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DINAR IRAQ AND DONG VIETNAM UPDATE 4/3/23

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Post by Ssmith Mon Apr 03, 2023 2:15 pm

The central bank refuses to open a window for selling dollars to citizens


4-1-2023
The central bank refuses to open a window for selling dollars to citizensInformation / Baghdad..
The Central Bank announced, on Saturday, its refusal to open a window for selling the dollar to citizens, indicating that the dollar is a foreign currency that cannot be dealt with within the local markets.


The bank stated in a statement, a copy of which the information received, that “opening a window to sell dollars to citizens violates all international regulations and norms.”
He added, “The dollar cannot be available to any citizen, given that it is not a national currency for Iraq,” noting that “the dollar must be allocated for dealing outside Iraq for the purposes of financing trade, travel, treatment, and study.”
Speculation continues in the dollar’s price despite the government’s decision to reduce its official price by about $1,300 per dollar, to reach 1,500 per dinar in the local markets.
almaalomah.me


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For the first time in years, dollarization is declining in 5 vital sectors in Iraq


4-1-2023
For the first time in years dollarization is declining in 5 vital sectors in IraqInformation / Diyala..
The head of the Chambers of Commerce in Diyala, Muhammad al-Tamimi, confirmed, on Saturday, that dollarization decreased in 5 vital sectors in Iraq for the first time in many years.



Al-Tamimi said in an interview with Al-Maalouma, that “the reliance on the dollar in the payment of dues for trade exchange inside Iraq emerged remarkably after 2007, and at the end of 2022 it formed a percentage of up to 70% of the payment mechanisms, which formed what is known as the phenomenon of dollarization, which has serious risks, especially as it is subject to procedures.” And challenges that could make the entire economy hostage to the outside.”
He added, “The procedures of the Central Bank and the government in reformulating the mechanisms of internal dealings in dinars in paying all dues away from the dollar created an atmosphere that contributed to reducing dollarization in 5 vital sectors, which are the car market and payment of dues between merchants, in addition to reducing transfers in dollars between governorates.”


He pointed out that “although the decline is slight, it is an indication of the possibility of abandoning dealing in dollars internally, and this is very important to distance the economy from any vibrations that lead to damage and raise prices.”
And the Iraqi markets have suffered in recent months from a remarkable rise in the exchange rate of the dollar against the dinar, which led to an increase in the prices of materials in the markets.

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