The Central Bank of Iraq confirms to Shafaq News the provision of five foreign currencies alternative to the dollar for traders

[6ly410]

The Central Bank of Iraq confirms to Shafaq News the provision of five foreign currencies alternative to the dollar for traders

The Central Bank of Iraq confirms to Shafaq News the provision of five alternative foreign currencies to the dollar for traders - Shafaq News

2024-03-02 07:54

 

Shafaq News / The Central Bank of Iraq confirmed on Saturday that it has provided five alternative currencies to the dollar, for the use of traders to buy their goods from other countries using the currency of each country through the bank.

Deputy Governor of the Central Bank Ammar Hamad told Shafaq News Agency that "the Central Bank provided other foreign currencies to Iraqi traders, namely (euro, Chinese yuan, Turkish lira, UAE dirham and Indian rupee).

He added that "these currencies have become available to traders and the purpose of financing foreign trade, where the trader can now when he imports goods from China pay the Iraqi dinar to the Iraqi bank and through the bank the amount is paid to the Chinese company and factory in Chinese currency.

The Central Bank of Iraq's total sales of hard currency to the US dollar last week amounted to more than one billion dollars.

The correspondent of the Shafaq News Agency said that the Central Bank sold during the past week, and for five days in which the auction opened, one billion and 52 million and 796 thousand and 86 dollars, at a daily rate of 210 million and 559 million and 217 dollars, down from the previous week, as it amounted to one billion and 62 million and 587 thousand and 198 dollars.

[6ly410]

🤔 

[6ly410]

14 minutes ago, 6ly410 said:

He added that "these currencies have become available to traders and the purpose of financing foreign trade, where the trader can now when he imports goods from China pay the Iraqi dinar to the Iraqi bank and through the bank the amount is paid to the Chinese company and factory in Chinese currency.

 

[6ly410]

🤔 

[BETTYBOOP]

Nader put a video up on you tube about this. Some people think it is an indicator of the rv. Personally  I don't think it is .. but who know? 

[6ly410]

1 minute ago, BETTYBOOP said:

Nader put a video up on you tube about this. Some people think it is an indicator of the rv. Personally  I don't think it is .. but who know? 

what do you think it is…what is this article telling us?

[BETTYBOOP]

@6ly410 At the minute I am not sure what to make of it. I think international bit I just don't see it being indicative of a rate change... Maybe I am too tired to see it just now. it is 11 30 pm here and I have just done a 12 hour shift after having been awake since 3 . 30 am this morning What are you thinking?

[6ly410]

the merchants will now be able to use dinar to pay for foreign currency to buy international products…. 🤔 

[6ly410]

what is everyone thoughts on this? 

[6ly410]

[Dretown39]

1 hour ago, 6ly410 said:

 

So back in January Iraq put out an article about restoring the mechanism of financing Iraq's foreign trade starting the process this month. They want to do this with different currencies. This sounds like to me they are starting to implement that process. If this is connected to that announcement then this is a good thing. I'm going to stay grounded..this month & next could be very interesting.

[screwball]

1 hour ago, 6ly410 said:

what do you think it is…what is this article telling us?

It’s telling us the next step is to do his electronically….🤷‍♂️

[Longtimelurker]

1 hour ago, 6ly410 said:

what do you think it is…what is this article telling us?

Sounds international 

[screwball]

1 minute ago, Longtimelurker said:

Sounds international 

Yes it does!

[6ly410]

2 minutes ago, Longtimelurker said:

Sounds international 

I agree…

[6ly410]

1 minute ago, screwball said:

Yes it does!

Yes

[screwball]

1 hour ago, BETTYBOOP said:

just don't see it being indicative of a rate change.

Soon😂😂😂💯🎯⏰

[Longtimelurker]

It makes sense to do it in increments as to not overload the whole system 

[6ly410]

with all the fantastic news we have now… u would think we should have a new rate already 

[screwball]

1 minute ago, Longtimelurker said:

It makes sense to do it in increments as to not overload the whole system 

Especially if they are part of the QFS….and gold and asset backed..who knows I don’t 🤷‍♂️

[6ly410]

3.22 US let’s go 

[screwball]

1 minute ago, 6ly410 said:

with all the fantastic news we have now… u would think we should have a new rate already 

Yep..

[Longtimelurker]

1 minute ago, Longtimelurker said:

It makes sense to do it in increments as to not overload the whole system 

After re-reading the currencies, I noticed those currencies make up about 80% of world population so its really not increments 

[6ly410]

Flip that switch CBI - let’s go 

[Longtimelurker]

1 minute ago, 6ly410 said:

with all the fantastic news we have now… u would think we should have a new rate already 

Sure seems like it's about to pop