Reports: Washington postponed announcement scheduled for this week to reduce its forces in Iraq
Informed sources revealed, today, Monday, July 8, 2024, that the American side has withdrawn from the official announcement of an upcoming schedule that includes reducing the number of its forces in Iraq, during the current week, after it had been preparing for that.
According to the sources, the American side backed down from its decision to announce the reduction of forces during internal deliberations, before meeting with the Iraqi side, within the framework of the Iraqi-American bilateral committee.
She suggested that "there is a link between the decision to postpone the announcement of the reduction in Iraq, after the process of withdrawing American forces from Niger took priority, as the American army completed, yesterday, the withdrawal of all its soldiers from "Air Base 101" in Niamey. link
IMO this is an RI. They will reinstate that rate. I thought they would reach it at a cap but now they're talking about coming out right away with a fixed rate and that fixed rate might be $3.22 and then the float. That float should be very very small, very very quick because IMO it's going to reach the cap, boom! Very quickly.
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.
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.
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.
“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.”
