IRAQ PM CONFIRMS DINAR REVALUATION

"REALLY???... ASK... THE CITIZENS LOL" BY FRANK26, 27 OCT

 KTFA

FRANK26: "REALLY???... ASK... THE CITIZENS  LOL" .....F26

Why is the US dollar exchange rate fluctuating?

 

10/23/2024

Samir Al-Nusairi 

Once again, the fluctuation in the US dollar exchange rate has returned to the forefront, and this time it is due to speculators and merchants of crises and wars, exploiting the war currently being waged by the Zionist entity against our Arab people in Palestine and Lebanon and the confusing security situation resulting from that.

The current level is above 1,500 dinars on the black market, 
and the continuation of this problem from time to time can be attributed to several reasons, including before 2023 the lack of control over the organization of foreign trade financing and the lack of a clear trade policy, the entanglement of policies and the lack of an annual import program for the private sector in terms of quantities and amounts, but imports are open and without controls on external transfers.

In addition to "the lack of control over illegal imports and unofficial border crossings, as well as the presence of about 1,200 exchange offices spread across all governorates that are not licensed by the Central Bank and deal in cash dollars and about 12,000 outlets for disbursing pensioners' salaries and social care that deal with its exchange rate on the black market."

And that "most traders who obtain the US dollar at the official price from the Central Bank, but they sell their goods in the local market at the black market price, as well as the lack of global correspondent banks previously dealing with our banks and accounts were not opened for them in the currencies of countries with which we have extensive trade exchange such as China, India, Turkey and the Emirates."

Also, "the failure of traders and some Banks with international banking standards that guarantee the dollar's arrival to the final beneficiary, therefore the efforts of the Central Bank and the government in 2023 focused on drawing up a strategy for financial and banking reform in order to control the stability of the exchange rate.
“Among the axes of this strategy are organizing foreign trade financing, building new international understandings with global banks, and opening accounts for our banks in correspondent banks, as more than 30 accounts have been opened with American, Chinese, Emirati, Turkish, and Indian banks. We expect that during the next two months the number of Iraqi banks that have accounts in correspondent banks will increase due to the efforts made by the Central Bank to provide aid and assistance to them and coordinate with the targeted correspondent banks.

“Opening dealings with local currencies such as the Chinese yuan, the European euro, the Emirati dirham, the Turkish lira, and the Indian rupee in foreign transfers with the aim of reducing the demand for the US dollar, in addition to taking measures in cooperation between the Central Bank and the government to comprehensively expand the digital transformation from the cash economy to the digital economy and stimulate the use of electronic payment tools. This strategy aims to “put pressure on speculators dealing in cash dollars in the black market and limit their activities that harm the national economy, which was discussed in the Prime Minister’s specialized economic meetings in the presence of the Minister of Finance, the Governor of the Central Bank, advisors, and directors of government and private banks.

It must be noted here that "the availability of foreign exchange reserves for the Central Bank exceeding 100 billion dollars and a gold reserve exceeding 143 tons confirms that the Iraqi dinar will recover and that it is strong, since the local currency in circulation is covered by the foreign exchange reserve, in addition to the other executive measures to support and stimulate the local product and control the monetary market and the commercial market, which will control the exchange rate, as I expect in the near future."

LINK

TIDBIT FROM PIMPY, 27 OCT

 Pimpy 

  [Referent Guru Nader post below]  

 It [The dinar on Forex] went from 1320 to 745 for every dollar so that's 54% increase in value.  Woo!  Man that's really good.  It's not where everybody  wants to be but still a nice jump in value.  It's looking good.  I really think it's looking good.  I just try to keep people grounded...

There is weird activity.  Nobody really knows what it means but that is one hell of a jump, a 54% increase in value...I don't know what's going on... It is exciting because this is right on the heels of the information...

that they're lifting restrictions [on foreign exchange in Iraq] and then all of a sudden this happens.  This is like one day apart...All of a sudden next day there's a spike.  Could be something, could be nothing...Everybody knows it's close so it's hard not to get excited.

JEFF: " THE RATE WILL CHANGE ON A SUNDAY MORNING" @DINARREVALUATION

"R.E.E.R.!!!" BY FRANK26, 27 OCT

 KTFA

FRANK26: "R.E.E.R.!!!"...........F26

Communications: Iraqi Post has achieved great success in digital transformation of financial transactions

10/23/2024

Baghdad - WAA 

The Ministry of Communications confirmed, today, Wednesday, that the Iraqi Post has achieved great success in the digital transformation of financial transactions.

The spokesman for the Ministry of Communications, Omar Abdul Razzaq Musaheb, said in a statement received by the Iraqi News Agency (INA): "The General Company for Post and Savings has achieved great success in terms of digital transformation operations for financial transactions by converting postal books that are decades old into easy-to-use electronic cards that allow citizens to view their balance and know all movements in their account through the electronic application "Ki".

He added that "the digital transformation operations achieved their desired goals of reducing corruption and manipulation of citizens' deposits, which contributed to enhancing citizens' confidence in the procedures adopted by the Post and Savings Company," noting that "they came in compliance with the paragraphs of the government program that emphasize the importance of activating digital transformation and electronic payment in financial transactions instead of cash currency trading."

Abdul Razzaq continued, "The Central Bank of Iraq is fully aware of all the financial activities of the General Postal and Savings Company through a monthly position submitted by the company, contrary to what is being promoted."

He pointed out that "the parties that are trying to downplay the importance of this achievement or seek to mislead public opinion with false information in this regard are the same bankrupt parties that do not want the wheel of reconstruction to advance in the work of the ministry's joints."

LINK

 

JENTEL SHORT, 27 OCT

 Jentel short

10/23/24

Right now “next steps” are taking place for world trade.

Is this concerning BRICS?

Yes.

It has something to do with currency conversions for cross boarder transactions.

Bond holders are still receiving payments. 

Notification

Estimate Thurs-Sat.

They want to do it Friday.

REVALUATION UPDATE FROM JULIAN ASSANGE @DINARREVALUATION