Fluctuating US Dollar Rates in Iraq: A Tale of Two Cities, 13 oct

 Fluctuating US Dollar Rates in Iraq: A Tale of Two Cities, 13 oct

The US dollar, a significant barometer of global economic health, recently experienced slight fluctuations in its exchange rates in Iraq. As international observers watched anxiously, the dollar saw a decline in Baghdad and a rise in Erbil, reflecting the complex economic dynamics of the country and the broader region.

Decline in Baghdad

The closure of stock exchanges in Baghdad led to a decrease in the dollar prices. The selling price plummeted to 160,150 Iraqi dinars against 100 dollars. This decline can be attributed to a confluence of factors, including the closure of stock exchanges, which disrupted the smooth flow of transactions. However, the precise reasons behind this decrease remain shrouded in economic complexities and are a subject of ongoing analysis.

Rise in Erbil

Contrary to the trend in Baghdad, Erbil saw an ascent in the value of the US dollar. The selling price escalated to 160,650 dinars for every 100 dollars. The reasons for this increase are as varied and complex as the city itself, which serves as the capital of the Kurdistan Region in northern Iraq and is an important economic hub.

Impact on Local Markets

These fluctuations in currency exchange rates are not just numbers on a screen; they have tangible impacts on local markets and everyday life in Iraq. For instance, a stronger dollar can make imports cheaper, but it can also make it harder for local businesses to compete. Conversely, a weaker dollar can make exports more competitive but can increase the cost of importing goods and services.

Future Implications

The future ramifications of these currency fluctuations are yet to unfold fully. However, they are likely to impact stakeholders ranging from local businesses to international investors. As the global economy continues to grapple with uncertainty, the fluctuations in the US dollar exchange rates in Iraq serve as a stark reminder of the intricate interconnections within the global economic system.

"RV UPDATE" BY FRANK26, 13 OCT

 Frank26 

 Article "What is the relationship of the US Federal Reserve to the federal budget?"  Quote "The Federal Reserves are still in control of the financial budget...he says the matter will end in two weeks."  Two weeks?  That's the third time I hear two weeks.  Sunday when they were at the banks, Monday when they gave us the report and then today...The article  is saying within 2 weeks the problem they've been having with their money...  

[Kurdistan boots-on-the-ground report]SUPERGIRL:  Yes, I'm waiting to go back in...I'm sorry I'm just overly excited...I went to the ATM 30 minutes ago to get cash, I went into the grocery store to ask them if they own the ATM.  He said no.  I said I tried getting USD out and it won't let me.  He said it no longer will give you USD.  I said why?  He said because the currency rate just went up.  When did that happen?  Two days ago.  I said are you serious.  He said yes.

  I got some things for the week and it came out to $80 but he cannot accept USD so it's going to be more...I said how much more?  He said a lot more.  He told me $100 USD is probably $180.  FRANK:  These changes are occurring internally.  They're not advertising it.  Forex wants to get a hold of this but the CBI is not allowing it just yet.  They are still cleaning the terrorist activities...You try to get American dollars and they say no...They tell you to wait because the value is about to go up not of the American dollar but of the Iraqi dinar.  SUPERGIRL:  Yes.  He said it happened two days ago here in country.

Middle East Crisis Unleashes Economic Shockwaves Worldwide

KRG confirms commitment to CBI measures, 13 OCT

 KRG confirms commitment to CBI measures, 13 OCT

Shafaq News / The Kurdistan Regional Government (KRG) affirmed its commitment on Wednesday to abide by any measures taken by the Central Bank of Iraq regarding the dollar. Speaking at a press conference, KRG government spokesperson Peshwa Horami stated, "Regarding salary matters, the funds sent to the region are allocated for unpaid months, and for the remaining months, we will negotiate with Baghdad. There is openness and good understanding with the federal government, especially with Prime Minister Mohammed Shia Al-Sudani."

He added, "As for the dollar issue, it pertains to the Central Bank, and any action taken by the Central Bank will be adhered to by the Kurdistan Regional Government." Regarding the issue of provincial councils, Horami emphasized, "These councils in the Kurdistan Region continue their work."

Addressing the reform within the Peshmerga Ministry, Horami said, "Prime Minister Masrour Barzani has always been enthusiastic about expediting the reform process within the ministry. We urge the entities that have influence in the Peshmerga forces to step forward to accelerate this process."

Regarding the strike of the region's employees, Horami noted, "The regional government has fulfilled its role in demanding salaries and employees' rights, similar to other regions in Iraq. The denied rights of the employees do not lie with the regional government."

He pointed out that "the halt in oil exports from the region has affected everyone, and the obstacle to resuming exports is the oil production costs estimated at $6 per barrel. However, the oil production in several refineries in the region exceeds this amount."

Coffee with MarkZ and Mr. Cottrell 10/13/2023

"RV UPDATE" BY PIMPY, 13 OCT

  Pimpy  

People always go, 'You're so negative.' No, I'm grounded.  What's been happening lately I'm feeling really good about.  There's got to be some consistency there.  The seem to be making all the right moves and that's exactly what you want in this investment...

 Iraq can't do anything without permission of the United States.  They're on sanctions.  The only reason why I know that is because I actually read...

I said several times that Iraq was on sanctions.  They can't do anything without the United States saying, 'Hey it's okay to do so.'  That included their budget.  People like, ' Pimpy doesn't know what he's talking about.  Pimpy's wrong.  Blah blah, blah.' 

 Article: "What does the US federal reserve have to do with the federal budget?"  Quote: "...US Federal Bank is behind the failure to release financial allocations in the budget..." Not that Iraq isn't doing it - The US is holding this up...I told you these people can't do anything without permission from the US...

Zimbabwean Government Prohibits Schools from Denying Education Over Unpaid Fees, 13 OCT

In a recent move aimed at ensuring the right to education for all students, the Zimbabwean government has directed schools not to exclude learners enrolled under the Basic Education Assistance Module (Beam) due to non-payment of fees, branding it a criminal offense.

(Also Read: Two More Thai Casualties, Four Injured, and Three Abducted in Hamas-Israel Conflict)

Zimbabwe’s Stance on the Right to Education

Asserting the constitutional right to education irrespective of fee payment, Minister of Primary and Secondary Education, Torerai Moyo, criticized schools for double dipping – charging fees from parents while also claiming money from Beam. The Minister emphasized that any school heads defying these instructions might face charges for breaching children’s right to education.

Understanding the Basic Education Assistance Module (Beam)

Beam is a government initiative designed to provide financial assistance to economically disadvantaged learners. The scheme enables underprivileged students to continue their education without financial hindrance, thereby promoting inclusivity and equal educational opportunities.

Increased Beam Allocation

To meet the growing demand for assistance, the government has augmented the Beam allocation to ZWL$5.6 billion in 2022. This financial boost is expected to help more students benefit from the initiative, thereby reducing the dropout rates due to financial constraints.

(Also Read: Dollar Prices in Baghdad and Erbil Decrease: An In-depth Analysis of the Iraqi Economy)

Government’s Appeal to Parents

Minister Moyo, while urging the prompt disbursement of funds, also emphasized the parents’ role in this educational ecosystem. He stated that in regions where parents can afford to pay fees, they should continue to do so. However, in areas where they cannot, the government should ensure that children are allowed to learn for free, thereby fulfilling their fundamental right to education.