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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Al-Sudani’s advisor reveals the reasons for the continued rise of the dollar and confirms a “imminen

    Rocky
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    • Post n°1

    Al-Sudani’s advisor reveals the reasons for the continued rise of the dollar and confirms a “imminen Empty Al-Sudani’s advisor reveals the reasons for the continued rise of the dollar and confirms a “imminen

    Post by Rocky Thu 30 Mar 2023, 5:33 am

    [size=45][size=41]Al-Sudani’s advisor reveals the reasons for the continued rise of the dollar and confirms a “imminent breakthrough” in the crisis[/size]
     18 hours ago
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    The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, on Wednesday, that the continued rise in the price of the dollar was caused by Iraq's commitment to international compliance with regard to foreign transfers, confirming an imminent breakthrough in the dollar crisis.
    Salih said in a press interview seen by “Takadam” that “reorganizing sales of foreign remittances by the Central Bank of Iraq according to the international compliance platform, which the latter has initiated since October 2022, is not an easy matter.”
    And that "the value of these foreign transfers amounts to 80% of the bank's total daily sales."
    He added, "The process of financing foreign trade in dollars is in the recovery phase after international compliance operations," explaining that "the bank's sales through the auction window after the three packages previously launched by the Central Bank have returned to their normal level, at an amount of $200 million per day."
    Saleh pointed out that “these sales have become stable and meet the demands of merchants and the local market for dollars, and the bank provides them based on what it possesses of large reserves of hard currency, which enables it to intervene at any time to control exchange rates for long periods, and it also has the ability to support the economy.” by financing foreign trade.
    And Saleh stressed that “the price differences between the official exchange rate of the dinar against the dollar and the price equivalent to it (the black market), have begun to gradually shrink, albeit slowly,” adding at the same time that “the period between last October to the end of February 2023 During it, requests from rejected transactions accumulated due to their violation of the compliance platform’s controls.”
    And he pointed out that “the foreign currency window in the central bank needs some time to absorb that surplus of demand for foreign currency and according to the terms of the compliance platform,” stressing that “signals of the market show that it is moving positively and gradually towards a breakthrough in the coming days.”
    Iraq witnessed a shortage of dollars after it was exposed to pressure from the United States aimed at limiting the flow of money to neighboring countries, which were imposed financial sanctions by the United States of America, and the Federal Reserve Bank of New York last November imposed stricter controls on transactions. Dollars for Iraqi commercial banks, as a result, slowed down the approval of transfers and eventually prompted traders to buy dollars from exchange offices, which raised the prices of the dollar against the Iraqi dinar to high levels, which led to a rise in the prices of basic and food items in the local markets.
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