Iraqi Dinar Revaluation News Last 24 Hours / Iraqi Dinar Currency New Ra...

An optimistic vision.. The demand for the dollar will decrease and it may disappear from the informal market, 8 SEPT

 An optimistic vision.. The demand for the dollar will decrease and it may disappear from the informal market

9-7-2023

An optimistic vision.. The demand for the dollar will decrease and it may disappear from the informal marketToday, Thursday, the economic expert, Safwan Qusay, predicted that the demand for the dollar would gradually decrease and that the dollar might disappear from the informal market.

Qusai said, in an interview with ” Al-Jarida “, that “the central bank is trying to approach the requirements of the US Federal Bank and the US Treasury, which is determined to keep the dollar in favor of Iraqis only for official import purposes.”

He pointed out that “the penalized countries and entities are still bringing goods into Iraq, obtaining Iraqi dinars, and trying to change the dinar into dollars through the irregular market.”

And he expected that “the demand for the dollar will continue to decline gradually, and the dollar may disappear from the informal market,” pointing out that “the process of stopping the smuggling of dollar cash and introducing drugs into Iraq will contribute to reducing the demand for dollars in the informal market, and I believe that the window for buying from international electronic platforms such as Amazon and Alibaba by the Iraqis through the issuance of the Master Card and the dollar visa card will contribute to the acquisition of goods from international platforms and their access to the Iraqi consumer without there being an informal introduction of these goods.

Qusai called for “supporting this measure by the Ministry of Finance, the Ministry of Commerce, and the Central Bank, and activating the process of transformation towards financial inclusion, because the Federal Bank and the US Treasury are determined to clean the Iraqi economy from the corrupt, and there will be tracking of the movement of the dinar and the dollar to dry up the sources of obtaining them in an informal way.”

He stressed that “there is no alternative but to shift towards official procedures, and unofficial goods will gradually disappear, and certainly the Ministry of Commerce at this stage must protect consumers, especially at the level of goods that affect the lives of Iraqis.”

jaredaiq.net

SOURCE: DINAR IRAQ & DONG VIETNAM

"RV UPDATE" BY MNT GOAT, 8 SEPT

 Mnt Goat 

   I believe there is nothing more for the CBI to do but to issue the lower denominations and them to watch for inflation over a period, as their plan states they will do, and if all goes well, they liberate their currency to the global markets as in FOREX.   I thought we needed the Oil and Gas Law passed first?  Yes, I still believe they do and we might have to wait for it.   

But there is a chance that based on how fast the economy is growing they may just put that on the back burner and rethink it (remember that Dr Shababi in 2012-2013 did not have this law passed, yet he was moving forward). We must remember the past.

 Iraq records the highest oil revenues since the start of 2023 which is also 2/3 more oil pumped than in 1991. The dinar rate in 1991 was over USD $3.  So why is the currency still being under valued?  Yes, it is important to get out of a “rentier economy” based solely on oil and this will also create yet more wealth. But what about right now...I am talking about today!   

Doesn’t the oil wealth mean anything? Doesn’t the 113 billion in reserves and 132 tons of gold mean anything? Not to mention all the minerals and agricultural products being exported. So why still at 1/6 of a penny?  

 Some intel gurus want you to believe the “official” dinar rate is now set at 1130 and the CBI has not yet changed their site. This is not true, however I believe this is their next target rate and maybe the last rate change prior to moving ahead once again aggressively with the plan for the reinstatement. Seems this dollar issue has stalled their plan for now but they will overcome it as they always do but it takes time.

Dinar RV News Today🔥Iraq-Egypt Collaboration Boosts Urban Development & ...

Regarding The Dollar.. America Continues With Blackmail, And The Central Bank’s Measures Are An Air In The Net!, 8 SEPT

Regarding The Dollar.. America Continues With Blackmail, And The Central Bank’s Measures Are An Air In The Net!

September 7 Information/Private..After several months have passed since the government and the Central Bank attempted to control the rise in dollar exchange rates, the gap between the official and parallel rates continues, given the plans that Washington is pushing in order to advance its own interests.

As for the government's and the Central Bank's measures, they are still merely notifications and decisions that do not provide satisfactory or satiating benefits, especially since they did not withstand the decisions of the United States of America, which push to create crises and not find solutions.

*Washington Control!

Speaking about this file, Member of the House of Representatives, Suhaila Al-Sultani, accuses the United States of controlling the file of dollar exchange rates in local markets until now, while she confirmed that the beneficiaries and speculators support the continuation of the current dollar crisis.

Al-Sultani said, in an interview with the Maalouma Agency, that “there are many parties that support destabilizing the economic situation in order to influence the work of the current government,” noting that “applying the budget in the ministries and governorates will not lead to a reduction in the dollar exchange rates in the local markets.” .

She continues, "America continues to control the file of dollar exchange rates in local markets until now," adding that "the United States of America controls the dollar bill in order to subject the Iraqi economy to the decisions and wills it wants to impose."

Regarding the internal factors of the dollar crisis, Al-Sultani asserts during her speech: “The beneficiaries and speculators support the continuation of the dollar crisis and the weakening of the value of the Iraqi dinar in order to achieve their personal goals.”

*A Real War!

In addition, a member of the House of Representatives, Thaer al-Jubouri, accuses the United States of America of waging a conspiratorial war to destroy Iraq’s economy, while he addressed a request to the Iraqi government regarding methods of dealing with Washington during diplomatic meetings.

Al-Jubouri said, in an interview with the Maalouma Agency, that “when the Iraqi government talks with the American side under diplomatic frameworks, it must keep in mind the standard of strength and try to obtain advanced modern technological techniques that benefit Iraq.”

He adds, "America is leading a policy of economic conspiracy during the current period to destroy the Iraqi currency and the exchange rate," stressing "the necessity of referring to this war and not abandoning it."

The member of the House of Representatives explains that “the government and the relevant ministries are required to deal as they can with America, and that the conversation be in a diplomatic manner par excellence,” pointing out that “Washington, despite its geographical distance from Baghdad, is trying to impose its complete control over all joints and its focus on... Important files such as economy and development.”

*Technical Procedures?

For his part, economic affairs researcher Muhammad Al-Saadi depends on controlling and controlling the dollar exchange rate in the parallel market by taking practical technical measures without resorting to methods of arrests or the use of force. 

Al-Saadi told Al-Maalouma, “The responsible authorities are working to pursue speculators by applying the law against those who want to harm the Iraqi economy, as well as being a first step to ensuring the elimination of the differences between the official and parallel market.”

He adds, "There has become an urgent need to take decisions related to the technical and financial aspects, which would expand currency sales outlets and allow citizens to purchase in limited quantities without setting restrictions or preconditions."

He shows that "the problem of exchange rate and high prices is often suffered by the citizen before the merchant, as merchants began to head to the official platform to obtain the dollar, while the citizen still suffers in obtaining the dollar, especially since some citizens go to car sales showrooms and face difficulty in purchasing with the dollar currency." .

During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on Iraqi banks and banning the dollar under many pretexts, which in one way or another led to a severe financial crisis in the Iraqi markets. LINK

6 POINTS OF CONTENTION BETWEEN BAGHDAD AND ERBIL MAY PLAGUE THE NEW DRAFT OIL AND GAS LAW… WHAT ARE THEY?, 8 SEPT

 6 POINTS OF CONTENTION BETWEEN BAGHDAD AND ERBIL MAY PLAGUE THE NEW DRAFT OIL AND GAS LAW… WHAT ARE THEY?

Today, economist Nabil Al-Marsoumi revealed 6 differences between the central government of Baghdad and the Kurdistan region that may plague the new draft oil law.

Al-Marsoumi said in a post followed by Al-Sumaria News,

The first difference: Article 5 of the new draft oil and gas law stipulates the following…

1. Federal Minister of Oil

2. Federal Minister of Finance

3. Federal Minister of Planning

4. Governor of the Central Bank

5. Minister of Natural Resources in the region

6. Governors of three oil-producing provinces that are not affiliated with a region

7. Three experts

Second: Decisions are taken by the majority

while the region sees thatFederal CouncilFor oil and gas, it should include in its membership;

First: It shall include Federal Council for oil and gas, each of:

1. The federal government (ministers of oil, finance, and planning)

2. The regional government (ministers of natural resources, finance, and planning)

3. Governors of oil-producing governorates that are not affiliated with a region

Second: The presidency in the council is periodic

Third: Decisions are taken unanimously.

The draft law stipulates in Article 8 first the following: The Federal Ministry of Oil Management of oil and gas producing fields in Iraq In coordination with the producing region and governorates. As for the vision of the region, it is summarized as follows: The federal government manages the oil and gas extracted from the current fields (which were extracted, developed and commercially produced before the constitution ran out in 2005) with the regional government and the producing provinces that are not organized in a region.

The government of the producing region or provinces shall have the authority concerned with managing oil and gas in the current and future fields (which are the fields from which oil and gas have been extracted, developed, and produced commercially after the constitution runs out). He is the one who grants approval for oil licensing contracts, while the region considers it the competent authority for exploration, development and production contracts, or any other contracts with the contractor who is chosen, and this does not require Federal Council approval.

He also pointed out that “the fourth difference: in Article 16 of the draft law, the ministry is the supreme authority responsible for the obligations of the contractors, while the region believes that the competent authority in the region is responsible for the obligations of the contractors in the contracting areas within the region.”

Al-Marsoumi explained, “The fifth discrepancy: In Article 24 of the draft law, the main pipelines are owned by the federal government, while the region says that the federal government, the regional government, and the producing provinces establish and own pipelines to transport oil and gas.”

He added, “The sixth difference: Although the new draft oil law did not include any article indicating the marketing of oil and the party responsible for it, but as is currently in force and confirmed by the Federal Court, the Ministry of Oil represented by SOMO is the only party responsible for marketing all Iraqi oil, regardless of Its production site, while the territory finds that He sets marketing and sales policies, and the sales process is carried out by marketing companies belonging to the regional government or the producing governorates that are not affiliated with a region.

Despite the economic importance of the Iraqi Oil and Gas Law, which has been awaiting legislation in parliament since 2005, which stipulates that the responsibility for managing the country’s oil fields should be entrusted to a national oil company, which will supervise it. However, the dispute over the issue of managing the fields of the region has prevented it from being voted on for many years, as the law was passed many times during previous parliamentary sessions and was not included in parliamentary laws and legislation.

The stalled oil and gas law in the Iraqi parliament since its first session, in 2005, is one of the most prominent points on which a preliminary agreement was reached between the two governments of Baghdad and Kurdistan.

And on February 15 of last year 2022, the Federal Supreme Court issued a judgment which made unconstitutional of the oil and gas law of the territorial government of 2007, which regulates the oil industry and its extraction in the region, and this ruling came after the territorial government concluded contracts with foreign oil companies. Kurdistan Regional Government refused the Federal Court decision, giving up control over oil exports.

BY DINAR IRAQ & DONG VIETNAM

"RV UPDATE" BY RAYREN98. 8 SEPT

 RayRen98 (TNT)

BANK STAFFERS ARE FRUSTRATED, THEY WERE “TOLD” BY UPPER MANAGEMENT TO EXPECT LARGE CROWDS LAST WEEKEND GOING INTO THIS WEEK. BUT, THERE WAS A HICCUP THEY WERE NOT AWARE OF AT “THAT” TIME…

WE’RE RECEIVING ADDITIONAL COMMUNICATION REGARDING THE “HICCUP” BEING RESOLVED. IT’S ON NOW!!!!!…$$$$$$$…

WE’RE GETTING ADDITIONAL COLLABORATION ON THE “ANY MOMENT, ANY TIME” THOUGHT PROCESS. HOPEFULLY, THE CLOCK IS “TICKING” AS WE SPEAK!

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..."ONE OF MY BEST SOURCES TELLING ME, "IT IS GOING TO POP AT ANY MINUTE".... ONE OF MY OTHER BEST SOURCES IS ALSO TELLING ME, "IT SHOULD BE SOMETIME TODAY"

MEETINGS TOOK PLACE OVER THE WEEKEND, AGREEMENTS WERE MET, NEW DOCUMENTS NEEDED SIGNATURES.  IT'S ALL A WRAP NOW.