Wednesday, May 8, 2024
An Expert Comments On The Use Of The Iraqi Currency In Commercial Transactions With Iran, 8 MAY
An Expert Comments On The Use Of The Iraqi Currency In Commercial Transactions With Iran
Baghdad today - Baghdad Today, Tuesday (May 7, 2024), expert in financial and economic affairs, Alaa Glob Al-Fahd, commented on the possibility of Iraq losing money through its use of the national currency in commercial transactions with Iran .
Al-Fahd told Baghdad Al-Youm, “The idea of commercial dealings being in the local currency between Iraq and Iran is not new today. Rather, it is a decision by the Central Bank of Iraq as well as the Iraqi government to negotiate this issue with more than one country, not just Iran, including Iran.” The UAE".
He explained that “exchange is in the UAE dirham, with China in the yuan, with Iran in the toman, and even with Turkey there is negotiation that trade exchange be in the lira . ”
He continued, "This matter creates confidence in the local currency, when it has value at the global level and this follows the strength of the Iraqi dinar, and this issue does not constitute any loss for Iraq and Iran . "
He added, "This currency will be transformed into goods or exchanged and bartered, if there is a joint trade exchange between the two countries. We believe that this issue has many more positives than negatives. This gives strength to the local currency and gives it confidence even at the level of the citizen and merchant as well as the foreign merchant and not Local only."
Yesterday, Monday, Iranian Vice President Mohammad Mokhber called on Iraq to use “national currencies” in trade and economic exchanges between the two countries .
The office of the Iranian Vice President said in a statement followed by "Baghdad Today", "The necessity of expanding economic relations and improving the level of trade cooperation between the Islamic Republic of Iran and Iraq was emphasized . "
He added, "The relations between Tehran and Baghdad are close, strong and sincere, and the union of the two countries is a source of loss and fear for enemies and a point of hope and prosperity. They are two countries and their people will taste the sweet taste of this union in expanding economic relations between them." LINK
"RV UPDATE" BY ARIEL, 8 MAY
ARIEL
This is the current situation with the Iraqi Dinar.
"Zimbabwe is arresting black market currency dealers!Mon. 6 May 2024 Major Update on Dinar, Ariel
Economic affairs expert Safwan Qusay confirmed that financial liquidity is available and there are no high risks regarding the existence of the Iraqi dinar. He pointed out, “Iraq has completed all its financial needs, and the rest of it needs the price of a barrel of oil to reach only $96 to cover the financial deficit.”The Foreign Currency Exchange Regulations were completed on May 4th, 2024. https://uscode.house.gov/view.xhtml
Foreign Currency Exchange Regulations play a crucial role in the Iraqi Dinar revaluation and conversion to USD in 2024 by ensuring the process is conducted smoothly and transparently. These regulations set the framework for international transactions involving the Iraqi Dinar, which is vital for the currency’s international acceptance and stability. They also help prevent illegal activities like money laundering and support Iraq’s efforts to combat the financing of terrorism.
Economist Muhammad Hashem Helou confirmed that the Central Bank cannot float the dinar exchange rate.
The parallel market is reaching the official price of the REER-(Real Effective Exchange Rate).
Al-Rafidain Bank announced the application of the new platform that will allow electronic banking for Iraqis. Which is the main branch.
The Deputy Chairman of the Parliamentary Planning Committee, Muhammad Karim, confirmed last Thursday, that the 2024 budget will proceed after completing the changes in its schedules for allocations for governorate and ministries projects.
Atheer Daoud Al Ghurairi, Minister of Commerce of Iraq, has confirmed that Iraq has completed the requirements to join the World Trade Organization (WTO) after completing economic reforms and improving the business environment.
There is an accession ceremony happening on May 9th for 9 countries, Iraq being one of them per article that came out a month ago.
A parliamentary understanding to extend the legislative term to approve the 2024 budget schedules, 8 MAY
A parliamentary understanding to extend the legislative term to approve the 2024 budget schedules
Member of the Parliamentary Finance Committee, Ikhlas Al-Dulaimi, revealed today, Wednesday, that there is an understanding to extend the legislative term of Parliament to approve the 2024 budget schedules.
Al-Dulaimi said, in an interview followed by Al-Iqtisad News, that “the current situation requires extending the current legislative term of the House of Representatives and postponing its recess for a month until the 2024 budget schedules are approved.”
She added, "The Parliamentary Finance Committee is ready to receive the budget schedules and work on them as soon as they reach the House of Representatives."
She continued, "The current legislative term needs to be extended to complete many important legislations for the coming period, including the budget law schedules for the fiscal year 2024." link
"THIS WILL BE A GOLDEN WEEK" BY WOLVERINE, 8 MAY
Tues. 7 May Wolverine
Mon. 6 May 2024 Wolverine
Coffee with MarkZ. 05/08/2024
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