Parliamentary warnings against printing a new monetary mass after the deterioration of the dinar, 14 NOV
Independent MP Nazem Al-Shibli cautioned against printing a new currency bloc, warning that the rising dollar harmed poor citizens’ livelihoods and daily needs.
During an interview with [publication name], Al-Shibli expressed concerns about the governor’s inability to manage monetary policy and how such a failure could lead to the devaluation of the Iraqi dinar.
Central Bank Governor Ali Al-Alaq failed to manage the crisis and could not stabilize the Iraqi dinar’s value. Printing a new monetary mass will lead to adverse damage.
He pointed out that the rise of the dollar directly impacted the daily lives and livelihoods of ordinary Iraqis and criticized the Central Bank for failing to address this issue effectively.
JAMES ONE: A gentleman came up, definitely someone that had it all together and in a bit of conversation he told us his job. I don't want to speak of the agency.
FRANK: Let's say this is a banking agency that is one of the top three agencies banks need in order to function.
JAMES ONE: Very good...This man was former special ops, has
retired and is doing a lot of work with a US agency that all banks around the world have to coordinate with. There was some small talk and conversation and then it was what do you know about the Iraqi dinar?
He smiled and he said well I know quite a bit about it...it's no secret in the banking world. The Iraqi dinar is about to reinstate. He gave me the rate. You want me to give the rate?
FRANK: No. JAMES ONE: He said any day has potential but he said definitely before 2024. He said everything is done and there is a date. Now he didn't say what it was but he was very forthcoming.
He said it's no secret. This is about to happen...He was so confident of the rate...I come from a military background too, when someone from the special ops says something you don't question... FRANK: There's no doubting this guy's information...we're presenting it as a rumor but I'm not doubting his rumor.
Iraqi Prime Minister and President discuss national and international developments
Shafaq News/ On Tuesday, Iraqi Prime Minister Muhammad Shia Al-Sudani met with President Abdul Latif Gamal Rashid to discuss national and international developments.
According to a statement from Al-Sudani's office, both leaders emphasized the significance of holding provincial elections as scheduled and ensuring the conditions for their success.
During the meeting, both sides shared a commitment to support the government in implementing its program to "establish security and stability, deliver services, and advance reforms in the fight against corruption."
The discussion also covered President Rashid's participation in the joint Arab-Islamic summit held in Saudi Arabia in solidarity with Palestine and the outcomes of the meetings with leaders from participating countries.
The world has witnessed a surge in oil prices in the wake of a report issued by the Organization of Petroleum Exporting Countries (OPEC). The report firmly asserted the robustness of market fundamentals, sparking a rise in the futures contracts for Brent and West Texas Intermediate crude oil. Furthermore, it provoked concerns over potential disruptions in supply due to American pressures on Russian oil exports.
Unwavering Market Fundamentals
According to OPEC, the recent drop in oil prices can be attributed to speculators rather than any inherent weakness in the market. OPEC has emphasized the continued strength of oil market fundamentals, arguing that the market concerns about a potential decline in global demand were overly pessimistic.
OPEC’s Forecast on Global Oil Demand
In its report, OPEC has slightly raised its expectations for global oil demand for 2023 while maintaining a relatively high outlook for 2024. This indicates that OPEC foresees a steady demand for oil in the coming years, suggesting a sustained recovery from the pandemic-induced downturn.
A Potential Setback for the Market
Simultaneously, the report also pointed out that the resumption of talks in Iraq to reactivate an oil pipeline could pose a challenge to the market, potentially leading to increased supply and downward pressure on prices. This highlights the intricate balance that shapes the global oil market and the myriad factors that can influence its dynamics.
Article quote: "The governor of the Central Bank, Al-Alaq failed to control the rise in the dollar exchange rate."
Don't panic. Alaq has nothing to do with what's going on. He's not doing a very good job. He's a very good guy, hard worker, doing whatever he can but I think this job is too big for him to handle...
I would not be surprised if he got fired. I would not be sad either...He can not handle the job. He should do something else...He's not good at controlling things. He can't control the CBI. It's too big for him...I'm not saying they're going to fire him, maybe not. Maybe he's going to get his shit together and do a better job but don't panic. This has nothing to do with what's going on.
yada
Review from the articles... The PM announced the banks are now able to exchange foreign in country last week. The digital connections have been activated to collect the tariffs and taxes from all border crossings Monday last week. Their stock mark showed a 3000 point drop in dinars this past Sunday. To me, the dollar to dinar value is adjusting to the actual reissued value of the dinar. 10 days or so, 12 countries did currency swaps with Iraq.
Contracts that were previously agreed upon are being signed from countries coming into Iraq to do business. TOTAL being one of the largest and along with the infrastructure contracts. All this requiring a new REISSUED rate. IMO, they've gone a far as they can go without not changing the rate...
...we are witnessing the process playing out before us. It means the checks and balance were put in place by the stopping of the launding the dollar causing the decline of the use of the dollar in country. The seed was placed in the ground with all the regulations and the growth started and now, it is braking the surface such we will benefit from it...Articles have revealed it will not be in vain and the change over is taking place...NOW!