Al-Sudani's advisor reassures via Shafaq News about the rise of the dollar: a temporary market bubble, 27 DEC

  Al-Sudani's advisor reassures via Shafaq News about the rise of the dollar: a temporary market bubble

12/26/2024

Mazhar Mohammed Saleh, the financial and economic advisor to Prime Minister Mohammed Shia al-Sudani, commented on Thursday on the rise in the exchange rate of the US dollar against the Iraqi dinar in the local market for days.

Saleh told Shafaq News Agency, "The difference between the two exchange rates in the market is basically stable for reasons related to controlling the sale of cash dollars from legal outlets to travelers in an organized manner and subject to a precise rule of compliance and auditing, in addition to the ability of the traveler to obtain other permitted amounts through payment cards in all their forms, and in sufficient and comfortable amounts at an exchange rate of 1320 dinars per dollar."

He added, "It is expected that the market, due to the end of the previous foreign transfer platform and the transition to new mechanisms for strengthening with foreign currency to meet the banks' needs for foreign currency to finance foreign trade, was accompanied by a wave of misinformation, misunderstanding and confusion that was exploited by the parallel market and speculators for quick profit."

He considered that this increase is "called a temporary market bubble that is built on unrealistic speculation and disappears over time, which requires attention to the phenomenon of exploitation and profiteering generated by false and baseless information."

The dollar exchange rate in local markets is witnessing a gradual increase, while this morning it recorded 152,000 dinars for every 100 dollars in the two main stock exchanges of Al-Kifah and Al-Harithiya in Baghdad, and 151,400 dinars for every 100 dollars in Erbil, the capital of the Kurdistan Region.

Yesterday, Wednesday, the economic and financial expert, Abdul Rahman Al-Mashhadani, attributed the main reason for the rise in the dollar price to the promotion of stopping the platform, indicating that “this rumor that spread showed that foreign transfers would stop.”

He explained that "this rumor is false, as 97% of the transfers made through the window were transferred to banks that have correspondent banks in a way that enhances the balances. The Christmas holiday is also another reason for the demand for the dollar, as there is a lot of travel during these days."

Al-Mashhadani expected that "the situation will stabilize and the dollar will return to its normal status after the holiday."  LINK

TEXAS SNAKE UPDATE, 27 DEC

 TEXAS SNAKE

Chat owner Optimization for the currency revaluation remains very positive looking forward to banks opening in the morning in either EST zone or MST zone, Miami or Reno.

11:09 p. m.

FIREFLY: " WE'RE GOING DIGITALLY WITH A NEW RATE" @DINARREVALUATION #iraqidinarinvestor

 

Iraq establishes 'investment portfolio' to support stability of national currency, 27 DEC

 Iraq establishes 'investment portfolio' to support stability of national currency

 12/26/2024

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s first step after extinguishing its foreign debts towards establishing an investment portfolio to support the stability of the national currency.

 Saleh explained to {Euphrates News} that: "Since 2004, after Iraq was able to extinguish $100 billion of its accumulated debts, which are called pre-1990 debts resulting from wars and conflicts, and with the improvement in the current account of the balance of payments, the first step taken by Iraq was to establish an investment portfolio of foreign reserves."

He added, "Or what is called the country's foreign exchange reserves that perform the function of stabilizing the value of the national currency or what is called the external value of money."

Saleh said that "these assets that support the stability of the balance of payments and the national currency {i.e. foreign reserves} are one of the aspects of the sovereign funds called {quasi-sovereign wealth fund}."

He pointed out that "they differ from traditional sovereign funds in that their assets are characterized by high liquidity or investment in liquid or semi-liquid assets and are subject to a highly accurate diversification rule in foreign currencies and highly liquid financial investment tools by virtue of their function as international reserves supporting the balance of payments and stabilizing the value of the national currency."   Raghad   LINK

TIDBIT FROM MILITIAMAN, 27 DEC

  Militia Man  

They changed the name to currency window as opposed to auction.  

That represents foreign currencies. Article quote "...This platform will be stopped at the end of this year." 

...The dollar auctions as we know them are going bye-bye by the end of the year...That doesn't mean the 31st...It means...coming at any time.

 Article quote: "Iraq has gotten rid of the burden of foreign debts for the first time which had shackled it economically ...

What remains of its debts to international parties constitutes less than $9 billion that will be paid between now and the year 2028."  Iraq's going to have a lot of money.  If you're going to be a creditor, people are going to be coming to you for money and Iraq is going to have a lot of it.  To be fair, I think a lot of us are going to have a few dollar too because of it.

YADA: " THE AMENDMENT FRO THE RATE CHANGES WAS DONE LAST WEEKEND" ‪@DINARREVALUATION‬ #iraqidinar

 

Iraq and Bahrain affirm their support for the unity of Syria and respect for the right of its people to self-determination, 27 dec

Iraq and Bahrain affirm their support for the unity of Syria and respect for the right of its people to self-determination

Baghdad / NINA / - The acting head of the Arab Department at the Ministry of Foreign Affairs, Osama Mahdi Ghanem, met with the Ambassador of the Kingdom of Bahrain to Iraq, Khalid Ahmed Al-Mansour, at the Ministry's headquarters.

The Ministry stated in a statement that: "During the meeting, the current regional developments were discussed, most notably the Palestinian and Syrian issues, and the two sides affirmed their support for the unity of Syria and respect for the right of the Syrian people to self-determination."

The two sides also discussed ways to enhance relations between the two brotherly countries by activating the work of the joint Iraqi-Bahraini committee scheduled to be held during the first half of 2025 under the chairmanship of the foreign ministers of the two countries.

The importance of enhancing cooperation in the economic, commercial and financial fields, including the banking sector, was emphasized. 

The two sides discussed signing memoranda of understanding covering political consultations, cooperation in the field of diplomatic studies and training between the Iraqi Foreign Service Institute and the Bahraini Mohammed bin Mubarak Academy. They also discussed the agreement on mutual exemption from entry visas for holders of diplomatic, service and special passports./End