Financial experts call for the adoption of the slogan {Our Dinar}

[yota691]

The parallel dollar market.. negative effects that limit purchasing power

Economical  2023/03/28

 

 

 Baghdad: Haider Fleeh Al-Rubaie

And the mainstay of the emirate

Specialists in economic affairs have warned of the dangers of continuing speculation taking place in the "parallel market" at the level of individuals' income, calling for monitoring phenomena harmful to the Iraqi economy.

 

Despite the successive "packages and measures" of the Central Bank, aimed at controlling the dollar's reins, and at the same time seeking to bridge the gap between the official dollar price and what is being sold in the parallel market, this currency is still witnessing successive rises that have remarkably affected the level of per capita income, and led to clear increases in inflation rates, as a result of relying almost entirely on financing commodity imports in dollars.

 

The noticeable increase in the volume of the Central Bank’s sales of dollars did not constitute a factor that could affect the dollar prices in the parallel market, in which the exchange rate reached 156 thousand dinars for every 100 dollars.

 

Economist Dr. Sattar Al-Bayati believes, during his interview with Al-Sabah, that “the exchange rate remains subject to speculation, which is normal according to economic theories and the opinions of financial scholars who assert that money in any country is requested for three reasons. The first is in transactions, and the second is for reserve or hedging, and the third is for speculation.”

 

According to the expert al-Bayati, "the times of crises and difficult circumstances that countries are going through show the so-called war dealers, meaning that in such difficult circumstances there are personalities and institutions that work and exploit these conditions to work in the market of speculation and money laundering, as well as smuggling hard currency, which is what happens." speaker saying.

 

Al-Bayati also stressed the need for the successive packages and procedures of the Central Bank to accompany the security services, with the support of the judiciary, to monitor these phenomena harmful to the Iraqi economy and hold them accountable by all legal means, warning of the dangers of the parallel market for the currency and its negative repercussions on the life of the citizen, especially since Iraq is an importer of most consumer goods and foodstuffs. This has a negative impact on the purchasing power of low-income citizens.

 

In turn, the researcher in economic affairs, Dr. Ali Dadoush, indicated during his interview with “Al-Sabah” that “the Central Bank’s measures to control the crisis of the dollar’s rise did not have an effect on the parallel market, as the successive rises in the exchange rate of the dollar in the parallel market,” warning That this will lead to a rise in inflation rates, especially with the existence of a wide difference between the official price set by the Central Bank and the price in the parallel market, which directly affected the rise in the prices of goods and commodities in the markets, as most, if not all, are imported in dollars.Dadoush believes that these conditions and the resulting continuous price hikes have negatively affected the salaries of employees, which, in my opinion, decreased by about 12%, stressing the need to stimulate private banks to enter the window and buy remittance dollars according to the terms and conditions of the new electronic platform and to deal more realistically. In import operations in terms of amount, quantity and quality, down to the main source of the goods or commodity.

[yota691]

The value of the dinar in the parallel market increased by 5% since the beginning of the month

The currency of the dollar and the Iraqi dinar

 

money and business
   

Economy News - Baghdad

Since the beginning of April, the value of the Iraqi dinar against the dollar has increased by about 5% in the parallel market.

 

The dollar was sold on the first of April at 150,750 dinars, while today it has fallen to 143,500 dinars, as its value fell by 7,250 dinars. But the dollar is sold by the Central Bank at a price of 1320 dinars to the last beneficiary.

 

The rise in the value of the dinar against the dollar is due to a series of measures taken by the Central Bank, known as the two reform packages that regulated foreign trade by forcing merchants to open bank accounts and deal directly with banks, in addition to coordinating trade with China through the Chinese yuan currency.

 

The Governor of the Central Bank, Ali Al-Alaq, said earlier this month that the central bank is on alert to restore the exchange rate of the dollar to its normal position, because what happened is that the Federal Bank audited financial transactions in advance while it was in the past after conducting the financial transfer process from Iraq.

 

He pointed out that now the external transfer operations have doubled, which creates a state of balance between supply and demand, and that the new system seemed to work faster than the previous one.

 

---

191 views

Added 04/23/2023 - 2:47 PM

[6ly410]

Dinar in the parallel market increases by 5% since the beginning of the month

Al-Eqtisadia News Agency - Dinar value increases in the parallel market by 5% since the beginning of the month (economy-news.net)

 

Dollar and Iraqi Dinar

Since the beginning of April, the value of the Iraqi dinar against the dollar has risen by about 5% in the parallel market.

The dollar was sold on the first of April at 150,750 dinars, while today it has dropped to 143,500 dinars, as its value has fallen by 7250,1320 dinars. But the dollar is sold by the central bank at <>,<> dinars to the last beneficiary.

The rise in the value of the dinar against the dollar is due to a series of measures taken by the Central Bank, known as the two reform packages that regulated foreign trade by forcing traders to open bank accounts and deal directly with banks, in addition to coordinating trade with China through the Chinese yuan.

The Governor of the Central Bank, Ali Al-Alaq, said earlier this month that the Central Bank is on alert to return the exchange rate of the dollar to normal, because what happened is that the Federal Bank has audited financial transactions in advance while it was previously after the financial transfer from Iraq.

He pointed out that now external transfers have doubled, creating a balance between supply and demand, and the new system has begun to work faster than before.

252 Views

Added 2023/04/23 - 2:47 PM

[Officiallytook]

I like it 

[Half Crazy Runner]

2 hours ago, 6ly410 said:

The Governor of the Central Bank, Ali Al-Alaq, said earlier this month that the Central Bank is on alert to return the exchange rate of the dollar to normal,

Ok. Please define “normal”.   💰 

[BETTYBOOP]

Well it is better than a 5% decline

[Jaygo]

17 hours ago, Half Crazy Runner said:

Ok. Please define “normal”.   💰 

Exactly!

[rvmydinar]

21 hours ago, 6ly410 said:

The Governor of the Central Bank, Ali Al-Alaq, said earlier this month that the Central Bank is on alert to return the exchange rate of the dollar to NORMAL

Normal rate=previous rate=soon rate=gradual rate=in the coming days rate=in the few weeks rate?

[6ly410]

The Central Bank identifies the category responsible for the escalation of demand for the dollar in the parallel market

Economic News Agency - The Central Bank identifies the category responsible for the escalation of demand for the dollar in the parallel market (economy-news.net)

 

 

---

Economy News / Baghdad

The Central Bank of Iraq on Wednesday identified the party responsible for selling the dollar at the parallel price, while stressing that the dinar is the national currency and there is no need to deal with others.

"The aim of the Central Bank's launch of the three consecutive packages is to maintain the stability of the exchange rate and deal at the official rate, and the sale was launched through cash sales platforms," said Mohammed Yunus, assistant director general of the bank's investment department, in a statement to the Iraqi News Agency.

He added that "the bank is currently adopting a mechanism to improve procedures, facilitate the transfer of remittances and overcome all difficulties," pointing out that "small traders who are not entitled to access the platform are those who buy the dollar and deal at the parallel price and pressure and form a demand for it, while the rest of the commercial companies enter the platform and conduct their transfers normally and at the official price."

"The members of the Iraqi Dinar support Committee are communicating with the security services to implement the instructions of the Council of Ministers and the Central Bank to support the dinar, stabilize the exchange rate and prevent informal dealing because there is no need to deal with dollars in Iraq," he said.

"Those who speculate in dollars violate the law and dealing with them is done through the Iraqi judiciary," he said.

Views 281

Added 2023/05/31 - 5:28 PM

[6ly410]

Central Bank identifies 'main culprit' of dollar rise

Economy | Today, 17:19 | 

    Central Bank identifies the "main culprit" of the rise of the dollar » Baghdad News Agency Today (baghdadtoday.news)

 

Baghdad Today - Baghdad

The Central Bank of Iraq accused what it described as "small traders" of pressuring the parallel market to buy dollars and deal at the unofficial rate, which led to a rise in dollar prices.

Assistant Director General of the Bank's Investment Department, Mohammed Younis, told the official news agency, and "Baghdad Today" continued: "Small traders who are not entitled to access the platform are those who buy the dollar and deal at the parallel price, pressure and form a demand for it, while the rest of the commercial companies enter the platform and conduct their transfers normally and at the official price."

"Those who speculate in dollars violate the law and dealing with them is done through the Iraqi judiciary," he said.

"The members of the Iraqi Dinar support Committee are communicating with the security services to implement the instructions of the Council of Ministers and the Central Bank to support the dinar, stabilize the exchange rate and prevent informal dealing because there is no need to deal with dollars in Iraq," Younis said.

He added, "The bank is currently adopting a mechanism to improve procedures, facilitate remittance transfers and overcome all difficulties."

"The aim of the Central Bank's launch of the three consecutive packages is to maintain the stability of the exchange rate and deal at the official rate, and the sale was launched through cash sales platforms," he said.

It is noteworthy that the security forces and members of the Directorate of Organized Crime in Iraq, continue their campaign in cities, to urge and motivate citizens to deal in dinars instead of the dollar, in addition to monitoring the market to prevent the exploitation of traders, some of whom raise and lower prices based on exchange rate fluctuations.

In the context, a source close to the Prime Minister's Office said that "the campaign aims to install the dinar as a currency for trading in the sale and purchase of cars, homes, electrical appliances, construction materials, and everything related to commercial and economic work in the Iraqi market," noting that "the current government plans to control the dollar, in order to achieve development, and enable the value of the Iraqi dinar, by expanding the scope of its commercial uses, in addition to preventing the smuggling of dollars abroad or storing them and manipulating prices."

It is noteworthy that the Central Bank of Iraq began on February 8 to sell the dollar at the new official rate as follows:

- 1300 dinars per dollar purchase price of dollars from the Ministry of Finance.

- 1310 dinars per dollar selling price of dollars to banks through the electronic platform.

- 1320 dinars per dollar dollar sale price from banks and non-bank financial institutions to

the ultimate beneficiary.

[6ly410]

Central Bank: The dinar is the national currency and there is no need to deal with the dollar

 economy 

•  Today, 17:08

Baghdad - The Central Bank of Iraq
on Wednesday identified the party responsible for selling the dollar at the parallel price, while stressing that the dinar is the national currency and there is no need to deal with others.

Deputy Director General of the Department of Investments at the Central Bank of Iraq Muhammad Yunus told the Iraqi News Agency (INA): "The aim of the Central Bank's launch of the three consecutive packages is to maintain the stability of the exchange rate and deal at the official rate, and the sale was launched through cash sales platforms."
He added that "the bank is currently adopting a mechanism to improve procedures, facilitate the transfer of remittances and overcome all difficulties," pointing out that "small traders who are not entitled to access the platform are those who buy the dollar and deal at the parallel price and pressure and form a demand for it, while the rest of the commercial companies enter the platform and conduct their transfers normally and at the official price."
"The members of the Iraqi Dinar support Committee are communicating with the security services to implement the instructions of the Council of Ministers and the Central Bank to support the dinar, stabilize the exchange rate and prevent informal dealing because there is no need to deal with dollars in Iraq," he said.
"Those who speculate in dollars violate the law and dealing with them is done through the Iraqi judiciary," he said.

 

[6ly410]

economy

 

'No need for dollars.' The Central Bank talks about the mechanism of dealing in Iraq

2023.05.31 - 17:19

'No need for dollars.' The Central Bank talks about the mechanism of dealing in Iraq (nasnews.com)

 

  

Baghdad - NAS  

The Central Bank of Iraq identified, on Wednesday, the party responsible for selling the dollar at the parallel price, while stressing that the dinar is the national currency and there is no need to deal with others.  

  

    

The Assistant Director General of the Department of Investments at the Central Bank of Iraq, Muhammad Yunus, said in a statement to the official agency affiliated with "NAS", (May 31, 2023), that "the goal of the Central Bank's launch of the three consecutive packages is to maintain the stability of the exchange rate and deal at the official rate, and the sale was launched through cash sales platforms."  

  

He added that "the bank is currently adopting a mechanism to improve procedures, facilitate the transfer of remittances and overcome all difficulties," pointing out that "small traders who are not entitled to access the platform are those who buy the dollar and deal at the parallel price and pressure and form a demand for it, while the rest of the commercial companies enter the platform and conduct their transfers normally and at the official price."  

  

"The members of the Iraqi Dinar support Committee are communicating with the security services to implement the instructions of the Council of Ministers and the Central Bank to support the dinar, stabilize the exchange rate and prevent informal dealing because there is no need to deal with dollars in Iraq," he said.  

  

"Those who speculate in dollars violate the law and dealing with them is done through the Iraqi judiciary," he said.  

  

[6ly410]

CBI Will Continue to Crack Down on Unregulated Dollar Transactions: Top Officer

CBI Will Continue to Crack Down on Unregulated Dollar Transactions: Top Officer - Shafaq News

2023-05-31 09:30

 

Shafaq News/ The Central Bank of Iraq (CBI) strives to curb unregulated US dollar transactions, a senior officer said on Wednesday, asserting the dinar's status as the nation's official currency.

 

 

"A class of small traders, bereft of the requisite privileges to engage with the platform, find themselves trading in the dollar, thus resorting to the parallel price mechanism," Mohammad Younis, the Deputy Director General of CBI's Investment Department, told Shafaq News Agency, "their activities are exerting undue pressure and forging an unnecessary demand for the greenback. In stark contrast, the lion's share of commercial enterprises operate within the platform, their transactions unfurling smoothly at the official rate."

 

Drawing back the curtain further on the administrative effort in buttressing the national currency, Younis said, "entities associated with the Iraqi Dinar support Committee are in diligent collaboration with security agencies. Their objective is crystal clear: to implement the strategic instructions from the Cabinet and the Central Bank with a twofold aim - bolstering the Dinar and stabilizing the exchange rate. They also aim to decimate unofficial dealings, given the conspicuous absence of a prerequisite for dollar transactions within the Iraqi economy."

 

Adding a stern note of warning against the speculators in the dollar market, he stated, "those who engage in dollar speculation are breaking the law. Dealing with such perpetrators falls within the purview of the Iraqi judiciary."

[6ly410]

Central Bank says that dealing in dollars is not needed in Iraq

economy

Ultra Iraq

31-May-2023

THE CENTRAL BANK CLARIFIED THE PURPOSE OF LAUNCHING THE THREE PACKAGES (FACEBOOK)

 

The Central Bank of Iraq said that dealing in dollars in Iraq is not needed.

Assistant Director General of the Investment Department at the Central Bank of Iraq, Muhammad Yunis, said that "the aim of the Central Bank's launch of the three consecutive packages is to maintain the stability of the exchange rate and deal at the official rate, and the sale was launched through cash sales platforms."

"The bank is currently adopting a mechanism to improve procedures, facilitate remittance transfers and overcome all difficulties," he said.

"Small traders who are not entitled to access the platform are those who buy dollars, deal at the parallel price, pressure and form a demand for it, while the rest of the commercial companies enter the platform and make their transfers normally and at the official price," he said.

"The members of the Iraqi Dinar support Committee are communicating with the security services to implement the instructions of the Council of Ministers and the Central Bank to support the dinar, stabilize the exchange rate and prevent informal dealing because there is no need to deal with dollars in Iraq," he said.

"Those who speculate in dollars violate the law and are dealt with through the Iraqi judiciary," he said.

The dollar prices began to rise, during the past days, while the consultant at the Baghdad Chamber of Commerce, Salah Abdul Mahdi Al-Shami, in a televised statement followed by "Ultra Iraq", that "two-thirds of traders are still afraid and do not know how to deal with the electronic platform and evade it for fear of taxes."

[3n1]

The elephant in the room is the iqd is way undervalued and the usd has more purchasing power and how can in their words a "small class of traders" dealing with usd completely wreck the cbi system untill the usd is out of circulation or the iqd valued much higher iraq will continue to deal with the usd issue, all my oversimplified opinion .... cheers dv'ers

[edbeach]

3n1 I agree with your statements that small class of traders not able to cause complete havac on the exchange. There is more to this than meets the eye. I think this is the big wheel corrupt & politicians  who are Iranian influence causing this buying dollars for Iran in secret and getting away with it. For all we know this CBI governor ccould also be involved to support Iran. JMO in this. 

[6ly410]

Central Bank: The dinar is the national currency and there is no need to deal with the dollar

Heba Hamed6 hours ago

 One minute

Central Bank: The dinar is the national currency and there is no need to deal with the dollar – First News Agency (awla.news)ok Twitter Share via mail

The Central Bank of Iraq on Wednesday identified the party responsible for selling the dollar at the parallel price, while stressing that the dinar is the national currency and there is no need to deal with others.

Assistant Director General of the Department of Investments in the Central Bank of Iraq Muhammad Yunus told the official agency (First News): "The goal of the Central Bank's launch of the three successive packages is to maintain the stability of the exchange rate and deal at the official rate, and the sale was launched through cash sales platforms."
He added that "the bank is currently adopting a mechanism to improve procedures, facilitate the transfer of remittances and overcome all difficulties," pointing out that "small traders who are not entitled to access the platform are those who buy the dollar and deal at the parallel price and pressure and form a demand for it, while the rest of the commercial companies enter the platform and conduct their transfers normally and at the official price."
"The members of the Iraqi Dinar support Committee are communicating with the security services to implement the instructions of the Council of Ministers and the Central Bank to support the dinar, stabilize the exchange rate and prevent informal dealing because there is no need to deal with dollars in Iraq," he said.
"Those who speculate in dollars violate the law and dealing with them is done through the Iraqi judiciary," he said.

[6ly410]

Central Bank: The dinar is the national currency and there is no need to deal with the dollar

[horsesoldier]

Well I know I would be comfy in the knowledge my country's currency is abso-fraggin-lootely worthless. I'm gonna go right out and buy all sorts of stuff...NOT !

All this talk and STILL no RI or a RV. Is everyone in that government on drugs ? 

Welcome to Fantasy World...de Camel Boss, de Camel.

Hey, it can't be an Island for obvious reasons so chillaxe. 🤣 

This is what happens to a guy who's been through 2 wars and in his First marriage his wife used to self medicate with copious amounts of Vodka to cope with her " cycle "& threaten to kill him as he slept.

I'm not kidding when I say those eventful days of intense negotiations I " Slept " in the living room chair facing the Hallway with a .45 in my lap. 

 

 

[6ly410]

 

[6ly410]

[rvmydinar]

19 hours ago, 6ly410 said:

"The members of the Iraqi Dinar support system" rel="">support Committee are communicating with the security services to implement the instructions of the Council of Ministers and the Central Bank to support system" rel="">support the dinar, STABILIZE the exchange rate and prevent informal dealing because there is no need to deal with dollars in Iraq," he said.

Just wonder , does the words " Stabilize the exchange rate " and " Raising the exchange rate " has the same meaning , according to iraq's definition??

[yota691]

"Extortion of another kind".. Exchange offices in Iraq buy and sell dollars with "big gains."

2023-06-07 03:23

 

 

Shafaq News/ In normal times, exchange offices are satisfied with placing an amount of 500 dinars when buying or selling a currency of 100 dollars. However, it is noticeable that exchange offices are presently placing amounts exceeding 1,500 dinars when buying and selling dollars.

 

Citizen Hassanein Aref said in an interview with Shafaq News agency that he was "surprised when he wanted to buy a number of dollars from one of the exchange offices in the Karrada area in central Baghdad, that the latter asked for a selling price of 100 dollars at 149,000 dinars, despite the price on the stock exchange being 147,700 dinars", indicating that "The owner of the exchange refused to lower the price and insisted that this price is the current one for all exchange offices."

 

 

He added, "The exchange offices usually say through their economic bulletins on social media that they set a price of 500 dinars for buying or selling, but in fact, otherwise, they do not settle for less than 1,500 dinars," calling for "the need to hold the exchange offices accountable and put the price through the screens they have." Which is often not used in this matter, which remains a formal interface for the shop.

 

For his part, the owner of the Al-Fahd exchange office said in an interview with Shafaq News agency, "The exchange offices put an amount of 1,000 dinars above the buying and selling price, in order to prevent losses, because the dollar exchange prices change quickly, up or down, and therefore it is difficult to control them."

 

He adds, "These prices are set for those who buy or sell dollars in small numbers, but the customer who buys or sells papers exceeding $1,000 is setting prices that do not exceed 500 dinars."

The dollar is being traded in the parallel market on the stock exchange at a price of 147,750 dinars, while the dollar was fixed in the budget at a price of 130,000 dinars, compared to 100 dollars.

[ronscarpa]

"Extortion of another kind".. Exchange offices in Iraq buy and sell dollars with "big gains."

 

 

2023-06-07 // 00:23

 

Shafaq News / In normal times, exchange offices are satisfied with placing an amount of 500 dinars when buying or selling a currency of 100 dollars. However, it is noticeable that exchange offices are presently placing amounts exceeding 1,500 dinars when buying and selling dollars.

 

Citizen Hassanein Aref said in an interview with Shafaq News agency that he was "surprised when he wanted to buy a number of dollars from one of the exchange offices in the Karrada area in central Baghdad, that the latter asked for a selling price of 100 dollars at 149,000 dinars, despite the price on the stock exchange being 147,700 dinars", indicating that "The owner of the exchange refused to lower the price and insisted that this price is the current one for all exchange offices."

 

He added, "The exchange offices usually say through their economic bulletins on social media that they set a price of 500 dinars for buying or selling, but in fact, otherwise, they do not settle for less than 1,500 dinars," calling for "the need to hold the exchange offices accountable and put the price through the screens they have." Which is often not used in this matter, which remains a formal interface for the shop.

 

For his part, the owner of the Al-Fahd exchange office said in an interview with Shafaq News agency, "The exchange offices put an amount of 1,000 dinars above the buying and selling price, in order to prevent losses, because the dollar exchange prices change quickly, up or down, and therefore it is difficult to control them."

 

He adds, "These prices are set for those who buy or sell dollars in small numbers, but the customer who buys or sells papers exceeding $1,000 is setting prices that do not exceed 500 dinars."

 

The dollar is being traded in the parallel market on the stock exchange at a price of 147,750 dinars, while the dollar was fixed in the budget at a price of 130,000 dinars, compared to 100 dollars.

https://shafaq.com/ar/اقتصـاد/بتزاز-من-نوع-خر-مكاتب-صيرفة-بالعراق-تبيع-وتشتري-الدولار-بـ-مكاسب-كبيرة

[Hotcurl]

The CBI could shut this whole thing

On 6/7/2023 at 1:31 PM, ronscarpa said:

"Extortion of another kind".. Exchange offices in Iraq buy and sell dollars with "big gains."

 

 

2023-06-07 // 00:23

 

Shafaq News / In normal times, exchange offices are satisfied with placing an amount of 500 dinars when buying or selling a currency of 100 dollars. However, it is noticeable that exchange offices are presently placing amounts exceeding 1,500 dinars when buying and selling dollars.

 

Citizen Hassanein Aref said in an interview with Shafaq News agency that he was "surprised when he wanted to buy a number of dollars from one of the exchange offices in the Karrada area in central Baghdad, that the latter asked for a selling price of 100 dollars at 149,000 dinars, despite the price on the stock exchange being 147,700 dinars", indicating that "The owner of the exchange refused to lower the price and insisted that this price is the current one for all exchange offices."

 

He added, "The exchange offices usually say through their economic bulletins on social media that they set a price of 500 dinars for buying or selling, but in fact, otherwise, they do not settle for less than 1,500 dinars," calling for "the need to hold the exchange offices accountable and put the price through the screens they have." Which is often not used in this matter, which remains a formal interface for the shop.

 

For his part, the owner of the Al-Fahd exchange office said in an interview with Shafaq News agency, "The exchange offices put an amount of 1,000 dinars above the buying and selling price, in order to prevent losses, because the dollar exchange prices change quickly, up or down, and therefore it is difficult to control them."

 

He adds, "These prices are set for those who buy or sell dollars in small numbers, but the customer who buys or sells papers exceeding $1,000 is setting prices that do not exceed 500 dinars."

 

The dollar is being traded in the parallel market on the stock exchange at a price of 147,750 dinars, while the dollar was fixed in the budget at a price of 130,000 dinars, compared to 100 dollars.

https://shafaq.com/ar/اقتصـاد/بتزاز-من-نوع-خر-مكاتب-صيرفة-بالعراق-تبيع-وتشتري-الدولار-بـ-مكاسب-كبيرة

The CBI could shut this whole thing down @ any time if they wanted to ..............

They don't want to 'cuz it serves their (CBI) interest thus keeping the Iranian ATM in motion ..........................

 

Just sayin' ...............................