The Dinar and its impact on the national currency

Since the Islamic Republic of Iran entered into the second package of sanctions imposed by the United States, which includes two important sectors are the energy sector and the banking sector, and raised some questions on the impact on the Iraqi economy if the exclusion of trade between Iraq and Iran, Excluded some countries, including Iraq for (90) days, to settle the accounts related.

Suppose Iraq and Iran signed an agreement that would lead to dealing with the dinar and riyal. What is the impact on the Iraqi dinar?

The demand for money and the exchange rate is a positive one, and I mean the price of the dinar against the dollar. The higher the demand for the dinar, the higher the value of the national currency. And the increase in the volume of foreign reserves in the Central Bank and this will enhance the ability of the Central Bank to defend the dinar against any future dollar demand, especially that Take care Cash Attiyat cover the needs of the country for more than 9 months. This exceeds the standards set by international financial institutions.

The reason is that the monetary demand function is moving to the top rather than the demand only, as a result of changing the method of repaying foreign trade receivables in Iraq in dinars and not in dollars. In the case of a monetary cash leak from Iran and dollars for Iran on the black market without legal controls, the equation will be reversed. Presenting the dinar at home The central bank is exposed to pressure in the exchange rate and sells large quantities because of the increase in the dinar.

There should be a unit of measurement for the two currencies, and the most accurate currency is the dollar, but will the US accept that the dollar is the criterion for determining the values ​​of the two currencies? This is what we will touch in the coming days after the continuation of the Iraqi-Iranian agreement.

* Economic Researcher

Annabaa.org

Nomination of Ivanka Trump as World Bank President

The Ivanka Trump candidacy for the presidency of the World Bank has been announced on Saturday.

“The US Treasury Department has received the names of potential candidates to succeed Jim Young Kim as president of the World Bank, including the daughter of the US president and his adviser Ivanka Trump,” the Financial Times reported in a report.

It was customary for the United States to nominate the President of the World Bank, while the European countries were nominated by the Director of the International Monetary Fund.

Dijlah.tv

The largest deletions of zeros in history

The Central Bank of Iran has proposed the deletion of four zeros from its besieged currency (riyal), according to Reuters, as it lost more than 60% of its value in 2018.

Governments usually delete zeros when their currency loses purchasing power rather than issuing large categories of currency.

The issue of canceling zeros is not new in Iran. It was preceded by Venezuela when it deleted 5 zeros and Iraq, which has already deleted zero zeros from Iraqi dinars. Turkey eliminated 6 zeros in 2003.

Arabic.rt.com

BGG ~ This has to be a case of mistaken journalism. I don’t see any way one can mistake Iraq for already having “deleted” zeros from their currency.

Local exchange companies are preparing for a major demonstration on Jan. 24

Baghdad – Hundreds of exchange-rate owners and employees are planning a major demonstration on January 24 to demand a change in their central bank policies, which they see as unjust and weaken their role and influence in the local economy.

And explained the reasons for their exit at the demonstration at the main gate of the Central Bank of Iraq with several points.

– Adopting a systematic policy of hostility against the private sector represented by exchange companies rather than sponsoring and supporting them, as is the case in other countries of the world.

– Dealing with disrespect and retaliation instead of practicing correction and reform. This has been reflected in the behavior of the staff of the committees in dealing with the owners of exchange companies by police methods and inspecting mobile phones, underwear, bags, etc.

– The imposition of wages and illegal fees on companies that did not exist in the past punish the company in case of non-payment.

– Replacement of experienced, competent and former staff with no experience, and are only able to execute orders from their position in these positions.

– The imposition of harsh penalties such as the cancellation of companies, the withdrawal of leave, or suspension for a long time, or the imposition of fines without a right, or to give a weak chance of defense so that the opponent is the referee.

– Failure to implement promises and procrastination in the issuance of any decision to improve difficult situations, or to address them

Iraaqi.com

Exchange Rates of the US Dollar against the Iraqi Dinar on the Stock Exchange and Local Markets

Dollar exchange rates stabilized on the Stock Exchange and local markets on Tuesday (January 8, 2019).

The prices of the Kifah Stock Exchange – Baghdad 119.950, the same for Monday.

Selling and buying prices in banking:

The sale price of the dollar = 120,500 dinars.

The purchase price of the dollar = 119.500 dinars.

non14.net

Deputy reform: We regret the selection of Abdul-Mahdi to head the government

Baghdad / … Rep. Of the Alliance for Reform and Reconstruction, Jassim al-Bekhati, Tuesday, we regret our choice of Abdul-Mahdi and perhaps all Iraq regrets not only the political forces.

Al-Bakhati told “Iraq News” that “the reform alliance regretted his choice of Adel Abdul Mahdi, and perhaps all of Iraq now feel sorry for this choice for many reasons.”

He continued, “According to the current data, Abdul Mahdi did not achieve what was desired by the people at all levels, albeit a small part, and we expected more tender and strong in the performance of tasks.”

Aynaliraqnews.com

Prime Minister: We sent a list of the names of the remaining candidates to the political blocs to agree on them

Information / Baghdad … Prime Minister Adel Abdul-Mahdi, on Tuesday, he sent a list of the remaining candidates to the political blocs for approval.

“The prime minister sent a list of the names of the remaining candidates for the cabinet to the political blocs for approval before going to the House of Representatives for the purpose of voting,” Abdul Mahdi said during the weekly conference attended by the agency.

On the other hand, Abdul-Mahdi that “the level of visits of foreign delegations to Iraq has increased significantly and this has important indicators and indications.” End 25 T

Faceiraq.net

US national security adviser to leave Turkey without a meeting , Erdogan

US national security adviser John Bolton left Turkey on Tuesday without meeting with President Recep Tayyip Erdogan, deepening tensions between Washington and Ankara over not compromising Syria’s US-backed democratic forces.

It seems that Bolton’s departure for Ankara without a meeting with Erdogan came after his failure to secure assurances from Ankara not to attack Syria’s democratic forces in the event of a US withdrawal from Syria.

Turkey has denied Erdogan has pledged to his US counterpart Donald Trump to “protect” Kurdish militants in Syria, as US Secretary of State Mike Pompeo has said.

“With regard to Pompeo’s statements, it is absolutely inconceivable that such a guarantee was given during talks between Erdogan and Trump or through other channels,” said Turkish presidential spokesman Ibrahim Kalin.

In an opinion piece published in the New York Times, Erdogan said that Turkey was committed to “defeating a pro-Syrian organization and other terrorist groups” in Syria, apparently referring to Syria’s democratic forces.

The Syrian Democratic Forces are mainly formed by Kurdish People’s Protection Units, which Ankara regards as a terrorist group and an extension of the outlawed Kurdistan Workers’ Party (PKK) in Turkey for years.

Shafaaq.com

BGG:

1) This isn’t a pro-Trump Rah, Rah rant… just some observations.

2) John Bolton is political PLAYER. He is no one to be trifled with. If he left, there was a reason.

3) I imagine Pompeo has some factual basis for his comments regarding what Erdogan said to President Trump. Why would he make up such a FANTASTICAL story?

4) Erdogan should step carefully… if, in fact, he did offer such support, he should beware that President Trump – if NOTHING ELSE, can be unpredictable.

5) I have a hard time reconciling this as well… did no one on his staff explain to President Trump the level of “bad guy” he was dealing with in Erdogan?

Lest anyone forget… we all watched a couple of years ago, he staged a “faux-coup” which he used to “purge” nearly 6,000 military officers he didn’t trust from his own military. Erdogan is one bad actor.

6) It’s curious how the media seems to always land on the wrong side of things… which wouldn’t happen if they would just READ THE NEWS (note above: Kurdish “militants” – not “freedom fighters”).

7) In conclusion – right or wrong, we can probably do whatever we were doing from a fire base (aka – U.S. Embassy) in Iraq or from a carrier group just as easily… should the need arise.

8) Erdogan’s persecution of the PKK and the PPU is nothing more than war he’s waging against his political rivals.

Think of how that would go over here… if political rivals tried to exterminate one another. Let’s hope some level of dignity somehow returns to ALL BRANCHES of our government.

Central Bank sets 20 banks to eliminate the space

The Central Bank of Iraq said that the settlement of salaries to employees is an important measure to eliminate the aliens who receive more than a salary from the state and restore confidence between the citizen and the banking sector.

“The settlement of salaries is done with the approval of the Central Bank of the recognized banks, whether governmental or private, and according to the conditions of the Central Bank and its law, and the employee has the right to choose to settle his salary as he believes in the service provided by the bank” .

“The central bank has approved 20 government banks to settle salaries for government and private sector employees,” Hussein said.

“This measure will eliminate the people in government departments who receive more than salaries from the government departments, in addition to the benefits that the employee will earn from the bank, which will be settled from the advances, loans and banking facilities.”

He demanded that “the employees to settle their salaries in any bank they see fit for their aspirations,” noting that “this measure will do the relationship between citizens and banks and will rebuild confidence for the banking sector.

Alforatnews.com

URGENT House of Representatives postponed its meeting to next Thursday

(Baghdad: Al-Furat News) postponed the House of Representatives held its regular session scheduled Tuesday to Thursday.

A parliamentary source told the {Euphrates News}, that the postponement of the meeting “because there is no quorum for the opening of the session.”

Parliament was scheduled to resume its regular session today

Alforatnews.com