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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


    Iraq's imports decreased by 25%.. Iranian goods finance themselves with the "high dollar" and lose c

    Rocky
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    Iraq's imports decreased by 25%.. Iranian goods finance themselves with the "high dollar" and lose c Empty Iraq's imports decreased by 25%.. Iranian goods finance themselves with the "high dollar" and lose c

    Post by Rocky Sat 04 Nov 2023, 1:37 pm

    Iraq's imports decreased by 25%.. Iranian goods finance themselves with the "high dollar" and lose competitiveness in Iraq - Urgent
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    Baghdad today - Baghdad
    Iranian trade with Iraq is facing many difficulties, the most important of which is financing and the possibility of obtaining the dollar, especially with the implementation of the platform in the Central Bank of Iraq, which prevents financing trade and sending money to Iran for the purpose of importing.
    This led to merchants importing from Iran rushing to buy the dollar from the parallel market and bearing an additional cost as a result of the rise in prices there. Amid these many difficulties, Iranian exports to Iraq are expected to decline during the current year.
    The difficulty of financing is not the main reason that Iranian trade with Iraq may incur many losses, but rather the fact that merchants buy the dollar at exorbitant prices from the parallel market, with a difference of more than 20% higher than the dollar at the official price obtained by merchants who import goods from other countries. It is permissible to send the dollar. In addition, it will make Iranian goods more expensive than their counterparts of goods coming from other countries, which will make Iranian goods lose competitiveness.
    The economic expert, Nabil Al-Marsoumi, said in an explanation followed by “Baghdad Today”, that “one of the results of the electronic platform that the US Federal Bank obligated Iraq to operate was that it almost stopped financing Iraq’s imports from Iran using bank transfers, and therefore it was necessary to resort to the parallel market to purchase The dollar was transferred to Iranian merchants, which was one of the important reasons for the rise in the parallel price of the dollar against the dinar.” 
    He adds, "The former Secretary General of the Iraqi-Iranian Chamber of Commerce, Hamid Al-Husseini, says that the main problem in exporting Iranian products to Iraq is the currency exchange rate for Iranian merchants, which amounted to more than 22%, as the dollar is equivalent to 1,620 dinars for an Iranian merchant, while the number drops to 1,320." One dinar per dollar for exporters from other countries.”
    Al-Husseini believes that "this difference has become large because any number exceeding 1,600 dinars to the dollar will make things more difficult and will reduce the competitiveness of Iranian goods in the Iraqi market."
    Iraq's imports from Iran annually amount to approximately 10 billion dollars, which is equivalent to 16% of Iraq's total annual imports, amounting to 60 billion dollars annually.
    “Baghdad Today” tracked global trade data, according to the Trading Economics website, and found that Iraq imported $16.8 billion during the first half of this year, compared to the same period last year in which Iraq’s imports amounted to about $23 billion. This means that Iraq's imports decreased this year by 25%, which shows the extent of the impact of control over the dollar and external transfer on the course of Iraqi trade this year.
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