People still continue to claim a re-denomination or the deletion of the zeros is somehow different than a LOP. It's not. It's the same thing...
We all want the same thing. I'm telling you we do. Would I love for the rate to change to $3.22 per dinar? Would I love for them to keep the current currency they have without deleting the zeros when they change that exchange rate?
Of course I would. But what I'm saying to you is there are many possibilities you should at least be aware of them.I'm not saying it's going to happen one way or another for sure, I'm just saying to you there's some things out there that they're hiding from you...
Non-oil imports of Al-Sulaymaniyah surpass 20 billion dinars
Shafaq News/ On Friday, the non-oil imports for the governorates of Al-Sulaymaniyah and Halabja, as well as the administrations of Garmian and Raparin, amounted to approximately 20 billion dinars during the past week
According to shafafiat.com, a website operates under the auspices of the office of the PM Deputy, Qubad Talabani, non-oil imports in Al-Sulaymaniyah, Halabja, Garmian, and Raparin from April 20 to April 26, 2024, amounted to 20,119,953,306 dinars.
According to the obtained data, Al-Sulaymaniyah's revenues increased, with revenues increased from April 6 to April 12, 2024, amounting 842,422,425 dinars.
Al-Sulaymaniyah is considered a significant commercial center in the Kurdistan Region of Iraq, attracting many traders from various parts of the region. The major non-oil imports in the governorate include food, clothing, electronics, building materials, machinery, and vehicles.
Most non-oil imports to Al-Sulaymaniyah come from neighboring countries such as Iran, Turkiye, Syria, and Jordan. Additionally, Al-Sulaymaniyah imports goods from countries like China, India, and Europe.
Non-oil imports play a vital role in Sulaymaniyah's economy by providing employment opportunities, stimulating economic growth, meeting the population's needs for goods and services, diversifying the local economy, and reducing reliance on oil revenues.
However, non-oil trade in Sulaymaniyah faces challenges such as bureaucracy, corruption, political instability, and exchange rate fluctuations. The local government in Sulaymaniyah is working to address these challenges to improve the business environment and attract more investments.
When I did the evaluation [of the dinar] it was against countries and currencies that had lopped. I had the same questions as you guys when I invested. Where is this going? How can this work? I found out the value was in a policy based inflation, they want to add value to it, they injected US dollars into the economy, devalued the dinar. The
dinar you and I have has nothing to do with hyper-inflation, major market problems or anything like that...Yes, they can add value to currencies that have a lot of zeros behind it. Iraqi dinar is stable. They can and are going to add value to it.
You have these currencies that have a lot of zeros behind it. Comparing with these other currencies that LOPed, Iraq is a completely different case. They don't have a market problem. They don't have a customer problem.Where is the inflation coming from? It's coming from policy. How can they add value to their currency? It's all going to be based on 100% policy. The authority comes from parliament, the Ministry of Planning, Ministry of Finance and the Central Bank of Iraq. They don't need any more customers. To add value to the currency they don't need to do anything else.
LOP...people that are smart, economist, get this wrong. The underlying definition is hyperinflation. How do people fight it? By removing the zeros. Nothing wrong with that. It's smart. But it's hyperinflation. People will point out incorrectly, look at Iraq...
The best analysis I've read is that it [the dinar] was worth at it's height 2.25 to the U.S. dollar...Iraq has never had a customer problem. That's where you find the hidden value in this investment. It's not hyperinflation..
There is inflation but it's 100% policy based inflation. You had this currency that was worth a lot of money...What was their number one export?
Energy. Then war came along. You had war inflation. But did Iraq's customer base change? No. Did their oil producing output change? No, it went up. That's where you're going to find the value. That's where the value is coming from. That's it.
Barzani, al-Araji call for heighted Baghdad-Erbil cooperation to combat security threats
Shafaq News/ The president of the Kurdistan region, Nechirvan Barzani, said that Baghdad and Erbil should join hands to "combat security threats" as he met with Iraq's National Security Advisor, Qasem al-Araji, in Baghdad on Sunday.
A readout published on the presidency website said that Barzani and al-Araji discussed "the security situation in Iraq, the threats of terrorism, and the challenges Iraq faces due to wars and conflicts in the region."
The two sides, according to the readout, laid emphasis on "the importance of coordination and cooperation between the relevant bodies in the federal and regional governments" in order to "combat security threats" and "achieve peace and stability in the country".
Al-Araji echoed Barzani's sentiment, saying "peace and stability in the Kurdistan region and the rest of the country is one."
The government spokesman, Bassem Al-Awadi, explained the importance of Prime Minister Muhammad Shiaa Al-Sudani’s expected participation in the World Economic Forum, which will be held on 28-29 in the Saudi capital, Riyadh, while he stressed the government’s work to inform the world of the reality of the situation in Iraq to attract investments and transform the country’s economy from Rent-seeking to the market economy, instead of the blurry image being promoted, revealed a leap in relations between Iraq and Saudi Arabia that raised the volume of trade exchange to unprecedented extents.
Al-Awadi told the Iraqi News Agency (INA): “The Prime Minister’s visit to Saudi Arabia will be to attend the special meeting of the World Economic Forum that will be hosted by Riyadh, which is one of the largest forums and is equivalent in importance to the Davos Forum in Switzerland. The first title of this conference is international cooperation, growth and the energy sector from For development.
He added, "More than a thousand important and influential figures will attend the forum held in Saudi Arabia, including a president, a leader, a political decision-maker, heads of major economic companies, thinkers and opinion makers in the governmental and private sectors around the world."
He continued, "Therefore, this is a great opportunity for important, high-level meetings for the Prime Minister to be held with world leaders and idea and policy makers in which Iraq's current image, stability, and openness to investment and great investment opportunities in the country will be clarified. We are a country moving toward stability and need to know ourselves during... The Prime Minister’s visits, which he spoke about in Washington, showed the true picture of Iraq in response to the blurry picture that some media outlets are trying to spread.”
He pointed out, "There is confusion about the Iraqi situation, and many believe that Iraq is unstable and the situation is chaotic, and this is contrary to reality. The true position must be clarified and correct relations with the outside must be built. Officials of brotherly and friendly countries are invited to visit Iraq to get to know its situation closely and in the true form that actually exists." We tell them to visit Iraq from south to north and see the truth of the situation for yourselves and make sure that Iraq is stable and its doors are open to investment.”
Al-Awadi pointed out that "Iraq needs investments to exploit its wealth, as well as to develop the industrial and agricultural sectors, so that we can move from a rentier economy to a market economy, support the private sector, and provide more jobs in the private sector. During the Prime Minister’s visit to Washington, there was a delegation of businessmen in support of this trend."
. Regarding the relations between Baghdad and Riyadh, Al-Awadi explained, “Iraqi-Saudi relations are in continuous development and growth, and there was a leap last year under the government of Prime Minister Muhammad Shia’ al-Sudani, as trade exchange between the two countries jumped between one billion to one billion five hundred million dollars last year.” In the years before that, it was limited to $300 million or half a billion dollars.”
He pointed out, "We consider this leap in relations and cooperation a beginning, and the government is keen to expand commercial cooperation and other sectors to broader extents."
