The Dinar is Stronger
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Najaf markets apologize for dealing in dollars and the National Security punishes those who violate (photos)
Najaf - 964 On Sunday, the national security detachments in Najaf imposed advertisements at the entrances to public markets and shops prohibiting the circulation of dollars .in local transactions
A country that trades exclusively in dinars: exhibitions and the wholesale market pledge not to deal in dollars (video)
:the details The campaign was launched this morning, and included shopping centers and malls in the city center, to prevent trading in dollars and limit transactions to Iraqi .dinars only
The security detachments informed us to prevent dealing in dollars, and put signs inside the store emphasizing this decision, as they imposed this on all stores in the .mall A security source in the National Security Agency for Network : 964 The campaign aims to raise the market value of the Iraqi dinar, and we call on citizens to cooperate with us and understand the matter in order to serve the public interest. Those who fail to comply with these decisions will receive punitive .measures in accordance with the law
text of the sign:
Calculates Prime Minister's directives
Report to the National Security Department
We apologize for dealing in dollars
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A campaign to adopt the dinar instead of the dollar locally.. and Al-Sudani's office reveals its goals
Security forces and members of the Organized Crime Directorate continue their campaign in cities to urge and motivate citizens to deal in dinars instead of dollars, in addition to monitoring the market to prevent the exploitation of merchants, some of whom tend to raise and lower prices based on fluctuations in the exchange rate.
Today, Monday, the Organized Crime Directorate announced the implementation of its "major" campaign in Diyala Governorate, in conjunction with its launch in the governorates of Maysan, Babel, Nineveh and Dhi Qar.
The Directorate stated that "its detachments carried out an awareness campaign to urge citizens, merchants and shop owners in the city of Baquba to deal in Iraqi dinars instead of dollars, to limit the exploitation of weak souls by the discrepancy in the price of the dollar, and to sell them goods or materials of all kinds in this currency."
Several parties participate in this campaign, including the National Security Agency, the Ministries of Trade, Interior and Planning, in addition to the Central Bank of Iraq, under the title "Campaign to Support the Iraqi Dinar".
And last January, Prime Minister Muhammad Shia al-Sudani confirmed that “the government will return the exchange rate of the dollar to what it was,” calling on citizens not to acquire the dollar, because “the dinar is stronger,” noting that “international standards and the relationship between the central bank with The Federal Reserve and the US Treasury, to control the movement of funds, which traders find difficult to deal with, led to a rise in the exchange rate.
In the context, a source close to Al-Sudani's office said, "The campaign aims to stabilize the dinar as a currency for trading in the sale and purchase of cars, homes, electrical appliances, construction materials, and everything related to commercial and economic work in the Iraqi market."
He explained, "The current government plans to control the dollar, in order to achieve development, and enable the value of the Iraqi dinar, by expanding the scope of its commercial uses, in addition to preventing smuggling of the dollar abroad or storing it and manipulating prices."
The source, who asked not to be named, added, "The campaign will continue for months, and it may be constant, especially since there are many problems in the Iraqi market, as a result of merchants controlling the dollar and dealing with it while neglecting the local currency, which led to a decline in the value of the dinar." He explained that "anyone who does not comply with the new measures will face penalties, and the goal is to stabilize the price level to protect the purchasing power of citizens."
The official media in Iraq quoted a statement by the Director of the Operations Department at the Organized Crime Directorate, Brigadier General Hussein Al-Tamimi, in which he said, “The Ministry of Interior issued a circular banning merchants and citizens from dealing in markets, shops, and commercial centers in dollars, and limiting this process to dinars, as part of the campaign launched by the ministry in coordination with the Ministry of Interior.” The Central Bank is under the title (Supporting the Iraqi Dinar), explaining that "written pledges have been taken from the owners of shops and commercial centers that dealings will be in dinars instead of dollars."
The Central Bank of Iraq also issued a statement urging merchants to "go towards establishing commercial companies with the Companies Registration Department, to ensure that their requests are met through the window for buying and selling foreign currency smoothly and at the official price, and the need for citizens to acquire electronic payment cards, and to settle their various obligations through them."
He stressed, "Following up on the exchange rate situation, and developing appropriate solutions to any problems encountered, and that those who refrain from buying from official platforms may have illegal dealings."
Despite the government decisions in Iraq to control the value of the dinar against the dollar, they did not produce results, with the continued deterioration of the value of the dinar.
Yesterday, Sunday, the Baghdad Stock Exchange recorded an increase in the value of the dollar against the dinar, at a rate of 146 thousand dinars for every 100 dollars.
an ad at a bank
International Islamic Bank: national Islamic Rank
Our dinars are our future, our dinars are our economy is what the text says
The Iraqi government and the central bank are committed to strengthening and supporting the Iraqi dinar and maintaining its stability in the local market. The government adopts economic policies aimed at boosting confidence in the national currency and boosting its purchasing power.Efforts being made to support the Iraqi Dinar include:2. Inflation control: The central bank aims to reduce inflation rates and maintain economic stability, which contributes to supporting the Iraqi dinar and its purchasing power.3. Confidence boosting: The government and the central bank are working to build confidence in the Iraqi dinar by promoting transparency, financial governance and providing a stable and favorable investment environment.4. Banking Sector Strengthening: The banking sector is being supported to strengthen its role in providing financial services and facilitating trade operations, contributing to enhancing the stability of the Iraqi Dinar.Continuously directing efforts to support and stabilize the Iraqi dinar, Iraq looks to boost the strength and value of its currency and boost the national economy overall.
A banknote of fifty Iraqi dinars must be printed
It was necessary to print currencies in denominations less than two hundred and fifty dinars, which is considered the lowest currency, in order for the prices of simple needs, such as vegetables, transportation wages, and market goods prices to fall, and these matters are very important to society, because as long as the lowest denomination is two hundred and fifty, this means that it cannot go down And the prices are even lower! This is an economic problem that needed a simple political decision, which is the tendency to print denominations less than two hundred and fifty dinars, for example, a hundred dinars denomination, and a fifty dinars denomination currency, within a first step.
And it can be enforced by the government, for example entering museums, stadiums, halls, and government transportation fees become less than two hundred and fifty dinars, so that the use of the lowest currencies becomes possible.
• Impact on transportation fares
If the denomination is printed as one hundred dinars, for example, and the fare for government transportation in (government buses) becomes only one hundred dinars, in support of students, workers, the poor, and employees, then the citizen will feel that his state cares about him and is looking for solutions to his problems. This feeling is important to spread among the people, and in these measures an investigation Some justice is absent, and the solution to the suffering of more limited-income people is higher transportation fares, and every period transportation prices jump, and if there were fewer categories than the two hundred and fifty, the height jumps would be less, so we ask the decision-makers to study the matter carefully and work in two parts.. namely:
The first: reducing transportation costs.
Second: relying on a local currency of a lower denomination.
• Impact on food prices
The printing of small currency denominations contributes to reducing food prices, as prices are now confined to a certain price because the lowest existing denomination is (250 dinars), but if it crumbles and prints less denominations, for example (100 dinars) and (50 dinars), then there may be a decrease For food prices, for example, the price of a kilo of potatoes does not jump directly from (750 dinars) to (1000 dinars) according to the current situation. Rather, it can rise to (800 dinars or 850 dinars) due to the availability of currencies of multiple small denominations. This is an important aspect that benefits society, especially those with limited income. And the poor.
Therefore, the decision makers who are looking for a solution to the economic crises should hasten to find a solution that is beneficial to large segments of the people.
• finally:
The issue is very important to create a different economic reality for the oppressed groups, and it requires intense care of the idea by the responsible authorities.
We hope that economists and elites will raise their voice in the direction of this idea, and form pressure through invitations and writings, which will contribute to solving the economic problems of society.
Al-Rafidain Bank: We are working to support the national economy in line with the state's vision
Al-Rafidain Bank announced today, Friday, that it is working to support the national economy in line with the state's vision, while confirming the imminent launch of the credit card.
A statement by the bank, which Mawazine News received a copy of, said: “Al-Rafidain Bank held a celebration on the occasion of the 82nd anniversary of its founding, in the presence of the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi.”
The Director General of the Rafidain Bank, Ali Karim, confirmed, according to the statement, that "the Rafidain Bank worked to support the national economy in line with the state's vision, so it was its safe haven when it faced crises, as it was able to find financial and banking solutions through which it was able to finance public and private sector institutions concerned with securing goods and services for various segments of society." It also took a number of measures during which it maintained the provision of the best banking services through its branches spread inside and outside Iraq within the framework that serves the continuity of success and at the same time achieves the goals and directions of the government to meet these challenges. Monetary and supportive of the financial policy while preserving the element of safety for its customers in various circumstances and crises, realizing its vision to be the People’s Bank, and the bank was able to acquire the largest share in the local market.
Karim added, "The bank aims today to keep pace with the aspirations and requirements of the bank's customers and to enhance its leading role in the Iraqi banking market."
And he continued, "Al-Rafidain Bank worked to acquire the latest advanced banking systems and work within a communications network and modern software that it will work to develop permanently, as the next stage will be the stage of focusing on achieving customer satisfaction by providing a comprehensive banking system in the important branches as a first stage, and today in The anniversary of the founding of the bank, announcing the trial launch of the obdx service for the bank's customers, provided that it will be offered in the next stage to a wider segment of customers.
Karim pointed out that "the bank will soon announce the launch of the credit card, the credit card, which carries several privileges, including lending for a certain amount and according to the salary, which will be granted to all willing bank card holders."
And between "Al-Rafidain Bank is the first bank and not just slogans, as it now holds the first place in terms of the number of customers and citizens, the volume of deposits and the number of loans and advances granted at the level of the public sector, companies and individuals, and the bank will be the first in terms of providing digital services and products through future plans and visions and vigorous work to provide system services Comprehensive banking in all branches of the bank, and in parallel with these efforts, we will work to strengthen credit strategies and banking control operations for the individual and corporate sectors, in addition to strengthening and strengthening the means of insurance and protection in information and communication technology systems through the establishment of a center of modern and advanced databases, rehabilitation and recruitment of human cadres in addition to business application and management Disasters and crises.
The next phase will also witness significant improvements in the bank's work frameworks in applying international accounting standards, risk management, control mechanisms, internal control of banking operations, and anti-money laundering requirements.and terrorist financing, with a focus on accelerated and continuous growth and reducing credit losses.
Dollar speculation puts individual livelihood and the value of the Iraqi dinar in front of serious challenges
link lots of talk about speculation hurting the dinar
Dollar speculation in financial markets and its fluctuations directly affect the global economy and the standard of living of the individual, while there is fear of widening potential negative effects.
The economic analyst, Nabil Jabbar Al-Tamimi, said that “speculation represents the most prominent reason behind the rise in the dollar exchange rate,” stressing the possibility of returning stability to the foreign currency exchange between 1340-1360 dinars within a week or a little more, in the event that the central bank takes measures related to providing greater facilities. For companies, small merchants, and financial transfer requests, to carry out transfers on (less severe) terms.
The sharp drop in the value of the local currency (the Iraqi dinar) against the US dollar, causes an increase in the cost of importing goods and products imported from abroad, which leads to an increase in the cost of living and the impact on the purchasing power of citizens.
Despite Al-Tamimi’s call for “less severe measures,” he “praised the Central Bank’s policies during the recent period,” stressing that those policies “did not lead to restrictions on access to the dollar, and that the rise resulted from speculations conducted by some currency traders taking advantage of the high price of gold.” exchange,” indicating at the same time, that “the currency selling window has maintained a moderate daily sales rate during the past two weeks between 180-200 million dollars per session, which may approach a little bit from the actual need of the Iraqi market for dollars.”
The depreciation of the local currency leads to an increase in inflation in the country, which happened in the past recent months, as prices are linked to the dollar, which increases the price of local goods and services based on exchange rate movements, and thus increases inflation and decreases the purchasing power of citizens.
Al-Tamimi called for the need to stop the “imaginary effect on exchange rates” represented by (mobile applications) that work to promote local exchange rates (black market exchange rates) because they are applications whose displayed data do not include their dependence on real demand in the market (such as a real electronic auction and stock exchange, but are Just an informational display).
The selling price of the dollar was 144,800 dinars per 100 dollars, while the buying price of the dollar was 145,250 dinars per 100 dollars.
The commercial markets witnessed a decline in the exchange rate in the past weeks, but it rose again, which indicates an economic problem that is still present in the country.
And the Central Bank of Iraq decided, earlier, to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of purchasing a dollar from the Ministry of Finance reached 1,300 dinars per dollar and sold it at (1310) dinars per dollar to banks through the electronic platform, and sold at (1320) dinars per dollar. Dollars from banks and non-bank financial institutions to the final beneficiary.
Analyzes say that the decline in foreign direct investment due to fluctuation in the exchange rate will affect foreign direct investment in Iraq. And when there is instability in the value of the local currency, foreign investors may hesitate to inject their capital into the country or they may withdraw their current investments, and this can lead to reducing investment opportunities and economic growth in the future
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Why the dollar's dominance is declining in the Middle East
Iraq has just banned US-dollar transactions, the Saudis and Emiratis plan to sell oil without it and there are plans to establish a whole new currency to bypass it. To know why, first have a look at the war in Ukraine.
Anyone in Iraq who wanted to buy a car or a house this week got a nasty shock. Last Sunday, the Iraqi government announced a ban on doing personal or business deals in US dollars.
Ordinary Iraqis usually make big-ticket purchases using dollars. Because of the ongoing devaluation of their own dinar, they'd need several large rubbish bags filled with paper dinar notes to buy a car or house. So they usually use a wallet full of dollars instead.
For decades, the US dollar has been the best currency to have in the Middle East if you don't have enough dirhams, dinars, riyals or pounds on hand. But that may be starting to change. Over the past few months, senior politicians in a number of Middle East nations have made statements that suggest the dollar's dominance in the region may fade.
In Iraq, US authorities had been making it harder to get dollars into the country — they were apparently worried that too much American cash was being smuggled to the neighboring Iranian government, which is under sanctions, but is tacitly supported by many Iraqi politicians. This shortage of dollars has led to volatility in the value of the Iraqi dinar, which is pegged to the US currency.
This volatility brought about last weekend's ban. In February, also thanks partially to the US currency crunch, Iraq said it would do business with China using the yuan, instead of dollars.
Middle East nations seeking alternatives
Earlier this year, Saudi Arabia's finance minister said his country was also "open" to selling oil using different currencies, including the euro and the Chinese yuan. The United Arab Emirates has said it will work with India, using the Indian rupee. Last year, Egypt announced plans to issue bonds — financial securities that help governments raise money — in Chinese yuan. It had already issued bonds in Japanese yen.
Additionally, several Middle Eastern nations — Egypt, Saudi Arabia, the UAE, Algeria and Bahrain — have said they want to join the geopolitical bloc known as BRICS, an acronym for Brazil, Russia, India, China and South Africa. Russia has already said that at an upcoming June meeting, the alliance will discuss the creation of a new kind of currency for cross-border trade between members.
Since 2021, the UAE has also been part of a pilot project run by the Switzerland-based Bank for International Settlements, a kind of central bank for central banks. This project looks at digital, cross-border payments that might bypass the dollar. Other participants are Thailand, Hong Kong and China.
Is the US dollar done?
These alternatives to the US dollar have led to a recent raft of alarmed headlines. "Is the dollar's dominance under threat?," The New York Times asked in February. "Prepare for a multipolar currency world," the Financial Times warned in March. "De-dollarization is happening at a 'stunning' pace," Bloomberg wrote late last month.
US dollars now make up about 58% of official foreign reserves globally, Bloomberg reported in its story, a fall from 73% in 2001. In the late 1970s, it was 85%.
However, most experts insist the move away from the dollar is going far more slowly than recent headlines suggest. And this is certainly true for the Middle East.
In the Gulf, the dollar still rules
Since the 1970s, oil-producing Gulf states have had a partnership with the US, where America provides security and countries like Saudi Arabia and the UAE export oil. Most Gulf countries, with the exception of Kuwait, have pegged their own currencies to the US dollar.
"One of the biggest indicators of a serious shift away from the dollar would be a de-pegging of those currencies," noted Hasan Alhasan, a research fellow on Middle East policy for the London-based International Institute for Strategic Studies. "But as of now, we haven't seen that."
"The key words here are 'statements' and 'potentially'," said Daniel McDowell, a political science professor at Syracuse University in New York, when asked whether assertions made by Arab leaders signal the dollar's demise in the Middle East.
"Statements are easy, action is more difficult," he told DW. "For oil-producing states, like Saudi Arabia, these sorts of statements and agitations are also a way to get America's attention. Flirting with the Chinese may make American policymakers focus more attention on the interests of the Gulf states."
McDowell doesn't rule out the possibility that the dollar's dominance will one day fade. "All empires eventually collapse," he quipped. But right now, "much of this talk is symbolic and political. Any change we see will be marginal and slow."
Motivated by war in Ukraine
The experts that DW spoke with all agreed there are likely two major reasons for Middle Easterners' threats to use other currencies.
Firstly, they said, it has to do with Russia's war in Ukraine.
Sanctions are a very significant part of the debate, McDowell thinks. His new book, "Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar," says as much, arguing "that the more the US wields the dollar as a weapon of foreign policy, the more its adversaries will move their international economic activities into other currencies."
"Currently, there's a lot of Russian money going through countries in the Middle East and Asia," Alhasan explained. "Essentially those are countries that have chosen not to comply with, or not to enforce, American or European sanctions."
But should sanctions on Russia be toughened further, turning them into what are known as secondary sanctions, then those countries would have a much harder time avoiding them. Secondary sanctions also punish third parties — countries or businesses — that work with the sanctioned entity. Anybody who wants to do business with the US or European Union will find it hard to get around secondary sanctions.
"So governments concerned about US sanctions are increasingly thinking about how they might get ahead of the curve, even if they are not yet ready or interested in making a radical shift away from the dollar," McDowell reasoned.
Threat to oil business
Alhasan offers a second reason why some Middle East states may wish to move away from the dollar. "I think there's the sense that the US is trying to rewrite the rules of the global oil market — to target Russian interests — and that presents a strategic threat to Saudi Arabia," he argued.
In March, Saudi Energy Minister Prince Abdulaziz bin Salman said that if any country tried to impose a price cap on Saudi oil exports, in the same way as had been done to Russia, his nation would no longer trade with it. A day later, Algeria's energy minister, fearing a dangerous precedent, echoed that statement.
This is why the movement away from the US dollar looks likely to continue as long as sanctions do, argued Maria Demertzis, a professor of economic policy at the European University Institute in Florence, Italy, and a senior fellow at Bruegel, an economic think tank.
But it won't happen overnight. Even if some countries want to bypass the US dollar as a currency, it will be more difficult to replace the settlement infrastructure provided by the dollar-driven system, Demertzis pointed out.
Banking as a weapon
"If you're India and you want to sell something to Chile, for example, you are likely to do it in dollars. But you don't only do that because you can more easily price a product in dollars. You also do it because you use the US dollar infrastructure to settle the transaction," Demertzis said, explaining that settlement is "the legal action of taking money from one account and putting it into another account."
To do that, trusted infrastructure is needed, she said, something the US has been providing for decades. Any alternative to that has "huge legal and governance implications," Demertzis explained. "For example, does Chile recognize the legal framework of India? Even to get to where two central banks settle bilaterally is a long journey."
The fact that the US and Europe froze Russian central bank reserve assets held in their jurisdictions has also weaponized central banks and possibly damaged the international financial system, according to Demertzis.
In the Middle East, that has translated to "a genuine sense of concern about the US', and even the EU's, unprecedented weaponization of international trade and finance, in the context of war with Russia," Alhasan concluded. This is why countries in the Middle East "are preparing for a more multipolar global world, where they will want to be best placed to act inside and outside of dollarized zones."
The Central Bank issues new instructions and controls regarding prepaid cards (documents)
Today, Sunday, the Central Bank of Iraq issued its instructions regarding prepaid cards. And the media office of the bank stated, in a statement received by Al-Mutala, that: “The Central Bank of Iraq issued instructions and controls regarding prepaid cards directed to banks and electronic payment service providers.” And the statement added, "The controls came to take into account compliance with the instructions in accordance with approved international best practices, and to preserve the public interest." Below is the text of the document:
text:
just fyi these are not new
7. Due diligence measures are taken upon issuance and reloading by the card issuers in accordance with the controls issued by this bank and the applicable AML/CFT law and the instructions and controls issued pursuant to it.
8 It is your responsibility to conduct regular reviews of prepaid card transactions and take additional measures regarding customers who They frequently use their prepaid cards in purchases and cash withdrawals, or carry out improper transactions according to the scenarios specified by the Anti-Money Laundering and Counter-Terrorist Financing Office.
9 Provide awareness programs for your customers about the risks associated with prepaid cards and how to use them safely.
10. Cards linked to mobile wallets are treated as prepaid cards and the same terms and conditions apply to them
Reporting any suspicious activity to the competent authorities, the Office of Combating Money Laundering and Financing of Terrorism, for the purpose of helping to detect and contain illegal activity early.
Contained in this circular
11. Cards issued before the date of issuance of this circular and do not bear a name are effective until the date of 1/8/2023 or depletion of balance or whichever is earlier and are not reloaded and the limits referred to above are applied to them and the aforementioned merchant category codes and to banks
The companies shall take the necessary measures to replace them under this decree. To work and abide by the above...with appreciation.
Here is another but this info is not in 7 thru 11 maybe these are 1 thru 6
In detail.. The Central Bank issues new instructions on prepaid cards
The Central Bank of Iraq issued new instructions regarding prepaid cards, which include determining the balance and withdrawing through ATMs.
Informed sources told Al-Eqtisad News that the Central Bank set the highest balance for prepaid cards at 10 million dinars or its equivalent in other currencies, in addition to determining the value of withdrawals through ATMs at $300 per day and not exceeding $3,000 per month. ".
The sources pointed out that "purchases through points of sale must be 750 dollars per day or its equivalent."
And she added, "The Central Bank specified the issuers by issuing one card to the customer, provided that it contains the customer's name, and it is not permissible to fill it out from any other person, and that cards that do not bear a name are effective until the next August 1."
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