The Central Bank of Iraq launches a package of measures to improve the performance of transactions related to the dollar

[ronscarpa]

The Central Bank of Iraq launches a package of measures to improve the performance of transactions related to the dollar

Tuesday - December 20, 2022

 

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Today, Monday, the Central Bank of Iraq announced a package of decisions that would return the foreign currency market to its normal position, as follows:

 

1- Allowing the banks participating in the foreign currency buying and selling window to purchase any amounts in foreign currency and deposit them with this bank in accounts used for external transfer purposes, and to pay interest / returns on those balances according to what this bank decides.

 

2- Facilitating the financing of private sector trade through Iraqi banks and meeting the request for foreign transfers by strengthening the balances of banks with their correspondents in other currencies in addition to the US dollar ( Chinese yuan , the euro , the Emirati dirham , the Jordanian dinar, and others ).

 

3- Opening outlets for selling foreign currency in government banks to the public for travel purposes ( treatment , Hajj Umrah , study, etc. )

 

4- Reducing the selling price of the dollar to the beneficiary ( the card holder ) that he uses while traveling or paying his purchases via the Internet, to be at a price of ( 1465 ) dinars to the dollar instead of ( 1470 ) dinars to the dollar. The dollar will be sold to electronic payment companies for the above purpose at a price of ( 1455 ) dinars to the dollar instead of ( 1460 ) dinars to the dollar.

 

Central Bank of Iraq
Media Office
19 - December - 2022

[SONIA1]

We are Rich 1455 😆 🤣😂....stfu cbi ....

 

 

 

 

 

 

 

 

[Engine1]

4- Reducing the selling price of the dollar to the beneficiary ( the card holder ) that he uses while traveling or paying his purchases via the Internet, to be at a price of ( 1465 ) dinars to the dollar instead of ( 1470 ) dinars to the dollar. 

 

this doesn't sound like the profits we have been waiting for. 

[rvmydinar]

6 hours ago, Engine1 said:

4- Reducing the selling price of the dollar to the beneficiary ( the card holder ) that he uses while traveling or paying his purchases via the Internet, to be at a price of ( 1465 ) dinars to the dollar instead of ( 1470 ) dinars to the dollar. 

 

this doesn't sound like the profits we have been waiting for. 

Exactly, this doesn't sound like a profit for us as dinar investors. On the other hand, the dinar dealers make a lot of profit for sure.

[screwball]

We will not know until they do it….are they going too open upto the world and allow their companies to bought up for pennies? I believe the window is 1st of Jan - 29 of Jan when they launch their ISX app

Edited December 21, 2022 by screwball

[screwball]

7 hours ago, Engine1 said:

4- Reducing the selling price of the dollar to the beneficiary ( the card holder ) that he uses while traveling or paying his purchases via the Internet, to be at a price of ( 1465 ) dinars to the dollar instead of ( 1470 ) dinars to the dollar. 

They will not telegraph any rate change, only time will tell..

[Engine1]

8 hours ago, screwball said:

They will not telegraph any rate change, only time will tell..

Isnt that what they just did?  It looks like they telegraphed a rate change 

[screwball]

https://www.google.com/url?rct=j&sa=t&url=https://english.aawsat.com/home/article/4053371/jordan-hosts-baghdad-conference-cooperation-and-partnership-tuesday&ct=ga&cd=CAEYACoTMjEyMTQ3NzE2NTE4ODY3MTI3OTIdNGI3M2E0MTlmYmY5NjgwOTpjb20uYXU6ZW46QVU&usg=AOvVaw2hjfconTij_2URXSjfh4wF

[southbeach]

19 minutes ago, screwball said:

https://www.google.com/url?rct=j&sa=t&url=https://english.aawsat.com/home/article/4053371/jordan-hosts-baghdad-conference-cooperation-and-partnership-tuesday&ct=ga&cd=CAEYACoTMjEyMTQ3NzE2NTE4ODY3MTI3OTIdNGI3M2E0MTlmYmY5NjgwOTpjb20uYXU6ZW46QVU&usg=AOvVaw2hjfconTij_2URXSjfh4wF

All the big money guys will be there.

[Retiredofficer]

14 hours ago, Engine1 said:

Isnt that what they just did?  It looks like they telegraphed a rate change 

Agreed…one thing  I have learned in both my civilian and military endeavors is that these  Bedouins’ MO is to be seen parading themselves on top of the camel  or horse with the largest set of family jewels.  More telegraphing forthcoming. 

[rvmydinar]

On 12/22/2022 at 2:24 AM, Engine1 said:

It looks like they telegraphed a rate change 

Do you mean 1,455 instead of 1,460?

[RJG]

Sudanese advisor: Selling dollars in banks is a practical approach to achieving stability in the exchange market

Economie| 01:48 – 12/24/2022

 

Baghdad – Mawazine News
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Saturday, that the application of the mechanism for selling dollars in banks constitutes a correct practical approach to achieving stability in the exchange market, pointing out that the monetary policy of the Central Bank continues to provide options as well to achieve this goal.

Saleh said, “The procedures introduced in providing wide and multiple official outlets for displaying dollar cash through the government banking system, with an increase in the allocation for one traveler to 5 thousand instead of 3 thousand dollars, up to 10 thousand dollars, represent a correct option to achieve stability in the exchange market,” according to the news agency. official.

And he continued, “In addition to this, strengthening credit cards by raising the exchange rate of the dinar when paying through them with an increase in withdrawal ceilings in them, and it constitutes a correct move as well in one of the applications of direct positive intervention in the exchange market on the part of the monetary authority, to generate actual competition between sellers of currency in the secondary market.” exchange to be stable within the scope of the central exchange rate of the dinar.

He pointed out that “the procedures followed provide the cash dollar through available, fair and equal opportunities for the beneficiaries, and make it available directly to the groups that need it for the purposes of travel and treatment outside the country.”

He added, “This trend in the policies of intervention in the exchange market is a positive expansion in transforming the dollar cash market into a flexible market that enjoys a high degree of competitiveness, governance and discipline at the same time,” noting that “the monetary policy of the Central Bank of Iraq and within the duties of its intervention in the market.” Exchange by providing an adequate and appropriate supply of foreign currency notes that it is a constant and continuous policy in providing other additional options in providing foreign currency supply, which will continuously contribute to the stability of the exchange market.

And the Prime Minister’s advisor pointed out that “this expansion ensures at the same time maintaining the stability of the general level of prices, which is the lofty goal of monetary policy in the country.”

Al-Rafidian, Al-Rasheed, and Al-Sanaei banks announced that non-national citizens would include their salaries on the bank and those wishing to travel outside Iraq by buying dollar currency.

 

https://www.mawazin.net/Details.aspx?jimare=214976

[RJG]

by removing the money changers (black or parallel market) the CBI is removing the MCP that the IMF said to get rid of.  This is an great step for us.  RJG

 

[RJG]

Al-Rafidain Bank announces the direct sale of the dollar to citizens

Economie| 01:10 – 12/24/2022

Baghdad – Mawazine News

 Al-Rafidain Bank started today, Saturday, selling dollar currency to citizens for travel purposes.

The bank’s media office stated in a statement, “The bank’s branch in Palestine Street and the Arab neighborhood in Mansour has witnessed a wide turnout by citizens who intend to buy dollars according to conditions, controls and instructions set by the bank earlier.”

The statement added, “The bank started from today in the process of selling foreign currency, and it continues to do so on a daily basis, and new branches will be included in the coming days.” Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=214973

**Again, this is removing the middle man, the money exchangers, to remove the mulitple currency practice (MCP) of mulitiple exchange rates within the nation, as requried by the IMF to go international.  RJG

Edited December 24, 2022 by RJG
fix the heading

[keylime]

On 12/20/2022 at 11:05 PM, Engine1 said:

4- Reducing the selling price of the dollar to the beneficiary ( the card holder ) that he uses while traveling or paying his purchases via the Internet, to be at a price of ( 1465 ) dinars to the dollar instead of ( 1470 ) dinars to the dollar. 

 

this doesn't sound like the profits we have been waiting for. 

No one ever said this was a get rich quick scheme. Well at least not after the first 10 or so years....

[RJG]

I did not see this one posted, sorry if it is a duplicate.

Iraqi chambers of commerce make proposals to end the "daily massacre" of the dollar in the market

EconomyIraqDollar

2022-12-22 01:22

 

Shafaq News/ The head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, presented, on Thursday, proposals to stop the rise in the exchange rate of the dollar against the local currency, considering at the same time that the volume of currency auction sales to the Central Bank is not commensurate with the amount of goods traded in the market.

Al-Zuhairi said in a statement today that the volume of currency auction sales is not commensurate with the quantity of goods traded in the market, and the estimate of the actual need of the market does not exceed half of the amount that is sold daily in the currency auction.

He added, "The recommendations were listened to, and we found the brave man who can stop this massacre through some simple decisions, including not paying the tax on dollar sales, which means that the merchant has the right to transfer the purchase invoice through Iraqi banks and in Iraqi dinars if he wishes."

Al-Zuhairi explained, "This decision will be implemented at the beginning of next year, and in the coming days, the Iraqi currency will be available in the banks," adding, "There are decisions that we hope will be taken so that we can end this daily massacre of the dollar."

The head of the Federation of Iraqi Chambers of Commerce suggested "diversifying the foreign currency commodity within the central bank and not remaining a monopoly of the dollar only, the strict monitoring by the Federal Bank on the movement of the dollar from Iraqi banks to intermediary banks."

He concluded by saying that by applying these proposals and decisions, the sale of the currency auction would decrease from 200 million and more to 66 million.

https://shafaq.com/ar/اقتصـاد/الغرف-التجارية-العراقية-يقد-م-مقترحات-ل-نها-المجزرة-اليومية-للدولار-في-السوق

[southbeach]

4 minutes ago, RJG said:

I did not see this one posted, sorry if it is a duplicate.

Iraqi chambers of commerce make proposals to end the "daily massacre" of the dollar in the market

EconomyIraqDollar

2022-12-22 01:22

 

Shafaq News/ The head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, presented, on Thursday, proposals to stop the rise in the exchange rate of the dollar against the local currency, considering at the same time that the volume of currency auction sales to the Central Bank is not commensurate with the amount of goods traded in the market.

Al-Zuhairi said in a statement today that the volume of currency auction sales is not commensurate with the quantity of goods traded in the market, and the estimate of the actual need of the market does not exceed half of the amount that is sold daily in the currency auction.

He added, "The recommendations were listened to, and we found the brave man who can stop this massacre through some simple decisions, including not paying the tax on dollar sales, which means that the merchant has the right to transfer the purchase invoice through Iraqi banks and in Iraqi dinars if he wishes."

Al-Zuhairi explained, "This decision will be implemented at the beginning of next year, and in the coming days, the Iraqi currency will be available in the banks," adding, "There are decisions that we hope will be taken so that we can end this daily massacre of the dollar."

The head of the Federation of Iraqi Chambers of Commerce suggested "diversifying the foreign currency commodity within the central bank and not remaining a monopoly of the dollar only, the strict monitoring by the Federal Bank on the movement of the dollar from Iraqi banks to intermediary banks."

He concluded by saying that by applying these proposals and decisions, the sale of the currency auction would decrease from 200 million and more to 66 million.

https://shafaq.com/ar/اقتصـاد/الغرف-التجارية-العراقية-يقد-م-مقترحات-ل-نها-المجزرة-اليومية-للدولار-في-السوق

Beautiful, and Merry Christmas DVers.

[RJG]

Dollar prices rise more in Baghdad and Erbil with the closing of the stock market

EconomyErbilBaghdadBreakingDollarHeight

2022-12-24 07:28

 

Shafaq News/ The exchange rates of the dollar rose against the Iraqi dinar, today, Saturday, with the closure of the main stock market in Baghdad, and Erbil, the capital of Kurdistan Region.

Shafaq News agency reporter said that the central Al-Kifah and Al-Harithiya stock exchanges closed in Baghdad at 153,400 Iraqi dinars, compared to 100 dollars.

 

 

While the exchange rate of the dollar this morning was 152,500 dinars, compared to 100 dollars.

Our correspondent indicated that the buying and selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 153,750 Iraqi dinars, while the purchase price reached 152,750 dinars per 100 dollars.

In Erbil, the dollar also recorded an increase with the closing of the stock market, where the selling price reached 153,350 dinars for every 100 dollars, and the buying price was 153,250 dinars for 100 dollars.

https://shafaq.com/ar/اقتصـاد/اسعار-الدولار-ترتفع-كثر-في-بغداد-واربيل-مع-اغلاق-البورصة

[dinarham]

  This is good news about banks selling USD because it means the end of the corrupt currency auctions ,which indicate an rv,

[Laid Back]

 "This decision will be implemented at the beginning of next year, and in the coming days, the Iraqi currency will be available in the banks,"
 

Great news!

 

Go end of exchange control

Go open market economy 

Go stronger dinar

[Carrello]

Selling dollars directly to citizens also takes IQD off the streets and out of mattresses.

[dinarham]

 Their goal is to  call in all the big notes ,which will still be honored but will be used in inner banking . Then they will release the lower denoms , which is in keeping with how other currencies that hold value structure their cash. I always imagined how an ATM that was accessible to the Iraqi street would work , where you  need 2 or 3 wheelbarrows of cash to buy one wheelbarrow . ATM's would have to be huge , serviced by a never ending delivery of IQD  in big trucks , and requiring lots of manpower.

[Carrello]

1 hour ago, Carrello said:

Selling dollars directly to citizens also takes IQD off the streets and out of mattresses.

 

I did not convey my thought completely and should have said "CBI selling dollars to approved banks, and banks selling dollars to the public, takes IQD off the street and out of mattresses." Thanks.

[screwball]

6 hours ago, dinarham said:

 Their goal is to  call in all the big notes ,which will still be honored but will be used in inner banking . Then they will release the lower denoms , which is in keeping with how other currencies that hold value structure their cash. I always imagined how an ATM that was accessible to the Iraqi street would work , where you  need 2 or 3 wheelbarrows of cash to buy one wheelbarrow . ATM's would have to be huge , serviced by a never ending delivery of IQD  in big trucks , and requiring lots of manpower.

Am 100% that they will need to head to the bank and set up accounts to reap the benefits of an exchange…I don’t think atms will be an indicator or be part of the exchange JMHO

[Theseus]

On 12/21/2022 at 5:56 AM, screwball said:

We will not know until they do it….are they going too open upto the world and allow their companies to bought up for pennies? I believe the window is 1st of Jan - 29 of Jan when they launch their ISX app

Really? The first to the 29th of January 2023? Let's look at a few items that have come out:

 

1) The fact that Iraq's CBI has stated they will be releasing 20,000 IQD notes at the end of 2023. Which blows the RV happening in January 2023 out of the water by itself. This is saying they are not removing the zeroes until after 2023. Second they are spending money on the design, plates and printing of the these notes. The 20,000 note also brings into line with most of the world's currency practices of 1, 5, 10, 20, and 50 notes. CBI has already said they are not going to print 100K notes.

 

2) The fact that Iraq's CBI has stated that they will be releasing coinage around 2026. 

 

3) The White Papers is the formula they are using to point to an RV between 2025, 2026, and 2027. As stated by several officials the rate will be this ways for years. Of course no one really knows except Iraqi officials in the CBI, the IMF and the World Bank. They will know before anyone else.

 

4) The GOI has yet to pass the Iraqi Oil and Gas Law, the HCL, and the implementation of Article 140.

 

5) The GCR will play a major role in the RV and whether or not the IQD will remain pegged to the USD. There is movement to unpeg the IQD from the USD after the RV stabilizes. Iraq history has depegged from Western currency before so it is not uncommon for Iraq to depeg from the USD.

 

6) Listen to what Blackrock is stating about the Central Banks next year on recession. Blackrock is stating that we are going to have a recession like any other because CBs are tightening up their policies rather than helping fight inflation. 

 

While there may, and I stress may, be movement in a positive direction, moving the rate back to the December 2020 rate,  it will not be a very large move as they, the CBI. will want to keep to the 2% rule the IMF set to get into Art 8.

 

MCP stands for Multiple Currency Practice, meaning a nation and it's citizens are using more than one currency for their internal transactions in their economies. Example using both the USD and IQD to purchase everyday goods and services. AT this time Iraq, even with the consolidation of the banks on who can sell the USD, is still employing MCP. A strong consternation for the IMF. While Iraqis may be getting paid in IQD, those same citizens are exchanging that for USD to increase their purchasing power.  

 

Be patient Iraq has turned the corner. The RV will happen, just not anytime in 2023.

Edited December 25, 2022 by Theseus