Iraq Economic News and Points To Ponder Friday Morning 1-9-26
Could Exchanging Our Dinar and Dong Be Like This ?????
The Central Bank Of Syria Requires Citizens To Follow New Procedures When Exchanging Currency.
Banks Economy News - Follow-up The Central Bank of Syria announced the regulations that must be followed by citizens and customers when submitting old Syrian pound banknotes to authorized entities for exchange for new banknotes, as part of the ongoing preparations for the upcoming exchange process.
The bank explained that these procedures aim to accelerate and simplify the replacement process in coordination with all relevant parties, stressing the importance of adhering to the correct arrangement of banknotes in bundles, so that each bundle contains banknotes of the same denomination and issue, and that the number of pieces in each bundle does not exceed 100 banknotes.
The bank explained that customers must arrange banknotes symmetrically so that the face is facing up in all bundles, while damaged banknotes must be sorted into separate bundles according to the same controls, with proof that they are damaged being provided, according to the Syrian News Agency “SANA”.
The bank stressed that compliance with these instructions contributes to saving time and effort for citizens and concerned parties, and enhances the cooperation necessary to make the replacement process a success and ensure that it proceeds smoothly and quickly.
66 Companies And 1,000 Outlets
The Governor of the Central Bank of Syria, Abdul Qader al-Hasriya, announced that there will be ease and flexibility in exchanging the new national currency, the Syrian pound, as the exchange will be done through 66 companies and a thousand outlets dedicated to this purpose.
Al-Hasri said that the new denominations of the Syrian currency will start with six denominations: 5, 10, 25, 50, 100, and 500 liras, with the new lira being equivalent to one hundred old liras, while the 500 new liras is equivalent to 50,000 old liras, noting that this contributes to making it easier to carry money and the money supply remains without additions.
He added that the currency replacement will not affect its value, since the change is a change in nominal value, so the value is the same and the replacement will not have direct effects on its value, explaining that the Syrian Central Bank will reopen its branch in Idlib, like the rest of the governorates.
Modern Security Features
The official stressed that the new currency has modern security features, in addition to special features that enable the visually impaired and blind to use it, explaining that removing zeros will not affect the common functions of the new lira, calling for cooperation from everyone to preserve the value of the lira.
He explained that the standard for the replacement process is to remove two zeros from the nominal value, so that every hundred old Syrian pounds will be equivalent to one new Syrian pound, noting that the replacement process will begin on January 1, 2026 and will continue for 90 days, which is extendable, and will be carried out free of charge without imposing any fees or taxes.
He said that all central bank transactions will be in the new currency at the beginning of the year, calling on citizens not to abandon the old currency during the period of coexistence between the two currencies, as sellers will be required to deal in both. https://economy-news.net/content.php?id=63968
Central Bank: The Dollar Is Stable At 1320 Dinars, And The Rise In The Parallel Market Is Due To Demand Outside Banks.
Economy News – Baghdad Haider Ghazi, the media officer of the Central Bank of Iraq, confirmed that there has been no change in the exchange rate of the dollar against the dinar, and it remains fixed at 1320 dinars per dollar, explaining that what is being circulated as an exchange rate is only the demand of the unofficial market for dollars outside the system of banks licensed to work in foreign transfers through correspondent banks.
Ghazi, in a statement according to the official newspaper, attributed the main reason for the rise in the parallel market to the customs duty due to demand outside the banking system, noting that the application of the prior customs duty for transfer purposes may have put significant pressure on those seeking cash dollars, and was behind the rise in demand for the dollar against the dinar in the local markets.
He explained that traders are required to bring the customs declaration (customs statement) from the ASYCUDA system before the bank transfer is made to them, adding that on many occasions the Central Bank of Iraq stated that the ways to obtain dollars are through:
First, external transfers through banks in a systematic and documented manner with all parties, and second, through the traveler's dollar after depositing an amount in Iraqi dinars with companies of categories A and B, and it is received through outlets inside Iraqi airports, as the bank set the traveler's share per month at $3,000. https://economy-news.net/content.php?id=64273
The Central Bank Tells The Ministry Of Finance: The Official Exchange Rate Will Be 1300 Dinars In The 2026 Budget.
Baghdad-INA The Central Bank of Iraq addressed the Ministry of Finance on Thursday regarding the draft federal general budget law for the year 2026, noting that the official exchange rate will be 1300 dinars in the 2026 budget.
The Central Bank addressed the Budget Department at the Ministry of Finance regarding the draft Federal General Budget Law for the Republic of Iraq for the year 2026.
The Central Bank stated that "the official exchange rate that will be adopted in 2026 is (1300) dinars per dollar, which has been in effect since February 2023."
Sources revealed that "the Central Bank will buy dollars at a price of 1300 dinars from the Ministry of Finance and sell them at a price of 1310 dinars to banks, which will sell them at 1320 dinars to traders and foreign transfers."
https://ina.iq/ar/economie/252092-1300-2026.html
The Iranian Central Bank Announces Direct Intervention In The "Exchange Market" Following Sharp Judicial Criticism.
Banks Economy News - Follow-up The spokesman for the Central Bank of Iran announced, in conjunction with the head of the judiciary's criticism of the bank's performance in the foreign exchange market, that it has been decided that the Central Bank will intervene in this market.
According to Iranian media reports, Mohammad Shirjian said that the board of directors and the exchange market management committee, chaired by the governor of the central bank, held a meeting today and it was agreed that the central bank would "intervene in the foreign exchange market using modern methods, on a large scale, continuously and intensively."
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He did not provide details about the nature of this intervention, simply saying that an announcement would be made later.
Foreign currency prices in Iran have witnessed a rapid rise again in recent weeks. According to the latest reports from exchange rate monitoring websites, the price of the dollar exceeded 132,000 tomans on Monday, while the price of the euro reached 155,000 tomans, and the price of the British pound reached 177,000 tomans.
Monitoring by the “Tejarat News” website shows that the price of the dollar rose during the period from November 20 to December 20 of this year by about 18,000 tomans, which is equivalent to an increase of nearly 16 percent.
Media outlets inside Iran attribute the new jumps in the dollar's price to the recent policies of Masoud Pezeshkian's government, particularly the move towards economic liberalization and the abolition of the subsidized exchange rate.
The spokesman for the Central Bank of Iran said that, in cooperation with the Securities and Exchange Organization, two funds are planned to be launched: the “Foreign Currency Project Fund” and the “Foreign Currency Fixed Income Fund.”
He explained that “all citizens and economic actors can, using their various foreign currency resources, whether cash, remittances, or foreign currency accounts, purchase units of these funds.”
The central bank's announcement came hours after Gholam Hossein Mohseni Ejei, the head of Iran's judiciary, criticized the bank's performance, saying: "The central bank has responsibilities and powers, and it must fulfill them; there should be no expectation that the judiciary will replace the central bank in carrying out its duties."
Referring to the Central Bank’s announcement of “identifying and freezing more than six thousand bank accounts belonging to 251 individuals suspected of money laundering and disrupting the exchange market,” Ejei asked: “How were these six thousand bank accounts created by a limited number of people? Isn’t it the Central Bank’s job to monitor banks?”
Egei also denied the claim of the Central Bank spokesman, who had announced on December 15 that the files of 13 people suspected of disrupting the banking system and the exchange market had been referred to the judicial authorities.
He said in this regard: “Until yesterday, when I followed up on the matter, such a file had not reached the judiciary. It is true that during the past weeks we received information about the case from some regulatory bodies such as the Revolutionary Guard Intelligence Organization, but we did not receive anything from the Central Bank.” https://economy-news.net/content.php?id=63739