"THE MONETARY REFORM CONTROLS THE US DOLLAR IN IRAQ... TO PREPARE FOR THE LOWER NOTES & A NEW EXCHANGE RATE" BY FRANK26

 KTFA

FRANK26: "THE MONETARY REFORM CONTROLS THE US DOLLAR IN IRAQ... TO PREPARE FOR THE LOWER NOTES & A NEW EXCHANGE RATE"..............F26

 

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

 

7/8/2024

 

The financial and economic advisor to the Iraqi Prime Minister, Mazhar Mohammed Salih, commented on Monday on the return of the rise in the exchange rate of the US dollar against the Iraqi dinar in local markets.

Saleh explained to Shafaq News Agency, "The fixed exchange rate system in Iraq is based on an international reserves base that is the highest in the history of Iraq and its monetary policy, as foreign currency covers more than 100% of the total currency currently issued."

He added that "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 dinar revolves, which is embodied by the state of stability of the relative prices of goods and services to a large extent, as the annual inflation in the country does not exceed 3%."

According to Saleh, based on the above, and in light of the strength of the foreign reserves supporting the Iraqi dinar, the value of which as liquid foreign assets exceeds $100 billion, 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.

Al-Sudani's financial advisor said that after the decline of the dollarization phenomenon in domestic transactions, especially in contracts, obligations and payments inside 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 above, 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 the inflationary expectations that were caused by the forces of the parallel exchange market during the past years." 

The financial advisor concluded his speech by pointing out that “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.”

 

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Exchange companies announce a "general strike" in all Iraqi governorates

 

7/8/2024

 

The Coordination Committee for Exchange Companies Demonstrations announced a general strike in the capital, Baghdad.

The coordination committee stated in a statement received by Shafaq News Agency, "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."

She confirmed that she will refrain from "entering the auction from next Wednesday, corresponding to 7/10/2024, until further notice, for all governorates."

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An emergency meeting about the dollar in the Sudanese office shortly

 

7/8/2024

 

Baghdad –

A source in Baghdad confirmed that the Prime Minister Muhammad Shiaa Al-Sudani will meet, on Monday evening, with representatives of a number of exchange companies, against the background of the high exchange rate of the dollar, and the recent Central Bank measures، About restricting the granting of dollars to airport travelers, and the announcement of a number of companies to strike on Wednesday and Thursday.

Follows..

 

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Iraqi exchange companies suspend their strike after the Central Bank’s decision.. Will the dollar price decrease?

 

 

7/9/2024

 

Iraqi exchange companies have suspended their strike indefinitely after the Central Bank decided to start the strike starting tomorrow.

 

The companies have reached an agreement with the central bank and the prime minister's office to take new measures.

 

“As of July 14, all tourists can exchange $100 at KRG airports through transaction offices (Rayan, Finjan, Sama, Qand),” the Central Bank said on November 4. 

 

The decision sparked protests from foreign exchange offices, which said they had "problems with the fact that only four offices were allocated".

 

Exchange offices had decided to go on strike starting on Wednesday, which led to the dollar's value rising in recent days.

 

But after a meeting with the Iraqi Prime Minister and coordination with the Central Bank, the strike was suspended indefinitely and they are awaiting new measures from the Central Bank.

 

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LATEST FROM FIREFLY, 10 JULY

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

  FIREFLY:

The television was interviewing Sudani and asked him about the reforms and about the progress of the economy.  He says we are stronger than ever and all projects are poised.  He says the delete the zeros is still on the table as Iraq moves forward.  FRANK: It's encouraging to see Suandi repeat once again the same words...That means you're about to see it...He says the project is still alive...I'm excited that they talked about a fixed rate rate verses a float...They could float at a fixed rate and cap it very quickly.  I've got a feeling that's exactly what they're going to do.

  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 already 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.

https://dinarevaluation.blogspot.com/2024/07/latest-from-firefly.html

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