Afleveringen
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A burning economic debate.. Is raising the exchange rate the magic solution for the Iraqi economy?link to My FX Buddies Blog
If you'd like to support me: https://www.paypal.com/paypalme/tishwashAn ongoing debate among economists in Iraq about the effects of adjusting the exchange rate of the Iraqi dinar against the US dollar on the national economy, especially in the fields of agriculture and industry.
The opinions of experts and officials vary between supporters and opponents of changing the exchange rate, with a focus on how this will affect the productive sectors and the overall economy. -
Federal Reserve Praises Development of US Dollar Cash Distribution System in Iraqlink to My FX Buddies Blog
The Central Bank announced, today, Sunday, the details of its meetings with the US Treasury and the US Federal Reserve.
The Central Bank stated in a statement received by / Al-Maalouma / agency, that “the first quarterly meetings for the year 2025 with the US Treasury and the US Federal Reserve, which were held in Dubai with the participation of international auditing and consulting firms (EY, K2 Integrity, Oliver Wyman), ended and the meetings were crowned with praise for the steps taken by the Central Bank of Iraq and the Iraqi government to reform the banking sector.”
He added that "the most important steps that have been taken are the development of the cash distribution system for the US dollar in Iraq, which they considered the most controlled and controlled system in the world, which limits manipulation and smuggling of the US dollar." -
Zijn er afleveringen die ontbreken?
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Iraq’s market turns away from “old US Dollar”
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Deeply entrenched since the 2003 US invasion, the dollar has become a cornerstone of Iraq’s economy, fueling oil exports, trade, and daily transactions, effectively operating as a parallel currency. However, older banknotes, especially pre-2003 issues, face growing rejection from traders and exchange offices.Dollar in Iraqi Economy
The US dollar holds a significant position in Iraq's economy, functioning almost as a secondary currency. This prominence is rooted in the economic restructuring that followed the 2003 US invasion, during which the United States assisted in establishing the Central Bank of Iraq. Consequently, the dollar became deeply integrated into Iraq's financial system, especially given the country's substantial informal economy that relies heavily on cash transactions.
Iraq's oil industry, accounting for nearly 99% of the country’s exports, operates primarily in US dollars. This reliance reinforces the dollar’s dominance while closely linking Iraq’s economic stability to fluctuations in the US currency.
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America stops the dollar cash to Iraq: Will the dollar rise against the dinar?
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I'd like to see these reports
If you'd like to support me: https://www.paypal.com/paypalme/tishwashIn a surprising move, reports indicate that the United States has decided to stop sending cash dollars to Iraq, a decision that could have profound effects on the Iraqi economy and its financial market. This shift raises many questions about its impact on the value of the Iraqi dinar, currency markets, and the local banking sector.
What is a cash dollar?Cash dollars refer to money that is physically sent to Iraq by the United States, usually through banks or other economic mechanisms. This cash flow has played an important role in supporting the Iraqi economy, especially in light of the economic challenges facing the country.
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Controversy over the dollar in Iraq.. Expectations of a price increase and the government reassures!
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If you'd like to support me: https://www.paypal.com/paypalme/tishwashThe exchange rate is volatile and the dollar is rising against the dinar, which is putting the Iraqi economy in great challenges, raising fears of a possible financial crisis. While the government confirms the stability of monetary policy, experts warn of the impact of financial restrictions and increased spending on market stability, stressing the need for urgent reforms to ensure the sustainability of the economy. The advisor to the Iraqi Prime Minister, Dr. Mazhar Muhammad Salih, said that "the government is not currently considering amending the exchange rate equation or what is known as "monetary adjustment", denying the speculations circulating in this regard. Salih explained, in an interview with (Al-Mada), that these rumors are not based on realistic foundations within the current monetary policy, stressing that the monetary sector in Iraq enjoys clear stability.
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In light of the liquidity crisis... Why doesn't Iraq resort to printing more currency?
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If you'd like to support me: https://www.paypal.com/paypalme/tishwashIraq is facing increasing challenges due to the scarcity of cash liquidity, which negatively affects the markets and daily financial transactions. While some are looking for quick solutions to overcome this crisis, the option of printing more local currency remains controversial, given the serious economic repercussions that may result from it.
The Iraqi government faces challenges in managing cash liquidity in dinars, as it suffers from a chronic shortage of this currency, which affects its ability to meet its financial obligations to pay employee salaries, repay debts, and finance projects.
Since the 1990s, and specifically during the period of the economic blockade, Iraq has witnessed hyperinflation in its national currency (the dinar). This situation prompted the ruling regime at the time to take the decision to print the currency locally.
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Central Bank: Stimulating hoarded money in homes is one of the most important challenges of the stage
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An official at the Central Bank of Iraq said that “stimulating the money hoarded in homes and transferring it to the banking sector is one of the most important challenges facing the current stage.”
The representative of the Central Bank of Iraq at the Baghdad International Fair, Athraa Taha Juma, stated that "the government is working to develop regulatory frameworks that support the transition to a digital economy, especially in the field of electronic payment.
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Joint statement by the Sudani Office and the Central Bank on the modernization of the banking sector
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Joint statement from the Office of the Prime Minister and the Central Bank of Iraq,
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Banking reforms constitute an important pillar of the economic reform adopted in the government program. In order to complete the important steps that the government has started in this framework since it began its work, and in order to achieve a package of development targets that require banking development, the government, in cooperation with the Central Bank of Iraq, has embarked on a comprehensive initiative that includes a comprehensive strategic banking reform process that constitutes a turning point in the history of economic development in Iraq, and is consistent with the extent of commitment to raising the level of banking standards, enhancing financial flexibility, and supporting the competitiveness of the financial system.
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Iraqi traders: Our losses are huge.. What does the toman have to do with it?
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If you'd like to support me: https://www.paypal.com/paypalme/tishwashThe Iranian Toman currency witnessed a new deterioration after it collapsed under the weight of American sanctions and political and economic crises in Tehran, which burdens traders and those dealing with it, turning profits into concerns, and warnings into a bitter reality.A toman dealer named Dalir Hussein said, “The continuous decline in the value of the currency…IranianIt has greatly harmed traders and speculators in this currency,” he said, noting that “some people’s losses have exceeded $40,000 in a matter of weeks.” Hussein added, "The exchange market in Sulaymaniyah is one of the largest outlets for buying and selling Iranian tomans in Iraq." And imposeUSFor decades, economic, trade and military sanctions have been imposed againstIranBecause of its nuclear program, support for terrorist groups, and human rights violations.
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Today.. Baghdad International Fair kicks off with the participation of 20 countries and 1000 companies
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The 48th session of the Baghdad International Fair opens today, Saturday, with the participation of 20 countries and more than 1,000 local and international companies.Al-Ghariri stressed that "this edition will be distinguished by the diversity and size of the participation, as its activities will start today, Saturday, February 1, and will continue until the 7th, under the patronage of Prime Minister Mohammed Shia Al-Sudani and under the slogan "Investment - Development - Prosperity", with the participation of 20 Arab and international countries and more than 1,000 local and international companies.
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Economist: The country's financial situation is among the most prosperous years
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Economic expert Nabil Al-Marsoumi confirmed that “the country has large cash reserves, which are greater than 100 percent of the volume of the issued currency.”Al-Marsoumi promised in a statement seen by Al-Masry today, Thursday, that the percentage for a country like Iraq that maintains cash reserves equivalent to between 20 and 40 percent of the volume of the issued currency is positive, indicating that the financial situation is reassuring as it has exceeded 100 percent, and thus the cash reserves in the country are very large, pointing out the importance of the matter, as it represents a firewall in the face of crises that may occur, even if they are caused by a decrease in the price of oil.
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Governor of the Central Bank of Iraq meets an official delegation from the United States
link https://www.myfxbuddies.com/2025/01/governor-of-central-bank-of-iraq-meets.html
they tweeted this too
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His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received Mr. Steve Lutes, Vice President of the US Chamber of Commerce and Chairman of the US-Iraq Business Council, and his accompanying delegation in Baghdad.
During the meeting, they discussed banking and economic relations between the two countries and the upcoming visit of the Central Bank of Iraq delegation to Washington and their meeting with the US Chamber of Commerce and American companies next April.
The meeting discussed the desire of American companies to invest in the energy, infrastructure and modern technology sectors and to invest in the security stability witnessed by Iraq. -
President of the Republic reviews Iraq's long-term economic development plan in Davos
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Today’s session, entitled “Towards a more stable land through land reclamation,” focuses on a critical global challenge: land degradation.
40% of the world’s land has lost its fertility, threatening the stability of our economic and social environments. This phenomenon has caused a decline in agricultural productivity, pollution of waterways, and increasing and accelerating drought, putting economies and livelihoods around the world at risk. -
Parliamentary Finance Committee Member Identifies ‘Most Dangerous Issue’ in 2025 Budget
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Member of the Parliamentary Finance Committee, Mustafa Al Karawi, revealed the most prominent challenges facing the 2025 budget, while indicating that the "most dangerous thing" is the halting of investment projects.He added that "the subject of the oil and gas law represents a radical solution to end the oil file with the Kurdistan Region and regulate financial relations between the two sides, but the region has not yet committed to delivering any financial revenues to Baghdad, although the Ministry of Finance has proven the delivery of all salaries of the region's employees with official documents, while the Kurdistan government has not provided evidence of the delivery of its oil revenues to the federal government."
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Counterfeit currency enters Iraq.. Al-Aasam reveals shocking information
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Al-Aasam explained to “Jarida Platform” that this currency, which was discovered to be counterfeit, was recently circulated in local markets, suggesting that it may have arrived from outside the borders, as “there are no internal capabilities or laboratories to counterfeit the currency.”
Al-Aasam added, “This operation aims to withdraw foreign currency, especially the dollar, from the Iraqi markets, through the circulation of counterfeit currency. If these papers reach the Central Bank, they will be destroyed immediately, which will have a significant negative impact on the Iraqi economy."
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Liquidity crisis in Iraq is "worsening".. 70% of money is hoarded in homes
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If you'd like to support me: https://www.paypal.com/paypalme/tishwashAl-Tamimi said in an interview with Baghdad Today, "The lack of liquidity is something we expected two years ago, and we warned about it repeatedly, especially with citizens continuing to hoard money inside their homes instead of depositing it in government or private banks, in addition to the absence of real investments for frozen money."
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Instead of "granting it exclusively to foreign banks", a proposal to offer the dollar on "trading platforms"link to My FX Buddies Blog
If you'd like to support me: https://www.paypal.com/paypalme/tishwashEconomic experts and specialists considered that the Central Bank's attempt to avoid responsibility for the currency auction and sale came through delegating this task to foreign banks instead of it, indicating that the bank must open the door to competition and offer Dollar For trading instead of sending it exclusively to some Foreign banks.Hantoush suggested the possibility of converting Dollar To stock market trading platforms, to be sold to beneficiaries through direct transactions instead of sending Dollar exclusively to banks, stressing the need to regulate these operations by switching to the "Forex" market, and implementing mechanisms that ensure that funds are not transferred until the goods arrive with the guarantee of the banks.
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Parliament adds budget amendment paragraph to next Sunday's agenda
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Reading verses from the Holy Quran
First: Voting on the draft law of the National Intelligence Service to the Defense Committee (Article 26).
Second: Voting on the draft law amending the first law of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2022 - 2014 - 2020) No. 13 of 2023. Finance Committee) -
Economist: The Central Bank’s policy is moving towards globalizing Iraqi banks
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Qusay said in an interview: "The Central Bank's policy is moving towards consolidating the issue of globalizing Iraqi banks, and the process of ending dealings with the electronic platform will contribute to accepting local banks that have the ability to provide guarantees and international compliance conditions with international correspondent banks." -
Source: Trump envoy expected to visit Iraq with security message for PM Al-Sudanilink to My FX Buddies Blog
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The source told Shafaq News, "The American envoy is likely to arrive in Baghdad carrying direct messages from Trump about the security of the region and Iraq’s role in maintaining it." The visit, the source noted, might be unannounced and will include discussions on Al-Sudani’s recent diplomatic visits and Trump's perspective on evolving regional dynamics.
Last week, another political source disclosed that Prime Minister Al-Sudani had already received a message from Trump via a special envoy in an unpublicized visit.
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