MyFXBuddies

Central Bank: The issuance of new monetary denominations will not affect the dinar exchange rate link to My FX Buddies Blog https://www.myfxbuddies.com/2024/05/central-bank-issuance-of-new-monetary.html Brehi told Al-Ma’louma, “Issuing rumors on social media sites about the issuance of new monetary denominations aims to create a state of confusion in the Iraqi market.” He added, "The Central Bank of Iraq is working according to well-studied plans, and there is no intention to issue new currencies in large or small denominations." He explained,"If we assume that the central bank issues a new currency, this will not affect the exchange rate of the Iraqi dinar."

The government sees clear indicators: the parallel dollar will be equal to the official one ⁠link⁠ to My FX Buddies Blog https://www.myfxbuddies.com/2024/05/the-government-sees-clear-indicators.html Saleh said in a press statement followed by “Baghdad Today” that “the price of the dollar will be 1320 dinarsin the coming days,” noting that “the important factors that work to reduce the value of the US dollar against the Iraqi dinar in the parallel exchange market will remain centered on two important variables, the first of which is the rise Capabilities of operating banks to comply with external transfer rules.

Al-Sudani: We will not let the projects stop in any governorate, and their completion will change the economic and social reality ⁠link⁠ to My FX Buddies Blog post https://www.myfxbuddies.com/2024/05/al-sudani-we-will-not-let-projects-stop.html Prime Minister Muhammad Shiaa Al-Sudani stressed today, Thursday, that we will not let the projects stop in any governorate, indicating that their completion will change the economic and social reality of the governorate. The media office of the Prime Minister stated, in a statement received by {Al-Furat News}, that “Al-Sudani chaired, in the Najaf Governorate building, a meeting of directors and officials of service departments and formations, during which the reality of services in the governorate was reviewed, and the most prominent problems and obstacles facing the progress of implementation of service projects.”

Biden extends the state of national emergency EO 13303 in Iraq for an additional year ⁠link ⁠to My FX Buddies Blog https://www.myfxbuddies.com/2024/05/biden-extends-state-of-national.html Today, Monday (May 20, 2024), US President Joe Biden announced the extension of the national emergency in Iraq for an additional year. Biden said in a letter addressed to the US Congress and published by the White House, “The obstacles to the orderly reconstruction of Iraq, restoring and maintaining peace and security, and developing political, administrative, and economic institutions in Iraq still constitute an extraordinary threat to the national security and foreign policy of Iraq and to the United States as well.”

Sudani: General Budget Law No. 13 for the years 2023-2024-2025 has become effective link https://www.myfxbuddies.com/2024/05/sudani-general-budget-law-no-13-for.html Prime Minister Muhammad Shiaa Al-Sudani confirmed that the General Budget Law No. 13 for the years 2023-2024-2025, which was approved by Parliament and published in the Official Gazette last June, has become effective. Al-Sudani pointed out in a press conference today, attended by the National Iraqi News Agency, that “Article 77, paragraph one, makes the provisions of the law effective for a period of 3 years, and paragraph two, obliges the Council of Ministers to send the budget tables to the House of Representatives.

Iraq seeks collaboration with Amazon on data center to facilitate internet access link to My FX Buddies Blog https://www.myfxbuddies.com/2024/05/iraq-seeks-collaboration-with-amazon-on.html Iraqi Minister of Communications Hiyam al-Yasiri held talks with Amazon representatives on Thursday to explore avenues for collaboration on establishing a data center in the country. The project, according to a statement from the Ministry of Communications, aims to improve internet affordability and access for Iraqi citizens. The discussions focused on potential partnerships between the ministry and Amazon, including the possibility of an Amazon data center in Iraq. "This facility would aim to deliver global internet content at competitive prices to Iraqi users," the statement said.

Next Sunday: an extraordinary session of the Council of Ministers to discuss the budget schedules ⁠link⁠ to My FX Buddies Blog On Tuesday, Iraqi Prime Minister Mohammed Shia Al-Sudani chaired the 20th regular session of the Council of Ministers, in which the general situation in the country was discussed, along with several vital files included in the government program. Al-Sudani's media office stated that the Prime Minister directed an extraordinary council session to be held next Sunday, May 19, to discuss the federal budget for 2024. The current budget marks Iraq's largest in history, estimated at approximately $153 billion annually, with the Kurdistan Region anticipated to receive around 12.6% of the total.

The dollar is reeling from a fatal blow and there are fears of a collapse of the dinar ⁠link⁠ to My FX Buddies Blog post https://www.myfxbuddies.com/2024/05/the-dollar-is-reeling-from-fatal-blow.html The fluctuation in dollar prices and the rise in gold prices has significantly affected the contraction of the commercial market in terms of imports and purchases of goods, amid confusion in opinions between the return of the rise in green and its decline to the official price set by the state of 1,320 dinars per dollar. The price of the dollar in the parallel market is currently 1,460 dinars, whether higher or lower than this rate. The Central Bank of Iraq's cancellation of the currency {auction} window at the end of 2024 and Washington's sanctions on Iraqi banks have opened a door of doubts that will end up placing the dollar in the face of speculation, which will make it vulnerable to demand after the recovery of the Iraqi dinar with government orders that limited dealing in the dinar to restrict the movement of the dollar.

The Iraqi Central Bank informs France of the plan to restructure government banks ⁠link⁠ to My FX Buddies FX Blog https://www.myfxbuddies.com/2024/05/the-iraqi-central-bank-informs-france.html A statement from the bank stated that, “The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the French Ambassador to Baghdad, Patrick Durel, and the meeting dealt with ways to strengthen banking relations between the two countries, and His Excellency the Governor gave a comprehensive explanation of the relations and economic conditions, as well as the government’s directions.” “In consolidating the foundations of the national economy and diversifying it in light of the state of security stability achieved in Iraq.” The meeting also clarified "the plan to restructure government banks, which enjoys support and regular follow-up by the Prime Minister, indicating that this plan will change the map of the banking sector and its reality in Iraq."

The Iraqi Central Bank informs France of the plan to restructure government banks link to My FX Buddies Blog https://www.myfxbuddies.com/2024/05/the-iraqi-central-bank-informs-france.html A statement from the bank stated, “The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the French Ambassador to Baghdad, Patrick Durel, and the meeting dealt with ways to strengthen banking relations between the two countries, and His Excellency the Governor gave a comprehensive explanation of the relations and economic conditions, as well as the government’s directions.” “In consolidating the foundations of the national economy and diversifying it in light of the state of security stability achieved in Iraq.” The meeting also clarified "the plan to restructure government banks, which enjoys support and regular follow-up by the Prime Minister, indicating that this plan will change the map of the banking sector and its reality in Iraq."

The Iraqi Central Bank informs France of the plan to restructure government banks ⁠link⁠ to My FX Buddies FX Blog A statement from the bank stated that, “The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the French Ambassador to Baghdad, Patrick Durel, and the meeting dealt with ways to strengthen banking relations between the two countries, and His Excellency the Governor gave a comprehensive explanation of the relations and economic conditions, as well as the government’s directions.” “In consolidating the foundations of the national economy and diversifying it in light of the state of security stability achieved in Iraq.” The meeting also clarified "the plan to restructure government banks, which enjoys support and regular follow-up by the Prime Minister, indicating that this plan will change the map of the banking sector and its reality in Iraq."

Association of Banks: Depriving Iraqi banks of the dollar is temporary and will be lifted ⁠link ⁠to My FX Buddies Blog https://www.myfxbuddies.com/2024/05/association-of-banks-depriving-iraqi.html Tariq explained in a press statement that “an important part of the challenges facing the private banking sector is “depriving a group of banks from dealing in the US dollar.” He pointed out that this deprivation “does not fall under sanctions, but rather stops the use of the dollar by banks,” stressing that it “negatively affects” these banks, noting that there is “a clear direction from the government and the central bank to solve these problems.”

Al-Sudani: We are keen to develop the work of the TBI Bank and address the problems it faces ⁠link⁠ to My FX Buddies Blog https://www.myfxbuddies.com/2024/05/al-sudani-we-are-keen-to-develop-work.html The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Al-Sudani chaired a meeting to discuss and evaluate the work of the Iraqi Trade Bank TBI, and its contributions to the financing and economic development of the country, in the presence of the Minister of Finance, the Governor of the Central Bank of Iraq, and the Director-General.” The bank, and a number of advisors. Al-Sudani pointed out, according to the statement, “the importance of the role of the Iraqi Trade Bank in supporting government institutions and the private sector, and its role, as a banking institution, in supporting and revitalizing the Iraqi economy,” stressing the government’s keenness to develop the bank’s work and

His financial advisor: The dollar exchange rate in the parallel market is gradually approaching the official one ⁠link⁠ to My FX Buddies Blog Today, Thursday, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, explained the dangers of the exchange rate fluctuations in the event that demands for floating the dinar are met, while confirming that the dollar exchange rate in the parallel market is gradually approaching the official one.

Simplifies account opening and transfer processes.. Al-Rafidain explains the importance of adopting a comprehensive banking system ⁠link⁠ to My FX Buddy Blog https://www.myfxbuddies.com/2024/05/simplifies-account-opening-and-transfer.html The bank's general manager, Ali Karim Hussein, told the Iraqi News Agency (INA): "Since we took over the management of the bank, Al-Rafidain Bank has begun activating the comprehensive banking system in its branches spread across government institutions and border crossings where the collection system is large." He explained, "The comprehensive banking system will simplify the procedures for opening accounts as well as transfer operations, so that the customer will be able to manage his account without accessing the bank."

Economist reassures: Financial liquidity is available and there are no risks to the Iraqi dinar ⁠link⁠ to My FX Buddies Blog https://www.myfxbuddies.com/2024/05/economist-reassures-financial-liquidity.html Economic affairs expert Safwan Qusay confirmed that financial liquidity is available and there are no high risks regarding the existence of the Iraqi dinar. Qusay said, in a televised interview followed by Mawazine News, that “oil revenues rose during the first three months of this year, and this is thanks to the current government’s policy and with Muhammad Shiaa Al-Sudani personally supervising this success.”

A fixed or fixed exchange system for the Iraqi dinar link to My FX Buddies Blog https://www.myfxbuddies.com/2024/04/a-fixed-or-fixed-exchange-system-for.html Rentier countries seek to adopt a fixed exchange system (pegged) to a strong foreign currency or several currencies (a basket of currencies) to ensure the stability of foreign transactions, as long as they export one depleted commodity and import many goods and services, and they are called “small open countries.” Despite the agreement that the floating currency system is considered the best in terms of relative response to the performance of the external economy and the lack of need for sometimes excessive use of foreign reserves to defend the official value in the peg system, the abundance of reserves and the need for stability in foreign transactions have a major impact on the economy. Overall, rentier countries are likely to adopt a fixed exchange rate system.

Prime Minister's Advisor: We will see the dollar fall on the black market soon link to My FX Buddies Blog post https://www.myfxbuddies.com/2024/04/prime-ministers-advisor-we-will-see.html Al-Shammari said in a press statement received by Al-Maalouma, that “the classification of financial institutions in Iraq according to World Bank reports is positive, and the Central Bank’s classification is A++ and exceeds the Emirati classification.” He added, "Iraq wants to join the international banking system, and on this basis the government has taken positive measures in this regard." He confirmed, "The increasing percentage of merchants joining the platform rose from 28% to 78%," noting that "the demand for the official dollar has increased, and we will witness its decline on the black market in the coming period."

The Association of Private Banks appreciates the efforts of the government and the Central Bank to create understandings with the Treasury, the Federal Reserve, and international banks ⁠link⁠ to My FX Buddies Blog Al-Handal appreciated the efforts of the Iraqi government and the Central Bank of Iraq to create deeper understandings with international banks, the Federal Reserve, and the US Treasury to expand the integration of the Iraqi banking sector into the global financial system, in addition to supporting the Iraqi dinar, which led to a gradual rise in its value

Completion of the files for the initial offer of goods and services within the files for accession to global trade link to My FX Buddies Blog https://www.myfxbuddies.com/2024/04/completion-of-files-for-initial-offer.html Al-Ghurairi pointed out that "the World Trade Organization (WTO) and the international circles welcomed Iraq's return to the negotiating table, especially since it is one of the important Arab economies that is still outside the organization, as he described this progress in terms of the accession file as being one of the most active files among the Arab countries and observers." The Minister stated, “The Department of Foreign Economic Relations, through official channels of dealing with the organization, is working on completing all requirements for accession in order for Iraq to obtain membership in the organization and enhance Iraq’s integration into the multilateral trading system.”

Iraq relies on Iran for energy, food, and mitigation efforts link to My FX Buddies Blog https://www.myfxbuddies.com/2024/04/iraq-relies-on-iran-for-energy-food-and.html The water crisis in Iraq has become increasingly severe and has clearly begun to affect agricultural activity, reducing the country's food self-sufficiency. This crisis has opened the door to direct financial benefits for Iran, the neighboring country that is believed to have a role in exacerbating this crisis. Despite this, the Iraqi government has not made sufficient efforts to address this problem or reduce its negative impact, and hopes are currently focused on Erdogan’s visit to alleviate the severity of this crisis.

Al-Sudani returns to Baghdad after concluding his visit in Washington link to My FX Buddies Blog for this Al-Sudani returns to Baghdad after concluding his visit in Washington The Prime Minister returns to the capital, Baghdad, after concluding his official visit to the United States of America. The Prime Minister’s Media Office said in a statement received by the Iraqi News Agency (INA): “Prime Minister Muhammad Shia al-Sudani returned to the capital, Baghdad, after concluding his official visit to the United States of America, which included holding a series of meetings, discussions, seminars, dialogue sessions, and other events, which are As follows: ■ Meeting with US President Joseph Biden ■ Receiving Secretary of State Anthony Blinken ■ Visiting the Pentagon headquarters and meeting with Secretary of Defense Lloyd Austin

Iraqi National Card in the States More information at My FX Buddies Blog https://www.myfxbuddies.com/ Today, Sunday, the Ministry of Interior announced the start of the second phase of the national card project. The ministry stated, in a statement received by Al-Rabaa: “On the sidelines of the visit of the Prime Minister and Commander-in-Chief of the Armed Forces, Muhammad Shiaa Al-Sudani, to the United States of America and his visit to the Iraqi embassy in Washington, instructing to provide the best services to the Iraqi community there, and in implementation of the directives of the Minister of Interior, Abdul Amir Al-Shammari, and under direct and field supervision.” By the Director General of Civil Status, Passports and Residence, Major General Nashat Ibrahim Al-Khafaji, the cadres of the Directorate of National Card Affairs in the American capital, Washington, began registering citizens.

A Fistful of Dinars: Demystifying Iraq's Dollar Auction link to My FX Buddies Blog https://www.myfxbuddies.com/2024/04/a-fistful-of-dinars-demystifying-iraqs.html The Article 140 Committee in Kirkuk Governorate announced, on Tuesday, the start of distributing sums of money to the deportees after the arrival of bonds worth more than 8 billion dinars from the public center. The head of the committee, Babiker Siddiq Ahmed, told Shafaq News Agency, “A new batch of deportees’ checks arrived at the office of the Article 140 Committee in Kirkuk, where the number of this batch reached 845 deportees, and the total amounts of the checks amounted to 8 billion and 450 million Iraqi dinars.” This is a good one to share!

The Article 140 Committee announces the start of distributing the amounts link to My FX Buddies Blog https://www.myfxbuddies.com/2024/04/the-article-140-committee-announces.html The Article 140 Committee in Kirkuk Governorate announced, on Tuesday, the start of distributing sums of money to the deportees after the arrival of bonds worth more than 8 billion dinars from the public center. The head of the committee, Babiker Siddiq Ahmed, told Shafaq News Agency, “A new batch of deportees’ checks arrived at the office of the Article 140 Committee in Kirkuk, where the number of this batch reached 845 deportees, and the total amounts of the checks amounted to 8 billion and 450 million Iraqi dinars.”