How Do We Control The Rise In The Price Of The Dollar?

 July 6, 2024  Baghdad/Iraq Observer    Financial expert Mahmoud Dagher talks to “Iraq Observer” about the ways in which it is possible to control the rise in dollar prices in local markets.

 Watch the video clip via the link below:

 https://youtu.be/szUd5lr2Ovk?si=ay52hTAvF5DOAamf     

 https://observeriraq.net/كيف-نسيطر-على-ارتفاع-سعر-الدولار؟-الخب/    

 ~~~~~

 [approximate translation of https://youtu.be/szUd5lr2Ovk?si=ay52hTAvF5DOAamf  ]  

 0:00  Peace be upon you, he adopts

0:03  Iraq has a fixed exchange rate system, meaning its currency is the dinar

0:09  It is fixedly linked to the dollar, which means that

0:14  There is one buying price and one selling price

0:20  Deviation is allowed only within limits from one to

0:24  Two and not continuously but what is going on

0:30  reality

0:31  There is a gap of up to 10%

0:37  Show the official rate adopted by the bank

0:40 The central bank and the transactions taking place in it

0:44  The market returns most

0:49  this  0:50  The difference is as follows

0:54  First, there is a commission imposed by banks

0:59 Merchants

1:01  About the price

1:02  The official one is there

1:05  Commission imposed by him

1:08  Importing merchants at the official price

1:14  on

1:16 the sales

1:19  For individuals, there are commissions charged on sales

1:23  Dollar

1:24  With cards, commissions are charged

1:27  On dollar sales in Western transfers

1:31  And German

1:34  Gram return to fixed exchange rate should be terminated

1:38  These commissions

1:40  With a well-thought-out program and steps

1:44  And it's clear

1:46  Let us know that there is a commitment to the exchange rate system

1:50  Firm and do not deviate from it. Thank you very much

https://observeriraq.net/كيف-نسيطر-على-ارتفاع-سعر-الدولار؟-الخب/      

LATEST FROM MARKZ

 MarkZ  

 [via PDK] 

 ... More and more sources are telling me that serious money movement and us moving towards the banks somewhere around the 12th-15th. Noone knows the exact timing but they are certainly preparing lots of bank contacts for that time period , so I think it may speak well to where we may be on that.

 I keep getting loaded up on the Rumor side …There is a lot going on and they are saying that we hit the banks sometime around July 12th.  We will see what is accurate as we get closer…but my goodness, the enthusiasm from the banking side and the group side is nuts. It’s exciting but I don’t want it to be another let down.

...in Iraq they are working with the Saudi’s directly to complete undersea cable agreement for internet connectivity. Iraq is becoming a central hub for communications in the middle east.  Big news for Iraq. If you are going to be a regional leader- Iraq is going to need some higher valued dinar…imo

Is Iraq Ready for a Currency Revaluation? Analysis and Updates #iraqidin...

The Central Bank Reveals The Volume Of Its Hard Currency Sales

 The Central Bank Reveals The Volume Of Its Hard Currency Sales

Time: 2024/07/07 Read: 780 times  {Economic: Al Furat News} The Central Bank of Iraq’s sales, on Sunday, from the hard currency auction for the US dollar during the month of June amounted to more than 4 billion dollars.

During the month of June, during the days in which it opened its auction for buying and selling the US dollar, the Central Bank sold 4 billion, 438 million, 744 thousand, and 273 dollars, at a daily rate of 295 million, 916 thousand, and 284 dollars.

Foreign remittance sales during the past month amounted to 4 billion, 50 million, 289 thousand, and 273 dollars, an increase of 90% compared to cash sales, which amounted to 388 million, 455 thousand dollars.

These sales were distributed between transfers abroad to finance foreign trade, and cash sales to banks, while the selling price of documentary credits and international settlements for electronic cards reached 1,310 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1,305 dinars per dollar.   LINK

LATEST FROM FRANK26, 8 JULY

 Frank26  

Question:  "Do you think they're letting the dinar float into its cap before they release the new rate?" 

 No.  You have to release the rate first.  Once the rate is released internationally then it can be acquired by the international community. 

 It'll be used in banks... Once the dinar is out there officially in the international market the friction that the Iraqi dinar is going to cause in the financial market will only cause it to get bigger and bigger and bigger in its value/rate internationally.  Inside Iraq it doesn't affect it - a dinar is a dinar.  The rate inside does not move, only the rate outside.

The demand on the dinar is so great right now that I think it demands a reinstatement of $3.22.  

Unlocking Financial Success in Iraq: Pre and Post RV Strategies #iraqidi...

Iran and Iraq agree to reopen border markets in Baneh and Saqqez

 Shafaq News/ On Sunday, Iran and Iraq decided to reopen the border markets in Baneh and Saqqez cities in the Iranian Kurdistan Province.

According to Mehr News Agency, Mohsen Biglari, the representative of Saqqez and Baneh in the Islamic Shura Council, revealed in a press statement that he discussed this matter with Brigadier General Ahmad Ali Goudarzi , the Commander of the Iranian Border Guard. 

"We reviewed the conditions of the border markets in the provinces of Siranband, Hangazal, Ghalesor, Baneh and Saif Saqqez." He said.

The representative described the reopening of the border markets of these two border cities as a general demand of the people.

"Fortunately, the Border Guard leadership agreed to reopen Kurdistan (Province)'s borders 100%," he added. 

Notably, Iraq boasts five official crossings along its 1,599-kilometer (about 1,000-mile) border with Iran: Mandali-Sumar, Almunthrya-Khosravi, Zurbatiyah-Mehran, Chazabeh, and Shalamcheh. Additionally, there are three border crossings between Iraq and Iraqi Kurdistan: Haji Omeran-Tamarchin, Penjwen-Bashmaq, Parviz Khan, and Sayran Ban.