Local money changers stop selling and buying dollars in Iraq

[6ly410]

Baghdad and Erbil Stock Exchange closes on the rise in the price of the dollar against the Iraqi dinar

Baghdad and Erbil Stock Exchange close on the rise in the price of the dollar against the Iraqi dinar | Economy | Dijlah Satellite Channel

 

 

 

 - 14-12-2022 07:09 PM - Views: 2034

 

The exchange rates of the US dollar rose against the Iraqi dinar today, Wednesday, with the closure of the main stock exchange in Baghdad, and in Erbil, the capital of the Kurdistan Region.

According to official figures, the central exchanges of Al-Kifah and Al-Harithiya in Baghdad closed at an exchange rate of 151,950 Iraqi dinars against $ 100, while the prices this morning were 151,250 Iraqi dinars against $ 100.

These figures also revealed that the buying and selling prices in exchange shops in the local markets in Baghdad increased, with the selling price reaching 152,500 Iraqi dinars, while the purchase prices reached 151,500 dinars per 100 dollars.

In Erbil, the dollar also rose with the closure of the stock exchange, where the selling price reached 151,750 dinars per 100 dollars, and the purchase price 151,650 dinars against 100 dollars.

[6ly410]

Parliamentary Finance Comments on the Rise in Dollar Exchange Rates in the Country

Posted 23 seconds ago

 

Parliamentary Finance Comments on the Rise in Dollar Exchange Rates in the Country - Iraq News (iraqakhbar-com.translate.goog)

 

News Source /Mawazine News

political
|  
02:35 - 12/14/2022

Special - Mawazine News
, the Parliamentary Finance Committee commented, today, Wednesday, on the rise in the exchange rates of the
dollar to more than 151 thousand dinars per 100 dollars.

 

Committee member Jamal Cougar said in an exclusive interview with Mawazine News, "The committee does not
know the reasons for the suspension or weakness in the currency auction, and that, unfortunately, when the supply decreases , the
demand increases," noting that "the reasons for the lack of supply are not yet known."

He added, "It is the duty of the government to work on controlling prices because Iraq is a
consuming country, and the goods that enter the country are all in hard currency, which makes it imperative for the government to
deal with the matter." Ended 29 / m99

[6ly410]

Baghdad and Erbil Stock Exchange closes on the rise in the price of the dollar against the Iraqi dinar

Posted 40 seconds ago

 

Baghdad and Erbil Stock Exchange close on the rise in the price of the dollar against the Iraqi dinar - Iraq News (iraqakhbar-com.translate.goog)

 

News Source /Tigris Channel

 

News Source /

 

The exchange rates of the US dollar rose against the Iraqi dinar today, Wednesday, with the closure of the main stock exchange in Baghdad, and in Erbil, the capital of the Kurdistan Region.

According to official figures, the central exchanges of Al-Kifah and Al-Harithiya in Baghdad closed at an exchange rate of 151,950 Iraqi dinars against $100, while the prices this morning were 151,250 Iraqi dinars against $100.

These figures also revealed that the buying and selling prices in exchange shops in the local markets in Baghdad increased, with the selling price reaching 152,500 Iraqi dinars, while the purchase prices reached 151,500 dinars per 100 dollars.

In Erbil, the dollar also recorded an increase with the closing of the stock market, where the selling price reached 151,750 dinars for every 100 dollars, and the purchase price was 151,650 dinars for 100 dollars.

 

[6ly410]

Abdul Wahid: The government that fails to control the exchange rate should recalculate

2022.12.14 - 20:01

Abdul Wahid: The government that fails to control the exchange rate should recalculate (nasnews.com)

 

 

  

  

  

[rvmydinar]

2 minutes ago, 6ly410 said:

Abdul Wahid: The government that fails to control the exchange rate should recalculate

2022.12.14 - 20:01

Abdul Wahid: The government that fails to control the exchange rate should recalculate (nasnews.com)

 

Hey lady. You should teach the CBI how to recalculate to return the rate to what it was before ( during saddam's era ).

[6ly410]

MP: The Government That Fails To Control The Dollar Rate Must Reconsider Its Accounts

14/12/2022

 

MP: The government that fails to control the dollar rate must reconsider its accounts - Earth News (earthiq.news)

 

  

EARTH NEWS - MP Sarwa Abdel Wahed said on Wednesday that the government that fails to control the dollar exchange rate should reconsider its calculations.

Abdul Wahid wrote in a post on the platform "Twitter" seen by Earth News, that "the government that fails to control the exchange rate of the dollar must reconsider its accounts."

"The powerful are playing with the fate of the people, but they must be sure of one fact, which is that their oppression will not continue," she said.

She called on the Barbman to "take urgent measures to stop the encroachment on the rights of citizens and the continuous rise in prices."

[6ly410]

Central Bank breaks its silence on the rise of the dollar, warns of the repercussions of stopping the currency auction

•  Time : 2022/12/14 21:58:27
• The Central Bank breaks its silence on the rise of the dollar and warns of the repercussions of stopping the currency auction - Al-Furat News (alforatnews.iq)

  

The Governor of the Central Bank, Ihsan Shamran Al-Yasiri, warned of the repercussions of stopping the currency auction, while the rise in the dollar exchange rate by more than 1,500 dinars is considered "normal and reasonable."

 

Al-Yasiri said, during a seminar at the Iraq Book Fair, that: "The exchange rate of the dollar by more than 1500 dinars we see as normal and reasonable, and that there is no problem with the Central Bank in providing the dollar for sale through the currency auction."
He added, "The window for selling currency has a set of functions, the first of which is to stabilize the exchange rate, and it also meets the requirements of foreign trade from companies, traders, the economic sector and the public."
"The Iraqi commodity sector is unable to provide the requirements of the local market, which expanded imports, and the Central Bank grants the finance the value of the dollar sold to it in Iraqi dinars to manage the requirements of the state's work," al-Yasiri said.
He pointed out that "the window for selling foreign currency is the only way to call the Iraqi dinar from the market towards the state's finances, and stopping the window will create the problem of the lack of local currency to buy the dollar coming from Iraq's imports such as oil."
Al-Yasiri pointed out that "the window for selling currency meets 87% of the requirements for importing goods to Iraq, and stopping the sale of foreign currency will force us to print more national currency, which increases the dinar issued for circulation monthly, and this measure will force the bank to print the amount of salaries, which is estimated at 7 trillion dinars per month and reaches 100 trillion annually."
"Printing without the dollar will cause great damage to the economy."
 

[Theseus]

5 hours ago, rvmydinar said:

I can live with that rate as long as they just implement it ( more action ) and no more talk talk talk BS and then delay and delay it for many years.

The White Papers plan is between 2025 and 2027 (latter date with the implementation of coin rollout). You still have a few years to go. Also, after the exchange rate was changed to 1450 then 1460 back in 2020, an article came out quoting a committee member stating that the rate was only supposed to be this way for a year then go back to the previous rate (what it was the day before the change in Dec 2020) but the GOI said no. 

 

I was not saying $1.81 would be the rate or anywhere near it. You have 2,000 dollars in your bank account. Do you blow it all? Not at all. You hold some back. Same with Iraq. They are not going to come out with 1.81 rate as it would break the bank. You will be lucky to get a 1.16 to 1 rate, if that.

 

Also if Parliament changes the rate to the previous rate as they are on track to do so, one has to ask the question, does the CBI actually have autonomy over the currency rate in Iraq? If you answerr correctly, you will then come to the conclusion not only can the CBI change the rate but Parliament also has the authority to change the rate. So who actually will pull the trigger? The CBI or Parliament? Answer: IMF! 

[Theseus]

5 hours ago, rvmydinar said:

Is it a good or bad news for dinar holders?

Not good for you wanting the Saddam rate.

[6ly410]

CBE measures deepen dollar crisis and US hands stretched to create unrest

• Today 20:00
• CBE measures deepen dollar crisis and US hands stretched to create unrest | Information (almaalomah-me.translate.goog)

Information / Baghdad.

After the crises and suffering left by the previous caretaker government faced by the Iraqi people in the previous period from raising the dollar exchange rate to the massive thefts that took place in that period, these days a new rise in the price of the dollar appears due to two reasons, the first is the US decisions that led to the removal of several banks from the auction of the sale of currency, and this is what is considered some interference in the policy of the Central Bank.

The other part is the new procedures followed by the Central Bank in compensating banks that have been banned from dealing with them, which caused the dollar exchange rate to rise for a temporary period in order to regulate and not repeat the violations that occurred in the caretaker wisdom of currency smuggling and money laundering.

*New Procedures

 Speaking of the rise in dollar prices these days, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, says, "in an interview with Al-Maalouma, that" the rise in the exchange rate in favor of the dollar is not due to a problem with the adequacy of foreign reserves, as it is a force that intervenes in exchange market and provide sufficient supply to meet the demand for foreign exchange.   

And he adds, "The rises that occurred are a temporary phenomenon dictated by regulatory conditions in the procedures for conducting external transfer requests (submitted by local banks) on foreign currency," noting that "a period ago, an advanced (electronic) platform linking the request for transfers by banks was worked. with correspondents from international banks and relevant global compliance bodies simultaneously.

Al-Sudani's economic advisor explains: "During the start of the experiment a few weeks ago, it became clear that there were shortcomings and informational shortcomings that were not consistent with the governance of the flow of transfers through the global banking system, which made some of them returned again or were rejected in order to complete the standard submission requirements and follow the standard foundations in disclosing the final beneficiary and other things." Banking Disclosure and Compliance Requirements.

America's interventions

In addition, the leader of the State of Law coalition, Ibrahim al-Sukaini, accuses, in an interview with Al-Malooma, that "the reason for the rise in dollar exchange rates these days came because of America's interventions in removing some banks from dealing with the central bank within the currency sale auction," stressing that "the Sudanese government You will control this rise in the coming days to return it to its previous state.

And he adds, "America's policy lies in creating tensions indirectly against the government of Muhammad Shia' al-Sudani," pointing out that "there are other efforts that have been noted to strike the government of al-Sudani."

* Alien intervention

In this regard, expert Safwan Qusai attributed the reason for the rise in dollar exchange rates in an interview with Al-Maalouma that "the rise in the dollar exchange rate at parallel exchange outlets is due to the fact that some of those who own the Iraqi Dinars go to these outlets because of their inability to go to official outlets such as the Central Bank and other banks as a result of strict measures to reduce corruption.”

He adds, “Some of the so-called aliens and drug traffickers have a large monetary mass, and after tightening the procedures, they will not be able to enter the currency sale window, especially after changing the procedures of the Central Bank and following the movement of funds, which prompted an increase in demand for the monetary mass outside the official outlets.”

In the midst of this rise in the price of the dollar, some local banking parties took advantage of raising the prices of the dollar exaggeratedly, as well as raising the wages of remittances outside Iraq to several times what they were in the past.

[6ly410]

 

 

Dollar Continues to Rise in Baghdad and Kurdistan Region

2022.12.14 - 14:50

Dollar Continues to Rise in Baghdad and Kurdistan Region (nasnews.com)

 

 

  

Baghdad - Nas  

The dollar exchange rates rose, on Wednesday, on the main stock exchange in the capital Baghdad and the Kurdistan region.  

  

 

  

The dollar exchange rates, according to the latest update on the Al-Kifah stock exchange in Baghdad, amounted to 151,800 dinars per 100 dollars, according to the monitoring of specialists.  

  

In Sulaymaniyah, the dollar was recorded this afternoon, 151,900 dinars per 100 dollars.   

  

Commenting on the rise, the First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, announced on Wednesday, quick and decisive measures that will be taken to stop the escalation in the dollar exchange rate.  

  

Al-Mandalawi said in a tweet followed by "NAS", (December 14, 2022), that "to protect citizens and prevent its reflection on the Iraqi markets, the measures that will be taken by us, the Prime Minister and the Central Bank will be quick and decisive in stopping the escalation in the dollar exchange rate."   

  

[6ly410]

Member of the Parliamentary Finance: The dollar will not exceed this price. He accuses the U.S. Treasury of interfering.

• 2022/12/14 23:50:35

• Member of the Parliamentary Finance: The dollar will not exceed this price. He accuses the US Treasury of interfering - Al-Furat News (alforatnews.iq)

  

{Economic: Al-Furat News} A member of the Parliamentary Finance Committee ruled out the rise in the dollar exchange rate to more than 1550 dinars per dollar with its continued rise in local markets.

 

Mueen Al-Kazemi said to the program {Al-Mustara} broadcast by Al-Furat satellite channel, that: "Procedures from the US Treasury without coordination with the Iraqi government and began to interfere with the work of the Central Bank and these interventions led to a state of confusion and even some banks that do not have suspicions of corruption no longer want to go to the currency auction and went to buy dollars away from it."
He added that "the central bank sells $ 200 million a week, and what is happening today by the Americans has led to a rise in the country."
Al-Kazemi pointed out that "it is possible for the dollar price to return to normal because there are reserves of 90 billion dollars, and revenues continue, and I do not think that it rises more than 1550 dinars."

[6ly410]

Parliamentary Finance comments on the rise in dollar exchange rates in the country

Posted 44 seconds ago

 

/ Parliamentary Finance comments on the rise in dollar exchange rates in the country - Iraq News (iraqakhbar-com.translate.goog)

News Source /Iraqi Media News Agency "INA"

 

 

 

Baghdad / ZN

The Parliamentary Finance Committee commented on Wednesday on the rise in dollar exchange rates to more than 151,000 dinars per 100 dollars.

Committee member Jamal Kojar said in an exclusive interview with (Iraqi Media News Agency) that "the committee does not know the reasons for the cessation or weakness in the currency auction, and that unfortunately when supply decreases, demand increases," noting that "the reasons for the lack of supply are not yet known."

He added, “It is the duty of the government to work to control prices because Iraq is a consumer country and the goods that enter the country are all in hard currency, which necessitates the government to address the matter 

[screwball]

7 hours ago, Theseus said:

You might want to finish reading the article:

 

The people's demands to return the dollar exchange rate to its previous era may not be achieved, especially with the catastrophic mistakes caused by private banks and the great role they play in demonizing the Iraqi economy through money laundering and currency smuggling abroad, which delays the dream of return until the government takes control of these banks.

MAY does NOT mean NO! LOL

Edited December 14, 2022 by screwball

[screwball]

7 hours ago, Theseus said:

Doesn't matter given all the reserves, gold and other reserves, Iraq cannot sustain a $5 rate. It can barely afford a $1.81 rate. Add up all the reserves (convert gold to dollars using tonnes conversion rate) and then divide by the totality of Iraq's currency, circulated and uncirculated which is roughly around ~41 trillion dinars, give or take. It comes out approximately around 1.81. It might have gone up or down a few cents since I last calculated that rate. 

respect you opinion but if they do what Germany did then yes they can! 

[screwball]

at then end of the day people will take whats on offer!

[screwball]

what ever rate and what ever rate of exchange....

[screwball]

investors need to be ready for anything...

[screwball]

19 minutes ago, 6ly410 said:

Member of the Parliamentary Finance: The dollar will not exceed this price. He accuses the U.S. Treasury of interfering.

• 2022/12/14 23:50:35

• Member of the Parliamentary Finance: The dollar will not exceed this price. He accuses the US Treasury of interfering - Al-Furat News (alforatnews.iq)

  

{Economic: Al-Furat News} A member of the Parliamentary Finance Committee ruled out the rise in the dollar exchange rate to more than 1550 dinars per dollar with its continued rise in local markets.

 

Mueen Al-Kazemi said to the program {Al-Mustara} broadcast by Al-Furat satellite channel, that: "Procedures from the US Treasury without coordination with the Iraqi government and began to interfere with the work of the Central Bank and these interventions led to a state of confusion and even some banks that do not have suspicions of corruption no longer want to go to the currency auction and went to buy dollars away from it."
He added that "the central bank sells $ 200 million a week, and what is happening today by the Americans has led to a rise in the country."
Al-Kazemi pointed out that "it is possible for the dollar price to return to normal because there are reserves of 90 billion dollars, and revenues continue, and I do not think that it rises more than 1550 dinars."

hes upset that the US interfered in their corruption auction....

[screwball]

3 hours ago, 6ly410 said:

"take urgent measures to stop the encroachment on the rights of citizens and the continuous rise in prices."

boom!

[6ly410]

POW! lets GO RV

[screwball]

1 hour ago, Theseus said:

The White Papers plan is between 2025 and 2027 (latter date with the implementation of coin rollout). You still have a few years to go. Also, after the exchange rate was changed to 1450 then 1460 back in 2020, an article came out quoting a committee member stating that the rate was only supposed to be this way for a year then go back to the previous rate (what it was the day before the change in Dec 2020) but the GOI said no. 

 

I was not saying $1.81 would be the rate or anywhere near it. You have 2,000 dollars in your bank account. Do you blow it all? Not at all. You hold some back. Same with Iraq. They are not going to come out with 1.81 rate as it would break the bank. You will be lucky to get a 1.16 to 1 rate, if that.

 

Also if Parliament changes the rate to the previous rate as they are on track to do so, one has to ask the question, does the CBI actually have autonomy over the currency rate in Iraq? If you answerr correctly, you will then come to the conclusion not only can the CBI change the rate but Parliament also has the authority to change the rate. So who actually will pull the trigger? The CBI or Parliament? Answer: IMF! 

any rate change in the "right" direction is a change in the right direction!

[6ly410]

 

[ametad]

It’s going the wrong direction, again.

[screwball]

4 minutes ago, ametad said:

It’s going the wrong direction, again.

its actually going in right direction until they make rate change...