Foreign Remittance Sales Rise By 95% At Central Bank Of Iraq Auction

Time: 2024/07/29 Read: 728 times   {Economic: Al Furat News} Sales of foreign remittances at the Central Bank of Iraq auction, today, Monday, witnessed a 95% increase compared to cash sales, reaching more than 257 million dollars.

During the auction, the Central Bank sold 269 million, 128 thousand, and 473 dollars, which was covered at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar for cash.

Most of the dollar sales were directed to strengthening the balances abroad in the form of transfers and credits, which amounted to 257 million, 128 thousand, and 473 dollars, an increase of 95% compared to cash sales, which amounted to 12 million dollars.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 17 banks. 17 exchange and brokerage companies participated in the auction.  LINK

RV UPDATE BY SANDY INGRAM, 30 JULY

 Sandy Ingram  

 Iraq did not follow Kuwait's revalue path.  The Untied States pulled back on financial support for Iraq's revalue shortly after the invasion was over when they made the decision that were not in alignment with economic growth for Iraq.  It's been 20 years and the currency still has not been revalued...

We are learning more about why including issues like the IMF will not support a currency adjustment until the county has more income streams outside the oil industry, implementing banking reform that ties into international banking standards and providing housing for the hundred of thousands of people who have been misplaced due to decades of war, not to mention...corruption.

Sandy Ingram  

 Question: "How is Iraq going to do business in the international market with such a low currency rate?"  

This is why Iraq will need to increase the value of its currency.  Currency values... act as a silent force influencing a country's global competitiveness.  When a country's currency value is low it can impact it's ability to compete...Iraq's top trading partners are China, India, South Korea and on the sidelines Iran.  However things are about to change and fast.  The development road project places Iraq right in the middle of the global financial markets.  [We] have little doubt the Iraqi dinar will increase in value but we don't know when or how much.

A major financial change in Vietnam...Decree 52 regulates non-cash payment in Vietnam and will significantly alter Vietnam's financial landscape...Decree 52 marks a significant milestone in Vietnam's journey towards a cashless economy.  If you have VND bank notes you will need to find out how you can comply with Decree 52 as a foreigner.  [We] will research the topic and report back as soon as we understand the procedure.  According to the news report the banks have 24 months to comply...

https://dinarevaluation.blogspot.com/2024/07/rv-update-by-sandy-ingram-20-july.html

Banks Seeing High Sell Rates, Waiting Approval?🚩US Fed Wants RV?🤔Dinar R...

Finance Ministry Discusses With World Bank Financing Of Transport And Social Development Projects, 30 JULY

 Monday 29 July 2024 13:15 | Economic Number of readings: 236  Baghdad / NINA / A meeting was held today, Monday, at the headquarters of the Ministry of Finance between the Minister of Finance, Taif Sami Mohammed, and a delegation from the World Bank headed by the Regional Director of the Middle East Department, Jean-Christophe Carre, to discuss ways to enhance cooperation in the field of economic and social development.

The ministry stated in a statement, "The meeting's axes focused in particular on supporting transportation, railway and infrastructure projects related to the development road linking Iraq and Turkey towards the European continent, in addition to financing the programs of the Social Fund for Development."

It added: "These projects seek to improve the quality of services for citizens, enhance economic growth, and provide new job opportunities. The expected benefits of these projects are summarized in developing the road and transportation network, in addition to supporting small and medium enterprises and reducing poverty and unemployment."

During the meeting, the two sides expressed "their optimism about the possibility of reaching fruitful cooperation agreements that would contribute to achieving sustainable development in Iraq." https://ninanews.com/Website/News/Details?key=1144202

RV UPDATE BY CLARE, 30 JULY

 Clare 

 Article: "He is 19 years old and the most important of 150 suspended laws... Will the powers give up the 'golden paper' in oil and gas legislation?"   

Quote:   "The Parliamentary Oil and Gas Committee expressed, today, Sunday, its 'optimism' about the imminent approval of the Oil and Gas Law, which has been suspended for 19 years,"

Clare  

Article: "The US Federal Reserve adopts a new strategy towards Iraq.. The dollar is threatened with rising to unprecedented levels" 

 Quote: "The Federal Bank has detected political influences from the Iraqi government..

.The US Federal Reserve will not be able to wait forever, and it is expected that there will be federal measures that may occur at any moment, and there will be a sudden and large demand for the dollar, which will lead to a decrease in the value of the Iraqi dinar against the dollar, which will generate great pressure on the Iraqi banking system, the Iraqi economy and the official political system."

Article:   "Iraqi banking system..A significant increase in the number of bank accounts and the volume of deposits for citizens"  

Quote:  "The banking system in Iraq is gradually regaining citizens’ confidence...In Iraq, economic and political challenges over the decades have provided a strong justification for keeping money at home rather than in banks.  

However, the accession of the Iraqi Deposit Insurance Corporation (ICDI) to the International Association of Deposit Insurers was a decisive step in improving confidence in the banking system. 

Since its accession, Iraq has witnessed a significant increase in the number of bank accounts and the volume of deposits...This development enhances Iraq’s ability to attract investment and support economic growth by converting savings into productive investments."

PIMPY: Iraqi Dinar update for 07/29/24 - Clearing out corruption and Houthi

Parliamentary Committee To Nina: These Are Our Observations On The Central Bank’s Measures To Confront The Rise In The Dollar Exchange Rate, 30 JULY

 Monday 29 July 2024 17:26 | Economic Number of readings: 309

Baghdad / NINA / The Parliamentary Committee on Economy, Industry and Trade disclosed a number of observations related to the Central Bank's measures to confront the rise in the dollar exchange rate against the dinar.

Member of the committee, MP Osama Al-Badri, stated that "there are different observations and points of view regarding the current measures of the Central Bank of Iraq in light of the lack of control over the rise in the exchange rate of the currency."

He explained that "the instability of the exchange rate has caused the emergence of the parallel market and increased the economic burden on citizens in light of the rise in prices due to the fluctuation of the exchange rate, and this requires the Central Bank's management to take effective measures to limit the impact of the parallel market. "

He added that "the Central Bank needs to adopt more decisive policies and coordinate with government agencies to achieve tangible economic stability," calling on the Central Bank to take serious steps to reduce the gap between the official exchange rate of 1320 dinars per dollar, and the parallel market and ensure price stability. / https://ninanews.com/Website/News/Details?Key=1144263