Weekend Coffee with MarkZ 09/16/2023

Iraqi Dinar News Today / Finally CBI Starts Dinar Revaluation / Iraqi Di...

"RV UPDATE" BY MARKZ, 16 SEPT

 MarkZ  

 [via PDK]  Question:  Do we know why Iraqi delegates are coming to DC on Sun-Tues??  MarkZ answer:   I believe it is for an announcement that will make us all very happy.   At least we sure hope so.

[via PDK]   We are painfully close…Lots of expectations for Sunday and Monday and those meetings on HCL agreements and with the US Treasury. Things are really appearing to be lining up perfectly. All eyes at this point are on the Sunday/Monday meetings in IRAQ…on HCL and they say they are addressing the exchange rate of the dinar …we will see what comes of those

[via PDK]  Question:  Do you think it will RV before the 20th.   MarkZ Answer:  My gut says around the 20th…but sources say they believe it will be sooner. Getting all positive news – nothing negative.  Comment:  We are fixin to be blessed.  MarkZ:   I agree with you. Sudani said he was going to address the exchange rate and the strength of the dinar. He is telling us…now we just need to see it happen. 

 [via PDK]   “US Treasury discusses with CBI foreign trade in three currencies other than the dollar”  This is the US Treasury representative in Iraq and sitting down with Alaq.  Of course they are working with the CBI and working through some things...They also discussed all the tremendous efforts Iraq has done to modernize their banking system. They can now track money laundering, bad guys ect…I am still hearing there are Fed Reps and State Dept Reps there as well as World Trade Organization Reps as well.  ...I am hearing out of Iraq…That they are finalizing that rate change...I still believe everything is in place and they just need to flip a switch.

Iraq's exchange rate gap expected to widen further, 16 SEPT

Iraq's exchange rate gap expected to widen further

 Shafaq News / Economic experts in Iraq predict that the gap between the official and parallel exchange rates will widen in the coming days or weeks, with expectations that the dollar exchange rate will reach 160,000 dinars during this period.

Economic expert Nabil Al-Marsoumi stated, "It is expected that the gap between the official and parallel rates will increase in the coming days or weeks, especially after the release of funds in the 2023 budget and increased consumption and investment spending."

He explained that "previous conditions remain the same, meaning that as long as there are U.S. sanctions on Iran preventing official financial transfers through bank transfers to settle Iranian trade dues, the gap will remain large and widen with time."

Regarding Iranian exports to Iraq, Al-Marsoumi said, "Iranian exports to Iraq exceed $10 billion annually, and these are currently being financed from the parallel market, by collecting dollars from travelers and transferring them to Iran."

He added, "Iraqi travelers abroad spend $3.41 billion annually, and these individuals are prohibited from obtaining dollars at the official rate, so they resort to the parallel market."

Al-Marsoumi pointed out, "the current factors in Iraq indicate that the gap will increase, and no one would be surprised if the dollar exchange rate reaches 160,000 dinars in the coming weeks or months."

He concluded by saying, "Relying on measures by the Central Bank or the Iraqi government to narrow the gap is difficult to implement because the issue involves capabilities that neither the Iraqi government nor the Central Bank possess."

"The only solution to narrow the gap between the two rates is to lift U.S. sanctions on Iran, restore official transfers to Iran, or cut off foreign trade and prevent Iraqi travelers from traveling to Iran. Otherwise, the gap will continue to widen in the near and medium term. "

The exchange rate for the Iraqi dinar against the U.S. dollar touched 156,000 dinars for every 100 dollars with the closing of the central stock exchange in Baghdad on Thursday.

https://shafaq.com/en/Economy/Iraq-s-exchange-rate-gap-expected-to-widen-further

Dollar remains steady,Yuan gains strength, 16 SEPT

Dollar remains steady,Yuan gains strength

Shafaq News / The dollar held steady in Asia on Friday, easing slightly from overnight gains against peers, while the yuan strengthened in the wake of some market-beating economic data out of China.

The dollar jumped overnight after U.S. retail sales received a boost from higher gasoline prices, increasing 0.6% in August versus an estimated 0.2% rise, while market participants reacted to the European Central Bank's 25-basis point hike.

The U.S. dollar index last stood somewhat lower at 105.25, but still near Thursday's six-month peak of 105.43.

The euro remained near Thursday's multi-month low of $1.0632 against the greenback.

The yuan and Australian and New Zealand dollars received a boost after a batch of economic data from China in the Asian morning came in better-than-expected for some key indicators, providing a rare lift in sentiment.

The offshore yuan rose over 0.3% against the dollar to around 7.262 after the release.

The Australian dollar , a proxy for China growth, strengthened 0.5% to $0.6473, while the New Zealand dollar last stood 0.3% higher at $0.5931.

Elsewhere, the euro was up 0.1% at $1.0652, just off a six-month low of $1.0632 against the dollar after the ECB hiked rates another 25 basis points at its monetary policy meeting on Thursday.

(Reuters)

https://shafaq.com/en/Economy/Dollar-remains-steady-Yuan-gains-strength

Everything is Signed Off & Done?💣Are you Ready?!🤔Iraq Dinar RV Updates |...

"RV UPDATE" BY ANGEL1, 16 SEPT

 Angel1

Monday Sudani makes announcements through the special meeting televised throughout the country.  He said a whole lot.  We’ll move along day by by…of what has happened since Monday, where we’re at now, where we’re gonna be and how close that finish line really is. Tuesday our friend US Secretary

 Elizabeth Rosenberg lands in Baghdad.  She is an international wizard.   She is brilliant…

International business, that’s why she was there.  Why is she there now?  Because everything is done except two things in country – that’s your new notes and your rate.  They have secured the border…Now they are focusing on international investment contracts/banking.

She had a special visitor.  Iran showed up… Agreements were accepted and inked by Mrs Rosenberg.  Those agreements are executed…Iran is no longer slowing us down.  Brilliant… Wednesday…4 meetings with Rosenberg. 

 Rosenberg also met with Sudani and GOI leaders…Budget, budget, budget…  Thursday, Kurdistan region showed up.  Meetings with Sudani.  Here’s the powerful thing.  Barzani is all smiles.  He is no longer concerned about salaries being paid because he believes parliament will make the necessary decisions for payments.