We buy (and sell) Dinar!!

We buy (and sell) Dinar!! 

We Buy Iraqi Dinar (and Dong) at the highest rate in the industry & are very quick on turn around times.

Our current Dinar Buy-Back rate is, essentially, the OFFICIAL CBI rate as offered in Baghdad.

615-509-6256

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Iraqi Dinar / US Dollar auction results for today 5-21-2024

Iraqi Dinar / US Dollar auction results for today 5-21-2024

Results of the foreign currency selling window for Tuesday 5/21/2024

Advertisement No. (5129)

The amount:

Total amounts of transfers abroad (transfers, credits)
187,128,606

Total cash withdrawals
84,250,000

Total total sales
271,378,606

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction

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Parliamentary Finance: The budget schedules will reach us within 24 hours

Parliamentary Finance: The budget schedules will reach us within 24 hours

Information / Baghdad… Member of the Parliamentary Finance Committee, Representative Mudar Al-Karawi, confirmed on Tuesday that the 2024 budget schedules will reach us within 24 hours.

Al-Karawi said in an interview with Al-Maalouma, “The government sent the 2024 budget schedules to the House of Representatives, after which they will be sent to the Finance Committee after being signed by the acting Speaker of the House,” expecting that “the time will not exceed 24 hours for them to be before the members of the committee.”

He added, “It is too early to determine the size of the financial deficit and the complex items in it, but in any case there are many variables that will occur, especially with the presence of requests related to many segments whose rights we seek to guarantee in the 2024 budget tables.”

He pointed out that “the consensuses may accelerate the resolution of the vote on the 2024 budget tables within 3-4 weeks. Otherwise, we may need a longer period,” pointing out that “the budget, according to the readings, includes complex items that need to be studied and scrutinized before proceeding with it.”

The 2024 budget schedules are important in determining government spending mechanisms and financial rights for several segments, in addition to re-evaluating the financial deficit.

Almaalomah.me

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Biden extends the national emergency for Iraq 

Biden extends the national emergency for Iraq

Biden extends the national emergency for Iraq - urgentBiden extends the national emergency for Iraq – urgentUS President Joe Biden announced the extension of the national emergency in Iraq for an additional year.

Biden said in a letter addressed to the US Congress and published by the White House, “The obstacles to the orderly reconstruction of Iraq, restoring and maintaining peace and security, and developing political, administrative, and economic institutions in Iraq still constitute an extraordinary threat to the national security and foreign policy of Iraq and to the United States as well.”

He explained, “Therefore, the state of national emergency for the stability of Iraq will continue in effect after May 22, 2024 for an additional year.”

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Defense News: The United States uses the strategic partnership as a pretext for its continued presence in Iraq

Defense News: The United States uses the strategic partnership as a pretext for its continued presence in Iraq

Information/translation… A report by the American newspaper Defense News, which specializes in military affairs, revealed on Tuesday that the United States views the strategic security partnership as a pretext for its continued presence in the country.

The report, translated by the Maalouma Agency, stated, “The principle of strategic empathy promoted by retired general and former White House National Security Advisor H.R. McMaster shows how the American-Iraqi partnership can overcome the difficulties of competition. The United States must look at Baghdad’s diplomacy from the perspective of “Through the lens of the geopolitics of Iraq, especially in this kind of high-stakes competition that’s taking place across the Middle East.”

He added, “Accordingly, strategic investments in the US-Iraqi counter-terrorism partnership must continue despite any setbacks. Among the many trends affecting stability and security in Iraq, it is important not to overlook the Iraqi counter-terrorism apparatus, because maintaining “Continued support for the Counter-Terrorism Service is critical to U.S.-Iraq relations.”

He continued, “The Counter-Terrorism Service is an organization created and supported by the United States and must remain a permanent strategic partner. However, Iraq will need to protect its counter-terrorism structure against unjustified interference.”

He noted, “Iraq’s importance, even if it is uncomfortably confined between warring countries, has the long-term potential to bring much-needed stability to a region that needs it, and it is possible to exploit this partnership as a long-term pretext to be there to protect Israel.”

Almaalomah.me

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Parliamentary Committee: Controversial points hinder the passage of the oil and gas law

Parliamentary Committee: Controversial points hinder the passage of the oil and gas law

Information / Baghdad… Member of the Parliamentary Oil, Gas and Natural Resources Committee, Ali Al-Mashkour, confirmed on Tuesday the continuation of negotiations between the Federal Ministry of Oil and the regional government regarding the oil and gas law.

Al-Mashkour said in an interview with the Maalouma Agency, “There are controversial points that hinder the passage of the oil and gas law within the House of Representatives,” noting that “conditioning the Kurds on the right of veto regarding the issuance of decisions issued by the Supreme Oil Council is unacceptable.”

He added, “Baghdad’s approval of the region’s conditions means undervaluing the rights of the south in general and Basra in particular,” noting that “the federal government has expressed its desire to sit at the dialogue table to resolve the existing problems away from unconstitutional demands.”

He continued, “The oil and gas law cannot be passed without resolving all the controversial points between Baghdad and Erbil in a way that guarantees the rights of all oil-producing governorates.”

Almaalomah.me

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Iraq and the zeroing of IMF loans…what has changed?

Iraq and the zeroing of IMF loans…what has changed?

Iraq and the zeroing of IMF loans...what has changedTurkey did it in mid-2015 when Recep Tayyip Erdogan, then Prime Minister, announced that his country was able to pay all debts owed to the International Monetary Fund. This was the first time in 52 years that Türkiye became debt-free with the IMF.

Before that, in 2013, Turkey succeeded in ending its borrowing adventures from the Fund, during the era of the sixty-first Turkish government formed by Erdogan at the time, even though the governments that preceded the Justice and Development Government relied heavily on the Fund to manage state resources, fill financing gaps, and cover the budget deficit.

Despite the severe pressures that the Turkish economy has been exposed to in recent years as a result of hyperinflation and the collapse of the lira’s exchange rate, successive governments have refused to resort to the IMF and borrow from it due to the severe risks resulting from that, including political, economic and social risks, as those governments realize that the Fund’s programs work to Drowning national economies in a swamp of debt and dependency, becoming dependent on international creditors, eliminating the middle class, causing waves of high prices, price inflation, and endless economic and financial instability, and putting the ruling regime in constant confrontation and perhaps conflict with the citizen, who alone bears the cost of the austerity programs imposed by the Fund and others. From creditors.

Iraq pays all its dues to the International Monetary Fund, amounting to $8 billion, at once

When Turkey paid the last installment of the IMF loan, it was then one of 11 countries in the world that was able to “zero” its debts to the Fund on time and without delay in payment, since the year 2000. Among the most prominent of these countries were South Korea (2001), and Brazil ( 2005), Russia and Uruguay (2006), Latvia and Hungary (2013), and Macedonia, Romania and Iceland (2015).

This week, Iraq repeated this scenario when it paid the debts it owed to the IMF once, and according to the statements of the Advisor to the Iraqi Prime Minister for Financial Affairs, Mazhar Muhammad Salih, his country has repaid all the loans it had obtained from the International Monetary Fund since 2003, amounting to 8 billion dollars.

It is noteworthy that Iraq, until recent years, almost fell completely into the arms of the IMF and creditors, despite the fact that it was an oil-producing country, due to the corruption that was rampant in the country, eating away the green and dry land, and sweeping away the state’s dollar resources, and was accompanied by the smuggling of tens of billions of dollars abroad by successive regimes. He ruled the country after the American occupation in 2003.

In 2021, Iraq requested an emergency loan worth $6 billion from the IMF, and in May 2016, it obtained a loan from the Fund worth $13 billion to fill the general budget deficit and the financing gap that the country was going through.

Iraq was almost drowning in foreign debt, and repeating the experiences of other Arab countries, but it decided to put an end to the bleeding of borrowing, financial corruption, and the plundering of public money by taking advantage of its current dollar resources, especially resulting from the improvement in the price of oil and gas, and it accumulated foreign reserves at the Central Bank, which almost… It evaporated years ago, and to some extent blocked the channels of money smuggling to neighboring countries, including Iran, Syria, and Lebanon.

Thus, Iraq escaped the fate that befalls creditor countries that fall into the arms of that financial institution and submit to its toxic programs and malicious loans, the dangerous repercussions of which rarely escape a country.

In exchange for Iraq’s move to liberate itself from the slavery of the International Monetary Fund, the governments of some countries, including Egypt, Jordan, Morocco, Sudan, Tunisia, Lebanon, Pakistan, and Argentina, insist on obtaining more loans, thus sinking further into the mire of external debt and the subsequent implementation of austerity programs, the cost of which the citizen pays in full in the form of… Jumps in prices, a collapse in local currencies, mass impoverishment, the collapse of the middle class, and millions joining the extreme poverty class.

Rawabetcenter.com

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Floating the Iraqi dinar…a solution to fill the “gap” of its troubled price against the dollar

Floating the Iraqi dinar…a solution to fill the “gap” of its troubled price against the dollar

Floating the Iraqi dinar...a solution to fill the gap of its troubled price against the dollarShafaq News / The stability of the Iraqi dinar has been facing major challenges for years, as it has witnessed price fluctuations that have not stabilized, especially with the rapid rise and very slow decline of the price of the dollar, in addition to a gap between what the Iraqi Central Bank determines and what is sold in the parallel market, especially in banking shops that do not adhere to According to the instructions of the Central Bank.

In order to avoid the “volatility” syndrome and the “gap” in the price of the Iraqi dinar against foreign currencies, some experts believe that the solution lies in a kind of “surgical” operation for the country’s monetary system that may be painful, but it achieves long-term monetary stability for the national currency through… “float”.

The cash selling price, according to the Central Bank, is 1,305 dinars per dollar, while the price for transfers abroad is 1,310 dinars per dollar, and the price in the parallel market is about 1,450 dinars per dollar in mid-May, according to local media, while it reached levels of 1,600 dinars per dollar in previous periods.

For months, the Iraqi authorities have imposed restrictions in their efforts to control exchange rates, restricting all commercial transactions within the country to the Iraqi dinar, and established a new mechanism that subjects external transfers to greater scrutiny.

Iraqi economic analysts who spoke to Al-Hurra website, some of them warned against taking a decision that would lead to floating the dinar, while some of them believe that a moderate policy could be taken that suits the Iraqi economy, based on “floating” and “stabilization” at the same time.

Is the flotation policy compatible with the Iraqi economy?

Advisor to the Prime Minister for Financial Affairs, Mazhar Salih, believes that floating the currency price does not suit the Iraqi economy, especially since it is a “rentier economy, dominated by foreign currency reserves.”

He explains in statements to the “Al-Hurra” website that “the economic vision that wants to float the Iraqi dinar to end the gap between the official price and the parallel price may be possible in an economy in which the free market alone influences the movement of the balance of payments, and not in an economy in which the rentier government sector is dominant and generates reserves.” Foreign currency”.

He added, “The monetary authority in Iraq alone is the main source of supply of foreign currency that meets the desired demand for foreign exchange in the local market.”

Saleh believes that the demands for flotation inevitably mean “adopting the prevailing exchange rate in the parallel market, in order to achieve the goal of stability and balance in the official exchange rate itself at a new exchange point that the market will reach at the end of the assumed flotation policy and return to stability again.”

The flotation scenario also means “the withdrawal of the monetary authority as the main central offerer of foreign currency, and its replacement by new forces of free market makers, which certainly have only a weak, limited supply of foreign exchange,” according to Saleh.

He points out that these forces carry “an uncontrolled package of inflationary expectations, and are called in the economic literature (the forces generating inflationary expectations), which will give dominance to the supply forces of speculators” who own limited amounts of foreign exchange, matched by “an open demand for foreign currency from Market side” exceeds what is offered by “at least more than ten times in our estimate.”

Chancellor Saleh described this policy as “unruly,” as as long as “the central government supply of foreign currency will be absent from the market, we will not obtain any equilibrium point in the exchange rate that flotation seeks except with a widespread deterioration of the exchange rate as long as it is carried out by forces generating inflationary expectations in a severe rentier economy.” “unilateralism.”

He warns that if the exchange rate moves in “a market that is incomplete, in terms of productivity, in its compensation for the required supply of goods and services,” no one “will know how much the new exchange rate resulting from the flotation will be,” which will be accompanied by “a prior wave of inflationary expectations,” the trends of which are difficult to control. Which may push monetary policy makers to “intervene with excessive foreign reserves and unjustified waste in foreign exchange to impose a state of stability.”

According to the World Bank, Iraq has 145 billion barrels of proven oil reserves, which are among the largest crude oil reserves in the world.

But Iraq hopes that the country’s oil reserves will exceed 160 billion barrels, according to what the Minister of Oil, Hayyan Abdul Ghani, recently announced.

What if the Iraqi dinar was floated?

The claims that have appeared every now and then for years calling for floating the exchange rate of the Iraqi dinar are “strange,” and most of them are made by people who are “not specialized in economics or monetary policy,” according to what Professor of International Economic Relations, Abdul Rahman al-Mashhadani, confirms to the Al-Hurra website.

He asserts in a decisive tone, “Iraq cannot proceed with floating the dinar’s exchange rate. The evidence for this is all the agreements concluded with the International Monetary Fund since 2004, and the reviews praised the stabilization of the exchange rate by the Central Bank of Iraq.”

Al-Mashhadani added that there was a study by experts at the World Bank during the past years that recommended “raising the exchange rate,” noting that even then, “these recommendations cannot be taken into account because the World Bank is concerned with what is related to economic development, but following up on the recommendations for monetary policies is taken into account if It was from the International Monetary Fund.

In its latest review on Thursday, the International Monetary Fund praised the efforts of the Central Bank of Iraq to tighten monetary policy and strengthen its liquidity management framework.

He explains that “the real gap is in the wheel of production in the Iraqi economy, as the majority of goods are imported from abroad, which means that the flotation will cause a spiral in price rates to become significantly high and affect the marginalized classes,” indicating that such a decision cannot be taken “as a matter of politics.” “Cash” only, as we must “consider the burdens it will impose on citizens.”

Al-Mashhadani confirms that what has been applied in other Arab countries does not “mean that it can be applied to the Iraqi economy,” suggesting that “the exchange rate will become at the levels of 5,000 dinars to the dollar,” as “the Central Bank has lost control over exchange rates, leaving them to float.”

There is a fear that “floating” will cause “social” problems, as “salaries will erode significantly,” which may threaten “new classes to slide into poverty,” while “a class of merchants, politicians, and businessmen will benefit, who will benefit from the state of instability that will result from… This matter”.

Al-Mashhadani agrees that floating in the end means “that the parallel market will control exchange rates,” but it will not achieve “the desired monetary stability,” as the central bank will then need to “print more local currency to keep up with demand in the markets,” and the government will need to increase salaries and allocations for aid packages. Social.

The Iraqi government advisor, Saleh, attributes the reason and existence of a “gap” in the dinar’s exchange rates against the dollar between the official and parallel markets to “external factors imposed by the compliance platform and auditing administrative restrictions on external transfer movements, which is not related to the deficit in the authority’s monetary reserves,” noting that the reserve Iraq’s foreign currency is considered the highest in the country’s history, as it touches the levels of import coverage for 16 months, compared to the global standard, which does not exceed three months of import coverage.

Financial transfers in dollars through official channels have increased significantly in Iraq, while Iraq continues its reforms of the financial sector in line with international standards, according to a previous report by Agence France-Presse.

In late 2022, the Iraqi banking sector adopted the SWIFT electronic transfer system with the aim of providing better control over the use of the dollar, ensuring compliance with US sanctions on Tehran, and also in order to limit the prosperity of the informal economy.

The financial standards that were adopted encouraged the emergence of a parallel market for currencies, attracting those seeking to obtain dollars outside official channels.

Saleh pointed out that there is a distortion in support for the prices of some commodities “on the part of financial policy, which is support in which the rich and poor mostly enjoy it equally without discrimination, and it represents an added, imperceptible real income, and it is the product of a financial policy inherited from the consumer welfare state for the rentier resource.”

He continued, “It is inconceivable until this moment that 90 percent of Iraq’s population is receiving food support provided by the state as an extension of the economic blockade phase of the 1990s, in light of the changing standards of living and lifestyle, the increasing number of affluent people, and the growth of the middle class.”

Shafaq.com

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Iraq confirms full payment of its debts to the IMF

Iraq confirms full payment of its debts to the IMF

The Advisor to the Iraqi Prime Minister for Financial Affairs, Mazhar Salih, revealed the loans provided by the International Monetary Fund to Iraq since 2003, while noting that their total did not exceed 8 billion dollars, confirming that they were repaid in full….

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