Sábado 04 Noviembre 2023
Progress is developing the second largest oil field in Dhi Qar
She listed various projects including ones for the mobile station site, IT building, evaporation basin, service road rehab, and cafeteria building.
It was pointed out that there are other plans to rehabilitate the main road networks and bridges that connect to the central and northern stations. Additionally, service buildings and roofs will be constructed.
A law that specifies 5 conditions that must be met by the candidate for governor of the Central Bank
Al-Bawi stated in an interview with “Jarida” that the selection of any individual for a position of responsibility must be based on solid principles, primarily integrity, followed by scientific expertise, administrative experience, and the courage to make bold decisions, especially in light of the challenging economic situation that the Iraqi economy is currently facing.
“The candidate needs to propose innovative and practical solutions to prevent the further appreciation of the US dollar and the devaluation of the Iraqi dinar. They should also ensure that the political leaders provide assurances for the restructuring of the central bank and other financial institutions and eliminate any corrupt practices that are currently impacting the currency auctions.”
Kaperoni
The dinar cannot go up in value until Iraq diversifies and creates significant economic growth. The current conditions in Iraq will continue to keep the dinar weak...Until they pass laws...there will be no change. We have a window now over the next three years...
PimpySurge in Dollar Prices Strikes Baghdad and Erbil Amid Stock Exchange Closure
The cities of Baghdad and Erbil in Iraq were hit by a significant surge in dollar prices on Monday, coinciding with the closure of key stock exchanges. In Baghdad, the exchange rate escalated to 166,800 dinars for 100 dollars, a notable increase from the morning’s rate of 164,250 dinars. Local exchange shops followed suit, raising their selling prices to 167,750 Iraqi dinars for 100 dollars. Similarly, in Erbil, the selling price spiked to 166,250 dinars for 100 dollars.
The accelerated dollar prices are primarily linked to rampant speculation on the stock exchanges and an ongoing scarcity of supply in the market. The closure of the Al-Kifah and Al-Harithiya stock exchanges disrupted the usual flow of currency exchange, leading to a dollar shortage. This gap has fueled speculation and increased demand, pushing the prices up. The situation is further worsened by the existence of “black transfers”—illegal or unregulated money transfers utilized by small merchants for their imports. Despite government measures to curb them, these black transfers continue to operate, contributing to the crisis.
The Iraqi government, along with the central bank, bears the responsibility of resolving this crisis. One suggested approach involves engaging in dialogue and negotiation with the American side to tackle the issue of black transfers. The government aims to legitimize and regulate these transfers to bridge the gap between the official and parallel exchange rates. However, this solution necessitates cooperation and coordination between various stakeholders, both within Iraq and with external partners.
The surge in dollar prices carries broader implications for the Iraqi economy. The high exchange rate has led to an increase in the prices of goods and commodities, affecting the purchasing power of Iraqi citizens. The rising cost of living strains households, especially those with limited income. It also impacts businesses negatively, as higher import costs and inflationary pressures challenge profitability. Besides, the surge in dollar prices coincides with U.S. Secretary of State Antony Blinken’s visit to Iraq. His presence in the region amid warnings from Iran-backed groups adds another layer of complexity to the situation, highlighting the need for diplomatic efforts to maintain stability in the region.
EXCERPTS FROM MNT GOAT Bottom line is this – the IMF fully intends to repeg the IQD to a basket of currencies once they revalue it and tur...