WOTS WED JUN 9 21 Within hours... a jump in dollar prices in Baghdad
These are the articles I discussed on the MY FX Buddies Podcast
Within hours... a jump in dollar prices in Baghdad, amid government assurances
The exchange rates of the US dollar recorded a new jump against the Iraqi dinar, on Wednesday, on the main stock exchange in the capital, Baghdad.
Shafaq News Agency correspondent reported that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad has currently registered 150,500 Iraqi dinars, compared to 100 US dollars.
The Central Kifah Stock Exchange recorded during its opening this morning 150,000 Iraqi dinars.
Our correspondent indicated that the buying and selling prices rose in the banking shops in the local markets in Baghdad, where the selling price amounted to 151,000 Iraqi dinars, while the purchase prices amounted to 150,000 dinars per 100 US dollars.
For his part, a government source said in an interview with Shafak News Agency that "the rise in dollar prices in local markets is temporary," noting that "the Central Bank has sufficient reserves to reduce the price of the dollar in local markets."
The source, who asked not to be named, added that "the merchants did not enter the bank's auction for 6 months, when parliament was discussing the issue of stabilizing the price of the dollar in the hope that the price of the Iraqi dinar would rise, which led to the consumption of all the dollar amount that they had," noting that "traders They are now starting to replace the dollar, very strongly."
He pointed out that "the market is also subject to speculation, whether internal or external, and therefore this will lead to a price crisis," stressing that "this rise is considered temporary, and once the bank raises its currency sales by 25 percent, there will be a drop in dollar prices."
Parliamentary Finance comments on the rise of the dollar and explains the reason
The Finance Committee of the Iraqi Parliament commented, on Wednesday, on the continuous rise in the price of the dollar against the dinar in the local markets.
Committee member Ahmed Al-Haj Rashid told Shafaq News Agency, "The rise in the dollar's exchange rates against the Iraqi dinar came due to supply and demand and the merchants' dealings and dependence on the foreign currency and its preference over the local currency."
He added that "many citizens buy the dollar and store it in homes, preferring it over the Iraqi dinar, and this is another reason for the high exchange rates, which exceeded 150 thousand per 100 dollars."
And earlier on Wednesday, Shafaq News Agency's correspondent reported that the Al-Kifah and Al-Harithiyah Central Stock Exchange in Baghdad recorded, today, 150,000 Iraqi dinars, compared to 100 US dollars.
The Central Kifah Stock Exchange recorded 149,500 Iraqi dinars during its opening yesterday morning.
Our correspondent indicated that the buying and selling prices rose in the banking shops in the local markets in Baghdad, where the selling price amounted to 150,500 Iraqi dinars, while the purchase prices amounted to 149,500 dinars per 100 US dollars.
In Erbil, the capital of the Kurdistan Region, dollar prices also increased, as the selling price reached 150,200 dinars per hundred dollars, and the purchase price was 150,000 dinars per hundred dollars.
Rule of Law: The government does not control the markets and considers raising the price of the dollar one of the reforms
The State of Law coalition confirmed, on Wednesday, that the wrong fiscal policy carried out by the government pushed prices to rise and made it clear to the citizen.
A member of the coalition, Bahaa El-Din Al-Nouri, said in a statement to / the information / that "the government considers the rise in the price of the dollar among the reforms that contributed to solving the problems," noting that "the only person affected by the high exchange rate is the citizen."
He added, "The government was not satisfied with not controlling prices, but even the dollar's exchange rate did not control it, and it is constantly rising."
He pointed out that "we tried to question the Minister of Finance, but the political parties that stand with him and the presidency of the parliament are pushing in a different direction, and unfortunately, most of the decisions of the finance and government are incorrect."
Iraq has witnessed a rise in the prices of food products in the markets since last Ramadan, as a result of the wrong policies pursued by the government and the high exchange rate.
The owners of exchange companies and outlets in Baghdad appeal to the director of Al-Rashid Bank to intervene to end their suffering
A number of owners of exchange companies and electronic payment outlets in Baghdad, on Tuesday, via "Mawazine News", appealed to the Director of Al-Rasheed Bank to intervene to end the obstacles they face during their reviews of the bank's branches in the capital.
A number of them said in an exclusive interview with "Mawazine News", that "they face a set of problems and obstacles during their daily reviews of Al-Rasheed Bank's branches in Baghdad, including the main branch /106 in the Al-Nahr Street area in the center of the capital."
They added that one of the most prominent problems they suffer from is that "the bank's branches force the owners of electronic outlets and exchange companies to receive small paper currencies of the category (5-10) thousand dinars, and they refuse to hand over the amounts that they want to withdraw in large denominations."
They explained that "this matter represents a security crisis for them, as they will have to carry and move large amounts of money, noting that some of their outlets are about 60 or 801 km away from the bank's branches, in addition to their financial losses because many of these small paper currencies are damaged and cannot be exchanged for customers."
The owners of companies and electronic outlets indicated that there is another problem they suffer from when they visit one of the branches of Al-Rasheed Bank, which is represented by “demanding the bank branches from the owner of the exchange company or the electronic outlet, who has a bank account in one of the bank’s branches in Baghdad, and who intends to withdraw amounts from another branch.” The bank has the right to issue and routine reviews that disrupt their work and cause delays in their transactions with the bank,” noting that “other government banks do not engage in such issues with their customers.”
He appealed to the owners of exchange companies and electronic payment outlets, through the agency (Mawazine News), the director of Al-Rasheed Bank to intervene to end their suffering.
World Bank: Iraq has drawn up a policy to improve the economic reality by adhering to the White Paper
The World Bank confirmed that Iraq has drawn up a policy to improve the country's economic reality by adhering to the reform white paper, but it is still facing economic crises, expressing its readiness to respond to any request submitted by the Iraqi government regarding loans.
The representative of the Bank in Baghdad, Ramzi Noman, said that the World Bank is ready to help Iraq if the Iraqi government asks us to do so, as the government so far has its financial and economic plans, and that the World Bank is working with the Iraqi government on a new project to promote vaccines related to the Corona pandemic, and this is what The government requested it in this context, and it does not come within the portfolio owned by Iraq.
An economic expert/ The rise in the price of the dollar will encourage traders and speculators to raise the prices of basic foodstuffs and harm the citizen / Expanded
The expert in economic affairs, Malaz Al-Amin, confirmed that the local market faces a great challenge as a result of the high exchange rate of the dollar compared to the dinar.
Al-Amin said in a statement to the National Iraqi News Agency ( NINA ) that "this rise and lack of control by the Central Bank will encourage traders and speculators to raise the prices of basic foodstuffs, which will cause harm to the poor and the profitable segment.
" He added: It requires the government and the Central Bank in particular to work seriously on Maintaining exchange rates, especially since Iraq's financial revenues from the sale of oil have increased with the rise in crude prices in the global market to nearly $70.
He continued: The central bank can increase the pumping of dollar quantities into the market to control an appropriate dollar exchange rate at the same time. The government must continue its support for the poor through the ration card, provide new job opportunities for the unemployed, and stimulate the private sector, especially the productive ones, such as agricultural, industrial and tourism, as well as transportation and others.
AS TRADE PICKS UP, DEMAND FOR US DOLLARS GROWS IN KURDISTAN REGION
The US dollar to Iraqi dinar exchange rate continued to rise on the Kurdistan Region’s currency markets on Tuesday afternoon (June 8) from 149,900 IQD to 150,200 IQD per $100, one of the highest levels seen since the dinar was devalued as part of the 2021 Federal Budget Law.
Spokesperson for the Sulaimani Currency Market Jabar Goran told NRT that the reason behind the increase was high demand for US dollars from businesspeople and ordinary consumers.
As a result of the COVID-19 pandemic, imports of goods from abroad, which are often paid for in US dollars, have been lower than normal over the past year. As trade has picked up in recent months, so has demand for dollars.
This dynamic is exacerbated by the belief among some consumers that the Iraqi dinar’s value will continue to decrease, prompting many to buy up US dollars as a speculative investment or as a hedge.
Goran said, however, that he believes that the price will likely stabilize.
A parliamentary committee warns of any new attempts to borrow
The head of the Parliamentary Committee on Agriculture, Water and Marshes, Salam Al-Shammari, called on the government, on Wednesday, to make the most of the high price of a barrel of oil for irrigation and agricultural projects, warning against any new attempts to borrow.
Al-Shammari said in a statement received by "The Information", a copy of it, that "the rise in the price of a barrel of oil in the global market and since the beginning of this year has provided a new return for the state that can be classified to cover the deficit on the one hand and to benefit from it for the sustainability of irrigation and agricultural projects."
He added, "The current period needs more water-related projects in light of the decrease in the quantities of water entering Iraq from Turkey and Iran."
Al-Shammari warned against “any attempts to borrow internally and externally after the World Bank announced its willingness to help Iraq ,” considering that “any new borrowing in light of the high oil price is unacceptable for the absence of its justifications.
The signing of the strategic framework document for British-Iraqi cooperation
British Foreign and Development Secretary Dominic Raab affirmed his country's support for the Iraqi government in its reconstruction efforts in the wake of defeating the ISIS gang, achieving progress in reform, and achieving a more peaceful and bright future for its citizens.
And the minister added, in a press statement, yesterday, Tuesday, while signing the strategic framework document for cooperation between his country and Iraq, that Britain will provide one million pounds of support to the United Nations Assistance Mission in Iraq before the upcoming elections, to help ensure a free and fair electoral process for the Iraqi people. .
The statement added that Britain will contribute 17 million pounds to combat Covid-19 in Iraq.
Standard Chartered appointed as Settlement Bank by AMF for the Euro in Buna
so now they have a dollar and a euro processor hmmmm
The Arab Monetary Fund (AMF) and Standard Chartered have reached an agreement for the Bank to serve as settlement bank for the Euro currency in Buna (the cross-border payment system owned by the AMF). Both institutions are currently engaged to address relevant final details and intend to work together in progressing ahead to an implementation phase.
The inclusion of the Euro as the fifth settlement currency, marks another major milestone with respect to establishing Buna as the payment system of choice across the Arab world and strengthening its position as an active member of the global payment sector.
In addition to the three key Arab currencies; the UAE Dirham, the Saudi Riyal, and the Egyptian Pound, the Euro is the second international currency to join Buna’s payment platform, following the inclusion of the US Dollar. This consistent rise in the number of settlement currencies in Buna, comes in line with Buna’s ambition to continuously increase its value proposition to its growing network of participants from the region and beyond. The inclusion of the Euro shall further strengthen Buna’s strategic objectives in terms of streamlining cross-border payments and supporting investment and commercial ties among Arab countries and between the Arab region and its major trade partners in Europe.
Commenting on this important event, His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, expressed his appreciation to Standard Chartered and its dedicated team, for their cooperation to realise this strategic partnership and facilitate the inclusion of the Euro as settlement currency in Buna. His Excellency also expressed his gratitude to the European Central Bank (ECB) and all the Central Banks in Europe for their support in achieving the inclusion of the Euro as a settlement currency in the Buna payment system.
H.E Dr. Al Hamidy said, “We thank Standard Chartered for supporting us in realizing one of Buna’s key objective to provide our participants access to a key international currency and allow them to execute cross-border payments in Euro in real time, at an efficient cost through a centralized, risk controlled, and secure platform that is compliant with international standards. This is in line with Buna’s vision to provide not only an efficient infrastructure for cross-border payments, but also a strong, safe and diversified line of innovative solutions that caters for the growing and evolving needs of the Buna’s participants.”
“The inclusion of the Euro, represents another testament of Buna’s global dimension and the AMF is confident that our partnership with Standard Chartered will play a key role in realizing Buna’s growth plans, to be a strong player and a constructive contributor to the cross-border payment industry at a global level.” Added H.E Dr. Al Hamidy.
Commenting on this partnership, Rola Abu Manneh, Chief Executive Officer, Standard Chartered UAE said, “Given our longstanding history of supporting clients across our footprint, we are continuously looking at ways to innovate and enhance client experience for cross-border payments across Middle East and beyond. The global financial system has demonstrated that transparent, quick, and traceable cross-border payments are a reality today, and we are pleased to be working with Arab Monetary Fund in driving this initiative. Standard Chartered looks forward to share its expertise and thought leadership in the payment clearing space.”
Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements.
Today, the Al-Kifah and Al-Harithiya Stock Exchange in Baghdad recorded 150,000 dinars, for each $100 bill.
The prices of buying and selling the dollar also increased in the exchange offices and local markets in Baghdad, where the selling price reached 150,500 dinars, for each paper denomination of 100 dollars, while the purchase prices amounted to 149,500 dinars, for each paper denomination of 100 dollars.
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1459.0000 | 1464.0000 | 1456.8000 | 1456.6000 | 1456.6000 |  -0.4000 | 00:00 |
| USD/VND | 22955.0000 | 22965.0000 | 22934.1700 | 22926.8600 | 22926.8600 | 9.4800 | 22:43 |
| USD/CNY |  6.3861 | 6.3881 | 6.3999 | 6.3860 | 6.3987 | -0.0133 | 05:08 |
| USD/KWD | 0.3003 | 0.3013 | 0.3005 | 0.3004 | 0.3005 | -0.0001 | 04:33 |
| GBP/USD | 1.4180 | 1.4181 | 1.4188 | 1.4144 | 1.4152 | 0.0027 | 05:12 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14251.0000 | 14252.0000 | 14291.0000 | 14244.0000 | 14283.0000 | -33.0000 | 05:11 |
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Oil prices are rising again
link
Oil prices rose for a second session today, Wednesday, on indications of strong demand for fuel in Western economies, while prospects for a return of Iranian supplies faded as the US Secretary of State said sanctions imposed on Tehran were unlikely to be lifted.
Brent crude futures rose 37 cents, or 0.5 percent, to $72.59 a barrel at 0520 GMT, and earlier rose to $72.83, the highest level since May 20, 2019. Brent rose 1 percent on Tuesday.
US West Texas Intermediate crude futures jumped 39 cents, or 0.5%, to $70.44 a barrel after rising to $70.62, the highest since Oct. 17, 2018. WTI prices rose 1.2% on Tuesday.
“It appears that the improved demand outlook is boosting crude oil prices, as the successful vaccine launch and summer driving season in the US and Europe continue to support fuel demand,” said Margaret Yang, a strategist at Singapore-based DailyFX.
The World Bank confirms its readiness to lend to Iraq if requested to do so
The World Bank confirmed its readiness to respond to any request submitted by the Iraqi government regarding loans, although it "has not requested a loan yet.
The representative of the Bank in Baghdad, Ramzi Noman, said in a press statement, that "Iraq has drawn up a policy to improve the economic reality of the country through commitment In the reform white paper, however, he is still facing economic crises, stressing that the World Bank is ready to help Iraq if the Iraqi government asks us to do so, as the government so far has its financial and economic plans, and that the World Bank is working with the Iraqi government on a new project to enhance vaccines related to The Corona pandemic, and this is what the government requested in this context, and it does not come within the portfolio owned by Iraq.”
He added, "The Iraqi government has not yet requested a loan from the World Bank, and we have all the readiness and are open for direct dialogue and are ready at any moment to cooperate, as we are trusted partners with Iraq, and we are interested in supporting Iraq in the path of stability."
Within hours... a jump in dollar prices in Baghdad, amid government assurances
The exchange rates of the US dollar recorded a new jump against the Iraqi dinar, on Wednesday, on the main stock exchange in the capital, Baghdad.
Shafaq News Agency correspondent reported that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad has currently registered 150,500 Iraqi dinars, compared to 100 US dollars.
The Central Kifah Stock Exchange recorded during its opening this morning 150,000 Iraqi dinars.
Our correspondent indicated that the buying and selling prices rose in the banking shops in the local markets in Baghdad, where the selling price amounted to 151,000 Iraqi dinars, while the purchase prices amounted to 150,000 dinars per 100 US dollars.
For his part, a government source said in an interview with Shafak News Agency that "the rise in dollar prices in local markets is temporary," noting that "the Central Bank has sufficient reserves to reduce the price of the dollar in local markets."
The source, who asked not to be named, added that "the merchants did not enter the bank's auction for 6 months, when parliament was discussing the issue of stabilizing the price of the dollar in the hope that the price of the Iraqi dinar would rise, which led to the consumption of all the dollar amount that they had," noting that "traders They are now starting to replace the dollar, very strongly."
He pointed out that "the market is also subject to speculation, whether internal or external, and therefore this will lead to a price crisis," stressing that "this rise is considered temporary, and once the bank raises its currency sales by 25 percent, there will be a drop in dollar prices."
The owners of exchange companies and outlets in Baghdad appeal to the director of Al-Rashid Bank to intervene to end their suffering
A number of owners of exchange companies and electronic payment outlets in Baghdad, on Tuesday, via "Mawazine News", appealed to the Director of Al-Rasheed Bank to intervene to end the obstacles they face during their reviews of the bank's branches in the capital.
A number of them said in an exclusive interview with "Mawazine News", that "they face a set of problems and obstacles during their daily reviews of Al-Rasheed Bank's branches in Baghdad, including the main branch /106 in the Al-Nahr Street area in the center of the capital."
They added that one of the most prominent problems they suffer from is that "the bank's branches force the owners of electronic outlets and exchange companies to receive small paper currencies of the category (5-10) thousand dinars, and they refuse to hand over the amounts that they want to withdraw in large denominations."
They explained that "this matter represents a security crisis for them, as they will have to carry and move large amounts of money, noting that some of their outlets are about 60 or 801 km away from the bank's branches, in addition to their financial losses because many of these small paper currencies are damaged and cannot be exchanged for customers."
The owners of companies and electronic outlets indicated that there is another problem they suffer from when they visit one of the branches of Al-Rasheed Bank, which is represented by “demanding the bank branches from the owner of the exchange company or the electronic outlet, who has a bank account in one of the bank’s branches in Baghdad, and who intends to withdraw amounts from another branch.” The bank has the right to issue and routine reviews that disrupt their work and cause delays in their transactions with the bank,” noting that “other government banks do not engage in such issues with their customers.”
He appealed to the owners of exchange companies and electronic payment outlets, through the agency (Mawazine News), the director of Al-Rasheed Bank to intervene to end their suffering.
CBI Update: Just a note:
including $21,000,000. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
6-8-2021 Intel Guru MarkZ [via PDK] On the banking front I am being told that they have cleaned up all the logistical issues that they needed to…..so from what I am hearing….everything is a “go” now. We are watching things closely. [Are we still in a 24-48 hour window?] We are knee deep in that last 12-24 hours right now…this is from what I heard on Sunday….
6-8-2021 Newshound/Intel Guru Walkingstick [via Frank26] The World Bank within the last three weeks is constantly talking about the exchange rate of the Iraqi dinar. Constantly the World Bank is telling the CBI please you're a sovereign nation raise the value of your currency. The World Bank talked three days in a row, last Tuesday, Wednesday and Thursday and came out and they stated what? The obvious. Raise the value of your currency CBI...right now the World Bank is carrying the football...What did the World Bank say that the CBI has? They have a mechanism to implement the reforms. What do you think that mechanism is? The mechanism is a new rate...
6-8-2021 Newshound Guru Pimpy We're starring to see the value of the dinar is losing against the U.S. Dollar. Why? Because how are outside investors going to come into Iraq and invest when there's so much instability. They need security. I would not want to go somewhere and invest money into a county when there's too much civil unrest...We're starting to see all these militia groups feel real emboldened since o'biden got into office...people are not feeling very secure about what is going on in the Middle East...
6-8-2021 Newshound/Intel Guru Petra The Kurds are back in town...
whenever they come to town it's for business! And right now, the Kurds, along with the world are waiting for...the opening of the budge, and the new rate! We are in a great time-frame!! Watch the CBI!!! ALL IMO.
6-8-2021 Intel Guru Frank26 'We're implementing a new mechanism' Those are direct words from the CBI...that is really explosive! ...about three weeks ago we said watch - the CBI is done. They already told the citizens...Both Mustafas {PM Kazemi and CBI Governor] on television saying 'If you think the exchange rate we used to have was something wait till you see the one coming out'...
6-8-2021 Newshound Guru NORV [aka Kaperoni] Article: "The Central Bank feeds electronic payment cards at the official rate of the dollar" Quote: "The Central Bank of Iraq announced, today, Monday, that all requests to purchase the dollar for the purposes of travel, study and treatment abroad will be met by feeding electronic payment cards (MasterCard and Visa Card) at the official price specified by the bank." ...the CBI using Visa and Mastercard to issue dollars is a violation of the IMF's liberalized exchange rate regime. This will prevent them from acceptance into Article VIII if desired. It will though help curb corruption. So it's a catch 22... violate rules to curb corruption or continue with the corruption and meeting IMF conditions.
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