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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


2 posters

    Monetary policy succeeds in fueling foreign trade and controlling remittances

    Rocky
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    • Post n°1

    Monetary policy succeeds in fueling foreign trade and controlling remittances Empty Monetary policy succeeds in fueling foreign trade and controlling remittances

    Post by Rocky Mon 18 Sep 2023, 4:35 am

    Monetary policy succeeds in fueling foreign trade and controlling remittances


    Economical  09/18/2023
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      Baghdad: Shukran Al-Fatlawi

    Specialists in economic affairs praised the monetary policies that led to Iraqi banks’ compliance with the requirements of the electronic platform, which led to the control of external dollar transfer operations, stressing that the rise in the parallel exchange rate no longer significantly affected the prices of goods and materials in local markets. This is due to the success of remittances passing at the official exchange rate to feed foreign trade
    at a rate of approximately 90%.
    The exchange rates in the parallel market witnessed a noticeable increase, exceeding the barrier of 156 thousand dinars per 100 dollars, mainly resulting, according to economic affairs specialists, from the presence of large trade with Iran and Syria, “which are banned from external transfer,” financed with the parallel dollar, indicating that this trade exceeded during Last year, it crossed
    the 10 billion mark.
    Economic affairs specialists confirmed to Al-Sabah the day before yesterday that the reasons for the dollar’s ​​rise are due to “hypotheses” unleashed by beneficiary speculators and are supported and promoted by many economic or political analysts for several reasons, indicating that there is a link between the rise in the exchange rate and The dollar and the sanctions imposed on banks, and this link came as a result of traders and some people benefiting from “economic analysis.”
    Economist Dr. Nabil Al-Marsoumi said during his speech to “Al-Sabah” that “the great efforts made by the monetary authority, since the launch of the electronic platform, succeeded in bringing Iraqi banks into compliance with the rules and requirements of that platform,” indicating that this compliance is positive and led to an increase in the sales of the Central Bank of Iraq to About
    $200 million a day.”
    Al-Marsoumi believes, “Despite the success of the platform’s trends in passing bank transfers to more than 80 percent, and increasing the proportion of trade on this platform to about 90 percent, the gap is still large between the official and parallel prices of the dollar in the Iraqi market, pointing out that this The gap today amounts to about 20 percent, indicating at the same time that the greater the ability of the Central Bank to tighten control over the electronic platform, the greater the scarcity of the dollar in the Iraqi market and thus the higher its price.
    According to the economist, the gap today is linked to an external variable, not an internal one, and is also caused by the presence of large trade with Iran and Syria financed with the parallel dollar, as these imports last year 2022 amounted to about 10 billion and 300 million dollars, and this trade cannot be financed through bank transfers via the platform. Electronic because Iran is subject to US sanctions.
    He pointed out that this shows the need to pay Iranian merchants’ dues for their non-oil commodity exports to Iraq. Therefore, there has been pressure on the dollar in the parallel market, and the dollar is being smuggled to pay for real trade existing between the two countries. In addition, Iraqi travelers to Iran constitute about 55 percent of tourists. Foreigners, who spent in the year 2022 an amount of three billion and four hundred million dollars, and therefore, these travelers are deprived of obtaining the dollar from the official market because Iran and Syria are among the punished countries and therefore are not allowed to obtain the dollar at the official price, so they resort to purchasing from the parallel market, which is This constitutes
    an additional pressure on the dinar.
    Al-Marsoumi pointed out that the ideal and realistic solution is to give Iraq an exception by financing its imports from Iran through bank transfers.
    On the same level, foreign remittances increased at the Central Bank’s auction yesterday, Sunday, by 85% at the expense of cash sales, to reach $171 million.
    It is noteworthy that “the Central Bank sold, during its auction for buying and selling the US dollar yesterday, 197 million and 538 thousand and 76 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, and at a price of 1,310 dinars per dollar.” dollars in cash.
    The bank's dollar sales went to enhance balances abroad in the form of (transfers, credits), which amounted to 158 million, 274 thousand and 625 dollars, an increase of 85%, compared to cash sales of 25 million and 610 thousand dollars
    .
    It is noteworthy that the number of banks that purchased cash dollars reached 7 banks, while the number of banks that responded to requests to enhance balances abroad reached 19 banks, while the total number of exchange and brokerage companies participating in the auction was 52 companies.
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    wciappetta
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    • Post n°2

    Monetary policy succeeds in fueling foreign trade and controlling remittances Empty Re: Monetary policy succeeds in fueling foreign trade and controlling remittances

    Post by wciappetta Mon 18 Sep 2023, 6:55 am

    Very good report. The reason for black market rise in the dollar price is the scarcity of available dollars due to the success of the electronic SWIFT system. It's a de-dollarization of the economy.



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