Specialist: There Are Iraqis Whose Profits Have Reached $5 Million Through Daily Trading
2024-01-21 01:37 Shafaq News/ Ali Linqawi, the Emirati researcher specializing in financial markets, revealed on Sunday the presence of Iraqi currency speculators on the stock market, who achieved profits amounting to $5 million, stressing that Iraq supports its currency through its local stock exchange.
In an interview with Shafaq News Agency, Naqawi attributed the large number of Arabs, including Iraqis, who trade stocks on the stock exchanges to the advertisements and publication of the profits that are gained through them, indicating that “some of them (i.e. profits) are valid and some of them are to deception and fraud, and this is many in Iraq.”
The Emirati researcher explained, “There are Iraqis living in Dubai whose profits from trading and speculation have reached $5 million, but they do not want to appear in public,” adding that “among them are those who like to appear as businessmen or real estate owners.”
He added, "Adopting the Iraqi stock market to trade in the Iraqi dinar exclusively is a step to support the Iraqi economy and its local currency."
Linqawi pointed out, “Currently, there are no indications that Arab stock exchanges will reach the international level, but it is possible for the stock exchanges (Abu Dhabi and Dubai) to arrive in the future, and this takes time.” LINK
Clare: With the closure...the dollar price decreased
1/20/2024
The main stock exchange in the capital, Baghdad, closed today, Saturday, due to the decline in the exchange rate of the dollar against the Iraqi dinar.
Selling prices in money exchange shops in local markets in Baghdad reached 153,250 Iraqi dinars for 100 dollars, while purchasing prices reached 151,250 dinars for 100 dollars. LINK
Sir_Shawn: IMO- CBI official rate 1310 1 USD ~ 1310 IQD = 0.000763 Drop the three zeros 1USD ~ IQD 0.763 = 1.310 Anyone for a mic drop…
Question is when….
Paulette:IMO......I don't believe .76 USD for one IQD (1.31 IQD/1USD) would be adequate for the Iraqis to want to abandon the more valuable USD......The MOP/MOI study all the way back in 2009 stated 1.14-1.18USD to 1 IQD to start for 3 years prior to reinstating the true value of 3.22USD per 1 IQD
Sir_Shawn: Well in my opinion, you are right, so this brings up the basket of currencies and the float. The Dinar will correct itself probably instantaneous. The question is the second set of books where I believe they were using the 1.31 per Dinar. We know that all those buildings and cities were not built on 1310 Dinars. But still we wait… IMO
Paulette: IMO......the basket of currencies is what they intend to peg to instead of just pegging to one currency - the USD. At least this is what the CBI and the GOI has stated in the past. If they are pegged to just one currency, if the value (purchasing power) of that currency drops significantly, so does the value (purchasing power) of the IQD.
If they are pegged to a basket a currencies, if one drops the others keep the IQD "propped up". This is extremely important to Iraq as they are predominantly an import country. This is precisely what they stated years ago and those articles are probably somewhere within the pages of the Final Article thread. Bottom line, the pegging to a basket is to maintain the purchasing power and stability of the currency and not a singular event to increase the IQD purchasing power.
The issue I still see is in order to peg to a basket of currencies, they would "officially" have to depeg from the USD. While I have yet to see the US relinquish their receivership status over Iraq and the fact that the US is desperate to try to keep the USD propped up, I am unsure the actual mechanism of how they will be allowed to depeg and then repeg. It seems like receivership would need lifted first for that kind of move.
The buildings and cities were built on the USD value predominantly from oil sales. The number of IQD to the USD value seems irrelevant. Look at Vietnam and all they have accomplished with a currency value of less than a tenth that of the IQD. The big difference is Vietnam expanded their currency supply and Iraq has not. Iraq clearly has full intent to RI their currency and change their currency structure to rid itself of the 3 zeros. These articles are definitely contained in the FA thread.
If they are truly heading to a simple 3 decimal space move on their exchange rate and as you said they are heading to 1.31USD to 1 IQD, they would have to make another move first to 763.4 from 1310. Frank has said they had planned on one more move. As of now, a simple decimal move of 3 places would mean 1310 IQD to 1 USD would become 1.310 IQD to 1 USD or 76 cents per IQD
Frank26:"SUDANI, MAY I ASK AT WHAT RATE?"..............F26
Clare: Minister: Baghdad International Fair achieved many partnership contracts with Iraqi and international sectors
1/20/2023
The Minister of Commerce, Atheer Al-Ghurairi, announced on Saturday the conclusion of the activities of the 47th Baghdad International Fair after achieving “a great success” amid a huge official and public outpouring, whose activities began on the 10th until the 19th of this month of January.
In a statement today, the Minister stressed that “the course’s activities were distinguished compared to previous sessions in terms of organization, qualification, diversity and size of participation by countries and companies, as well as the achievement of many partnership contracts between Iraqi sectors and sectors of countries and companies participating in the international session.”
He pointed out that "the Baghdad International Fair is a message to the world that Iraq is coming strong as an important economic player capable of containing the largest international gatherings and interacting with them in a way that serves the aspirations of our people for a free and dignified life. In addition, the exhibition was a message from the participating countries of their desire to extend bridges of cooperation." With Iraq."
For his part, the company’s general manager, Mustafa Al-Ani, confirmed, “The conclusion of the activities of the Baghdad International Fair, bidding farewell to another year in its pioneering journey that accompanied its launch in the sixties of the last century.”
He said, “This session was distinguished by the participation of 22 countries and 850 local, Arab, and international companies, which is the highest participation compared to the sessions.” Previously, the participation of the Kingdom of Saudi Arabia was the largest.
He added, "The conclusion of this session gives other aspects to the new Iraq in its economic developments, which could give it the opportunity to enter international investments, as the exhibition witnessed commercial displays of various international and local commodities and merchandise, in addition to the projects and achievements of local and international companies from various sectors, as well as projects related to infrastructure." agricultural, industrial, technological and other sectors.” LINK
Article "The International Monetary Fund welcomes Iraq's accession to a program that supports economic reforms"
All I could say was Holy cow! That's huge. The IMF, remember who they are. They are the one who give Iraq/CBI permission to raise or lower the value of their currency, to print or to destroy currency. Everything they do in their banking structure is governed by the IMF...This is the announcement by the IMF that Iraq is international.
Question "How long will it take for the US to update the IQD price?" Instantly, the moment the CBI pulls the switch on the new exchange rate. It's electronic. It pops up everywhere.
Question: "Do you think Iraq will depose current currency once revalued?" Once they revalue of course they're going to get rid of the currency...the 3-zero notes. They will introduce the lower denominations and the fils to the citizens. But it needs a different exchange rate that would match it to give it value. The exchange rate right now is so low there is no value...
Saturday 20, January 2024 | Political Number of readings: 271 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that Iraq today is on the right path. Al-Sudani said during his inauguration today of the Fine Arts Intersection Bridge, that the projects are being completed according to the timings, or even less than their timings.
He added that the bridge at the Fine Arts Intersection is simple and the ceiling of our goals and ambitions is large, indicating that this intersection came after a clear vision and promise from the government regarding the provision of services.
He explained that the projects in this area will be completed with the Sarafiya Intersection Bridge and the construction of a bridge parallel to the Sarafiya Bridge.
The Prime Minister renewed the government’s commitment to implementing all projects.
