On The Last Day Of The Year.. The Dollar Rises In Baghdad And Erbil With The Closure
Market Economy News – Baghdad The prices of the US dollar against the Iraqi dinar closed on Sunday with an increase in Baghdad and Erbil. Dollar prices recorded an increase with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 152,450 Iraqi dinars per 100 dollars, while this morning it recorded 152,150 Iraqi dinars per 100 dollars.
Selling prices increased in banking shops in local markets in Baghdad, as the selling price reached 153,500 dinars per 100 dollars, while the purchase price reached 151,500 dinars per 100 dollars.
In Erbil, the dollar also recorded an increase, as the selling price reached 152,300 dinars per 100 dollars, and the purchase price reached 152,200 dinars per 100 dollars.
I hope each and every one of you find success in this investment...It may take time. It may be another 1 to 5 years. I certainly hope not but I believe things could happen quickly over the next 36 to 48 months. It all depends on Iraq.
...We all know things don't happen fast in Iraq. Iraq has a lot of work to do in order to succeed. The first of which is pass over 100 stalled laws through Parliament to encourage investment in Iraq. And at the same time the Central Bank of Iraq has to continue reforms to the banking system, digitalization, and apply monetary tools to meet compliance.
A country's exchange rate is the result of the success and growth of their own economy. When you have a weak economy, you have a weak exchange rate. Until Iraq passes laws, diversifies their economy and increases their GDP, nothing will happen with the dinar. When Iraq passed their tripartite 3 year budget a few months back, it created the conditions for them to diversify and privatize their economy over the next three years. Now Iraq is on the clock to accomplish such.
There's a new article out that many people are translating and confusing. They are not talking about an RV in Iraq, they are talking about the spread being in compliance early next year.
Just a reminder the spread is the difference between the official rate and the market rate or street rate and has been way out of whack recently in Iraq. This article simply means they expect the spread to come down closer to the official rate early next year. There is no RV.
A very important statement was made back in 2020 by the prime minister's economic advisor Mohamed Salah who used to be Deputy Governor of the CBI under Shabibi. He stated that Iraq's entire wealth including all minerals in the ground amounts to only $16 trillion dollars. Knowing that information one can then determine that there is no way a significant RV could ever occur with over 90 trillion dinar in circulation. It doesn't make sense...
They...have to have the dinar stabilized within the country and within the 2% rule mandated by the IMF in order to then accept IMF article VIII and begin to float the dinar which would raise its value based on supply and demand. All of these processes and or steps required time.
The controversy of financial dues.. The ruling parties are accused of selling oil, and the region is awaiting a “difficult year”
On December 31, 2023, Ahmed Haj Rashid, a former deputy in the Finance Committee, stated that the financial crisis in the Kurdistan region is not due to economic scarcity but rather due to the regional government’s actions.
Rashid stated that the ruling parties in the region sell oil for domestic use and smuggle it via trucks to Turkey, according to Baghdad Today.
“He said, ‘The Kurdistan Regional Government does not seem interested in resolving the current economic crisis. They seem to prioritize continuing their corrupt practices and embezzlements. However, if they were willing to give the proceeds to the federal government, then the latter could be held responsible for disbursing employee salaries through MasterCard, every month, and from Baghdad.'”
Rashid pointed out that the Kurdistan region will face another tough financial year if the regional government doesn’t agree with Baghdad to resolve the Kurdistan’s budget share crisis.
There are accusations from the opposition parties against the Erbil regional government that they are smuggling 200,000 barrels per day to Turkey through tankers. However, this information may not be consistent with the current production rate in Kurdistan, which is only approximately 250,000 barrels per day, as per the data provided by the “Apicor Group,” which includes operating companies. Moreover, in Kurdistan, information indicates that Baghdad receives 100,000 barrels per day, and the rest goes to refineries for internal consumption.
For the first time, Intel’s information was the same! this time!
This information is very good.
Here are some excerpts~
First of all, Mr. Wolverine, Mr. Bruce, Mr. Phil, Mr. Ariel, Mr. Sky, Mr. Dallas, and the people who posted the videos received the same information.
This information is:
A. January 1 Countries will reset their currencies. (Not in all countries, but in some countries where currencies are rumored to be reset.)
B. January 2: Tier 4B will receive an email notification and liquidation of Tier 1, 2, and 3 funds will begin.
C. January 5 Medbed opens to the public and reservations can be made. (Only Skye has received the information in the last 5 days).
Other relevant information:
D. The new US Treasury Bills (gold-backed currency) will be available at ATMs starting January 1.
E. Six US Treasury agents will be stationed at all redemption centers. The United States Treasury Marshals are under the Secret S ervice.
What is a marshal? The Sheriff’s Department provides security for the federal judiciary and administers the witness security program. Manage and sell assets seized or confiscated from criminals.
