"IRAQ NEWS ABOUT THE EXCHANGE RATE OF IQD & BUDGET", 6 AUGUST

Dollar maintains value above 1500 dinars in Baghdad and Erbil

Shafaq News / Baghdad and Erbil witnessed a notable surge in the exchange rates of the US dollar against the Iraqi dinar on Sunday.

According to Shafaq News Agency's correspondent, al-Kifah and al-Harthiya central stock exchanges in Baghdad reported an exchange rate of 150,500 Iraqi dinars per 100 US dollars, marking a significant increase compared to rates recorded in the morning of 150,200 dinars per 100 dollars.

Meanwhile, local currency exchange offices in Baghdad also experienced an upward trend. The selling price of the US dollar reached 151,500 dinars, whereas the buying prices reached 149,500 dinars per 100 US dollars.

In Erbil, the capital of the Kurdistan region, the stock exchange also observed a similar increase. The selling price reached 150,700 dinars, while the buying price reached 150,600 dinars per 100 US dollars.

https://shafaq.com/en/Economy/Dollar-maintains-value-above-1500-dinars-in-Baghdad-and-Erbil

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Dollar Exchange Rates Expected to Stabilize, Parallel Market Struggles to Meet Demand

Shafaq News/ Financial expert Hilal Al-Ta'an on Sunday said that the dollar exchange rate is set to stabilize at its current level in the parallel market as cash sales from the Central Bank of Iraq (CBI) are insufficient to meet domestic market demands.

Al-Ta'an, in a statement to Shafaq News Agency, said that the US dollar exchange rates might "settle at 1500 dinars in the parallel market after a slight decline."

He said that demand for the dollar remains high in the parallel market, notwithstanding the measures implemented by the Central Bank.

Al-T'an said that the international banks' auditing procedures delayed the transfers, prompting the traders to buy green banknotes from the parallel market.

"The CBI's cash sales have been low recently and, indeed, do not meet what the domestic market needs," he continued. 

The exchange rate of the dollar against the Iraqi dinar dropped, hitting the threshold of 1500 dinars to one on Sunday.

https://shafaq.com/en/Economy/Dollar-Exchange-Rates-Expected-to-Stabilize-Parallel-Market-Struggles-to-Meet-Demand

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Iraq's Minister of Labor Initiates Budget Implementation Instructions

Shafaq News / The Minister of Labor and Social Affairs, Ahmed al-Asadi, announced on Sunday that this week will witness the delivery of implementation instructions for the federal budget for the year 2023 to the ministries.

Al-Asadi stated, during a press conference held to inagurate the "Iraqi Charity Lotto" project, that "the delay in issuing the implementation instructions for the general budget was due to sending them to the State Council, which, in turn, completed its review last week and sent them to the Ministry of Finance."

He added, "The Ministry of Finance will send the budget instructions to the ministries and government departments during this week."

Last Tuesday, the State Council stated that the auditing process of the implementation instructions for the budget law for the years 2023-2024-2025, Law No. 13 of 2023, was conducted in the presence of the Ministries of Finance and Planning, and relevant entities, to facilitate the implementation procedures of the aforementioned law.

It is noteworthy that the Iraqi Council of Representatives voted on the federal budget law for the years 2023-2024-2025 on Monday, June 12, after discussions that lasted for five days.

The current year's budget amounts to 197 trillion and 828 billion Iraqi dinars (approximately $152.2 billion) with a total deficit of 63 trillion dinars ($48.3 billion). As of now, the budgets for the years 2023 and 2024 have not been made public.

https://www.shafaq.com/en/Iraq-News/Minister-of-Labor-Initiates-Budget-Implementation-Instructions

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 6 AUGUST

 Frank26 (KTFA)

They are protecting the dinar and they’re protecting the exchange rate from any speculation, fluctuation, lies, profiteering from any Iranian thief.  This is amazing.  This is 304…They just blew the door wide open to bring forth the new exchange rate, the budget, the HCL, the lower denoms, the coins, the future of Iraq…

[Iraq boots-on-the-ground report]

FIREFLY: All the corrupt people in Iraq are trying to blame the USA for the issues. They’re saying it’s the USA ‘s fault. However the problem, just like Alaq told us, is in the local merchants that are refusing to get on the dinar platform and still use the dollar and smuggling of dollars outside of Iraq by false companies, by citizens we know is the corrupt that are getting caught.  We know this. 

DINARLAND UPDATE, 6 AUGUST

 Mountain Goat

This week I had an interesting conversation with my CBI contact in Iraq. I was told to expect yet another “official” rate change of the dinar from the 1320 rate. I was told the new measures were trying to get as close to 1000 rate as possible. I asked about a more specific number, but I could not get a commitment on the actual range. However, I was told that the measures to be taken in the coming weeks should move the dinar within this range.

What is the plan once this new rate range is met?  I was told that the CBI could then go ahead with the project to delete the zeros. We know that when this new rate is rolled out the CBI will then drop three zeros from the currency. It was my feeling that they are heading to around an 1166 from 1320 rate so we are not that far to go and these new measures should take them to the rate they need.

In today’s news the CBI tells us that on Thursday (August 3, 2023),  the Central Bank of Iraq revealed new decisions that will be issued next week to reduce the price of the dollar in Iraq…We know this is the fourth time the CBI told us they were implementing a package of currency reforms…

MilitiaMan (KTFA)

Article Quote:
“The Deputy Governor of the bank…promised yesterday other decisions will be issued next week that may contribute significantly to reducing the dollar exchange rate.”

They’re talking about reducing the dollar exchange rate.  They can do it in the official sense or they could be considering that to be in the parallel market sense.   IMV…the quote for the black market or the parallel market…were fake.  Basically the corrupt were cheating the corrupt and some of them were complaining…there’s something happening next week.

Article Quote:
“…the printing of the Iraqi currency will not be random...there’s no fear of any increase in the monetary mass.“

…What they’re talking about is education.  They’re telling people educational items…So if they do print a currency…it’s going to do it for a purpose...If they increase the supply of currency on the street it’s going to devalue the currency.  What they’re stating is there’s no fear of an increase in the monetary mass therefor there would be no reduction in the value of the dinar. ..they keep reiterating next week which may contribute significantly to reducing the exchange rate of the dollar…

Nader From The Mid East

We’re waiting for next week.  We see what’s going to happen.  I hope we go to 1000 because once it goes to 1000 I’m sure they’re gonna remove the zeros and it’s be 1 to 1.  I hope so.  I hope this was gonna happen.  That’s what everybody think is going to happen.  But it’s tough.  It’s not easy…

MarkZ

[via PDK]

Question: …do you think there will be an interim rate change in Iraq to between 1000 and 700 before they drop the three zeroes and get us to better than 1:1?

MarkZ Answer: If you had asked that a few weeks ago I would have said yes. But asking that today-I think they are going to skip that step…but we will see.

"RV UPDATE" BY RUMTEL, CANDY KISSES & BEARDED PATRIOT, 6 AUGUST

 Sat. 5 Aug. Rumtel Update:

• CBI has the budget. Banks have until Sunday to “synch up” with the Central Bank of Iraq.
• Action on Sunday will drive the Dinar rate DOWN to 1,300 to 1 US Dollar. This will match the rate on the street and the budget.
• CBI will then “revalue” to 1,000 to 1. Target date is Wednesday.
• CBI will then “drop the 3 zeros” to 1-$1 with the US dollar, at which point the Dinar will be tradable and “floating” on the Forex. It will NOT float down.
• Political hurdles have been cleared.
• “Health crisis” of a major figure was an assassination attempt. Failed.
• No moves left.
• First major figure to “leave the stage” on Thursday 10 Aug.
• This is the plan as of today Sat. 5 Aug, as I understand it from separate sources. We’ll see. All we can do is wait and hope that events unfold along these lines. Enjoy your weekend. Watch some sports and pray this in.

TNT Candy Kisses: The Iraqi Parliamentary Finance Committee stated on Sat. 5 Aug. that the Iraqi budget (that contained the new Iraqi Dinar Rate) would be implemented sometime this week. Clare: And finally – 50 days after its approval, the budget enters into force.

Sat. 5 Aug. Bearded Patriot

• We have good news and not so good news. I will start with the “Not so good news”
• The Iraqis have decided NOT to publish the new rate into the Gazette this Saturday.  In order for me to explain why….I will be crossing the line of agreement of information (even though you have the right to know).  So, I won’t be able to explain why in detail to you.  Please try to understand. 
• There’s a definite and final BACKWALL that was established by all participating countries. This slight delay will help some countries that were not ready for the RV, therefore giving them the time to complete their efforts so they too will be a part of this RV. 
• THE GOOD NEWS is that due to the slight delay, this will allow other countries, including but not limited to Iraq, Dong, Dinar and all other participating countries for their currency values to “INCREASE” before we move forward. 
• I can tell you that this will be completed before the end of August. 
• Please forgive me for missing this date of RV.  ALL SIGNS, INDICATIONS AND COMMUNICATIONS were there and I had so much confidence that it was happening.  LET ME BE VERY CLEAR, there was NEVER EVER ANY INTENTION OR PURPOSEFUL MISDIRECTION TAKEN ON MY PART TO HURT OR HARM ANYONE AT ANYTIME REGARDING THE TIMING OF THIS EVENT.  (I can just hear the trolls already!)
• Although this is a setback….it’s not the end by far.  We will still have the RV,  it will be just a couple of weeks from now.

JUDY NOTE, 6 AUGUST

 Judy Note: Word has been received that the Iraqi Parliament had received the new budget with the new Iraqi Dinar Rate in it and planned that new rate would be implemented this week; the Iraqi Dinar would be revalued at a 1:1 with the USD and then begin trading up on the Forex on Wed. 9 Aug – the same date  that 25,000 US Navy and Marines, six Maritime Commands and seven Fleets would begin a large scale exercise on Global conflict that covered 22 Time Zones across the world – and would end on Fri. 18 Aug.

The next day after the Dinar revalued on Thurs. 10 Aug. a “major figure will leave the stage.”

Last Friday the BRICS nations set the Back Wall for the RV at Sat. 12 Aug.

On the Banking side, Bank of America was closing US branches in August. Banks had until Sun. 6 Aug. to synch up with the Central Bank of Iraq and it’s new Iraqi Dinar Rate; Wells Fargo customers were reporting that their deposits were disappearing from their accounts, plus on Mon. 7 Aug. the World’s largest bank, the United Bank of Switzerland American Group, was making sweeping changes to restructure the bank.

"STATUS OF THE RV" BY IQD IRAQ & VND VIETNAM, 5 AUGUST

 STATUS OF THE RV

So, on Monday Representative Baqir Al-Saadi expected that the dollar exchange rate against the dinar will continue to decline in the coming days.

Al-Saadi said, that common external-internal factors were behind the rise in the exchange rates of the dollar in the parallel market in Iraq in recent weeks, in a way that raised public concern.

In today’s news the CBI tells us that on Thursday (August 3, 2023), the Central Bank of Iraq revealed new decisions that will be issued next week to reduce the price of the dollar in Iraq to be continued.

We know this is the fourth time the CBI told us they were implementing a package of currency reforms.

On Thursday, the Central Bank identified three categories of exchange companies for selling the dollar to travelers, and while it revealed a proposal regarding the entry of imported goods through the border crossings, it indicated that there are new decisions that will be issued next week that may contribute to lowering the price of the dollar.

This week I had an interesting conversation with my CBI contact in Iraq.

I was told to expect yet another “official” rate change of the dinar from the 1320 rate.

I was told the new measures were trying to get as close to 1000 rate as possible.

I asked about a more specific number, but I could not get a commitment on the actual range.

However, I was told that the measures to be taken in the coming weeks should move the dinar within this range.

What is the plan once this new rate range is met?

I was told that the CBI could then go ahead with the project to delete the zeros.

We know that when this new rate is rolled out the CBI will then drop three zeros from the currency.

We need to print more IQD I hope will be smaller category of currency BY NADER FROM MID EAST