MILITIAMAN: Iraq Dinar-IQD Solid Credit-Strong & Stable Investment Environment-Oil A...

Al-Sudani's Advisor Comments On The Fluctuation Of The Dollar Price: It Does Not Suit The Strength Of Iraq's Foreign Reserves

 Economy |Today  Baghdad Today – Baghdad  Mazhar Muhammad Salih, the Prime Minister's economic advisor, confirmed today, Sunday (July 7, 2024), that the fluctuations witnessed by the secondary or parallel dollar exchange market during the past days are not commensurate with the strength of Iraq's international or foreign reserves.

Saleh said in an interview with Baghdad Today, "These are the actions undertaken by speculators looking for emergency profitable opportunities here and there," indicating that "the fixed exchange rate system in Iraq is based on international reserves, which is the highest in the history of Iraq, and its monetary policy, as foreign currency covers a percentage of more than 100% of the total currency currently issued."

He added that "the dollar exchange rate compared to the dinar in the parallel market does not constitute any relative importance in influencing the stability of the general price level, as this general price level has become stable in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports), amounting to 1320 dinars per dollar," explaining that "this represents a stable trend for the exchange rate and the stable external value of the dinar revolves around it, which is embodied by the state of stability in the relative prices of goods and services to a large extent, as annual inflation in our country does not exceed 3%. "

He pointed out that "in light of the strength of the foreign reserves supporting the Iraqi dinar, the value of which as liquid foreign assets exceeds 100 billion dollars, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that affects the parallel exchange market in short periods due to urgent international or regional political events here and there or in adapting some instructions regulating the monetary market."

He explained that "after the decline of the dollarization phenomenon in domestic transactions, especially in contracts, obligations and payments within the country since last year and its legal prohibition, the parallel exchange market has become such that its general effects today only form a narrow economic scope of prohibited transactions practiced by informal markets and at a rate of 10% of the total supply and demand transactions for the currency."

Saleh stressed that "the stability of the exchange rate of the dinar to the dollar that the country is witnessing, even in the secondary markets, is a real and solid stability. Rather, it is derived from the strength of the impact of the price and quantity factors of the monetary and financial policies and their integration in imposing overall price stability in the country and containing inflationary expectations that were caused by the forces of the parallel exchange market during the past years," stressing that "the irregular secondary market, due to the freedom of external transfer, is under the influence of the official exchange market rate, whose operations are constantly expanding in favor of dealing with the fixed official exchange rate."

The price of the dollar against the Iraqi dinar has witnessed a noticeable increase in the past few days, as the exchange rate in the local markets reached 150,000 dinars for every 100 dollars.  LINK

LATEST FROM GINGER CHAT ON TELEGRAM , 8 JULY

 💢 Helpful At-A-Glance L👀K at where we're at - with VE, Liberty Admin Extraordinaire & Gin Gin 

💢VE: How are you feeling about Thursday (11th) for Camping Notices?  😎

·Iraq goes into WTO on the 18th.

·Frank26's contact Eddie is saying Shaleh says 14th-18th for new IQD currency.

·Another Iraqi holiday is declared on Sunday (14th) to begin their New Year. (✅ Correction - began 7.6.24 - Islamic NY on 7.7.24).

·MarkZ thinks we will go before the new rate is released to the general public.  Just like Kuwait.

💢 Ginger: Yes, based on these data points, I'm liking this coming week - and into the next - very much - and especially that much the more IF I see the other major stuff pop off that we're looking for (other mile markers and certain non negotiables).

I'm extremely hopeful and remaining grounded and cautiously optimistic 😁. 

~ Ginger of the Liberty Lounge 7.7.24

NADER FROM MID EAST : Iraqi Trade Bank's Progress on Debt Collection

Is Iraq Able To Activate Direct Flights To Europe And America?

 Is Iraq Able To Activate Direct Flights To Europe And America?

Money  and business  Economy News – Baghdad  The Ministry of Transport clarified, today, Sunday, the possibility of activating direct flights to Europe, America and other countries.

The Ministry's media office stated: "Regarding the activation of transit to serve travelers to other countries, in order for Iraqis to leave via Iraqi Airways, and then fly via other companies, specifically Europe, we are currently working on it via IATA or AT3PIS."

The office added: "As for other countries such as (America, Canada), which will be included in the AT3PIS file in the event that the flight to Europe with a 737 aircraft is successful, we can introduce AT3PIS into the Dreamliner aircraft, meaning that the work is related to the AT3PIS method, i.e. the Iraqi Aviation Authority, with other authorities."

The office continued: "As for African countries, there are not many requests, and we will work on the (Baghdad-Tunis) line," noting that "as for East Asian countries, the ministry is waiting to receive the remaining modern long-haul aircraft, such as the Dreamliner, through which the (Thailand-Jakarta-Bali) line will be opened."52 views 07/07/2024 - https://economy-news.net/content.php?id=44974

LATEST FROM FIRELFY, 8 JULY

 Frank26 

  [Iraq boots-on-the-ground report] 

  FIREFLY:They're back on TV and they're talking about the deletion of the 3-zeros...It was a segment of old newscast.  The lifting of the 3-zeros was supposed to be done in 2011 and then it was supposed to be done in 2013, then 2016.  Then they said it was also scheduled in 2017 and they talked about the lower notes and why they are going to be giving us these lower notes...It was a rebroadcast of old news story.

  FRANK:  ...All of this is being explained to you right now because you are so close to receiving this blessing that Sudani promised.

FIREFLY: Saleh is on TV and his is saying...our reserves are strong and there's no problem of the dollar in the market...By July 14th all will be fine with the parallel market rate. 

 FRANK:  Your reserves to back up your new exchange rate, your new national currency, is off the hook.  It can not only back up your currency but probably other currencies at the same time...

FRANK26…..7-7-24…….ALMOST WHITE