Article: "Adviser to the Prime Minister: The decline of the dollar is an indicator of the strength of the dinar and a tangible success of the economic policy
" Quote: "The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed the strength of the dinar against the dinar after a relative decline in the exchange rate."
Kaperoni
If Iraq is unable to achieve diversity they will have no alternative but to simply justdelete the zeros (LOP) which is a neutral event reducing the currency from around 80 trillion to 80 billion dinar. Any exchange rate gain would be minimal as a result.
The Minister of Oil, Hayan Abdul Ghani, revealed that the federal government is considering a proposed amendment to the country’s budget that allows it to pay the salaries of international oil companies operating in the Kurdistan region.
This budget adjustment could allow producers in the region to resume production, and eventually export through the Turkish port of Ceyhan.
Turkey shut down the pipeline transporting crude oil from Kurdistan in March 2023, losing billions of dollars in revenue to governments and related companies.
The main obstacle to the resumption of Kurdistan inflows is the high cost of oil production in the region, and the Prime Minister, Mohammed Shiaa of Sudan, last December, estimated this cost at $21 per barrel in Kurdistan, compared to only $8 in other areas of Iraq. “We seek to quickly solve the problem of high cost, and resume exports as soon as possible,” Abdul Ghani said in response to Bloomberg’s inquiries, adding that the Ministry of Oil hopes to review and amend the contracts signed between the KRG and international companies.
Turkey shut down the pipeline after an international arbitration court in Paris ordered it to pay $1.5 billion in damages to Iraq for transporting oil through the pipeline without Baghdad’s approval.
Ankara, which claimed the pipeline was closed for maintenance only, said last October that the line was ready for operation, and it was up to Iraq to resume flows. Turkish President Recep Tayyip Erdogan is scheduled to visit Baghdad next month, which could help address other thorny files, including the compensation ordered by the court.
Abdul Ghani concluded that Iraq is keen to resume exports through the Turkish port of Ceyhan, and maintain strong economic relations with Ankara.
[via PDK] It has been quiet out of Iraq but, there is lots of expectations...
There is movement from what I call a “Massive whale” he’s in between a whale, paymaster and group leader. He was asked to pack his bags and get to Reno. I think that is a positive sign... There has been a lot of travel requests in the last day or so to get headed west.
I would like to point that when we talk of redemption centers…these are redeeming bank…BANKS…not some sleezy back alley place. BANK locations with trained staff to exchange currencies and have equipment to verify foreign currency in front of us…
The Prime Minister’s Advisor for Finance, Mozhmeh Mohammed Saleh, on Friday summarized the benefits of Iraq joining the membership of the European Bank for Reconstruction and Development.
Saleh said, to the official agency of his follower / Mawazine News, that
“There is a positive syndrome between building the development strategy embodied today by the government’s philosophy of launching the development initiative with comprehensive sectoral economic links, which is called the project (development road), which is the corridor and strategic project that connects the European Union countries in Asia through Iraq and the Gulf maritime corridors and vice versa on the one hand, and the requirements
for implementing the various stages of the development road through the role occupied by Iraq’s membership in the European Bank for Reconstruction and Development on the other hand, especially in the preferences of obtaining European technology and ensuring the role of EU countries companies in implementing the development path with its joints, whether in infrastructure and projects industrial productivity and various logistics services.” He added that “the membership provides our country with the likelihood of obtaining easy financing, technical assistance and its requirements Europe in supporting development activity in our country in its various joints and sectors,” continuing that “Iraq’s accession to the membership of the European Bank for Reconstruction and Development represents a broad view that carries strategic dimensions in the cohesion of the climate of economic development in Iraq and in accordance with the requirements of the government program and the national development plan 2024-2028, while embodying the needs of our country for the sustainability of international cooperation in reconstruction, development and sustainable development in the long term.”
If they're going to do a re-denomination and a reevaluation at the same time then I guarantee the notes they're going to use are going to be the lower denominations. So instead of getting $3 per dinar for a 25000 note, you're going to get $3 per dinar for a 25 dinar note. You can jump up and down and have a fit all you want. I've been telling you guys this is what's going to happen [If they re-denominate]. This is great for the Iraqi people...They'll be happy about the change in their wealth but the western people will not even have a taste of it...I keep warning you guys about this
The official exchange rate, that's the one we want to changebut surely wouldn't want it to change with new re-denominated currency with the deletion of the zeros. I want a nice fat $3.00 to 1 Iraqi dinar exchange rate with the currency we have now
Think about it. The current Iraqi dinar of 25,000 dinar - they delete the zeros off, now becomes 25 dinar and then all of a sudden they change the exchange rate from where it is to $3.22 per dinar. This is good for the Iraqi people, their purchasing power has changed. They can get a lot more things bought with their money. But that doesn't help us because they lopped the zeros off...so instead of getting a $3.22 rate against a 25000, we're only going to get that $3.22 rate against a 25 dinar. Instead of getting millions you get thousands...At least be aware that that's possible.
