"Tidbits From TNT" Monday AM 12-26-2022

Dec 26

TNT:

CandyKisses: The rise of the dollar against the dinar on the Baghdad Stock Exchange

{Economic: Al Furat News} The exchange rates of the US dollar against the Iraqi dinar rose today, Sunday, on the main stock exchange in the capital, Baghdad.

The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded 153,450 Iraqi dinars for 100 US dollars this morning.

That the buying and selling prices rose in exchange shops in the local markets in Baghdad, where the selling price reached 153,750 Iraqi dinars per 100 US dollars, while the purchase prices reached 152,750 Iraqi dinars per 100 US dollars.

Tishwash: How will we live?" The dinar is bleeding in front of the "green currency", and officials are accused

There is no work or money, how can we live!" With these angry words, Mahmoud Hassan expresses his position on the depreciation of the Iraqi dinar against the US dollar.

Hassan, the owner of an antiques shop in the capital, Baghdad, does not see any justification for the dollar's rise, "but the political class is benefiting from what is happening, and is pushing for a greater rise, and the people do not care." at all.”

Hassan says, "His business was greatly affected by the rise in the dollar... This led to a weak demand for people to buy.

The Iraqi dinar is witnessing bleeding against the dollar, although the exchange rate is officially set at 1460 dinars, but the current prices amounted to about 1545 dinars against one dollar.

A parliamentary warning ,

A member of the Finance Committee in the House of Representatives, Sajjad Salem, attributes the reason for the dollar’s rise to “stopping 4 Iraqi banks from entering the currency sale auction as a result of international sanctions, in addition to the electronic platform that was announced.”Central Bank of Iraq

it wasCentral Bank of Iraq In the past weeks, 4 private Iraqi banks have been excluded from the currency sale auction. Following directives and accusations from the US Treasury to these banks of "currency smuggling".

Salem calls, in his interview withAlsumaria NewsThe government called for "finding the necessary solutions and controlling exchange rates," warning that the dollar's continued rise for a new week "will create negative effects in the country."

And the member of Parliament's finance goes on to say, "There are no positive returns from this rise, because it is unplanned."

Shaleef Al-Souf For her part, a member of the House of Representatives, Alia Nassif, said, on the occasion of the dollar's rise, "You are asleep, Shalef Al-Souf, and the dollar is swaying with your people."

Nassif indicated in a tweet on Twitter, "(Sherif Al-Souf) here is not a person, but rather a system that deserves to be cursed for its corruption, which starts with those who have the idea of the exchange rate and ends with those who oppose its return to 120,000 dinars."

* Parliament abandons promises

holding the “early” elections on October 10, 2021, the candidates for the fifth parliamentary session were singing about devaluing the dollar, but they “abandoned their promises.”Bassem Jamil Antoine.

While the deputy saysMoein Al-KazemiThat the House of Representatives is unable to deal with the rise in the price of the dollar; Because this is a matter for the government.

Al-Kadhimi calls, in an interview on an investigative program broadcast by Alsumaria TV, on the government to "monitor merchants and private banks and control the currency market," adding that "the solution cannot be through reducing exchange only, but rather through encouraging the national industry."

* The platform

Returning to the economist's speech, he points out that "there is supply and demand, the supply is low and the demand is wide and large due to the Central Bank's development of an electronic platform on the recommendation of the Federal Reserve Bank; in order to check the numbers of buyers of the dollar; to prevent it from being traded on the black market."

Shows Antoine toAlsumaria News, that "this platform disrupts the process of pumping the dollar, after the central pumped about 200 million daily, it now supplies the market with about 130 million."

On December 15, the Iraqi Central Bank considered the rise, which it described as “simple” in the exchange rate, as being due to some factors, including “building an electronic platform through which banks raise their customers’ requests.”

And the bank continued, in a statement, that it “started months ago to build this platform in coordination with international bodies for the purpose of ruling and organizing window operations for buying and selling foreign currency and ensuring effective control over it, as an international company specialized in building it and linking banks with the central bank through it,” noting that “The platform requires providing information about customers requesting transfers, beneficiaries, correspondent banks, etc.”

The statement indicated that "due to the recent use of this platform, many errors are being discovered, which requires the bank to re-download it. These procedures take additional time to accept the request and pass it through the global financial system."

He explained that "the central bank's reserves and the state's financial solvency in general are in excellent condition and at their best levels in decades, and that the current supply of foreign currency is not linked to resources, but rather to administrative and auditing procedures, which will be bypassed during the coming days. In addition, the central bank has taken a number of measures to expand the offer." foreign exchange to meet the public's demand for cash dollars.

A few days later, specifically on January 19, the Iraqi Central Bank approved a package of decisions "that would restore the foreign currency market to its normal position."

These decisions, as stated by the bank in a statement, consisted of “allowing banks to participate in the window of buying and selling foreign currency by purchasing any amounts in foreign currency and depositing them with this bank in accounts used for external transfer purposes, and interest / returns are paid on those balances according to what this bank decides.” .

It also included "facilitating the financing of private sector trade through Iraqi banks and meeting the demand for foreign transfers by strengthening bank balances with their correspondents in other currencies in addition to the US dollar (Chinese yuan, the euro, the Emirati dirham, the Jordanian dinar, and others)."

The bank added, “Outlets have been opened to sell foreign currency in government banks to the public for the purposes of travel (treatment, Hajj Umrah, study, etc.)

The Central Bank stressed, “Reducing the selling price of the dollar to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet, to be at a price of (1465) dinars to the dollar instead of (1470) dinars to the dollar. The dollar will be sold to electronic payment companies for the above purpose at a price ( 1455 dinars to the dollar instead of (1460) dinars to the dollar.

*Another high

And go ex-jsc member Salama Simsim Far from putting it on this topic, as she believes that the exchange rate has reached 160,000 dinars for 100 dollars.

Sumaisem said in an interview with the "After the Investigation" program that she broadcastsSumerian Channelsatellite channel, that "the price of the dollar will not return to its previous state, due to the obligation of Iraq to the decisions of the World Bank for a period of five years, according to the white paper."

And she pointed out that "the procedures for raising the exchange rate have benefits for the government and not for citizens, because in this case it will provide large amounts of local cash as a result of the dollar's rise," indicating that "the solution lies in pumping foodstuffs through the ration card, which can relieve the burden of the citizen from the flames of prices." It maintains market stability. link

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Tishwash: MP Al-Qaisi: The government is able to rein in the dollar at any moment it wants

Representative Mahmoud Hussein Al-Qaisi confirmed, on Sunday, that the government is able to rein in the dollar at any moment it wants.

Al-Qaisi said in a tweet via Twitter, "With the hundreds of billions stacked in the Central Bank's accounts, and with the tons of gold stored in them; in addition to the treasury bonds in the US Federal Bank, controlling the market is subject to a government decision capable of curbing the dollar at any moment the government wants." .

He added, wondering: "But when will you take this step!?" link

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Tishwash: Mustafa Sanad: Iraq is being subjected to international colonialism led by America through the dollar

Representative Mustafa Sanad accused, on Sunday, America of leading international colonialism and blackmail against Iraq by causing a rise in the exchange rate of the dollar, criticizing the silence of the political blocs on this matter.

Sanad said in a publication seen by / the information /, that "the dollar's rise in 2021 came because of the US-friendly government for the purpose of preventing the transfer of the dollar from Iraq to neighboring countries (Turkey, Iran, Lebanon and Syria) for the purpose of punishing them."

He added, "The rise of the dollar these days is completely different, as it came because of America itself, without a mediator, and the purpose is to prevent the dollar from entering Iraq in the first place, for the purpose of punishing it lightly, and it is waiting for it at the dialogue table in early 2023 for the purpose of understanding about hot files such as the Iranian file." And the energy file, the future of US forces and security agreements.

He explained that "the accumulation of foreign currency reserves in the Central Bank of Iraq and deposited with the US Federal Reserve, which will exceed 100 billion dollars and is constantly increasing, and it is difficult for Iraq to dispose of this large number, only America allowed five shipments per month to enter the country."

And he considered that "it is cowardice not to criticize the current government and the current parliament for watching the rise of the dollar and its impact on the people, especially since the current prime minister and the current deputies, including (me), have addressed the dollar file earlier and strongly criticized the rise that occurred at the time, and today our tongues are almost silent." .

He continued, "It is cowardice and inferiority not to criticize the negative role of the Americans, to diagnose the colonial role and international extortion, and to prevent the transfer of our money, amid strange silence from the political leadership." link

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