Sunday, July 7, 2024
Despite the rise in the dollar, Saleh: The parallel market today is not important
Despite the rise in the dollar - Saleh - The parallel market today is not importantThe financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed the stability of the dollar exchange rate against the dinar, despite its significant rise today, reaching 1,500 dinars.
Saleh told Al Furat News Agency, “The fixed exchange rate system in Iraq is based on the highest international reserves in the history of Iraq and its monetary policy, as foreign currency covers more than 100% of the total currency currently issued.” He added,
“In light of the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level, which has become stable in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports), amounting to 1320 dinars per dollar.”
He pointed out that “it is a stable trend for the exchange rate and the stable external value of the dinar revolves around it, which is embodied by the state of stability in the relative prices of goods and services to a large extent, as annual inflation in our country does not exceed 3%.”
Saleh continued, “Based on the above, and in light of the strength of the foreign reserves supporting the Iraqi dinar, the value of which as liquid foreign assets exceeds $100 billion, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that affects the parallel exchange market in short periods due to urgent international or regional political events here and there or in adapting some instructions regulating the monetary market. Stressing that after the decline of the dollarization phenomenon in internal transactions, especially in contracts, obligations and payments within the country since last year and its legal prohibition.”
He stressed that “the parallel exchange market has become such that its general effects today only form a narrow economic scope of prohibited transactions practiced by informal markets and at a rate of 10% of the total supply and demand transactions for the currency.”
He stressed that “the stability of the exchange rate of the dinar to the dollar that the country is witnessing even in the secondary markets above is a real and solid stability, and is derived from the strength of the impact of the price and quantity factors of the monetary and financial policies and their integration in imposing overall price stability in the country and containing inflationary expectations that were caused by the parallel exchange market forces during the past years.”
He noted that “the irregular secondary market, due to the freedom of external transfer, is affected by the official exchange market rate, whose operations are constantly expanding in favor of dealing with the fixed official exchange rate.”
LATEST FROM MR SALVAGE, 7 JULY
LATEST FROM MR SALVAGE
REPORT FROM MR salvage ; the leader of the pentecostal , SAID THAT THE SECOND GROUP WAS SCHEDULED FOR JULY 5 AND I ALREADY HAVE IT READY, OF COURSE. BUT I WAS JOINED BY THE FIRST ONE, BECAUSE OF THE TIME GAPS FOR LEGAL SOLUTIONS ON THE ROAD THAT I HAD AND STILL HAVE IN MIND. *JULY 5 IS FRIDAY.
I AM NOT GOING TO CALL ABSOLUTELY ANYONE THAT DAY* AS MY FIRST PROCEDURAL SYSTEM WAS. I WILL CALL THE TWO FIRST, EQUAL, AND EQUAL, WITH THE HELP OF THE LORD JULY 9, 10, 11, 12, 13, 14. *STOP THERE*.
The most prominent of which is the decision of the Central Bank.. Three reasons behind the rise of the dollar against the Iraqi dinar
2024-07-04 02:37
The most prominent of which is the decision of the Central Bank.. Three reasons behind the rise of the dollar against the Iraqi dinarShafaq News/ Financial expert and former director of the Central Bank, Mahmoud Dagher, revealed on Thursday three reasons that led to the recent rise of the dollar against the Iraqi dinar.
He pointed out that “the second reason is the suspension of foreign currency transfers via the dollar, which are scheduled to resume, especially to China, but with strictness and follow-up by an international auditing company and with senders and banks that conduct transfers that are different from before.”
The financial expert continued by saying that the third reason is, “As long as there is insistence on trade with Iran and Syria – two countries that do not have a banking system with the world – then obtaining dollars has become more difficult for them.”
This week, the dollar rose against the Iraqi dinar, with the 100 US dollar denomination reaching nearly 150,000 dinars.
Last Monday, the Central Bank of Iraq issued new instructions regarding granting US dollars to travelers, indicating that these instructions will come into effect starting from July 14.
According to the bank’s statement, which was addressed to Rafidain, Rashid, and Iraqi Trade Banks, exchange companies currently operating at airports, and exchange companies of category A and B, “in order to ensure that travelers receive cash dollars and to prevent exchange companies from passing improper transactions, it was decided to set 7/14/2024 as the final date for starting the mechanism of granting dollars to travelers at airports exclusively.”
According to the Central Bank, the aforementioned banks and exchange companies operating at the airport are entitled to a fixed commission of (15,000) dinars from the customer for each transaction, and the exchange companies outside the airport collect it for the benefit of the companies and banks operating at the airport, according to a mechanism determined between the two parties, the banks and companies operating at the airport and the exchange companies outside the airport.
SUMARY OF RV UPDATES FROM FRANK26, 7 JULY
Frank26
Question: "Have the new smaller notes been revealed to the citizens of the public?" No.
This information of the monetary reform it's like a wildfire that's slowly growing and spreading.Question: "Do they have to pass the HCL before it RIs?"
The HCL is already passed. The HCL has no need for anything. It sits there. Now, parliament is coming out and saying, we need to pass some laws in order for you to have the HCL and that might be.
Question "Does the budget have to be in The Gazette before we see a change in the rate?"
No. They can make the change and then it can pop up in the Gazette. The Gazette is not something that is a mandatory in order for it to be revealed. The budget is a mandatory in order for it to be revealed.
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Question "Does the budget have to be in The Gazette before we see a change in the rate?" No. They can make the change and then it can pop up in the Gazette. The Gazette is not something that is a mandatory in order for it to be revealed. The budget is a mandatory in order for it to be revealed.
Question: "
The dinar may skyrocket slowly for years, is there a chance to keep them in dinars in multi-currency accounts?"
The IMF will force the CBI to give us outside of Iraq a specific amount of time [to exchange] but I pray that they give us 6 months to a year because if they give us one month to 3 months that's not enough time IMO to take advantage of the float...
Once you see the HCL, when will you see the new exchange rate? **snap** [That fast].
The WTO, you don't have to have value to your currency but it can't have any stains on your currency.
What do you mean by that? The Iraq dinar had sanctions on it remember - The United Nations Security Council, they put handcuffs on the dinar. They cannot be used internationally, it was on the OFAC list, you couldn't touch it. It was Taboo...It cannot have any sanctions...restrictions. It must be fully capable of moving in the international markets...
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