The dollar’s flight does not threaten the dinar.. Al-Sudani’s advisor dispels fears: The dollar system is a thing of the past

 On Monday, Mazhar Mohammed Salih, the Iraqi Prime Minister’s financial and economic advisor, offered his thoughts regarding the resumption of the rise in the exchange rate between the Iraqi dinar and the US dollar in local markets.

Saleh made sense of to , “The decent conversion scale framework in Iraq depends on a global stores base that is the most elevated throughout the entire existence of Iraq and its money related approach, as unfamiliar cash covers over 100 percent of the all out cash right now given.”

He continued, “given the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in the country does not constitute any relative importance in influencing the stability of the general price level, which 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, which is a stable trend for the exchange rate and around which the stable external value of the din

According to Saleh, the official exchange market will continue to dominate 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 or in adapting some instructions regulating the monetary market. This is based on the preceding and the strength of the foreign reserves supporting the Iraqi dinar, whose value as liquid foreign assets exceeds $100 billion.

According to Al-Sudani’s financial advisor, the parallel exchange market has evolved to the point where its general effects now 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 for the currency. This is because of the decline of the dollarization phenomenon in domestic transactions, particularly in contracts, obligations, and payments within the country, since the previous year and its legal prohibition.

Saleh focused on that “the security of the swapping scale of the dinar to the dollar that the nation is seeing, even in the optional business sectors above, is a genuine and strong dependability. Rather, it is gotten from the strength of the effect of the cost and amount elements of the money related and monetary approaches and their mix in monumental in general cost dependability in the nation and containing the inflationary assumptions that were brought about by the powers of the equal trade market during the previous years.”

“The secondary (irregular) 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 at the fixed official exchange rate,” the financial advisor stated at the speech’s conclusion.

LATEST FROM FIREFLY

 Frank26   [Iraq boots-on-the-ground report] 

  FIREFLY:Parliament demands, they are demanding on television that they want full control of the parallel market...and to prosecute the ones that are manipulating the dollar rate.  What a joke.  It's half of parliament who are the crooks that are doing this...They are the ones causing this mess.  

FRANK:  They want to stop it because they know what Sudani has done alre ady with the monetary reform of your currency because it's no secret and somewhere around the 14th we may see another move by Sudani...Parliament wants to be a pain and delay and cause problems, don't pay attention...

 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.

RV Update Of Iraqi Dinar By Wolverine Today 2024🎉Dinarrecaps iraqi Dinar...

Exchange companies announce a “general strike” in all Iraqi governorates

 “Given the insistence of the Central Bank of Iraq on harming companies and pushing them to the forbidden, and its disregard for the legitimate demands submitted by exchange companies that are in accordance with the law, and after holding an expanded meeting of exchange companies, it was decided to start a general strike and complete closure,” the coordination committee said in a statement.

She confirmed that, “until further notice, for all governorates,” she will not participate in the auction “from next Wednesday, corresponding to 7/10/2024.”

LATEST FROM MNT GOAT

 Mnt Goat 

 ...everything is set to move ahead with the process of currency reform. We are just waiting. We know that the next step must be taken to move ahead and that is to revalue in-country only first just slightly over a dollar, then conduct the Project to Delete the Zeros as the currency swap out takes place.

 The CBI told us then they plan to monitor for a short time for inflation and then move to reinstate the dinar back to FOREX and when doing so the IMF plans to place the dinar in a new peg as in a basket of currencies and float it.   ...this should have already been accomplished in June and is late. It is failure on the part of the US because the US is still stalling it.

In light of the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level...”  Saleh... 

financial advisor to the Prime Minister...is telling us...the parallel market versus the official rate are under control and no longer an issue for stability. It also tells me they have their inflation problem under control. This is amazing because my CBI contact told me this one of a few other issues was the reason why the Project to Delete the Zeros was not kicking off...

Iraqi Dinar🎉Announcement Is Big On Screen By Shia Al Sudani Today 2024🔥i...

Investment Shows The Importance Of The Singapore Agreement.. What Are Its Details?

 Money and business  Economy News – Baghdad  The National Investment Commission confirmed, today, Sunday, that the Singapore agreement will accelerate the increase in Iraq's international classification, while clarifying regarding financing projects of local, Arab and foreign investors in Iraq.

The head of the commission, Haider Makiya, said: “The investment classification of emerging countries in 2024, conducted by FDI Intelligence, ranked Iraq fourth, indicating the confidence provided by investment in Iraq, specifically the National Investment Commission, in providing a safe legislative environment for the investor to settle in Iraq and return large capital to implement infrastructure projects and achieve sustainable development.”

He added, "The Singapore Agreement will accelerate and speed up the increase in Iraq's international rating, which is a sovereign rating for the whole world, and thus Iraq's rating will be known when it is good."

He pointed out that "all investors in the world will come without any restrictions or conditions as long as the legislative environment exists and governs their work in Iraq, and thus the process of attracting money to enter it will proceed easily and smoothly."

He pointed out that "project financing may be internal or external. If Iraq joins the international agreements, the process regarding foreign investors will be governed by the agreements. However, if the investor is local or Arab and wants to take financing, he will be subject to Iraqi laws regarding financing."  47 views 07/07/2024 - https://economy-news.net/content.php?id=44973