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.
FRANK26:"PM SUDANI'S TRIP TO WASHINGTON IS PRIMARILY ON THIS SUBJECT!!!".........F26
Advisor to the Association of Banks: The success of the banking file negotiations in Washington contributes to protecting the Iraqi banking system from collapse (THE MONETARY REFORM SUCCESS BY THE CBI PREVENTS ANY COLLAPSE!!! -F26)
Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi
4/6/2024
- Baghdad
Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, expected, on Saturday, that the success of the US restrictions negotiations file on 28 private banks with the US Treasury in Washington will contribute to protecting the Iraqi banking system from damage and collapse.
Al-Nusairi said in an interview with Al-Iqtisad News, “We are only a few days away from the expected meeting of the Prime Minister with the American President and the American administration, which makes it very important, in this critical and complex stage that the banking system is going through, that the agenda includes meetings and negotiations with the leaders of the American administration.” The Treasury Department and the US Federal Reserve call for determining the next and clear paths for bilateral economic relations between the two countries, which have broad relations in all fields.”
He explained, "One of the important files that will be included in the discussions, with the participation of the Central Bank and the Iraqi Private Banks Association, is the issue of financial and banking reform and protecting the Iraqi banking sector from collapse after the issuance of sanctions and restrictions by depriving 50% of the total private banking sector from dealing in the US dollar, which is the main foreign currency for banking and commercial transactions." In Iraq and international banking relations a long time ago.”
He pointed out that "the inputs and outputs of this important visit must convince the American side to reconsider the sanctions and restrictions imposed, especially since all the affected banks are currently subject to audit by K2 International, and this confirms the good faith of the banks that the reasons for the deprivation of dealing in the US dollar were not serious and intentional mistakes." .
He continued, "The importance of restoring activity and protecting the private banking system and ensuring the results of its work comes through the electronic platform for the year 2023, which has confirmed its safety and transparency."
Al-Nusairi concluded his speech by saying, “Failure to reach quick solutions to this issue will lead to confusion in the commercial and banking market and will affect ration card supplies, which are the primary food source for a large segment of the Iraqi people, and weaken the plans and procedures of the Central Bank and the government in financial and banking reform, and the lack of control over the stability of the exchange rate of the Iraqi dinar.” And the national economy was damaged.”
FRANK26:"SAUDI ARABIA DOES NOT INVOLVE ITSELF WITH A PROGRAM RATE."..........F26
Iraq and Saudi Arabia sign 12 memorandums of understanding for specific investment projects
4/6/2024
Iraq and the Kingdom of Saudi Arabia signed memorandums of understanding with 12 Saudi companies with the aim of enhancing cooperation in a number of specific investment projects.
A statement from the ministry, a copy of which {Al-Furat News} received, said,
"The memorandums of understanding signed with 12 Saudi companies came with the Iraq Fund for Development, with the aim of enhancing cooperation in a number of qualitative investment projects in Iraq."
Last December, Saudi Arabia signed a partnership agreement with Iraq in the field of industrial investments for the private sector, as part of the two countries’ efforts to strengthen their bilateral relations and attract foreign investments.
Been in contact with many of my sources throughout the day from Technical Developers to Banking contacts.
My understanding is that we are progressing well with the MICA regulations which stands for Markets in Crypto Assets.
These regulations will allow us to move forward with the new digital economy, and we are still on target to finish these by the end of May.
These are much needed changes to the banking system that will allow us to move forward with new Banking and Market values. I would not expect anything to happen this month due to these updates.
I hope you have a wonderful weekend. Take this time to enjoy your family and friends. These things mean so much more than anything we will receive monetarily going forward.
FRANK26: "MANY THINGS ARE NOW IN PREPARATION FOR THE MONETARY REFORM".........F26
Install 1,000 ATMs in cities in the Kurdistan Region by the end of 2024
4/5/2024
The process of registering employees in the Kurdistan Region continues with the “Hasbi” project, which is a digital financial payment system. Employee registration has reached 260,000 people, and 153,000 cards have been issued to those registered.
The regional government said in a statement today, Friday, that by the end of 2024, about 1,000 ATMs will be installed in all governorates, districts and regions of Kurdistan, so that employees can easily receive their salaries.
According to the statement, the number of banks participating in the project is constantly increasing, and so far they are (BBAC - NBI - RT - Cihan - IIB), all of which have been recognized and accredited by the Central Bank of Iraq.
Since last year, as a pilot, Erbil Maternity Hospital employees have received their salaries through the “My Account” banking system.
At the end of last year, the faculties of arts, agriculture, and science at Saladin University received their salaries through the same system.