U.S. Dollar Exchange Rate Against Iraqi Dinar Surges in Baghdad and Erbil Markets, 1 NOV

 U.S. Dollar Exchange Rate Against Iraqi Dinar Surges in Baghdad and Erbil Markets, 1 NOV

The U.S. dollar (USD) exchange rate against the Iraqi dinar (IQD) has witnessed a significant surge in the markets of Baghdad and Erbil, according to Shafaq News Agency. This comes amidst a global trend of the USD strengthening and an array of domestic and international factors impacting the Iraqi economy.

Tracking the Surge

As per the exchange rates in the al-Kifah and al-Harithiya Central Exchanges, the USD recorded a closure rate of 162,150 IQD to 100, marking an increase of 150 IQD from the opening rate. The parallel markets in Baghdad saw the selling and buying rates of the USD settle at 163,000 and 161,000 IQD to 100, respectively. Meanwhile, in Erbil, the capital city of the Kurdistan region, the rates stood at 162,000 IQD to 100 for both buying and selling.

Global and Domestic Catalysts

The surge in the USD/IQD exchange rate can be attributed to several factors. On a global level, the U.S. dollar is strengthening. The DXY Index, which tracks the USD against major currencies, has advanced to 106.70, indicating the strengthening of the Greenback. The U.S. economy also demonstrated resilience in the face of tightening measures, contributing to the strengthening of the USD. Positive economic indicators such as the S&P/Case-Shiller Home Price and the US Conference Board Consumer Confidence Index have further bolstered the USD.

Domestically, the increase in foreign remittances at the Central Bank of Iraq auction has played a role in the surge. Foreign remittances rose by 88% compared to cash sales, totaling $177 million. The Central Bank sold $198,915,364 during its auction for buying and selling the USD. Most of the bank’s dollar sales were allocated to strengthening balances abroad through remittances and credits.

Geopolitical Impact

Geopolitical factors in Iraq may also be influencing the exchange rate. The Iraqi Cabinet, in its 44th session, stressed the importance of election preparedness. The focus on elections and political stability in Iraq may be contributing to the surge in the USD/IQD exchange rate.

In conclusion, the surge in the USD/IQD exchange rate is a result of a combination of global and domestic factors, including the general strengthening of the U.S. dollar, positive economic indicators, increased foreign remittances, and geopolitical factors in Iraq.

https://bnn.network/finance-nav/u-s-dollar-exchange-rate-against-iraqi-dinar-surges-in-baghdad-and-erbil-markets/

FRANK26…11-1-23….IQD UPDATE…..REMEMBER PART2

"RV UPDATE" BY PIMPY, 1 NOV

 Pimpy 

 As I watch the markets and read more and more about what's going on in Iraq it's really starting to look inevitable that Iraq has to do something with the exchange rate.  This gap between the parallel market and the fixed market is starting to get really out of control.  We know Al-Sudani made an announcement that he was going to take some steps to close this gap.

Now Al-Sudani is coming over here to the White House to speak to Biden....I'm curious to see if the Biden Administration is going to do anything to help Iraq in their situation.  He could help flood their country with US dollars and the dollar would lose value and the Iraqi dinar would gain value.  Or they could just turn around and increase the exchange rate. 

Article:  "What should be put in the Sudanese bag on his visit to Washington?"  So Al-Sudani heads back over to Washington I see...I don't know what he's going to gain by visiting with Joe Biden.

Things have been moving along until today.  The man who's been quiet for months and months and months decided to come out of his shell and start threatening the United States. 

Article: "Sadr calls on government and parliament to close U.S. Embassy in Iraq"

Kurdistan Regional Government to Allocate 700 Billion Iraqi Dinars to Stimulate Economic Growth, 1 NOV

Kurdistan Regional Government to Allocate 700 Billion Iraqi Dinars to Stimulate Economic Growth

In a move reflecting a commitment to economic vitality and the welfare of its people, the Kurdistan Regional Government (KRG) has announced a major financial initiative: the allocation of 700 billion Iraqi dinars across various sectors. The first tranche of this substantial investment, earmarked for healthcare, education, and infrastructure, will be released in January 2023.

Answering the Call of Baghdad

The allocation of these funds comes in response to an appeal from the federal government of Iraq, which has been providing financial support to the KRG. This decision underscores the KRG’s readiness to address the region’s economic challenges and its determination to stimulate growth and development. The funds, to be disbursed in Iraqi dinars, will cater to sundry needs, including salary payments and the financing of critical development projects. 

Healthcare, Education, and Infrastructure: The Three Pillars of Development

The allocation of funds to the healthcare sector is of paramount importance, given the ongoing global COVID-19 pandemic. The allocation will be directed towards strengthening the healthcare system, increasing the capacity of hospitals and clinics, procuring medical equipment and supplies, and supporting healthcare workers. This investment is crucial to responding effectively to the pandemic and ensuring the health and well-being of the Kurdistan region’s populace.

Alongside healthcare, the education sector too will receive a significant portion of the funds. This includes financing for schools, universities, and vocational training programs. By investing in education, the KRG is laying the groundwork for a skilled workforce and a flourishing economy, thereby securing the region’s future prosperity.

Infrastructure development, the third pillar of this initiative, will see funds channeled towards roads, bridges, water and sanitation systems, and other essential infrastructure projects. By enhancing connectivity within the region, the government aims to foster an environment conducive to economic growth and development.

A Commitment to Transparency and Accountability

The KRG has also highlighted its commitment to transparency and accountability. Regular updates will be provided on the disbursement of funds, and measures will be taken to ensure their efficient and effective use. Such transparency is crucial for building trust and confidence among the people and ensuring the funds are used for their intended purposes.

Overall, the allocation of 700 billion Iraqi dinars to various sectors in the Kurdistan region is a significant step towards addressing its economic challenges. It will support key sectors such as healthcare, education, and infrastructure, contributing to the overall development of the region. The government’s commendable commitment to transparency and accountability in the use of funds will undoubtedly foster trust and confidence among the people.

https://bnn.network/finance-nav/kurdistan-regional-government-to-allocate-700-billion-iraqi-dinars-to-stimulate-economic-growth/

Elections in Iraq: A Dance of Democracy in the Heart of the Middle East, 1 NOV

Elections in Iraq: A Dance of Democracy in the Heart of the Middle East

In the shadow of the ancient city of Khanaqin, an enclave in the Kurdistan region of Iraq, a fervor of anticipation stirs. Here, the party responsible for the 15th district is meticulously preparing for the upcoming Iraqi provincial council elections. Their message is clear: resilience is their lifeblood, a phoenix-like spirit that will brook no obstacle. ‘If our headquarters in Khanaqin is burned today, we will return within a week,’ they assert.

Reaffirmation of U.S. Commitment

Amidst the political hustle and bustle, the U.S. embassy in Iraq has issued a statement reiterating its commitment to the Kurdistan region. This affirmation, coming at a crucial juncture, is seen as a diplomatic nod towards the region’s significance in the geopolitical landscape of the Middle East.

The Stakes of the Provincial Council Elections

The Iraqi provincial council elections are more than a political event; they are a socio-cultural litmus test reflecting the democratic pulse of the nation. The 15th district’s preparations mirror this sentiment, encapsulating the region’s determination to ensure their voice is heard in the democratic symphony of Iraq.

Resilience Amidst Challenges

The district’s bold declaration, evoking an image of a phoenix rising from the ashes, bears testament to the resilient spirit of the Kurdish people. Amidst a tumultuous political climate, their indomitable will shines, embodying the tenacity required to navigate the intricacies of Iraqi politics.

As the world watches, the unfolding events in Kurdistan and Iraq reflect the dynamic interplay of regional politics, international commitments, and the unyielding spirit of the people. The stage is set, awaiting the dance of democracy in the heart of the Middle East.

https://bnn.network/politics/elections-in-iraq-a-dance-of-democracy-in-the-heart-of-the-middle-east/

A regular Iraqi citizen will not care about exchange rate Iqd #iraqi dinar BY NADER FROM MID EAST

Iraqi PM removes the Counter-Terrorism chief from his position, 1 NOV

 Iraqi PM removes the Counter-Terrorism chief from his position, 1 NOV

Shafaq News/ The Commander-in-Chief of the Iraqi Armed Forces, Prime Minister Mohammad Shia al-Sudani, has decided to relieve Abdulwahab Al-Saadi from his position as the head of the Counterterrorism Apparatus and Ahmed Saleem from his role as the commander of Baghdad Operations.

The spokesperson to the Commander-in-Chief, Major General Yahya Rasoul, said that al-Sudani "has made changes to several high-ranking military positions and appointed successors to continue their military service."

These changes include the appointment of Major General Kareem Aboud Mohammed as the new head of the Counterterrorism Apparatus, replacing Lieutenant General al-Saadi. Major General Ahmed Saleem Bahjat, formerly the commander of Baghdad Operations, has been reassigned to the Ministry of Defense, and Major General Waleed Khalifa Majeed will assume his responsibilities.

Major General Rasool emphasized that "these steps align with the requirements of the current military operations and aim to provide an opportunity for military personnel to contribute to the service of our beloved nation."

https://shafaq.com/en/Iraq-News/Iraqi-PM-removes-the-Counter-Terrorism-chief-from-his-position