth of liquidity which has a high correlation to money supply growth and inflation. The way to do that is to link the exchange rate to some hard asset such as gold," said Ncube. He also announced a conference of African ministers that Zimbabwe will host at the end of this month.
China CBDC Pilot Program Beats West to the Punch. Chinas Ministry of Commerce has announced the pilot run of the country's central bank-backed digital currency in major cities, including Beijing, Hong Kong, and Macau. Bitcoin and Facebooks Libra cryptocurrency may eventually be in competition with central bank digital currencies. Source:www.securities.io, www.forbes.com
This invention is a system that teleports a human being through hyperspace from one location to another using a pulsed gravitational wave traveling through hyperspace. Source:patents.google.com
An innovative new answer to the problem of election integrity has been developed that leverages the advantages of blockchain technology to provide one of the most remarkably sophisticated digital voting systems to date, By relying on a crypto-tokenization system (in which every token represents a virtual ballot). Farsight's platform relies on a principle of zero trust, eliminating the dependence on static voting mechanisms to provide equal power and authority to users, assets, and resources. Source: www.marketwatch.com
Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar. Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold. Sources: news.bitcoin
Brazil's G20 presidency is focused on leveraging its influence to drive essential reforms within the IMF and the World Bank. The nation aims to enhance the representation of emerging economies, including the BRICS nations, in these institutions. Additionally, Brazil is exploring alternative financial mechanisms like the BRICS Bank to complement the existing global financial architecture. This proactive approach seeks to create a fairer and more inclusive global economic order.
FIREFLY: So far we are not seeing the lower notes but they talk to us about them every day.They just talk to us about them and why we'll need them.
FRANK: They are talking to you about the lower notes and coins because they are about to show them to you next week or the week after. I believe your bank friend will show you something in the sense of pictures...Take as many pictures as you can.
FIREFLY: A representative from the CBI is talking to us in great detail about the new coins they will be giving us with the new currency notes...He said to us once again, the process to delete the zeros is in the process. It made us smile. He said this process is occurring because the lower notes will not be needed if the rate wasn't increasing.
He said if the CBI didn't come out with these lower notes the monetary reforms would be a disaster. He said that's why we need a change in our rate...
Experts: The Dollar Crisis Will Only Be Solved Through The Private Banking Sector And Moving The Wheel Of Industry
Economy | 02/11/2024 Mawazine News – Baghdad Economic affairs specialists have identified a number of factors that would control the exchange rate of the parallel dollar, stressing that granting the private industrial sector financial and administrative facilities could lead to moving the wheel of production and reducing imports that are financed with the parallel dollar from the black market, stressing The importance of doubling loans that would establish a production base capable of meeting the local market’s requirements for goods and materials.
Economic calls have increased remarkably, demanding that loans and credit facilities granted by banks to the private sector be directed towards activating and increasing production processes, indicating that these facilities exceeded 50 trillion dinars last year 2023, but they did not contribute to increasing gross domestic product rates, stressing at the time He stressed the importance of building more bridges of trust between investors, businessmen and companies with government and private banks with the aim of facilitating the granting of loans directed towards increasing local production.
The specialists' calls come at a time when the government has intensified its efforts to eliminate the rise in exchange rates in the parallel market, which has greatly affected the movement of buying and selling goods and materials in the local markets.
Following a package of decisions that contributed to closing the gap that occurred earlier between the official and the parallel dollar, A government source revealed earlier that electronic cards were issued to small merchants with a ceiling of $100,000 per month.
The new government step was met with economic welcome, which emphasized the importance of this measure in eliminating the significant rise in parallel exchange rates and reducing the jumps in the green currency, in addition to its importance in covering the prices of imported goods at the official dollar rate, thus achieving great stability in the local markets.
Economist Manaf Al-Sayegh believes that “a large part of the solution lies in establishing a large production base capable of meeting the requirements of local markets and blocking the path to import operations that require huge sums of money from the dollar,” pointing out the necessity of “developing a strategic plan that begins in the form of stages that include the advancement “The high quality of the industrial and agricultural sectors, which constitute the backbone of the national economy.”
Al-Sayegh also urged “the importance of the strategy including real steps to reform the banking and financial system in the country, and adapting it in a way that can be parallel to what developed countries have achieved in banking transactions, as well as moving towards reforms related to the trade balance, which can stimulate the movement of local production and exports.” National economy, thus significantly reducing the demand for the parallel dollar, pointing out that creating a balance between exports and imports is an important step to revitalize the national economy and enable it to achieve growth in all its sectors, thus diversifying sources and significantly reducing dependence on the oil sector.
In turn, the economic expert, Nabil Al-Marsoumi, explained that the decline of the dollar index against the Iraqi dinar is on its way to decline, pointing to the seriousness of the monetary authority in diversifying currency reserves, as well as expanding the circle of payments from other currencies, not to mention simplifying and concise access to the electronic platform. .
Al-Marsoumi stressed "the importance of resolving problems related to trade with neighboring countries, by finding other ways to trade with those countries in order to find a close price between the official and the parallel dollar."
The Governor of the Central Bank had confirmed that “the indicator of the success of any country’s monetary policy 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 that foreign trade is covered by the price.” And that foreign financing operations are taking place smoothly, and all importers and traders can obtain the dollar at the official rate and control it.”
Al-Alaq pointed out that “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 has prompted many hesitant merchants to enter the platform for selling foreign currency, especially since its use is easy and safe and it provides them with the dollar at the official rate.”
Al-Alaq pointed out that “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.”
