Bondlady’s Corner – Iraq Economic News and Points to Ponder Thursday Afternoon 10-5-23


Iraq Economic News and Points to Ponder Thursday Afternoon 10-5-23

Tlm724 Administrator Bondlady’s Corner

Iraq Stops All Cash Withdrawals In Dollars In Early 2024

Economy | 02:28 – 05/10/2023  Baghdad – Mawazine News  An official at the Central Bank of Iraq revealed to Reuters that Iraq will end all cash withdrawals in dollars by January 1, 2024, explaining that deposits in dollars made before the end of 2023 will remain eligible for withdrawal in dollars in 2024. He expected the price to rise. The dinar was exchanged for the dollar, but their debt had no problem reaching 1,700 to the dollar.

He added: “United Nations agencies and diplomatic missions may continue to be allowed to withdraw cash in dollars.”

He stressed that the bank provides dollars at the official rate for all legitimate trade and travel activities, considering that the dollar shortage in some local banks is linked to the high demand for it and the dollar loans provided by the banks.  He pointed out that Iraq’s foreign currency reserves amount to about 120 billion dollars.

Iraq Prohibits Cash Withdrawals In Dollars As Of The Beginning Of 2024
Time: 10/05/2023 14:18:23 Read: 3,692 times   {Economic: Al-Furat News} A senior official in the Central Bank of Iraq said that the country will ban cash withdrawals and transactions in US dollars as of January 1, 2024, in the latest effort to limit the misuse of the country’s hard currency reserves in financial crimes.

The Director General of the Investment and Transfer Department at the Central Bank of Iraq, Mazen Ahmed, told Reuters that the aim of the step is to stop the illegal use of about 50 percent of the $10 billion cash amount that Iraq imports annually from the Federal Reserve Bank in New York.

This step comes as part of a broader campaign to stop the economy’s dependence on the dollar after residents began to prefer the US currency over the dinar.

Ahmed said that people who deposit dollars in banks before the end of 2023 will be able to withdraw money in dollars in 2024.

But dollars deposited in 2024 can only be withdrawn in local currency at the official rate of 1,320 dinars to the dollar.   LINK

Government Source: The Financial Situation In Iraq Is Good And There Is No Shortage Of Dollars In Cash

Thursday 05, October 2023 16:11 | Economical Number of readings: 408   Baghdad / NINA / A government source announced that the financial situation in Iraq is good and there is no shortage of the monetary supply of dollars, especially indicating that Iraq received today a shipment amounting to 500 million dollars.

The Central Bank Denies Expectations Attributed To It That The Exchange Rate Will Reach 170 Thousand Dinars

Economy |  05/10/2023   Baghdad – Mawazine News   Today, Thursday, the Central Bank denied expectations attributed to it that the exchange rate would reach 170 thousand dinars.

The Director General of the Department of Investments and Foreign Transfers, Mazen Sabah Ahmed, said in a statement, a copy of which Mawazine News received, that “the statements attributed to him in Reuters “It included press formulations reported by the agency in an inaccurate form.”

Ahmed stressed, “The Central Bank guarantees dollar deposits, and the citizen who deposited his money in dollars with any Iraqi bank previously or by 2024 has an inherent right to receive these amounts in cash and in US dollars.”

He added, “There was no mention in the press interview of expectations that the exchange rate would reach 1,700, and that the Central Bank has its tools that it uses to reduce the difference between the two prices, and there are no indications that the exchange rate in the parallel market will reach this level. On the contrary, there are measures being taken.” “It will contribute to reducing the difference.”

He continued, “The reforms undertaken by the Central Bank of Iraq aim to achieve compliance of the bank and the banking system in general with international compliance standards, and to prevent the dollar from reaching parties prohibited from obtaining it or speculating with it.”

He continued, “The announcement that the date of 1/1/2024 will be the beginning of stopping cash withdrawals includes transfers received only from outside Iraq according to certain arrangements that guarantee business sustainability and does not include in any way citizens’ balances in US dollars.” Ended

The Dollar Exchange Rate Exceeds The Barrier Of 157 Thousand Dinars In Baghdad

Time: 10/05/2023 18:50:03 Read: 923 times   {Economic: Al-Furat News} The main stock market in Baghdad was closed this evening, Wednesday, due to the rise in dollar prices. 

The prices of the dollar reached 157,250 dinars against 100 dollars with the closure of the Al-Kifah and Al-Harithiya stock exchanges, while the dollar prices this morning were 156,750 dinars against 100 dollars.

Until the selling prices in the exchange shops in the local markets in Baghdad rose, as the selling price reached 158,000 Iraqi dinars for 100 dollars, while the purchasing price reached 156,000 dinars for 100 dollars.   LINK

Iraq Market: More Than 5 Billion Shares Were Traded, With A Value Exceeding 6 Billion Within A Week

Money  and business   Economy News – Baghdad  Today, Thursday, the Iraq Stock Exchange announced the weekly trading indicators.

The Iraq Stock Exchange stated in a statement that it organized “during the first week of October 2023, four trading sessions from Sunday (October 1) to Thursday (October 5), as the trading session was not organized for Tuesday (October 3).” “Because it falls on an official holiday.”

The statement added, “The following indicators were achieved during this week:

1. The number of shares traded during this week amounted to more than (5) billion shares.

2. The value of shares traded this week amounted to more than (6) billion dinars.

3. The trading index closed. In the market for the first session of the week at (834.51) points, while the index closed at the end of the week at (829.39) points, achieving a decrease of (0.62%) from its close at the first session. 4. During the week (1939) a purchase and sale contract for company shares was executed. listed on the market. Views 47  10/05/2023 –

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Points to Ponder From The Seat of The Soul By Gary Zukav:

You create your  reality with your intentions  
An intention is a quality of consciousness that you bring to an action

At each moment you choose the intentions that will shape your experiences and those things upon which you will focus your attention — If you choose unconsciously, you evolve unconsciously — If you choose consciously, you evolve consciously  

Every action, thought, and feeling is motivated by an intention — and that intention is a cause that exists as one with an effect — If  we participate in the cause – it is not possible for us not to participate in the effect — In this most profound way – we are held responsible for our every action , thought, and feeling, which is to say, for our every intention 

From the perception of the five sensory human, intentions have no effects, the effects of actions are physical, and not all actions affect us or others — From the perception of the multi sensory human — the intention behind an action determines its effects, every intention affects both us and others — and the  effects of intentions extend far beyond the physical  world 

Feel your intentions in your heart — Feel not what your mind tells you, but what your heart tells you