Rising Dollar Rates in Baghdad and Erbil: Economic Implications and Potential Solutions
Tuesday, November 7, 2023
Iraq, Turkmenistan hold talks to finalize major gas deal, 7 NOV
Iraq, Turkmenistan hold talks to finalize major gas deal
Shafaq News/ Iraq's Minister of Electricity, Ziyad Ali Fadel, along with a delegation of energy officials, held talks with senior Turkmen officials on the final arrangements of an anticipated gas deal during a visit to Aahgabat earlier today, Tuesday.
The Iraqi delegation, led by Minister Fadel met with Turkmenistan's energy officials, led by the State Minister for Gas Affairs, Maksat Babayev. The visit was a first by an Iraqi government official to Turkmenistan.
The meeting, according to an official statement by the Iraqi ministry of electricity, was scheduled to finalize the agreement for the supply of Turkmen gas to Iraq.
Minister Fadel reiterated the Iraqi government's commitment to enhancing economic cooperation with Turkmenistan across various sectors, expressing optimism about signing the gas supply agreement in the near future.
Fadel emphasized the importance of the agreement in securing essential and diversified fuel sources while ensuring the sustainability of electricity current in Iraq.
According to the statement, as per the draft agreement between the two nations, Turkmen gas will be supplied to Iraq through the Iranian pipeline network, which is interconnected with Iraq's pipeline infrastructure. This gas will be directed to power stations located in central and southern Iraq, bolstering the country's energy sector.
"IRAQ NEWS ANALYSIS" BY MNT GOAT, 7 NOV
AN INTERNATIONAL APPROACH TO SUPPORT THE DEVELOPMENT FUND IN IRAQ
“The Investment Committee met today with the Prime Minister’s Advisor for Investment Affairs, who is the CEO of the Fund.” Al-Bazuni explained, “We have found serious steps in this aspect and an internal system for investments has been established. These will be environmental steps by having a correct investment environment that mimics countries investing in neighboring countries that have investment funds.”
He added, “We have begun the first step by establishing and financing the fund, and it will see the light soon, and there is an international trend towards this matter.”
Please see full article in the articles section.
(This article is all about what to do with surplus oil revenues. It sounds to me they don’t want to just pile the money as cash in US banks any longer. This is how they have a 113 billion plus in NYC banks. So diversifying the money in sovereign funds could fund many of their projects instead of creating a deficit in the budgets. VERY, VERY SMART! 😊)
To solve the crisis of the rise in the dollar… Parliament reveals the method and determines the party responsible for its implementation, 7 NOV
To solve the crisis of the rise in the dollar… Parliament reveals the method and determines the party responsible for its implementation
To solve the crisis of the rise in the dollar... Parliament reveals the method and determines the party responsible for its implementationToday, Monday, the Parliamentary Finance Committee revealed the method for resolving the crisis of the high exchange rate of the dollar in the local market, while identifying the party responsible for taking this solution.
Committee member Jamal Cougar added, in a press statement, that solving the dollar crisis requires adopting one solution, which is to find a way to make some transfers for small merchants, who work to finance their imports via (black transfers), as these transfers continue on a daily basis, despite all government measures.
Koger explained that the government and the central bank are the two bodies authorized to find a solution to these transfers through dialogue and negotiation with the American side, and without that there will remain a large difference between the official price and the parallel price in the local market, and this is the origin of the crisis, but there are no solutions to it before. The relevant authorities.
During the past months, the dollar exchange rates witnessed a noticeable increase, while prices exceeded the barrier of 165 thousand dinars for every 100 dollars, which ignited the market and raised the prices of food and other commodities, in light of merchants’ fears of the losses that may befall them as a result of this rise.
"RV UPDATE" BY SANDY INGRAM & CLARE, 7 NOV
Sandy Ingram
Iraqi dinar IQD - we do not know when the IQD will revalue or increase in value against the US dollar however out of each of the [low value] currencies [Vietnam dong, Indonesia IDR, Filipino PHP, Egyptian EGP, Turkish TRY, Zimbabwe] Iraq has the most natural resources and the greatest positioning for global financial growth.
Just because the value increases against the US dollar does not mean the currency will be on the Forex market and just because the Iraqi currency increases in value also does not mean we as investors will have access to the currency.Clare
Article: "An economic expert told Nina: Preventing the withdrawal of dollars in Erbil via ATM, i.e., an automated teller machine, is a health measure ”
Quote: "He stressed that this measure will contribute to the elimination of parallel markets and parallel exchange rates, the end of the state of dollarization, and the trend towards an automatic increase in the value of the Iraqi dinar."
Determine 3 Points To End Dependence On The Dollar In Iraq, 7 NOV
Determine 3 Points To End Dependence On The Dollar In Iraq
Information / Baghdad... Representative Hussein Habib, on Tuesday, identified three basic points to end reliance on banking transactions in dollars within Iraqi markets.
Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..
Habib said in an interview with Al-Maalouma, “There are many solutions to end the file of the rise in the dollar exchange rate in the country’s parallel markets, which has a direct impact on prices, especially with the presence of speculators, whales, and influential networks that benefit from any crisis in reaping profits through their control of the dollar file.” ".
He added, "There are 3 important horizons for ending the dollarization of markets in Iraq, the most prominent of which is identifying the segments entitled to deal in dollars, stressing the shift to dealing in dinars at home, and pushing the authorities to increase their participation in the file of providing basic materials, such as food, medicines, and other materials, and putting them in Iraqi dinars in the markets, in addition to... Reopening factories in order to reduce the rate of imports and thus reduce the export of dollars abroad.”
He pointed out that "there are external factors affecting the dollar file, especially by Washington, but reducing imports and relying on national production is the most important factor in reducing demand for the dollar and relying on the national currency in all internal exchanges."
The exchange rate of the dollar in the parallel market witnessed an increase in recent weeks and broke the barrier of 168 thousand dinars for every 100 dollars. LINK
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