93% Of The Central Bank Of Iraq’s Dollar Sales Are Foreign Transfers
2024-12-16 Shafaq News/ Foreign remittances in the sales of the Central Bank of Iraq, on Monday, reached 93% in the currency auction in which 15 banks participated.
Shafaq News Agency correspondent reported that the bank sold in its auction today 295 million, 465 thousand, and 923 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.
He added that most of the dollar sales went to boost balances abroad in the form of remittances and credits, which amounted to $277 million, 665 thousand, and 923, an increase of 93% over cash sales amounting to $17 million, 600 thousand.
Our correspondent pointed out that only one bank purchased cash dollars, while the number of banks that met requests to enhance balances abroad was 14 banks, and the total number of exchange companies participating in the auction was 24 companies . LINK
AWAKE IN 3D: I’ve been reflecting in a recent conversation thread taking place on the Awake In 3D Q&A comments room attached to this channel.
The discussion is around expectations for ROI (return on investment) ratios - like silver for example.
What I realized was the damage inflicted on the GCR Land community from years of constant guru Hopium for stratospheric financial gains from GCR currencies like the IQD and VND.
We’re talking about ROIs in 100,000’s percent gain…
For instance, the IQD is currently at $0.00076 dollars per one IQD. If the IQD revalues to $3.00, it represents an ROI of about 395,000%.
Yes, that’s three hundred and ninety five thousand percent.
Because that level of ROI has been so deeply ingrained in the mindset of the GCR land community, to me it appears as if all sense of reality has “left the building” like Elvis Presley.
Could the IQD revalue to that level? I suppose it’s possible yet most don’t realize the affect that a redenomination (removing 3 zeros) of the IQD would have.
For over 14 years, this has been the expectation - realistic or not.
Yet it occurs to me that over the course of those 14 years, one could have made other investments all along the way - starting with just a small amount of capital. Even just $100.
Given the way the stock market has appreciated, along with gold and certain high profile cryptocurrencies, overtime that small hundred dollar investment could have appreciated substantially if one took an ROI of two or three and simply reinvested the gains into other investments for additional ROI’s.
By following this prudent investment path, the reinvested and compounded returns over the years would have reaped incredible returns upon until today.
Or starting a small business. It’s not complicated really.
Yet very few have done this.
The Hopium-fueled promise of “any time now” GCR/RV wealth has created mass stagnation in many at best, and allowed sharks who prey on the desperate to take maximum advantage at worst.
The GCR/RV is a substantial opportunity and why I am still here after all these years.
Yet over my 14 years involvement I have heard countless stories from folks that break my heart.
No one knows how the GCR/RV will play out in the final chapter. Anyone saying they do know is spreading Hopium recklessly to the detriment of the greater good of this beloved community I’ve come to know.
Please be wise and avoid hopeless stagnation. Many successful people have lost everything and rebuilt wealth one step at a time. Their stories are everywhere if one looks.
These successful folks are no different than you or I. They learned from their loss and came back stronger than before. I am a living example of this.
All it takes is believing in oneself and never giving up.
Financial success doesn’t come instantly, but it does come one small step at a time.
It’s never too late to start the process.
Believe in yourself! You are the one you’ve been waiting for.
Securities And Exchange Authority Discusses The Mechanism For Entering The Digital Exchange Platform Of The Abu Dhabi Market
Money and business Economy News – Baghdad Today, Monday, the Securities and Exchange Authority discussed with the Abu Dhabi Market the signing of a joint cooperation agreement to exchange expertise, while discussing the mechanism for entering the market’s digital exchange platform.
A statement by the Authority received by "Al-Eqtisad News" stated that "the Chairman of the Iraqi Securities Commission, Faisal Al-Haimus, met during an official visit to Abu Dhabi, the CEO of the Abu Dhabi Securities Market Group, Abdullah Salem Al-Naimi, where they discussed ways to enhance cooperation between the Iraq Stock Exchange and the Abu Dhabi Securities Market, and focused on signing a joint cooperation agreement aimed at exchanging expertise and developing work mechanisms in the financial markets."
He added, "The mechanism for the Iraq Stock Exchange to enter the digital exchange platform launched by the Abu Dhabi Securities Exchange in 2022 was discussed, as the exchange platform is the first digital exchange center in the region based on the mutual market access model, which currently includes 8 participating financial markets."
Al-Haimas stressed the "importance of this cooperation in enhancing the role of the Iraq Stock Exchange at the regional level, as well as in developing the investment environment in Iraq."
For his part, Al Nuaimi expressed “the Abu Dhabi Securities Exchange’s readiness to support this initiative,” noting that “cooperation with the Iraqi Authority will enhance the exchange of knowledge and expertise between regional financial markets, and enhance the role of financial markets in economic growth.”
He added, "We at the Abu Dhabi Securities Market believe in the strength of cooperation between financial markets, and we look forward to achieving joint successes with the Iraqi Securities Commission, which will contribute to developing financial markets and enhancing investment in the region."
It is noteworthy that Al-Haimas participated in the Middle East Investor Relations Association (MEIRA) Annual Conference for the year 2024, which was held in the UAE capital, Abu Dhabi, in partnership with the Abu Dhabi Securities Exchange.
The conference was attended by more than 800 leaders and experts, including representatives of 150 issuers from the GCC and Middle East countries, 33 financial markets, in addition to more than 150 participants in local and international financial markets.
The conference also provided a unique platform for exchanging insights and ideas among more than 80 experts from around the world, who discussed important issues affecting capital markets, such as the growth of GCC markets, the role of artificial intelligence in investor relations, and the integration of environmental, social and governance criteria into Islamic finance.
This joint cooperation between the Iraqi Securities Commission and the Abu Dhabi Securities Market reflects Iraq’s commitment to developing the investment environment and enhancing the role of financial markets in supporting regional economic growth.
Samir Al-Nusairi In the midst of the challenges and repercussions of the political and security events that our country and the countries of the geographical region are currently going through, the methodology of economic and banking reform enters a new phase in 2025 in cooperation and coordination between the government and the Central Bank,
with insistence on continuing to implement the strategy of transitioning the economy and banking sector to recovery and development and achieving good growth rates according to the expectations of the World Bank and the International Monetary Fund in the coming year.
One of the most important steps to reform our national economy is the transformations.
The major task of structuring and developing government and private banks and concluding agreements with solid international consulting and auditing companies to accomplish these tasks in 2025.
According to standard indicators that are relied upon to assess the strength of the economy and the soundness of the banking sector, the most prominent of which is the sufficiency of foreign cash reserves, which exceeded $100 billion, with a sufficiency of 140% to cover imports and the exported local currency, and the decline in the inflation rate to 3.7% after reaching its highest rates at the end of 2022, and the decline in external debt to a level not exceeding $19 billion.
Emphasizing that the objectives of the Central Bank's monetary policy, as stated in its applicable law, are to achieve economic growth and stability, and that one of its main objectives is to achieve stability in the financial and monetary system, reduce inflation rates, and stabilize the prices of goods and services in the extremely complex economic, security, and political conditions that Iraq suffered from in 2023 and 2024.
The government is making clear efforts to revolutionize the active economic sectors, namely agriculture, industry, tourism, customs and tax services fees, and to increase their share of the general budget revenues to 20%.
Which led the Central Bank to take many measures in cooperation with the government to regulate foreign trade, control foreign transfers, regularity in the global financial and banking system, compliance with international standards, digital transformation in the banking sector, and work on preparing and launching its new strategy for banking reform and classification in all its basic links at the level of internal and external banking transactions, the most prominent of which is securing the US dollar for major and registered traders and for every trader, regardless of his classification, at the official price.
This confirms, without a doubt, that the Central Bank’s strategy and measures during the years 2023 and 2024 achieved one of the basic objectives of monetary policy, which is to reduce the inflation rate and maintain the general level of prices of goods and services.
It must be noted that one of the most prominent indicators of the strength and recovery of our economy is what the International Monetary Fund recently expected, that the expected economic growth rate in 2025 will be 5.3%, while it contracted by 2.2% in 2022. The expected rate is higher than the growth rates in Morocco, Kuwait, Bahrain, Oman, Algeria, Jordan and Qatar. It is an indicator.
On the strength of our economy, which is an inevitable result of the economic and financial reform programs implemented by the government and the Central Bank since 2023. 80 views 12/16/2024 - https://economy-news.net/content.php?id=50936