Wednesday, November 15, 2023
Tuesday, November 14, 2023
Iraqi Dinar Makes a Significant Leap Against U.S. Dollar, 15 NOV
Iraqi Dinar Makes a Significant Leap Against U.S. Dollar, 15 NOV
The Iraqi dinar has taken a sudden and significant leap against the U.S. dollar, marking a noteworthy financial event. The exchange rate has soared to 157,750 Iraqi dinars for 100 U.S. dollars, indicating an almost instant increase of nearly 2,000 dinars. This rapid rise could potentially affect Iraq’s economy, its international trade, and the overall stability of the Iraqi currency.
Plans to Diversify Foreign Currency Baskets
In an attempt to lessen the dependence on the U.S. dollar, Iraq is planning to diversify its foreign currency basket. The parliament has proposed an initiative that would allow the country to strengthen its assets denominated not only in the yuan but also in UAE dirhams. This move is designed to facilitate and finance Iraqi trade more efficiently.
Tackling Corruption to Strengthen the Dinar
Iraq has been making concerted efforts to combat corruption, which has been a significant factor in the devaluation of the Iraqi dinar against the U.S. dollar. By addressing this issue head-on, the country hopes to stabilize and increase the value of its currency.
Implications of International Business on the Dinar
The Central Bank of Iraq’s meetings with American officials, along with the impact of international business, particularly in Vietnam, have been influential in the surge of the Iraqi dinar. The discussions held in the Emirates during the Iraqi American meetings have been crucial in understanding the need for anti-corruption measures to facilitate the rate change.
https://bnn.network/finance-nav/iraqi-dinar-makes-a-significant-leap-against-u-s-dollar/
"RV UPDATE" BY WALKINGSTICK & RAYREN98, 15 NOV
Walkingstick
Remember, we started with a MR that led to an RV that leads now today to an RD that will lead to an international float. Now...When it gets to the point of the float, a supply and demand of the Iraqi dinar...will determine which exchange rate of the RV that they cap it at.
[Iraqi bank friend Aki update] How will Aki profit by having these banks ? By exchanging the Iraqi dinar for dollars. This is a profit for the bank. For Aki...
RayRen98
...LET'S WAIT AND SEE IF THINGS ARE STILL "ON TARGET" FOR LATER THIS EVENING AND ON INTO MONDAY/ TUESDAY FOR LIL OLE US.
Iraqi Dinar Rises Against US Dollar Amidst De-Dollarization Efforts, 15 nov
Iraqi Dinar Rises Against US Dollar Amidst De-Dollarization Efforts, 15 nov
In a significant and rapid shift, the value of the Iraqi dinar has surged against the US dollar. As per recent figures, 100 dollars now equate to 157,750 dinars, marking an increase of nearly 2000 dinars from the previous rate. This development comes in the wake of Iraq’s strategic decision to ban all transactions involving the US dollar, an attempt to wrest control over the fluctuating black market exchange rate and amplify the use of the Iraqi dinar.
Challenging the Dominance of the US Dollar
This resolution to exclude the US dollar from Iraq’s economic transactions stems from its capricious nature and the challenges it poses for Iraq’s economic stability and sovereignty. By reducing their reliance on the US dollar, Iraq joins a growing global trend of nations seeking to lessen their dependence on the American currency in international trade.
The Chinese Factor in Iraq’s De-dollarization
Further deepening the narrative is China’s expanding economic influence in Iraq. China’s rising presence in Iraq’s economic and trade sectors can be seen as a contributing factor in this de-dollarization journey, pointing towards a potential shift in the global economic order.
Liberalizing the Iraqi Currency
Details have also emerged of discussions between Iraq and America concerning the dollar-dinar exchange rate. The Central Bank of Iraq is making concerted efforts to ease restrictions on Iraqi banks and develop practical solutions. These include opening outlets in most countries for dealing in various foreign currencies as an alternative to the US dollar. This liberalization of the Iraqi currency is, however, not without its challenges. The US Federal Reserve’s restrictions and the impact of US sanctions on Iraqi banks pose significant hurdles on this path.
"RV UPDATE" BY MILITIAMAN, 14 NOV
Militia Man
There's a lot of things that reeking of going international.
Article quote: "The Central Bank is making intensive efforts through its discussions with the US Federal Reserve Bank to ease restrictions on Iraqi Banks...as well as developing practical solutions to liberalize the Iraqi currency by opening outlets in most of the countries of the world for dealing."
Hello!?! It should be a light bulb everybody! They're talking about going international with what? The Iraqi dinar...they're going to liberalize the dinar.
Iraq's going to have a Real Effective Exchange Rate not just a Nominal Effective Exchange Rate and the WTO is going to know about it, so is the UN, so is the United States Treasury, the Bank of International Settlements. Everybody is going to be paying attention to the amount of money that's going to come out of this country...
Salaries, oil and gas, what do they need? Salaries need an exchange rate. Oil and gas need an exchange rate. 2023, 24, 25 budget need an exchange rate. All the contracts for housing need an adjustment to the exchange rate to be able to finish those things...
It's fairly cut and dry...what are they looking for? They're looking for the exchange rate...It hasn't all happened yet. Why? Because it's obvious now. We're waiting them four in on that pinpoint. What is it? There's only one item I think is left to do...
The International Energy Agency expects oil demand to rise by about 2.4% in 2024, 14 NOV
The International Energy Agency expects oil demand to rise by about 2.4% in 2024
The agency’s report raised its expectations for global oil demand growth in 2023 to 2.4 million barrels per day, up from 2.3 million per day.
The agency raised its expectations for global oil demand growth in 2024 to 930,000 barrels per day, up from 880,000 per day.
he Paris-based agency reported that oil demand was supported this year by solid US deliveries and record demand from China in September.
Support for 2024 expectations rose due to lower interest rates and crude prices.
Meanwhile, the agency confirmed that the escalation in Gaza did not have a tangible impact on energy supply flows.
The Organization of the Petroleum Exporting Countries (OPEC) has revised its forecast for global oil demand growth this year to 2.5 million barrels per day, an increase of around 100,000 barrels compared to last month’s estimates. The increase in Chinese demand during the third quarter has contributed to this upward revision.
In its monthly report issued on Monday, the organization maintained its expectations for global oil demand growth in 2024 at 2.2 million barrels per day.
In its October report, OPEC predicted that global oil demand growth would stay steady at 2.4 million barrels per day in 2023, consistent with September’s forecast.