DINAR REVALUATION

Thursday, March 14, 2024

BREAKING NEWS IRAQ BY SANDY INGRAM, 14 MARCH

Petroleum Products Set The Date For Ending Cash Trading, 14 MARCH

Petroleum Products Set The Date For Ending Cash Trading

Economy News – Baghdad Today, Wednesday, the Petroleum Products Distribution Company set the date for ending cash trading, while indicating that great progress has been made in the field of electronic payment

The Director General of the Petroleum Products Distribution Company, Hussein Talib, said in an interview with the official media, followed by Al-Iqtisad News, that “the Petroleum Products Distribution Company is one of the first departments that relied on electronic payment in work,” indicating that “there are a group of failures that have been addressed in this regard.” With the Central Bank through licensed portals and companies.”

He pointed out that "among the challenges the operation faced was the problem of transferring funds from the citizen's account to the accounts of the oil products distribution company," stressing that "9 gates entered operation after the problems were addressed."

He added, "The electronic payment process has been launched at filling stations in Baghdad and all governorates," noting that "the company's plan at the end of the first quarter of this year includes ending the cash trading process in most areas of the Petroleum Products Distribution Company."

He continued, "The company has made great strides in the field of electronic payment, as the station agent now prepares products, as well as generator owners and the mobile agent, as well as state department vehicles, via electronic payment cards."

Views 22 03/13/2024 - https://economy-news.net/content.php?id=41439

"RV UPDATE" BY PAULETTE, 14 MARCH

Paulette

This is clearly what the article said... They are weighing changing the rate from 1,320 dinars per dollar to 1.32 dinars per dollar. This is clearly 76 cents to 1 IQD...Currently the rate is 1,320 IQD to 1 USD. Looking it at the other way, this is 0.0007575 USD to 1 IQD. If they drop 1 zero from the exchange rate: 132.0 IQD to 1 USD or 0.007575 USD to 1 IQD. If they drop 2 zeros: 13.2 IQD to 1 USD or 0.07575 USD to 1 IQD. If they drop 3 zeros: 1.32 IQD to 1 USD or .7575 USD to 1 IQD. Therefore, 1.32 IQD to 1 USD is 76 cents to each IQD

...What we want to see posted on the CBI website as to how many IQD are required to purchase 1 USD is 1.00 or less. If they post 3.22 IQD to 1 USD, this would mean 31 cents per 1 IQD.

We want them to post .31 IQD to 1 USD which is then 3.22 USD to 1 IQD. Realize, they post how many IQD it takes to purchase 1 of another currency.

[Dinar Guru Note: The Dinar Guru Calculator automatically converts different possible dinar to USD or USD to dinar rates. It tells you exactly how much U.S. money you get at the different rates. It's easy to understand and it's free to use. You can find it in the navigation bar at the top of this page.]

Iraq's Gov't Suggest 1IQD = $0.76!💣Float to $4!?🤔Iraq Dinar RV Updates |...

Iraqi Parliament reveals details оf hosting Finance Minister, sends message tо Kurdistan government, 14 MARCH

Iraqi Parliament reveals details оf hosting Finance Minister, sends message tо Kurdistan government

Shafaq News/ On Wednesday, the Finance Committee оf the Iraqi Parliament disclosed details оf hosting Finance Minister Taif Sami. Simultaneously, a message was directed toward the Kurdistan Regional Government (KRG) concerning the salaries оf its employees.

Youssef Al-Kalabi, a committee member, informed Shafaq News that among the topics discussed was the issue оf localizing salaries for employees іn the Kurdistan Region. Al-Kalabi pointed out that "the committee discussed the financing and localization оf salaries for employees іn the Kurdistan Region" and clarified that "the Federal Court's decision was clear оn this matter."

The Committee also urged the Regional government tо facilitate the localization оf employees' salaries, ensuring equality with other Iraqi employees.

Al-Kalabi emphasized the clarity оf the Federal Court's decision and the Ministry оf Finance's letter, asserting that while February salaries іn the Kurdistan Region would be disbursed, March salaries hinged оn localization.

The Ministry оf Finance and Economy іn the Kurdistan Regional Government, however, revealed оn Tuesday that federal procedures deprived regional employees оf their February salaries. The ministry disclosed that only 59% оf total salaries were funded by the Federal Ministry оf Finance, leaving 41% оf employees without wages, and the funded amount did not reach the Ministry оf Finance іn the Kurdistan Region.

The Federal Supreme Court (the highest judicial authority іn Iraq) had decided оn Wednesday, February 21, 2024, tо oblige both the Iraqi and Kurdish Prime Minister, Mohammed Shia Al-Sudani, the head оf the federal cabinet, and Masrour Barzani, the head оf the Kurdistan Regional Government, tо domicile the salaries оf employees and public sector workers at federal banks.

The recent court decision has sparked debate among Kurdish politicians, criticized as unconstitutional and politically motivated, yet defended by observers who argue іt aligns with the law and constitution, potentially resolving the prolonged salary delays for the region's employees.

In an interview with Monte Carlo International, the head оf the Kurdistan Democratic Party (KDP), leader Masoud Barzani expressed regret for the recent Court's decisions, considering them biased against the Region. "Unfortunately, all the decisions оf the Federal Court are heavily biased against the Region…Its decisions are unjust and unfair, distinctly against the Region."

https://shafaq.com/en/Iraq/Iraqi-Parliament-reveals-details-f-hosting-Finance-Minister-sends-message-t-Kurdistan-government

"RV UPDATE" BY PIMPY, 14 MARCH

Pimpy

I hold millions of dinar and people act like I don't want the $3.22 exchange rate with the current currency, 'No, Pimpy doesn't like it. He doesn't believe in it.' What the hell are you talking about? I own millions of dinars. Nothing would make me more happier than them to jump up to a $3.22 rate and keep the same bank notes that we got now.

Can the Iraqi dinar get as valuable as a Kuwait dinar? Of course it could. There's a lot of hurdles there. Are they [Iraq] going to be reinstated? No. Two different stories.

The invasion and occupation [of Kuwait] was about 7 months...The Kuwait government was still able to do business as usual outside of Kuwait, use the money they had in their reserve fund.

Iraq did not have that, not to mention the fact that Saddam Hussein... printed the hell out of the Iraqi dinar causing the value of the Iraqi dinar to drop...You can't compare Iraq to Kuwait because there's no comparisons...