Established in 2006 as a Community of Reality

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


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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.

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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


4 posters

    The security restriction has proven to be a failure... 3 benefits of “importing the dollar” and reco

    Rocky
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    • Post n°1

    The security restriction has proven to be a failure... 3 benefits of “importing the dollar” and reco Empty The security restriction has proven to be a failure... 3 benefits of “importing the dollar” and reco

    Post by Rocky Thu 30 Nov 2023, 4:27 am

    The security restriction has proven to be a failure... 3 benefits of “importing the dollar” and recognizing the parallel market

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    Baghdad today - Baghdad
    Today, Wednesday (November 29, 2023), the Diyala Chamber of Commerce reviewed the existence of 3 positives for importing the dollar from abroad into Iraq, noting that the Central Bank officially recognized the existence of the parallel market and its influence.
    The head of the Diyala Chamber of Commerce, Muhammad al-Tamimi, said in an interview with “Baghdad Today” that “the Central Bank giving some banks the green light to import the dollar to meet internal demand is a step in the right direction and carries in its content 3 positives, the most prominent of which is creating a greater supply and meeting customers’ needs at a more flexible pace,” expecting “The dollar will witness a gradual decline after the arrival of more shipments.”
    He added, "The security restrictions surrounding the mechanisms for selling the dollar within the parallel market have proven to be ineffective and have caused prices to rise more than once," pointing out that "the step reflects government recognition of the parallel market and its influential role in shaping the exchange for buying and selling the dollar."
    He pointed out that "the dollar crisis will remain and the difference between the official and the parallel will decrease, but not to the level of significant convergence, because a large portion of imports come from outside the platform to merchants and companies, which means that the parallel market will continue to suffer from pressure."
    Earlier today, a source in the Central Bank of Iraq revealed the arrival of “dollar” shipments to Baghdad International Airport, imported by Iraqi banks. 
    The source confirmed to “Baghdad Today,” “The continued arrival of dollar shipments through Baghdad International Airport, imported by Iraqi banks to meet customer requests.”
    He explained, "It is hoped that additional shipments will arrive within the next few days." 
    The Central Bank of Iraq had directed banks to meet the stipulated requirements for the dollar at the official rate, while the rest of the requests for the dollar are made according to supply and demand, which means lifting the ban on trading in the dollar, and making it permissible in the parallel market.
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    Bama Diva
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    • Post n°2

    The security restriction has proven to be a failure... 3 benefits of “importing the dollar” and reco Empty Re: The security restriction has proven to be a failure... 3 benefits of “importing the dollar” and reco

    Post by Bama Diva Thu 30 Nov 2023, 12:51 pm

    The Central Bank of Iraq had directed banks to meet the stipulated requirements for the dollar at the official rate, while the rest of the requests for the dollar are made according to supply and demand, which means lifting the ban on trading in the dollar, and making it permissible in the parallel market.

    What am I missing here? I thought the effort was to stop the parallel market due to the exorbitant exchange rates. surprise

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    Screwball
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    • Post n°3

    The security restriction has proven to be a failure... 3 benefits of “importing the dollar” and reco Empty Re: The security restriction has proven to be a failure... 3 benefits of “importing the dollar” and reco

    Post by Screwball Thu 30 Nov 2023, 6:03 pm

    state contracts still in USD...its clear they still need USD for imports until Jan 1 2024...

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    wciappetta
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    • Post n°4

    The security restriction has proven to be a failure... 3 benefits of “importing the dollar” and reco Empty Re: The security restriction has proven to be a failure... 3 benefits of “importing the dollar” and reco

    Post by wciappetta Thu 30 Nov 2023, 11:06 pm

    Bama Diva wrote:The Central Bank of Iraq had directed banks to meet the stipulated requirements for the dollar at the official rate, while the rest of the requests for the dollar are made according to supply and demand, which means lifting the ban on trading in the dollar, and making it permissible in the parallel market.

    What am I missing here? I thought the effort was to stop the parallel market due to the exorbitant exchange rates. surprise

    I think the translation is bad I do not think the word "Ban" is correct I think the word delay is a better description... the banks importing dollar at the official rate adds supply and it's done with supervision of American banks. The extra supply right now should cause the price to drop in the market rate. Importers can go to those banks getting the better price and the process from what I read can be done a day or two and not the weeks or longer as was experienced previously. In fact, that squeeze was done on purpose to force them into the SWIFT. Not all of the trade in the market rate is dollar smuggling, those guys are being targeted. The CBI stated its stopping dollars in country as of 1-1-2024 and once Iraq moves to the forex market, that activity will pair the dinar with other tradable currencies digitally. The CBI is backing out of the auction middleman activity taking on the traditional role of a central bank as a monetary supervisor. That's the way I see it.


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    Bama Diva
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    • Post n°5

    The security restriction has proven to be a failure... 3 benefits of “importing the dollar” and reco Empty Re: The security restriction has proven to be a failure... 3 benefits of “importing the dollar” and reco

    Post by Bama Diva Fri 01 Dec 2023, 3:48 pm

    Your explanation makes sense, thanks

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    • Post n°6

    The security restriction has proven to be a failure... 3 benefits of “importing the dollar” and reco Empty Re: The security restriction has proven to be a failure... 3 benefits of “importing the dollar” and reco

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