KTFA: Samson: The Iranian Central Bank Issues A New Decision On The Introduction Of Currency On The Exchange Market
13th June, 2022
A member of the Supreme Council of the Iranian Money Exchange announced that the Central Bank has published a circular stating that exchange offices can purchase foreign currency from exporters at a compromise price.
Kamran Soltanizadeh said in a statement to the media website of the Central Bank and local banks, that the new decision allows exporters to sell foreign exchange that comes from the export process without specific pricing and restrictions, and on the basis of a price that is compatible with the money changers.
I consider that the new decision will urge exporters to sell foreign exchange in their possession, which they were waiting to sell, waiting for them to reform the bank pricing, by putting it in the exchange offices, and that the central bank will benefit from the real market resources without using its hard currency resources. LINK
Sir: IMO- Could this be the float ? Ummmm
Tivon: You guys enjoying the warm up? If you have Rials it’s time to dust them off. IMO
Tivon: Binance, Celsius, Bitfinex, Coinbase, and other Crypto Platforms have all halted withdrawals on exchanges. Why? Because the Stocks are crashing in front of your eyes. Now new systems can be put into place once the smoke clears. IMO
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Samson: The depreciation of the currencies of neighboring countries attracts Iraqi tourists
13th June, 2022
The decline in Turkish, Iranian and Syrian currencies has encouraged Iraqi tourists to go to those countries, which provides them with a hard currency, especially with the people of Mesopotamia spending a lot of money for tourism and visiting religious places, where the decline in currencies is a major factor in attracting them, in addition to the ease of obtaining a visa. For the Iraqi passport.
The economic researcher, Bassam Raad, points out that the appropriate and low exchange rate against the Iraqi dinar was a key factor in attracting Iraqi tourists to Tehran, Istanbul and Damascus, in addition to the fact that the environment for these capitals is somewhat close to the Iraqi environment, and medical, religious and summer tourism constitute the basis for Iraqi visitors to those Countries.
Big spend
Raad continued, “The money that Iraqis spend on their trips is large, as the total cash sale for the month of May of this year amounted to $603 million, a large part of which went for the purpose of tourism with neighboring countries.”
He pointed out that “everyone knows that the decline in the currencies of the neighboring countries (the Turkish lira, the Syrian lira, and the Iranian toman) has its purely economic and political reasons and justifications. This decline has also contributed to attracting Iraqis, and tourism in these neighboring countries constitutes an important economic sector, because of what it provides from a hard dollar currency, in addition to the fact that tourism is a labor-intensive service activity that has a ripple effect on 70 industries and complementary and nutritious services, and provides job opportunities in various activities and professions. According to the economic researcher.
Successive declines
In turn, Iraqi researcher Saleh Lafta revealed that the Syrian and Turkish lira are witnessing successive declines against the dollar, and this decline has nothing to do with attracting tourism. He said that the Syrian pound has been declining since the outbreak of the civil war in 2011, pointing out that this decline continues due to the political situation and US and Western sanctions on Syria.
He added that the depreciation of the Syrian currency encourages the attraction of tourism, but due to fear and the untapped security situation, tourism is limited to religious shrines from certain countries, such as Iran, Lebanon and Iraq.
Instability
He explained that “the Turkish lira is also witnessing an unplanned decline, and it has lost a lot of its value this year, and has fallen significantly from last year, despite the Turkish president’s optimistic statements about the strength of the Turkish currency and the promises to support the lira.” He pointed out that “this decline is due to the low interest rates imposed by the Turkish Central Bank, the inflation witnessed in the Turkish markets, and the instability in currencies as a result of the Russian-Ukrainian conflict.”
He pointed out that “this decline is in the interest of those who want to visit Turkey, especially tourists, especially if the strictness in obtaining a visa for Iraqis is lifted.” LINK
Sir: IMO- If my calculations are correct, and Easter has passed ( So we know that this is not an Easter basket) we are soon to see the new currency basket-waterproof, so it floats…
