Iraq Today…Affecting Tomorrow? – October 19, 2023

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Iraq Update: Iraq is making a decision to raise interest in banks to 7.5%. Which is certainly an incentive to get the citizens to deposit money (IQD) into their accounts. This will of course help decrease the value of the USD in the parallel market and help raise the value of their currency to 1:1. But the issue with this is that they would have to float their currency up to 3:1. Something they said they have no plans on doing. Which of course is great for foreign investors who hold IQD.

Not to mention the customs automation project that is seemingly being activated by the end of the month for Iraqi citizens who will use the USD for travel purposes. Because Iraq has already opened an electronic passport gateway for currency excavation offices in airports. Measures were put in place to ensure only Iraqi Dinars were being used. Prime Minister Al Sudani confirmed that the customs automation project is an important foundation and starting point for implementing financial and banking reforms. I would like to think so because how can you apply this without the exchange rate being ready?

He also stated that It will lead to the application of a single window for foreign trade and contribute to the unification of customs procedures, electronic declarations, and the issuance of electronic declarations. So this indicates to me that Iraq plans to reinstate their currency before this year is out. Some insiders say before the month is out. Well, it certainly appears that way based on statements made by certain banks which indicated that “in the coming days of this month (October), it will start approving the electronic reservation by filling out the reservation form through the electronic registration link published on the bank’s website.’

The bank said in a statement that received a copy of it that the bank’s action “in compliance with government directives and the instructions of the Central Bank of Iraq in facilitating the procedures for obtaining the dollar for travelers easily. So in accordance with the CBI who will use this particular platform to launch monetary reforms makes plenty of sense.

Will we see a rate change by November 1st? Based on the info available it would appear as such. We will see. None the less this news is very exciting to read.

A new Iraq is approaching. God Bless.

-Ariel

Iraq Ready To Join BRICS After Banning Cash Withdrawals in US Dollar

Al-Sudani: Iraq hopes to join the BRICS group

https://iraqidinarchat.net/al-sudani-iraq-hopes-to-join-the-brics-group/

Iraq to charge Customs Duties/Taxes “Exclusively in Iraqi Dinars”

Iraq to charge Customs Duties/Taxes “Exclusively in Iraqi Dinars”

The ASYCUDA Project

The ASYCUDA Project:

This project in Iraq is still under implementation, and is expected to be fully operational in January 2024. The project is being implemented in three phases:

Phase 1: This phase involved the development of a new customs automation system based on the… pic.twitter.com/5OrjeSwc1O
— Ariel (@Prolotario1) October 19, 2023

Iraq Update: Iraq is making a decision to raise interest in banks to 7.5%. Which is certainly an incentive to get the citizens to deposit money (IQD) into their accounts. This will ofcourse help decrease the value of the USD in the parallel market and help raise the value of… pic.twitter.com/L4f9QAQKOr
— Ariel (@Prolotario1) October 19, 2023