[via PDK] Some of my contractor contacts are back in Iraq now after the holidays and they are hearing very positive things for this month. Their expectations are running extremely high right now.
Question: I am hearing dinar $3.81 and dong .47…is that what you are hearing ? MarkZ: That’s not what I am hearing but I would be ok with it. That would still be fantastic. But I am hearing higher rates than that.
Iraqs stock market is up 90% in valuation based on the US dollar…and they continuously talk about the exchange rate and what their market is going to look like after a change in the exchange rate. They are telling us its coming and that they will address it in their first parliamentary session. And that session has just started. Positive stuff.
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Mod: HELLO EVERYONE! HOPE YOU ALL HAD A GOOD DAY!
Member: Is everyone as tired of waiting as I am? Hoping Mark has good RV news tonight.
Member: Rumor is Iraq going international on Monday?
Member: I just bought champagne! I'm ready!!!
MZ: There has been some incredible chatter, gossip and rumors today. Group contacts have erupted through the day. There are great expectations of last minute changes to compliance over this weekend and our notifications early next week. Will it happen? We don’t know yet.
MZ: Other contacts are saying the same thing …one contact has planted misinformation in the past ….so I’m not sure if its misinformation now or not.
MZ: But you are probably seeing it all over the boards already- the chatter is notifications early next week. Just cross your fingers and hope it’s accurate. I’m kinda excited but going to stay grounded.
MZ: “Deputy: Parliament intends to introduce 4 strategic laws in the coming days”
MZ: From Iraqi news: “The Central Bank of Russia issued into circulation the new bank note denomination of 5000 rubles with the offer that the old issue of the same denomination will still be valid. “ Same thing here in the US….if they issue a new $5 bill…the old ones will still be accepted but the new ones have better security features. With the increasing value of the ruble they felt it was important to modernize their bills.
Member: Mark, do you think there will be a "window" for exchange, weeks, months?
Member: Mark always said we should get 10 days to make appointments and 30 days to exchange.
Member: Bank story today: Went in to pay a bill and they brought out 2 stacks of old bills. I asked if they had the new bills ready to go and the teller smiled real big and said “yes”.
Member: I wonder exactly what the RV delay is???
Member: I believe we are waiting on the U.S. Treasury to tell us we can go forward with the RV.
Member: May we all be charitable and humble though our blessings!
Member: Thank you all……see you folks in the AM for coffee.
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Shafaq News / Iraqi Prime Minister, Mohammed Shia Al-Sudani, discussed the restructuring plan presented by Ernst & Young company for Rafidain Banks, emphasizing the need for the plan to be practical and not a reproduction of previous experiences.
The meeting was chaired by Al-Sudani included representatives from Ernst & Young, the Minister of Finance, the Governor of the Central Bank of Iraq, and economic advisors to the Prime Minister, as stated in a press release.
During the meeting, the initial draft of the company’s plan to organize and restructure Rafidain Bank was discussed. According to the statement, this aligns with the government’s direction to reform the banking and financial sector. Several observations were recorded on the draft plan with the aim of modifying it before proceeding with its implementation.
Al-Sudani stressed the importance of the plan being practical and not a replication of past experiences, ensuring it achieves the intended goals. He expressed the government’s readiness to provide all necessary facilitations for the successful implementation of the transformation and restructuring, a crucial part of the government’s program for financial and banking reform.
The Iraqi Prime Minister emphasized the urgency of swift implementation to ensure the success of the required plan and achieve tangible progress within the framework of economic reform.
They are doing what the monetary reform requires right now. That is for the Iraqi citizens to now be in position to receive the lower denoms, the fils and a new exchange rate. It's all being done by the process of removing the American dollar and increasing the confidence, the value, the usage of the Iraqi dinar...
These institutions [WTO etc] want Iraq to join them because they know Iraq is about to go into a float state. Let's look for 1 to 1200, 1 to 1,000, 1 to 1. Let's look for a change that is dramatic enough for it to be allowed to be released into the international theater. Within the next 5 days I'm very curious to see what the exchange rate will be after the 15th . Very curious to see if they're going to leave it at at penny stocks or are we improving?
Question "Are redemption centers at a bank or elsewhere?" I'm going to a bank. You can find redemption centers in a lot of places. Some large credit unions might do it. Go to an airport, they have those kiosks and try there if you want. You're not going to get a good exchange rate IMO if you go to those places. Go to a large bank. Don't go to the mom and pop bank either...
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.”
