DINAR REVALUATION UPDATE: IRAQI DINAR EXCHANGE RATES AT REDEMPTION CENTERS, 1 DEC

 DINAR REVALUATION UPDATE: IRAQI DINAR EXCHANGE RATES AT REDEMPTION CENTERS

Summary

Iraqi dinar exchange rates at redemption centers are higher than banks, while the Vietnamese Dong faces depreciation against the USD due to various economic factors.

Highlights

• 💰 Higher rates for Iraqi dinar at redemption centers than banks.
• 🚫 Rumors of a 6-month wait at major banks are unlikely.
• 📉 Vietnamese Dong’s value influenced by US dollar strength and low interest rates.
• 🔄 Competitive market offers alternatives for currency exchange.
• 🏦 Iraq is improving its economic stability and transparency.
• 📊 Currency investments come with risks but can offer opportunities.
• ⏳ Patience is essential for long-term investment strategies.

Key Insights

• 💵 Redemption Centers Advantage: Redemption centers provide significantly better rates for exchanging Iraqi dinar compared to traditional banks, making them a key option for investors. This could lead to higher returns for those looking to exchange their currency.

• 🚦 Bank Competition: The concept of a 6-month waiting period for currency exchange by major banks like Chase is unrealistic. Banks are competing to attract customers, especially for high-demand currencies, making it unlikely for any bank to implement such a restriction.

• 🌍 Impact of the US Dollar: The strength of the US dollar plays a crucial role in the depreciation of the Vietnamese Dong. As a global safe haven, its strength poses challenges for other currencies, including the Dong, particularly in uncertain economic times.

• 📉 Economic Factors for the Dong: The Vietnamese Dong’s value is affected by low interest rates, trade balances, and foreign investments. High inflation further erodes its purchasing power, complicating its attractiveness to investors.

• 🌱 Iraq’s Economic Progress: Iraq is making strides in stabilizing its economy and integrating into the global financial system. Improvements in transparency and monetary reforms are essential for strengthening the dinar’s value.

• 📈 Investment Timing: Potential investors in the Iraqi dinar or Vietnamese Dong need to consider their risk tolerance and investment goals. While opportunities exist, emerging markets carry inherent risks that must be navigated carefully.

• 🕰️ Long-term Patience: Transformative economic changes take time, and investors should remain patient while staying informed through reliable sources. This approach can help mitigate risks and enhance potential rewards.

JULIAN ASSANGE: Global Currency Reset: Zimbabwe Dollar, Iraqi Dinar, and Vietnamese Dong

 

Government consultant: The number of bank accounts in Iraq has increased to more than 14 million, 1 DEC

 Government consultant: The number of bank accounts in Iraq has increased to more than 14 million

Economy News – Baghdad

The Prime Minister’s Advisor for Financial and Economic Affairs, Mazhar Mohammed Saleh, on Saturday, confirmed the rise in financial inclusion in Iraq, represented by bank accounts, to 14 million and a rate of 20 million users, while pointing out that Iraq is witnessing a boom by adopting e-governance as a basis for integrity and financial efficiency.

Saleh said, in a statement reported by the official news agency, and seen by “Economy News”, that “the basis of financial inclusion is the number of bank personal accounts, as inclusion aims to enable individuals and companies to access financial services appropriate to their needs in an easy and affordable way, while ensuring legal protection and transparency.”

He added that “financial inclusion focuses on promoting the financial inclusion of economically and socially marginalized groups, such as the poor, women and youth, as well as small and medium-sized enterprises that lack adequate access to financing in the banking system through the opening of a bank account.”

He pointed out that “national indicators confirm that financial inclusion in Iraq has increased from 20% to 48% at present compared to previous years,” explaining that “the reason is due to two main factors, namely the settlement of the salaries of employees, workers, retirees and social welfare, and the other is the spread of digital payments or digital financial inclusion. ”

Saleh stressed that “Iraq is witnessing a boom within the policy of the government program, which has enounted e-governance the basis of integrity, transparency, financial and economic efficiency and optimal investment of resources and time,” pointing out that “recent statistics indicate that the number of bank accounts is about 14 million bank accounts and more than 20 million payment card users, which means a high financial inclusion rate from 20% to 48%, which is measured by the number of bank accounts opened for adults of the population.”

He continued, “There are a number of inactive or zero open bank accounts that should be excluded to reach the correct number of the number of open bank accounts. There are open and yellowed accounts belonging to expatriates and deceased, bankrupt companies or leaving companies and individuals who have not benefited with their bank accounts opened in banks while they are under guardianship or distressed and many other factors and hope.”

He continued, “The real standard in adopting the bank account as a criterion for financial inclusion is the bank accounts open to effective people, not zero or inactive, which requires their exclusion from the statistics of banks and the general Iraqi banking system.”

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TIDBIT FROM FRANK26, 1 DEC

  Frank26

  Question: "Are those that are in control of the monetary reform waiting for Donald Trump to become the president?" 

 IMO Iraq is waiting for Donald Trump...

Iraq simply wants peace.  They simply want security and stability for their reforms...

Trump IMO will protect the American dollar and in doing so Iraq's exchange rate is going to explode in the float and in the process...

JON DOWLING: THIS DECEMBER WILL BE A MONTH TO REMEMBER @DINARREVALUATION #iraqidinar #iraqidinarinve

 

Finance confirms the continuation of its efforts to implement automation plans and the use of modern electronic systems, 1 DEC

 Finance confirms the continuation of its efforts to implement automation plans and the use of modern electronic systems

Economy News – Baghdad

The Ministry of Finance confirmed on Saturday the continuation of its efforts to implement automation plans, digital transformation and the use of modern electronic systems.

A statement of finance, seen by “Economy News”, stated that “Minister Taif Sami chaired the periodic meeting of the Opinion Body, in the presence of the Undersecretary of the Ministry and the Directors General in the departments, banks, bodies and affiliated companies.”

He explained that “the meeting discussed a number of topics included in the agenda, including reviewing the recommendations of the committees formed by the opinion committee for previous sessions, determining the stages of progress and completion rates, as well as discussing the proposed amendments in order to develop the performance of the ministry and adapt it to the requirements and vision of modern financial management witnessed by the finance and business sector.

The statement continued, “The meeting stressed the implementation of the recommendations of the Council of Ministers, and the emphasis on continuing tireless efforts and providing capabilities within the framework of the government program to develop banking financial performance, and the implementation of financial and strategic plans, including automation and digital transformation, and the use of modern electronic systems and the promotion of the reality of work, to provide optimal services to citizens.

TIDBITS FROM BRUCE, 1 DEC

  Bruce 

 [via WiserNow] 

 ...our rate should be better at the redemption center...

dinar and Dong and I know they're gonna be a lot better on dinar  especially because we know there's a contract rate on Dinar that will be offered to us that is extremely high... 

Okay, not at the bank but at the redemption centers. Just so you know.