My FX Buddies

The Iraqi Securities Commission signs an agreement with the World Bank link to My FX Buddies Blog "The goal of the agreement is to enhance and develop the investment environment in Iraq by improving environmental, social, and governance regulations and frameworks  to comply with international standards, enhancing the ability to implement and supervise their implementation in Iraq, and contrib...

International Monetary Fund expects growth in the Iraqi economy link The head of the International Monetary Fund mission in Iraq, Dr. Ghazi Shubaikat: There has been growth in the Iraqi economy in light of the reforms adopted by the government. Shubaikat explained, in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that in conjunction with the reforms adopted by the government with the...

Reconstructing Iraq: The role of banks in financing the future link to My FX Buddies Blog Germany's experience after World War II is an inspiring example of how banks can play a crucial role in the country's reconstruction. The KfW German Development Bank has contributed to financing many vital projects in Germany, such as rebuilding industrial and residential infrastructure, and providing...

The House of Representatives sends the 2024 budget schedules to the Ministry of Justice - The Iraqi Facts link to My FX Buddies Blog The Prime Minister stressed that "Iraq has many investment opportunities presented to international companies, welcoming the participation of British institutions and companies in various sectors, especially the sectors of energy, industry, agriculture, and othe...

Parliamentary Finance fails to pass the budget schedules due to (a political decision) link Committee member Mustafa Al-Karaawi said, in a statement followed by Mawazine News, that “the Finance Committee met today, with all its members, in order to vote as a final decision on amending the budget schedules, or passing them as they are, but in the last moments of the meeting the political decision c...

Iraqi Dinar: IBBC issues Major New Paper on De-Dollarisation of Iraq link to My FX Buddies Blog This revaluation of the dinar combined with restrictions on dollar transactions has also seriously injured private sector businesses that were engaged in exporting. Previously, many contracts between international firms such as oil companies and their Iraqi employees and suppliers were denominated and o...

Central Bank: The issuance of new monetary denominations will not affect the dinar exchange rate link to My FX Buddies Blog Brehi told Al-Ma’louma, “Issuing rumors on social media sites about the issuance of new monetary denominations aims to create a state of confusion in the Iraqi market.”    He added, " The Central Bank of Iraq is working according to well-studied plans, and there is no in...

The government sees clear indicators: the parallel dollar will be equal to the official one link Saleh said in a press statement followed by “Baghdad Today” that “the price of the dollar will be 1320 dinars  in the coming days ,” noting that “the important factors that work to reduce the value of the US dollar against the Ir aqi dinar in the parallel exchange market will remain centered on two imp...

Al-Sudani: We will not let the projects stop in any governorate, and their completion will change the economic and social reality link Prime Minister Muhammad Shiaa Al-Sudani stressed today, Thursday, that we will not let the projects stop in any governorate, indicating that their completion will change the economic and social reality of the governorate. The media office of the Prime Minister stat...

Biden extends the state of national emergency EO 13303 in Iraq for an additional year link to My FX Buddies Blog Today, Monday (May 20, 2024), US President Joe Biden announced the extension of the national emergency in Iraq for an additional year. Biden said in a letter addressed to the US Congress and published by the White House, “The obstacles to the orderly reconstruction of Iraq, restoring an...

Sudani: General Budget Law No. 13 for the years 2023-2024-2025 has become effective link Prime Minister Muhammad Shiaa Al-Sudani confirmed that the General Budget Law No. 13 for the years 2023-2024-2025, which was approved by Parliament and published in the Official Gazette last June, has become effective. Al-Sudani pointed out in a press conference today, attended by the National Iraqi News Agenc...

Iraq seeks collaboration with Amazon on data center to facilitate internet access link to MY FX Buddies Blog Iraqi Minister of Communications Hiyam al-Yasiri held talks with Amazon representatives on Thursday to explore avenues for collaboration on establishing a data center in the country. The project, according to a statement from the Ministry of Communications, aims to improve internet affordab...

Next Sunday: an extraordinary session of the Council of Ministers to discuss the budget schedules link On Tuesday, Iraqi Prime Minister Mohammed Shia Al-Sudani chaired the 20th regular session of the Council of Ministers, in which the general situation in the country was discussed, along with several vital files included in the government program. Al-Sudani's media office stated that the Prime...

The dollar is reeling from a fatal blow and there are fears of a collapse of the dinar link to My FX Buddies Blog post The fluctuation in dollar prices and the rise in gold prices has significantly affected the contraction of the commercial market in terms of imports and purchases of goods, amid confusion in opinions between the return of the rise in green and its decline to the official price set...

The Iraqi Central Bank informs France of the plan to restructure government banks link to My FX Buddies FX Blog A statement from the bank stated that, “The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the French Ambassador to Baghdad, Patrick Durel, and the meeting dealt with ways to strengthen banking relations between the two countries, and His Excellency the Governor gave...

Simplifies account opening and transfer processes.. Al-Rafidain explains the importance of adopting a comprehensive banking system link The bank's general manager, Ali Karim Hussein, told the Iraqi News Agency (INA): "Since we took over the management of the bank, Al-Rafidain Bank has be gun activating the comprehensive banking system in its branches spread a cross government institutions...

Association of Banks: Depriving Iraqi banks of the dollar is temporary and will be lifted link to My FX Buddies Blog Tariq explained in a press statement that “an important part of the challenges facing the private banking sector is “depriving a group of banks from dealing in the US dollar.” He pointed out that this deprivation “does not fall under sanctions, but rather stops the use of the dollar...

Al-Sudani: We are keen to develop the work of the TBI Bank and address the problems it faces link to My FX Buddies Blog The Prime Minister’s med ia office said in a statement, seen by Al-Iqtisad News, that “Al-Sudani chaired a meeting to discuss and evaluate the work of the Iraqi Trade Bank TBI, and its contributions to the financing and economic development of the country, in the presence of the...

His financial advisor: The dollar exchange rate in the parallel market is gradually approaching the official one link Today, Thursday, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, explained the dangers of the exchange rate fluctuations in the event that demands for floating the dinar are met, while confirming that the dollar exchange rate in the parallel market is gr...

Economist reassures: Financial liquidity is available and there are no risks to the Iraqi dinar link to My FX Buddies Blog Economic affairs expert Safwan Qusay confirmed that financial liquidity is available and there are no high risks regarding the existence of the Iraqi dinar. Qusay said, in a televised interview followed by Mawazine News, that “oil revenues rose during the first three months of...

A fixed or fixed exchange system for the Iraqi dinar link to My FX Buddies Blog Rentier countries seek to adopt a fixed exchange system (pegged) to a strong foreign currency or several currencies (a basket of currencies) to ensure the stability of foreign transactions, as long as they export one depleted commodity and import many goods and services, and they are called “small open countries.”  Des...

Prime Minister's Advisor: We will see the dollar fall on the black market soon link to My FX Buddies Blog post Al-Sh ammari said in a press statement received by Al-Maalouma, that “the classification of financial institutions in Iraq according to World Bank reports is positive, and the Central Bank’s classification is A++ and exceeds the Emirati classificatio n.” He added, "Iraq wants to...

The Association of Private Banks appreciates the efforts of the government and the Central Bank to create understandings with the Treasury, the Federal Reserve, and international banks link to My FX Buddies Blog Al-Han dal appreciated the efforts of the Iraqi government and the Central Bank of Iraq to create deeper understandings with international banks, the Federal Reserve, and the US Treasury t...

Completion of the files for the initial offer of goods and services within the files for accession to global trade link to My FX Buddies Blog Al-Ghurairi pointed  out that "the World Trade Organization (WTO) and the international circles welcomed Iraq's return to the negotiating table, especially since it is one of the important Arab economies that i s still outside the organization, as h...

Iraq relies on Iran for energy, food, and mitigation efforts link to My FX Buddies Blog The water crisis in Iraq has become increasingly severe and has clearly begun to affect agricultural activity, reducing the country's food self-sufficiency. This crisis has opened the door to direct financial benefits for Iran, the neighboring country that is believed to have a role in exacerbating this cri...