An Iraqi Government Minister Reassures Kurdistan Of Sending 700 Billion Dinars To Finance The Salaries Of The Region’s Employees, 29 OCT

 An Iraqi Government Minister Reassures Kurdistan Of Sending 700 Billion Dinars To Finance The Salaries Of The Region’s Employees

2023-10-29 04:22    Shafaq News/ The Minister of Construction, Construction, Housing and Public Municipalities, Bankin Rekani, reassured on Sunday that the federal government will soon send an amount of 700 billion dinars as part of the second agreed-upon installment to finance the salaries of employees and workers in the public sector in the Kurdistan Region for the last three months of the year 2023.

Rikani said during the conference he held inside the ministry building in the capital, Baghdad, “Today morning I spoke with the Prime Minister, Muhammad Shiaa Al-Sudani, and with the Minister of Finance, Taif Sami, and we received promises from them that if the Kurdistan Region delegation came to Baghdad, it would be possible the day after tomorrow to solve the problem that the regime was able to solve.” Accounts,” stressing that an amount of 700 billion dinars will be sent to the region.

He added that the atmosphere in Parliament and the federal government is positive and helps solve the problem, which is technical and there is nothing left to address.

The Kurdistan Regional Government decided to send a delegation to Baghdad in the middle of this week in order to settle the amount of the cash loan that it agreed with the federal government to send to pay employees’ salaries after they were delayed.   LINK

Iraqi Dinar🔥Vietnamese Dong Rate very High | Iraqi Dinar Latest Exchange...

Iraq announces self-sufficiency in various food and industrial production sectors, 29 OCT

 Iraq announces self-sufficiency in various food and industrial production sectors

ERBIL (Kurdistan 24) – The Iraqi Ministry of Industry and Minerals said it has reached total autonomy from its reliance on exports for various types of products, ranging from dairy products to cement. 

On Oct. 28, Zuha Juburi, spokesperson for the Iraqi Ministry of Industry and Minerals, told the Iraqi News Agency that the country no longer relies on imports of various products, including dairy, juices, soft drinks, sugar, mineral water, cement, industrial salt, table salt, canned aluminum containers, and some veterinary vaccines.

Juburi reiterated that the production of these items is only enough to meet the needs of the domestic market so far, and has not exported any existing surplus.

The ministry also stressed the need to comply with quality assurance principles and international standards in the production of these products to improve the quality of their products and compete with imported products.

The Iraqi government has been known to institute protectionist measures and ban certain imports to support its domestic companies. The country banned the import of eggs, frozen fish, oranges, tomatoes and cucumbers, with many of the food products coming from neighboring Turkey.

Iraq is a net food import country that heavily relies on other countries to feed its population. The country exclusively exports its wheat, a problematic situation that has been exacerbated by the Russo-Ukrainian War, involving two countries that provide more than a quarter of the global wheat supply, according to a Dec. 2022 United Nations report. 

Complicating Iraq’s economic uncertainty is its overreliance on petroleum, which reportedly makes up 97% of the country’s exports. The country ultimately lacks any reliable export sector for its manufacturing industry.

https://www.kurdistan24.net/en/story/32986-Iraq-announces-self-sufficiency-in-various-food-and-industrial-production-sectors

Iraq's Al-Sadr Calls for Shutdown of US Mission, 29 OCT

Iraq's Al-Sadr Calls for Shutdown of US Mission

ERBIL — Iraqi prominent Shia cleric Muqtada al-Sadr on Friday urged the Iraqi government and parliament to shut down the US embassy in Baghdad in response to the US backing of Israel amid the escalating conflict in the Gaza Strip.

In a statement he shared on X, the Shia cleric called on Iraq's government and parliament to unite and approve demands calling for the shutdown of the US mission in the country in protest to Washington’s support for Israel in the ongoing war with Hamas forces in the Gaza Strip.

However, he urged the Iraqi government and military forces to protect foreign missions in the country amid recurrent attacks targeting US bases in Anbar and the Kurdistan Region in recent days.

Baghdad has expressed support for Palestine amid the ongoing conflict with Israel, and also called for a continued flow of humanitarian aid and also containment of the conflict.

In response to these security threats, the US government on Sunday decided to evacuate non-essential personnel from its embassy in Baghdad. Washington has since updated its travel advisory too, strongly encouraging its citizens to avoid traveling to Iraq.

https://www.basnews.com/en/babat/828315

"RV UPDATE" BY PIMPY, 29 OCT

 Pimpy 

There's talk about Al-Sudani doing something that will help with the dinar exchange rate... 

Article: "Sudani will announce next week a banking service that leads to the decline of the dollar" I've been racking my brain out trying to think what it is Al-Sudani is going to do.  

The only thing I can think of Al-Sudani has got to do something about the exchange rate.  What other options does Iraq have?  They rose the exchange rate last time from 1450 dinars for every dollar because the parallel exchange rate was getting out of control. 

 It stabilized for a little while but now...the parallel markets are way out of control.  You now can get 1630 for every dollar compared to 1300 on the official market...

if any of the citizens have US dollars they can get more dinars on the black market than they can through the bank at the official rate.  Where is the incentive for the citizen to avoid the black market?  The US dollar is much stronger in Iraq than the Iraqi dinar.  The only thing you could do is try to find a way to strengthen the dinar as much as possible so it can compete with the US dollar.

Let's talk about the high possibly of a reevaluation taking place here real soon with the Iraqi dinar...

 Article:  "The dollar is flying fast and registering 162 thousand dinars in the markets". 

1,620 for every dollar is a huge gap between the fixed rate of 1,320...Iraq is going to have to do something very soon about this situation.  

They can't keep allowing this to get out of control.  It's causing inflation...and it's affecting the economy... The last time we started to see this type of gap between the fixed rate and the black market rate, Iraq was forced to increase the value of dinar.

 IMO if this keeps getting out of control I don't think they're going to have any choice but to do the same thing again...

Keep in mind the Iraqi dinar before they devalued you got 1,190 dinars for every dollar, it dropped down to 1,450 for every dollar then they increased it to where you get 1,300 for every dollar.  If they go to make a move again is it possible they finally bring us back to where we started from at 1,190 or every dollar.  It almost looks unavoidable at this moment.

Iraqi Dinar🔥Expected Rate Of Iraqi Dinar To Be Very High Today 2023🔥iraq...

"THE EXCHANGE RATE REFORM GUIDANCE WITH THE IMF" BY GOLDILOCKS, 28 OCT

 Goldilocks' Comments and Global Economic News for the evening of October 28th

Good evening ,

We are witnessing several countries having gone through exchange rate reform guidance with the IMF as of late.

Here, we have Zimbabwe upgrading their currency exchange mechanisms. These changes will put them on par with other countries in trade on the new digital asset-based trading system.

Currently, the IMF is asking the banks of Zimbabwe to remove their currency rate restrictions, so they can accelerate their foreign currency reform market.

© Goldilocks

https://www.herald.co.zw/imf-implores-zim-to-pace-up-forex-reforms/