As we close out this year Iraq continues to take steps in a positive direction. Let's hope this continues. You guys keep asking about a rate change at the beginning of this year. If they're going to do it it's going to be done now, not later. I'm not saying it's going to. I'm just saying if it's going to be done, it's going to be done now so they can re-change all the budgets for the years. I don't think it's going to happen but we'll see what happens from here.
The year is winding down. I would say Iraq did pretty good despite all the BS that's going . We are looking forward to 2024, hopefully with a lot of great news as Iraq continues to move forward to do what's best for the people of Iraq.
Iraq has taken the necessary steps to strengthen the Iraqi dinar.We know there's restrictions on the amount of money Iraq is receiving from the US. But doing that has put the pressure on parallel market because they don't have enough dollars to trade...on the black market ...causing companies to have to use the official exchange rate instead of trying to be sneaky on the parallel market. That means they have a stronger Iraqi dinar... Because of that they have more purchasing power... This is why I think as time goes on you're going to see the Iraqi dinar go up in increments.
Association of Banks: The dollar will continue to decline thanks to the actions of the Central Bank
Today, Friday, the Association of Private Banks expected the exchange rate to continue to decline in the parallel market with the continued implementation of the Central Bank’s agreements with the Federal Bank and several countries to finance foreign trade.
The association’s advisor, Samir Al-Nusairi, said in a statement to the official agency, followed by NRT Arabia, that “the goals and tasks of the Central Bank focus on financial and banking reform, and they agree with the government’s approach, especially with regard to the transition from the cash economy to the digital economy through the development and deployment of electronic payment devices in directions that achieve The fourth global revolution by moving to a cashless society.
He added, “The Central Bank of Iraq and the government took a new strategy to manage monetary policy, due to the fluctuation that occurred in the Iraqi dinar exchange rate at the end of 2022, so there were new goals to control the exchange rate and ensure its stability.”
He continued, “Among the goals also included regulating the financing of foreign trade and regulating the Iraqi banking sector in accordance with the standards of the global financial system followed in most developed countries of the world in the banking aspect and completely ending the battle with speculators, who play a harmful role in the national economy by dealing in dollars on the black market.” For which he is held accountable in accordance with the law, in addition to reconsidering lending policies according to a new strategy called the National Lending Strategy, in which the executive aspects of bank financing in previous years were benefited from and the move towards a new strategy that will be implemented on a large scale.
He pointed out that “the Central Bank’s administrative, procedural and negotiating efforts, which continued for approximately 8 months with the US Treasury, the Federal Reserve Bank and international banks, resulted in allowing agreements, arrangements and understandings that allowed the entry of new currencies to deal with foreign transfers, including the Chinese yuan, the UAE dirham, the Indian rupee, the euro and the Turkish lira.” Pointing out, “These agreements were implemented successfully, which was reflected in the exchange rate and led to its decline.”
He continued, “Soon, an agreement was reached with Turkish banks to enhance the balances of Iraqi banks in Turkish lira and euros, and the Central Bank reinforced this with tens of millions of euros, in addition to an agreement with First Abu Dhabi Bank to deal in Emirati dirhams to finance Iraqis’ trade with the Emirates, and all of these… The measures will allow the exchange rate to continue to decline in the parallel market, which is currently declining continuously.”
IMO the monetary reform will mature...They are trying their best to help you understand they are about to give you [Iraqi citizens] your monetary reform in the coming days. I don't care what rate it comes out at just release the tiger...
Question: "Can any country RV their currency whenever they want?" Yeah but they have to go through the IMF. That's what the International Monetary Fund does - they regulate all the banks around the world and allow them to either increase, decrease, print new currency, destroy their currency, change their exchange rate .
There is a systematic way of doing it. They're called international banking laws.
The black market rate will no longer be...The black market rate is the American dollar. The CBI wants the official rate 1310 to match the dollar rate. That means the currency of Iraq is too low... Slowly we're having a reciprocal effect where the dollar is going down and the dinar is going up...
Information / Baghdad… Political analyst Hazem Al-Bawi said on Friday that America bears responsibility for exposing the security agreement with Iraq to cancellation, due to the continuing violations of American forces inside Iraq.
Al-Bawi said in an interview with Al-Maalouma: “The American side’s persistence in violating the sovereignty of an independent state that is supposed to be fully sovereign does not permit it to insult it by targeting its official security headquarters and continuing these crimes and bloodshed.”
He wondered, “What happened from the American air bombardment on the headquarters of the Popular Mobilization Forces and the Ministry of Interior in the governorates of Babil and Wasit, and before that, Jurf al-Nasr and Anbar, how can it be explained?”
He stated, “This blatant violation of Iraq’s sovereignty proves to world public opinion more than before that the White House administration does not adhere to or respect any covenants and covenants, even those it signed. Therefore, the continued American bombing exposes the strategic agreement between Baghdad and Washington to cancellation.”
The blackmarket rate verse the official rate is off by only 10%. They have made great strides with the monetary reform. It has been accomplished. It is done. It is in position to be freed up.
Remember Iraq is still under the umbrella of the IMF. They may not be under sanctions but they are under the umbrella/protection of the IMF. These were the meetings that were taking place in New York, then Dubai and then in Baghdad. Remember the two things the IMF said - The Iraqi dinar is adding value and they are very undervalued with their exchange rate.
They are telling the citizens in the middle of January the IQD exchange rate will finally match the official exchange rate of the CBI. What is the official exchange rate of the CBI high now? 1310. Do you think it will stay at 1310? No. No matter what the CBI exchange rate is in the middle of January the CBI is saying the market rate and the official exchange rate of the CBI will be the same. So it could be an RI rate. Or it could be at 1310...It really doesn't matter what the rate is. As long as they are the same...
