Monday, January 1, 2024
Parliamentary Finance Reveals The Reasons For The “Fluctuation” Of Dollar Prices At The End Of The Year, 1 JAN
Parliamentary Finance Reveals The Reasons For The “Fluctuation” Of Dollar Prices At The End Of The Year
Economy |Baghdad today – Baghdad Today, Sunday (December 31, 2023), member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, revealed the reasons for the recent fluctuation in the exchange rates of the dollar against the Iraqi dinar in local markets.
Al-Kadhimi said in a statement exclusively to “Baghdad Today” that “the exchange rates of the dollar against the Iraqi dinar on the black market have their reasons, including speculators,” noting that “there are unreal prices raised by stock exchange owners on social media for the purpose of benefiting.”
The member of the Finance Committee pointed out that “part of the dollar’s decline is the small withdrawal by traders coinciding with the end of the year 2023.”
He added, "The Central Bank of Iraq provides 150-200 million dollars daily at the official exchange rate of 1,320 Iraqi dinars."
Today, Sunday (December 31, 2023), the exchange rates of the dollar against the dinar recorded a slight increase in the local markets in the capital, Baghdad .
The "Baghdad Today" correspondent said, "Selling prices in money exchange shops in the local markets in the capital, Baghdad, amounted to 153,000 dinars for every 100 dollars ."
He added, "The purchase price amounted to 151,000 dinars per 100 dollars."
For more than a year, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system “SWIFT , ” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel markets .
The exchange rate in the parallel markets is still recording a significant increase compared to the official rate, which amounts to 1,320 dinars per dollar. LINK
"NPCI launches ASBA-like facility for secondary market" , 1 JAN
"NPCI launches ASBA-like facility for secondary market"
The National Payments Corporation of India will begin it's beta testing of their new foreign currency exchange mechanism and more in their Secondary Market on January 1st, 2024.This means that the actual transaction will only be completed when confirmation on both sides of a trade are confirmed. T+1 settlement processing will take place all in one day.
Only a select few countries have been chosen to test this Secondary Market. The US, Indonesia, Iraq, Vietnam, and a few other countries will be processing their new local currencies on this new digital payment system.
* key stakeholders
* clearing corporations
* stock exchanges
* depositories
* stockbrokers
* banks
* UPI app providers
* And much more...
Now, we are expanding and testing the new system with several countries in January 2024.
© Goldilocks
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Investopedia Link
On The Last Day Of The Year.. The Dollar Rises In Baghdad And Erbil With The Closure, 1 JAN
On The Last Day Of The Year.. The Dollar Rises In Baghdad And Erbil With The Closure
Market Economy News – Baghdad The prices of the US dollar against the Iraqi dinar closed on Sunday with an increase in Baghdad and Erbil. Dollar prices recorded an increase with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 152,450 Iraqi dinars per 100 dollars, while this morning it recorded 152,150 Iraqi dinars per 100 dollars.
Selling prices increased in banking shops in local markets in Baghdad, as the selling price reached 153,500 dinars per 100 dollars, while the purchase price reached 151,500 dinars per 100 dollars.
In Erbil, the dollar also recorded an increase, as the selling price reached 152,300 dinars per 100 dollars, and the purchase price reached 152,200 dinars per 100 dollars.
https://economy-news.net/content.php?id=39037
"RV UPDATE" BY KAPERONI, 1 JAN
Kaperoni
I hope each and every one of you find success in this investment...It may take time. It may be another 1 to 5 years. I certainly hope not but I believe things could happen quickly over the next 36 to 48 months. It all depends on Iraq.
...We all know things don't happen fast in Iraq. Iraq has a lot of work to do in order to succeed. The first of which is pass over 100 stalled laws through Parliament to encourage investment in Iraq. And at the same time the Central Bank of Iraq has to continue reforms to the banking system, digitalization, and apply monetary tools to meet compliance.
A country's exchange rate is the result of the success and growth of their own economy. When you have a weak economy, you have a weak exchange rate. Until Iraq passes laws, diversifies their economy and increases their GDP, nothing will happen with the dinar. When Iraq passed their tripartite 3 year budget a few months back, it created the conditions for them to diversify and privatize their economy over the next three years. Now Iraq is on the clock to accomplish such.
There's a new article out that many people are translating and confusing. They are not talking about an RV in Iraq, they are talking about the spread being in compliance early next year.
Just a reminder the spread is the difference between the official rate and the market rate or street rate and has been way out of whack recently in Iraq. This article simply means they expect the spread to come down closer to the official rate early next year. There is no RV.
A very important statement was made back in 2020 by the prime minister's economic advisor Mohamed Salah who used to be Deputy Governor of the CBI under Shabibi. He stated that Iraq's entire wealth including all minerals in the ground amounts to only $16 trillion dollars. Knowing that information one can then determine that there is no way a significant RV could ever occur with over 90 trillion dinar in circulation. It doesn't make sense...
They...have to have the dinar stabilized within the country and within the 2% rule mandated by the IMF in order to then accept IMF article VIII and begin to float the dinar which would raise its value based on supply and demand. All of these processes and or steps required time.
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-kaperoni-10-dec_0650267841.html
https://dinarevaluation.blogspot.com/2023/12/rv-update-by-kaperoni-18-dec.html
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