I attempted to include the following on the call underway however I was not acknowledged so will post here. The council and Gov't of Iraq have advised all retailers in country are free to revise their product prices upward to reflect the change in Dinar valuation taking place today in country.
Confirmed by two independent sources.
Banker is anticipating a very positive notification that he can share with me on of all Sundays Easter, say your prayers folks, GOD is Great
ust got notified about a call from Hong Kong so hopefully it has more news, will share if so but need to close for now GOD Bless everyone.
Parliamentary Finance reveals to “Information” that there are leaks regarding the delay in the decision to raise the price of improved gasoline
The decision to raise the price of upgraded gasoline is being implemented slowly, according to leaks from within the administration, which were disclosed by a source in the Parliamentary Finance Committee this morning, Monday.
“Leaks obtained by the Parliamentary Finance Committee indicate that the Sudanese government decided to wait to implement its decision regarding raising the price of improved gasoline,” said the source, who wished to remain anonymous.
He said, “He believes that the decision to wait came after pressure from various segments of society for fear of its repercussions on the market situation and the economic situation of the citizen.”
Prior to May 1, 2024, the Council of Ministers made a number of resolutions raising the price of premium gasoline to 1,250 dinars per liter and enhanced gasoline to 850 dinars per liter.
Iraq's prime minister will be in Washington, DC in less than 8 days to meet with President Biden.
The real effective exchange rate (REER) is a measure of the relative strength of a country's currency in relation to an index or basket of other major currencies. The REER is used to judge whether the country's currency is undervalued or overvalued or, ideally, fairly valued...
Nominal Effective Exchange Rate (NEER)... It is an index of the weighted average of bilateral exchange rates of home currency with respect to a basket of currencies of trading partners. An increase in NEER indicates an appreciation of the local currency against the weighted basket of currencies of its trading partners.
Iraq's top five export trading partners are India, with $38.8 billion, China with $34 billion, the United States with $10.3 billion, South Korea with 8.21 billion, and Greece with $6.27 billion. Based on Iraq's export partners the Iraqi dinar definitely could be worth more. However everything is speculative until the US and Iraq give the green light to float, revalue, reinstate or increase the value of the Iraqi dinar...This could happen overnight but it is unlikely.
Community Comment: "It's the exchange rate. I don't know where they get taking zeros off the bills." Every study out there that talks about the deletion of the zeros tells you it comes off the bank notes...If they delete the zeros, your 25,000 becomes a 25 dinar. They're going to take the zeros off [the rate as well]. .00076 becomes .76...still the same value. You have a smaller denominated note but your purchasing power stays the same.
We're dealing with two different things... We have what's known as the nominal value, which is the numbers on the bank notes and then we have an exchange rate value. That's two different things.
This is [from] the World Bank data bank - Real Effective Exchange Rate is the nominal effective exchange rate in measure of the value of a currency against a weighted average of several foreign currencies divided by a price denominator or index of costs... Iraq already reports a real effective exchange rate. They report it all the time...It's reported to the IMF regularly...
The IMF, WTO, World Bank and whoever don't have a say whether or not Iraq LOPS off their zeros. That is decided by the Central Bank of Iraq as well as the government of Iraq. You're confusing the 'lopping of the zeros', 'the deletion of the zeros', 'the reducing of the zeros', 'the removing of the zeros', as somehow a loss in value. It is a neutral event. It doesn't affect outside investment into the Iraqi dinar. I told you when you remove the zeros all you're doing is lowing the nominal value of the currency. Has nothing to do Iraq's exchange rate versus other wold currencies - noting whatsoever.