Tuesday, July 23, 2024
The Central Bank of Iraq imposes financial penalties on banks and exchange companies amounting to 43 billion dinars , 23 JULY
The Central Bank of Iraq announced on Sunday that fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 43 billion Iraqi dinars during the past three months.
A table of the bank, which Shafaq News Agency reviewed, showed that the fines imposed on banks and financial companies during the past three months, starting from last April until the end of last June, amounted to 43 billion, 465 million, 532 thousand, and 931 dinars.
The table showed that “the fines also included 102 administrative penalties for these banks and non-banking institutions, distributed between warnings, alerts, and grace periods.”
The table showed that "May witnessed the highest fines on banks and non-financial institutions, as these fines reached 34 billion, 2 million, 141 thousand, and 100 dinars, with 42 administrative penalties, while June witnessed the lowest fines, reaching 2 billion, 829 million, 157 thousand, and 288 dinars, with 30 administrative penalties."
The table did not show the names of the banks that were fined and subjected to administrative penalties.
The Iraqi Stock Exchange Investors Association had criticised the Central Bank of Iraq’s increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks. LINK
RV UPDATE BY MARKZ, 23 JULY
MarkZ
[via PDK] There is so much going on this morning. There are all these rumors that they have the rate - but we can’t go to the bank yet. So take them with a bit of salt...
Folks in Geneva and the WTO are dead quiet. If they are trying to keep the RV quiet like Kuwait-they may be trying to keep the WTO news quiet until they have taken some of us in…and announced things publicly.
..once again I have some redemption center/banking folks that will be working part time this weekend. Not on call…but physically being asked to go in for a set number of hours…this is the second weekend in a row. Is it to throw us off and think it could go? I don’t know.
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Q & A WITH MARKZ
QUESTION: Can we still pick from a list for projects at our exchange ??? I also heard you can choose from projects they if we want to?
MZ: I have heard that – I have also heard we will be given access to those choices when we set our appointments so we are prepared when we get there.
QUESTION: Mark, do you think CMKX and PP’s would go before the humanitarian projects money?
MZ: No- I think they may go at about the same time.
QUESTION: Will we still be signing NDA’s?
MZ: I keep hearing mixed stuff. I am hearing now that if you don’t have historic bonds or Zim –there will not be an NDA. That is what I hear from banking contacts.
QUESTION: MarkZ, do you think the RV will happen in waves? First Dinar, then a few months later, VND?
MZ: No, I think they will still all go at the same time.
QUESTION: How will those sending out notifications emails to us know our email address?
MZ: Once again….if you joined a group early in this process….or bought currency with banks ect…they may have your email address….BUT…I suggest you subscribe to a Dinar site like Recaps or Chrinicles to get the information emailed from them to you when notifications come out. I have had 2 banks tell me they absolutely will send the information to Dinar Recaps and issue their instructions to them for their newsletter email list.
QUESTION: Mark, how many contacts do you have in total that are legitimate?
MZ: That’s always a tough one. They can be the best contacts on the planet. …. But, there is such a disinformation campaign going on it doesn’t matter if they are top level paymasters ect….but everything coming from a Treasury source is suspect because they have to confuse the timing. This disinformation is purposeful. I argue it is hurtful and not needed at this point.
https://dinarevaluation.blogspot.com/2024/07/q-with-markz-22-july.html
Monday, July 22, 2024
The sudden rise of the dollar in Iraq: Does it threaten the stability of the national economy?, 23 JULY
Dollar prices exceed their limits: Are we facing an unprecedented cash crisis in Iraq?
Currency exchange markets in Iraq witnessed a significant increase in the exchange rate of the US dollar against the Iraqi dinar this Monday morning. Prices in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, recorded a significant increase, which raises questions about the possible causes and economic impacts of these changes.
Price hike details
t the opening of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, the dollar rose to 149,250 dinars for every 100 dollars, compared to 149,000 dinars recorded yesterday. In local markets, the selling price of the dollar reached 150,250 dinars, while the buying price recorded 148,250 dinars for every 100 dollars. In Erbil, the dollar also recorded an increase in exchange shops, where the selling price reached 149,400 dinars and the buying price 149,300 dinars for every 100 dollars.
Possible reasons
The rise in the dollar exchange rate is due to several possible factors, including:
Changes in supply and demand: There may be an increase in demand for the US dollar by businesses or individuals, causing the price to rise.
Global economic shifts: Changes in global economic policies and oil prices can affect currency exchange rates.
Local economic conditions: Local economic challenges, such as fiscal deficits or political tensions, may lead to exchange rate fluctuations.
Economic impacts
This increase comes at a sensitive time for the Iraqi economy, as it may lead to several noticeable economic impacts:
Increased import costs: As the dollar rises, the cost of imports will become higher, which may affect domestic prices of goods and services.
Impact on citizens: Citizens who depend on importing goods and products in dollars may be affected by an increase in the cost of living.
Impact on investment: A rise in exchange rates can have negative effects on foreign and domestic investment, as investors may look for more stable markets.
The rise in the US dollar exchange rate against the Iraqi dinar is an important issue that requires close monitoring. It is important for investors and economic decision makers to monitor developments and take the necessary steps to mitigate the potential negative effects on the national economy. link
RV UPDATE BY FRANK26, 23 JULY
Frank26
Once they remove these 3 zeros from the exchange rate...it's going to gain in the new value. But that's not where they wanted at the RI. They will float it and they will re-denominate and then it will hit an RV as it floats from an RI back to the RV.
There will be an increase in the Iraqi dinar but it won't effect you [Iraqi citizens]..
Do they need to have value to their currency in order to join the WTO?
No. That's coming...I don't care if they going into the WTO now, tomorrow, next week, whenever. They're probably moving it to the beginning of next year. It's not important. But the evidence of being in the WTO screams what? Monetary reform float.
The Iraqi dinar first will come out as a reinstatement instantly and work itself back up to an RV..
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