Shafaq News / Prime Minister Mohammed Shia Al-Sudani discussed, on Sunday evening, with the former head of the Council, the head of the Progress Party, Mohammed Rikan Al-Halbousi, discussed the formation of provincial governments.
A statement from the Sudanese office, which was reported by Shafaq News, said that during the meeting, the general situation in the country was discussed, and the importance of supporting the government’s efforts to proceed with the implementation of development plans in accordance with what it pledged to its executive program.
The statement added that the meeting witnessed the emphasis on the importance of concerted efforts of the winning political forces in the elections of provincial councils, in order to accelerate the formation of local governments, in a way that helps promote stability in the provinces.
In 2003...for every 1 IQD you got back $1.53 of US money. That's what it was in 2003.
They're saying 12 to 1 [possibly revisit/consider the change in 2026]. If they implemented that tomorrow I would not have any dinar left over. I'll take 12 to 1. I can pay off my house as well as a lot of other debt and start all over debt free plus having pretty church of change to put toward my retirement. [Note: Use the free Dinar Guru Calculator at the top of this page to determine how much dollars that means to you.]
Community Comment "The bad part would be when you minus taxes on it." Yeah, it's going to be capital gains tax...Whenever you're dealing with foreign currencies as an investment you're dealing with capital gains. [NOTE: Speak to your tax professional at the appropriate time to determine the right tax for your unique situation.]
To see any real significant change in Iraqi dinar, no. I just can't imagine that happening anytime really soon. They're too dependent on oil. As Iraq continues to change that situation that's better for Iraqis plus those holding on to the Iraqi dinar altogether. You can't rely on oil for 95% of your budget. If oil crashes then guess what, so does that country. Period.
Shafaq News/ Today, Sunday, Prime Minister Muhammad Shiaa Al-Sudani chaired a meeting devoted to following up on the financial and economic transformation to electronic payment, points of sale and financial trading with electronic cards (POS), and directed that citizens be spared additional financial burdens as a result of commissions.
The meeting was attended, according to a statement received by Shafaq News Agency, by the Governor of the Central Bank, the Prime Minister’s advisors for strategic, economic and banking affairs, and the Director General of Payments at the Central Bank.
Al-Sudani listened to a briefing on the latest procedures and executive details for the transition to payment by electronic cards, in various public and private sector institutions, and what is being implemented by the agencies concerned with following up and monitoring the transition and use.
During the meeting, Al-Sudani pointed out that the use of electronic card payment and digital payment is a basic pillar of the economic reform adopted in the government program.
The meeting also witnessed a discussion of the tariffs and commissions charged by financial and banking authorities, as Al-Sudani stressed that citizens should be spared additional financial burdens as a result of these commissions, and that the goal is to facilitate dealing and facilitate payment in all fields, while ensuring the highest levels of security.
Article: "Ali Al-Alaq, the current governor of the Central Bank of Iraq confirms that Iraq's money supply exceeds 100 trillion dinar."
If and when the Central Bank decides to increase the value of the Iraqi dinar more than likely it will be based on some type of gradual float as a result of the success and growth of Iraq's own economy and an increase in GDP.
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.
Shafaq News/ The Petroleum Products Distribution Company affiliated with the Iraqi Ministry of Oil has set, on Sunday, the end of next March as a deadline for cash transactions at government and private fuel filling stations.
The company’s general manager, Hussein Talib, told Shafaq News Agency, “Electronic payment will be approved at fuel filling stations in the first quarter of this year.”
He added, “All government and private fuel filling stations will use the electronic payment system to fill fuel, on the first of next April.” The Iraqi Ministry of Oil announced on Wednesday, November 22, 2023, that the Petroleum Products Distribution Company will adopt electronic payment systems at all gas stations, starting from the beginning of the year 2024 .
The Ministry explained in a statement that, based on the directives of the Council of Ministers in its session No. 23620 of 2023, held on 10/31/2023, related to activating the electronic payment service, adopting modern automation systems, and ending cash dealing, and accordingly, and in line with government directives, the Ministry of Oil decided to distribute petroleum products. Adopting electronic payment systems in all stations and suspending cash transactions as of January 1, 2024.”