More News, Rumors and Opinions Saturday Afternoon 3-2-2024
TNT:
Tishwash: The Iraqi Central Bank confirms to Shafaq News the provision of five foreign currencies as an alternative to the dollar for merchants
The Central Bank of Iraq confirmed, on Saturday, that it has provided five alternative currencies to the dollar, for merchants to use in purchasing their goods from other countries using each country’s currency through the bank.
Deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News Agency, “The Central Bank provided other foreign currencies to Iraqi merchants, which are (the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee).
He added, "These currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay the Iraqi dinar to the Iraqi bank, and through the bank, the amount will be paid to the Chinese company and factory in the Chinese currency."
Last week, the Central Bank of Iraq's total sales of hard currency in US dollars amounted to more than one billion dollars.
Shafaq News Agency correspondent stated that the Central Bank sold during the past week, and for a period of five days during which the auction was opened, one billion and 52 million and 796 thousand and 86 dollars, at a daily rate of 210 million and 559 million and 217 dollars, lower than what it recorded the previous week, when it amounted to one billion and 62. One million 587 thousand and 198 dollars. link
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY: The television is saying the government is putting mobile teams together to monitor - No prices gouging during Ramadan. That tells us plainly there will be no rate change during Ramadan IMO. FRANK: It can happen at any time...But... I don't see the reason for this to happen during Ramadan. It is a holy period. I see it happening before Ramadan.
Pimpy Here's the biggie everybody is celebrating. We're not there yet but very close. Article: "Iraq has completed requirements to join WTO: Minister" We have to wait till they get voted in. Yes they completed all the steps. Let's hope they keep their nose out of trouble and finally get accepted...Iraq is right there at the cusp, man, it really is. This is big news.
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KTFA:
Clare: The Central Bank announces an increase in the size of its reserves to more than 100 billion dollars.. What is the relationship with oil?
3/2/2024 Baghdad
The Central Bank attributed the increase in the Iraqi dollar reserve to the stability of oil export imports, which it said was reflected in financing foreign commercial activity and supporting the dinar.
Deputy Governor of the Bank, Imad Hamad Khalaf, said in press statements followed by Al-Iqtisad News that the Central Bank of Iraq has recorded an increase in its reserves, currently exceeding 100 billion dollars.
Khalaf added, "The stability of Iraqi oil export imports contributed to an increase in cash reserves and was also reflected in financing foreign commercial activity and supporting the dinar." LINK
Office Tower SOLD FOR $1 - US Commercial Property Collapses As Pension Fund Panic Sells
Sean Foo: 3-2-2024:
The US commercial real estate crisis just got worse with a pension fund selling its Manhattan building for one dollar! As interest rates continue to hammer on commercial property, more banks and funds are at huge financial risk. Here's why the CRE collapse isn't over and why banks might be taking a brutal hit soon.
Timestamps & Chapters:
0:00 Commercial Property FIRESALE
3:12 Pension Funds In Trouble
6:06 Collapse Not Over Yet
8:30 US Banks Big Risk
10:52 Big Banks Not Spared