My FX Buddies

Issuing a new currency in Iraq.. Implications and implementation challenge link to My FX Buddies Blog The talk is back Again  about the project to remove zeros from the Iraqi dinar and  also issue a new currency . This A procedure that several countries resorted to, including Turkey in 2005 and also Venezuela in 2021,  but can this project be implemented, the project to remove zeros from the Iraqi...

The Iraqi judiciary settles the controversy over the governor of the Central Bank resignation link to My FX Buddies Blog The Supreme Judicial Council in Iraq supported the State Council’s decision to refer the Central Bank Governor, Ali Al-Alaq, to retirement after reaching the legal age. The Supreme Judicial Council said in an official document, a copy of which was received by Shafaq News Agency,...

Central Bank: We are undergoing a major transformation in organizing foreign trade link he Governor of the Central Bank, Ali Al-Alaq, said today, Wednesday, that the financial situation in Iraq is proceeding according to what was planned, and while he confirmed - in an interview with the Iraqi News Agency (INA) - that financing foreign trade is being carried out smoothly for large and medium-sized...

Central Bank Governor's Resignation: Admission of Failure or Escape from the Repercussions of the Financial Crisis? link to My FX Buddies Blog The Governor of the Central Bank of Iraq, Ali Al-Alaq, submitted a request to relieve him of his post to Prime Minister Mohammed Al-Sudani, amid a series of issues and problems in the financial and banking sector in Iraq, which include the failure to co...

US Treasury Takes Control of Iraq's Central Bank to Combat Money Laundering link Three informed sources close to the political and parliamentary decision-making process in Baghdad revealed extremely dangerous information confirming that the US Treasury Department has taken a permanent headquarters in the Central Bank of Iraq building. They considered that this step came as a result of the grea...

US requests CBI to merge dollar-banned banks and close distressed banks link to My FX Buddies Blog The sources noted that the Central Bank of Iraq is expected to implement swift actions in this regard. “This move aims to stabilize the banking sector and improve the exchange rate.” “In response to Washington’s demands, the Central Bank has enlisted an international consultancy to devise a comprehen...

5 billion of state funds as a “grant to parties”.. A new challenge to the 2024 budget link Legal expert, Dr. Wael Munther, raised an objection today, Saturday, regarding the Ministry of Finance’s letter addressed to MP Amir Al-Maamouri regarding the “political parties’ grant.” Munther told Al Jarida, “The Ministry of Finance’s address published on MP Amir Al Maamouri’s page is incorrect. The Minis...

With a difference of 15 trillion.. Parliamentary Finance reveals the extent of the discrepancy in the budget tables before and after approval link He added, "These increases are contrary to the tables approved by the House of Representatives, and the Parliamentary Finance Committee has no role in tampering with the budget tables, and the House of Representatives voted on the tables that were...

The Iraqi Stock Exchange determines the colors of the data and prepares to broadcast on YouTube link The Iraq Stock Exchange announced today, Tuesday, its readiness to launch the trading screen broadcast on YouTube, while indicating the data colors.  Regarding the launch of the broadcast on YouTube, Abdul Salam said, “Today’s session will also witness the launch of the broadcast via the Iraq Stock...

Addressing the problems of the Iraqi financial system link The financial system in Iraq consists of a group of institutions and structures that manage the financial and economic affairs of the country. Here are the components of this system in detail:  1. Central Bank of Iraq: - Role: It is considered the body responsible for implementing monetary policy, issuing currency, and managing cash reserv...

Economist calls on the government to delay joining the World Trade Organization link He added, "This endeavor has positive effects, including expanding economic partnerships and integrating it into the global economy, but on the other hand it represents a problem, especially since the demands of the World Trade Organization are to allow the access of its members' trade to the markets and...

Iraq resumes negotiations to join WTO link Hashemi added that "the first preparatory meeting was held at the organization's headquarters with the Director of the Accession Department and the organization's experts in goods, services and intellectual property, headed by the Director General of the Department of Economic Relations and the membership of negotiators representing the Iraqi...

Iraq moves to break dollar restrictions in crucial talks with Washington link to My FX Buddies Blog Iraq experienced a shortage of dollars last year after the Federal Reserve Bank of New York began closely examining transfers to Iraqi banks. Iranian companies and individuals have long used banks in neighboring Iraq to access dollars and circumvent U.S. sanctions. The Central Bank of Iraq has pledg...

Baghdad and Washington discuss the stability of the exchange rate of the dinar against the dollar link For his part, Nelson praised "the steps taken by the Iraqi government to support the Iraqi economy and address the challenges facing it. He stressed that the relevant American institutions understand the seriousness of the Iraqi government in updating the work mechanisms in Iraqi institution...

The Central Bank explains the reasons for the rise in dollar prices link Today, Wednesday, a member of th e Board of Directors of the Central Bank  of Iraq, Ahmed Barihi, explained the reasons for the rise in dollar exchange rates in the local market. Berihi said in a statement to the Maalouma Agency, “The issue of the rise in the exchange rate of the dollar against the Iraqi dinar in the local ma...

The dollar's flight does not threaten the dinar link to My FX Buddies Blog The dollar's flight does not threaten the dinar.. Al-Sudani's advisor dispels fears: The dollar system is a thing of the past The financial and economic advisor to the Iraqi Prime Minister, Mazhar Mohammed Salih, commented on Monday on the return of the rise in the exchange rate of the US dollar against the Iraq...

Will the exchange rate reach 1600 dinars? link to My FX Buddies Blog Economic expert, Munar Al-Abidi, confirmed that the dollar exchange rate in the parallel market may reach 1,600 dinars in the coming days after the Central Bank reduced the money supply. Al-Obaidi said that the parallel exchange rate in the local market changes as a result of supply and demand, noting that it is expected that the...

Despite the rise in the dollar, Saleh: The parallel market today is not important link to My FX Buddies Blog He added, "In light of the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level, which has become st...

Massoud Barzani in Baghdad on Wednesday for the first time in 6 years.. What does he bring? link to My FX Buddies Blog According to local reports and Kurdish sources, Barzani will visit Baghdad next Wednesday to discuss several issues. The visit can be described as not discussing pending files, but  rather as a final culmination of the end of all technical and legal discussions on all current file...

The President of the Republic approves the 2024 budget schedules link Today, Thursday, President Abdul Latif Rashid ratified several laws, including the 2024 budget schedules. The Presidency of the Republic stated in a statement received by {Al-Furat News}, that “The President of the Republic, Abdul Latif Rashid, ratified a number of draft laws, which are the schedules of the Federal Budget Law fo...

Parliamentary calls to curb the rise of the dollar in Iraq link Saturday, Representative Ola Odeh called on the Central Bank of Iraq to take serious steps and quick measures to limit the continuing crisis of the high exchange rates of the dollar against the Iraqi dinar. Odeh said in an interview with the “Al-Ma’louma” Agency, “The exchange rates of the dollar against the Iraqi dinar during the day...

Finance begins distributing estimates of current expenditures, revenues, and investment projects for 2024 link Today, Saturday, the Ministry of Finance announced the start of distributing estimates of the state’s current expenditures, revenues, and investment projects for the year 2024. A Finance statement received by Al-Rabaa stated, “The Budget Department calls on all ministries, governorates, a...

What are the consequences of Saudi Arabia’s decision on the global economy? link to My FX Buddies Blog Professor of Economics at Al-Maqal University, Nabil Al-Marsoumi, revealed the implications of Saudi Arabia’s decision not to renew the economic agreement with the United States of America. Al-Marsoumi stated in a blog post followed by “Al-Eqtisad News” that “Saudi Arabia’s decision not to renew...

Iraq is preparing to establish a project that will change the oil map.. Will it affect energy producers? link to My FX Buddies Blogpost “On e of the problems that the project may face is the refusal by some pivotal regional countries to hinder Iraq’s attempts to diversify Iraqi oil export outlets towards the West, in addition to the security pressures and stability problems that still constitute a...

Parliament asks the Presidency to approve the budget schedules link to My FX Buddies Blog M/ Parliamentary decision good greeting .. We are sending you Parliamentary Resolution No. (64) of 2024, voted on in session No. (27), held on 6/3/2024 of the first legislative term, third legislative year. Fifth electoral cycle. with respect Accompaniments: Parliamentary Resolution No. (64) dated 6/3/2024 0