Thursday, January 11, 2024
Urgent The House of Representatives will hold its session next Saturday to elect its president, 12 JAN
Urgent The House of Representatives will hold its session next Saturday to elect its president
The House of Representatives will resume its regular sessions next Saturday after the end of its legislative holiday.
The session was allocated according to the agenda of the parliament to elect a president of the council.
https://alforatnews.iq/news/مجلس-النواب-يعقد-جلسته-السبت-المقبل-لانتخاب-رئيسه
"RV UPDATE" BY KAPERONI, 11 JAN
Kaperoni
There is no significant RV of the Iraqi dinar. And if the dinar does ever go up in value, it will be based on the success and growth of Iraq's own economy. There are no shortcuts.
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.
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
In the document.. The Central Bank addresses banks and announces its readiness to meet the demands of its customers from the dollar, 11 JAN
The Central Bank of Iraq addressed, on Thursday, banks’ readiness to meet the requests of their customers from the cash dollar according to the controls it announced previously.
I’m Electronic Blackmail In Iraq. Daily Crimes And A Law Of Its Age Of Decades
"RV UPDATE" BY MARKZ, 11 JAN
MarkZ
[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.