Monday, January 8, 2024
The Sulaymaniyah Stock Exchange responds to the statement of the Sudanese advisor regarding the dollar exchange rate, 8 JAN
The Sulaymaniyah Stock Exchange responds to the statement of the Sudanese advisor regarding the dollar exchange rate
Shafaq News/ The official spokesman for the stock market in Sulaymaniyah, Kuran Jabbar, expected on Monday that the exchange rate of the US dollar in the parallel market would not come close to the government pricing.
Jabbar told Shafaq News Agency, “Everyone hopes that the dollar exchange rate will approach the government pricing, but there are reasons that prevent this from being achieved,” noting that “Mazhar Muhammad Saleh’s expectations were since the beginning of 2023, but we have seen the fluctuations that the dollar exchange rate has experienced.” During the past year.”
He added, “The main reason that makes us not expect the foreign currency exchange rate to be close to the government pricing is the banking system in which the Central Bank of Iraq deals,” noting that “merchants are now required to open bank accounts in Iraqi banks for the purpose of withdrawing the dollar at the government pricing in order to control On the volume of transactions in dollars, and this mechanism requires that there be a difference between the government exchange rate and what is in the market.”
He continued, “If the exchange rate stabilizes, it is possible that the dollar will be purchased on the black market, and thus the government will lose control over the foreign transactions of the process, in addition to not benefiting from taxes and fees regarding dollar transactions by companies in banks.” He stated, “Now there are 80% of merchants who have opened bank accounts in Iraqi banks at a time when a year and two months ago there was no bank account for any merchant in banks, and this system is what requires that there be a difference between the exchange rate and the pricing, but it is possible that it will stabilize.” The exchange rate if the dinar is dealt with in all commercial transactions in Iraq, as well as if other foreign currencies are dealt with.”
Jabbar expected that the price of the dollar would stabilize with a difference of 15 thousand dinars from the government price, but this needs time.”
The Iraqi Prime Minister’s advisor for financial affairs, Mazhar Muhammad Saleh, confirmed last Saturday that the dollar exchange rates in the parallel market will fall to 135,000 for every 100 dollars in the near future.
The media advisor to the Iraqi Prime Minister, Hisham al-Rikabi, had previously stated that the exchange rates of the US dollar against the Iraqi dinar would reach the official price soon, pointing out that the government’s battle with foreign currency speculators was nearing its end.
shafaq.com
"RV UDATE" BY PIMPY, 8 JAN
Pimpy
You'll see changes IMO after the end of the 1st quarter of this year. I might be wrong on that but I'm anticipating. With all the trading they're doing, the fact that they got rid of the dollar, that is going to cause the Iraqi dinar to increase in value to the point where they might have to change the exchange rate...But any major major changes like 12 to 1 that's not small. That's a big change in the exchange rate.
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.]Exporting more than 5 million barrels of Iraqi oil to America in a month, 8 JAN
Exporting more than 5 million barrels of Iraqi oil to America in a month
Shafaq News/ The US Energy Information Administration announced on Monday that Iraq’s oil exports to America amounted to more than 5 million barrels during last December.
A table published by the administration, viewed by Shafaq News Agency, showed that Iraq exported 5.611 million barrels of crude oil to America during the month of December, with an average of 181 thousand barrels per day, higher than the month of November, in which Iraqi oil exports to America amounted to 5.130 million. barrels and an average of 171 thousand barrels per day.
He added that Iraq exported crude oil to America during the first week of January at an average of 85,000 barrels per day, while it exported an average of 22,000 barrels per day in the second week, and exported an average of 380,000 barrels per day in the third week, indicating that exports in the fourth week reached an average of 239. One thousand barrels per day.
The US Energy Information Administration stated that “Iraq came in fifth place in its exports to America during the past month after Canada, Mexico, Saudi Arabia, and Brazil. It also came in second place in the Arab world after Saudi Arabia, whose exports to America amounted to 7 million barrels, indicating that Canada came in first place.” As the country that exports the most oil to America, followed by Mexico.
shafaq.com
"RV UPDATE" BY MILITIAMAN, 8 JAN
Militia Man
Article: "URGENT: The Baghdad Stock Exchange operates on the “NASDAQ” system, and foreigners and banks have become more investors"
This is a very good sign that Iraq is opening to the world...Take notice of what they say about what currency the shares will be denominated in.. The Iraqi dinar. Take even more notice that they are telling the world that the shares will be affected by the exchange rate. With the expectation of a rate change to be stronger than the dollar one could imagine the impact that is already having and how much more growth there will be. This is a very good sign of things to come. I am so ready...
The Central Bank of Iraq is giving out instructions for what they're doing and how they're doing it...I think you should be pretty excited because I know I am...
They've totally said they're going to cease using multi currencies. You go to the grocery store, you pay your bills inside the country you're going to be doing it in dinar. You're not going to be using the dollar. You're not going to use the yuan, yen or any of those things. You're going to be using one currency ...
The dollar exchange rate will stabilize with the broader launch of the budget...
The United States Treasury, the US Federal Reserve Bank, the Bank of International Settlements, World Trade Organization, the EU, many different entities have been working with Iraq to get her to go to an international standard. The stage is set for Iraq to be international... Everybody should know that and it's not just a simple Dinar Guru situation, it's actually the largest financial entities in the world are the ones that are giving us this information. I hope you take that to heart and pay attention to it.
All of this is coming together. There's no reason for any pessimism or snide remarks for anybody around in dinarland... There's shouldn't be any doubt anymore that this is a real process and it's underway...
Iraq is going to be interconnecting with international countries and they're going to be doing it by International standards and guess what they're not going to be doing that with a 1310 program, or I call it, a punishment rate..
https://dinarevaluation.blogspot.com/2024/01/rv-update-by-militiaman-3-jan.html
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