This is the CBI Article Quote: "The expectations of the Central Bank and specialist is that the exchange rate will return to a stable state but it requires time which we hope will not be long."
Man I have read so many good things my mouth feels like sugar! I feel like I have candy in my mouth, sugar cookies. This is from the CBI. This is them talking about the the exchange rate. They tell you don't believe the bull KaKa from those other guys...
Question: "Does this [Auctions changing/no USD withdrawals in January] mean it will revalue after the 1st of the year ?"
First of all it's not a revalue...I have said it over a billion times this is an RI, reinstatement ...So what if you have to wait until January? What is the problem?
Article: "Erbil: Withdrawing the dollar via ATM machines stopped by a decision of the Central Bank"
[Boots on the ground update]
SUPERGIRL'S REPORT [From last week]
Quote "We are committed to the Central Bank’s decision issued 3 months ago, which prevents banks from granting dollars via ATM machines, and we have observed a commitment from other banks."
The Most Important Of Which Is The Leakage Of The Dollar.. Al-Alaq Identifies Many Factors That Caused The Exchange Rate To Rise
Economy | 10:59 - 10/16/2023 Mawazine News – Baghdad Central Bank Governor Ali Al-Alaq identified, today, Monday, several factors that led to a rise in the exchange rate of the dollar against the dinar in the local market, including smuggling abroad.
The media office of the Ministerial Council for the Economy stated in a statement received by Mawazine News, that “Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein chaired today, Monday, the thirty-first session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister, the Minister of Planning, the Ministers of Finance, Labor, and Social Affairs, the Secretary-General of the Council of Ministers, and the Governor The Central Bank, the Undersecretary of the Ministry of Oil, the Vice President of the National Investment Authority, the Chairman of the Securities Commission, and the Prime Minister’s advisors for economic and legal affairs.”
He added, “The Council hosted the Chairman of the Finance Committee in the Iraqi House of Representatives and a number of members of the Committee to discuss the dollar exchange rates in Iraqi markets,” pointing out that the Governor of the Central Bank provided a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq. “The Governor of the Central Bank
explained According to the statement, “The exchange rate depends primarily on imports and not on local production, and that the exchange rate in Iraq has peculiarities due to its connection to the price of oil as it is the largest source of providing hard currency,” noting that “many factors affect the exchange rate, the most important of which is the leakage of the dollar to coun
tries.” Neighborhood and internal dealing in local markets in a currency other than the national currency, as well as the lack of complete control over the ports and smuggling.”
He added that “the level of inflation has decreased significantly and that the goods that enter officially are witnessing price stability because imports are covered by the official price.”, stressing “the opening of a special hall for private banks.” To sell dollars to travelers at Baghdad International Airport, and we raised the interest rate for amounts deposited in banks to 7.5 percent to encourage citizens to deposit their amounts in banks and to withdraw the cash mass from the banks.”
The statement continued, "After objective and serious discussions, the Deputy Prime Minister and Minister of Foreign Affairs indicated that the Council will study in detail this important issue and will follow up on the localization of salaries for all workers in the government sector and then the mixed sector until the private sector. We will study increasing the interest rate on deposits, adding that we are looking forward to building basic tools." "Future helps the Central Bank and the Ministry of Finance to assume their role in a way that suits the nature of their work."
He pointed out that "the council decided to proceed with the establishment of a project to demolish and build Ibn Sina Specialized Hospital with a capacity of 600 beds in Nineveh Governorate to serve the people of that dear governorate." https://www.mawazin.net/Details.aspx?jimare=236466
...WE WON'T KNOW WHAT THE RATES WILL BE UNTIL THE DAY WE EXCHANGE..
.MOST RECENT ANTICIPATED OPENING RATES AS PER RAY [Guru RayRen98] DONG .47... DINAR 3.81...
RayRen98
.. .I DO "BELIEVE" THAT IT HAS BEGUN!! RATES DID CHANGE IN IRAQ LAST WEEK...MAYBE AGAIN OVER THE WEEKEND?
WAITING TO HEAR FROM SOME FOLKS WHO WERE EXCITED LAST NIGHT AND WERE LOOKING TO SEE SOMETHING (BEHIND THE SCENES) THROUGHOUT THE NIGHT...TIME WILL TELL
Al-Kadhimi: The decision to increase the interest rate will activate the banking system inside Iraq, 17 OCT
On Tuesday, the Parliamentary Finance Committee approved the Central Bank of Iraq’s decision to increase interest rates for bank depositors, as it will help revitalize and organize the banking system.
According to Moeen Al-Kadhimi, a member of the Finance Committee, the Central Bank’s decision to increase the interest rate is part of Iraq’s banking reform measures. This is in line with Prime Minister Muhammad Shia’a Al-Sudani’s directive to organize and revitalize the country’s banking system.
“The interest rate increase will motivate citizens to deposit their money in banks. This will boost financial activity and lead to investment in various projects. Additionally, it will positively impact reducing the exchange rate of the US dollar against the Iraqi dinar,” he said.
Al-Kadhimi stated that the Central Bank of Iraq is moving towards full automation of financial transactions within Iraq.
During the 31st session of the Ministerial Council for the Economy held yesterday on Monday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced an increase in the interest rate for amounts deposited in banks to 7.5%. This move is aimed at encouraging citizens to deposit their money in banks rather than keeping it outside the banking system as cash.
The oil and gas law will be postponed to the next legislative year.. Representative: We need 6 months, 17 OCT
The Committee for Oil, Gas, and Natural Resources has announced that it needs six more months to create a draft oil and gas law that will be agreeable to all parties involved. The committee also mentioned that the Kurdistan Regional Government has presented a vision for the Oil and Gas Law to the Ministry of Oil. This announcement was made on Tuesday, October 17th, 2023.
According to Representative Ali Shaddad, who heads the Legislation Committee in the Oil, Gas and Natural Resources Committee, this committee is a vital subcommittee within the parliamentary oil and gas committee. Its main focus is on legislation and laws related to the oil and gas sector. In an interview with Al-Sumaria News, he emphasized the importance of the committee’s role in shaping the legal framework for this critical industry.
In today’s meeting, the Oil Ministry hosted the Director General of the Legal Department and a group of jurists to discuss amendments to the laws in the oil sector. Seven laws related to the oil and gas sector were discussed, with a major focus on the National Oil Company Law. Shaddad, who was present at the meeting, explained that some provisions of the law had been canceled, leading many to believe that the law had been repealed, but the formation of the National Oil Company had only been stopped. To revive the law, a set of amendments is required, which is in line with the directives of the federal government to the Oil Ministry.
During a recent interview, Shaddad, an official from the Iraqi Oil Ministry, spoke about the importance of the oil and gas law in the country. He highlighted that a total of 6 meetings have taken place, with 3 of them being with the committee formed by the regional government, and the other 3 with the governors and representatives of the oil-producing governorates. The ministry has developed a preliminary draft that incorporates ideas from both the Kurdish side and the oil-producing provinces. However, repeated meetings will be required to reach a common vision on the oil and gas law. Shaddad also mentioned that council elections may cause a delay in progress for the next two months.
During a recent meeting, it was discussed that it would take about 6 months to create a draft of an oil and gas law that all parties can agree on for the Iraqi provinces. The regional government committee presented their own vision of the law to the Oil Ministry, which includes the specific texts and standards they would like to see included.
According to his statement, the project’s first reading is expected to take place during the third legislative year. The Oil Ministry has been urged to reach a unified vision and draft. The speaker emphasized that only one draft will be accepted. He also acknowledged that there could be fatigue and anger among some parties, but stressed that Iraq needs this law.
During the committee meeting, he emphasized the importance of some of the new projects under discussion, including the draft carbon footprint law and the draft oil-agricultural coexistence law. He also mentioned that a representative from some companies in the oil and gas sector will be included in the Legislation Committee of the Parliamentary Oil and Gas Committee.
The Parliamentary Oil and Gas Committee met with its subcommittee to address legal amendments, including the Oil and Gas Law and the National Oil Company Law, according to Al-Sumaria’s correspondent.