International monetary indicates the decline in inflation rates and the stability of the foreign exchange market in Iraq, 1 MARCH

International monetary indicates the decline in inflation rates and the stability of the foreign exchange market in Iraq

Shafaq News / The International Monetary Fund, a “remarkable decline” in inflation rates, which is reflected in the decline in food and energy prices in addition to the stability of the foreign exchange market in Iraq, according to the Ministry of Finance.

The ministry said in a statement that an Iraqi delegation headed by Finance Minister Taif Sami concluded today, Thursday, its discussions with the Article IV mission of the International Monetary Fund experts in Amman, during which the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development structure, financial sustainability and maximization of non-oil revenues were reviewed.

The statement quoted the delegation as confirming that the Fund promised to support development programs to promote public financial management, digital transformation, banking, retirement and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure and reconstruction, indicating its intention to continue discussions and consultations during the Fund’s periodic annual meetings.

The statement added that the IMF mission praised “the return of growth in the non-oil sector strongly during 2023 with a noticeable decline in inflation rates, and this reflected on the decline in food and energy prices.”

According to the statement, the mission “noted the positive developments of the return of trade finance operations to their normal course and the stability of the foreign exchange market following the implementation of anti-money laundering and anti-terrorism financing controls on cross-border payments.”

It is noteworthy that the IMF Article IV consultations are bilateral meetings held annually between the IMF and member states, after which a team of IMF experts meets the member country and holds formal consultations with its officials.

https://www.shafaq.com/ar/اقتصـاد/النقد-الدولي-ي-شر-انحسار-معدلات-التضخم-واستقرار-سوق-صرف-العملات-ال-جنبية-بالعراق

"RV UPDATE" BY CLARE, 1 MARCH

 Clare

  Article: "Iraq completes requirements to join WTO”  Quote: "The Iraqi Minister of Trade, Atheer Al-Ghurairi, affirmed that Iraq fulfilled the conditions necessary to become a member of the World Trade Organization (WTO) following the completion of economic reforms and the enhancement of the investment climate."

 Article: "Prime Minister: The government has placed the issue of economic and banking reform among its most important priorities "

Article:   "The Minister of Commerce discusses in Abu Dhabi with the World Trade Organization the completion of procedures for Iraq to join the organization”  

Quote: “The organization is looking forward to and following the steps for Iraq’s accession carefully, given that Iraq is one of the important and powerful economies that is still outside the organization, and that Iraq’s presence within the organization’s membership will be a great added value to the organization and to the global economy.”

Iraqi Dinar🔥RV Status Of Iraqi Dinar Update By MNT Goat Today 2024🔥iraqi...

For The Third Month... Basra Crude Oil Continues To Soar And Achieves Weekly Gains, 1 APRIL

 For The Third Month... Basra Crude Oil Continues To Soar And Achieves Weekly Gains

Economy | 03/30/2024  Mawazine Yunuz – Baghdad  Basra crude achieved weekly gains, with global oil prices recording gains for the third month in a row.

Basra Heavy crude closed, in its last session on Friday, at an increase of 97 cents to reach $83.47, recording weekly gains of $2.07, equivalent to 3.18%.

Basra Intermediate crude also closed in its last session at an increase of 97 cents, reaching $86.30, and also recorded weekly gains of $2, or the equivalent of 2.37%.

Global oil prices witnessed strong increases during recent weekly market transactions, with prices heading for gains for the third month in a row. https://www.mawazin.net/Details.aspx?jimare=244858

Central Bank announces the increase in the volume of foreign reserves from 140 to 148 trillion dinars, 1 MARCH

 Central Bank announces the increase in the volume of foreign reserves from 140 to 148 trillion dinars

Mawazine News – Baghdad
The central bank announced that it was able to reduce inflation levels in the country, increase foreign reserves and the volume of deposits in banks and expand electronic payment tools, at a time when the House Finance Committee has made proposals to develop the banking system.

Deputy Governor of the Central Bank Ammar Khalaf said during the opening of the exhibition and the eighth annual conference on finance and banking services, that “the country faced during the past year a series of challenges, but the Central Bank addressed them with high responsibility, as it was able through various monetary policy tools and the right decisions to achieve its goals set in its law, as well as achieve the general level of prices, by reducing the inflation rate, as the inflation rate reached 7.5 percent at the beginning of 2023 and fell at the end to 4 percent.”

Khalaf pointed out that “last year witnessed a clear growth in most of the monetary changes, including the increase in the volume of deposits in the banking sector from 129 trillion dinars during 2022 to 131 trillion dinars in 2023, as well as an increase in private sector deposits in the banking system from 54 trillion dinars to 55 trillion dinars, as well as the increase in the volume of credit in the banking sector from 60 trillion to 69 trillion during 2023, in addition to the rise in dependence in the private sector from 35 to 40 trillion dinars, with the increase in the volume of foreign reserves from 140 to 148 trillion dinars.”

https://www.mawazin.net/Details.aspx?jimare=242943

"RV UPDATE" BY PIMPY, 1 MARCH

 Pimpy 

 Question: "How is the development road project going to be funded at 1310?" 

 The development road  project is not the world's largest project.  It's not even in the top 20.  But it is a very expensive project...Pay close  attention... Article quote "This year's budget is Iraq's largest at 198.9 trillion Iraqi dinars, about $153 billion based on the  exchange rate. 

 The 2024 and 2025 budgets will be the same unless the cabinet requests any changes and parliament approves them."   This budget has already calculated...What did it say in the article?  'With the current exchange rate.  And what is the current  exchange rate?  1310 dinars per dollar.

  There's no doubt this [Development Road Project] is going to turn Iraq into a transit center .  There's going to be a lot of traffic going through there.  [But] Article quote: "Iraq has postponed the launch of its $7 billion development road project to early 2025..."  Hello, remember, don't count your chickens before they hatch.  We are talking about Iraq.  This happens quite often.

  Community Comment:  "Thanks for the let down once more that Iraq will never RV."  I never said it would never RV.  Never.  In fact I'm the one that said it's going to go up in increments.

Question: "There have been some references...regarding some Iraqi banks in the US, have you heard  about any of thee banks on US soil?"  Here you go:  You have the Iraq National Bank that's in New York. Rasheed Bank that's in New  York.   North Bank  that's Dearborn Michigan, The Bank of Baghdad is in New York City, TBI Bank which is in Washington DC.  These are  the Iraqi banks that are currently in the US...    

Community Comment: "IMO I think a $1.28 would be a sweet spot for the RV and then go up from there."  $1.28 would be pretty nice if we can get it but IMO if they want to make sure not to really crash their economy they're going to have to go up in smaller increments...I know you guys don't like to hear that and it makes me the bad guy.  You might see it go somewhere from...1310 for every dollar...to around 1,100 dinars for every dollar or maybe even 1,000 dinars for every dollar, then from there down to like 700s...small increments.

https://dinarevaluation.blogspot.com/2024/02/rv-update-by-pimpy-23-feb.html

 Community Comment: "Once the 3 zeros are deleted, establishing IQD's REER, then the rate will go up in increments."   That's not what you want.  You do not want them to delete the zeros before the rate goes up.  If they delete the three zeros off your currency then your 25,000 dinar becomes a 25 dinar and then they raise the rate?  That's not going to help you.  We'll see what happens.

 If you're going to exchange your Iraqi dinar, let's just say for the sake of this particular example...3 to 1, congratulations you now got millions of dollars.  So you go and you swap your currency and they're saying, 'Hey, you got $3 million in your account.'  Yah!   You can't say to them I want $3 million dollars because the bank doesn't carry money like that no more. They might say...we are going to allow you to carry out $5,000 for today cash but we're going to have to set an appointment with you to come pick up the rest of the cash...If they have to order currency for you, they're going to charge you a fee because they have to pay a fee...

https://dinarevaluation.blogspot.com/2024/02/rv-update-by-pimpy-21-feb.html

Iraqi Dinar | WTO Confirm IQD Revaluation And New Exchange Rate | Iraqi ...