WOTS TUES OCT 6 2020
While the prices on the Kifah Stock Exchange on Monday were 123,200 dinars against 100 US dollars.
Selling prices in exchange shops in the local markets in Baghdad
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1164.4000 |  1215.3000 | 1192.5000 | 1191.6000 | 1192.5000 | -0.8000 | 15:55 |
| USD/VND | 23205.0000 | 23210.0000 | 23187.8600 | 23179.9600 | 23179.9600 | 9.6800 | 00:21 |
| USD/CNY | 6.7895 | 6.7915 | 6.7903 | 6.7895 | 6.7903 | -0.0007 | 00:21 |
| USD/KWD | 0.3057 | 0.3067 | 0.3060 | 0.3057 | 0.3060 | -0.0002 | 04:31 |
| GBP/USD | 1.2969 | 1.2973 | 1.3006 | 1.2958 | 1.2975 | -0.0005 | 04:58 |
| USD/IRR | 42000.0000 | 42210.0000 | 43011.9000 | 43011.9000 | 43011.9000 | -43.1000 | 04:44 |
| USD/IDR |  14729.0000 | 14739.0000 | 14785.0000 | 14676.0000 | 14712.0000 | 23.0000 | 04:57 |
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News of the closure of the US embassy landing in Iraqi dinars
The currency sale markets witnessed a remarkable rise in the exchange rates of the dollar against the Iraqi dinar , which caused great anxiety in the street, which the Iraqis translated into buying dollars and replacing their local currency.
The decline of the Iraqi currency came against the background of media reports that spoke of an American intention to close its embassy in Baghdad, and to direct air strikes on the headquarters of armed factions inside Iraq, in response to the repeated targeting of Katyusha rockets to the Green Zone, where the US embassy is located, as well as the convoys of the International Coalition.
Since the beginning of this week, the dollar has continued to record a rise against the dollar from 1,200 dinars against one dollar, to 1,250 dinars, amid fears that it will rise dramatically if the embassy is actually closed.
An official at the Central Bank of Iraq told Al-Arabi Al-Jadeed that "the bank has formed new monitoring committees over the work of large banking companies, which manipulate the exchange rate of the dollar against the Iraqi dinar, and it will place some companies on the sanctions list and prevent them from being given dollars in the Iraqi currency auction ".
And he indicated that "there are some traders who live on some rumors and issues that happen in Iraq, in order to manipulate the exchange rate of the dollar, and that is why they took advantage of the issue of closing the US embassy in Baghdad, in order to raise the dollar exchange rate."
The Iraqi official, who refused to be named, added, "The Central Bank has formed another team, in cooperation with the Economic Crime Directorate, to follow up the work of exchange offices, as well as the implementation of arrest warrants against manipulators at the price of hard currencies, especially since the currency auction continues in its work, and there is no change." In his dealings, after the news of the embassy’s closure, this price should not be manipulated.
In addition, a member of the Economy and Investment Committee in the Iraqi Parliament, Salem Al-Tufayli, said in a telephone conversation with Al-Araby Al-Jadeed, that "the high exchange rate of the dollar is linked to the political and security developments in the country, and the recent rise came due to talk about the closure of the US embassy, and the government's confirmation that The closure will cause the isolation of Iraq. "
Al-Tufayli stated that "if the US embassy is truly closed, the dollar will witness a very high rise against the Iraqi dinar, and it will have many consequences, not only at the political and security level, but the economic impact may be the greatest."
The Iraqi MP stressed "the need to monitor banking companies, and the work of merchants in the markets, to prevent any manipulation of hard currency, which may enter the country into a financial crisis, in light of the major repercussions it suffers due to the decline in oil revenues and the Corona pandemic, especially with the non-payment of salaries of employees." Up to now, this matter also helps to raise the exchange rate of the dollar, and this matter is the responsibility of the Iraqi government. "
On the other hand, the Iraqi economic expert, Majid Al-Suri, said in a press statement, that "the price of the dollar is very sensitive and affected by several matters, including political, social, financial and security, and that the decline in oil prices, the presence of Corona and the financial crisis of the Iraqi government are certainly being exploited by speculators from Order to raise prices. "
And the picture said that "what is being raised about the closure of the US embassy, which has not been implemented, has also been exploited to raise the price of the dollar, but at the same time, the Central Bank has its tools and procedures to ensure that the dollar has not risen significantly."
The Iraqi economic expert revealed that "the rise that occurred recently will not be great and did not exceed 3%, and therefore it remains within the internationally permissible limits."
Since last February, Iraq has been plagued by a stifling financial crisis following the decline in global oil prices, and a sharp drop in Iraq's financial revenues by about 60 percent, which contributed to lowering the price of the local currency.
And Iraq needs about 4 billion dollars a month to pay the salaries of more than 10 million Iraqis distributed in several segments, including employees and soldiers, about 6 million, and the rest are retirees who fall under the social welfare network.
However, according to the reports of the Ministry of Oil, Iraq's financial revenues for several months ranged between 1.3 and 1.6 billion dollars, a percentage of which is deducted for foreign oil companies investing in the country.
The government and parliament are attracted to the responsibility of delaying the payment of salaries for about 50 days, as the government confirms that the delay in the parliament in voting on the internal borrowing law and the 2020 budget to secure financial liquidity to pay salaries is a reason behind the delay of the Ministry of Finance in the distribution of salaries, while the Finance Committee in Parliament attacked the government, She stressed that the responsibility for managing the financial crisis rests with her and she had to plan in advance, warning of what she described as bankruptcy of the government within six months.
So far, parliament has not voted on the 2020 budget amid expectations that the budget deficit will reach more than 80 trillion dinars (65 billion dollars), making it the highest number in the history of the oil-exporting country, while declining oil export revenues and the repercussions of the Corona virus outbreak and corruption plague the financial situation. And the economy of the state, which negatively affected the citizens' livelihood.
The Stock Exchange said in a statement seen by "Al-Eqtisad News", that "the Iraq Stock Exchange will not organize the stock trading session on Thursday, October 8, 2020, based on the decision of the Cabinet Secretariat to consider this day an official holiday for the existence of a religious occasion."
The Central Bank participates in a seminar with the Basra Chamber of Commerce
The Central Bank of Iraq, Basra Branch, held a dialogue seminar on Monday, the fifth of October 2020, in cooperation with the Basra Chamber of Commerce, and the presence of banks operating in the governorate. Its success is reflected in the movement of the Iraqi economy.
A member of the Finance Committee reveals in numbers the extent of financial corruption in the currency auction and border crossings
A member of the Parliamentary Finance Committee, Muhammad Sahib Al-Darraji, revealed, on Tuesday, the extent of financial corruption in the currency auction and border crossings in numbers, while the Prime Minister called for personal intervention in the Ministry of Finance's management of the country's resources.
Al-Darraji said: "Financial corruption in the border crossings has reached 27 billion dollars since the beginning of this year until now, while the size of financial corruption in the currency auction has reached 495 million dollars."
He added that "the volume of corruption according to these figures is very large," explaining that "the remainder of the reserves of the Central Bank of Iraq is less than 60 billion dollars and the issue has become very critical, especially with the continuing corruption of the currency auction in millions of dollars."
Al-Darraji called on Prime Minister Mustafa Al-Kazemi to "personally intervene in the administration of the Ministry of Finance to solve corruption, as well as resolve the intractable salary crisis and end the Finance Minister's bargaining over imposing borrowing."
CBI Update: Just a note:They have been having auctions and the ISX has been trading regularly; the sites just don't update in time to put the information in this report, unless it is
here.
here.
The currency auction total sales amount $ 190,799,690.
including $21,550,000. CASH Friday
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
10-5-2020 Newshound Guru MilitiaMan Fairly sure they are ready to roll now. They implemented the first step today...Article: "The central bank imposes a fine on the shortage of small groups" CBI has warned banks with fines to not be short...in the small categories notes. Why? They'll be needed, as they will be considered to be large in the future...imo...
10-5-2020 Intel Guru MarkZ [Is it true that if Trump doesn’t win…we wont get an RV?] I do not think that is true…i am told the military has the RV…and it will be released no matter what. No matter who wins.
10-5-2020 Intel Guru Footforward "FROM IRAQI TV... "An informed source reported that the reform paper promised by the government of Prime Minister Mustafa Al-Kazemi, regarding the economic situation that Iraq is going through, has been completed" They know what's up. This conjecture over what to do with the dinar is theatre. They already know what they are going to do...what I'm getting at is if you read the articles it seems like they don't know if the value is going up or down or what they are doing. So I'm ready for this to go any time.
10-5-2020 Newshound Guru Pimpy ...good news coming out of Iraq...what we've been talking about over the last couple day is the issue with a lot of these embassies were talking about closing down, especially the American one, because they're not feeling safe. There's a lot of rocket attacks coming into the green zone... Article "Al-Kazemi's spokesman reveals that important leads have been reached regarding the indiscriminate rocket launchers" ...If they catch even more people and clear them off the streets...this brings stability into Iraq which is what we want so that the embassies stay open, outside investors feel good and they start coming in there. Good news I like that...
10-5-2020 Intel Guru MarkZ [via PDK] I am hearing great stuff out of Iraq…hearing they showed 2 more denominations of bills as they continue the education of the people before they change the rates. Great statement yesterday from some of their finance ministers as they wrap up their banking changes as they position themselves. [So RV this week?] An excellent chance – based on the chatter. We are sitting right on top of it.
10-5-2020 Newshound Guru Jeff I recently checked Iraq's inflation and I think it was down to about 1/2 percent. It was very low. Iraq will not be deleting the zeros off the notes. They will delete the zeros off the rate. But when they delete the zeros off the rate that essentially makes it 1 to 1 with the dollar. Once they make it 1 to 1 with the dollar that makes it too valuable so they have to bring out new notes. Two different currencies will coexist for a period of time. Smaller notes and larger notes. They have to bring out smaller notes because the currency will have too high of a value...
10-5-2020 Intel Guru Delta FROM IRAQI TV... "An informed source reported that the reform paper promised by the government of Prime Minister Mustafa Al-Kazemi, regarding the economic situation that Iraq is going through, has been completed"; "the reforms included in the paper included radical solutions to gradually save the country and stabilize its financial and economic situation."; "white paper will be presented to Al-Kazemi during this week and after that to the House of Representatives."
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