The Dance of Currencies: USD-IQD Exchange Rate Stability Amid Iraqi Uncertainties, 30 OCT

The Dance of Currencies: USD-IQD Exchange Rate Stability Amid Iraqi Uncertainties

The fluctuating pulse of the forex markets in Baghdad and Erbil has recently mirrored the ebb and flow of life in a country navigating its way through political instability, economic uncertainty, and the vagaries of global market trends. The U.S. dollar (USD) and the Iraqi dinar (IQD) have danced a complex duet, their inconstant rhythm a reflection of Iraq’s multifaceted socio-economic dynamics.

A Fragile Equilibrium

In the bustling markets of Baghdad, the USD was recently traded at a rate of 161,200 IQD, dropping 100 IQD from the previous day. This subtle shift, while small, hints at the delicate balance of Iraq’s financial health. Parallel markets in the city painted a similar picture, with the USD selling at 162,250 IQD and a buying rate of 160,250 IQD.

Erbil, the capital city of the Kurdistan region, echoed this pattern. Here, the USD selling and buying rates hovered at 160,300 and 160,200 IQD respectively, a testament to the resilience of the Kurdistan Region amidst the country’s challenging political and economic landscape.

Interplay of Factors

The stability of the USD exchange rate in Baghdad and Erbil encapsulates the nuanced interplay of various factors. The closure of the stock exchanges in both cities, Al-Kifah and Al-Harithiya, is likely to have contributed to the constancy of the exchange rate, preventing any significant fluctuations.

Moreover, the steady selling and buying rates of the USD in Baghdad’s local markets suggest a balance between the supply and demand of USD. This equilibrium reflects a market that is not in a rush to buy or sell USD, a key element in maintaining stability in the exchange rate.

Signs of Confidence

The stable USD exchange rate in Baghdad and Erbil is a positive sign for the Iraqi economy. It indicates a relative market stability and a burgeoning confidence in the value of the Iraqi dinar. This assurance is vital for attracting foreign investment and fostering economic growth in the country.

But as with any dance, the dance of the forex market requires constant vigilance. Political instability, economic uncertainties, and global market trends will continue to influence the exchange rate of the USD against the IQD. Thus, it is crucial to closely monitor these fluctuations and strategize to mitigate any potential risks, thereby ensuring the Iraqi economy continues its dance of resilience and growth.

https://bnn.network/finance-nav/the-dance-of-currencies-usd-iqd-exchange-rate-stability-amid-iraqi-uncertainties/

"OIL AND GAS LAW HAS NOT REACHED PARLIAMENT YET" BY MNT GOAT, 29 OCT

 “The Great (proverbial) Knot has not yet been resolved.” Committee: Oil and gas law has not reached parliament yet

(Oh…but the Bruce’s Big Stupid Call told his listeners the other night that Iraqi citizens in the US are going to get very large sums of HCL money uner the sharing of oil revenues HCL. Really? How this going to happen as they have not even passed the Oil and Gas law better known as the HCL. Here is yet more proof he is lying and is sources are playing head games with him too. They are all idiots! ☹)

{Economic: Euphrates News} A member of the Parliamentary Oil, Gas and Natural Resources Committee, Adnan Al-Jabri, confirmed on Thursday that the oil and gas law is still included in the Council of Ministers and has not yet reached the House of Representatives to vote on it.

Since the first session of the House of Representatives, in 2005, the draft oil and gas law has been locked in drawers, with disagreements preventing its final passage.

Al-Jabri told Al-Furat News: “The oil and gas law is still included in the Council of Ministers and has not yet reached Parliament, but there are follow-ups from specialized committees formed by the Council of Ministers.”

He added: “When the law reaches parliament, it will be read a first reading, and then it will be discussed and studied by the committee to be presented for second reading.”

He pointed out that “it is not possible to talk about the transfer of the project because so far it has not reached the House of Representatives and the committees of the Council of Ministers discuss it in the presence of the provinces heading to typeset the draft law and vote on it in the Council of Ministers and then send it to Parliament.”

Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold accounts for more than 90 percent of the state treasury.

(Don’t you think they need a law to govern this wealth?)

Iraq’s draft oil and gas law, which is available to parliament, stipulates that responsibility for managing the country’s oil fields should be vested in a national oil company and supervised by a specialized federal council.

Prime Minister Mohammed Shia al-Sudani said in early August that “the draft oil and gas law is one of the basic and important laws, representing a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need of its legislation and benefit from this natural wealth, in all fields and sectors, as well as the contribution of the legislation of the law in solving many outstanding problems.”

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

Iraqi Dinar Countdown to an Exchange Rate Change in Iraq | Article VIII ...

"RV UPDATE" BY WALKINGSTICK, CLARE, SAMSON & BRUCE, 29 OCT

 Walkingstick

  In the coming days a new currency will be given to the Iraqi citizens IOO...They are forewarning the Iraqi citizens of what is about to be given to them.

Clare 

  Article "In response to Al-Sadr's call, a parliamentarian announces the start of collecting signatures to close the American embassy in Baghdad"

 Samson

  Article: "Al-Shamri: Al-Sudani will announce next week a banking service that leads to the decline of the dollar"

Bruce 

  New Iraqi Dinar Rate expected to be published in Gazette Fri. or Sat. 27, 28 Oct...International Iraqi Dinar Rate expected to be very high, as is Dong...

Budget Dispute and Rising Tensions: A Tale of Two Governments in One Country, 29 OCT

Budget Dispute and Rising Tensions: A Tale of Two Governments in One Country

The political labyrinth of Iraq is once again poised for a critical meeting. This time, the heart of the matter is an escalating budgetary dispute between the federal government in Baghdad and the Kurdistan Regional Government (KRG). As the KRG prepares to dispatch a delegation led by its Minister of Finance and Economy, Awat Sheikh Janab, to negotiate in Baghdad, the issue of delayed budget transfers looms large.

From Erbil to Baghdad: A Dispute over Dinars

At the core of the dispute are the Kurdistan Region’s financial entitlements. The KRG has accused Baghdad of delaying the transfer of agreed-upon funds and not implementing the budget properly. This issue is not new; it is a recurring bone of contention between the semi-autonomous Kurdistan region and the federal government, a testament to the complex fiscal relationship between Erbil and Baghdad.

The Iraqi Council of Ministers is expected to make a decisive call regarding the Kurdistan Region’s salaries for the remaining months of the year. The federal government has vowed to send 700 billion dinars to the KRG to finance the salaries of employees and workers in the public sector for the last quarter of 2023, but the KRG remains skeptical.

Iran: A Web of Influence and Power

While the budgetary dispute unfolds, a different power play is taking place in the region. Ismail Qaani, the leader of Iran’s Quds Force, has a long history of involvement in Afghanistan since the late 1980s. His recent trips to Afghanistan, including a mysterious visit in 2018, suggest Iran’s sustained interest and influence in the country.

Back in Iran, President Ebrahim Raisi has warned that Israel’s ongoing bombardment of Gaza may force everyone to act, underscoring Iran’s staunch support for Hamas. Simultaneously, the Iranian government faces domestic human rights criticisms as it prevents public memorials for protesters killed during unrest.

Unveiling Iran’s Cultural and Social Strains

Meanwhile, Iran continues to grapple with internal strife. The death of 17-year-old Armita Garavand, allegedly at the hands of Iran’s morality police, has sparked outrage. Her burial was shrouded in tight security, and several arrests were made, including that of renowned human rights lawyer Nasrin Sotoudeh.

This incident, echoing the death of Mahsa Amini, another young woman who died in police custody for allegedly violating the hijab rule, has catalyzed widespread protests and condemnation of Iran’s treatment of women. Adding fuel to the fire, the government’s decision to ban actresses who have publicly opposed the mandatory hijab law has been met with backlash from high-profile artists, stirring a debate about artistic freedom and government overreach.

As the United States aims to dismantle Hamas’s funding networks by sanctioning members of Iran’s Islamic Revolutionary Guards Corps, Iran’s ground forces are testing the flight readiness of more than 200 helicopters. These drills, aimed at confronting potential threats, highlight the rising tensions in the region. If the retaliations against Hamas in Gaza continue, warns Iranian Foreign Minister Hossein Amir Abdollahian, the United States will not be spared from the conflict.

https://bnn.network/world/iraq/budget-dispute-and-rising-tensions-a-tale-of-two-regions/

The Prime Minister's Advisor Explains The Importance Of Legislating The Economic Reform Law, 29 OCT

The Prime Minister's Advisor Explains The Importance Of Legislating The Economic Reform Law

Money  and business  Economy News _ Baghdad  Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, outlined the paths of partnership between the state and the private sector, while explaining the importance of legislating the economic reform law.

Saleh said, in an interview with the Iraqi News Agency, followed by “Al-Iqtisad News,” that “the government’s current and future economic vision has been touched upon by the government program through many axes focused on describing the future of the economic system in the country,”

indicating that “the description took its way in building a real partnership between the state and And the private sector, with the aim of creating a gradual separation from the dominance of oil rents in keeping the country captive to economic unilateralism and relying on oil wealth revenues alone as the sole basis for financing productive activities in the economy.”

He explained, "Partnership opportunities with the private sector have taken different paths today, including financing partnerships, which include issuing carbon bonds or reconstruction bonds toward market resources," noting that "the private sector will contribute to financing economic development, in addition to the role of the Iraq Development Fund, which There will be an increase in direct financing from the government to meet the need of civil society activity to finance its investments at various levels, according to a strategy targeting small and medium-sized activities and others.”

He pointed out that “among the paths is the government’s role as an actual guarantor in supplying Western technology to private activity, especially in the industrial sector, agricultural industries, and other digital activities,” stressing that it is “a guarantor partnership for the supply of advanced technology to the country with financial government guarantees within the vision of partnership between the state and the private sector.”

To achieve a unified development goal in which human, financial and organizational resources are mobilized between the state and the private sector and with advanced external technological support.”

He continued, "The legislation of the economic reform law, the implementation of which will represent a new pattern of partnership in investing in strategic economic activities, especially between the arms of the productive private sector and the government, to extend investment activities to wide areas such as unexploited natural resources and forms of jointly operated infrastructure."

Views 40 10/29/2023 - https://economy-news.net/content.php?id=37144

Sudan’s taking we are strong we need to work with our real values