TNT:
CandyKisses: Gold prices rise in Baghdad markets and stabilize in the Kurdistan Region
Shafaq News / Gold prices “foreign and Iraqi” rose in the local markets in the capital, Baghdad, while it stabilized in the markets of Erbil, the capital of the Kurdistan Region, on Sunday, (December 25, 2022).
The correspondent of the agency Shafaq News, that gold prices in the wholesale markets in River Street in the capital Baghdad recorded this morning, the sale price per weight carat 21 of gold Gulf, Turkish and European 385 thousand dinars, and the purchase price 381 thousand dinars, while the selling prices for yesterday, Saturday, 382 thousand dinars per weight.
Our correspondent pointed out that the sale price of one 21-carat weight of Iraqi gold also rose at 355 thousand dinars, and the purchase price reached 351 thousand.
With regard to gold prices in goldsmiths’ shops, the sale price of the Gulf gold weight 21 carat ranges between 385 thousand dinars and 395 thousand, while the sale price of the Iraqi gold weight ranged between 355 thousand and 365 thousand dinars.
As for gold prices in Erbil, they have witnessed stability, as the sale price of 24-carat gold weight sold 445 thousand dinars, and recorded 22-carat sale of 410 thousand dinars, and recorded 21-carat sale of 395 thousand dinars, while 18-carat sold 340 thousand dinars.
It is equal to one weight of gold (five grams).
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CharlieOK: Hmmm. Just read an article stating that Iraq is selling US dollars for other currencies, primarily dinar. Now, why in the world would Iraq give up US dollars for worthless Iraqi dinar? Is it because Iraq thinks the currency is going to stay worthless for another half decade or so? I think not,
Yada: Agreed CharlieOK. The process of buying the dollar as well as the other currencies,,,,,will give the dinar momentum because they have to use dinar to purchase the other currencies.
CharlieOK: Iraq’s economy has been running on US dollars and they are now selling dollars for other currencies, but primarily dinar. This has to be good news,
Yada: Exact CharlieOK. The using of dinar for the purchases creates a demand on the dinar internationally. Pushing toward a float and increasing the value of the dinar.
Red: This is like watching a worm hatch inside a cacoon, with every twitch a guru will call the butterfly, dont be overly concerned folks you will recognise the butterfly when it appears…. just sayin
CharlieOK: Red: I do not recall any emphasis, ever, from news sources that Iraq was bailing out of the dollar until recently. When things don’t make sense, many times that is when they make the most sense, That being said, it still ultimately makes NO difference because the US/UN is going to ultimately have to pull the trigger. Iraq has tried to do that on their own but, alas, to no avail.
He stressed that “official reserves are at their highest historical levels, which are approaching $ 100 billion, and the current rise, as we said earlier, is my time, and work is continuing to control the rise and make the exchange rate stable as it was before.”
The exchange rate of the dollar against the dinar witnessed, on Sunday, a big jump, as the exchange rate of 100 US dollars reached 154.500 Iraqis, with a difference of up to about 5,000 dinars within days.
The Iraqi market is witnessing a record rise in the price levels of food and consumer goods from less than a month ago, which has resulted in a significant decline in purchasing power.
Citizens complained that the new wave of high prices negatively affected their living conditions, and wholesale markets are almost empty of buyers, which traders and economists see as linked to the rise in the dollar exchange rate in parallel (black) markets.
The Federation of Chambers of Commerce in Iraq revealed that traders are facing major problems due to the government’s measures and the Central Bank’s monetary policy controlling the currency rate in the Iraqi market.
In turn, the Central Bank of Iraq justified, in a statement, the rise in the dollar exchange rate in the local markets during the past days due to some technical factors, including the construction of a modern electronic platform through which banks raise their customers’ requests to buy dollars.
The bank explained that it has been building this platform for months in coordination with international bodies for the purpose of tightening and regulating the operations of the sale and purchase of foreign currency and ensuring the effectiveness of control over it, by assigning a specialized international company to build it and linking banks with the Central Bank through it, and the platform requires providing information about customers requesting transfer, beneficiaries and correspondent banks.
The bank revealed that there are many errors discovered through the operation of the platform, which requires the bank to re-download it, and these procedures take additional time to accept the application and pass it through the global financial system.
For its part, the government affirmed its commitment to maintaining the stability of the local market, by supporting the stability of the exchange rate of the dollar against the Iraqi dinar.
According to a statement issued by the Prime Minister’s Information Office, the current rise in the dollar exchange rate is temporary, and the necessary treatments will be carried out, especially since Iraq’s financial situation is at its best.
The government called on all dealers, including investors and traders, to cooperate with official banks and the Central Bank by working in accordance with global trade contexts, and importing.
According to documentary credits, as they provide a guarantee to the importer, preserve his rights, insure the imported goods, and enable him to benefit from banking facilities to cover the value of the credit.
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CandyKisses: Dollar breaks record against dinar on Erbil and Sulaymaniyah stock exchanges
Baghdad – Nas
On Sunday afternoon, dollar exchange rates on the Erbil and Sulaymaniyah stock exchanges saw a new high.
According to specialists’ monitoring, the exchange rate in Sulaymaniyah reached 154,900 dinars per 100 dollars, while the exchange rate in Erbil reached 155,000 dinars per 100 dollars.
The exchange rates on the Iraqi Stock Exchange this morning were as follows:
Baghdad – Bursa Alkifah 154,000
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Erbil – Price on the stock exchange 153,500
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Basra – Price on the stock exchange 153,350
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Sulaymaniyah – Price on the stock exchange 153,550
