Tuesday, March 5, 2024
"ANALYSIS OF IRAQ NEWS: "THIS IS THE MATURING OF THE MONETARY REFORM... BUT IT'S COMPLICATED" BY FRANK26, 5 MARCH
KTFA
FRANK26: "THIS IS THE MATURING OF THE MONETARY REFORM... BUT IT'S COMPLICATED."..........F26
What is the relationship between the Central Bank’s actions? The dollar will soon stabilize at 145 thousand dinars
3/4/2024
- Baghdad
An expert in economic and academic affairs at Cihan University, Nawar Al-Saadi, confirmed today, Monday (March 4, 2024), that the decline in the dollar exchange rate is due to demand and supply on the market.
Al-Saadi said in an interview with "Baghdad Today", "The decrease has nothing to do with the procedures of the Central Bank, but the positive thing in the matter is that there has become strong compliance on the platform and many traders have begun to comply with it."
Al-Saadi added, "The current decline is due to the lack of demand for the cash dollar, and the pressure on the parallel market is due to trade with Iran and Syria."
He pointed out, "It is expected that the dollar will stabilize in the coming period at 1445, and a thousand dinars will rise or fall, and it will witness a long period of stability, if there are no sanctions on banks and banks."
Al-Saadi stated, “The US Federal Reserve has indicated the presence of sanctions, but they may affect people and not banks. Therefore, the stability level of the dollar will be between the forties, and this is the real demand for the dollar, because in the last period there were fears that led to an increase in demand.”
Today, Monday, the exchange rates of the dollar against the dinar recorded a noticeable decline in the main stock exchanges in the capital, Baghdad, and the provinces.
The "Baghdad Today" correspondent said, "The price of the dollar on the main stock exchange in the capital, Baghdad, reached 149,500 dinars today, after it recorded 151,100 dinars per 100 dollars yesterday."
Prime Minister Muhammad Shiaa Al-Sudani confirmed on Sunday evening (March 3, 2024) that lowering the exchange rate means giving the dollar to “illegitimate” trade.
Al-Sudani stated during his participation in the opening of the activities of the Al-Rafidain Dialogue Forum in Baghdad, that "the financial situation in Iraq is at its best and that commercial transactions are collected through commercial institutions."
He added, "We give the student, the patient, the merchant, the contractor, and the investor the dollar at the official rate."
Al-Sudani pointed out that "the notes recorded on Iraqi banks from the US Treasury are from the time of previous governments."
He pointed out that "economic reform was one of the most important priorities of the government program."
Al-Sudani noted that "the salaries of employees and retirees constitute the largest cash block in the financial budget."
It is noteworthy that Iraq relies on the platform for selling currency directly to local banks and companies, which was previously known as the daily dollar auction, as one of the mechanisms for preserving the value of the Iraqi dinar and combating speculative operations in the parallel market.
The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed on February 6 that “some groups are trying to stay away from the platform for selling foreign currency in order to evade taxes or customs or the presence of illegal trade,” indicating “the possibility of meeting all requests for the dollar,” adding that “the bank has no problem.” In offering or selling the dollar.
He pointed out that "the bank is in a comfortable position to respond to requests to buy dollars. We have sufficient reserves, and soon we will launch a mechanism to ensure that only real travelers get the dollar."
"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 5 MARCH
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: Parliament Finance is calling in the CBI to open bank branches outside of Iraq.
FRANK: Too late, That's been going on a while! All last year we already told about the private banks of the CBI - They're going to retrieve the 3-zeros outside of Iraq because 97% or more is already been retrieved inside...The satellite banks are all over the world right now are ready to collect the 3-zero notes...All of these actions are to introduce the new exchange rate and the new national sovereignty to you, Iraqi citizens.
FIREFLY: Bank friend...in his opinion a new rate that will float. We're going to have gateway from Iraq to European side in trading. It will be amazing...The deletion of the zeros is near...Four different experts of the economy being sent to us by the CBI saying what is needed to be done with the zeros. It's no secret.
FRANK: He's 100% correct. I keep telling you it's here.
"ANALYSIS OF IRAQ NEWS: "THE WTO IS PROUD OF THIS SYSTEM" BY FRANK26, 5 MARCH
KTFA
FRANK26: "THE WTO IS PROUD OF THIS SYSTEM"..F26
Iraqi Customs begins implementing the automation system "ASYCUDA" in the port of Umm Qasr
3/3/2024
On Sunday, Iraqi Customs began implementing the Customs Automation and Modernization System (ASYCUDA) in the Grand Welcome Square in Umm Qasr Port, south of the country.
She said in a statement, received by Shafaq News Agency, that the Minister of Finance gave the signal to implement the program during a ceremony held in the Grand Welcome Square, attended by United Nations representative Nizar Amari, and a number of officials and heads of departments operating in the port.
The statement quoted the Minister of Finance in her speech as saying that implementing this system in the port of Umm Qasr comes within the strategic plan adopted by the government in the field of using modern techniques and technology, noting that implementing the automation system will achieve a set of goals, the most important of which are financial discipline, reducing errors and achieving efficiency. Effectiveness in using government resources, in addition to providing accurate data and information.
The Minister confirmed that this step is one of the steps that the government put in its curriculum and was adopted by the General Authority of Customs to apply technology and keep pace with the countries of the world.
For his part, the Director General of Customs, Counselor Hassan Al-Ugaili, said in his speech during the ceremony that the authority is committed to its duties, which revolve around three main axes, the first of which is facilitating legitimate trade and the axis of protection by implementing government decisions in the field of restriction and prevention, which provide protection for the consumer and society from the entry of prohibited materials, in addition to The collection and revenue axis, which will be controlled through the application of the customs modernization and automation system (ASYCUDA).
The Authority stated that it had previously implemented this program at Baghdad International Airport/Air Cargo Customs, stressing that steps are being accelerated to implement it in all regions, customs centers and the rest of its departments.
She added that the system of automating and modernizing customs through the application of the ASYCUDA program, which is in effect in more than (100) countries, which came after the signing of a partnership contract by the Ministry of Finance with the United Nations Conference on Trade and Development (UNCTAD) in 2021, where an international team was sent. A specialist from UNCTAD supervises the implementation of the program in cooperation with a work team from the Iraqi customs. Preparing the requirements for its implementation began, and the employees were trained to work on its management and gain experience from the international team, as well as introducing them to training workshops inside and outside Iraq.
"RV UPDATE" BY MARKZ, 5 MARCH
MarkZ
[via PDK] I have a lot of sources expecting it to break loose in the next 2 days of this week…hope they are right.
[via PDK]
Question: what is your guy saying about rates? Others are saying $1.30 in country...
MarkZ: TO me $1.30 doesn’t make a whole lot of sense. Would it work for them - yes. They have been very blunt with their people and even Sadr said they were going to restore the dinar to its former glory. And $1.30 is about a third of what it used to be...I would be ok with $1.30…but I expect higher.
...a number of group contacts are expecting liquidity the first of the week…Monday or Tuesday. The chatter is strong amidst a number of group contacts. We all hope this is actually it this time.
https://dinarevaluation.blogspot.com/2024/03/rv-update-by-markz-3-march_0908196371.html
