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Iraqi financial expert: recent dollar rise is temporary, driven by global markets, 8 NOV

 Iraqi financial expert: recent dollar rise is temporary, driven by global markets

Shafaq News/ The recent rise in the US dollar against the Iraqi dinar is temporary, and economic factors, rather than political ones, ultimately determine currency trends. According to Mahmoud Daghir, a financial expert and former director at the Central Bank of Iraq.

In an interview with Shafaq News Agency, Daghir explained that the dollar's fluctuations in local markets are influenced by global trends, as the dollar remains the same whether in Iraqi markets or global exchanges. However, “The key concern is how the local currency reacts to these global shifts within Iraq. ”

"The current changes in the dollar’s value are temporary and will likely return to normal once stability is restored," Daghir stated. "It is the economic situation that determines the dollar's value against other currencies, not political factors."

Iraq has recently witnessed a surge in the US dollar against the dinar, causing concern among local businesses and consumers. The exchange rate has fluctuated significantly, surpassing sometimes 160,000 per $100.

TIDBIT FROM CLARE, 8 NOV

 Clare 

 Article: "Al-Sudani congratulates Trump and Vance, stresses Iraq's commitment to strengthening relations with America"

  Quote: "It is noteworthy that Iraqi Prime Minister Mohammed Shia al-Sudani had strongly attacked the administration of former US President Donald Trump, 

during a speech he gave at a memorial ceremony held in Baghdad in 2023 on the anniversary of the assassination of former Iranian Quds Force commander Qassem Soleimani and deputy head of the Popular Mobilization Authority Abu Mahdi al-Muhandis in an airstrike near Baghdad International Airport in early 2020..."

WOLVERINE: " I’ve just spoken to a high up contact. It’s defiantly here"...

DINAR REVALUATION REPORT: Redemption Centers in Iraq to Collect Three Zeros Bill Notes 2024, 8 NOV

 Redemption Centers in Iraq to Collect Three Zeros Bill Notes 2024

The Central Bank of Iraq has announced plans to re-denominate the Iraqi Dinar by removing three zeroes from the currency. This strategic move aims to reduce transaction costs and make it easier for people to carry and use money. The re-denomination project, which has been in the works for several years, is close to completion and is expected to be passed to the ministerial council and Parliament for final approval. 1

Purpose and Benefits

The primary purpose of the re-denomination is to simplify financial transactions and improve the overall efficiency of the monetary system. By removing three zeroes, the Central Bank aims to: Reduce Transaction Costs: Making transactions more manageable and cost-effective. Ease of Use: People will find it easier to carry and use smaller denominations. Stabilize the Economy: The bank has already managed to reduce inflation rates from 34% to 3-4% and stabilize the exchange rate of the Iraqi Dinar over the past few years. 1

Redemption Centers

To facilitate the transition, the Central Bank will establish redemption centersacross Iraq. These centers will allow individuals and businesses to exchange their old three-zeros bill notes for the new denominations. The exact locations and operational details of these centers will be announced closer to the implementation date.

Impact on the Economy

Economists believe that the re-denomination will not significantly affect the purchasing power of the Iraqi Dinar. However, it is expected to bring several long-term benefits, such as: Enhanced Financial Stability: By reducing the money supply, the move can help maintain low inflation rates. Improved Payment Systems: The Central Bank is also moving towards an electronic payment system, which includes six banks and electronic deeds exchange. This will further modernize the financial infrastructure. 1

Timeline and Implementation

While the exact timeline for the re-denomination has not been officially announced, the project is in its final stages. The Central Bank is expected to provide more detailed information and guidelines soon. The transition will likely be gradual to ensure a smooth and orderly process.

Conclusion

The re-denomination of the Iraqi Dinar by removing three zeroes is a significant step towards modernizing Iraq's financial system. By establishing redemption centers and implementing electronic payment systems, the Central Bank aims to improve the efficiency and stability of the economy. This move is part of a broader strategy to enhance the purchasing power and international standing of the Iraqi Dinar.

TIDBIT FROM PIMPY, 8 NOV

  Pimpy  

The dinar is not going to happen today or the next week as far as I know but this is a pretty big step [the restrictions removed from foreign currency exchange] for them because this allows a lot of liquidity which is necessary inside of Iraq. 

 Liquidity has always been an issue for Iraq.  This will change that. 

 That means more businesses/people doing exchanges with the currencies.  A lot of liquidity in Iraq is what they need.

RV, Zim Bonds BY JULIAN ASSANGE: ' RATES ARE EXTREMELY HIGH" @DINARREVAL...