Newshound Guru Militia Man
This could potentially allow for the Iraqi Stock Exchange to receive funds from international sources, which could lead to a significant increase in the amount of money flowing through the exchange. This has the potential to benefit Iraqi citizens, investors, and individuals like you and me. It’s important to take this development seriously as it could have a major impact. [Post 2 of 2]
Newshound Guru Militia Man
According to the Central Bank of Iran’s website, the Central Securities Deposit System will begin on August 7th, 2023. All banks in the country were notified 14 days before August 1st to prepare for this new system. They have until August 7th to complete the setup process. [Post 1 of 2….stay tuned]
Intel Guru Bruce
[via WiserNow] Based on the current updates, it seems likely that notifications will be sent out on either Monday or Tuesday. As for the exchange, it is expected to take place on Tuesday or Wednesday. It’s worth noting that bank rates are subject to change on a daily basis due to global trading. It seems like progress is being made and we’re eagerly anticipating further updates.
Newshound Guru Pimpy
Individuals who are financially disadvantaged may opt not to exchange their money at the bank due to the higher amount of dinar they can receive in exchange for the dollar. There are cases where people are smuggling currencies out of Iraq and sending them to countries that are under sanctions. The method used is by creating a black market where they offer more dinars for the US dollar than what the bank would offer. For instance, someone sending $100 to Iraq can have their recipient obtain 1550 dinars for each dollar in the black market, resulting in a benefit of 23,000 dinars. This can be used to purchase enough food to sustain a family for two to four weeks in Iraq.
Newshound Guru Pimpy
I was able to purchase a large amount of food with 23,000 dinars in Iraq. The food I bought included milk, bread, rice, eggs, chicken fillets, beef, bananas, oranges, and potatoes, which could last for weeks or even a month. It doesn’t make sense for me to exchange my $100 for 1320 dinars per dollar at the bank when I can get 1550 dinars for every dollar. This is one of the reasons why Iraq is facing economic challenges.
Intel Guru Frank26
It has come to our attention that a group of individuals has taken advantage of 5000 families by moving them from their homes closer to Baghdad. They persuaded these families to open bank accounts and offered them $200 to take over these accounts. Their motive was to smuggle American dollars out of Iraq through the Iraqi banking system. Despite our efforts to catch all those involved in this illegal activity, it appears that this is just the tip of the iceberg. As a result, we are unable to move forward with monetary reform and new exchange rates until this issue is resolved. However, we are grateful for the efforts of Sudani and Alaq in addressing this problem.
Guru Nader From The Mid East
It’s hard for me to forget anywhere in the world, including Africa. When I have 2 or 3 million dinars, it’s still not enough for me and my family. Before Saddam’s death in 2003, the minimum paycheck was $3,000, which is equivalent to 1000 dinars. With 1000 dinar, there are many things we can do, like bringing in our family for a week. Iraq needs a better exchange rate, at least 1 to 1, which would be fair. It would be even better if it was 3 to 1 or 2 to 1. However, for now, let’s aim for 1 to 1.[Post 2 of 2]
Guru Nader From The Mid East
I respectfully disagree with your statement, Guru Pimpy, that Iraq’s budget does not require a new exchange rate. The current bad exchange rate has been causing significant issues for the last 20 years. Many items are incredibly expensive, and this has affected us considerably. A new exchange rate is necessary for two reasons. Firstly, it will increase our purchasing power. Secondly, when traveling for work or pleasure, it will be more accessible to visit other countries such as the US, Europe, Australia, and Canada. [Post 1 of 2….stay tuned]
Newshound Guru Clare
Finally, 50 days after its approval, the budget has been confirmed to enter into force this week. The Parliamentary Finance Committee has announced that budget instructions will be distributed to all ministries.
Newshound Guru Militia Man
Next week, new decisions will be made that could potentially lower the value of the dollar. The central bank has already introduced three packages, and this may be the fourth. It’s possible that this will be the final phase of their plan. The decisions that will be made could come as early as Sunday and are expected to impact the exchange rate of the dinar.
Newshound Guru CANDYKISSES
According to the Parliamentary Finance Committee, the federal budget law for the next three years will be implemented in the coming days. They have also formed sub-committees to monitor exchange operations.
