RAMADAN REVIVES THE IRAQI DINAR AND OFFICIAL EXPECTATIONS OF A CONTINUED DECLINE IN THE DOLLAR, 14 MARCH

 RAMADAN REVIVES THE IRAQI DINAR AND OFFICIAL EXPECTATIONS OF A CONTINUED DECLINE IN THE DOLLAR

The exchange rate of the US dollar in the parallel market in Iraq declined significantly during the first and second weeks of Ramadan, recording 1,480 dinars per dollar, or less than that, from 1,520 dinars before the beginning of the month.

The decline is due to several factors, most notably the strict measures taken by the Central Bank of Iraq to control imports and electronic money transfers, in addition to the decline in economic activities of the Iraqi citizen during the month of Ramadan.

“strict measures”

Government advisor Alaa Al-Fahd says the decline in the dollar price in the parallel market is due to the Central Bank’s implementation of strict measures aimed at controlling imports and electronic money transfers.

He added that this measure reflects the success of the Central Bank’s monetarypolicy, as Iraqi banks have begun to implement correspondence operations with international banks with which they have commercial relations. He added that diversifying the currency basket contributed significantly to easing pressure on the dollar, and that most imports of consumer and food goods are financed through the official platform of the Central Bank and at the official price, stressing that any trading outside this framework is considered unofficial dealing.

Al-Fahd praised the Central Bank’s announcement of implementing digital transactions and encouraging tourism, stressing that these steps contributed to easing pressure on the parallel market for exchange rates.

Al-Fahd expected the market to remain stable, especially with most of the needs of Ramadan and the Eid season being covered through the official platform and at the official price, noting that expectations indicate a continued decline in the dollar price in the coming period.

The exchange rate of the dollar against the dinar increased significantly in the last week before Ramadan, recording 1,520 dinars per dollar for sale and 1,510 dinars for purchase in the main stock exchanges, but in the first week of Ramadan, the exchange rate recorded a significant decrease, reaching 1,465 dinars per dollar for sale and 1,475 dinars per dollar for purchase in the main stock exchanges in Baghdad, Erbil and Basra.

In the second week of Ramadan, the exchange rate rose slightly, recording 1,485 dinars per dollar for sale and 1,480 dinars per dollar for purchase, with a variation up or down not exceeding two and a half dollars.

The exchange rate of the Iraqi dinar against the dollar is affected by several main factors, including:

-Daily sales volume in currency auction

-Central Bank procedures related to external transfers

-The need of traders to import goods, especially from countries subject to US sanctions, which increases the demand for the dollar in the parallel market.

-Smuggling the Iraqi dinar to other countries to benefit from price differences.

“Ramadan is a game changer”

For his part, economic expert Ahmed Al-Ansari believes that the decline in demand for the dollar during the month of Ramadan is mainly due to the decline in economic activities of the Iraqi citizen, which is evident in the decline in the movement of real estate, cars and basic services.

Al-Ansari explained that the weak purchasing power of citizens also contributed to reducing the volume of imports, which led to a reduction in demand for the dollar in the parallel market.

He added that the Central Bank’s measures aimed at reducing imports through the black market and encouraging traders and importers to import through approved banks and convert the dollar at the official price were an additional reason for this temporary decline.

Al-Ansari expected a strong recovery in the markets after Ramadan and by Eid al-Fitr, which could lead to a slight increase in the dollar price or a return to its previous level, stressing that the dollar price is greatly affected by the strength of supply and demand in the market, as it rises whenever demand for it increases in the parallel market.

He pointed out that the continuation of the facilities provided by the Central Bank, such as providing travelers’ dollars, will encourage citizens to deal at the official price and avoid exchange offices and banks that sell dollars at higher prices.

On February 7, 2023, the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to amend the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars per dollar, obligating banks to sell at a rate of 1,310 dinars per dollar and at a rate of 1,320 dinars per dollar for currency transfer operations when using electronic cards while traveling or online, with a ceiling of 3,000 dollars at the official rate granted to each traveler who presents a visa and a travel ticket with his official passport.

WOLVERINE UPDATE, 14 MARCH

 Wolverine

  Big Bond Holders are flying to the US right now. We have big news that this is the week we have been waiting for.

 There is good news from Iraq that it’s going to get released. We’re hearing good news from lots of platforms.

• Tues. 11 March 2025: DINAR REVALUATION: WALKINGSTICK: He got a rumor that there’s a rate and a date!! @DINARREVALUATION #iraqidinarinvestor

BEARDED PATRIOTUSA☀️RV TIME HAS TO BE NOW ☀️ @DINARREVALUATION #iraqidinarinvestor #iraqidinar

 

Kurdistan Region Confirms Oil Sales Through SOMO: We Will Give Our Money To Baghdad, 14 march

 Kurdistan Region Confirms Oil Sales Through SOMO: We Will Give Our Money To Baghdad

Iraqi oil refinery   energy   Economy News – Baghdad   The Kurdistan Regional Government (KRG) on Wednesday affirmed the region's firm position to implement an amendment to the budget law, allowing the region's oil to be exported and sold through SOMO, with the proceeds returned to the federal Ministry of Finance.

A statement issued by the Kurdistan Regional Government's Council of Ministers, seen by Al-Eqtisad News, said, "The President of the Council, Masrour Barzani, held a meeting attended by his deputy, Qubad Talabani, during which the Prime Minister instructed the Ministry of Finance and Economy to prepare a schedule for distributing salaries to Kurdistan Region employees for the month of February, after the deposit of 958 billion dinars into the ministry's account for that month. "

The Council decided to begin distributing salaries starting tomorrow. All ministries and institutions were also tasked with preparing March payrolls as soon as possible and sending them to the Federal Ministry of Finance, with the goal of disbursing them before the Eid al-Fitr holiday.

The statement confirmed that "in the first part of the meeting, Kamal Mohamed Saleh, Acting Minister of Natural Resources, reviewed the latest developments in the joint meetings between the Ministry of Natural Resources and the Federal Ministry of Oil, in the presence of representatives of oil companies."

The minister explained the efforts being made to resume the region's oil exports within the framework of the federal budget law. The Council of Ministers commended the Ministry of Natural Resources' efforts to accelerate the process of resuming oil exports and its joint work with the Iraqi Ministry of Oil to resolve the obstacles related to the process.

The Council also affirmed the "regional government's firm position to implement the amendment to the budget law so that the region's oil is exported and sold through SOMO and its revenues are returned to the federal Ministry of Finance."   https://economy-news.net/content.php?id=53348

TIDBIT FROM MNT GOAT, 14 MARCH

 Mnt Goat 

 Article:   “DIGITAL CURRENCY IN IRAQ: CRISIS OF CONFIDENCE.. THE BIGGEST OBSTACLE” Article Quote:

"Al-Sudani’s advisor pointed out that “90% of the monetary mass is outside the banking system, so Iraqi society deals with paper money, and it is unreasonable to immediately switch to digital currency overnight, “  

...a replacement of paper currency by a digital currency is not feasible at this time for Iraq but it will still be pushed in the future...this is a long-term project for Iraq and we will most likely be out of this investment and exchanged already by the time they do it...

EXCERPTS FROM MARKZ : I HAD MORE CONFIRMATIONS TODAY @DINARREVALUATION #iraqidinarinvestor

 

Al-Sudani's Advisor Denies Any Sanctions On Rafidain Bank And Confirms Continued Gas Supplies From Iran, 14 MARCH

 Al-Sudani's Advisor Denies Any Sanctions On Rafidain Bank And Confirms Continued Gas Supplies From Iran

economy |12/03/2025  Mawazine News – Baghdad  The Prime Minister's advisor for foreign relations, Farhad Alaa Al-Din, denied the existence of US sanctions on Rafidain Bank.

While noting that the American exception regarding importing gas from Iran continues, he confirmed that some factions have offered to join the Popular Mobilization Forces under conditions. Alaa al-Din said in a televised interview: 

“Iraq is a country well-versed in managing foreign affairs and has a legacy in that,” noting that “the philosophy of Prime Minister Mohammed Shia al-Sudani regarding foreign relations is that the Iraqi interest comes first, and from here the country’s foreign policy is adopted.” He added that “the path of the state and government, through the Ministry of Foreign Affairs, works from the starting point of Iraq’s interest first.” 

Regarding Iraq’s relationship with the United States, Alaa al-Din indicated that “we had excellent and distinguished relations with the previous American administration,” noting that “the new American administration came with a set of promises to American voters, and part of these promises are related to the foreign policy of the United States, including ending the so-called endless wars.”

 He explained that “the American letter that we received does not contain the information circulating in the media,” noting that “US Representative Joe Wilson tweeted more than 200 tweets in 15 months and did not mention Iraq even once.” 

He explained that “Joe Wilson attended a meeting with al-Sudani and was not He talked about Iraq before January 13, but after that date, he started tweeting about Iraq on a daily basis,” stressing that “the American authorities denied any connection to what Joe Wilson was talking about regarding Iraq.” 

He pointed out that “the US Treasury denied any intention to punish Rafidain Bank, and that American companies are working to restructure Rafidain Bank and there is no intention to punish it,” noting that “the Prime Minister is busy and does not care about Joe Wilson’s tweets.” 

He stressed that “Iraq has not been a priority for America since 2011,” stating: 

“We are working to change the American view that Iraq is not part of the Iranian file.” Regarding the issue of armed factions, Alaa al-Din indicated that “the issue of factions is an internal discussion, not an external one,” stressing that “the dissolution of the factions is among the points of the supreme authority, Mr. Sistani, and the government program.”

 He continued, “Some factions have offered to join the Popular Mobilization Forces with conditions,” warning against restricting the weapons of the factions by force, as this leads to a civil war. He stressed that “the discussion about the fate of the factions occurs every day.

” Regarding the fate of the kidnapped Zionist researcher, Elizabeth Tsurkov explained that "Tsurkov entered legally and is protected from the government's responsibility," noting that "Tsurkov's continued absence will cause future problems for Iraq."

 He explained that "according to the government's information, Tsurkov is alive.

" Regarding the cancellation of the US waiver for importing energy from Iran, he indicated that "the cancellation of the waiver targeted the import of electricity, but the gas waiver continues," noting that "Turkey began importing gas from Turkmenistan via Iran after the implementation of US sanctions.

" Regarding the events in Syria, Alaa Al-Din said: "The events on the Syrian coast are not encouraging for Iraq to open up to the head of the Syrian administration, Ahmed Al-Sharaa," stressing that "ISIS obtained supplies and seized weapons in Syria, and Iraq is concerned about them." 

He continued, "We have security cooperation channels with Syria."Regarding Iraq's relationship with China, he explained that "25% of Iraqi oil is purchased by China and we have a great interest in it," noting that "Iraq's relationship with China and Russia is commercial, not political.

" Regarding Iraq's relationship with Saudi Arabia, he indicated that "our relations with Saudi Arabia are at their best and there is no concern from Saudi Arabia about the development of Iraq's relationship with Qatar." He stressed that "Iraq is returning today to the Arab fold more than ever before," noting that "Iraq has transformed from an arena of conflict to an arena where countries meet." 

He pointed out that "the path of development has transformed Iraq into an area where the interests of the countries of the region meet," stressing that "Iraq played a calming role between Iran and America, especially in Syria." 

Regarding the presence of the international coalition in Iraq, he indicated that "nothing has changed with the agreement to end the international coalition in Iraq and we are awaiting the US administration's opinion on its presence," indicating that "the end of the international coalition will make Iraq determine the type of foreign forces it needs."
https://www.mawazin.net/Details.aspx?jimare=260152