KTFA Members “Monday News”

KTFA:

Henig:  Al-Rafidain Bank opens new branches soon to sell dollars to citizens

Baghdad / NINA /- Al-Rafidain Bank announced today, Sunday, the opening of new branches to sell dollar to citizens soon.

In a statement, it said, “New branches will soon be opened to sell dollar currency to citizens.”

The bank added, “Citizens must issue MasterCard and submit official documents (civil status identity or national card, passport, housing card, and an active mobile phone number) for the purpose of granting the card and selling dollars to them.”  LINK

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

12-25-2022

Representative Mahmoud Hussein Al-Qaisi affirmed, 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 hundred 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

ATPInfinity:  IT’S Christmas and here is a gift! “With the hundred 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,…at any moment the government wants.” .

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Henig:  A deputy reveals the reason for the dollar’s rise in Iraq.. What is the American role?

12/25/2022

{Politics: Al Furat News} Independent MP Mustafa Sanad revealed the “reason” for the rise in the exchange rate of the dollar in Iraq.

Sanad said in a statement, a copy of which was received by {Euphrates News}: “Criticize me, insult me, and laugh at what I say, but what you read, I swear to God, is the crux of the truth. The rise of the dollar 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 and Iran.” Lebanon and Syria} for the purpose of punishing them.

He added, however, by saying: “But 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 mainly, 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 file.” Iran, the energy file, the future of US forces and security agreements.

And between Sanad, “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.”

He added, “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, “But it is cowardly and inferior not to criticize the negative role of the Americans, to diagnose the colonial role and international blackmail, and to prevent the transfer of our money, amid strange silence from the political leadership!”

And the Central Bank of Iraq decided on the 15th of this month to reduce the exchange rate of the dollar to 1465 dinars, indicating that “reducing the price of selling the dollar to the beneficiary (the bank’s customer) who finances his imports with documentary credits, to be 1465 dinars instead of 1470 dinars to the bank {for the purposes of documentary credits} in the amount of 1455 dinars to the dollar instead of 1460 dinars,” he attributed, “the increase is due to several factors, including the building of an electronic platform through which banks raise the requests of their customers.

“The state’s finances in general are in excellent condition and at their best levels in decades,” he added.The current supply of foreign currency is not related to resources, but rather to administrative and audit procedures, and we have taken a number of measures to expand the supply of foreign exchange to meet the public’s demand for cash dollars.”   LINK

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Henig:  identifies two reasons

2022-12-25 03:35

Shafaq News/ The exchange rate of the US dollar rose today, Sunday, to its highest level in years, as the value of 100 dollars on the Sulaymaniyah Stock Exchange reached more than 154 thousand Iraqi dinars, which was reflected in the commercial movement in the dollar market.

“The value of the dollar today has reached its highest level in years, as the value of $100 reached 154,250 dinars, which is the highest in years,” financial expert, Shwan Ahmed, told Shafaq News agency.

Regarding the reasons for this rise, the financial expert confirmed that “the first reason is that a week ago the central bank did not pump more than 130 million dollars, and the pumping ranged between 70 million to 130 million dollars, while the second reason is due to the holiday announced by the government on New Year’s Day.”

And about the repercussions of this rise between Ahmed; That “the movement of buying and selling has almost stopped in the stock market because the majority of currency traders sold the dollar yesterday at a lower price than today’s price, but on the other hand, the selling of the dollar witnessed an increase by citizens due to the great rise that the US dollar reached today.”

He continued, “Currency traders have begun to deal with caution in purchasing the quantities of dollars available in the markets.”

On the period of the rise in the price of the dollar, the financial expert explained; It is expected that the rise will continue until the third of next January, which is the date for the Central Bank of Iraq to pump the dollar for the currency auction.

Shafaq News Agency correspondent in Sulaymaniyah said that every 100 pounds amounted to 184,000 Iraqi dinars, while every 100 euros amounted to 162 thousand Iraqi dinars, and every 100 Turkish lira amounted to 8,250 dinars. While the value of every 100,000 Iranian tomans was 3850 Iraqi dinars.  LINK

Clare:  Amidst a warning of a “hungry revolution”… Behind the scenes of the rise: American pressure to prevent dollar smuggling and the closing of party banks

2022-12-26

Member of the Parliamentary Finance Committee, Muhammad Nuri, attributed, on Monday, the unprecedented rise in the exchange rate of the dollar against the Iraqi dinar, to the agreement concluded between Iraq and the United States of America.

Nuri told Shafaq News agency, “The rise in the exchange rates of the dollar against the Iraqi dinar is due to stopping the promotion of cash dollar imports to Iraq, according to the agreement between the Central Bank of Iraq and the US Federal Bank, which entered into force three months ago.”

He added, “As well as stopping banks affiliated with political parties that were working to smuggle the dollar and preventing it from entering the auction selling foreign currency to be smuggled through unofficial outlets.”

Nuri pointed out that “there is American pressure by not paying cash oil import money from dollars to the Central Bank of Iraq to prevent smuggling it to neighboring countries, specifically Turkey and Iran.”

And a member of Parliamentary Finance stated, “These measures led to limiting the sale of the dollar, and because of the merchants’ need for foreign currency, the exchange rate rose.”

Nuri stressed that “if there is no real decision and steps from the Prime Minister, Muhammad Shia’a al-Sudani, through pressure on the American side and the economics of political parties and limiting the smuggling of currency outside the country, the exchange rate of $100 will exceed $160.”

Since last November, dollar prices have witnessed fluctuations against the Iraqi dinar, which gradually increased to reach its peak today, Monday, as the dollar exchange rate, until the moment of writing this news, reached more than 156 thousand dinars to 100 dollars.

In turn, the head of the “Enough” political movement, former MP Rahim al-Darraji, predicted the outbreak of a “hungry revolution” in Iraq due to the continued rise of the dollar in the local market.

Al-Daradji, a member of the former Parliamentary Finance Committee, told Shafaq News agency, “The continued rise of the dollar will lead to an increase in the prices of foodstuffs as well as medicines and other materials, and this matter will push to raise the poverty rate in the country, and this matter will lead to the withdrawal of the middle class.” And not just the poor.”

He added, “The repercussions of the catastrophe of the continuous rise of the dollar in the local market will lead to the anger of the Iraqi people, especially those with the middle and poor classes, and this matter may prompt the outbreak of a hungry revolution throughout Iraq, and this is what we hope will happen in order to remove the most corrupt political class that ruled Iraq.” Over the years, it was the cause of the destruction of Iraq on various levels.    LINK