The total sales of hard currency in US dollars by the Central Bank of Iraq during the past week, during which the auction was opened, amounted to more than one billion dollars.
Our correspondent reported that the Central Bank sold during the past week and for the 5 days in which the auction was opened, one billion, 387 million, 237 thousand, and 049 dollars, at a daily rate of 277 million, 447 million, and 410 dollars, an increase over what was recorded in the previous week, which amounted to one billion, 91 million, 173 million, and 642 dollars.
The highest dollar sales were on Tuesday, reaching 283 million, 69 thousand, and 68 dollars, while the lowest sales were on Wednesday, reaching 274 million, 637 thousand, and 912 dollars.
Our correspondent indicated that foreign remittance sales during the past week amounted to 1 billion, 345 million, 937 thousand and 49 dollars, an increase of 96% compared to cash sales, which amounted to 41 million, 300 thousand dollars. LINK
IraqThe Ministerial Council Calls For Granting National Products A PRICE ADVANTAGE OF UP TO 20% OVER Imported Products.
The ministerial Council for Economy called, on Monday, to grant national products a PREFERENTIAL PRICE ADVANTAGE OVER their imported counterparts, BY NO LESS THAN 20% of the imported price, in order to encourage production entities.
He pointed out that "the session was attended by the Deputy Prime Minister, Minister of Planning, Ministers of Finance, Agriculture, Trade and Industry, Labor and Social Affairs, Secretary-General of the Council of Ministers, Chairman of the National Investment Commission, Chairman of the Securities Commission, Undersecretary of the Ministry of Oil, and Advisor to the Prime Minister for Legal Affairs," indicating that "the Council discussed the items on its agenda and took appropriate decisions."
He pointed out that "the Council recommended to the Cabinet to approve the resumption of the principle of granting national products a PREFERENTIAL PRICE ADVANTAGE OVER their imported counterparts, in order to encourage entities to cover their needs from local production at NO LESS THAN 20% of the imported price."
(IMO)-Can they also be telling us that the CBI will be adding a 20%(+) inflation increase rate to the previous $3.22 Iraq dinar rate, & REINSTATING the Dinar Rate to $3.86 (+)
{Economic: Al Furat News} The US dollar pushes the Iraqi dinar to confront and stabilize at a certain number, while local markets become stagnant.
Economic expert, Basem Jamil Antoine, told {Euphrates News} that: "The reasons for the stability of the dollar exchange rate are due to a number of factors, including the stagnation in economic and commercial activity, which is considered weak in all markets in Baghdad and Iraq, and shopping activity is weak during the month of Muharram."
He added, "During the month of Muharram, there is stagnation in commercial activity, no shopping, and inactivity, and economic activity in general is almost at a standstill, in addition to being in the hands of the state in general; therefore, there is no active commercial activity or demand for the dollar; because the private sector is mainly the one that buys the dollar to import, and in the absence of demand, it remains stable."
Antoine added, "Also, the rise in exchange rates is faster than their fall, and this process needs to be reviewed, as traders who bought the dollar do not sell it at a loss, which is one of the reasons for the stagnation, stagnation, and weak economic activity, in addition to the high temperatures that play a major role in the productivity of the individual or citizen, which is weak."
In addition, the Parliamentary Investment Committee confirmed the impact of the fluctuations in the dollar exchange rate on investment projects.
The buying and selling prices of the US dollar in local markets have ranged between 150,500 and 150,250 dinars for days.
The exchange rates of the US dollar against the Iraqi dinar today, Saturday, were as follows:
Selling price 150,250 dinars.
Buying price 148,250 dinars for every 100 dollars. LINK
💢 MORE helpful evidence that the News / rumors on Telegram stating that South Africa had begun EAS Alerts, widespread, and lockdowns commenced on Saturday 7.27.24 was entirely untrue.
To give you background of this reliable friend, Mac Daddy is one of our cherished Admins in GLL and also leads a South African GLL Humanitarian group with nearly 300 members.
Lots of resourceful friends all over the country to confirm details with. LOTS!
💢 Mac Daddy's Update: Ginger, FYI
Good morning 😁 (I awakened an hour ago - 6am here) Good evening 😁
I have spent the last hour trying to gain any confirmation relating to this post (EAS & Lockdowns), as I personally have received no such information or indication thereof.
There have been NO EAS alerts or lockdown announcements in South Africa this past week other than claims by certain individuals that have not been vetted.
If a real and true action of this nature happened in South Africa, the GLL family would certainly receive several messages from South Africans on the GLL SA Chat to notify or query anything that may have been heard “on the ground” here.
These posts/Intel reports are highly irresponsible as they give false narratives.
We are currently having stormy weather and rain in the Western Cape 😄 I can confirm that!
I wish everyone a blessed Sunday ahead / a good night’s rest for those still heading to bed 😊🙌🏼✝️🤗♥️
💢Ginger: Thanks Liberty Grandpa!! 😁 Posting on 7.28.24 1:30 AM EST- bedtime for me. Goodnight / Good morning wherever you are in the world. 😉
Recently, there have been reports that political parties are controlling the sale of dollars in the financial markets.
This news has raised widespread concern among citizens and investors, as it is feared that this control will lead to manipulation of exchange rates and the creation of a black market that will negatively affect the national economy.
These developments come amid volatile economic conditions and a turbulent political landscape, which increases the challenges facing the government in maintaining currency stability and providing a secure economic environment.
Economic expert, Diaa Al-Mohsen, says, “The dollar exchange rate on the black market will not rise to more than 1,500 dinars,” accusing “political parties of controlling the sale of the dollar, as well as colluding with the monetary authority.”
He added, “Restricting the sale of dollars to travelers to certain exchange companies confirms that these companies are owned by large political blocs that benefit from the process of buying and selling dollars, and they are intended to obtain the largest share of foreign currency sales.”
He explains that “the Central Bank and the executive authority are fully aware of the political parties that control the dollar sales operations in the country, after they were restricted to certain companies.”
Al-Mohsen continues, “The dollar exchange rate will not reach high levels, especially since there is cooperation between the monetary authority and those who sell dollars on the black market, such that this cooperation ensures that the parallel exchange rate does not rise to more than 1,500 dinars per dollar.”
For his part, the official spokesman for the currency market in Sulaymaniyah, Jabbar Kuran, revealed the reasons for the rise in the exchange rate of the US dollar against the Iraqi dinar in the parallel market.
Jabbar Kuran says, “The issue of the rise in the exchange rate of the dollar against the Iraqi dinar is related to the financial measures taken by the Central Bank of Iraq.”
“The Central Bank of Iraq took some good measures in the past, but the increase that has occurred now is due to other measures that the Central Bank has not taken yet, including that the bank decided that foreign dealings are not limited to the US dollar only,
but this measure has not been taken yet, as well as not linking all banks to the electronic platform and stopping work on it with the exception of only seven banks, which do not accommodate the foreign trade exchange process that reaches about 50 billion dollars annually, and I do not expect those seven banks to accommodate this volume of trade exchange.
”
He added, "One of the other reasons that led to the rise in the exchange rate of the dollar against the dinar is the reduction in cash injections by the Central Bank of Iraq, except for this day."
He explains, “The demand for the dollar these days is abnormal, and I do not expect that opening the dollar exchange window for travelers at airports will be a reason for the dollar exchange rate to rise, even though now is the travel season.”
He states that “the large number of exchange offices and companies in Iraq and Kurdistan and the inability of the Central Bank of Iraq to meet their needs for the US dollar, as there are about 1,200 exchange companies in Iraq, and about 2,500 companies in Kurdistan, so far, have not merged with each other to reach about 400 actual companies, so all of these companies and offices need more than 50 million dollars daily.”
Kuran confirms that “the rise of the dollar this time is not linked to a political or economic crisis or external factors, but rather is linked to the measures of the Central Bank of Iraq, and it is possible that the bank will control this rise,” expecting the exchange rate of the dollar to rise to more than 150 thousand dinars for every 100 dollars, while ruling out at the same time that it will reach high levels as happened in the past periods.”
Since Eid al-Adha, the dollar exchange rate has risen to more than 152,000 dinars in the parallel market and exchange offices, after hovering around 145,000 dinars per 100 dollars.
Prices have fallen again over the past week, with the dollar now hovering around 149,000 dinars per $100.
The Central Bank imposed a mechanism that prevents the delivery of dollars to travelers except at airports, which increased the demand for dollars in the parallel market after illegal trade was financed through the parallel market via travelers’ dollars. LINK
