DINAR REVALUATION

Thursday, January 11, 2024

Association of Banks: The private banking sector is the most traded in the Iraq Stock Exchange, 11 JAN

Association of Banks: The private banking sector is the most traded in the Iraq Stock Exchange

Economy News – Baghdad

The head of the Iraqi Private Banks Association, Wadih Al-Handal, announced on Thursday that the private banking sector will be the most traded on the Iraqi Stock Exchange during the year 2023.

Al-Handal said in a statement, reported by the official news agency, and seen by Al-Iqtisad News, that “the banking sector constitutes 93.94% of the total trading in the year 2023 in the Iraq Stock Exchange, with 647.8 billion shares traded out of a total of 689.6 billion shares.”

He added, “The value of traded shares amounted to 512.7 billion dinars,” noting that “the private banking sector witnessed significant development over the past year, despite the challenges it faced in financing foreign trade.”

He pointed out, “Bank stocks witnessed significant growth during the year 2023, as some banks’ growth reached more than 200% due to increased demand for the sector from Iraqi and foreign investors.”

He continued, “The banking sector witnessed an increase in its capital during the past year, in addition to the acquisition of some Iraqi banks by a number of Arab banks, and the entry of some Arab banks into the Iraqi market.”

https://economy-news.net/content.php?id=39342

"RV UPDATE" BY PIMPY, 11 JAN

Pimpy

[I never said they will, I said they said they may revisit/consider 12 to 1. But...] Just because they switch it to 12 to 1 doesn't mean you have to cash in all your dinars. If you believe it's going to go up more in value then hold on to them. Cash some in at least, get some of your money back or cash in enough...to pay off your bills, pay off your house... cars... medical bills...make yourself debt free and then hold on to the rest of the dinars and see what happens.

I never said there was an official 12 to 1 exchange rate. What I said was I thought it was interesting that in that article they even considered revisiting the 12 to 1 exchange rate policy in the year 2026...It says they're revisiting the 12 to 1 exchange rate policy and they're going to do it the beginning of 2026. I didn't make that up, nor did I say they were going to go to 12 to 1. I was explaining to you what the 12 to 1 exchange rate policy is.

I've heard so many [gurus] talk about - according to the IMF Iraq needs to be within 2% between the parallel rate and their official exchange rate. No that's not right...To maintain stability Iraq needs to maintain a narrow spread, that's the gap between the official exchange rate and the black market. Generally a spread of less than 5% is considered acceptable. Not 2%, 5%. A spread more than 10% is considered a significant risk to the economy. Iraq is going to have to shoot for between 5 and 10%. They want to be less than 10. It'd be idealistic if they can get around 5...

One More Program Rate Change then RV/RI?💣VND News🤔Iraq Dinar RV Updates ...

Evening News with MarkZ. 01/11/2024

Iraqi Islamic Bank profits rise by 246% to reach 76.6 billion dinars during 2023, 11 JAN

Iraqi Islamic Bank profits rise by 246% to reach 76.6 billion dinars during 2023

Economy News – SpecialThe economic expert, Mustafa Hantoush, revealed today, Thursday, the reason for Iraq’s move toward the theory of internal debt, while clearing is considered the “best option” to return these debts.Hantoush said, in an interview with Al-Eqtisad News, that “Iraq, in recent years, has begun to move towards the theory of internal debt, due to the accumulation of funds in several funds, including the Retirement Fund, which relates to the state’s transactions amounting to more than 7 trillion dinars, the Social Security Fund, in addition to To the banks of Al-Rafidain, Al-Rasheed, and Al-Iraqi Trade Banks.He added,

“These banks now have deposits in very large amounts, and thus the state headed toward internal debt that amounted to more than 70 trillion dinars.”The economic expert called for “returning the debt to the retirement fund,” noting that “there are two theories for restoring the internal debt. The first is related to repayment. This is a long theory, as governments will not be able to repay in this way in light of the presence of interest.”

The other theory, according to Hantoush, is “clearing, which may bring about settlement operations for some internal debt, which has some risks, but it may be the solution available to the Iraqi state.”Earlier today, an informed source revealed that the size of the Ministry of Finance’s internal debt had reached about 70 trillion dinars, indicating that the rise in internal debt was not a good indicator, especially since the government possesses liquidity, and it must work to structure the internal debt.

https://economy-news.net/content.php?id=39329

"RV UPDATE" BY WALKINGSTICK, 11 JAN

Walkingstick

[Aki - Iraq Bank In US update]

There are many Iraqi citizens in the United States of American holding 3-zero notes. It is my job to collect them for the CBI, where they will destroy them. Our [job] is to turn in the 3-zero notes. WALKINGSTICK: This is huge! AKI: Agree. Direct deposit from now on. No limitations. Article VIII not only for the citizens but for investors

[Aki - Iraq Bank owner in US update]

Question: "The new orders you got on January 1st, are they for you to dispense the lower denoms and collect 3 zero notes?" Here in the Untied States we are preparing to do everything with electronic platforms...We are prepared to collect the 3 zero notes from those that wish to exchange them for American dollars...We follow International banking laws, the same laws American banks follow. Here in the United States the bank that I am in charge of will be all electronic.

When you ask about the LDs they are only found in Iraq. We do not possess them. Iraq will give to the Iraqi citizens, when the time comes, physical lower notes and coins and collect three zero notes...The difference is that here in the US I have to do everything electronic where my friends in Iraq, their banks can do it electronic or physically if they want the lower denoms and coins in their hands.