Bondlady’s Corner – Iraq Economic News and Points to Ponder Wednesday Afternoon 11-8-23


Iraq Economic News and Points to Ponder Wednesday Afternoon 11-8-23

Tlm724 Administrator Bondlady’s Corner

Economist: The Dollar Exchange Rate Will Be Equal To The Government Price Early Next Year

 Economy    breaking    dollar price    Economic forecasts    Official pricing    Black market  2023-11-07 Shafaq News/ Academic and economic expert Dr. Khaled Haider expected today, Tuesday,  the price of the dollar to stabilize against the Iraqi dinar, close to government pricing, with the start of next year.

 Dr. Khaled Haider said in a statement to Shafaq News Agency, that  the current political situation is directly linked to the financial and economic situation of the region, and the  recent events in Gaza and the accusations directed at Iran of supporting Hamas are all reasons that make citizens expect that this situation will affect the economic situation, including the financial one, since Iraq It is an important economic region for Iran because a portion of the foreign currency goes to its eastern neighbor.” 

He pointed out that “administrative and financial corruption in Iraq plays a major role in the exchange rate difference, especially those who benefit from this difference,

 which prompts the Central Bank of Iraq to pump large amounts of dollars into the currency auction, ranging from 200 to 250 million dollars daily to cover the market’s need for currency, in

 While the actual daily need ranges between $190 to $200 million, the  bank is pumping more than that in an attempt to control the exchange rate.” 

Haider stated,  “Near-term expectations may be inaccurate, but it is expected, and

 according to a scientific economic reading, that the price of the dollar in the markets will approach the government pricing at the beginning of next year after the implementation of the Central Bank of Iraq’s decision to ban financial transactions in anything other than the Iraqi dinar, and

 this will make the Iraqi dinar More powerful in local markets.

 Regarding the impact of the fluctuation of the dollar exchange rate on the citizen, the economic expert confirmed that this “reflected negatively on the citizen, as today the exchange rate of 100 dollars reached more than 164 thousand Iraqi dinars, especially if we take into account that until the year 2020 the official exchange rate was 118 thousand dinars against… 100 dollars, while it currently ranges above 160 thousand dinars. Certainly, this disparity is reflected in the prices of consumer goods, since Iraq is a consuming country.”

 Earlier today, Shafaq News Agency correspondent said that dollar prices fell with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 165,250 dinars against 100 dollars, while prices this morning were 166,000 dinars against 100 dollars.اقتصـاد/خبير-اقتصادي-سعر-صرف-الدولار-سيوازي-التسعيرة-الحكومية-مطلع-العام-المقبل

In The Document… The Central Bank Allows Banks To Import Foreign Currency… Under Five Conditions

Wednesday 08, November 2023 | Economical Number of readings: 165  Baghdad / NINA / The Central Bank of Iraq decided, today, Wednesday, to allow banks to import foreign currency according to 5 conditions.

It was stated in a letter sent by the Central Bank of Iraq to the licensed banks, that “based on the requests received to the bank, and in order to provide the required flexibility for banks operating in Iraq, it was decided to allow the import of foreign currency from outside Iraq while adhering to the following:

 1 – That the uses of the amounts be For the purposes of meeting the requests of your customers, including duly registered companies, organizations, bodies, and individuals working for foreign companies or institutions who receive incoming remittances from outside Iraq.

2- Submit a request to the Central Bank of Iraq (Banking Control Department) that includes the quantity required to be entered along with the details of the shipment.

3- The Entering amounts exclusively through air ports.

4- Your commitment to registering the serial numbers for these shipments and providing the Banking Control Department with them and their recipients’ data later.

5- Providing the Central Bank with the name of the foreign shipping company with a copy of the license granted to it in its country.

The Central Bank of Iraq confirmed its continued provision of currency foreign products to meet customer requirements and in accordance with instructions and controls in this regard./End 8

The Return Of The Rise In Dollar Exchange Rates In Local Markets

Time: 11/08/2023 17:04:54 Read: 1,443 times  {Economic: Al-Furat News} The exchange rates of the US dollar rose again against the Iraqi dinar, today, Wednesday, in Baghdad markets with the stock market closed.

With the closure of the main Kifah and Harithiya stock exchanges in Baghdad, dollar prices recorded 164,600 Iraqi dinars against 100 dollars, while prices this morning were 163,300 dinars against 100 dollars.

Until the selling prices in the exchange shops in the local markets in Baghdad rose, as the selling price reached 165,750 Iraqi dinars for 100 dollars, while the purchase price reached 163,750 dinars for 100 dollars.  LINK

Foreign Remittances Increased By 86% In The Iraqi Currency Auction

Wednesday 08, November 2023 15:27 | Economical Number of readings: 237  Baghdad / NINA / External remittances increased at the Central Bank of Iraq auction, today, Wednesday, by 86% at the expense of cash sales, to reach 197 million dollars.

The Central Bank stated in a statement: “Today, during its auction for buying and selling the US dollar, the Central Bank sold 225 million 801 thousand and 357 dollars, which the bank covered at a base exchange rate of 1,305 dinars, per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar.” For external transfers at the same price per dollar in cash.

He added, “Most of the bank’s dollar sales went to strengthen balances abroad in the form of (remittances, credits), which amounted to 197 million 651 thousand and 357 dollars, an increase of 86%, compared to cash sales amounting to 28 million 150 thousand dollars.”

He pointed out that “the number of banks that purchased cash dollars reached 8 banks, while the number of banks that responded to requests to enhance balances abroad reached 18 banks, while the total number of exchange and brokerage companies participating in the auction was 97 companies.”/End

Chairman Of The National Investment Commission: Iraq Looks Forward To Effective Levels Of Economic And Investment Cooperation

Wednesday 08, November 2023 15:00 | Economical Number of readings: 288   Baghdad / NINA / The head of the National Investment Commission, Haider Muhammad Makkiya, confirmed that Iraq is looking forward to effective levels of economic and investment cooperation.

He said during his meeting with Iraqi ambassadors to China, Japan and South Korea: “Iraq is looking forward to levels of effective economic and investment cooperation among major companies and foreign businessmen.” 

He added: “The Authority’s policy is to expand regional and international transactions to enhance the confidence factor in the Iraqi investment environment.”

He continued: “The work programs prepared to develop the reality of investment will adopt joint mechanisms with developed countries in East Asia and various countries in the fields of investment and business.”/ End


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Provoking Points to Ponder on Character:

Character and personal force are the only investments that are worth anything — Whitman

Characters do not change — Opinions alter , but characters are only developed —Benjamin Disraeli

As they, who for every slight infirmity take physic to repair their health, do rather impair it; so they, who for every trifle are eager to vindicate their character, do rather weaken it — J Mason

Our character is but the stamp on our souls of the free choices of good and evil we have made through life —John Cunningham Geikie

Truthfulness is a corner-stone in character, and if it be not firmly laid in youth, there will ever after be a weak spot in the foundation — J Davis

Character is the result of two things: Mental attitude and the way we spend our time —Elbert Hubbard