Sunday, December 10, 2023
"RV UPDATE" BY WALKINGSTICK, 11 DEC
Walkingstick
Question: "Do you think the tellers [In Iraq] have the lower denoms?" No. "...Executive levels?" Yes. Samples and specimens and LDs only at executive levels right now...
[Iraqi bank friend update]
IRAQI BANK FRIEND: The meetings we have had with the CBI we are learning the next steps. Also we talked about in the meeting we are seeing many people in Iraq now coming into the banks and asking questions and we have given the banks permission, they are now allowed to explain all about the monetary reform process and where it's at right now to the citizens as they ask...
One of their biggest questions is, 'Is it true we are getting a new currency? Yes. Are we going to receive more purchasing power with this new currency? Yes. Are we going to see a change in our exchange rate? Yes. Is this why we are removing the dollar? Yes.'
They keep asking questions over and over again. Also the question people are asking a lot about, 'When? And how much?' But at the meeting we agreed that the banks are not to be given that information just yet, not even the upper echelon. The banks are saying, "In the very near future."Oil announces the completion of drilling a new well in record time, 11 DEC
Oil announces the completion of drilling a new well in record time
On Sunday, the Ministry of Oil announced they had finished drilling a new oil well in record time.
The Ministry has released a statement confirming that the technical and engineering personnel of the Iraqi Drilling Company have completed the drilling of the MJ-159 directional oil well. This well was drilled for the Basra Oil Company as part of a project to drill 42 oil wells in the Majnoon oil field in collaboration with Halliburton Company. The primary objective of this collaboration was to provide oil services.
“He stated that they used the modern IDC-56 drilling rig with a horsepower capacity of 2,000 horsepower to carry out drilling operations. They employed a directional drilling method with an inclination angle of 38 degrees and reached a depth of 3,310 meters. The drilling of the well was completed in 35 days, which is considered a record.”
He explained that the company had accomplished remarkable success on this project in terms of quality performance and strict adherence to health, safety, and environmental standards.
The Central Bank explains the disappearance of large amounts of local currency, 10 DEC
The Central Bank explains the disappearance of large amounts of local currency
On Saturday, the Central Bank of Iraq denied allegations that large amounts of Iraqi currency had disappeared and been smuggled to neighboring countries.
The Central Bank has issued a statement where it denies the accusations of large amounts of Iraqi currency being disappeared and smuggled to neighboring countries. The Bank clarified that the quantities of Iraqi money are printed in accordance with the needs of the economy and under strict standards.
According to him, the first issuance of Emaar bonds was fully subscribed and done in accordance with the needs of the Ministry of Finance and the General Budget Law.
He emphasized that the institution is the only one in Iraq that undergoes audits of its accounts and operations from four parties, namely the Financial Supervision Bureau, an international auditing company, a committee of external auditors, and the Internal Audit Department.
The Bank emphasized that accusing someone without providing evidence to back up the claim raises doubts about the accuser’s intentions and objectives of damaging the state’s economic interests. The Bank also stressed its legal right to take action against anyone who promotes such unfounded accusations.
Iraq requests US Treasury assistance in tracking the funds of Saddam Hussein's regime, 10 DEC
Iraq requests US Treasury assistance in tracking the funds of Saddam Hussein's regime
The head of the Federal Integrity Commission, Judge Haider Hanoun, and his accompanying delegation met with US Deputy Assistant Secretary of the Treasury, Jesse Baker, to discuss the possibility of concluding a memorandum of understanding between the Iraq Money Recovery Fund and the US Treasury, according to a statement issued by the commission on Sunday.
Integrity stated in its statement that Judge Hanoun stressed, during the meeting that took place at the US Treasury headquarters, Iraq’s need for Treasury assistance, in order to reach the fate of Iraqi funds before the year 2003, linked to the era of the previous regime, its symbols and front companies, pointing out that concluding an understanding agreement between the two parties is sufficient. By facilitating this and removing obstacles and barriers, if any.
Hanoun added, saying: Negotiating with the cronies of the former regime entails the need to lift the hold on the funds recovered from the American side, praising the quick response of the American side in this regard and its pledge to fully cooperate and as permitted by the laws.
For his part, Jesse Baker praised the cooperation between the US Treasury and the Central Bank, pledging also to cooperate with the Iraq Money Recovery Fund in tracking its funds during the era of the former regime, in addition to his cooperation with the Central Bank to combat money laundering and terrorist financing, which requires concerted efforts. To confront these crimes and combat their advanced methods.
It is noteworthy that the Iraq Money Recovery Fund, which was established under Law No. (9 of 2012) (amended), aims to recover the financial rights of Iraq that were obtained by others illegally. As a result of the misuse of the oil-for-food program, the blockade, smuggling, economic sabotage, or exploitation of the sanctions imposed on Iraq at the time; To achieve financial gains at the expense of the Iraqi people. link
"RV UPDATE" BY MILITIAMAN, 10 DEC
Militia Man
Article: "Encouraging the local currency and dealing with it in light of the current economic conditions the country is experiencing is an important issue especially with the government's intention to strengthen the Iraqi dinar against other hard currencies especially the dollar..." They're educating them. All these things are fascinating. It's happening before our eyes.
Let's see how much stronger the dinar is over the dollar. Al-Sudani has stated..the dinar is going to be stronger than the dollar. That's the key focus in my view. I think it's powerful stuff.The three presidencies recall victory: Iraqis are fighting today the battle of reconstruction and construction,10 DEC
2023-12-10 01:30Font
Shafaq News / The presidencies of the Republic, the Council of Ministers and the Iraqi parliament recalled, on Sunday, the victory over ISIS, which falls on 10/12, and stressed that “the Iraqis are fighting today the battle of reconstruction and construction, fighting corruption, and the challenge of securing services.”
The President of the Republic, Abdul Latif Rashid, said, “On the day of victory over the terrorist ISIS, we remember the grave sacrifices made by our forces in all their formations, the important role of the reference, and the support of the people of all shades to defend the homeland and preserve its dignity.”
He explained that “the national solidarity to consolidate security and continue to build is a duty in order to fulfill the pure blood that was shed for the country.”
For his part, Prime Minister Mohammed Shia Al-Sudani said, “On the occasion of the sixth anniversary of the great victory over the terrorist gangs of ISIS, we remember this historic victory, in which the Iraqis were able to defeat ISIS and its terrorism, on behalf of the world and all humanity, and we recall with esteem and greatness, the titles of sacrifice for our heroic martyrs, and with them the leaders of victory, who would not have seen freedom, victory and safe living except with their great sacrifices. We also express pride and pride and pride in the heroic performance of our heroic armed forces of all kinds, which were launched towards victories armed with the great position of the Supreme Reference and fatwa on the efficient jihad of the Sistani reference, which mobilized all the energies of the country against terrorism.”
He continued, “We also salute the Iraqi woman and her great stand, and the confrontation has been won by the martyrs, the disappeared and the kidnapped, just as it has been the lives of men, and we do not fail to thank all the brothers and friends who supported Iraq in its true war against the forces of evil and darkness.”
He concluded by saying, “Iraqis today are fighting the battle of reconstruction and construction, fighting corruption, and challenging the provision of services, based on the stability achieved thanks to those sacrifices, which we cannot allow anyone to overdo, in any way.”
In turn, Mohsen al-Mandlawi, Acting Speaker of the House of Representatives, blessed the Iraqi people and security forces on this occasion.
Al-Mandalawi stressed in a statement today, Sunday, that “the fatwa of the jihad that is sufficient for the supreme religious authority, the national cohesion between the people and their security forces of various types, and the blood of the martyrs that was shed for the sake of the protection of the land and sanctities, and in the way of pride, dignity and freedom, I wrote the most pompous picture of the Iraqi victory over the forces of terrorism and backwardness, and this image will remain immortal for the extent of history and engraved in the minds and conscience of generations.”
The Acting President of the Council said that “the whole world owes the Iraqi hand thanks to ending the state of superstition that was threatening the security of the region and all the peoples of the world, calling for the completion of the security victory achieved by supporting the families of the martyrs and institutions concerned with providing them with full care.”
"RV UPDATE" BY FRANK26, 10 DEC
Frank26
Question: "How long will we have to exchange IYO?"
The American dollar 3-zero notes are still legal tender. They're from the turn of last century! We still have 3-zero notes...and they've never been expired. But in this case it's different. IMO I think they'll probably give you within a year. Therefore it could be a year, six months, 3 months...
Of course they [the banks] are going to verify it [your dinars upon exchange]. I love when people say, 'Hey Frank I need my Certificate of Authenticity...So I can give it to the guy at the bank to prove this is real dinars.' Who told you that? ' The guy that sold me the dinars...'When you take your dinars to a bank they are not going to say let me see your certificate of authenticity. They will tell you if they are real or not.Iran loses to Iraq in Middle East bank negotiations? This is America’s plan, 10 DEC
Iran loses to Iraq in Middle East bank negotiations? This is America’s plan
Estimates of an international research center
11:32
964
Estimates from an international research center reveal that the recent intensive dialogues sponsored by the US Federal Reserve, between Baghdad and major banks in the Middle East, within the “dollarization” crisis, will strengthen the balance of trade and investment exchange with India, China and Turkey, against Tehran’s ambitions, and that matters are taking place under “American auspices.” “To adjust economic relations within a large and promising market in Iraq, with an understanding of the plans of the Islamic Republic when it wants to adapt to the new rules in the world of finance, sanctions, and raging wars.
According to Mehdi Dheghmi, head of the Iranian Trade Development Organization, Tehran will try to increase its contribution to the volume of trade and investment exchange with Iraq to rise to $40 billion in the year 2035 ($13 billion currently).
Therefore, the administration of US President Joe Biden is working to dismantle the episodes in which Iraq depends on Iran, starting from the energy sector, through Iraq investing its large reserves in the field of natural gas, which amount to 133 trillion cubic feet.
If this is achieved, Iraq will be able to achieve self-sufficiency in energy within the next five years, saving approximately 8 billion dollars annually, the value of gas imported from Iran to generate electricity.
In this area, the Central Bank of Iraq has been engaging in talks for weeks with a number of central banks in the region and the world to discuss the issue of expanding the basket of currencies that Iraq deals with in its foreign trade.
These discussions are taking place under the direct supervision of the US Treasury, where an understanding was reached with the central banks of Iran, Turkey, the Emirates, China, India, and the European Union regarding the currencies that will be used in Iraq’s foreign trade.
China occupies the forefront of trade exchange between Iraq and the countries of the world, as the numbers rose to reach 53.37 billion dollars, most of which is based on oil exports, while trade exchange with India reached approximately 37 billion dollars annually, especially with the increase in Delhi’s imports of Iraqi oil.
As for the exchange between Iraq and the European Union, it rose to the level of 24 billion euros last year, at a time when the numbers are expected to rise to double, especially with Iraq’s willingness and intention to export natural gas as part of Europe’s alternatives to Russian gas imports.
Iraq also recently joined the European Development and Reconstruction Bank, as this membership allows Iraq to develop its banking sector and create the appropriate climate for investment.
As the scope of trade between Iraq and the countries of the world expands, the connection of international interests to the Iraqi market increases, ensuring its stability and ensuring global energy security.
Geography plays an important role in the trade relationship between Iraq and Iran. The long borders between the two countries, the large number of commercial outlets, and the cheapness of Iranian goods compared to Iraqi products push towards increasing Iranian exports to Iraq. Iraqi goods exported to Iran are not equivalent to a tenth of Iranian goods exported to Iraq, which tilts the balance of trade in favor of Tehran.
This leads to an increase in the monetary supply of the Iraqi dinar in the Iranian market, where it is later used to buy the dollar and withdraw it from the Iraqi market.
Expanding the scope of trade between Iraq and the countries of the world would reduce the volume of trade with Iran in the medium and long term by 30%, thus reducing the volume of trade exchange between the two countries.
It is expected that China, India, and Turkey will control the volume of trade exchange with Iraq, at the expense of trade with Iran. The development path that Iraq intends to embark on will increase the volume of trade between Europe and Asia via Turkey. It will also increase the access of goods to the Iraqi market, reducing their cost and arrival time and enhancing competition for the benefit of the Iraqi consumer.
Within the framework of this equation, the government of Iraqi Prime Minister Muhammad Shia al-Sudani will have to search for and maintain a point of balance in its international and regional relations.
Developing Iraq’s trade relations with the countries of the world will be the fundamental turning point in Iraq’s foreign policies and ensuring its ability to manage its local files in accordance with the national interest.
UNAMI On Victory Day: We Reiterate Our Commitment To Support Iraq In Preventing The Return Of Terrorism And Violent Extremism, 10 DEC
UNAMI On Victory Day: We Reiterate Our Commitment To Support Iraq In Preventing The Return Of Terrorism And Violent Extremism
“On the sixth anniversary of the defeat of ISIS, we remember those who gave their lives in this crucial battle and reiterate our commitment to support Iraq in preventing the return of terrorism and violent extremism,” the mission said in a blog post read by Earth News.
“Protecting human rights and respecting diversity and democratic processes are essential elements of a cohesive and prosperous Iraq,” she added.
Al-Qaddo: We will not accept the guardianship of the American embassy over Iraq , 10 DEC
Al-Qaddo: We will not accept the guardianship of the American embassy over Iraq
"RV UPDATE" BY RAYREN98, CLARE AND NADER FROM MID EAST, 10 DEC
RayRen98
[via Babysmom] ...MOST RECENT ANTICIPATED OPENING RATES AS PER RAY...DONG .47... DINAR 3.81...WE WON'T KNOW UNTIL THE DAY WE GO TO EXCHANGE WHAT THE CURRENT RATE IS...
Clare
Article: "The World Gold Council announced, on Thursday, that Iraq and 4 Arab countries possess more than one million tons of global gold reserves ." Quote: "Iraq maintained its ranking of 30th globally out of the 100 countries listed in the table with the largest gold reserves, as it has not purchased gold since May, bringing its gold possessions to 132.7 tons, which represents 7.7% of the rest of its other reserves."
Nader From The Mid East
They are start to prepare people to use only the dinar and they start advertisement...they call it education, I call it advertisement. Things are going good...somewhere 1 to 1. [See the Iraqi dinar advertisement video under Guru Frank26's post below]
Report: More than 90 trillion dinars in cash are in circulation outside the banking system in Iraq, 10 DEC
Report: More than 90 trillion dinars in cash are in circulation outside the banking system in Iraq
The Future Iraq Foundation for Economic Studies and Consultations counted, on Sunday, the local currency circulating outside the banking system in the country during the year 2023, and said that it exceeded 90 trillion dinars.
The institution stated in a report published today that the value of the issued cash currency increased from 78 trillion dinars at the beginning of the year 2022 to reach more than 102 trillion dinars at the end of the year 2023, with a growth rate in the issued cash currency amounting to 9.24% during 2023 and a growth rate in 2022 amounting to 20%, an increase. For the year 2019, by 58 trillion Iraqi dinars, according to data from the Central Bank of Iraq.
The report added that the cash currency outside the banking system amounted to approximately 93 trillion Iraqi dinars, an increase of 30% compared to 2022, and it is the highest volume of funds existing outside the banking system throughout the history of the Iraqi banking system.
According to data from the Ministry of Planning, the population of Iraq in 2023 reached approximately 43 million people, representing only 60% of them over the age of 15 years. Therefore, the number of Iraqis’ population who are more than 15 years old exceeds 26 million people, and based on the Ministry’s figures Work, which indicates that the size of social welfare beneficiaries is approximately 14 million people, while the number of adult Iraqi citizens who are not covered by social welfare is approximately 12 million people.
The report indicated that, based on data from the Ministry of Labour, the Ministry of Planning, and the Central Bank of Iraq, it can be concluded that the average value of each Iraqi’s hoarding of money in the Iraqi currency “exclusively” is approximately 7.2 million Iraqi dinars per citizen, higher than in 2019, which was approximately 4 million. Iraqi Dinar.
According to the Foundation, considering that each home contains at least two adults (a man and a woman) who are not covered by social care, the rate of each Iraqi home hoarding money exclusively in the Iraqi currency amounts to 15 million Iraqi dinars, which is a higher percentage than in 2019, which was approximately 8.12 million dinars. Iraqi.
The report noted that, based on these official figures issued by official bodies, every adult Iraqi citizen over the age of 15 (man and woman) who is not a beneficiary of social welfare was able to increase his money stored in Iraqi dinars by 1.2 million Iraqi dinars during the years 2022 and 2023 despite From the decline in the value of the dinar compared to the dollar in the local market, in addition to the rise in commodity prices and the rise in inflation rates by 4%, according to data from the Ministry of Planning.
Hoarded money is defined as the value of money that a person keeps away from the banking system, and does not invest it or buy his own assets, but rather keeps it away from financial institutions and exclusively in the Iraqi currency and not in other currencies.
The institution concluded in its report that some believe that these numbers may be illogical, and that Iraqis are suffering from a major shortage of funds and deteriorating social conditions. However, what is proven is that the Central Bank of Iraq has, in two years, exported more than 24 trillion Iraqi dinars, warning that more Of the 22 trillion Iraqi dinars that were hoarded by adult citizens and non-beneficiaries of social welfare. link
"RV UPDATE" BY PIMPY, 10 DEC
Pimpy
[Response to the the new Iraqi Dinar Commercial video...See Frank26's 10-8-2023 post below to watch it.]
The video shouldn't be shocking to anybody. The video that was released is only supporting what we've been reading over the last couple months - That Iraq was going to start taking pride in their currency, the government wants to encourage them to take pride in their currency, they want them to start getting away from using the US dollar and start using Iraqi dinar and together they'll do what it take to strengthen the Iraqi dinar...Nice little commercial...
Community comment: "I disagree with your position. The dinar going up in increments doesn't help anyone." Sure does. It helps the Iraqi people. They get more purchasing power.Iraqi Prime Minister Stresses Commitment to Human Rights at National Conference, 10 DEC
Iraqi Prime Minister Stresses Commitment to Human Rights at National Conference
In a landmark address at the second national human rights conference in Baghdad, Iraqi Prime Minister Muhammad Shi’a al-Sudani reiterated the nation’s unwavering commitment to human rights. The conference, marking the 75th anniversary of the Universal Declaration of Human Rights, served as a beacon of hope for a better, more equitable Iraq.
The Commitment of Iraq to Human Rights
Al-Sudani shed light on the government’s actions to secure human rights, including tackling public complaints, holding law enforcement accountable, prosecuting human rights abusers, and implementing strategic measures against human trafficking and suicide prevention. Justice Minister Khalid Shawani announced that Iraq has become one of the most committed countries to send reports on the human rights file, indicating a transparent approach in the government’s workings.
Legislative Measures in Support of Human Rights
Al-Sudani also pointed out legislative efforts aimed at buttressing human rights in Iraq. He mentioned a bill concerning information rights, a key measure to ensure transparency and accountability. Additionally, a law aimed at safeguarding Yazidi survivors of ISIS was highlighted, demonstrating the government’s dedication to protect the vulnerable. Furthermore, the Prime Minister mentioned amendments to laws concerning the freedom of expression and prohibition of torture, underlining the government’s strive for justice and equality.
Call for Completion of High Commission for Human Rights
In his speech, the Prime Minister urged the Iraqi parliament to finalize the selection of members for the High Commission for Human Rights. This commission stands as a critical body in Iraq’s human rights infrastructure, working tirelessly to uphold justice and human rights. Al-Sudani’s call underscores the government’s dedication to ensuring that the commission is fully functional and effective in its mission.
"RV TIDBITS" BY TEXAS SNAKE, 10 DEC
Wed. 6 Dec. Texas Snake:
While I won’t be opening the room until morning there have been two announcements made today identifying two dates having some importance for our pending reward for the time thus far dedicated to this anticipated exchange. These dates are Dec 8th and 14th.
Will get into more of the significance of these dates in the morning but the most important take away is the 8th as all contractors are being paid at the Dinar new currency rate to be announced on the 8thfor acceptance into recognized acceptance by the IMF and World Trade Organization, that rate being $5.41 for foreign exchange commerce.
Wed. 29 Nov. Texas Snake:
It could happen at any moment, banks and exchange centers are trained and ready, it is mostly political at this point with the number on nations involved. He has 5 states he is responsible for with about 40 centers. They are prepared. “We cannot have two US currencies at the same time, so how do they cover this situation?
They create a meltdown in banking and the Securities Markets. They suspend trading and access to your funds. Then they announce the return to asset backed currencies and direct you to take your currency to your bank to exchange for the new Treasury backed currency. We foreign currency holders will be exchanging at the same time, so not to panic.
U.S. Accused of Using Its Embassy for Covert Operations in Iraq, 10 DEC
U.S. Accused of Using Its Embassy for Covert Operations in Iraq
Accusations of espionage and military operations planning have been leveled against the United States by Iraq’s anti-terror group, Kata’ib Hezbollah. The group claims that the U.S. has turned its embassy in the fortified Green Zone of Baghdad into a command center for covert activities against the Iraqi nation. Abu Ali al-Askari, a senior official with Kata’ib Hezbollah, stated that the embassy, ostensibly a diplomatic site, is indeed a hub for plotting operations against Iraqis. Al-Askari also criticized certain Iraqi politicians for turning a blind eye to this issue, hinting that their political positions would disappear once foreign forces are expelled from Iraq.
Recent Attacks on U.S. Embassy
The accusation follows a recent incident where several mortar rounds hit the U.S. embassy compound. This attack marked one of a series of actions against U.S. forces since mid-October, which are linked to U.S. support for Israel during its offensive in Gaza. Lloyd Austin, the U.S. Secretary of Defense, condemned the attack, blaming Kata’ib Hezbollah and another Iraqi group, Harakat Hezbollah al-Nujaba, for the incident.
Threats of Continued Resistance
Sheikh Akram al-Kaabi, leader of Harakat Hezbollah al-Nujaba, warned of more attacks on U.S. interests in response to an airstrike that claimed lives of his group’s members. Al-Kaabi affirmed that resistance against U.S. forces will persist until their withdrawal from Iraq. Such actions by Iraqi groups are seen as part of a broader regional resistance against U.S. and Israeli interests, which includes activities by the Yemeni army and Lebanese Hezbollah. Yemen’s Ansarullah movement recently seized a ship linked to Israel, considering it a legitimate target.
Implications for Iraq’s Future
The recent developments underscore the escalating tensions between the U.S. and Iraqi resistance groups. This resistance movement reflects not only the desire for foreign forces to leave Iraq, but also a larger regional pushback against U.S. and Israeli interests. The implications of these actions on the stability of Iraq and the region are yet to be seen. However, the persistence of these groups in their resistance, coupled with the alleged covert activities of the U.S., paints a picture of a brewing conflict that could significantly alter the political landscape of Iraq and the Middle East.
"RV UPDATE" BY CARLOS PETERS ( ENGLISH & SPANISH) , 10 DEC
Friday December 8, 2023
Carlos Peters: He says
— [12/8 09:32] DG: [11:32, 12/8/2023]: The admiral in Reno gave the green light. The whales are being paid. All other Mondays and Tuesdays.
[11:32, 8/12/2023]:
The whales are being paid!!!
They are on the level right in front of us! The admiral gave the green light in Reno! That's why all the millionaires are announced over the weekend on America's Debt Watch!
------
TRANSLATION IN SPANISH:
Viernes 08 Diciembre 2023
Why Does The Dollar Maintain Its Parallel Price Despite The “Million Shipments” Arriving In Iraq?, 10 DEC
Why Does The Dollar Maintain Its Parallel Price Despite The “Million Shipments” Arriving In Iraq?
Economy | Baghdad today – Baghdad Today, Saturday (December 9, 2023), the Parliamentary Finance Committee commented on the reason why the dollar exchange rate remained high in the parallel market, despite the arrival of shipments of the dollar to Iraq.
Committee member Jamal Kujar told Baghdad Today, “The reason the dollar continues to rise in the parallel market is the continuation of black transfers through which money is paid for a lot of imports, especially trade with Iran and Syria.”
Cougar stated, “The shipments of dollars that have arrived in Iraq and will arrive are for the purpose of providing this currency to pay for commercial work that is within the platform and not outside it, and for this parallel market, the dollar will remain high in it due to black transfers, for which the government has not developed any real solutions so far.” .
The Central Bank of Iraq had allowed licensed banks to import dollars from outside the country to cover legitimate requests for dollars.
On the other hand, Iraq's annual imports from Iran amount to approximately 10 billion dollars, according to statistical data, while all of these imports are financed from the parallel market dollar due to the inability to transfer the dollar to Iran by the Central Bank of Iraq. LINK
Fluctuations in USD-IQD Exchange Rate: Insights from Baghdad and Erbil Markets, 10 DEC
Fluctuations in USD-IQD Exchange Rate: Insights from Baghdad and Erbil Markets
The dynamics of the U.S. dollar (USD) against the Iraqi dinar (IQD) witnessed subtle shifts in the forex markets of Baghdad and Erbil. local sources reported a marginal dip in the exchange rate, offering a glimpse into the economic nuances shaping the financial landscape.
Baghdad’s Forex Markets:
In the heart of the Iraqi capital, Baghdad, the al-Kifah and al-Harithiya Central Exchanges saw the USD traded at 157,450 IQD to 100, a decrease of 250 IQD from the previous day. Parallel markets in Baghdad showcased selling and buying rates settling at 158,500 and 156,500 IQD to 100, respectively. The intricate dance between supply and demand factors contributing to these fluctuations paints a dynamic picture of the economic scenario in the region.
Erbil’s Financial Landscape:
Turning our attention to the capital city of the Kurdistan region, Erbil, the USD displayed a different narrative. Selling and buying rates in Erbil stood at 157,250 and 157,100 IQD to 100, presenting a slightly contrasting scenario compared to Baghdad. Exploring the regional variations in exchange rates provides a comprehensive understanding of how economic dynamics can differ within the borders of a single country.
Market Sentiments and Influencing Factors:
Unraveling the forces at play behind these exchange rate movements, market sentiments and influencing factors come into focus. Political and economic developments, both domestic and international, weave a complex tapestry that impacts the USD-IQD exchange rate. Analyzing these factors becomes crucial for investors, policymakers, and financial analysts aiming to navigate the volatile terrain of currency markets.
Implications and Future Trends:
As the USD-IQD exchange rate experiences fluctuations, it prompts a closer look at the potential implications and future trends. Understanding the economic pulse of Baghdad and Erbil provides valuable insights into the resilience of local markets and their susceptibility to global economic shifts. Observing these nuances becomes imperative for stakeholders seeking to make informed decisions in the ever-evolving financial landscape.
"RV UPDATE" BY MNT GOAT, 10 DEC
Mnt Goat
...the reinstatement is a multi-step process. First a new in-country rate of about 1:1, then the swap-out and then a move to FOREX. It is this move to FOREX we want and I cannot also emphasize this enough. There will NEVER be two rates...Once the reinstatement occurs the program rate stuff goes away....Then the CBI will also link to and reference the FOREX rate.
Article Quote: “ Encouraging and dealing with the local currency under the current economic conditions in the country is an important issue, especially with the government’s tendency to “strengthen” the Iraqi dinar against other hard currencies, especially the dollar, as well as seeking to present it first in order to be a “issue of a homeland” in a real way."What is the story of the disappearance of 35 trillion dinars? The Finance Committee requests an investigation into Representative Nouri, 10 DEC
What is the story of the disappearance of 35 trillion dinars? The Finance Committee requests an investigation into Representative Nouri
“We carefully monitor currency printing.”
On Saturday, the Parliamentary Finance Committee issued an angry statement criticizing the statements of one of its members about the disappearance of an amount of 35 trillion printed Iraqi dinars that do not exist inside Iraq, calling on the Presidency of Parliament to open an investigation and calling on the representative to prove his claim.
A statement by the Parliamentary Finance Committee:
We followed with great astonishment and disapproval the irresponsible statements made by Representative Muhammad Nouri during his hosting on a satellite channel to talk about monetary policy in the country and the procedures of the Central Bank of Iraq.
While we categorically deny the allegations made by Mr. Representative, as they lack credibility, accuracy, and objectivity, and indicate his lack of familiarity with the procedures and duties of the committee, we express our strong rejection of these allegations because they constitute a great abuse of the tasks and duties of the Parliamentary Finance Committee in particular and the legislative authority in general.
We also call on the Presidency of the House of Representatives to form an investigative committee to determine the validity and source of these dangerous statements, and to take deterrent legal measures against anyone who intentionally harms the reputation of the Iraqi state and its constitutional institutions.
We emphasize once again that everything that the Representative spoke about is untrue. Rather, he had to verify the information by communicating with his fellow Representatives who regularly attend meetings, before talking about sensitive files, despite the fact that he did not have any information about them due to his constant absence from committee meetings.
We reiterate that the monetary policy of the Central Bank, especially with regard to printing currency, is subject to monetary standards and foundations, and in line with the stability of the economic situation and the level of inflation, and that our Finance Committee has a clear work program for oversight of the executive authority, which will be completed at the beginning of the new legislative term, we hope. Representative Al-Nouri’s commitment to performing his legislative and oversight duties and tasks.
The aforementioned representative said in a televised interview:
More than 35 trillion printed Iraqi dinars do not exist inside Iraq, noting that there are only two neighboring countries that deal with Iraq in dinars, and more than 3 months ago, 4 trillion Iraqi dinars were entered from the (50) category,” pointing out that “Finance and Banking The Central Bank raised the issue of bonds to control the issue of the Iraqi dinar, but they only raised one trillion.”
He added, “The control of the parties and the existing quotas within the financial system is what established the failure of the Iraqi economy, and there is no country so far that relies on paper accounts and has no final accounts in banks, no electronic automation, and more than 73 private banks except Iraq,” noting that “the system The financial system must be independent in order to achieve economic balance within the country.”
He also added that “government banks are shackled by the Ministry of Finance and the Prime Minister,” indicating that “the Central Bank is a failure and does not aim for real management, and the control of some parties over its decisions affected the price of the dollar, and its biggest mistake was pricing the dollar in the budget at 132 thousand compared to 100 dollars because Iraq lost more than 9 trillion, and the difference between it and the market became high.”
While he pointed out that the one responsible for monetary policy in Iraq is “the American Federal Reserve, and it does not give money except with American approval, and whoever imagines that Iraq is in economic control is dreaming.”
He pointed out that “the loss of the Iraqi dinar caused a lot of damage and as a result many small projects and construction advances stopped,” stressing that “the Iraqi economy is completely linked to the United States and we were receiving 3 payments of the dollar now only one, and the US Federal Reserve’s sanctions caused an explosion in the exchange rate.” He deals with us according to the missiles that fall on the Ain al-Assad base and the embassy.” link