JP Morgan I think is going to be extremely important to us...Don't just think that you're going to be limited to Chase and JP Morgan. I used [them as example] only so that it could be of help to you. To guide you. At least you know where you can start. If you don't like them go somewhere else.
The conditions of the monetary reform are perfect. All the waiting that we've been having forever and ever is also very perfect because what we're waiting for is just one thing and one thing only, the new exchange rate. That's it. The evidence is, banks know now.
Shafaq News/ Economist Manar Al-Obaidi determined the size of the internal debts of the Iraqi state and the share of each individual in it, while another economist downplayed the importance of that, stressing that the danger lies in external debts.
Al-Obaidi said in an interview with Shafaq News Agency, “Iraq’s internal debt amounts to 70 trillion dinars, and therefore the per capita share of this debt is large and amounts to one million and 700 thousand dinars per person, if we consider that the souls of Iraqis are 40 million people.”
Internal and external debts
He added, “The size of the debt per capita in the year 2020 amounted to one million and 600 thousand dinars, and in the year 2019 the debt per capita reached 950 thousand dinars, when the internal debt amounted to 38 trillion dinars.”
Al-Obaidi continued, “Iraq’s external debt ranges from 30 to 40 trillion dinars,” noting that “the total internal and external debt is approximately 110 trillion dinars.”
External debt risks
While the economist and professor at the Iraqi University, Abdul Rahman Al-Mashhadani, in an interview with Shafaq News Agency, downplayed the importance of Iraq’s internal debt, pointing out that “internal debt is not the dangerous element in the countries of the world, but rather external debt because the internal debt is shared by many institutions, so the issue of its influence is weak despite It is considered a debt owed by the government towards financial institutions and individuals, but not as serious as the external debt, which amounts to blatant interference.”
He explained that “the internal debt amounting to 72 trillion dinars belongs to government institutions, including the Rafidain, Rasheed and Iraqi Trade Banks and the Central Bank, and therefore it is a government debt to the government and it can cancel its banking interest or write off these debts.”
Al-Mashhadani added, “The budget contains 10 trillion dinars in interest and installments on the internal debt, and it is considered revenue for government banks. It is not this dangerous and not this large. The government has resources, and it is easy to convert this debt into bonds that can be repaid like other countries because we have cash reserves and oil resources.”
He pointed out that “the external debt amounts to 22 billion dollars, or about 29 trillion dinars, according to the official exchange rate of the dollar, and most of these debts are long-term and expire in the year 2045 and are for the Japanese government and government organizations, and some of them expire in the year 2043 and their interests are low.”
He stated that “the International Monetary Fund completely excluded Iraq from debtor countries because Iraq’s external debt is 22 billion dollars, and the Iraqi government is able to pay it off in one or two years.”
Treasury transfers
In turn, economic expert Dhargham Muhammad Ali confirmed to Shafaq News Agency, “The internal debt is not a problem and is negotiable. It is paid annually and is not affected by bank deposits.”
He continued, “Treasury transfers are often purchased by banks or individuals to finance the budget deficit or salaries in the event of a delay in the operating budget, so internal debt is within permissible limits and does not currently constitute an economic problem.”
What is the difference between a mixed economy and a market economy?
In a mixed economy the government plays a more active role in regulating and controlling certain aspects of the economy while in a market economy, the government's role is limited to maintaining a level playing field and protecting property rights...We know right now Iraq has a mixed economy...[with] a lot of state ran businesses...
If we went from where it is now at .00077 all the way up to $3.22, you're looking at a 4,180% increase in value. The largest amount a currency ever revalued occurred January 1, 1948 when the Chinese government decided to revalue its currency the yuan as part of the efforts to stabilize the economy and recover from the devastation of World War II...
The government set the new exchange rate at $1 US for every 1.4 yuan which was a 46.9% appreciation - The largest increase in value we have ever seen in the world is 46.9% in value...So Iraq is going to smash the old record of 46.9% increase in value by 4133%? Not going to happen.
Earth News / Prime Minister Mohammed Shia’ Al-Sudani is preparing to conduct an important visit to the United States of America to meet a large number of officials there, led by Joe Biden, to discuss many important issues, especially in light of the development of the aggression on some areas of the Middle East, in addition to the aggression against the Iraqi security forces by the US aircraft.
This visit comes in light of the dangerous escalation in the world and warnings of the expansion of the circle of fighting, while the Sudani will carry many other sensitive files, most notably the foreign presence in Iraq, in addition to the continuation of strikes between the Iraqi resistance factions and the American forces.
In September last year, the Sudani participated in the meetings of the United Nations General Assembly in New York, during which he met with the US Secretary of State, Anthony Blinken, but did not meet with President Joe Biden, at which time the US minister invited the Iraqi Prime Minister to visit Washington and meet with Biden, to discuss bilateral relations. On this visit, political analyst Ghalib Al-Dami said in an interview with Earth News, that “the talk about the visit took place a year ago when the government was formed and its date was not set and US Secretary of State Blinken had previously invited the Sudanese to visit the United States, but without specifying the appropriate date, which caused its postponement.” He added that “the Sudanese visit and his meeting with US President Biden, who says about the media that he is lack of memory, will not have a significant impact on the consideration that the current President Biden will leave his position after about 8 months,” noting that “the visit will be very useful if it includes other US departments such as the parliament, the Ministry of Defense, the Ministry of State and the decision-making departments in Washington.” Al-Da’ami pointed out that “the Sudanese Prime Minister will carry with him all files related to the Iraqi economy, Iraqi security, the American presence, the stability of the country and everything related to it.” For his part, the government spokesman, on behalf of Al-Awadi, revealed in a statement followed by Earth News, that “the date of the Prime Minister’s visit will be during the spring, explaining that its goal is to arrange bilateral economic, political, cultural and security relations, end the mission of the international alliance and move to a bilateral relationship only.”
With regard to the calm between the United States and the Iraqi factions, Al-Awadi stressed that “stability in Iraq and the cessation of strikes directly contributed to the completion of dialogue and the timetable for the end of the mission of the international coalition and the withdrawal of foreign forces,” but said that “the targeting of Iraqi bases in which international advisers are present, is reflected negatively on the speed of completion of the mission of the Supreme Military Committee and the completion of the task of ending the international coalition.”
The Sudanese’s visit, which is expected during the next two months, which was postponed more than once, due to the tense regional conditions, most notably the Israeli war on the Gaza Strip, is important in the eyes of the observer circles, as it is his first official visit since he took office in October 2022, and it will be on its agenda to discuss security unrest, including the escalation of mutual attacks between the United States and Islamic resistance factions since the beginning of the events in Gaza.
FRANK26: "GOLD WILL BACK THE RI!!!".............F26
Advisor to the Prime Minister: The stability of the exchange rate gives relative stability to gold prices
3/11/2024
The economic advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed the relative stability of gold prices in Iraq due to the value of the dinar.
Saleh told {Al-Furat News} agency,
“What determines gold prices today are the international gold exchanges, noting that the stability of the official Iraqi dinar exchange rate to the dollar gives relative stability to gold prices.” He noted that "the value of gold is exposed to the cycle of global gold assets, which constitutes the basic variable for the price of gold on the global scale, whether rising or falling."
Gold prices took a breather today, Monday, after a series of record highs that came against the backdrop of a slowdown in the labor market in the United States and statements from the US Federal Reserve, while traders awaited the inflation report in the United States in search of new indications of the possible date for reducing interest rates. Gold settled in spot transactions at $2,177.24 per ounce by 06:02 GMT, while US gold futures contracts fell 0.1% to $2,183.90. Gold recorded an unprecedented level of $2,194.99 for the fourth day in a row on Friday, after data showed a slowdown in the labor market in the United States. The selling price of gram in the local markets in Baghdad today, Monday, is 460 thousand dinars.
