Advisor to the Prime Minister: Starting a new phase of the relationship with China, 25 NOV

 Advisor to the Prime Minister: Starting a new phase of the relationship with China

The Prime Minister's Advisor for Investment Affairs, Muhammad Al-Najjar, announced today, Saturday, the importance of the relationship between Iraq and China, while announcing a platform for Iraqi and Chinese businessmen.

Muhammad al-Najjar told the official agency, during the establishment ceremony of the Iraqi-Chinese Business Council, under the patronage of Prime Minister Muhammad Shia al-Sudani, that “China was distinguished by several characteristics, including that it is the only country that was able to save 400 million people from the poverty line within 20 years, and this is an experience.” It is great and everyone must benefit from it.

The second characteristic is its transition from a 100% state-controlled communist economy to a real shared economy that has become productive.”

Al-Najjar added, “The third characteristic, which is very important as it relates to the experience that China has acquired over 4,000 years of civilization, is how to develop a team capable of managing the country’s variables,” indicating that “Iraq views China as a friend and as a country that shared its concerns in a stage of abandonment.” A lot about him.”

He continued, "We seek to learn a lot from China regarding how to change the framework and systems of the state," noting, "China has a principle called special economic zones, and this is an experience that must be benefited from in Iraq to change our economic reality."

Al-Najjar pointed out, “In 1979, China’s gross domestic product did not exceed 120 billion, but today China is the second largest economy in the world over 40 years of changes that occurred not only on a political basis, but on an economic and political basis simultaneously.” He expressed his hope to “begin a new phase of the relationship with China.”

He stressed that "renewable commercial and industrial projects will be held between Iraq and China," adding, "The Iraqi-Chinese Business Council will be a platform for businessmen from both countries."   link

"RV UPDATE" BY FRANK26, 25 NOV

  Frank26 

  Two months ago a quick little pip movement took the exchange rate of the Iraqi dinar from 1460 to 1320...They were supposed to make the next step. 

 I told you at that time, 'Now that they've made this movement, let's say 1320 to 1, the next one will be 1,000 to 1 and when they do they will be in position to lift the three zeros and float the currency in a basket...'

 Article quote:  "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."  What?!? 

 Word for word of what we taught you...This is the last step.  IMO the CBI is going to be going to the US Treasury next week...This is exactly what we want next.

Question:  " What if you lost your receipt for your dinar?" 

 Try to get ahold of the individual you bought it from.  If they have records...maybe they might help you.  My broker does not...If you lost it.  Oh, dear.  That can be a problem financially for you because you want to hold your currency for one year...

Because...your [tax] bracket is whatever the
government says but if you don't have a receipt or if you don't hold it for a year and you go exchange...that's a different tax bracket.  They're going to really bite you hard.  It's the difference between 40% tax and 20% tax...[NOTE: Consult your tax professionals at the appropriate time to determinate proper tax for your unique circumstances]

The Iraqi dinar is now going to enter a basket in a float and that's why the CBI has been talking...about the basket and coins... All they talk about is the exchange rate of the Iraqi dinar, about the black market going away and the only way that all of this can happen is if we have a new exchange rate and a new currency to match it.  They are preparing [Iraqi citizens].   This is the monetary reform at its highest point..

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-frank26-21-nov_0504484362.html

Sudanese Advisor: The Battle For The Dollar Is Almost Over, 25 NOV

 Sudanese Advisor: The Battle For The Dollar Is Almost Over

The media advisor to the Prime Minister, Hisham Al-Rikabi, confirmed today, Friday, that the dollar battle is nearing its end.

Al-Rikabi said in a post on the “X” platform, followed by Earth News: “The reform plans for the financial and banking system undertaken by the government and the Central Bank of Iraq aim to build strong foundations for the stability of the economy and pave the way for creating a suitable climate for investment, and end the eras of illegal trade, dollar smuggling, and speculative operations in market".

He added, "In short, the battle for the dollar is nearing its end."   LINK

Financial Experts: RV/RI Coming Days?!💣Dec 1st?!🤔Iraq Dinar RV Updates |...

Moody affirms Iraq's Caa1 ratings, 25 NOV

Moody affirms Iraq's Caa1 ratings, 25 NOV

Shafaq News/ Moody's Investors Service (Moody's) last week affirmed Iraq's long-term issuer ratings at Caa1 as it maintains a stable outlook.

The rating affirmation reflects Iraq's economic, fiscal and external dependence on the hydrocarbon sector, resulting in significant exposure to oil price volatility and carbon transition risks, a Moody report said.

"Very weak institutions and governance constrain policy effectiveness, the government's capacity to respond to domestic and external shocks, and the economy's competitiveness," it added. 

Deep political fragmentation, Iraq's susceptibility to geopolitical tensions, and growing social pressures from high youth unemployment and inadequate access to basic services also expose Iraq to political event risk.

"The outlook is stable," Moody's report continued, "higher global oil prices have driven a significant turnaround in Iraq's fiscal and external accounts, supporting public debt reduction and a marked recovery in the Central Bank of Iraq's (CBI) foreign exchange reserve position to record highs." 

The "expansionary" triennial budget and limited reform momentum are expected to underpin a "steady renewed deterioration" in fiscal metrics and further entrench Iraq's structural vulnerabilities.V

Iraq's local and foreign currency country ceilings remain unchanged.

"The local currency country ceiling at B3, one notch above the sovereign issuer rating, reflects heavy reliance of the economy on a single revenue source, very high political risk and highly unpredictable institutions." 

The foreign currency country ceiling at Caa1, one notch below the LC ceiling, incorporates some albeit relatively modest transfer and convertibility risks, which "stem from the track record of weak fiscal policy effectiveness balanced by a relatively low level of external indebtedness and robust foreign currency reserves."

Across Moody's global sovereign universe, Iraq remains one of the hydrocarbon producers most exposed to carbon transition risks in view of the dominance of oil in government revenue and exports as well as limited capacity to adjust, the consequence of institutional, social and political obstacles to reform.

Notwithstanding Iraq's vulnerability to declines in oil demand and prices, credit mitigants are present through the favourable composition of government debt, the significant recovery in the CBI's foreign-exchange reserve position, and a contained amortisation profile for external debt in the next few years. "These factors limit the likelihood of a default on privately held external government debt in the near future, even in the absence of access to the international capital markets."

https://shafaq.com/en/Economy/Moody-affirms-Iraq-s-Caa1-ratings

US dollar retreats against Iraqi dinar in Baghdad and Erbil, 25 NOV

US dollar retreats against Iraqi dinar in Baghdad and Erbil

Shafaq News/ The US dollar value edged lower against the Iraqi dinar in Baghdad and Erbil on Saturday. 

With the close of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, the exchange rate was 157,500 dinars for every 100 dollars, a drop from the morning rate of 158,650 dinars. 

In local markets in Baghdad, exchange shop selling prices also decreased, with the selling price reaching 158,750 Iraqi dinars for every 100 dollars, while the purchase price was 156,750 dinars for every 100 dollars. 

In Erbil, the dollar recorded a selling price of 157,200 dinars for every 100 dollars, with a purchase price of 157,000 dinars for every 100 dollars.

https://shafaq.com/en/Economy/US-dollar-retreats-against-Iraqi-dinar-in-Baghdad-and-Erbil

"RV UPDATE" BY JEFF, 25 NOV

 Jeff 

 The reason why there's no news coming out of Iraq is because Iraq is done with everything.  They finished everything needed to revalue.  They're ready to revalue but they can't and they're not going revalue immediately because they have to clean up corruption.  Article:   "Al-Halbousi faces 4 criminal charges after the end of his presidency" Boom!... Halabousi is going to be facing 4 criminal charges.

 In order for the 2023 budget to be implemented Iraq needed to have publicly posted in the Gazette the budget operating instructions.  They never did that.  That step never happened... Iraq has not implemented its '23 budget that's why they have to resort to financing salaries and have done so since July...If they had an active budget they would not need to  finance.   

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-jeff-rayren98-19-nov.html

    You're like, why hasn't Iraq revalued?  They've gotten everything done?'  And they do!  Iraq has everything done.  They're ready to revalue but they're not going to revalue till they tackle corruption...They have to remove this corruption.

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-rayren98-kaperoni-jeff-18.html