"NPCI launches ASBA-like facility for secondary market" , 1 JAN

 "NPCI launches ASBA-like facility for secondary market"

The National Payments Corporation of India will begin it's beta testing of their new foreign currency exchange mechanism and more in their Secondary Market on January 1st, 2024.

This means that the actual transaction will only be completed when confirmation on both sides of a trade are confirmed. T+1 settlement processing will take place all in one day.

Only a select few countries have been chosen to test this Secondary Market. The US, Indonesia, Iraq, Vietnam, and a few other countries will be processing their new local currencies on this new digital payment system.

This new digital payment settlement mechanism will support the following:

* key stakeholders
* clearing corporations
* stock exchanges
* depositories
* stockbrokers
* banks
* UPI app providers
* And much more...

Now, we are expanding and testing the new system with several countries in January 2024.  

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On The Last Day Of The Year.. The Dollar Rises In Baghdad And Erbil With The Closure, 1 JAN

 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.

https://economy-news.net/content.php?id=39037

"RV UPDATE" BY KAPERONI, 1 JAN

 Kaperoni 

 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.

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-kaperoni-10-dec_0650267841.html

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-kaperoni-18-dec.html

Iraqi Dinar update for 12/31/23 - Lets hope and pray for a better 2024 by PIMPY

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The controversy of financial dues.. The ruling parties are accused of selling oil, and the region is awaiting a “difficult year”, 1 JAN

 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.