Tuesday, March 26, 2024
Adviser To The Prime Minister: The Decline Of The Dollar Is An Indicator Of The Strength Of The Dinar And A Tangible Success Of Economic Policy, 26 MARCH
Adviser To The Prime Minister: The Decline Of The Dollar Is An Indicator Of The Strength Of The Dinar And A Tangible Success Of Economic Policy
Time: 03/21/2024 Read: 4,381 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed the strength of the dinar against the dinar after a relative decline in the exchange rate. Saleh told {Al-Furat News} agency,
“We indicate the strength of the Iraqi dinar, expressed in the decline in the parallel market rates of exchange in favor of the official exchange rate, a tangible success in the cohesion of the country’s economic policy in its three aspects: monetary, financial, and commercial, in providing a coherent climate of stability in the general level of prices.”
And containing seasonal price fluctuations for high-demand items, specifically providing basic food commodities that have low price elasticities of demand because they are necessary commodities associated with consumption and daily living.”
He noted "the importance and speed of customs procedures, which were represented by (reducing customs tariffs and diversifying imports without quantitative limits for necessary goods) as part of the performance of the financial policy in supporting price stability and ensuring the supply of food and essential goods and production supplies at the official exchange rate and in accordance with the requirements of the national economy."
The Parliamentary Finance Committee had expected the dollar price to continue to decline as the results of the measures taken by the Central Bank of Iraq to limit the rise in the foreign currency began to appear.
The dollar exchange rate a few days ago was about 1,500 or 1,490 thousand dinars to the dollar.
"RV UPDATE" BY PIMPY, 26 MARCH
Pimpy
People always say, Oh, you know, President Bush said the Iraqi dinar will pay for the war itself. No, what he said was Iraq would pay for the war itself, not the Iraqi dinar. They're talking about the oil. It wasn't even Bush that said that...
Once they re-denominate the old currency is no longer any good. You can exchange it for the new lower bank notes but your higher bank note doesn't have any extra or more purchasing power or more valuable than the new notes.
One of those myths that are out there...Executive order 13303...If you're a new persons investing into the Iraqi dinar you will hear...we're allowed to invest in Iraqi dinar because George Bush signed executive order 13303... Nowhere in executive order 13303 does it state such a thing...Having said that, it doesn't mean you can't invest in Iraqi dinar...Obviously investing in currencies are a thing but nothing in these orders at all say that Bush gave you the right to invest in the Iraqi dinar.
Monday, March 25, 2024
The Prime Minister's Advisor Announces The Decline In The Effects Of The Parallel Market And The Decline In Its Activity , 26 MARCH
The Prime Minister's Advisor Announces The Decline In The Effects Of The Parallel Market And The Decline In Its Activity
Economy Yesterday, 15:07 Baghdad - INA - Nassar Al-Hajj The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, announced today, Sunday, the decline in the effects of the parallel market and the decline in its activity, while revealing the reasons for the decline in the dollar’s exchange rate against the dinar, and the importance of monetary policy and its imposition of a climate of stability at the general level.
Saleh said to the Iraqi News Agency (INA):
“Economic policy played a major role in imposing a climate of stability in the general level of dollar exchange rates,” indicating that
“the state of superiority of the official exchange market in financing Iraq’s foreign trade caused a decline in the effects of the parallel market and a decline in its illegal activities.” Legal".
He pointed out that "the decline in parallel market rates in favor of the official exchange rate is a tangible success in the cohesion of the country's economic policy in its three aspects:
financial, monetary and commercial," pointing out that "the work and high coordination of policies led to providing an incubator of stability embodied in relative price calm and the containment of seasonal price fluctuations." “For materials in high demand, specifically the provision of basic goods related to consumption and daily living for citizens.” He noted
"the importance of using the customs policy, which was represented by (reducing customs tariffs and diversifying imports without quantitative limits for basic and necessary goods) as part of the performance of the financial policy in providing price stability and ensuring the supply of materials, food and essential goods, and production supplies at the official exchange rate and in accordance with the requirements of the national economy."
In addition to the high stability in bank financing for foreign trade for the private sector, which began to adopt the stable official exchange rates of 1,320 dinars per dollar in a wide and more flexible manner through the regularity and stability of financing operations.
He pointed out that "the demand for foreign currency for the purposes of financing the country's foreign trade, on the part of the private sector, is today supported by large foreign currency reserves, which are the highest in the country's history, reaching nearly 111 billion dollars today." He continued,
"These high foreign currency reserves reflect the country's annual trade efficiency of more than 16 months of import at least in light of the global standard for the trade efficiency of foreign reserves, which is limited to only about three months, and that
the ability of these reserves to cover the exported currency is considered a complete coverage of foreign exchange, which is an indicator of stability." Contains any existing or anticipated adverse price fluctuations. https://www.ina.iq/205566--.html
"RV UPDATE" BY FRANK26, 26 MARCH
Frank26
Don't despair if you're having trouble at banks...IMO just go to a bank that exchanges foreign currency. We're using Chase as one example. There's others. Go to that bank and simply open a savings or checking account. If they ask you why do you want to open this checking or savings account tell them because, 'I have money...I want to put into the account.' Once you have your account open, go home and just sit there and wait until it happens...When the blessing occurs go back to that bank and tell them, can I talk to your Wealth Manage Department? They'll send you to the back, away from the bank and they will take care of you...
Hawaiians, your bank is The Bank of Hawaii. They do exchange foreign currency right now. The people that represented us...went past the front line of defense...and got to the wealth management advisors...They did not deny the Iraqi dinar. They knew what was going on...She said, unfortunately brother at this time we are not able to assist you but as the time progresses in the future we will reach out and contact you...When the time comes we can accommodate all functions that you will need from legalities, lawyers, trust funds, foundations, if you want us to collect your property tax and report it we'll do that for you as well. She chose her words very carefully...
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...