Iraq Economic News and Points to Ponder Thursday Afternoon 2-13-25
America Stops The Monetary Dollar On Iraq: Does The Dollar Rise Against The Dinar?
February 12, 2025 Last update: February 12, 2025 Independent/- In a surprising step, reports indicate that the United States of America decided to stop sending the cash dollar to Iraq, a decision that may have profound implications for the Iraqi economy and its financial market.
This shift raises many questions about its impact on the value of the Iraqi dinar, currency markets, and the local banking sector.
What Is The Cash Dollar?
The cash dollar indicates the money that is financially sent to Iraq by the United States, usually through banks or through other economic mechanisms.
This cash flow was playing an important role in supporting the Iraqi economy, especially in light of the economic challenges facing the country.
The Reason For The American Decision
The sources indicate that the American decision comes in the context of economic and diplomatic pressures on Iraq, which includes issues related to the national economy and monetary policies.
Some reports also indicate that the United States may seek to reduce the use of the dollar in Iraqi financial transactions, in an attempt to enhance the stability of the local currency and reduce dependence on foreign currencies.
The Impact Of The Decision On The Iraqi Dinar
This decision is expected to lead to noticeable fluctuations in the local currency market.
The US dollar is considered one of the basic currencies that are traded in Iraq, and
its cash flow stopped may lead to a lack of supply, which may push the dollar to rise against the dinar.
The Impact Of The Rise On The Iraqi Market
Increasing the value of the dollar may lead to high prices in the Iraqi market, which exacerbates the burden of inflation and affects the ability of citizens to buy basic commodities.
This may also indirectly affect economic activity, especially in sectors that depend heavily on import.
Are There Solutions?
The Iraqi government will have a major challenge in dealing with these developments.
The next stage may require the development of new economic and financial strategies to alleviate the impact of sudden changes in currency rates.
It is necessary that there be a trend towards strengthening the Iraqi dinar and diversifying the sources of the national economy away from the great dependence on the dollar.
Conclusion
With these developments, it will be important to follow the effects of this decision in the short and long term. Iraq needs decisive steps to secure the stability of its national currency and protect its economy from the repercussions of the decision to stop the monetary dollar. https://mustaqila.com/أمريكا-توقف-الدولار-النقدي-على-العراق/
Iraq Moves Towards Globalization.. Implementation Of International Accounting Standards Begins In 2026
Time: 2025/02/13 18:45:57 Read: 1,560 times {Economic: Al Furat News} The former director of the Financial Supervision Bureau, Salah Nouri, revealed the steps taken by Iraq to move to fully implement international accounting standards by 2026.
Nouri said in a statement to {Euphrates News} that: "The unified accounting system, which was adopted in the mid-eighties, was appropriate for the economic situation at the time; but it led to Iraq's delay in keeping pace with international standards."
He added, "The Accounting and Auditing Standards Board adopted 14 accounting rules according to international standards until 2016; but that was not enough to keep pace with global developments. In 2017, the board made a bold decision to adopt all international accounting standards, with the aim of enhancing financial transparency and attracting foreign investments, especially in the oil and banking sectors."
Nouri pointed out that "the committee tasked with preparing the new unified accounting system completed its work in 2019, and the implementation of international standards was announced in 2021, but the Corona pandemic postponed this implementation."
He stressed that "the year 2026 will witness the final implementation of these standards, which will make the Iraqi accounting environment consistent with the requirements of global financial markets."
“This step will encourage foreign companies to invest in Iraq and will provide transparent financial data that will help in making sound investment decisions,” Nouri concluded.
International accounting standards are a common language for companies around the world, making it easier for investors to understand companies’ financial statements and make informed investment decisions.
This step comes as part of Iraq’s efforts to enhance financial transparency and attract foreign investment, especially in light of the economic challenges facing the country. LINK
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/