External Remittances At The Central Bank Of Iraq Auction Increased By 98%, 5 APRIL

 External Remittances At The Central Bank Of Iraq Auction Increased By 98%

Economy  Thursday, April 4, 2024 2:52 PM  Baghdad/National News Center External remittances at the Central Bank of Iraq auction increased by 98% today, Thursday, at the expense of cash sales, to reach $246 million.

Today, during its auction for buying and selling the US dollar, the bank sold 253 million, 74 thousand and 268 dollars, covering it at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.

Most of the bank's dollar sales went to strengthening balances abroad in the form of transfers and credits, which amounted to 246 million 964 thousand and 268 dollars, an increase of 98% over cash sales amounting to 6 million and 710 thousand dollars.

He pointed out that the number of banks that purchased cash dollars reached four banks, while the number of banks that responded to requests to enhance balances abroad reached 17 banks, and the total number of exchange and brokerage companies participating in the auction was 40 companies.

https://nnciraq.com/252368/

"WHERE THE DINAR IS RIGHT NOW?" BY MNT GOAT, 5 APRIL

 MNT GOAT

PRESERVING FOREIGN RESERVES. AN IRAQI ACADEMIC STUDY ANSWERS THE QUESTION “THE STABILITY OF THE IRAQI DINAR AGAINST THE DOLLAR”

(This article is a history less of what happened in the past 4 years, even covers the Covid pandemic time period. But we want to know where the dinar is right now. Go to the next article for this information.)

Shafaq News / At a time when the price of the dollar is still fluctuating between high and low, and forcing the market to live in a state of confusion, because the hard currency constitutes an important tool in Iraqi trade, being a trade that depends on imports in most of the products in the local market, a researcher whose master’s thesis was discussed, at the Faculty of Administration and Economics at the University of Tikrit, on Monday, some possible solutions to hold and control the price of the dollar, as his message came about the role of the bank The central bank and the window of selling the currency and their role in the stability of the dinar against the dollar and the importance of maintaining foreign currency reserves.

Ahmed researcher Abdullah Okil told Shafaq News Agency that “the study aims to know and measure the extent of the impact of some of the Central Bank’s tools in achieving the stability of the exchange rate of the Iraqi dinar against the US dollar during the period (2004-2022) in order to know the places of imbalance and negatives that hinder the stability of the value of the local currency according to what suits the nature of the Iraqi economy, as the goal of maintaining the value of the local currency was the main goal of the bank in order to maintain the level of prices mainly related to the exchange level local dinar against the US dollar.”

He added that “the variables of the study were analyzed and measured according to the program (Eviews 13), and it was found that there is a positive relationship between some of the Central Bank’s tools as independent variables and the official and parallel exchange rate as dependent variables in the short term, with some negative and positive correlations for some variables in the long term, as it was noted that some tools were ineffective in influencing the currency exchange rate, such as the legal reserve, the rediscount rate and open market operations, but the impact of some of them was limited to inflation.”

He pointed out that “while the impact of the interest rate and the window was positive on the value of the local currency as a result of its reduction to the nominal exchange rate, and this indicates the ability of the Central Bank to influence the stability of the exchange rate of the local currency against foreign currency, especially through the window of sale of currency throughout the study period, except for some last years of the study period, as the nominal exchange rate returned to rise, as well as the case in the parallel market by a decision of the monetary authority represented by the Central Bank, for the purpose of facing public expenditures. And facing the repercussions of the global health crisis related to the Corona epidemic and the accompanying decline in oil prices, which is the main source of the US dollar due to the rentier nature of the Iraqi economy.”

He continued: “It was also noted that the gap between the official exchange rate and its counterpart in the parallel market increased due to the increase in demand for foreign currency, and the study made a number of recommendations, the most important of which is to continue to work in the window without overusing foreign reserves and diversifying sources of obtaining foreign currency by advancing development and activating the real sector, industry and agriculture, in order to achieve a reduction in imports, which reduces currency depletion, in addition to tightening control measures to prevent the smuggling of foreign currency and works that affect the supply of it, which contributes to to stabilize the exchange rate of the local currency.”

He stressed that “continuing to work in the window of selling currency without wasting foreign reserves, and diversifying the sources of obtaining foreign currency so that the exchange rate does not remain hostage to oil prices, as it is almost the only source of obtaining foreign currency.”

He pointed out that “advancing development in Iraq, activating the real sector, activating industry and agriculture to reduce imports to relieve pressure on foreign reserves of the dollar, keeping the Central Bank away from political pressures and granting it the necessary powers to deal with fluctuations in the economic situation, including exchange rate fluctuations, and tightening control measures to prevent the smuggling of foreign currency abroad so as not to affect the supply of foreign currency, and thus the value of the local currency.”

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

Iraqi Dinar🔥Increasing Their Exchange Rates By Iraq Today 2024🔥iraqi din...

Finance Announces The Offering Of A New Issue Of Government Bonds For Public Subscription, 5 APRIL

 Finance Announces The Offering Of A New Issue Of Government Bonds For Public Subscription

Thursday 04, April 2024  Economical Number of readings: 251  Baghdad / NINA / The Ministry of Finance announced, today, Thursday, the offering of a new issue of government bonds for public subscription.

A statement from the ministry stated, “The Public Debt Department in the Ministry of Finance, in cooperation with the Central Bank of Iraq, announced the offering of a new issue of government bonds for public subscription under the name Enjaz Bonds,” indicating that “Type of bonds: government bonds denominated in the Iraqi dinar.”

The statement explained, “The categories offered are:

- A bond in the category of (500,000) dinars, for a period of two years, with an annual interest of 6.5%, paid every six months.

- A bond in the category of (1) million dinars, for a period of 4 years, with an annual interest of 8.5%, paid every six months.”

He continued, “Subscription date: period from April 15 to May 15, 2024,” explaining that “the method of subscription is that purchase applications are submitted to one of the bank branches approved by the Central Bank of Iraq, accompanied by the original identification documents, and after that the bank sends the application with the purchase amount.”

To the Central Bank via the RTGS electronic payment system on the same day of purchase, and in return, the buyer will receive a receipt for the purchase amount he paid until the bond is prepared, and after a period not exceeding a week, the buyer brings the receipt to the same bank to receive the bond.”

According to the statement, the ministry called on “all citizens, investors and companies to participate in subscribing to this issuance of government bonds,” noting that “the bonds offered are tradable on the Iraqi Stock Exchange.”

She pointed out that “the advantages of subscribing to government bonds are:

Guaranteed return: The government is committed to paying the annual interest and the value of the bond when it matures.

Safe investment: Government bonds are considered one of the safest investments, as investors enjoy the government’s guarantee.

Contribution to the development of the national economy: The subscription funds contribute to Financing economic development projects and achieving financial stability in the country.”/End 2 

https://ninanews.com/Website/News/Details?key=1119462

"RV UPDATE" BY MILITIAMAN, 5 APRIL

 Militia Man  

Raising the value of your currency is going to help make it easier for sustainable development and deducing the phenomenon of cash.  

In other words if you have a 1 to 1 ratio you have a significant reduction in cash do you not?  I think you do.  If it was at a previous era, for instance...$2.80, $3.22..wouldn't that be a phenomenon of less cash in the economy?  Of course it would.

 IMO you're not going to see the Oil and Gas Law until you see an exchange rate change.  They're going to have to have asset valuation for that and we have not seen anything other than 1310...  

Article: "The United States has closed the account through with the Iraq collects revenue from its oil sales"  

 The DFI fund was closed on March 18th...Big change.  We have not seen this before.   Is it a smoking gun? ...If they were going to stop an account that had protection for all their oil money and they just now relinquished a couple weeks ago I think that's pretty big...They must have felt comfortable in a sense they could handle recourse on that debt...I'll tell you this, if they change the value from 1310 to a previous era, it'll become a lot cheaper to pay off their debts...

Iraqi Dinar ✅RV Update IRAQ Finally Did It ✅Officiate at WOW IQD Done ✅L...

Iraqi Dinar 🔥 WOW! Waited So Long to Hear thise🔥 Guru Updates And Lates...