Saturday, March 23, 2024
Saleh reveals the reason for the stability of the dollar in the parallel market and a historical reserve for Iraq, 23 MARCH
Saleh reveals the reason for the stability of the dollar in the parallel market and a historical reserve for Iraq
The Prime Minister’s financial adviser, Mazhar Mohammed Saleh, confirmed the strength of the dinar against the dinar after a relative decline in the exchange rate.
Saleh told {Euphrates News}, “We are indicating the strength of the Iraqi dinar, expressed in the decline in the parallel market rates of the exchange in favor of the official exchange rate, a tangible success on the cohesion of the country’s economic policy with its three joints: monetary, financial and commercial, in providing a coherent climate of stability in the general level of prices and containing seasonal price fluctuations for high-demand materials, specifically the provision of basic food commodities that have low price demand flexibility because they are necessary commodities related to consumption and daily living.”
He pointed out “the importance and speed of customs measures represented (reducing the customs tariff and diversifying imports without quantitative determinants of the necessary goods) as part of the performance of fiscal policy in attributing price stability and ensuring the supply of materials, food and necessary goods and production supplies at the official exchange rate and in accordance with the requirements of the national economy.”
The Parliamentary Finance Committee had expected the continuation of the decline in dollar prices as the results of the measures taken by the Central Bank of Iraq began to appear in reducing the rise of foreign currency.
The exchange rate of the dollar for days is about 1500 or 1490 thousand dinars to the dollar.
Who.. Raghad Daham
"RV UPDATE" BY TISHWASH & KAPERONI, 23 MARCH
tishwash
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 just delete 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.
Oil Minister Reveals Study of Important Budget Amendment to Resume Region’s Exports, 23 MARCH
Oil Minister Reveals Study of Important Budget Amendment to Resume Region’s Exports
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.
https://alforatnews.iq/news/وزير-النفط-يكشف-عن-دراسة-تعديل-مهم-في-الموازنة-لاستئناف-صادرات-الإقليم
"RV UPDATE" BY MARKZ, 23 MARCH
MarkZ
[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…
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...