More News, Rumors and Opinions Sunday PM 7-7-2024 — Dinar Recaps (2024)


Tishwash: Central Bank hosts meeting to regulate e-commerce in Iraq

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, chaired the meeting of the Diwani Order Committee (24079) to regulate e-commerce in Iraq with the participation of the concerned authorities.

During the meeting, the draft e-commerce and consumer protection system was discussed through the controls discussed by the attendees, through the registration procedures and obtaining a license to practice this trade.

The committee contributed to defining the service provider and granting him a license through an electronic platform established by the Ministry of Trade. The committee members stressed the need to establish controls for granting a license to those wishing to practice e-commerce in a manner that preserves the rights of all parties.

The attendees agreed to submit the "system paper" to the Council of Ministers for review and approval to proceed with work on it.

Central Bank of Iraq
Media Office
July 7, 2024 link

Clare: Economist explains why the dollar fluctuates

Economic researcher Alaa Al-Fahd diagnosed, today, Saturday, a factor that caused the dollar price to rise against the Iraqi dinar in the parallel market.

Al-Fahd said in a press interview that "the fluctuations in the dollar exchange rate in the parallel market came as a result of the Central Bank of Iraq taking new measures regarding selling currency to travelers and delivering amounts from the airport exclusively."

He added, "When there are new measures, there are fluctuations in exchange rates," noting that "there are those who try to raise concerns with any new measures taken by the Central Bank in order to benefit some speculators."

The economic researcher pointed out that "the Central Bank has reassured more than once that it will continue to sell the currency and cover all needs, whether for imports or travel, and there are no concerns." link


Tishwash: Investment shows the importance of the Singapore Agreement.. What are its details?

The National Investment Commission confirmed, today, Sunday, that the Singapore agreement will accelerate the increase in Iraq's international classification, while clarifying regarding financing projects of local, Arab and foreign investors in Iraq.

The head of the commission, Haider Makiya, said: “The investment classification of emerging countries in 2024, conducted by FDI Intelligence, ranked Iraq fourth, indicating the confidence provided by investment in Iraq, specifically the National Investment Commission, in providing a safe legislative environment for the investor to settle in Iraq and return large capital to implement infrastructure projects and achieve sustainable development.”

He added, "The Singapore Agreement will accelerate and speed up the increase in Iraq's international rating, which is a sovereign rating for the whole world, and thus Iraq's rating will be known when it is good."

He pointed out that "all investors in the world will come without any restrictions or conditions as long as the legislative environment exists and governs their work in Iraq, and thus the process of attracting money to enter it will proceed easily and smoothly."

He pointed out that "project financing may be internal or external. If Iraq joins the international agreements, the process regarding foreign investors will be governed by the agreements. However, if the investor is local or Arab and wants to take financing, he will be subject to Iraqi laws regarding financing." link


Courtesy of Dinar Guru:

Militia Man Article: "Prime Minister's Advisor: Iraq in the process of paying off long-term development loans to the World Bank" It looks like Iraq's financial situation is solid as they get effectively. She has so many revenue streams coming on board now it will only get better and the World Bank, the IMF, the UST, etc all know it. Hence, the view of Iraq will bring confidence to the largest Banks and Financial Entities in the world. That was broadcasted globally too.


Question: "Do you think they're letting the dinar float into its cap before they release the new rate?" No. You have to release the rate first. Once the rate is released internationally then it can be acquired by the international community. It'll be used in banks...Once the dinar is out there officially in the international market the friction that the Iraqi dinar is going to cause in the financial market will only cause it to get bigger and bigger and bigger in its value/rate internationally. Inside Iraq it doesn't affect it - a dinar is a dinar. The rate inside does not move, only the rate outside.

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