Iraq is ready to go international. What we're hoping and praying for is they show us an Article VIII compliant exchange rate and show us their new currency they're going to be using in the near future.
I think those new small category notes that were printed back in 2018 need to get exposed to the world...
It hasn't been their job to tell us everything. It's because we're outsiders. It's their country and they keep it to themselves as best as they possibly can.
We should be able to understand that that's a big component of this whole process...
What's this business about this 1132 that Alaq mentioned? Alaq is the central bank governor...He said the official exchange rate for the Iraqi currency is 1132...A lot of people are going, 'Well that's not true!'. The fact remains...he said it...as the official rate of the Iraq dinar but it's not on their website.
I'm not making it up. I'm not giving you accusations...it's proved...
Iraq’s Economy Is “Fragile”… “Shocking” International Figures, So What About Their Accuracy?
Reports Economy News With the impact of fluctuations in currency exchange rates and the reduction in oil production following the interruption of exports through the Turkish Kirkuk-Ceyhan oil pipeline, estimates indicate a contraction in the non-oil real GDP in Iraq by a high rate of up to 9% on an annual basis in the last quarter of this year. Compared to its counterpart in 2022, which means undermining the effects of growth achieved in the first three quarters of this year, according to estimates by the World Bank, which believes that the country’s economy has become “fragile”.
In this regard, the economist and financial expert Abd al-Rahman al-Shaikhli believes in statements to Al-Araby Al-Jadeed that the estimates of the World Bank are “shocking” because they contain true and certain information, and they sound the alarm for Iraq’s economic future, but he believes, at the same time, that they contain some “Exaggeration”.
For example, the figures announced in the bank’s latest reports indicate that the total public debt is equivalent to 76 billion dollars, distributed among 55 billion internal debts and 21 billion external debts, while the debts Iraq can pay easily, because it has a high domestic product, especially since Debt constitutes between 30% and 35% of oil production revenues only.
Al-Sheikhli also confirmed to Al-Araby Al-Jadeed that the Iraqi economy is “fragile,” as described by the World Bank report, due to dependence on oil resources and the worsening rentier situation, with the decline in other sources of resources in the public budget, which made the economy rentier par excellence, adding to that the lack of economic relationship.
The rationale between the volume of expenditures from financial allocations and the quantity and quality of the achievements achieved from government projects in light of corruption devouring huge amounts, with the low level of service and development achievements achieved within the framework of the annual budgets of the state, with the increase in the percentage of poverty and unemployment and the high volume of debt borne by the national economy, and all of these, In his opinion, reasons made the economy weak.
Commenting on the causes of fragility, political analyst Haidar al-Moussawi believes to The New Arab that the most prominent of them is the spread of financial corruption in all sectors of life, and the state’s tendency to rely entirely on the oil sector, which feeds 98% of the GDP and is considered the basis for the continuation of economic life, “attributing the economic deterioration to Poor management,
the lack of development and reform programs, effective economic plans, the absence of a real vision to raise the general level of the country, and the lack of solid tools that contribute to alleviating the burdens of citizens and the economy,
while “the governments have not taken any effective measures to revitalize the industrial and agricultural sectors to be synonymous with the energy sector,” thus avoiding the country from an economic disaster in the future.
A number of International Fund experts had met with Iraqi officials in Jordan between May 24 and 31, and they discussed economic developments and general policy plans for the country’s economy in the coming period, stressing at the conclusion of the meeting, in a detailed statement, that “the momentum of the growth of the Iraqi economy witnessed It has slowed down in recent months, after the country recovered last year to the pre-coronavirus situation.
The World Bank followed that occasion by asserting that “the Iraqi economy is fragile,” noting that the central bank’s auction caused the redirection of hard currency to the parallel market, which led to a decrease in the value of the dinar against the dollar, and thus led to a significant increase in food prices.
According to the World Bank report issued entitled “Iraq’s Recovery is in Danger” dated August 20, there are renewed pressures, “as it suffers from stagnant non-oil gross domestic product, industries and agricultural activities, accompanied by high inflation rates, while Iraq lacks under its government The current situation calls for wide-ranging structural reforms that will enhance its economy and diversify its public treasury revenues, rather than relying solely on oil.
In this context, the World Bank expressed its reservations about the recent general budget, as it criticized the large increase in the volume of public expenditures by 59% compared to the year 2022, representing 74.3% of total expenditures, which will lead to a large fiscal deficit of $ 39.7 billion, representing 14.3% of the volume of expenditures. General imports, more than half of the recent record reserves accumulated in the wake of the oil price boom.
According to a report issued by the “International Center for Development Studies” in London last Wednesday, Iraq loses annually at least $5 billion as a result of its import of oil derivatives despite having the second largest oil reserves in the “OPEC” organization, noting that Iraq has the capabilities to refine 1116 tons of oil. One million barrels per day, while its current production does not exceed 950,000 barrels, while the return of the Baiji refinery to work would raise refining capacity to 1,260 million barrels, which would meet the country’s consumer needs for petroleum products.
VOV.VN - Andreas Stoffers, country director of the Friedrich Naumann Foundation for Freedom (FNF) in Vietnam, has predicted that the local economy will continue its growth track moving forward.
During a recent interview given to Lao Dong (Labour) newspaper, Stoffers said the Vietnamese economy expanded by 3.72% in the first half of the year. Though lower than last year, it still stood as a positive figure amid the general global economic downturn.
The average consumer price index (CPI) increased moderately by 3.12% on-year in the January to July period, with this declining trend in the average CPI growth over the months being a positive sign indicating the country is on track to achieve the inflation control target of below 4.5% set for the year.
During the initial seven months of this year growth was mainly driven by the retail of goods and services, which rose by 10.4% annually. The industrial production index in July also saw an increase compared to earlier this year.
Attributing these positive outcomes to the fiscal and monetary policies of the State Bank of Vietnam (SBV), he said that the reduction in interest rates is stimulating credit demand whilst enhancing liquidity within the banking system and the economy, particularly in the credit sector. Alongside setting credit growth cap at 14% for this year, the SBV will issue necessary warnings.
In his point of view, Vietnamese GDP growth will exceed 5% this year. Aside from the contribution of FDI, additional momentum will be needed from increased public investment and personal consumption.
Amid facing headwinds such as the Russia-Ukraine conflict; difficulties in Vietnam’s partner countries, especially the EU; slow recovery in various markets and the global inflation specter, he said a comprehensive set of solutions is required to both foster further development and manage risks in an effective manner.There should be an improvement in the entire financial sector, such as the establishment of a financial centre in Ho Chi Minh City in the medium term. It is equally important is to promote co-operation between the public and the private sector in a bid to generate a collective strength, thereby creating the opportunity to access various financial products and international markets and enabling the public to invest in diverse asset types, he said.
He also suggested a further push for financial education in a bid to help people understand financial products and make careful investment decisions, as well as institutional improvements, particularly in finance.
As a means of achieving these set targets, he said it could be facilitated by Government support through expediting institutional reform, modernising legal frameworks, and co-ordinating policies. The most crucial aspect of this is addressing the weakness in decision-making process that currently exists in certain administrative sectors.
At the same time, there is a need to further increase sustainability, step up circular economy, strongly digitise administrative processes, improve environment protection, and boosting public investment while reducing inefficient structures, especially at State-owned enterprises, is also essential.
To stimulate investment and create liquidity, interest rates could be cautiously lowered further, with subsequent adjustments as the economy experiences significant recovery. Lastly, domestic consumption demand should also be further bolstered, he said.
Can you smell the pumpkin spice in the air? The hottest summer in recent memory is nearing its official end, and we’re sure you’re as eager as we are for cooler fall weather (and hopefullylower energy bills).
Federal student loan borrowers, however, probably aren’t as excited about the beginning of sweater season this year. September marks the return of interest on student loans after a more than 40-month pause, while the first monthly payments are around the corner. Many borrowers will likely struggle to re-adjust, especially now that historically high interest rates are making other types of debt (looking at you, credit cards) more difficult to pay down.
We’re not going to sugar coat it: The last stretch of 2023 is gearing up to be financially stressful for a lot of people. Luckily, we’re here to help you brace yourself and prep your wallet for the coming weeks. Here’s what’s on your to-do list:
1. Get ready to pay student loan bills again
Payments and interest on federal student loans have been paused for so long (since March 2020, to be exact), it may have seemed like they’d never come back. Alas, the time has come for nearly 40 million borrowers to resume monthly payments.
The waiver on student loan interest ends Sept. 1 (that’s today!), which means student loan balances will begin accruing interest again. The first student loan bills will come due in October, though the actual due date will vary. Student loan servicers are supposed to give borrowers 21 days notice before the first due date, per the U.S. Department of Education, so keep an eye out for that notice.
If you haven’t already, you should review your repayment plan options to make sure you’re in the one that fits best for your budget. The Biden administration recently launched the Saving on a Valuable Education (SAVE) plan, a new, more generous income-driven repayment plan, which may lower how much you owe each month. One of several initiatives being rolled out as part of a major revamp of the student loan system, SAVE is designed to protect more of a borrower’s income and cover unpaid interest so their balance doesn’t grow as long as monthly payments are made on time.
If you’re worried about your ability to afford your bills, note that for the first 12 months after student loan payments resume, the Education Department won’t report missed payments to credit bureaus, and no one’s loans will be placed in default or delinquency. But loans will still collect interest during this time, so borrowers will want to do their best to avoid growing their balances by paying at least the portion of interest accrual.
Still don’t feel like you’re caught up? See our preparation recommendations here, read up on what to expect starting this month and find out more about the SAVE plan.
2. Look for better interest rates if you have credit card debt
Inflation has been kicking everyone in the budget (get it?) since mid-2021, and although prices are cooling, a lot of people have had to rely on credit cards to cover expenses. In fact, according to the most recent New York Federal Reserve data, U.S. household debt broke records again in the second quarter of the year, with auto loans and credit card debt driving much of that growth.
Credit card balances now make up about $1.03 trillion of overall household debt, a new high. The central bank’s interest rate hikes have pushed the average credit card annual percentage rate (APR) to over 20%, and a report from consumer credit scoring system VantageScore shows that credit card delinquencies rose over the summer months. Needless to say, now that Americans are faced with the highest interest rates in over 20 years, they’re having a hard time keeping up with their growing debt.
While it’s best to avoid taking on new debt, if you’re one of the many people carrying a credit card balance, you may benefit from transferring your debt to another card or product with a lower APR. Personal loans, for example, usually offer a lower interest rate than credit cards, which is why they’re such a popular option for borrowers looking to consolidate debt.
Debt.org, a nonprofit debt help organization, recommends shopping around for competing card offers — you may be able to find promotions for zero-interest balance transfers, which will allow you to move your credit card balance to another card that won’t earn interest for a certain period of time. (Though, of course, for this strategy to be most effective, you have to pay down your debt during the 0% period.)
You can also try to negotiate a lower rate with your credit card company or ask for a temporary reduction of your rate, according to Debt.org. And don’t be afraid to ask for help: Credit counselors can help you strategize to reduce your balance and customize a debt-relief plan that works for your budget (just be aware that there can be fees if you enroll in a debt management plan).
3. Start planning for Thanksgiving travel
The U.S. fall travel season starts Labor Day weekend, so while it may seem like Thanksgiving is ages away, those who have to fly somewhere for the holiday would be wise to start making plans soon. Travel booking app Hopper predictedthat average airfare will peak at $283 per ticket in late November and early December as people rush to buy their tickets last-minute and prices rise with demand
.
Scott Keyes of travel site Going.com, formerly Scott’s Cheap Flights, says in the website’s 2023 Thanksgiving travel guide that usually, the best time to look for flights is between two and six months in advance for international trips and one to three months in advance for domestic. So in a regular year, the best deals for Thanksgiving flights are typically gone by early September. But travelers this year may have more time to snag a deal because demand has lagged on a lot of routes, and airlines have increased capacity.
“Though travel demand has bounced back, it’s still below pre-pandemic levels,” Keyes says in the guide. “That’s leaving a lot of empty seats on planes, and airlines are competing hard to fill them out.”
Going.com anticipates that the best days to book for more affordable Thanksgiving flights this year are the Sunday, Monday and Tuesday before Thanksgiving, with return flights on early Thursday morning or late that night. You can try to avoid price increases by booking before 21-, 14- and 7-day marks leading up to the holiday, when fares usually jump. In the meantime, start playing around with tools like Google Flights or Momondo to get an idea of how much you’ll have to spend.
Al-Sudani’s advisor: The step of linking Iraq to Iran with a railway network is very important
2023-09-02
Al-Sudanis advisor - The step of linking Iraq to Iran with a railway network is very importantThe government advisor for financial affairs, Mazhar Muhammad Salih, confirmed: “The step of linking Iraq with Iran with a railway network is a very important step that will contribute to organizing the transportation of goods and merchandise and even Iranian visitors with Iraq.”
Muhammad Salih said in a press statement: “Iran is a major trading partner for Iraq, and historically Iranian goods flow easily into Iraq,” noting that imports of goods and merchandise except (gas) constitute at least $7 billion, which is a large figure for Iraqi imports, and it constitutes More than 10% of Iraq’s international imports.”
And he stressed that “this line will contribute to organizing the transportation of goods, merchandise, and even visitors, which is an important issue,” explaining that the easier the transportation cost, the lower the costs, regardless of the noise between the linkage at the regional level and the world, which is an issue Regulatory is very important, whether trucking or train.
And the advisor continued: “Iraq is a country in which there is a large religious visit, being a great Islamic center, and this line will facilitate the transportation of visitors,” calling for not expanding other political strategies and theories on this issue, and it should be limited to a limited issue, especially (trade and visitors) between Iraq and Iran.
“Including the webcam.” The Iraqi Central Bank is taking new measures to exchange dollars to travelers
2023-09-02 03:34
Including the webcam - The Iraqi Central Bank is taking new measures to exchange dollars to travelersShafaq News/ The Central Bank of Iraq has recently taken new measures within the dollar exchange mechanism to travelers in order to prevent fraud, according to what was reported by the Finance Committee in Parliament.
Committee member, MP Mueen Al-Kadhimi, told Shafaq News agency, that the Central Bank has recently taken several measures, the latest of which is the fingerprint and a webcam for the purpose of disbursing $3,000 to real travelers and not repeating it with more than one person more than once.
And Al-Kazemi indicated that some people are using tricks in order to receive the dollar at the official price by purchasing 50-100 travel tickets and an entry visa (Visa) by land, whose price is 25 dollars, in collusion with tourism and exchange companies, indicating that these people receive each A passport of 3 thousand dollars, and a month later they repeat the same entry visa, receiving 3 thousand dollars again for the same passports.
And he indicated that real travelers were denied receiving the dollar, because of these people and the complicity of travel and exchange companies, stressing that the recent measures will prevent this fraud from continuing.
The Iraqi authorities require travelers to present their travel ticket and “Visa” to enter the country they want to travel to, in front of selling them three thousand dollars at the official price set by the Central Bank of Iraq.
Currency traders took advantage of this decision by collecting hundreds of passports from simple people and buying travel tickets and entry visas, in order to buy dollars at the official price and sell them at the parallel market price, collecting profits estimated at millions of dinars daily.
I have a dear friend who used to be military...but still works indirectly. Therefore consider my friend to have contractual agreements. These contractual agreements are with Iraq and Vietnam.
My friend calls me and say, 'Frank, I'm ready to expand...but my financial people are telling me wait...There is a major financial change that is about to occur and we think it would be wise for you to just wait. You see Iraq has a lot of dong in their reserves and Vietnam Central Bank has a lot of Iraqi dinar in their reserves.' Something is happening.
It's not like you're going to need a receipt [from when you bought your dinars] when you exchange. No body at at a bank is going to say, 'Greetings, Mr. Smith. You have a million dinars, let me see your receipt.' All they care about is, let me see the dinar. And you say, 'Here's my certificate of authenticity.' Well you can take that and throw it in the garbage. Look, we'll [The bank] tell you if these dinar are good are not...
You still see whatever you see as the exchange rate on the CBI website. You can go to the...airport and it's still at 13-whatever. But you see the [CBI] articles tell you, 'Our official exchange rate is 1132...' I'm going to believe the CBI. I'm going to say, 'Yes sir, understood!'
his monetary reform is taking the IQD to places of international affairs that are no longer sanctioned. The IQD they say will be king as the USD steps back in the banking structure of Iraq and now in the whole Middle East...Then Alaq caps this report by saying we are increasing out capital. What do you think that means? That means they are going to increase your currency count with new lower denomination notes...Doesn't get any better than that.
