KTFA:
Clare: Chambers of Commerce reveal their expectations for the “parallel market” in Ramadan: decline is the dominant feature
3/11/2024 Baghdad
Today, Monday (March 11, 2024), the head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, revealed his expectations for the dollar exchange rate in parallel markets during the month of Ramadan, while stating that the decline will be the dominant feature.
Al-Tamimi told “Baghdad Today”, “The exchange rate of the dollar in the parallel market at the present time is somewhat stable,” indicating that “the government’s measures have contributed to reducing the phenomenon of dollarization in the markets, pushing towards electronic circulation of funds, and reducing the phenomenon of smuggling.”
He added, “Government policies have greatly reduced speculation that was generating billions of dinars to parallel market whales and smuggling,” adding, “If it had not been for government intervention, the dollar exchange rate would have been strongly approaching 200,000 dinars for every $100 “
Al-Tamimi pointed out, “Our expectations for the dollar exchange rate in Ramadan indicate a continuation of the slow decline to below 150,000 dinars per 100 dollars, but we are in a situation where crises or surprises could occur that change the course of the exchange rate within hours, but in all cases the decline is The dominant feature of the parallel market.
The Parliamentary Finance Committee confirmed on Wednesday (March 6, 2024) that the dollar is controlled by the relevant government agencies, calling for not taking into account the rumors of losing and corrupt parties.
Committee member Moin Al-Kazemi told “Baghdad Today” that “there are some politically losing parties and personalities who have major suspicions of corruption, working to continue spreading rumors that the government is not in control of the dollar market and the Iraqi dinar is declining , for the purpose of political influence as well as influencing the market.”
Al-Kadhimi added, “The government is currently in complete control of the dollar in all its transactions, and there is real and serious work to strengthen the Iraqi dinar,” stressing that “everyone is required not to take into account the rumors of losing and corrupt parties, as they do not want economic stability, to achieve their suspicious agendas.” LINK
BlaqueBeauty: IMO Mr Frank.. has said “just a flip of the switch”
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Clare: Advisor to the Prime Minister: The stability of the exchange rate gives relative stability to gold prices
3/11/2024
The economic advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed the relative stability of gold prices in Iraq due to the value of the dinar.
Saleh told {Al-Furat News} agency, “What determines gold prices today are the international gold exchanges, noting that the stability of the official Iraqi dinar exchange rate to the dollar gives relative stability to gold prices.” He noted that “the value of gold is exposed to the cycle of global gold assets, which constitutes the basic variable for the price of gold on the global scale, whether rising or falling.”
Gold prices took a breather today, Monday, after a series of record highs that came against the backdrop of a slowdown in the labor market in the United States and statements from the US Federal Reserve, while traders awaited the inflation report in the United States in search of new indications of the possible date for reducing interest rates.
Gold settled in spot transactions at $2,177.24 per ounce by 06:02 GMT, while US gold futures contracts fell 0.1% to $2,183.90.
Gold recorded an unprecedented level of $2,194.99 for the fourth day in a row on Friday, after data showed a slowdown in the labor market in the United States.
The selling price of gram in the local markets in Baghdad today, Monday, is 460 thousand dinars.
Raghad Dahham LINK
Sir Shawn: WOW, IMO…..Did you all catch this?
31.1 grams per ounce @460,000 Dinar per gram
460,000×31.1= 14,306,000 Dinar
14,306,000~1,310=10,920.61 USD per ounce of gold. WOW
Cleitus: Also.., IMO, could there be a US treasury bond sell-off from other countries hitting the global scene, thus weakening the dollar and affecting gold prices as well? Seems everything is coming together, IMO. WOW!!
Clare: SIR_SHAWN I LIKE YOUR THINKING IN POST #22 BUT IT LOOKS LIKE THEY ARE NOT TALKING ABOUT 1 GRAM FOR THAT PRICE imo
THE ARTICLES ARE NOT SO CLEAR CUT AT TIMES….. HERE IS THE MEANING IN ARABIC: Mithqāl (Arabic: مثقال) is a unit of mass equal to 4.25 grams (0.137 ozt) which is mostly used for measuring precious metals, such as gold, and other commodities, like saffron.
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Venustwo2: The month of Ramadan has officially started. According to the calendar , it goes until March 9/2024. According to my friends at work, no financial topics or the likes during this Holy month. Lets see what happens during Eid al-Fitr.
Paulette: IMO…..Sistani set tomorrow, 3/12/24 as the first day of Ramadan…..Note, IMO, Kuwait Reinstated their currency during Ramadan in 1991……..therefore, it appears that it very well can be possible to see Iraq change their currency structure during Ramadan.
Ryan1216: This very well could happen during Ramadan. Time will tell
