WALKINGSTICK: IRAQI BANK FRIEND AKI UPDATE: " Iraq moving toward a basket" @DINARREVALUATION

 

EXCHANGE RATE RISES IN LOCAL MARKETS AS DOLLAR SELLING PLATFORM IN IRAQ NEARS COMPLETION WITH COMMENTS OF MNT GOAT, 19 DEC

 EXCHANGE RATE RISES IN LOCAL MARKETS AS DOLLAR SELLING PLATFORM IN IRAQ NEARS COMPLETION

(This is an excellent article and so if you really want to catch up on what is about to happen with the currency platform and the changeover to the correspondent banks about to handle these transactions and how they will do it, then please take a few minutes and read this article.)

The dollar exchange rate recorded a new rise today, Tuesday (December 17, 2024), during trading on the main stock exchange and the local market .

Baghdad Today correspondent said that the dollar exchange rate recorded 150.950 dinars for every 100 US dollars in the main stock exchange in the capital, Baghdad .

He added that the selling price in the exchange offices recorded 152,000 dinars, while the buying price recorded 150,000 dinars for every 100 US dollars.

On Wednesday (September 4, 2024), the Central Bank of Iraq revealed the mechanism for ending the electronic platform for foreign transfers, while indicating that the placement of foreign transfer operations and meeting requests for the dollar are on sound paths consistent with international practices and standards . 

The bank said in a statement received by “Baghdad Today”, that “the electronic platform for foreign transfers managed by the Central Bank of Iraq began at the beginning of 2023 as a first stage to reorganize financial transfers in a way that ensures proactive oversight of them instead of subsequent oversight by the Federal Reserve auditing daily transfers, and this was an exceptional procedure as the Federal Reserve does not usually do this, and  a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and approved banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks .”

He added that “during the year 2024 and until now, 95% of the transfer process from the electronic platform to the mechanism of correspondent banks directly between it and Iraqi banks has been achieved, which means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year and according to the plan,” explaining that “some expectations about potential impacts on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one batch at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be completed in the coming short period .”

He stressed that “trade with the United Arab Emirates, Turkey, India and China represents about 70% of Iraq’s foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transfer in euros, Chinese yuan, Indian rupees, and Emirati dirhams, through approved correspondent banks in those countries, and (13) Iraqi banks have actually begun conducting transfer operations with a pre-audit mechanism that has been agreed upon and approved in addition to transfers in dollars .”

He continued: “With the provision of channels for personal transfers for legitimate purposes and external purchases through electronic payment channels and international money transfer companies and cash sales to travelers, and the payment of cash dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions .”

The Central Bank of Iraq stressed that it “put foreign transfer operations and meeting dollar demands on sound paths consistent with international practices and standards and the Anti-Money Laundering and Terrorism Financing Law,” explaining that “providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation, and any other price traded outside those channels is an abnormal price that those with unorthodox or illegal practices resort to, who move away from official channels in their dealings, so they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and others .”

THE GOLDEN ERA : Reno has given the green light, 19 dec

THE GOLDEN ERA

Reno has given the green light. Tier 3 bondholders were being paid.

 Over the past weekend, Iraq hosted delegates from 140 nations to celebrate the Iraqi legislature's approval of a dinar VR to go international on Tuesday, December 17, 2024, and pay two months of payroll arrears in the new dinar rate, especially in Kurdistan. 

Iraq was expected to go international on Tuesday, December 17, 2024. The Ripple USD stablecoin (RLUSD) launches on Tuesday, December 17, 2024. 

Tier4b (we, the Internet Group) was on high alert to receive a notification to set appointments.

TRANSLATE IN SPANISH

LA ERA DORADA

Reno ha dado luz verde. Se estaba pagando a los tenedores de bonos de nivel 3.

 Durante el último fin de semana, Irak recibió a delegados de 140 naciones para celebrar la aprobación por parte de la legislatura iraquí de una RV del dinar para que sea internacional el Martes 17 de Diciembre de 2024 y pagar dos meses de nóminas atrasadas en la nueva tasa del dinar, especialmente en Kurdistán. 

Se esperaba que Irak se volviera internacional el Martes 17 de Diciembre de 2024. La moneda estable Ripple USD (RLUSD) se lanza el Martes 17 de Diciembre de 2024. 

Tier4b (nosotros, el Grupo de Internet) estaba en alerta máxima para recibir una notificación para fijar citas.

JENTEL NOTES : A RATE WAS POSTED TO PAY CONTRACTORS AT $3.92 @DINARREVALUATION #iraqidinarinvestor

 

PARLIAMENTARY COMMITTEE: GOVERNMENT WORKING TO REDUCE GAP BETWEEN PARALLEL AND OFFICIAL EXCHANGE RATE TO ACHIEVE STABILITY, 19 DEC

 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 .

SANDY INGRAM HIGHLIGHTS NOTES, 19 DEC

 SANDY INGRAM HIGHLIGHTS NOTES

Summary

Brazil faces a currency crisis as the USD/BRL rate fluctuates, impacting the economy and raising concerns among investors.

Highlights

• 📈 Currency Fluctuation: The USD/BRL exchange rate shows significant volatility.
• 📉 Economic Impact: Businesses are feeling the pressure of increased import costs.
• 💰 Investor Concerns: Rising uncertainty is causing hesitation in foreign investments.
• 📊 Government Response: Authorities are implementing measures to stabilize the currency.
• 🌍 Global Influence: External factors, like global market trends, are affecting the rate.
• 🔍 Analysis Needed: Experts urge for deeper analysis to understand long-term implications.
• ⚖️ Future Outlook: Predictions remain mixed as the situation evolves.

Key Insights

• 🌐 Economic Instability: The fluctuating USD/BRL rate indicates broader economic instability, impacting trade dynamics.
• 📊 Import Challenges: Increased costs for imports may lead to inflation, straining consumer purchasing power.
• 🏦 Foreign Investment Hesitation: Investor confidence is wavering, potentially slowing economic growth and innovation.
• 📈 Government Intervention: Effective government policies will be crucial in restoring market stability and confidence.
• 🌍 External Pressures: Global economic trends, including interest rates and commodity prices, are directly influencing the currency crisis.
• 📉 Long-term Effects: If unresolved, the crisis could lead to long-term economic damage, affecting various sectors.
• 🚀 Opportunity for Reform: This crisis may serve as a catalyst for necessary economic reforms in Brazil.

REDEMPTION 2020: GLOBAL CURRENCY RESET: THE FINAL COUNTDOWN @DINARREVALUATION #iraqidinarinvestor