Sunday, August 13, 2023
"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
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
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 DIAPre-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"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.
"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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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.
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.”
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.