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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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    Economic circles suggest the return of calm to the currency exchange markets in Iraq

    Rocky
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    Economic circles suggest the return of calm to the currency exchange markets in Iraq Empty Economic circles suggest the return of calm to the currency exchange markets in Iraq

    Post by Rocky Mon 31 Jul 2023, 7:27 am

    [size=30]Economic circles suggest the return of calm to the currency exchange markets in Iraq
    [ltr]2023.07.31 - 15:13[/ltr]
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    Baghdad - Nas  
    Iraqi economic and financial circles suggested that calm would prevail again in the local currency exchange markets during the coming period, after the US decisions regarding the activities of banks in the oil-producing country caused unrest recently, according to a report by the London-based Al-Arab newspaper.  
      
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    Economic expert Abd al-Rahman al-Mashhadani predicted, in a statement to the official Iraqi News Agency, that the exchange rate would soon drop to around 1,400 dinars to the dollar.  
      
    Al-Mashhadani said, "The issuance of the US Treasury's decision to prevent 14 Iraqi banks from dealing in dollars caused fluctuations in the exchange rate between high and low."  
      
    He added, "The government subsequently applied a series of measures based on the Prime Minister's directives, which coincided with other measures from the Central Bank."  
      
    The Central Bank authorized about 116 exchange companies to obtain their shares of the dollar from new banks other than those that had been issued a decision to prevent them, and this matter will contribute to the rise in the value of the dinar against the dollar again.  
      
    Al-Mashhadani emphasized that “these measures will restore prices to what they were before the crisis, but more than that. There are also government measures to reduce taxes imposed on entering the currency auction, and this will lead to the stability of prices, which we expect to reach 1400 dinars to the dollar.  
      
    The Governor of the Central Bank, Ali Al-Alaq, had confirmed that the rise in the exchange rate was temporary and that the bank had diagnosed the manipulators, while noting that the government had approved a proposal by the bank to ease tax procedures to obtain the dollar.  
      
    He also explained that preventing Iraqi banks from dealing in dollars came against the background of checking bank transfers for the past year, and before the application of the electronic platform, and before the formation of the current government as well.  
      
    Last week, dozens of people organized a protest movement in front of the Central Bank, and bank owners called for official action from government agencies to stop the sharp rise in the dollar exchange rate, which followed the inclusion of 14 Iraqi banks on the blacklist by the United States.  
      
    The market price of the dollar at that time jumped from 1470 to about 1570 dinars after Washington banned Iraqi banks from conducting transactions in US dollars on suspicion of using them for money laundering and transferring funds to Iran.  
      
    Haider Al-Shamaa, owner of a private bank in Baghdad, said on the sidelines of a press conference last Wednesday that "the inclusion of nearly a third of private banks in the list of those prohibited from dealing in US dollars will have serious consequences."  
      
    Al-Shamaa called on the Iraqi government to work to prevent the damage caused to the owners of private banks.  
      
    According to the Central Bank, local banks that are deprived of dealing in dollars, their requests constitute only about 8 percent of the total foreign transfers.  
      
    Last Wednesday, Al-Alaq told the official Iraqi News Agency that the central bank continues to provide dollars at the official rate of 1,320 dinars to the dollar “for all legitimate transactions,” including “transfers and credits for various imports.”  
      
    After the US invasion of Iraq nearly two decades ago, specifically since 2004 until now, the exchange rate has changed more than once, according to circumstances, whether it is upward or downward.  
      
    And the government decided in last year's budget to reduce the value of the dinar by 1450 dinars per dollar, after it was 1182 dinars per dollar, in order to face the financial crisis and the deterioration of the local economy.  
      
    The decision caused a crisis in the local market, as prices of commodities and merchandise rose in the local markets, harming the working class.  
      
    Experts said that the main reason behind the devaluation of the Iraqi currency at that time was to bridge the inflation gap that emerged clearly last year during the epidemic and with the continued collapse of global oil prices, which is a major source of Iraqi financial resources.  
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