PARLIAMENTARY COMMITTEE: GOVERNMENT WORKING TO REDUCE GAP BETWEEN PARALLEL AND OFFICIAL EXCHANGE RATE TO ACHIEVE STABILITY
The Parliamentary Finance Committee explained, on Monday, that the government is working to reduce the gap between the parallel and official exchange rates to achieve stability, while indicating that the Iraqi economy will not be affected by the deteriorating conditions in Syria .
Committee member Moeen Al-Kazemi said in a statement followed by “Mil”, “The government and the Central Bank have taken several important measures to confront the security and economic challenges in the country, especially in light of the deteriorating conditions in Syria .”
Al-Kadhimi continued, “The situation in Syria does not affect the Iraqi economy or the dollar exchange rate in the local market .”
He added that “the dollar exchange rate in the parallel market is currently stable, noting that the government is working to reduce the gap between the parallel exchange rate and the official rate to achieve greater economic stability .”
Currency markets are witnessing significant changes with the “sudden” rise in the value of the Syrian pound against the Iraqi dinar .
CENTRAL BANK GOVERNOR: OPENING EXTERNAL CHANNELS WITH FOREIGN CURRENCIES ELIMINATES THE BLACK MARKET
Central Bank Governor Ali Al-Alaq confirmed on Thursday that opening channels in foreign and Arab currencies achieves stability in the exchange rate and gradually eliminates the black market.
The media advisor of the Trade Bank of Iraq (TBI), Aqeel Al-Shuwaili, said in a statement, which was reviewed by “Al-Eqtisad News”, that “the governor of the Central Bank visited the Trade Bank of Iraq and appreciated the bank’s efforts to expand its customer base of importing merchants and the procedures to facilitate their transactions in a way that contributes to achieving stability in the exchange market
.”
According to the statement, the governor of the Central Bank stressed “the need to make efforts to achieve fluidity and provide the best banking services to the bank’s customers.”
The governor pointed out that “the Central Bank’s continued opening of multiple external channels in foreign and Arab currencies achieves continuous stability in the exchange rate and gradually eliminates the black market.”
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Happy Hump day ……Good Morning everyone
Member: RV there yet?
Member: If it happened today- we would still have time to exchange before Christmas.
MZ: Much of Europe goes into a banking vacation this Friday and won’t come back until the first of next year. They need to make things happen.
Member: Imo, unlikely to happen now this year. As you say, we in Europe shut down from Friday until new year.
Member: If Iraq goes alone……that could be our only hope for this year
Member: Jan. !st is logical for a reset…..just saying. Everyone in the world starts a new year then.
Member: if Europe banks shut down on Fri. Will there be no RV until late Jan now?
MZ: Not necessarily. We have been told for years that trusts are easier to open at Christmas and Easter. Specifically the St. Germaine Trust. We know the one day the entire world’s banking system shuts down for one full day. That is Christmas Day. That would be a convenient time to pull this off.
MZ: Some Bankers do take off just before Christmas and don’t come back to work until the new year. So if it happens do they call them back in? I am told there is no restriction on “when”
Member: They are definitely Running out the CLOCK
Member: If Banking execs are on vacation…..banks are still open right? So why do we need the big wigs to exchange…..IMO we don’t.
Member: If the Reset happens Christmas day….maybe we use that week before New Years to set appointments for after Jan 1???
Mod: NO ONE KNOWS EXACT TIMING OR EXACTLY WHAT WILL HAPPEN. TAKE EVERYTHING WITH A GRAIN OF SALT
Member: What about the off book funds that moved to M1 and M2 last week?
MZ: It has been fun seeing money move from MO (off books) to M1 and M2. Now are they going to use to pay all of those historic bonds? They are position it for something- but what?
Member: it makes more sense to wait this late in the year to Jan 1. As Dr Shabibi said start of quarter or start of year
Member: Idaho Credit Union ICCU has started a foreign currency exchange account for buying and selling foreign currency.
Member: I read this morning the $$ 1929 crash started on Thursday , ended on Tuesday . Dec. 24th- rumor?
Member: there is an article about a tax law that was passed two weeks ago that says they will tax foreign currency as of Jan 1st.
Member: Maybe Trump will repeal that law when he gets into office?
Member: I am losing hope.
MZ: do not lose hope…it’s just timing…..but it is inevitable. The world is going to reset. And that is an absolute fact….just a question of when
MZ: “Controversial laws will be passed by political consensus before the end of the current parliament session” they are letting us know that whatever it takes they will get this done.
MZ: “Article 140 Committee: Agreements for the resolution of agricultural land in Kirkuk” (HCL) they are talking about how to share profits for these regions. This is exciting how they are talking about settling HCL.
MZ: “Prepare: Exchange rate on a date with a new high –the dollar selling platform will stop and the shock is coming” I love this one. If they increase the rate of the dinar and remove the restrictions….their problems are over. They need to figure this out- have an answer in the next 13 days.
MZ: Bond side is pretty quiet. Nothing on CMKX.
MZ: I did speak with a redemption center/redeeming bank contact who said they are expecting to work this weekend. This was surprising……. He did not know if they are doing “year-end” stuff or something else. They were asked to bring laptops for some reason. Maybe some kind of training and they will be calling clients for wealth management or will it be redemption related? They do not know.
MZ: Remember that redemption centers/redeeming banks are part of existing banks….and many people trained for our exchanges/redemptions work for those banks in Wealth management already. My contacts are trained by banks to exchange foreign currencies and they work in wealth management for the bank.
Member: Folks Hang Tough....Don't give up on your positive attitude.. Evil wants you to give up on your blessing
Member: praying we will all have a Happy New Year.
Member: Mark, Thank you for all the time and energy that you put into this.
Member: Enjoy your day everyone and be blessed this holiday season.
Antoine: The Situation In Syria Greatly Affects The Iraqi Economy
Information / Baghdad.. Economic expert Basem Antoine confirmed today, Wednesday, that the situation in Syria greatly affects the Iraqi and Syrian economies.
Antoine said in an interview with Al-Maalouma Agency that "the current situation in Syria has a direct impact on Iraq, especially since Iraq represents a vital market for Syrian industries."
He explained that "despite Iraq's ability to search for alternatives, Syria will suffer greatly, with the possibility of many factories shutting down as a result of the absence of markets to sell their goods, in light of the Syrian people's fear of the ongoing process of change."
He added, "Some people downplay the impact of the Syrian situation on Iraq, but the reality indicates a profound impact due to the common border that extends for about 650 kilometers between the two countries."
He pointed out that "the displaced Syrians in Iraq can return to their country to form an important workforce, which may restore activity to the Syrian market and ease Iraq's economic burdens, but it requires accurate studies to avoid the repercussions of the crisis on both countries."
He explained that "what is happening in Syria is not just a political conflict, but rather part of an economic war targeting the industrial and productive center of gravity that Syria represents in the region, which further complicates the economic situation in both countries." LINK