#IQD
Iraq is not 100% digital .
You guys fail to read full articles and come to a conclusion based on other creators .
That new article that has come out from the CBI does not mean that Iraq is 100% digital .
Iraq has already introduced immediate payment systems , local cards , unified payment gateways and cybersecurity projects in the past .
This is nothing new .
The only new thing about this article is the fact that Al Alaq is suggesting that the CBI is moving forward with dedicated licensing for digital - only banks .
There are no digital only banks in Iraq as of now and al Alaq suggests that they will be launching soon supported by new licensing regulations and improvements in infrastructure.
Anything I say isn’t going to make the rate change any sooner or any later since it’s up to the CBI and I firmly believe my account will still be here by the end of the year .
People think I’m a buzz kill for trying to give it to you guys straight but in the end I know I won’t be seen as the person who mislead people on this journey many times .
Time answers all queries.
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
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.
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
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.
Iraq is not 100% digital .
You guys fail to read full articles and come to a conclusion based on other creators .
That new article that has come out from the CBI does not mean that Iraq is 100% digital .
Iraq has already introduced immediate payment systems , local cards , unified payment gateways and cybersecurity projects in the past .
This is nothing new .
The only new thing about this article is the fact that Al Alaq is suggesting that the CBI is moving forward with dedicated licensing for digital - only banks .
There are no digital only banks in Iraq as of now and al Alaq suggests that they will be launching soon supported by new licensing regulations and improvements in infrastructure.
Anything I say isn’t going to make the rate change any sooner or any later since it’s up to the CBI and I firmly believe my account will still be here by the end of the year .
People think I’m a buzz kill for trying to give it to you guys straight but in the end I know I won’t be seen as the person who mislead people on this journey many times .
Time answers all queries.