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"What are the reasons for the weakness of the Iraqi dinar compared to other currencies?.. An economist answers", 13 AUGUST

 What are the reasons for the weakness of the Iraqi dinar compared to other currencies?.. An economist answers

Today, Saturday, the economic expert, Abd al-Rahman al-Mashhadani, explained the 

reasons for the instability of the Iraqi dinar in the local markets compared to other Arab currencies, while confirming the existence of a large discrepancy between import and export in the country's markets.

Al-Mashhadani said, in an interview with Al-Maalouma Agency, that 

"the central banks of the Gulf countries, whether they are Jordan, Kuwait or even Saudi Arabia, have taken a decision to price their local currency, which depends on a basket of currencies, including Iraq, as bulletins previously appeared in the newspaper in the seventies." of the last century, measured on the basis of this basket.”  He added, "All global currencies are attributed to the dollar, but the economies of these countries are stable  and there is no problem, and the difference is obtained at the prices of market materials, 

that is, inflation occurs and the rates of rise increase, which happened in the UAE, Saudi Arabia and Kuwait as well."  The economist explained, 

"These countries do not deal in dollars in the markets at all, given that all financial transfers are obtained in the local currency only, and this is one of the reasons for the stability of the market," noting that "Iraq was unable to control this situation completely."  And Al-Mashhadani said, 

"The other matter is trade, that is, import and export, without relying on the government sector in particular. In Iraq's markets, as a result of the large discrepancy  between import and export, 

it is natural that there is a great demand for dollars."  He stated, 

"The Iraqi dinar was linked to the dollar before 2003, that is, from the Kuwaiti war in 1991, given that the market has always fed the import of the private sector, so there will be no stability."

The Iraqi dinar has been in an unenviable situation for nearly 20 years. 

After one dinar was equal to 3 and a half dollars during the past century, it reached more than 1550 against one US dollar, which caused problems in the Iraqi economy. Ended / 25R 

https://almaalomah.me/news/economy/ما-أسباب-ضعف-الدينار-العراقي-مقارنة-بالعملات-الأخرى-اقتصادي 

"The dinar is in the central recovery rooms", 13 AUGUST

The dinar is in the central recovery rooms.. and accusations against the Americans of creating crises

   Today 19:58
Information / special.

The official currency of the Republic of Iraq, and one of the historical manifestations and legacy that accompanied Mesopotamia for more than 90 years, proved its strength in the global economy, but in one way or another it began to decline and reached "unenviable" stages.

The dinar, which was previously compared to world currencies, reached the path of strength overnight and found itself ahead of many countries, as it began to be used in 1932, i.e. during Iraq's independence from Britain, and was replaced by the Indian rupee at a rate of 1 dinar = 13 rupees.

Later, he decided to link it to the US dollar without changing its value at a rate of 1 dinar = 2.8 dollars, and in 1971 Washington took a decision to devalue its currency by 7.9%, and in 1973 it decreased by 10% to become $3.3778, and it fell to 3.2169. $, which was the price that remained in circulation until the second Gulf War in 1991.

And after 2003, the local currency in Iraq began to decline day after day, which led to its reaching significantly low rates against the dollar, so the Central Bank's procedures did not help it, and America's policy towards the Iraqi economy "made matters worse."

The economic expert, Abd al-Rahman al-Mashhadani, explained the reasons for the instability of the Iraqi dinar in the local markets compared to other Arab currencies, while confirming the existence of a large discrepancy between import and export in the country's markets.

Al-Mashhadani said, in an interview with Al-Maalouma Agency, that 

"the central banks of the Gulf countries, whether they are Jordan, Kuwait or even Saudi Arabia, have taken a decision to price their local currency, which depends on a basket of currencies, including Iraq, as bulletins previously appeared in the newspaper in the seventies." of the last century, measured on the basis of this basket.”  And he adds, 

"All world currencies are attributed to the dollar, but the economies of these countries are stable and there is no problem, and the difference is obtained at the prices of market materials, that is, inflation occurs and the rates of rise increase, which happened in the Emirates, Saudi Arabia and Kuwait as well."  And the economist explains, 

"These countries do not deal in dollars in the markets at all, given that all financial transfers are obtained in the local currency only, and this is one of the reasons for the stability of the market," noting that 

"Iraq was unable to control this situation completely."  Al-Mashhadani points out, 

"The other matter is trade, that is, import and export, without relying on the government sector in particular. In Iraq's markets, as a result of the large discrepancy between import and export, it is natural that there will be a great demand for dollars."  And he confirms, 

"The Iraqi dinar is linked to the dollar before 2003, that is, from the Kuwaiti war in 1991, given that the market has always fed the import of the private sector, so there will be no stability."

 
The dinar is in the central recovery rooms.. and accusations against the Americans of creating crises 

In turn, a former member of the House of Representatives, Jassem Al-Bayati, personified the reasons for the weakness of the dinar currency in the Iraqi markets, while 

accusing America of playing an "inappropriate" game with Iraq.

Al-Bayati mentioned in an interview with Al-Maalouma Agency, that 

"the weakness of the dinar and its instability in the Iraqi markets, especially in recent times, has many reasons behind it," noting that 

"the first reason is the decision to re-exchange the dollar against the dinar from 1470 to 1320."  Al-Bayati explains: 

"There is no country that takes such a step and reduces the dollar by such a large percentage," adding: 

"The reduction stages are supposed to be consecutive, starting from 1460 - 1420 - 1400, and so the decline is consistent."  And he added, 

"We are now in a state of confusion, as we cannot obtain dollars in the local markets, not even from bank accounts," noting that 

"the dinar is going through a period of instability."

And the former member of the House of Representatives points out that, 

"The other thing behind the instability of the dinar is the connection of the issue with America, which is playing an inappropriate game with Iraq."  And Al-Bayati shows that 

"the decision to reduce the dinar is governmental and it bears its responsibility," noting that 

"the central bank's measures to restore the strength of the Iraqi dinar did not bear fruit, and things may be complicated after more."  He continued his speech, saying: 

“The decision to return the dollar to 1,320 dinars greatly affected the financial budget, and nearly 10 trillion dinars were sacrificed,” noting that 

“price speculators and those close to America and neighboring countries supporting Washington are the ones who obtained these 10 trillion through Buying the dollar at 1320.

The sources of countries' strength in the economic field are determined by several factors, foremost of which is the national currency, which requires elaborate measures to maintain its strength internally and externally, and 

the basis of these measures is to activate the private sector, expand the import sector and reduce exports. 

https://almaalomah.me/news/economy/الدينار-في-غرف-انعاش-المركزي-واتهامات-للأمريكان-بخلق-الازمات

 

PPI for July Up on Headline, Flat on YOY Core, 13 AUGUST

 QQQ  FORECAST OF ZACHS ABOUT QQQ

SPY  DIA  

FORECAST OF ZACHS ABOUT SPY.    FORECAST OF ZACHS ABOUT DIA

Pre-market indices are wallowing back in the red at this hour, minutes after the latest inflation report — July’s Producer Price Index (PPI) — was released, with results coming in either in-line or hotter than anticipated. This follows yesterday’s Consumer Price Index (CPI), which showed, for the most part, a continued slow decline in inflation metrics. Market participants at the time thought this spelled the end of Fed rate hikes, near-term, but eventually relinquished much of this exuberance.

This morning, headline PPI month over month came in at +0.3% — the hottest single-month print since November of last year — and a notable jump from the downwardly revised 0.0% registered for June. When we take away volatile food and energy prices, we come to the “core” read, which also reached +0.3% last month — an even bigger leap from the downwardly revised -0.1% for June. Ex-food, energy and trade, this figure comes in at +0.2%, in-line with expectations.

Just like with CPI numbers, however, the year-over-year reports are really where we see inflation on the economic map: +0.8% on year-over-year headline is the hottest monthly print since the +0.9% posted in May, and well above the previous month’s revision to +0.2%. If this looks to you like bad news, keep in mind these figures are relative: back in early 2022, these numbers were coming in hotter than +11%!

Core PPI year over year is now +2.4%, down from the +2.5% expected but in-line with the downwardly revised June read. This goes back to the lowest level since January 2021. Ex-food, energy and trade, we’re at +2.7% — likewise in-line month over month but above estimates for +2.5%. Services looks to have made up the lion’s share (+40%) of gains this month, with a notable rise in portfolio management costs.

These are the last big inflation reports of the week; after today’s open we will see Consumer Sentiment for August, which is expected to tick up to 72.0. While important in its own right, this metric does not carry the hefty of CPI/PPI numbers for a particular month. Thus, pre-market futures at this hour are -60 points on the Dow, -11 for the S&P 500 and -67 points on the Nasdaq. Perhaps a re-think, as we had yesterday in the opposite direction, will take hold: inflation has been provably tamed to a good extent. Whether it’s been inoculated by existing interest rate hikes or will need another booster shot from the Fed is still an open question.

https://www.zacks.com/stock/news/2135750/ppi-for-july-up-on-headline-flat-on-yoy-core

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"Euro / Zimbabwean Dollar currency rate forecast ", 13 AUGUST

EUR/ZWL Currency Rate is 353.029 today.

1 year EUR/ZWL Forecast: 567.25180464598 *

5 year EUR/ZWL Forecast: 1846.406 *

About the Euro / Zimbabwean Dollar currency rate forecast 

As of 2023 August 13, Sunday current rate of EUR/ZWL is 353.029 and our data indicates that the currency rate has been in an uptrend for the past 1 year (or since its inception).

Euro / Zimbabwean Dollar has been showing a rising tendency so we believe that similar market segments were very popular in the given time frame.

Our site uses a custom algorithm based on Deep Learning that helps our users to decide if EUR/ZWL could be a good portfolio addition for the future. These predictions take several variables into account such as volume changes, rate changes, market cycles.

Future currency rate of the currencies is predicted at 567.25180464598 (60.681% ) after a year according to our prediction system.

This means that if you invested $100 now, your current investment may be worth $160.681on 2024 August 13, Tuesday.

This means that this pair is suited as a new addition to your portfolio as trading bullish markets is always a lot easier.

https://gov.capital/forex/eur-zwl/

Iraq News Corruption Holding Up the RV and Iraq's Progress by SANDY INGRAM

"IRAQ'S RANK IN THE ARAB WORKD & GLOBALLY, WITH THE HIGHEST SHARE OF GDP", 13 AUGUST

Learn about Iraq’s rank in the Arab world and globally, with the highest share of GDP

Iraq is ranked 113th in the world and seventh in the Arab world. It has the highest share of GDP among 190 countries listed.

According to a report by CEOWORLD, rich countries typically have higher per capita GDP, indicating strong economies and high income levels.

According to her, GDP per capita is not the only factor determining a country’s well-being. Income inequality, wealth distribution, and public services also play a crucial role.

According to the magazine, Iraq ranked 113th in the world and seventh in the Arab world in terms of per capita GDP, which is $4,775.

In the Arab world, Qatar has the highest GDP per capita at $66,838, followed by the United Arab Emirates at $44,315. Bahrain ranks third at $26,562, followed by Saudi Arabia at $23,185, Oman at $19,509, and Libya at $6,357. Iraq ranks seventh, Lebanon eighth at $4,136, Jordan ninth at $4,103, and Tunisia tenth at $3,807.

Globally, Monaco has the highest per capita GDP at $234,316, followed by Luxembourg at $133,590, Bermuda at $114,090, Iceland at $100,172, and Switzerland at $91,991.

At the bottom of the world, Burundi has the lowest per capita GDP of $221, followed by Afghanistan at $368, and Somalia at $446.

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Erbil urges Baghdad to abide by the constitution in enacting the oil and gas law

8-11-2023

Erbil urges Baghdad to abide by the constitution in enacting the oil and gas lawThe Kurdistan government has expressed its concern about the recurrence of the political crisis that accompanied the adoption of the federal budget law, noting that differences impede the inclusion of the rights of the Kurds in the draft oil and gas law, which is witnessing a round of talks in Baghdad in preparation for its legislation in the federal parliament.

The region’s cabinet stressed the adoption of “constitutional foundations” in preparing the oil and gas law jointly between the federal government, the regional government, and the oil and gas-producing provinces.

A statement of the Council stated that the latter held a meeting the day before yesterday evening, in the city of Erbil, the capital of the region, headed by Prime Minister Masrour Barzani and in the presence of the Vice President of the Council, Qubad Talabani, and it dealt with “a number of issues included in its agenda.”

At the beginning of the first paragraph of its agenda, “The Council of Ministers reviewed the results of the visit of the Kurdistan Regional Government delegation to Baghdad, related to the preparation of a draft federal oil and gas law jointly between the federal government, the Kurdistan region and the Iraqi oil and gas producing provinces, based on the constitutional articles related to the oil and gas sector. ».

Barzani stressed the need to “prepare a draft oil and gas law at the federal level of Iraq, based on the provisions of the constitution related to the oil and gas sector,” noting that “these constitutional articles constitute the basic foundation for that, as clearly stipulated in the constitution, and the draft law should have With the approval of the federal government, the Kurdistan region, and the oil-producing provinces in Iraq, reflecting the principles of the federal system in the country, as established in the constitution.

He stressed the need to “respect the agreements concluded between the Kurdistan region and the federal government regarding the rights constitutionally guaranteed to the region.”

The Council of Ministers stressed the importance of «having a law that regulates the oil and gas sector at the level of Iraq, provided that it is compatible with the principles of organizing this sector and with the federal system of the Iraqi state, as stated in the constitution».

Also in the context, the official spokesman for the Kurdistan Regional Government, Peshwa Hawrami, revealed that the government seeks to protect the dues and constitutional rights of citizens in the issue of approving the oil and gas law.

And he said, in a press conference, that «our message to the political parties in the region is that the draft oil and gas law differs from the budget law», noting that «the differences between the political parties in the region affected the draft budget law, and we were unable to include all the rights of citizens in this project either Because of these differences or because of the mentality that wants to limit the region ».

And he called on the political parties to “unify the ranks on the issue of the draft oil and gas law, because this will affect the lives of citizens.”

I warned against repeating the budget scenario: political differences impede the rights of our citizens

He added, “Our message to the political parties in Baghdad is to give the rights of the Kurdistan region,” stressing that “anything outside this framework will not be acceptable to us.”

He continued, “We are now in the first stages of negotiation, and we hope to reach a good agreement with Baghdad that will be in the interest of both sides.”

On the other hand, the federal government relies on the law on the negotiating table to resolve the outstanding issues between Baghdad and Erbil, most of which are related to the issues of oil and financing.

The political advisor to the Prime Minister, Sabhan Mulla Jiyad, believes that the file of the oil and gas law will “open all outstanding files” between the central and regional governments, and will also contribute to resolving the dispute between the two governments.

He said in a televised statement that “previous governments made a mistake by neglecting the oil and gas file. Correcting relations between the center and the region is often done by agreement on paper, but on the ground there is failure and negligence.”

And he indicated that «the government of Muhammad Shia’ al-Sudani has a new vision of the form of the relationship between the center and the region».

He added, “Baghdad and Erbil are oscillating in their places to solve the problems created by the constitution, and the Kurdistan region is required to take care of the intimate relationship between the Kurds and the Iraqis.”

According to him, “the oil and gas law will open all outstanding files between the two governments, especially the export of oil, and will also contribute to resolving the dispute between the center and the region.” .

In parallel, the Parliamentary Oil, Gas and Wealth Committee spoke about the outcomes of a government meeting regarding the oil and gas law that took place in the capital, Baghdad, the day before yesterday.

Committee member, Intisar Al-Jazaery, reported that “a meeting was held in Baghdad regarding the oil and gas law, which included all concerned parties from the executive authority, in addition to the governor of Basra, as it is the first province to produce oil.”

She added, in a statement to local news websites, that “the meeting witnessed the issuance of a draft oil and gas law, which was submitted by all parties, including the Kurdistan region,” indicating that “the draft contained a lot of materials related to licensing rounds for oil-producing and non-oil-producing provinces, how to distribute them fairly, and how to develop them and advocate.” To invest in oil and petroleum in a sophisticated way in the coming years ».

And she explained that «this draft was written in order to discuss the materials contained within it and to know the developments that may occur on it, and then after that it will be discussed within the Oil and Gas Committee, as the committee responsible and concerned with this file».

And on the fields of the Kurdistan region, Al-Jazaery indicated that “the oil and gas law will be approved to eliminate all these problems, and for the management of this file to be unified by the federal government.”

She pointed out that “the region produces oil, but in return it receives the salaries of its employees from the center, which pushes the federal government to control all wealth, including the Kurdistan region, as it belongs to all the people.”

And she continued, “This law regulates all oil extraction and export operations through SOMO,” noting that “this draft contains many important articles, and in the coming days it will reach the House of Representatives.”

rawabetcenter.com 

Stabilization IQD BY NADER FROM MID EAST, 13 AUGUST

USD/IQD & USD/VND FORECAST, 13 AUGUST

 USD/IQD Forecast, United States Dollar / Iraqi Dinar currency rate prediction: Buy or sell USD/IQD pair?

USD/IQD Currency Rate is 1313.240 today.

1 year USD/IQD Forecast: 2279.0019038368 *

5 year USD/IQD Forecast: 7823.851 *

As of 2023 August 13, Sunday current rate of USD/IQD is 1313.240 and our data indicates that the currency rate has been in a downtrend for the past 1 year (or since its inception).

United States Dollar / Iraqi Dinar has been showing a declining tendency so we believe that similar market segments were not very popular in the given period.

Our site uses a custom algorithm based on Deep Learning that helps our users to decide if USD/IQD could be a good portfolio addition for the future. These predictions take several variables into account such as volume changes, rate changes, market cycles.

Future currency rate of the currencies is predicted at 2279.0019038368 (73.54% ) after a year according to our prediction system.

This means that if you invested $100 now, your current investment may be worth $173.54on 2024 August 13, Tuesday.

This means that this pair is suited as a new addition to your portfolio as trading bullish markets is always a lot easier.

https://gov.capital/forex/usd-iqd/

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USD/VND Forecast, United States Dollar / Vietnamese Dong currency rate prediction: Buy or sell USD/VND pair?

USD/VND Currency Rate is 23760.00 today.

1 year USD/VND Forecast: 40786.629542157 *

5 year USD/VND Forecast: 144501 *

About the United States Dollar / Vietnamese Dong currency rate forecast

As of 2023 August 13, Sunday current rate of USD/VND is 23760.00 and our data indicates that the currency rate has been in an uptrend for the past 1 year (or since its inception).

United States Dollar / Vietnamese Dong has been showing a rising tendency so we believe that similar market segments were very popular in the given time frame.

Our site uses a custom algorithm based on Deep Learning that helps our users to decide if USD/VND could be a good portfolio addition for the future. These predictions take several variables into account such as volume changes, rate changes, market cycles.

Future currency rate of the currencies is predicted at 40786.629542157 (71.661% ) after a year according to our prediction system.

This means that if you invested $100 now, your current investment may be worth $171.661on 2024 August 13, Tuesday.

This means that this pair is suited as a new addition to your portfolio as trading bullish markets is always a lot easier.

https://gov.capital/forex/usd-vnd/

DINARLAND UPDATE, 13 AUGUST

 MarkZ

[via PDK]

“Dana Gas receives $80 million from Iraq’s Kurdistan region”

oil is absolutely flowing in the Kurdistan region. I think this is a solid sign that the money is moving and so is the HCL (hydrocarbon law). This is a big one in my book…

They need this sooner not later.  IMO they do not need a float that is going to take forever. Things are very positive coming out of Iraq. …I cannot tell you the exact timing yet…but sources think  it may be sometime between the 15th and the 20th of August …This August – not next..lol.

MilitiaMan (KTFA)

Article:
“Development Fund.. a step for economic advancement and investment revival”

This article is packed with data! They are talking about the “nucleus” of the projects that will get Iraq into the real world of infrastructure build out, to get the development project off the ground and into to the private sector…It is all about show time…The costs associated with building networks of industrial cities, infrastructure, etc.. It is going to be massive and effectively far more cheaper once they adjust their currency to reflect a real effective exchange rate.. Amazingly cheaper IMO…

The Central Bank put out strict measures… now they’ve put out a 4th package.  That 4th package is to reduce the interfaces for people to be able to get the dollar.  Once they get rid of the dollar, what happens?  The parallel market is going to get even worse… because …supply and demand.  If you reduce the dollar, it’ll become so expensive that they’re not going to want to use it.  There will come a time where because they can’t get it they’ll be forced to use their own dinar.  That’s what this package is dealing with.

Article:
“Towards a new global financial system Economical”

This article doesn’t go so far as to suggest Iraq is in the running or even applying to be a member of BRICS. Iraq may fall into the category of interested and monitoring developments while collecting and analyzing information.  We will be watching close…

Frank26 (KTFA)

The HCL is not delayed…it’s in the budget and it waits for the new exchange rate…HCL is a vital key in releasing the new exchange rate…Once you see the HCL you will also automatically see the new exchange rate.  They go hand in hand.

Question:
“If I only turn in a few dinars, how long will I have to exchange the rest?  60 days?  30 days?”

Unknown.  But IMO the IMF normally gives years for the float but with the great demand of the Iraqi dinar right now IMO it will not take that long.

There’s no such thing as “one” 800# unless you’re talking about the United States Treasury.  That’s your universal 800# that you can pick up and ask them, ‘Hey which one of your banks is going to be exchanging the Iraqi dinar?’  They’ll gladly tell you.  You know why?  Because they want you to exchange your dinars at these American banks so the dinar can be put into our federal reserves.

"IRAQ HAS BEEN FULLY RELEASED OUT OF CHAPTER VII" BY MNT GOAT, 13 AUGUSY

The BIG, BIG news…I quote- “the technical advisor to the Prime Minister, Muhammad Sahib al-Darraji, confirmed that Iraq did not actually come out from under Chapter Seven, indicating that the Federal Bank controls the dollar.” 

 Actually “officially”…Iraq has been “fully” released out of Chapter VII. So why does this advisor say otherwise?  …the US won’t let Iraq get out their control of the billions of dollars of oil revenues flowing through the NY Chase Bank. That is really the issue. ..So, what situation does this put us in for getting the RV? 

Common sense dictates that the US will have to let go eventually and allow the full impact on Iraq of getting out of Chapter VII and freeing up their oil $$ under their control once again. 

The mere fact that we are seeing an article like this one tells us the pressure is building to let go. This may take some actions from the UN to force the US to let go. They will also have to let go of OFAC sanctions on the dinar, which are still be imposed on it.  If the constitution is fully implemented and the Pillars of Financial Reform are completed, we may see the RV and the Reinstatement.