FRANK26….4-25-24……A SLEW OF ARTICLES

Economist: Travelers' Dollars Are Leaking Into The Parallel Market...And This Is What The Central Bank Should Do, 26 APRIL

Economist: Travelers' Dollars Are Leaking Into The Parallel Market...And This Is What The Central Bank Should Do

 Time: 04/24/2024 Read: 2,925 times   {Economic: Al-Furat News} The economic expert, Safwan Qusay, revealed the leakage of travelers’ dollars to the parallel market.  Qusay said {to Al-Furat News} that:

  “The current policy of the Central Bank of Iraq goes towards auditing the cash dollar, which was marred by many failures in the first periods, especially its leakage through travelers to the irregular market, and this issue needs a new and clear mechanism.”  ]He added,  "It is assumed that travelers are dealt with through tourism and airline companies, and

 the travel ticket is not allowed to be canceled unless the traveler returns the amount he purchased from the exchange outlets or banks."  Qusay stressed,

 “This measure will restore confidence in the cash dollar and the possibility of facilitating the mission of real tourists and filling the gaps that accompanied the process of establishing the electronic platform for the cash sale of foreign currencies.” He stated that

 "the Central Bank will not hesitate to provide the dollar to those entitled to it, whether at the level of Hajj or other windows," noting that

"the Central Bank's emphasis on procedures for granting citizens the cash dollar ensures that it reaches those who need it."  Qusay added,

“The Central Bank’s official sales during the previous 10 days rose to $270 million per day, which is an indication of the activation of the electronic platform,” adding,

 “The more we reduce imports and analyze the irregular demand for the dollar, the more stable the dollar’s ​​exchange rate will be.”

 Meanwhile, travelers expressed their surprise at the Central Bank’s decisions to prevent government banks from selling dollars to travelers.

Travelers said, via {Al-Furat News}: “We are surprised by the Central Bank’s decisions to prevent government banks from selling the dollar to travelers and monopolizing it only with financial transfer and exchange companies.”

 Travelers called on Parliament and members of the Parliamentary Finance Committee to “intervene and solve the problem and allow government banks to carry out the process of selling the dollar, especially in conjunction with the delegation of pilgrims to the Holy House of God, and they need to buy the dollar at the official price.”  

 https://alforatnews.iq/news/خبير-اقتصادي-دولار-المسافرين-يتسرب-للسوق-الموازي-وهذا-ما-على-المركزي-فعله   

KTFA DINAR CHAT, 26 APRIL

 KTFA

RMF » April 25th, 2024

Probably just another coincidence but same date as ascension to WTO:

Member of the Parliamentary Finance Committee, Haitham Al-Zahwan, announced on the 21st of this month, “There is a possibility to send the 2024 budget and approve it before the legislative recess of the House of Representatives begins next May 9.

Just another reason to believe the rate is about to change: Wonder if it will be retro ?
President Biden has formally proposed the highest top capital gains tax in over 100 years

The proposed Biden top capital gains tax rate is more than twice as high as China’s rate.

Clare » April 25th, 2024

Urgent… Source for Al-Furat News: The Council of Ministers holds a session this afternoon

4/25/2024

An informed source revealed that the Council of Ministers will hold a session this afternoon, Thursday

The source told {Al-Furat News} agency, “The Council of Ministers will hold at one o’clock this afternoon a make-up session for a session that was missed due to Prime Minister Muhammad Shiaa al-Sudani’s travel to Washington last week.”

The Council of Ministers holds regular sessions every Tuesday of the week.

It is noteworthy that Prime Minister Muhammad Shiaa Al-Sudani visited Washington on April 14, lasting for about a week, during which he met with US President Joe Biden and officials in his administration, including the Minister of Defense, as well as businessmen, heads of companies, Iraqi communities in the United States, and foreign media.  LINK

Al-Sudani will visit Saudi Arabia at the end of this month

4/25/2024

An informed political source said on Thursday that the Iraqi Prime Minister will pay a visit to Saudi Arabia at the end of this month.

The source told Shafaq News Agency: “The visit comes to participate in the special meeting of the World Economic Forum, which will be hosted by Riyadh on April 28 and 29.”

Last week, the Iraqi Prime Minister made a visit to the United States of America that lasted for several days.   LINK

Iraqi Dinar - US Treasury Exchange Rates- Focus - Banking Partnerships -... BY MILITIAMAN

Iraqi Dinar Guru News Highlights (4/26/24)

Judy Note on convicted felons exchange, 26 APRIL

 Judy Note on convicted felons exchange

 Thanks to Becky Subrahmanyam’s communication with MarkZ we have clarification on Rod Steel’s remarks that felons couldn’t exchange:

MarkZ:  “Fear mongering. If the case is already settled then they can exchange with no problem. That comes from the absolute top. Else you guys worry about if you paid your debt to society you’re good to go because I know that one’s going to hit and I’ve had that affirmed over and over and over and over by the bank but I’ve also been told that they would spread that rumor again um and they do and people repeat it without thinking. 

If you have paid your debt to society you are good to go. They’re only worried about terrorists and organized crime. If you haven’t paid your debt to society then you probably have something to worry about, but if you paid it stop worrying and listening to the crap because they do it on purpose anyways.”

SOURCE: DINARCHRONICLES

IMPORTANT IRAQ NEWS: The Most Difficult Option.. Warnings Of The Danger Of Floating The Iraqi Dinar Without Achieving An “Important Condition”, 26 APRIL

 The Most Difficult Option.. Warnings Of The Danger Of Floating The Iraqi Dinar Without Achieving An “Important Condition”

 Economy | Baghdad today – Baghdad   Economist Nabil Al-Marsoumi warned today, Thursday (April 25, 2024), of the dangers of floating the Iraqi dinar, noting that

 such a step could lead to the dinar witnessing a violent collapse and rampant inflation that would jump prices to insane levels.

Al-Marsoumi said in a post on the social networking site “Facebook”, followed by “Baghdad Today”, that

 “some are proposing a solution to address the double price of the dollar against the dinar and the existence of a large gap between the official and parallel prices through a free float of the Iraqi dinar,” indicating, “i.e. Turk.”

The dinar is in the market to find its price against foreign currencies through the interaction of the forces of supply and demand.  Al-Marsoumi added,  “Such a decision has some economic positives,” adding,

 “But the economy should not be taken in its abstract aspect, but rather insofar as it relates to people, especially the poor.”

He continued,  "In light of Iraq's lack of a national private sector that could contribute to increasing the supply of dollars in the Iraqi market, and

 because of the large volume of imports, which reach 67 billion dollars annually, the only party that owns the dollar is the government," explaining that

 "in the event that the government decides not to intervene." In the exchange market, it is expected that the dinar will witness a violent collapse and rampant inflation that will cause prices to rise to insane levels that will cause severe damage to citizens’ living standards, and the poor will become more miserable, and will later lead to social tensions and a major rift in the social peace.”

It is noteworthy that the floating exchange rate or currency float is the currency exchange rate that has been floated so that it has become completely liberalized, so the government or the central bank does not interfere in determining it directly,

 but rather it is released automatically in the currency market through the supply and demand mechanism that allows the price to be determined. Exchange the national currency against foreign currencies.

 It is worth noting that the price of the dollar in the local markets is still experiencing a state of instability between rises and falls, even though the official price in the Central Bank of Iraq is 132,000 dinars per 100 dollars,

 but in the local markets it is witnessing an increase of more than ten points and may at times reach double this.

 The number is despite the numerous measures and packages launched by the Central Bank of Iraq, where

 some attribute that the reason for this confusion in prices is the result of smuggling operations and speculation in the black market for currency. https://baghdadtoday.news/247930-الخيار-الأصعب.-تحذيرات-من-خطورة-تعويم-الدينار-العراقي-دون-تحقيق-شرط-مهم.html