WOTS TUE APR 13 21 Iraq Central Bank: The importance of international technical support to implement financial and economic reforms
No My FX Buddies Podcast episode today
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1460.0000 | 1465.0000 | 1457.5000 | 1457.3000 | 1457.3000 | 1.4000 | 16:00 |
| USD/VND | 23069.0000 | 23072.0000 | 23056.3700 | 23048.5900 | 23048.5900 | 9.4400 | 22:46 |
| USD/CNY |  6.5474 | 6.5494 | 6.5520 | 6.5448 | 6.5478 |  -0.0004 | 05:25 |
| USD/KWD | 0.3013 | 0.3023 | 0.3014 | 0.3013 | 0.3014 | -0.0001 | 05:11 |
| GBP/USD | 1.3744 | 1.3745 | 1.3768 | 1.3725 | 1.3740 | 0.0003 | 05:26 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14643.0000 | 14643.0000 | 14668.0000 | 14603.0000 | 14603.0000 | 41.0000 | 05:26 |
Governor of the Central Bank meets a delegation from the French Development Agency
Central Bank Governor Mostafa Ghaleb Makhaif met, on Tuesday, with a delegation from the French Development Agency (AFD) to discuss ways of joint cooperation.
In a statement received by Al-Iqtisad News, the Central Bank said that his governor assured "the delegation of the importance of international technical support to implement the financial and economic reforms presented in the white paper."
According to the statement, Ghalib suggested "holding a meeting between the French Development Agency and the private banking sector to define the area of joint cooperation."
For its part, the French Development Agency expressed its desire to establish a branch in Iraq to increase cooperation, as well as to provide loans for service and productive projects of the Iraqi government, and to provide funding for the public and private sectors, according to the statement.
It is reported that the French Development Agency (AFD) is a public institution for development financing that works to combat poverty and promote economic growth in developing countries
The central bank determines the remedies for the repercussions of raising the price of the dollar
The Central Bank of Iraq, on Tuesday, identified the remedies for the repercussions of raising the price of the dollar, and supporting the ration card items by emphasizing the need for government support for local industry and agriculture.
The deputy governor of the Central Bank, Ihssan Shamran Al-Yasiri, said, according to the official agency, that "one of the demands of the World Bank during the negotiations to raise the exchange rate of the dollar is to reform the public financial departments, which are taxes, customs, levies and financing part of the financial savings achieved for the benefit of the vulnerable classes," stressing that " The need to improve the ration card items to reduce the damage caused by adjusting the exchange rate.
Al-Yasiri added, "It is possible to improve the ration card items by fighting corruption, and to limit the waste of Iraqi money in corrupt deals, because most of the ration items are national production such as rice, sugar, flour, oil and tomato paste," pointing out that "the government can invest the initiative to amend The exchange rate is through more support for the local industry and agriculture, after it obtained a competitive advantage of more than 23% against the importer of the products. Consequently, the importer is facing difficulty in competing with the local product. "
He continued, "The World Bank suggested to the Central Bank of Iraq to amend the dollar exchange rate to 160 thousand dinars for every 100 dollars, as it is the real price that the local market can settle upon compared to neighboring countries," indicating that
Central Bank: changing the exchange rate achieved the desired results
On Tuesday, the Central Bank identified ways to improve the ration card items, while noting the need for the government to support local industry and agriculture.
The Deputy Governor of the Central Bank, Ihssan Shamran Al-Yasiri, said in a statement to the official agency, which was followed by "Nass", (April 13, 2021), that "one of the demands of the World Bank during negotiations to raise the exchange rate of the dollar is to reform the public financial departments, which are taxes, customs, levies and financing part of the financial savings. Achieved in favor of the fragile classes, "stressing" the need to improve the ration card items to reduce the damage caused by adjusting the exchange rate. "
He added that "it is possible to improve the ration card items by fighting corruption, and to limit the waste of Iraqi money in corrupt deals, because most of the ration items are national production such as rice, sugar, flour, oil and tomato paste," pointing out that "the government can invest the exchange rate adjustment initiative." Through more support for the local industry and agriculture after it obtained a competitive advantage of more than 23% against the importer of the products, and thus the importer is facing difficulty in competing with the local product. "
He continued, "The World Bank suggested to the Central Bank of Iraq to amend the dollar exchange rate to 160 thousand dinars per 100 dollars, as it is the real price that the local market can settle on compared to neighboring countries," noting that "the central bank, through its study of the market and the living situation, found that The current value of the exchange rate is 145,000 suitable, and has actually achieved the desired results in monetary policy
Central Bank: The importance of international technical support to implement financial and economic reforms
The Governor of the Central Bank of Iraq, Mustafa Ghaleb, stressed on Tuesday the importance of international technical support to implement financial and economic reforms in the White Paper.
In a statement received by the Tigris, the Central Bank said, "His governor met with a delegation from the French Development Agency (AFD), and the two parties discussed ways of joint cooperation."
The governor assured the delegation, "the importance of international technical support to implement the financial and economic reforms presented in the white paper, proposing a meeting between the French Development Agency and the private banking sector to define the area of joint cooperation."
For its part, the French Development Agency expressed "its desire to establish a branch in Iraq to increase cooperation, as well as to provide loans for service and productive projects of the Iraqi government, and to provide financing for the public and private sectors."
It is reported that the French Development Agency (AFD) is a public institution for development financing that works to combat poverty and promote economic growth in developing countries.
The rise in oil and Brent crude prices is approaching the $ 64 threshold
Oil prices recorded, on Tuesday, a noticeable increase, after data from China showed the growth of imports of the second largest consumer of oil in the world.
Brent crude futures rose 22 cents, or 0.35 percent, to $ 63.52 a barrel.
US crude oil futures rose 23 cents, or 0.39 percent, to $ 59.93 a barrel.
China's exports grew at a strong pace last March in another boost to the country's economic recovery as global demand rebounded amid advances in COVID-19 vaccines worldwide, while import growth jumped to the highest level in four years.
Crude oil imports to China also jumped 21% in March from a low base of comparison a year ago as refineries ramped up operations amid strong demand for fuel as the COVID-19 pandemic subsides.
CBI Update: Just a note:
including $ 14,890,000. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
4-12-2021 Intel Guru Footforward ...the dinar rate...will be one to one...I very specifically tell people it's my opinion it can't be that... [reference Footforward post 3-31-2021]
4-12-2021 Newshound Guru MilitiaMan Article: "Adapt to the exchange rate" Quotes: "except by liberalizing the exchange rate and creating monetary stability in an atmosphere of freedom of exchange and circulation"; "...which is likely to adopt the method of "floatation." This article is so very telling. We have seen they increased their reserves. They have found that the political banter of late created an environment that Investors, I.E., "COUNTRIES" were not pleased with which created instability. Now that the budget has been signed and about ready to be opened, they returned in full force. Kahdimi did the rounds recently and for good reason. The region not only knows it is show time but, the world does now imo... Those that wrote the feasibility study for the country, have the reigns now and will float the currency while the reconstruction effort is underway. They want stability and will get it with a stable exchange rate that is not 1460...imo... This is a rock star article! They will have to show us the color of the money too. It is coming...imo.
4-12-2021 Intel Guru MarkZ [via PDK] I have been able to confirm with contacts on the ground in different regions in Iraq...Bagdad, Kurdistan and Fallugia…that there are no changes in the rate on the street yet. I have contacted platform traders and What they are showing on some of the larger platforms is some of the nations are already trading with Iraq on a 1 to 1 basis with the US dollar…this is important because it signals exactly where we are headed. We do not know the timing…nobody does...But, we think it can be as early as this week. I was also being told that they are already trading cash dinar and selling oil with a revaluation of 1 to 1. This is a enormous change and a huge step and it has me beyond a little bit excited. We could see a serious change in value at any moment. [post 2 of 2]
4-12-2021 Intel Guru MarkZ [via PDK] [Is this our lucky day?] I sure hope it’s our lucky day. There is a lot going on. Was the budget in the Gazette Saturday…. NO. There was an announcement that the budget was passed in the Gazette on Saturday with commentary…but nothing official. There were articles this weekend from Iraq that referred to the RV of the Dinar in “past tense”... This is important. They refer to the dinar as “The strongest Currency in the Region”...wow…kuwait has been the strongest currency in the region recently at a rate of about $3.31 to the USD... [post 1 of 2....stay tuned]
4-12-2021 Newshound Guru MilitiaMan Article: "After April 9, 2003 .. Prospects for Financial Development and Existing Challenges" Quote: "...the issuance of the new currency, which resulted in** raising the price of the Iraqi dinar and making it get out of the prison in which he lived during the era of the previous regime, and his purchasing power improved rapidly, with financial and economic measures taken." And that "the Iraqi dinar, after 18 years, has become stronger than many currencies of neighboring countries, and others, regionally and globally, with the availability of a monetary block that is good compared to the Current circumstances..." Let that start to sink in... The issuance of a new currency...One where they raised the price of the IQD... But be sure, imo...they are telling us what has been done and in my opinion to be exposed...imo!...(wink)
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