The Sudanese and the American ambassador discuss the understandings and memorandums of the Washington visit, 3 MAY

The Sudanese and the American ambassador discuss the understandings and memorandums of the Washington visit

Prime Minister Mohammed Shiaa Al-Sudani received, on Thursday evening, the US Ambassador to Iraq, Alena Romanoski 

During the meeting, according to the statement {Euphrates News} received a copy of it that the meeting “reviewed and discussed bilateral relations in various fields and files, and the understandings and memorandums of understandings contained in the visit of the Prime Minister to the United States related to aspects of energy, trade and others, and follow-up their implementation.”

The meeting dealt according to the statement, “the foundations for the transition of bilateral relations between the two countries to include multiple areas, and the follow-up of the coordination committee to activate the strategic framework agreement, which includes wide stations for joint cooperation for the benefit of the Iraqi and American peoples.”

https://alforatnews.iq/news/السوداني-والسفيرة-الامريكية-يبحثان-تفاهمات-ومذكرات-زيارة-واشنطن

 

"RV UPDATE" BY PIMPY, 3 MAY

  Pimpy

  Some of the bigger points we see inside the Iraqi dinar community such as, 'Let them reinstate the exchange rate to $3.22 the old rate.' 

 That's not the old rate. That's been a myth for a long time...The $3.22 rate was there but that was not the one they left when it became a devalued currency. It was something like $1.52.  The other one [myth] is the

hydrocarbon law that once it passes then the Iraq citizens are going to get payments. They're not going to get payments.  Read the law, nowhere does it say they're going to get payments.

Community comment "Parliament doesn't have to vote on a budget..."

 They do whenever you make  amendments or changes...If you're going to change something in there you have to vote on the amendments...  Community Question "So  you're saying if they're gonna change the exchange rate on a budget they have to vote on it?"  That's correct.  Yes.  

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The Sudanese advisor points out that the dollar exchange rate in the parallel market is close to the official one , 2 MAY

 The Sudanese advisor points out that the dollar exchange rate in the parallel market is close to the official one

5/2/2024

Today, Thursday, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, explained the dangers of the exchange rate fluctuations if demands to float the dinar are met, stressing that the dollar exchange rate in the parallel market is gradually approaching the official one.

 Saleh explained that calls for floating the dinar to end the gap between the official exchange rate and the parallel market may be possible in an economy in which the free market alone influences the movement of the balance of payments.

He pointed out that the monetary authority alone is the main source of supply of foreign currency that meets the desired demand for foreign exchange in the money market, indicating that the floating scenario means in all cases adopting the prevailing exchange rate in the parallel market in order to achieve the goal of stability and balance in the official exchange rate.

Saleh warned that floating the dinar would mean the withdrawal of the monetary authority from being a primary central supplier of foreign currency, which would lead to the dominance of limited supply forces of foreign exchange in the parallel market. He stressed that this scenario might create a wave of inflationary expectations, which would force monetary policy. To intervene with foreign reserves to impose a state of stability in the general level of prices.

He pointed out that the difference between the exchange rate in the parallel market and the official one currently came as a result of the inability of the authority’s monetary reserves to bring the two prices closer together, warning that the new exchange rate resulting from the flotation may cause a wave of inflationary expectations, which makes monetary policy intervene with foreign reserves to preserve On price stability.    LINK

"RV UPDATE" BY MARKZ, 3 MAY

 MarkZ 

  [via PDK]  Question:  Could Iraq lop the zeros off and then what we hold is worth nothing?   MarkZ:   Sudani has said no. The man – Dr. Shabibi who designed the RV said no….Anyone in pretty much every level of authority in Iraq has said no.

Well some chatter from another different contractor that is hearing the same as the previous contractors. So, multiple confirmations that are hearing a range of rates from the mid to upper $3.s...They work in different industry’s in different companies….and they think it will be extremely soon

I have had a number of contractors in the last day or two tell me that they were told to prepare for between $3.60 - $3.90 [for the dinar]…

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Iraqi Dinar | Word Bank Big Announcement About Rate Fixed Of Iraqi Dinar...