May 27 Information / Baghdad Member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, confirmed today, Monday, that the issuance of new cash denominations, large or small, will not affect the dinar exchange rate.
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 intention to issue new currencies in large or small denominations."
He explained, "If we assume that the central bank issues a new currency, this will not affect the exchange rate of the Iraqi dinar." Ended / 25 AD
I agree it's going to happen. I don't have doubt about that. I'm just keeping an eye on whether or not they want to delete the zeros. If they go to a free floating market hopefully there won't be...deleting the zeros and we'll see the exchange rate go up pretty quick before they have time to respond...
Iraq was already a member of the World Trade Organization. They are going through the ascension process for a second time. That's because all the rules, regulations, understandings and business practices...changed once the fall of Saddam Hussein. Now we have to make sure all their practices, rules and regulations regarding trade line up once again with the World Trade Organization. Iraq has been a member of the World Trade Organization since 2004. This is their second time throughout the ascension process...
There's this misconception that the World Bank, IMF and the BIS get to tell countries what to do. They don't...They facilitate. They make recommendations but they don't control a country's bank...
Another budget is getting ready to come and go and there is no talk of the rate change. Isn't that what they told you? It would be in the new budget because there was no way for them to do large projects, there was no way for them to move forward without an exchange rate change...Why so secret now? Is this one of those things they're trying to keep from the people?
They didn't keep it from the people last time [they increased the value] and there's no mention of it this time...Keep your fingers crossed, it hasn't passed yet so maybe they'll change it between now and the time they pass it...You guys know what I think.
Floating the currency means the value is determined by the market, so if people for whatever reason want to start investing in the Iraqi dinar and the start buying up the Iraqi dinar that means the demand for it is there, think supply and demand.
Since they have a liquidity issue, there's not going to have a lot of Iraqi dinar out there and if that's the case then they don't have the supply to feed the demand...But we'll be more than happy to sell our Iraqi dinar back to them if they get the exchange rate up around a quarter or more. I know I would.
The Chairman of the Finance Committee, Engineer Atwan Al-Atwani, received today, Monday, 27/5/2024, the World Bank delegation headed by Mr. Jean-Christophe Carré, Regional Director for the Middle East, to discuss supporting the development road project and the energy sector in Iraq.
The meeting reviewed the economic vision of the Development Road Project and its strategic importance in activating the investment movement, maximizing non-oil revenues and providing job opportunities.
He also discussed the multi-stage support provided by the World Bank for the Development Road project, including the modernization and rehabilitation of the current railway network and linking it from southern Iraq through the north to Turkey.
Mr. Al-Atwani called on the World Bank delegation to present new insights and ideas on achieving optimal investment for this huge project, which it is hoped will make Iraq an economic corridor linking Asia with Europe.
The Chairman of the Committee explained that the infrastructure of the development path should be in the hands of the government so that this important project linking Iraq with the countries of the world is not subject to effects.
The meeting witnessed a discussion of the continued support from the World Bank for the energy sector in Iraq, especially with regard to strengthening the electricity network, developing renewable energy and regional connectivity
.
the House of Representatives the media department 28/5/2024
This is pure gold this morning… Article: “US Ambassador praises Iraq’s official adoption of E-Payment system” This particular US ambassador is well known as the “Ambassador of re-valuations”She usually gets sent to whatever country whose value is about to change. She is there in Iraq right now.
It certainly is a “push” ...They are talking about it openly in the Iraqi news. …They are blatant on this one “The impending rate change”. They are telling us what they are doing... Articles in Iraq say clearly that the dinar is going to be worth more than the US dollar.
[via PDK]
did hear some interesting things from military contacts. One in particular kinda surprised me overnight...don’t panic because they do their best to cloud the timing...He said “Do not worry- it will be before July 4th.
” We will have it all before July 4th. Actually a couple military contacts gave me that same time frame. I still have great hopes for sooner...it is interesting they have plans to have it completed by July 4th…For all we know it could happen tomorrow…nobody knows the timing.
Out of Iraq – hearing we are supposed to be getting news on Sunday that has to do with the budget but since they have already passed it- does this mean we are getting a rate? Or which projects were executed or started? I do not know.
I am seeing rates of somewhere between $3.81 to $3.91 from a number of contractors working in Iraq. They are working on infrastructure - everything from hospitals to power grid to roads etc... And I am still thinking it will be $2 something on the dong. I hope I’m wrong and my contacts are right and it’s closer to the $3 mark.
The US ambassador in Baghdad, Alina Romanowski, on Tuesday expressed her admiration for “great news” from Iraq, expecting economic growth supported by a modern financial system in the country
.
“Great news!” Romanowski said in a post on the X platform, “Great news! Iraq officially ratified the electronic payment system on April 29.”
“This step will pave the way for a modern financial system and economic growth,” Romanowski added.
