Evening News with MarkZ. 11/24/2023

Iraqi Dinar🔥We've Got Exciting Updates On IQD Exchange Rates Today 2023🔥...

"RV UPDATE" BY CLARE, 24 NOV

Clare 

 Article:  "US approval to increase the dollar balances of 10 Iraqi banks" 

 Quote:  "The source explained that this agreement came in light of the recent meetings held by the Central Bank of Iraq with the American side, which resulted in an increase in the number of banks that can directly enhance their dollar balance to 10 banks, 5 of which are through Citibank, and the other five are through JP Morgan Bank."

Article:  "The dollar in Iraq.. Baghdad is planning “permanent solutions” with Washington, and Parliament describes the dialogues as “successful” 

 Quote:  "Monday (November 20, 2023), an informed source reported an expected meeting between the Central Bank of Iraq and the US Treasury Department next week."

Article: "An upcoming meeting between the Iraqi Central Bank and the US Treasury next week” 

 Quote "...new meeting between Iraq and the United States of America regarding the dollar...

On (last September 19) in New York, Iraqi Prime Minister Muhammad Shia al-Sudani informed the US Treasury Under Secretary of the expansion of his government’s work in reducing money laundering operations, while the latter indicated that the confidence of global financial institutions had been restored."

Article:  "Iraqi Banks Association: The dollar will fall to the rate of 1,400 dinars... and the date is expected"  Quote:  " The advisor to the Iraqi Banks Association, Samir Al-Nusairi, expected dollar prices to fall to 1,400 dinars during the first quarter of next year. "

Article Written by: Baqir Jabr Al-Zubaidi - former Minister of Finance "The ongoing dollar crisis" 

 Quote:  "The dollar crisis is a policy crisis of the continued American threat of sanctions, accompanied by the continued bleeding of the currency by private banks that are protected by some influential people, and this conflict is paid for by the citizen...

Solutions exist, and during our tenure at the Ministry of Finance (2006-2010), we succeeded in increasing the value of the dinar from (1,500 dinars to the dollar to 1,170 dinars to the dollar). We were planning to reach (1,000 dinars to the dollar) and then raise the zeros so that the dinar was equal to the dollar."

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-clare-22-nov_01959749207.html

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-bruce-samson-clare-23-nov.html

Iraq-Saudi Arabia Establish Free Trade Zone, 24 NOV

 Iraq-Saudi Arabia Establish Free Trade Zone

ERBIL — The Ministry of Industry and Minerals in Iraq has initially approved the creation of a free trade zone with Saudi Arabia along their shared border, an official statement said on Wednesday.

The announcement came following the inaugural meeting chaired by Industry and Minerals Minister Khaled Battal al-Najm, where a committee was formed to explore the development of a free-trade zone between the two nations.

The committee, comprising representatives from the Ministries of Planning, Oil, and Trade and the General Director of the Industrial Cities Authority, convened to discuss the objectives and strategies of establishing this joint economic duty-free zone, akin to the existing collaboration between Iraq and Jordan.

The committee expressed its preliminary agreement on establishing a free trade zone along the Iraq-Saudi border, highlighting the expected economic growth. The zone is envisioned as a critical link between the two countries, encompassing free trade areas to enhance commerce, improve financial institutions, and serve as a hub for various collaborative ventures.

https://www.basnews.com/en/babat/831150

Iraqi PM Drives Progress on Shalamcheh-Basra Railway Project, 24 NOV

 Iraqi PM Drives Progress on Shalamcheh-Basra Railway Project

ERBIL — Iraqi Prime Minister Mohammed Shia’ al-Sudani led a meeting focused on advancing the Shalamcheh-Basra Railway Project, intended to streamline travel for passengers and pilgrims. This meeting on Thursday emphasized the ongoing efforts to implement the project since its cornerstone was laid last September.

Sudani delved into the administrative aspects and progress in materializing this significant railway project. The discussions highlighted the project's role in simplifying travel processes, especially during pilgrimage seasons, and its broader impact on connecting Iraq and Iran to Central Asia while integrating with other transportation networks.

Sudani directed invitations to private enterprises for the project's execution, addressing concerns regarding environmental studies. He also underscored the urgency of swiftly acquiring land along the proposed route.

Moreover, he stressed the critical need to adhere to the project's timelines, cautioning against delays or setbacks that might impede its timely completion. The aim remains to ensure that this pivotal infrastructure project benefits Iraqi citizens, pilgrims, and travelers from neighboring nations.

https://www.basnews.com/en/babat/831222

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"RV UPDATE" BY PIMPY, 24 NOV

 Pimpy

  I started thinking about something.  Right now Iraq is mostly importing.  This is a time when a country would want to increase their exchange rate.  This gives them more purchasing power.  But that's not what is happening over there in Iraq...

I was wondering why don't they just increase the exchange rate?  This would give them more purchasing power and would help them as far as dealing with the deficit because if your exchange rate if higher then you have more purchasing power...Increase in the value of the Iraqi dinar means the imports that they pay for would be cheaper because they would have purchasing power...

 The good news keeps flowing in. That's what we want to hear.  That's what we want to see...

  Every decision they make when it comes to Iraqi dinar absolutely positively affects the economy.  Before they can make a decision to either devalue the currency or increase the value of the currency they have to sit back and figure out how it affects the economy...Iraq is mostly an import country.  They rely way too much on other countries providing goods for them. 

 An increase in Iraqi dinar would make those goods cheaper... They're still trying to rebuild so an increase in the value of the exchange rate would help them go a long way.  It would give them more purchasing power and imports would be a lot cheaper.