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The stability of the dollar exchange rates in the local markets


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11 hours ago, jg1 said:

where the officials name is called and they approach the stage and disappear behind the curtains never to be seen again.

 

i've seen that footage before jg1 , all officials gathered in an auditorium im sure thinking it was just another dictator praise rally then names were called people brought up and gone then all participants were shaking in their boots ... insane 

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Today, Tuesday.. Learn about the exchange rates of the dollar in the local markets

Economie10:30 - 06/08/2021

 
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Baghdad - Mawazine News
The dollar exchange rates recorded, on Tuesday, on the main stock exchange and local markets, a slight decline from the prices recorded on Monday.
The dollar exchange rate fell on the Central Kifah Stock Exchange in Baghdad today, recording 149,500 dinars, for each $100 bill.
The prices of buying and selling the dollar decreased in banking offices and local markets in Baghdad, where the selling price reached 150,000 thousand dinars, for each paper denomination of 100 dollars, while the purchase prices amounted to 149,000 dinars, for each paper denomination of 100 dollars. Ended 29/A 4

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SULAIMANI — The US dollar to Iraqi dinar exchange rate continued to rise on the Kurdistan Region’s currency markets on Tuesday afternoon (June 😎 from 149,900 IQD to 150,200 IQD per $100, one of the highest levels seen since the dinar was devalued as part of the 2021 Federal Budget Law.

Spokesperson for the Sulaimani Currency Market Jabar Goran told NRT that the reason behind the increase was high demand for US dollars from businesspeople and ordinary consumers.

As a result of the COVID-19 pandemic, imports of goods from abroad, which are often paid for in US dollars, have been lower than normal over the past year. As trade has picked up in recent months, so has demand for dollars.

This dynamic is exacerbated by the belief among some consumers that the Iraqi dinar’s value will continue to decrease, prompting many to buy up US dollars as a speculative investment or as a hedge.

Goran said, however, that he believes that the price will likely stabilize.

(NRT Digital Media)

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What drives the widening gap between the CBI and the Market U.S. dollar exchange rates?

Shafaq News/ Over the past two days, the U.S. dollar exchange rate against the Iraqi has skyrocketed, hitting the milestone of 150,000 Iraqi dinars for every 100 U.S. dollars, the highest since pegging the dinar in the Federal Budget at the rate of 145,000 to 100.

 

Economists, bankers, and finance experts shed light upon a spectrum of factors inherent in the fast depreciation pace. However, they all pinpointed the "hard currency drainage via the daily sales of the Central Bank of Iraq (CBI) in the daily currency auctions" as a significant and independent, yet dangerous, factor in the downward drive of the Iraqi national currency.

"There are many causes. Most notably, the citizen's lack of confidence in the national currency and the preference to demand and hoard the dollar in lieu of the unstable dinar," the financial and economic expert, Hilal Tahhan, told Shafaq News Agency.

"Another major factor is the dollar 'smuggling' outside the state via the [currency] auction held daily by the [central] bank. The non-cash transactions always outdo the cash transactions, as all the [former] transactions go abroad to boost the imports. With inflated invoices of imported goods and freights, the hard currency difference [between the actual and the registered invoices] slides to foreign banks under various entities."

The economic expert, Dergham Muhammad Ali, said in a statement to Shafaq News Agency, "the rise of the dollar [exchange rates] is caused by the Central Bank's policies by limiting the dollar sales to banks, perpetuating the oligopoly of foreign currency and selling huge sums as [non-cash] transactions allowing smuggling and creating a black market."

"Government parties and the Central Bank colluding with private banks, most of which are owned by politicians, are liable in the tort of the soaring exchange rate. The government, aware of the frail public pressure, continues to connive with the dollar mobs in the country to harvest more money," he added.

"Fixing the exchange rate in the budget prompted the importers to buy dollars to fund the external trade after halting the purchase recently," the professor of economics at the Iraqi University, Abdul Rahman al-Mashhadani, said.

He added, "the bank needs to boost its sales in the auction to supply the imports," noting that "smuggling" is only a "pretext" and not an "actual cause" for the devaluation.

The owner of "al-Bawasel Exchange" company, Muhammad Hamza, cited several factors for the increasing demand for dollar bills, "loans granted by the government to finance residential units and cars purchase need hard currency. The Iraqi citizen's easy drive-by rumors is another cause."

In a statement to Shafaq News Agency, a government source accused "speculations in the market" of fueling the already on fire dollar exchange rates, indicating that the CBI will continue to finance imports.

The source, who spoke under the condition of anonymity, said, "the [Central] Bank will finally be able to fix the exchange rate via its own tools and maintain a small difference between the Bank price and the market price."

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36 minutes ago, shixjr said:

Maybe the plan all along has been to get it to go the wrong way until the people revolt and then "fix it", so the government can then be the savior of the people.

Great way to get re-elected!

 

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2 hours ago, shixjr said:

Maybe the plan all along has been to get it to go the wrong way until the people revolt and then "fix it", so the government can then be the savior of the people.


My merry band of 18 year investors kinda figured with the all the goings on this year that might just be the plan for quite some time now....hopefully follow through is closer than “ in the coming days “

Got saddle sores from this 18 year Rodeo.

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information / special

Political analyst Haitham Al-Khazali confirmed, on Tuesday, that the rise in the price of the dollar was offset by two phenomena, the first of which is the rise in real estate prices, and the second is the increase in central bank sales of dollars, which were the fruits of whales of corruption.

Al-Khazali said in a statement to the “Information” agency that “the rise in the price of the dollar was offset by two phenomena. Raising the price of the dollar is to prevent currency smuggling and preserve reserves.”

He added that "the process of the dollar's rise is a political process, not an economic one, and there are whales who are benefiting from the rise of the dollar."

He pointed out that " Iraq imports everything in dollars, and reducing it will be in the interest of the country, not the other way around."

It is worth noting that the dollar exchange rate in the market has reached 150 thousand per note, and experts have confirmed that there is a possibility for the price of one note to reach 155 thousand dinars.

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7 hours ago, 6ly410 said:
 
1623172307188.jpeg
 

What drives the widening gap between the CBI and the Market U.S. dollar exchange rates?

Shafaq News/ Over the past two days, the U.S. dollar exchange rate against the Iraqi has skyrocketed, hitting the milestone of 150,000 Iraqi dinars for every 100 U.S. dollars, the highest since pegging the dinar in the Federal Budget at the rate of 145,000 to 100.

 

Economists, bankers, and finance experts shed light upon a spectrum of factors inherent in the fast depreciation pace. However, they all pinpointed the "hard currency drainage via the daily sales of the Central Bank of Iraq (CBI) in the daily currency auctions" as a significant and independent, yet dangerous, factor in the downward drive of the Iraqi national currency.

"There are many causes. Most notably, the citizen's lack of confidence in the national currency and the preference to demand and hoard the dollar in lieu of the unstable dinar," the financial and economic expert, Hilal Tahhan, told Shafaq News Agency.

"Another major factor is the dollar 'smuggling' outside the state via the [currency] auction held daily by the [central] bank. The non-cash transactions always outdo the cash transactions, as all the [former] transactions go abroad to boost the imports. With inflated invoices of imported goods and freights, the hard currency difference [between the actual and the registered invoices] slides to foreign banks under various entities."

The economic expert, Dergham Muhammad Ali, said in a statement to Shafaq News Agency, "the rise of the dollar [exchange rates] is caused by the Central Bank's policies by limiting the dollar sales to banks, perpetuating the oligopoly of foreign currency and selling huge sums as [non-cash] transactions allowing smuggling and creating a black market."

"Government parties and the Central Bank colluding with private banks, most of which are owned by politicians, are liable in the tort of the soaring exchange rate. The government, aware of the frail public pressure, continues to connive with the dollar mobs in the country to harvest more money," he added.

"Fixing the exchange rate in the budget prompted the importers to buy dollars to fund the external trade after halting the purchase recently," the professor of economics at the Iraqi University, Abdul Rahman al-Mashhadani, said.

He added, "the bank needs to boost its sales in the auction to supply the imports," noting that "smuggling" is only a "pretext" and not an "actual cause" for the devaluation.

The owner of "al-Bawasel Exchange" company, Muhammad Hamza, cited several factors for the increasing demand for dollar bills, "loans granted by the government to finance residential units and cars purchase need hard currency. The Iraqi citizen's easy drive-by rumors is another cause."

In a statement to Shafaq News Agency, a government source accused "speculations in the market" of fueling the already on fire dollar exchange rates, indicating that the CBI will continue to finance imports.

The source, who spoke under the condition of anonymity, said, "the [Central] Bank will finally be able to fix the exchange rate via its own tools and maintain a small difference between the Bank price and the market price."ch day. 

The CBI has no control over the auctions,above is a lie when saying the CBI will finally be able to fix the exchange rate via its own tools and maintain a small diff bet the Bank & the market. The CBI said before they have control and the dollar not go above 1500. They have no control as was stated many times the corrupt private Banks  and whales are in control of whom the bigger powerful political groups along with whales own the Banks making Millions each day. Why would they want to change when the politicians are making millions each day. They will continue this and smuggling til dooms day. These politicians are laughing at us holding the dinars every time they look at their Bank accounts. They are not going to let the dinar strenghten in value a for  RV. as stated they will keep the dinar weak. You read the articles you can see whats really happening with this toilet paper dinar. Just my humble opinion watching this after all these years.

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Information/Baghdad.

The economist, Ihsan Al-Kinani, said, on Wednesday, that the government imposed measures and raised the exchange rate of the dollar, as it caused all prices to rise, pointing out that many traders took advantage of the crisis and raised prices more than their normal value.

Al-Kinani said in a statement to "The Information", that "the government raised the dollar by 23 percent, and it caused an increase in the poverty rate, and an increase in all prices for local and imported materials."

He added, "The government's measures for the current economic situation will create a disaster in the coming days, especially with the continued rise in the dollar exchange rate, after its value reached 151 thousand dinars for one hundred dollars."

Al-Kinani indicated that "many merchants resorted to exploiting the current situation, and raised the prices of their materials to double, as they participated in the government's siege of the people, in addition to the fact that the government did not take any action with those who raise prices in the market." finished/ 25 n

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 2021-06-09 03:36
 

Shafaq News/ The exchange rates of the US dollar rose against the Iraqi dinar, on Wednesday, on the main stock exchange in the capital, Baghdad and the Kurdistan Region.

 

Shafak News Agency correspondent said that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded today, 150,000 Iraqi dinars, for 100 US dollars.

 

The Central Kifah Stock Exchange recorded 149,500 Iraqi dinars during its opening yesterday morning.

 

Our correspondent indicated that the buying and selling prices rose in the banking shops in the local markets in Baghdad, where the selling price amounted to 150,500 Iraqi dinars, while the purchase prices amounted to 149,500 dinars per 100 US dollars.

 

In Erbil, the capital of the Kurdistan Region, the dollar prices also increased, as the selling price reached 150,200 dinars per hundred dollars, and the purchase price was 150,000 dinars per hundred dollars.

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Deputy: The rise in the exchange rate of the dollar above 150 thousand dinars is a legal violation

Posted 1 minute ago
 
news source / PukMedia
 
Source of the news / PukMedia Network
 

A member of the House of Representatives announced, today, Wednesday, that the rise in the dollar exchange rate above 150 thousand Iraqi dinars is a legal violation, indicating that the House of Representatives will host the Minister of Finance in the federal government to find out the reasons for the high exchange rate of the dollar.

Representative Arzo Mahmoud, a member of Parliament from the Patriotic Union of Kurdistan bloc , said during a special statement to PUKmedia , that the rise in the dollar exchange rate to 150 thousand Iraqi dinars is a legal violation, noting that the exchange rate was set in the federal budget at 145 thousand dinars.

And she added: He and on this issue asked us to host the Minister of Finance in the Federal Government to the House of Representatives for the purpose of knowing the high exchange rates of the dollar against the Iraqi dinar, pointing out that hosting the minister did not take place due to the failure to hold a session of the House of Representatives, which failed twice to hold its session due to the lack of a quorum to hold it .

For his part, Ramzi Komshini, an economist and owner of a securities office in Erbil , attributed to PUKmedia , the reason for the high exchange rate of the dollar against the dinar to the decrease in the injection of hard currency into the markets by the Central Bank of Iraq.

He added: The decrease in the percentage of hard currency in the market with the increase in demand for the dollar is increasing its selling price against the Iraqi dinar, explaining that the high exchange rate of the dollar against the Iraqi dinar has a direct impact on employees and earners, especially those who receive their salaries and wages in Iraqi dinar.

 

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A jump and a significant rise in the exchange rates of the dollar against the dinar in Baghdad and five provinces today, Wednesday 9/6/2021

Posted 8 hours ago
news source / newsroom
A89F333D-65FD-4221-804F-6E34E704D734-810
 

Today, Wednesday (June 09, 2021), Iraq News publishes the exchange rates of the dollar against the Iraqi dinar, in the capital, Baghdad, and five other governorates, with a big jump again to exceed unprecedented levels.

The exchange rate of (100) dollars on the Kifah Stock Exchange in the capital, Baghdad, came to (150,200) dinars, and the price of (100) dollars on the Al-Harithiya Stock Exchange reached (150,200) dinars, and in other exchange offices, the selling price was (150,750) dinars, and the purchase price was (149,750) dinars.

As for the Erbil Stock Exchange, it recorded a new jump, as the price of 100 dollars reached (150,500) dinars, and in the Basra Stock Exchange, the price of 100 dollars was recorded (150,300) dinars, and in the Mosul Stock Exchange the price of 100 dollars (150,200) dinars.

On the Stock Exchange of Sulaymaniyah Governorate, it rose to record a price of $100 (150,475) dinars. On the Stock Exchange of Duhok Governorate, the price of 100 dollars (150,400) dinars was recorded.

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Imports and speculators raise the demand for the dollar

Wednesday   

09 June 2021 149https://alsabaah.iq/48093/الاستيرادات-والمضاربون-يرفعان-الطلب-على-الدولارImports and speculators raise the demand for the dollar

 Baghdad: morning 
 
The economic expert, Manar Al-Obaidi, confirmed the existence of several factors that led to the high demand for the dollar, the most important of which is the desire of speculators to obtain interest from the difference between the currency auction and the local price, and the high demand for imports, specifically electrical materials (air conditioners, coolers, generators), and other materials involved in the needs of the dollar. Season 
the summer.
Al-Obaidi said that {when the dollar is bought from the central bank at a price of 1450 and is resold in the local market at 1500 dinars to the dollar, it achieves high profits.}
He added, "With regard to electrical materials, they are considered rather high in price, at a rate ranging between 200-400 dollars, and the volume of demand this year for these materials is expected to reach more than two billion US dollars as a result of high temperatures, as well as low rates of processing and the absence of a real alternative. from the local industry,” pointing out that “the season of electrical materials is purchased exclusively in the fourth, fifth and sixth months, to be sold in the seventh and eighth month, and this is one of the things that requires a lot
money}. 
 
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After raising the exchange rate, the central bank sells the largest amount of dollars

Posted 1 minute ago
news source / NR TV channel
962021192637553901Image1-810x510.jpg
NR TV channel
News source / NR TV channel
 
 

 

The Central Bank of Iraq announced, on Wednesday, the sale of more than 217 million dollars in the currency auction, which is the highest amount of dollars since it changed the exchange rate last December.

And the Central Bank of Iraq stated in a statement, NRT received a copy of it, today (June 9, 2021), that it “sold in its auction today the amount of 217 million 769 thousand and 315 dollars.”

He added, "The total sale for the purposes of strengthening balances abroad (remittances, credits) in today's auction, amounted to 196 million and 769 thousand and 315 dollars, and the total cash sale was 21 million dollars."

On January 19, the Central Bank of Iraq decided to make a major change in the dollar exchange rate and decided to amend it as follows :

1- 1450 dinars per dollar, the purchase price of foreign currency from the Ministry of Finance .

2- 1460 dinars per dollar, the foreign currency sale price for banks .

3- 1470 dinars per dollar, the foreign sale price to the public.

On Wednesday, the stock exchange in Baghdad witnessed a jump in dollar prices, reaching 1550 dinars, the highest price recorded in weeks.

It is worth noting that the Central Bank decided, the day before yesterday, Monday, to meet all citizens’ requests for foreign currency (dollars) for the purposes of travel, study and treatment abroad by feeding electronic payment cards (MasterCard and Visa Card) at the official rate specified by the bank.

 

 

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Parliamentary reveals a group of merchants that take the lion's share of dollar sales

Posted 4 hours ago
1623241603_12962021_159108796216107300-8

/ follow / m. a

Representative Alia Nassif revealed, on Wednesday, the presence of a group of merchants that own the lion's share of dollar sales and make crazy profits at the expense of the Iraqi people, calling on the governor of the Central Bank to implement a campaign to reform and root out spoilers.

Nassif said, in a statement received by (Iraqi News Agency /) that "the rise in dollar prices despite the high sales of the daily auction of the Central Bank is caused by the monopoly of dollar sales by three people who own well-known banks, and these get the largest share of dollar sales in collusion with some corrupt “.

And he added, “The Central Bank’s sales, for example, for the period from 4/11 to 6/4/2021 amounted to (6162125) dollars (six billion, one hundred and sixty-two million, one hundred and twenty-five dollars) and for 33 working days (excluding holidays and holidays), and it acquired The three merchants got most of these sales, as the first (who owns three banks) got 850 million dollars out of the six billion sold by the Central Bank, the second (a bank owner) got 264 million dollars, and the third (the owner of a Kurdish bank) got 200 million dollars. Note that these three controlled the currency auction in the last three months of last year, which preceded the rise in the price of the dollar, because they were aware that it would rise, and thus hit their strike and their banks obtained nearly two billion dollars to resell it after raising its price by the state, meaning that they bought The dollar was for 119 dinars and they sold it for more than 140 dinars.”

Nassif indicated: “Since holding these merchants and employees colluding with them is almost impossible because they are an octopus that extends even to Parliament, to the point that dismissing a minister or dismissing a government is easier than holding them accountable, the alternative solution is for the governor of the Central Bank to implement a campaign to reform and root out the corrupt and stop the wheel of corruption In the currency auction in one way or another, and to stop this attrition that destroyed the Iraqi economy, and if it is not stopped, poverty will increase to reach dangerous levels, knowing that the high price of the dollar serves all the corrupt and burdens the poor 

 

 

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Where is the dollar going? It crosses the 150 thousand barrier and expectations are that it will rise to record levels

Posted 28 seconds ago
news source / Mawazine News
16962021_Doc-P-368849-637454282920664460
 
News source / Mawazine News

|  
07:32 – 09/06/2021

Baghdad - Mawazine
News
The
dollar exchange rate continued to rise against the Iraqi dinar, reaching more than 150 thousand for the first time
since the decision to raise the exchange rate of the dollar at the beginning of last December.
The
exchange shops in some provinces traded the purchase price of the $100 at 150,500 dinars, compared to 151,000
for sale, and this figure has not been reached in Iraq since 2008, according to observers.
The selling price
in the capital's money exchange shops was 150,750 Iraqi dinars for 100 US dollars. As
was the purchase price of 149.750 Iraqi dinars for US $ 100.
The
Parliamentary Finance Committee suggested that the dollar exchange rate against the Iraqi dinar would rise to more than 160 thousand dinars
for every 100 US dollars.
Committee member said وقال
Jamal Cougar, "The legislative authority does not have the power to stop the manipulation of the
dollar exchange rate against the dinar in the Iraqi markets."
He added that
"the Ministry of Finance and the Central Bank bear responsibility for what is happening and what will happen in the coming days
in this regard," suggesting that "the exchange rate will reach more than 160 thousand dinars per
100 US dollars in the event that the government does not impose deterrent measures to control it." Ended 29 / h

 

 

 

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