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The most prominent of which is the decision of the Central Bank.. Three reasons behind the rise of the dollar against the Iraqi dinar

 2024-07-04 02:37

The most prominent of which is the decision of the Central Bank.. Three reasons behind the rise of the dollar against the Iraqi dinarShafaq News/ Financial expert and former director of the Central Bank, Mahmoud Dagher, revealed on Thursday three reasons that led to the recent rise of the dollar against the Iraqi dinar.

Dagher told Shafaq News Agency, “There are several reasons behind the rise of the dollar against the dinar, but the most important is the decision of the Central Bank of Iraq to sell cash dollars to travelers inside the airport.”

He pointed out that “the second reason is the suspension of foreign currency transfers via the dollar, which are scheduled to resume, especially to China, but with strictness and follow-up by an international auditing company and with senders and banks that conduct transfers that are different from before.”

The financial expert continued by saying that the third reason is, “As long as there is insistence on trade with Iran and Syria – two countries that do not have a banking system with the world – then obtaining dollars has become more difficult for them.”

This week, the dollar rose against the Iraqi dinar, with the 100 US dollar denomination reaching nearly 150,000 dinars.

Last Monday, the Central Bank of Iraq issued new instructions regarding granting US dollars to travelers, indicating that these instructions will come into effect starting from July 14.

According to the bank’s statement, which was addressed to Rafidain, Rashid, and Iraqi Trade Banks, exchange companies currently operating at airports, and exchange companies of category A and B, “in order to ensure that travelers receive cash dollars and to prevent exchange companies from passing improper transactions, it was decided to set 7/14/2024 as the final date for starting the mechanism of granting dollars to travelers at airports exclusively.”

According to the Central Bank, the aforementioned banks and exchange companies operating at the airport are entitled to a fixed commission of (15,000) dinars from the customer for each transaction, and the exchange companies outside the airport collect it for the benefit of the companies and banks operating at the airport, according to a mechanism determined between the two parties, the banks and companies operating at the airport and the exchange companies outside the airport.

shafaq.com

SUMARY OF RV UPDATES FROM FRANK26, 7 JULY

 Frank26 

 Question:  "Have the new smaller notes been revealed to the citizens of the public?"   No.

This information of the monetary reform it's like a wildfire that's slowly growing and spreading.

Question:  "Do they have to pass the HCL before it RIs?"  

The HCL is already passed.  The HCL has no need for anything.  It sits there.  Now, parliament is coming out and saying, we need to pass some laws in order for you to have the HCL and that might be.
 

Question "Does the budget have to be in The Gazette before we see a change in the rate?" 

 No.  They can make the change and then it can pop up in the Gazette.  The Gazette is not something that is a mandatory in order for it to be revealed.   The budget is a mandatory in order for it to be revealed.

---

Question "Does the budget have to be in The Gazette before we see a change in the rate?"  No.  They can make the change and then it can pop up in the Gazette.  The Gazette is not something that is a mandatory in order for it to be revealed.   The budget is a mandatory in order for it to be revealed.

  Question:  " The dinar may skyrocket slowly for years, is there a chance to keep them in dinars in multi-currency accounts?"  

The IMF will force the CBI to give us outside of Iraq a specific amount of time [to exchange] but I pray that they give us 6 months to a year because if they give us one month to 3 months that's not enough time IMO to take advantage of the float...

Once you see the HCL, when will you see the new exchange rate?  **snap** [That fast]. 

 The WTO, you don't have to have value to your currency but it can't have any stains on your currency.   What do you mean by that?  The Iraq dinar had sanctions on it remember - The United Nations Security Council, they put handcuffs on the dinar.  They cannot be used internationally, it was on the OFAC list, you couldn't touch it.  It was Taboo...It cannot have any sanctions...restrictions.  It must be fully capable of moving in the international markets...

https://dinarevaluation.blogspot.com/2024/07/latest-from-frank26-6-july.html

IRAQI DINAR💥 OUR WAIT IS FINIHED | IRAQI DINAR NEWS TODAY 2024| IRAQI DI...

How Much Is Iraq's Loan From The IMF?

 How Much Is Iraq's Loan From The IMF?

Money  and business   Economy News – Baghdad   The financial advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed today, Saturday, that zeroing out the debts to the International Monetary Fund reflects Iraq's high and solid creditworthiness, while indicating that Iraq is in the process of paying off long-term development loans to the World Bank.

Saleh told the Iraqi News Agency (INA): "Iraq has entered into about 5 programs with the International Monetary Fund since 2004 until the end of 2018, including 3 credit readiness programs, and all of them were characterized by providing loans whose function is to support the state of stability and economic reform in Iraq in two directions.

The first: loan programs, as Iraq received loans from the International Monetary Fund to help it overcome economic crises, as these loans included supporting the general budget and financing economic stability programs, especially during the war on ISIS terrorism."

He added: "As for the other trend: in the field of economic reforms, the International Monetary Fund usually requires countries that receive loans to implement certain economic reforms. In the case of Iraq, these reforms included improving the management of public finances and the banking sector, enhancing transparency, combating corruption, and reforming the energy sector."

He pointed out that "these loans did not exceed $5 billion per loan, and the actual withdrawal from them would not exceed $3 billion or more in each case, and according to a repayment program that takes place every 6 months with grace periods of two years before repayment with a moderate annual interest, which usually does not exceed 4.5%, and the terms of these loans do not exceed five years."

He pointed out that "Iraq has paid off the loans that were withdrawn during the last twenty years according to regular payment mechanisms and are close to zeroing out, unless they are all zeroed out today, which reflects the high and solid creditworthiness of the Republic of Iraq in repayment before the international financial community in particular and towards multilateral international financial organizations in general."

He continued: "But certainly there are long-term development loans from the World Bank that are still in place, which is another development financial organization, and amount to a few billion and are in the process of being repaid, and some of them are still in the process of being committed to being withdrawn to be spent on completing development projects contracted with the World Bank, and they are also long-term soft loans."

He stressed that "cooperation relations continue between Iraq and the International Monetary Fund in various fields, including providing technical advice and supporting economic policies," noting that "the relationship between Iraq, the International Monetary Fund and the World Bank is important for achieving economic stability and sustainable development in the country."

He pointed out that "Iraq has been a founding member of the International Monetary Fund and the World Bank since 1945."208 views 07/06/2024 - https://economy-news.net/content.php?id=44933

"IRAQI DINAR NEWS: "WE ARE SO CLOSE" BY ARIEL

 Ariel:   Iraqi Dinar News:

From WTO Website:

During the visit to Baghdad, the Chair was informed that Iraq’s initial market access offers on goods and services would be circulated soon, in preparation for holding the 3rd meeting of the Working Party in the middle of 2024.

Link https://v2.xscodes.icu/english/news_e/news24_e/acc_16jan24_e.htm

The team in the Ministry of Trade will “take real steps that will shorten the path to Iraq’s accession to the World Trade Organization and ultimately benefit from the advantages offered by this accession,” indicated Minister Al Ghurairi.

.Parliamentary Committee to Al-Eqtisad News: The Oil and Gas Law is Almost Complete, and This is What We Hope for from Barzani’s Visit to Baghdad

7/4/2024 Baghdad

Member of the Parliamentary Oil and Gas Committee, Zainab Al-Moussawi, revealed today, Thursday, the latest developments in the Oil and Gas Law, while pointing to the impact of Masoud Barzani’s visit to Baghdad on the approval of the law.

Al-Moussawi said in an interview with Al-Eqtisad News: “So far, the draft oil and gas law is almost complete, with a high percentage that may reach 90%, but there are some objections from the Kurds regarding some points, which are summarized in handing over oil imports and exploited and unexploited natural resources to Baghdad, as Erbil refuses to do so.”

She added: “We hope that Masoud Barzani’s visit will be the beginning of resolving the crisis of the law and its legislation after an agreement with the political foundations in Baghdad, which is the Coordination Framework, 𝙖𝙨 𝙖𝙡𝙡 𝙥𝙤𝙡𝙞𝙩𝙞𝙘𝙖𝙡 𝙗𝙡𝙤𝙘𝙨 𝙖𝙧𝙚 𝙢𝙤𝙫𝙞𝙣𝙜 𝙩𝙤𝙬𝙖𝙧𝙙𝙨 𝙡𝙚𝙜𝙞𝙨𝙡𝙖𝙩𝙞𝙣𝙜 𝙩𝙝𝙚 𝙤𝙞𝙡 𝙖𝙣𝙙 𝙜𝙖𝙨 𝙡𝙖𝙬 𝙩𝙝𝙖𝙩 𝙧𝙚𝙜𝙪𝙡𝙖𝙩𝙚𝙨 𝙩𝙝𝙚 𝙘𝙤𝙪𝙣𝙩𝙧𝙮’𝙨 𝙣𝙖𝙩𝙪𝙧𝙖𝙡 𝙧𝙚𝙨𝙤𝙪𝙧𝙘𝙚𝙨”.

The member of the Parliamentary Oil Committee explained that “the Oil and Gas Law contributes to exploiting the largest possible amount of undiscovered oil fields and also contributes to achieving self-sufficiency in petroleum derivatives and optimal exploitation of wasted natural resources estimated at hundreds of billions of dollars that contribute to diversifying the state’s financial resources.”

_______________________

People, do you know how extremely huge these two reports are? 

This is the best news anyone can ask for that is not referring directly to rate & date while still indirectly giving you at least one of them without being specific. We are so close. Because in the second report regarding the Oil & Gas this is the constitutional rights of the citizens to get a percentage of the oil revenues once it is passed. Do you know how long people have waited to hear this is about to be complete?

This means that the new exchange rate is even closer. Because I have already given you a report about Iraq’s Compliant with international standards that needs to be completed by July 12th.

Report: -Derivative Clearing Organizations DCOs must comply by July 12, 2024. (See Federal Register link below)

The completion of these swap dealer compliance issues in the Forex Market comes at a time when Iraq has just completed their requirements on phase one of their economic reforms.

Phase one is a completion of reforms that have now qualified Iraq for international trade.

Ariel   @Prolotario1

SANDY INGRAM: Why Iraq Has Two Exchange Rates