The Dinar Support Committee is in the process of making new moves regarding the exchange rate

[yota691]

The Dinar Suppor t Committee is in the process of making new moves regarding the exchange rate

2023.06.26 - 09:26

 

Baghdad - Nas  

The Higher Committee for Supporting the Iraqi Dinar intends to coordinate a meeting between Prime Minister Muhammad al-Sudani and some merchants to agree on setting concrete mechanisms that limit the problems of exchange rate fluctuations, the rule of the parallel exchange rate in the markets, and control of dollar transactions.  

  

  

Committee member Omar Al-Sudani, Director of the Supervision and Follow-up Department at the Baghdad Chamber of Commerce, said in a statement to the official newspaper, followed by “NAS” (June 26, 2023), that “the committee, within its next plan, to diagnose errors and weaknesses that caused the rise in exchange rates in the parallel market, called for The necessity of supporting merchants and facilitating their affairs with regard to taxes after the existence of many problems in this regard.” Traders with the Prime Minister to listen to their problems and the possibility of solving them by overcoming the obstacles facing their commercial work.  

  

Al-Sudani added, "The committee aims to support the dinar and make it the basis for buying and selling in transactions within the country and adopting foreign currency (the dollar) in external transactions only, which reduces pressure on the dollar and leads to a decline in its exchange rates in the local market. This process, if successful, will achieve price stability and proportionality." With the income of the citizen, who is burdened by the rise in prices as a result of fluctuating exchange rates.  

  

He explained that "several measures have been put in place to support the dinar, as the central bank has taken upon itself to solve the problem of bank transfers and adopt the platform in this regard despite the repeated complaints of merchants, but it is a good step to speed up the issue of remittances, in parallel with the simplification of banking procedures from the Baghdad Chamber of Commerce, which merchants complained about." A lot of them, as the Chamber organized discussion sessions through which merchants gathered with bank representatives to discuss and find solutions, and the rest of the procedures relate to the merchant himself and the extent of his response to the campaign and his implementation of the instructions that the committee provides him with in order to ensure the value of the dinar.  

  

He continued by saying that "the issue of currency stability is related to government measures more than it relates to other parties, as they are the only ones capable of doing so, through the procedures they take and the extent of their implementation," noting that "the Baghdad Chamber of Commerce works alongside the merchant who incurred losses as a result of the fluctuation that occurred and its reflection on prices." And the current recession and the reluctance of citizens to buy, and it will remain supportive of any measure that would support price stability and raise the value of the Iraqi dinar against the US dollar, by preventing speculation in the currency and continuous campaigns to urge the merchant to adopt the dinar in his dealings, as well as government control and preventing currency smuggling and so on. Measures to maintain the stability of the currency.  

[6ly410]

The Dinar support Committee calls for concrete mechanisms regarding the exchange rate

Iraq  2023/06/26

 

 

 Baghdad: Rula Wathiq

The Higher Committee for Supporting the Iraqi Dinar intends to coordinate a meeting between Prime Minister Muhammad al-Sudani and some merchants to agree on setting concrete mechanisms that limit the problems of exchange rate fluctuations, the rule of the parallel exchange rate in the markets, and control of transactions in dollars
.
Committee member Omar Al-Sudani, Director of the Supervision and Follow-up Department at the Baghdad Chamber of Commerce, said in an interview with “Al-Sabah”: “The committee, within its next plan, to diagnose errors and weaknesses that caused the rise in exchange rates in the parallel market, called for the necessity of supporting merchants and facilitating their affairs regarding Taxes after the existence of many problems in this regard,” adding that “the committee supported merchants in the Baghdad Chamber of Commerce and the Registrar of Companies, and prepared simple companies to support medium merchants, as well as following up on banks and recommending facilitating their procedures towards merchants, and coordinating a meeting for merchants with the Prime Minister to listen to their problems and the possibility of solving them by overcoming the obstacles facing their
commercial work.
Al-Sudani added, "The committee aims to support the dinar and make it the basis for buying and selling in transactions within the country and adopting foreign currency (the dollar) in external transactions only, which reduces pressure on the dollar and leads to a decline in its exchange rates in the local market. This process, if successful, will achieve price stability and proportionality." With the income of the citizen, who is burdened by the rise in prices as a result of fluctuating
exchange rates.
He explained that "several measures have been put in place to support the dinar, as the central bank has taken upon itself to solve the problem of bank transfers and adopt the platform in this regard despite the repeated complaints of merchants, but it is a good step to speed up the issue of remittances, in parallel with the simplification of banking procedures from the Baghdad Chamber of Commerce, which merchants complained about." A lot of them, as the Chamber organized discussion sessions through which merchants gathered with bank representatives to discuss and find solutions, and the rest of the procedures relate to the merchant himself and the extent of his response to the campaign and his implementation of the instructions that the committee provides him with in order to ensure the value of the dinar.
He continued by saying that "the issue of currency stability is related to government measures more than it relates to other parties, as they are the only ones capable of doing so, through the procedures they take and the extent of their implementation," noting that "the Baghdad Chamber of Commerce works alongside the merchant who incurred losses as a result of the fluctuation that occurred and its reflection on prices." And the current recession and the reluctance of citizens to buy, and it will remain supportive of any measure that would support price stability and raise the value of the Iraqi dinar against the US dollar, by preventing speculation in the currency and continuous campaigns to urge the merchant to adopt the dinar in his dealings, as well as government control and preventing currency smuggling and so on. Measures to maintain the stability of the currency.

 

https://alsabaah.iq/79767-.html

[boosterbglee]

I think we should change our group name from Dinar Vets to Dinar support Committee!  💥

[gregp]

Here comes the hints. 
Thanks 6LY

[wc41]

Hi Yotta, is there a thread or one of your posts that brings clarity on the “parallel market”???

[BETTYBOOP]

Until they bring the rate closer to the dollar, the parallel market will always run high... IMHO

[NoviceInvestor]

4 hours ago, boosterbglee said:

I think we should change our group name from Dinar Vets to Dinar support system" rel="">support Committee!  💥

It’s has been  so long and drawn out and continues to be so that it would make a great TV mini saga.
When I bought into this speculation I had the energy and many thoughts of things I would like to do if it ever revalued .. now I find it’s easier to do an online shop because it takes less time and energy than driving the 60k round trip to town to shop 😃

[screwball]

28 minutes ago, BETTYBOOP said:

Until they bring the rate closer to the dollar, the parallel market will always run high... IMHO

They have to float or peg, that’s the reality remove parallel rate caused by program rate! They cannot enter market on program rate! Many hints in article!

[screwball]

6 hours ago, 6ly410 said:

the committee aims to support system" rel="">support the dinar and make it the basis for buying and selling in transactions inside the country and the adoption of foreign currency (the dollar) in foreign transactions only,

Hmmm….how 😉😂🙏

[screwball]

6 hours ago, 6ly410 said:

implementation of the instructions that the committee will provide him with in order to ensure the value of the dinar."

 

[screwball]

6 hours ago, 6ly410 said:

the issue of currency stability is related to government measures

Yep….

[screwball]

6 hours ago, 6ly410 said:

will remain supportive of any measure that would support system" rel="">support price stability and raise the value of the Iraqi dinar against the US dollar, by preventing currency speculation and continuous campaigns to urge traders to adopt the dinar in their transactions, as well as government control and prevent currency smuggling and other measures to maintain the stabilityof the currency."

 

[yota691]

14 hours ago, wc41 said:

is there a thread or one of your posts that brings clarity on the “parallel market”???

I guess you look at the CBI sales or the Exchange rate thread. The CBI has a Program rate if you use Official CBI locations to convert.

 

I post this the other day when I was ask by dinarham some what the same question.  

 

This is from the CBI daily sales..

 

basic exchange rate of 1305." Dinars, per dollar for documentary credits and international settlements of electronic cards, at a price of 1310 dinars per dollar for foreign transfers, and at a rate of 1310 dinars per dollar in cash.

[wc41]

On 6/27/2023 at 8:50 AM, yota691 said:

I guess you look at the CBI sales or the Exchange rate thread. The CBI has a Program rate if you use Official CBI locations to convert.

 

I post this the other day when I was ask by dinarham some what the same question.  

 

This is from the CBI daily sales..

 

basic exchange rate of 1305." Dinars, per dollar for documentary credits and international settlements of electronic cards, at a price of 1310 dinars per dollar for foreign transfers, and at a rate of 1310 dinars per dollar in cash.

Thanks Yotta, so appreciated!

Your steadfastness here is remarkable!

Thankyou for ALL you !

[horsesoldier]

What's " is in the process of " look like in Iraqi terms??

Please don't let it be like " soon or in the coming days or just around the corner "

[WheresmyRV?]

2 hours ago, horsesoldier said:

What's " is in the process of " look like in Iraqi terms??

Please don't let it be like " soon or in the coming days or just around the corner "

Soon in soon to be coming nevers.

[tjokie]

On 6/26/2023 at 11:54 AM, 6ly410 said:

And the current recession and the reluctance of citizens to buy, and it will remain supportive of any measure that would support system" rel="">support price stability and raise the value of the Iraqi dinar against the US dollar, by preventing speculation in the currency and continuous campaigns to urge the merchant to adopt the dinar in his dealings, as well as government control and preventing currency smuggling and so on. Measures to maintain the stability of the currency.

Seems to me a simple solution would be to require a license to deal in foreign currencies with a maximum limit on daily transactions. While I am a proponent of limited gov't controls, there are simply times when it is truly warranted. There is still freedom to maintain an exchange business, but the amount of certain currencies available for daily exchange would be curtailed so as to make it nearly ineffective to smuggle it to nefarious organizations.

 

If a global reset of currencies occurs, then the value of many currencies is a better alternative than a single currency dependency.

[since0freakin9]

On 6/26/2023 at 6:31 PM, screwball said:

They have to float or peg, that’s the reality remove parallel rate caused by program rate! They cannot enter market on program rate! Many hints in article!

The so called "program rate" is a narrative pushed by Dinaro's for years and holds no water.  The rate was never imposed by the IMF nor the U.S