Saleh Reveals The Reason For The Limited Rise And Fluctuation Of The Dollar Exchange Rate Recently, 31 JAN
Time: 01/30/2024 08:14:41 Read: 1,638 times {Economic: Al-Furat News} The Prime Minister’s Advisor for Financial and Economic Affairs, Mazhar Muhammad Saleh, revealed the limited rise and fluctuation of the dollar’s exchange rates recently.
Saleh said in a press statement, “The issue is related to regional security tensions, which provide colored or ambiguous information that affects the decisions of speculators in the secondary exchange market when buying and selling, which prompts them to hedge with a point or two above the current market transaction prices or trading prices in such cases.” People are used to it."
He explained that it is “behavior practiced by speculative forces to achieve emergency or estimated profits under the pretext of misfortune and fear, because the decisions of this market are based on various information as inputs that influence the decisions of those dealing in it. Therefore, these markets are considered among the most sensitive financial markets and live in their daily speculation on news, rumors, and conflicting information.” To determine prices, which is a cost that disappears when the influencer disappears. LINK
Changing the exchange rate has a huge impact on inflation, imports and exports. I think Iraq can easily go up in increments. This will allow them to really monitor the inflation. This will also increase the quality of life for the Iraqi people.
People are getting confused…When they delete the zeros, they’ll change the currency. It’s not the exchange rate.
That’s where the confusion is…If I have a 25000 dinar and I delete the zeros, now I have a new currency that comes out…They have the same value. The nominal value is a number...25000…the new one says 25, but the exchange rate between these two currencies stays the same - 1 to 1. What they’re saying is the 25000 dinar has an equal value of the 25 dinar. That goes on for a little time until people trade in all the notes. They’re not talking about against other currencies.
Cihan University – Duhok held the “Third Annual Economic Forum”, in the presence of Zerfan Abdul Mohsen Asaad, President of the University, and a number of experts, economists, bank managers and academic figures.
The forum was held on the hall of the Research Center, under the theme “Empowering the Iraqi Economy: Growth through Strategic Investments and Banking Excellence.”
The first session began at 11 a.m., which lasted for two hours, was administered by Ahmed Al-Saffar, an academic and a member of the former Iraqi parliament.
The first speaker was Abdul Hussein Al-Anbaki, head of the Economic Advisory Office of the Iraqi Prime Minister, who began his talk about the challenges facing development in Iraq.
Al-Anbaki stressed “the need to address the structural imbalances in the economy, noting that the goals associated with Article (25), which aims to reform the economy through the diversification of sources and support for the private sector have not been achieved.”
Al-Anbaki referred to “the history of the Reconstruction Council and the impact of changes in its allocations on its effectiveness,” proposing the establishment of an independent popular development fund to finance government and private projects with soft loans. He concluded with recommendations for pre-economic administrative reform, a review of the management of oil revenues, the amendment of the exchange rate of the Iraqi dinar, the cancellation of the currency auction, and the legislation of the Public-Private Partnership Law.”
The second speaker, Haval Siddiq Ismail, representative of the Minister of Investment of the Kurdistan Region, and Director General of the Investment Authority in Duhok, who “provided a comprehensive analysis of the investment situation in the region. Provide details of investment projects and sectors that are successful in attracting investment, focusing on challenges, opportunities and government policies that encourage investors. Dr. Hval also highlighted regulatory and bureaucratic hurdles, and provided a realistic assessment of potential difficulties and opportunities. In the end, he provided details about the potential opportunities and government policies pursued by the KRG to facilitate a thriving investment environment.”
The second session began at 1 p.m. and also lasted for two hours, where it was managed by Nawar Al-Saadi, a professor of international economics and director of the research center at Ceyhan University.
The second session began with the speech of Mohammed Al-Najjar, Advisor to the Iraqi Prime Minister for Investment, and Executive Director of the Iraq Fund for Development.
In his speech, Al-Najjar highlighted “the Iraq Fund for Development, which was newly established as an independent body under the Prime Minister. Al-Najjar spoke about the Fund’s role in promoting change and diversification of the Iraqi economy. The fund aims to attract domestic and international investors to participate in the implementation of various projects.”
One notable example discussed by Al-Najjar was “the ongoing project to build 1,950 schools across Iraq. These projects will be delivered to private sector investors and to the Iraqi investor exclusively, with guarantees such as the return of capital after five years. This approach not only encourages domestic investment, but also ensures the effective participation of the private sector in the reconstruction process of Iraq.”
The fund’s strategy focuses on “different stages of investors, from domestic to foreign investors. Emphasizes the involvement of local stakeholders to promote local ownership in development projects, with a focus on delivering projects to the private sector to ensure a return on capital after a certain period.”
Regarding the second speaker, Ahmed Tabaqli, Chief Strategist at the Iraq Fund at the Aswa Development Fund,
He talked about “strategies to attract investments to the Iraq Stock Exchange. Which featured the market a strong performance, with the AFC fund up 110.4% in 2023, making it one of the best in the world.”
Tabaqli explained this performance “by developing new measures by the Central Bank of Iraq, which has accelerated dependence on banking services and promoted growth in the non-oil economy. The market has also been affected by the country’s relative stability, which has created a more stable economic environment and attracted the attention of international investors.”
Tabaqaly also pointed to the role of the market in supporting the development of an effective economy by providing capital for companies, and believes that the development of the Iraq Stock Exchange contributes to enhancing GDP and economic stability in the region.
Then many interactive questions, discussions and inputs were asked by the attendees, and in the end of the forum came out with a set of proposals and recommendations that will be submitted to the concerned authorities.
Algeria is big and has a lot of assets but they have a lot less than Iraq and their dinar is stronger than Iraqi dinars.If you look a the Tunisian dinars, Tunisia has nothing...and their dinars are 3 to 1 - Three dinars to $1. My point is these people has nothing. They're coming out a revolution. They is a mess. It's completely a mess. They lost a lot. The private sector is a mess and its [their dinar] is still strong. Iraq, this rate is still a punishment rate...They have to revalue. If they revalue they're going to revalue 1 to 1.
We coming out from war. We coming out from the worst thing in our life. We just start to walk...We just start to grow...It almost collapsed but didn't collapse. It maintained itself and maintained himself stable...The only thing that destabilize the economy of Iraq is the war...Iraq is a very strong country...In a couple years Iraq is going to be one of the stronger countries in the world...Iraq is very strong.
Iraq survived the worst thing in their life. We survived 3 or 4 wars in the last 50 years. We survived it and each time we came back and we came back strong. This time we're going to come back very strong...Iraq economy never collapse by himself. Iraq economy always stable unless somebody else disable it for them. Iraq's economy is one of the best economy in the world and it's going to come back to the best economy in the world. The negative things about Iraq will never revalue, it's a scam, that's all bullshit. Iraq's going to come back one day and it's coming to come back soon.
The U.S. Treasury Department on Tuesday confirmed its commitment to “long-term joint work” with the Iraqi government, a day after it sanctioned an Iraqi bank for “financing terrorism.”
The U.S. Treasury said in a statement that the Undersecretary for Terrorism and Financial Intelligence, Brian E. Nelson visited Baghdad on January 28 and 29 to “continue the work between the two countries on combating illicit financing and strengthening the Iraqi financial system.”
She pointed out that Neslon met during the visit senior government officials, including Prime Minister Mohammed Shia Al-Sudani, the Governor of the Central Bank of Iraq Ali Al-Alaq, the President of the Supreme Judicial Council, Faiq Zidan, and Minister of Transport, Razak Mohibes, to “discuss the recent measures taken by the United States and ways to enhance cooperation between the two countries.” The US Treasury Secretary also met with representatives of the financial sector, including the Chairman of the Board of Directors of the Iraqi Trade Bank Bilal Al-Hamdani and representatives of privately owned banks to discuss ways in which bilateral efforts can provide “new opportunities for communication between Iraqi banks and the international financial system, which will benefit the Iraqi economy and the Iraqi people, while protecting the international financial system from misuse.” The U.S. Treasury renewed its commitment to “long-term joint work with the Government of Iraq to strengthen the Iraqi economy and protect the U.S. and Iraqi financial systems from abuse.”
