Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content

  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Iraqi Central Bank to Restrict Internal Trade to Iraqi Dinar

tigergorzow

By tigergorzow,
in Iraq & Dinar Related News

 Share

Recommended Posts

tigergorzow Grand Master

tigergorzow

Posted
Posted

Iraqi Central Bank to Restrict Internal Trade to Iraqi Dinar

Khalid Al-Ansary, Bloomberg News

  •  
 
Iraqi dinar banknotes sit in this arranged photograph in London, U.K., on Monday, April 15, 2019. Iraq's real GDP to accelerate slightly to average about 2 percent due to rising oil production, compared with about 1 percent in 2017, S&P said in statement. Photographer: Jason Alden/Bloomberg

Iraqi dinar banknotes sit in this arranged photograph in London, U.K., on Monday, April 15, 2019. Iraq's real GDP to accelerate slightly to average about 2 percent due to rising oil production, compared with about 1 percent in 2017, S&P said in statement. Photographer: Jason Alden/Bloomberg , Bloomberg

(Bloomberg) -- Iraq’s central bank will restrict all internal commercial transactions to the Iraqi dinar starting next year, the bank said in a statement, citing governor Ali Al-Allaq.

The step appears aimed at curbing the dealing of the US dollar outside Iraq’s banking sector, as well as limiting smuggling it abroad. It’s also a move to back the local currency.

The central bank next year will end the job of transferring money for foreign trade and instead focus on “supervision and monitoring,” with the job of transfers shifted to licensed Iraqi banks.

Currently, the central bank is the process of opening transfer channels in various currencies, including the Emirati dirham, the Turkish lira, the Indian rupee and the euro, according to the statement.

On Sunday, the dollar was available on the unofficial market at about 1,550 dinars, 17% weaker than the official rate of 1,320.

©2023 Bloomberg L.P.

 

https://www.bloomberg.com/news/articles/2023-09-24/iraqi-central-bank-to-restrict-internal-trade-to-iraqi-dinar?embedded-checkout=true

  • Like 1
  • Thanks 5
  • Haha 1
  • Upvote 4
  • Pow! 2
Link to comment
Share on other sites
DWS112 Mentor

DWS112

Posted
Posted (edited)

Thanks tigergorzow!

 

"Iraq’s central bank will restrict all internal commercial transactions to the Iraqi dinar starting next year, the bank said in a statement, citing governor Ali Al-Allaq."

 

The step appears aimed at curbing the dealing of the US dollar outside Iraq’s banking sector, as well as limiting smuggling it abroad.

Edited by DWS112
  • Like 4
  • Thanks 3
  • Haha 1
  • Upvote 4
  • Pow! 1
Link to comment
Share on other sites
rvmydinar Grand Master

rvmydinar

Posted
Posted
11 hours ago, DWS112 said:

" Iraq’s central bank will restrict all internal commercial transactions to the Iraqi dinar starting next year, the bank said in a statement, citing governor Ali Al-Allaq."

this is hard to believe as much as this doesn't excite me yet. Let's just wait and see the beginning of next year Jan 2024.

  • Upvote 2
Link to comment
Share on other sites
8th ID Proficient

8th ID

Posted
Posted
17 hours ago, tigergorzow said:

On Sunday, the dollar was available on the unofficial market at about 1,550 dinars, 17% weaker than the official rate of 1,320.

When the rate is changed, this becomes a moot point. Those that have the dollars will be wanting the dinar real quick. 

  • Like 2
  • Upvote 6
  • Pow! 1
Link to comment
Share on other sites
horsesoldier Grand Master

horsesoldier

Posted
Posted

Gonna try and skip the mountain of Iraqi :bs: here and go straight to my Bank with a sizeable wad of IQD in an envelope.

How am I gonna do it ? Simple... gonna put on my Red (horse) Shoes, click my heels, close my eyes and repeat " There's No Place Like my Bank "...as many times as is necessary.

Heeey, worked for Dorothy!!!

I think it's way past time to invoke some White Magic considering all the Black Magic that's floating around just about everywhere. Time to break out my Gandolph Hat & Staff.

Just to cover all my bases I'm sacrificing a bucket of EXTRA CRISPY KFC !!! 

  • Haha 1
Link to comment
Share on other sites
6ly410 Grand Master

6ly410

Posted
Posted

Iraq central bank to discontinue dollar use in domestic transactions

Iraq central bank to discontinue dollar use in domestic transactions - AtoZ Markets - Forex News & Trading Tools

c014b23a11016bdbc14b382ae9e6e9ad_collage.jpg

 

 September 26, 08:57 GMT

 

The Central Bank of Iraq, CBI, will only use the Iraqi dinar for all domestic transactions, discontinuing the use of the U.S. dollar starting next year.

“The coming year will witness the restriction of internal commercial and other transactions to the Iraqi dinar instead of the (U.S.) dollar, except for those delivered to travelers,” CBI Governor Ali Al-Allaq said Sunday, as reported by the Iraqi News Agency (INA

Al-Allaq explained that the aim was to control the overall price levels and reduce the country’s inflation rate. He explained that “the new system of external transfer and sale of the U.S. dollar” would address issues related to money laundering and the financing of terrorism and streamline direct interactions between Iraqi banks and their international counterparts.

This development coincides with the ongoing global trend of de-dollarization. This trend continues gaining momentum as various nations begin trading using their respective national currencies.

Global de-dollarization movement

Last June, U.S. Treasury Secretary Janet Yellen remarked that Washington should expect a gradual decrease in the dollar’s portion of global reserves. The decrease aligns with the increasing momentum of the global de-dollarization trend.\

“We should expect over time a gradually increased share of other assets in reserve holdings of countries — a natural desire to diversify,” said Yellen.

Yellen recognized that sanctions had prompted certain nations to explore alternative currencies. In other words, the “weaponization” of the U.S. dollar on adversaries has made other nations hesitant to use it in their financial dealings.

As a result, countries like Russia are progressing toward completely removing the dollar from their systems. China and other Asian economies like India and Malaysia also support de-dollarization initiatives.

The BRICS coalition — Brazil, Russia, India, China and South Africa, which will expand to include six more countries next year — is reportedly considering creating a unique multilateral wallet and currency for the economic bloc.

During a BRICS summit in Johannesburg, Brazilian President Luiz Inacio Lula da Silva suggested the concept of a common currency for trade and investment. He argued that it would reduce vulnerability to fluctuations in the dollar exchange rate.

However, South African authorities said the summit’s agenda did not include discussions about a BRICS currency. In July, India’s foreign minister also stressed that there were no intentions for a shared currency within the bloc. The primary focus of the bloc is to enhance trade using individual national currencies, as India’s foreign secretary emphasized ahead of the summit.

Iran has also ceased using the dollar for trade with China and Russia. On January 29, Russia and Iran signed an agreement to connect 52 Iranian banks using SEPAM, Iran’s interbank telecom system. They also agreed to connect 106 banks using SPFS, Russia’s counterpart to SWIFT.

 

In a meeting for the Russia-Iran Inter-Parliamentary Commission on Cooperation, State Duma Chairman Vyacheslav Volodin emphasized the need for both countries to rapidly boost trade using their respective currencies.

A prominent OPEC member, Saudi Arabia, announced plans to fully transition from PetroDollar to PetroYuan. Saudi Crown Prince Mohammed bin Salman and Chinese President Xi Jinping agreed to enhance collaboration in energy and trade, including selling oil to China in the yuan.

As the world’s top oil exporter, Saudi Arabia usually conducted oil sales in U.S. dollars. This change could diminish the U.S. dollar’s influence in global trade and finance, notably within the oil market.

  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites
screwball Grand Master

screwball

Posted
Posted
28 minutes ago, 6ly410 said:

The BRICS coalition — Brazil, Russia, India, China and South Africa, which will expand to include six more countries next year — is reportedly considering creating a unique multilateral wallet and currency for the economic bloc.

During a BRICS summit in Johannesburg, Brazilian President Luiz Inacio Lula da Silva suggested the concept of a common currency for trade and investment. He argued that it would reduce vulnerability to fluctuations in the dollar exchange rate.

Just coincidence that this happens  same time as Iraq announces end to usd transactions? 

  • Like 1
  • Upvote 2
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
×
 Share
Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.


  • Testing the Rocker Badge!

    Take This Quiz

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.

  I accept