Remittances of currency abroad rise to $185 million in CBI’s auction
At the Central Bank of Iraq’s (CBI) auction on Thursday, foreign currency remittances increased by 88% as compared to cash sales, totaling $185 million.
At an exchange rate of 1305 Iraqi dinar per US dollar, the CBI sold $208,407,735 on Thursday at its auction for the purchase and sale of US currency for foreign settlements for debit and credit cards as well as letters of credit.
For cash sales and international transfers, the CBI offered US dollars at an exchange rate of 1310 Iraqi dinars.
The majority of the CBI’s US dollar sales, which were directed toward improving accounts overseas through letters of credit and transfers, came to $185,517,735, an 88 percent increase above cash sales of $22.89 million.
Six banks purchased US dollars with cash, while sixteen institutions complied with requests to increase foreign holdings.
The CBI’s auction featured 69 brokerage firms and currency exchange outlets.
Question "Just be blunt...Make it simple. If someone holds a million dinars what is the most one can get from this amount over the next several years?" I've been blunt about this...It depends on how long you hold it.
Let's say it starts to go up in increments like I think it's going to happen, you have to look at your 1 million dinar and think to yourself,'Am I going to be happy with the current exchange rate.'
It really depends on when it gets to a rate that you like. As long as they can stay out of conflict, continue moving forward like they have with reform, getting back in the World Trade Organization, showing back up on Forex, these things are very important on give value to the Iraqi dinar.
The Baghdad dollar ends its week near 152.5.. The money changers felt “the tension has ended” with the Americans
The US dollar’s exchange rates ended the week steady on Thursday night, hovering around 152.5 thousand dinars for every $100 note. This level of stability has persisted for almost two weeks, in part because market observers were bullish about “the disappearance of the specter of security tension” between Washington and Iraq.
This evening, the direct selling prices per note at the major exchange businesses and their offices in the Baghdad districts varied from 152,400 to 153,500 dinars, while the purchasing prices ranged from 152,200 to 151,500 dinars.
The following currency rates were available at exchange company offices in Baghdad areas:
Iraq is a border country with Kuwait. Iraq is considerably larger than Kuwait...They have massive amount of oil...liquid natural gas...gold...some of the biggest mineral deposits in the world that Kuwait does not have. You have to ask, why did they bring this up? - Article quote: "The Kuwaiti dinar ranked on the throne of currencies in the world for the year 2024 while the US dollar came in last place on the list of 10 strongest global currencies ...the dinar of the Gulf State is divided into 1,000 smaller units known as fils."
Iraq does not have fils. They're going to be talking about fils because why? Because...Al-Sudani has stated the dinar is stronger than the dollar. They're going to need to be able to make change...When they bring this up with Iraq's situation I think they're doing it in a manner that suggests the region can support Iraq having a strong currency stronger than the dollar..
UNAMI: Plasschaert's departure from Iraq has nothing to do with allegations of corruption in the United Nations mission
On Wednesday, the United Nations Mission in Iraq (UNAMI) issued a clarification regarding what it called “misleading information” regarding the departure of the Special Representative of the Secretary-General of the United Nations, Jeanine Hennis-Plasschaert, indicating that the departure is a practice followed by the usual rotation of senior officials and has nothing to do with reports about... Corruption in the mission.
The mission said in a statement received by Shafaq News Agency, “UNAMI would like to set the record straight regarding the misleading reports that were recently circulated in a number of traditional Iraqi media and social media regarding the departure of Ms. Jeanine Hennis-Plasschaert, Special Representative of the Secretary-General of the United Nations.” United Nations and Head of the United Nations Assistance Mission for Iraq (UNAMI) in May.
UNAMI stressed that “the departure of the Special Representative of the Secretary-General in May is consistent with established practices within the United Nations, including the usual rotation of senior United Nations officials.”
Regarding The Guardian’s report on corruption allegations, the United Nations Development Program (UNDP) issued a statement on 23 January 2024. “Furthermore, we would like to emphasize that UNAMI and UNDP have different administrative and financial structures.”
UNAMI called on the media to “prioritize accuracy and refrain from circulating misleading information. More broadly, the impact of false and misleading information cannot be overestimated.”
On Tuesday, January 23, in a shocking report, the British newspaper "The Guardian" revealed the truth about major suspicions of corruption by the United Nations in its development program in Iraq, stressing that the United Nations has fueled the culture of bribery that has permeated Iraqi society since the overthrow. With Saddam Hussein in 2003.
The British newspaper "The Guardian" said, "United Nations employees in Iraq are demanding bribes in exchange for helping businessmen win contracts for reconstruction projects in the country."
The Guardian newspaper found that UNDP employees “demanded bribes of up to 15 percent of the contract value,” according to three employees and four contractors.
In return, the employee helps the contractor navigate the complex UNDP bidding system to ensure it passes the audit process.
One of the contractors, without The Guardian revealing his identity, said that UNDP employees “contacted them demanding bribes.” link