Government Advisor: The Monetary Enhancement Mechanism Will Maintain Financial Stability In The Country, 5 JAN

 Government Advisor: The Monetary Enhancement Mechanism Will Maintain Financial Stability In The Country

 
Economy    Today, Baghdad - INA - Amna Al-Salami  The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Friday, that the  Central Bank has adopted the monetary enhancement mechanism to feed national banks’ requests for foreign currency, indicating that the  
monetary enhancement mechanism will maintain financial stability in the country. 

Saleh stated to the Iraqi News Agency (INA) that “the function of the central bank will continue to move in two directions: the    first is to meet the needs of national banks for foreign currency with their correspondents, which confirms that the new monetary enhancement mechanism will work to provide monetary stability on the part of the monetary authority in the two issues of continuing the policy of monetary sterilization.” 

 Which is concerned with controlling local liquidity levels by exchanging foreign currency for dinars,” pointing out that “the new monetary enhancement mechanism will maintain a fixed exchange rate of 1320.”

One dinar for every 100 dollars, which will enable the Central Bank to achieve stability in the external value of the Iraqi dinar by controlling the growth in the money supply within the operational objectives of monetary policy  through the so-called monetary transfer mechanism to achieve the intermediate or real long-term objectives in achieving stability in The general level of prices or reducing the growth in inflation rates, and
 
this comes in conjunction with the stability of the exchange rate and the growth of the money supply to achieve stability in the general level of prices.”  Saleh added,
 
“The second trend is to provide foreign currency to correspondents of national banks in order to facilitate the stability of the real supply of basic goods and services flowing to the internal market with high smoothness, and to make compliance control over the disposal of foreign currency at two levels:
 
     national through the  Office of Combating Money Laundering and Terrorist Funds, and
     external, represented by “The role of correspondent banks that undertake the task of auditing compliance issues.”      https://www.ina.iq/224986--.html 

PATREON CC HIGHLIGHTS NOTES : The Quality of Investment Analysis in the Currency Auction Debate IN REFERENCE TO MILITIAMAN LAST INSIGHTS!, 5 JAN

 PATREON CC HIGHLIGHTS NOTES

Chapter Summary: The Quality of Investment Analysis in the Currency Auction Debate

Introduction

• They clarify that recent changes in banking practices, including the introduction of a new electronic system, are intended for local banks, not the central bank itself, and do not affect the ongoing currency auctions.
• The speaker emphasizes that the central bank is responsible for the administration of these auctions, and thus, any claims to the contrary indicate a fundamental misunderstanding of the banking system’s structure.

Addressing Misconceptions and Lies

• The speaker systematically dismantles militia man’s claims, labeling several of them as lies:
  • Misrepresentation of the status of the dollar auction.
  • Incorrect assertions regarding the role of correspondent banks in facilitating internal and external trade.
• By providing evidence directly from the Central Bank of Iraq’s website, the speaker highlights the ongoing nature of currency auctions and the central bank’s continued involvement in these processes.
• The speaker argues that militia man’s reliance on unverified snippets leaves his audience without the ability to independently verify the claims, thereby perpetuating misinformation.

The Importance of Data Integrity

• Throughout the debate, the speaker underscores the importance of using verified data when discussing financial matters. They assert that true understanding comes from analyzing raw data rather than relying on potentially manipulated or out-of-context snippets.
• The speaker expresses confidence in their analytical skills, suggesting that their approach—grounded in real data—provides a more accurate representation of the situation in Iraq than militia man’s commentary.

Conclusion: Implications for Investors

In conclusion, this chapter illustrates the critical importance of accurate, well-analyzed information in the realm of investment, particularly in the context of currency auctions in Iraq. The debate between the speaker and militia man serves as a cautionary tale for investors who may rely on misleading or inaccurate information. The speaker’s insistence on using direct data from credible sources emphasizes the need for rigorous analysis in financial decision-making. Investors must be vigilant and discerning, ensuring they base their strategies on verified information to navigate the complexities of international currency markets effectively.

• The key takeaways from this discussion highlight the necessity for thorough research and verification in financial analysis.
• Misleading information can have significant repercussions for investors, making a case for the need for transparency and accountability in investment advice.
• As the speaker invites a public debate, it raises the question of how differing perspectives can enrich the conversation surrounding investment strategies and economic understanding.

In a world where financial landscapes can change rapidly, the reliability of the information investors consume is paramount to their success.

FIREFLY: Television is now showing comprehensive approach on how to trade the Iraqi dinar on Forex !

 

After The Electronic Platform Stopped...An Answer To Questions From Iraqi Circles About The New Dollar Mechanism, 5 jan

 After The Electronic Platform Stopped...An Answer To Questions From Iraqi Circles About The New Dollar Mechanism

Economy   2025-01-02 | 4,898 views  citizens asked Many Iraqi questions about the new mechanism for trading the dollar in Iraq and the method of withdrawing or buying it after the official cessation of the electronic platform.

 Governor of the Central Bank, Ammar Khalaf, said Deputy yesterday,   “The working mechanism of the electronic platform related to foreign transfers has stopped working on it, but   financing foreign trade continues through correspondent banks according to various mechanisms that are equivalent to what is done in countries of the world.”

Many citizens asked about the platform’s news, which Alsumaria News published on Facebook, about the

      electronic platform and its work,

     what will happen to the dollar, and

     whether Iraq will witness a new rise in currency exchange rates.

 One of the citizens said through the comment feature:

 “What is the purpose of the electronic platform? Can someone explain,” while another responded by saying, “The siege will return to Iraq and the exchange rate will be at least 250 thousand Iraqi dinars for 100 dollars.”

 Another wondered about "the continued arrival of foreign remittances to Iraq and the giving of currency to travelers," while another pointed out that "unemployment will return, food prices will double 4 times above normal, and famine will return to Iraq."

 Others praised the decision to stop the electronic platform, considering it “an effective government achievement that will benefit one after another and a transformation process that enhances the economic role and prepares for investment opportunities with full confidence, and that the

 government is playing a supervisory role over markets and money exchanges, and  the dinar is dealt with only to raise the value of the Iraqi dinar.”

 Another pointed out that “the platform was a front for stealing the dollar, and  therefore imposing censorship through the financial transfer through the bank will contribute to balancing the market and controlling the rise of the dollar,” and another supported him by saying that “this step may have several reasons, such as:

 1- Controlling the dollar exchange rate: An attempt to stabilize the price of the dollar against the Iraqi dinar by limiting the flow of the dollar. uncontrolled

 2- Preventing dollar smuggling: If there are indications that the dollar is being used in smuggling operations or that there is an inflation in demand for it due to illegal purposes.

 3- Strengthening the local economy: Reducing dependence on the dollar and supporting the local currency by reducing the circulation of the dollar in the markets.

Possible Outcomes:

 Dollar prices rise on the black market if there are no alternatives to meet demand.

 Impact on merchants and companies that depend on the dollar for imports, which may lead to higher prices for imported goods.

 Tightening financial oversight to try to prevent fraud and circumvention of policies. Therefore, the effects will depend on the way this decision is implemented and the extent to which there are alternative plans to provide dollars to the commercial and service sector.” It should be noted that

"Travelers' dollar"

  “the Central Bank clarified that granting dollars to travelers continues at airports according to the approved mechanism, which is considered the best in restricting the traveler’s access to dollars,” noting that

 “this decision is part of a series of reforms aimed at facilitating financial procedures and stimulating the economy.”

 What Is The “Electronic Platform”

 The electronic platform for money transfers is a mechanism that has been adopted to

ensure the regulation of foreign cash transfers and

     limit manipulation of exchange rates.

 It works to document

     commercial operations and the

     transfer of funds by banks and financial companies,

 ensuring more effective control over hard currency flows inside and outside the country.

TIDBIT FROM BRUCE, 5 JAN

 Bruce  

 [via WiserNow]   Iraq has...brought a new in country rate...We heard about this New Year's Day...in Iraq, they're removing...the higher denominations, the 25k dinar notes, the 10k, the 5k, the 1k...the high three zero dinar notes...  

Now those are notes that we have that we're going to be able to exchange at a very high rate, very high...We're getting huge rates on the dinar that we have...but in Iraq they're... exchanging those with 25 dinar, 10 dinar, 5 dinar, 1 dinar, in other words, without the three zeros...lower denominations...

they're making those announcements on television in Iraq...We look like we could get started... They're calling it the weekend ...as late as Sunday, we should be getting our notifications...and we should be able to get started with our exchanges.

MAJEED: The CBI will be back on January 7 after the reevaluation happens ! @DINARREVALUATION #iqd

 

Expert: Jordanian and Gulf banks control the Iraqi banking sector and push it towards collapse, 5 JAN

 Expert: Jordanian and Gulf banks control the Iraqi banking sector and push it towards collapse

 / Special..
Economic expert Mustafa Akram Hantoush confirmed today, Saturday, that the banking system is going through a major crisis, pointing out that the Gulf and Jordanian banks have come to control the cash and dollar sector inside Iraq.

Hantoush said in a statement to Al-Maalouma Agency, “The Iraqi banking system is almost non-existent at the present time, as four or five Gulf and Jordanian banks control the movement of money.”

He added that “four Jordanian banks submitted applications to enter the Iraqi market, two of which succeeded in operating, while two others, namely Al-Ittihad and Al-Iskan, are still under study.”

He explaine d that “this situation reinforces the dominance of these banks over the dollar, while local banks are now facing major challenges, as some of them remain in the market, while others are forced to seek agreements with Jordanian and Gulf banks in order to continue operating,” adding that “those who do not succeed in reaching agreements with these banks will move towards merging or exiting the market.”

He pointed out that “the banking system was previously suffering from a weak structure, and today it is in a state of complete collapse,” stressing that “it has become very difficult to obtain loans in Iraq easily, and whoever succeeds in doing so needs relationships and mediation, which reflects the state of stagnation and paralysis in the Iraqi banking system.”

It is noteworthy that the United States imposed sanctions on 34 Iraqi banks in an attempt to restrict the Iraqi economy, which opens the way for five Jordanian and Gulf banks to enter the Iraqi market, with the aim of completely controlling the economy amid the silence of the Iraqi government.

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