DINAR REVALUATION

Tuesday, April 30, 2024

Evening News with MarkZ and Militia Man. 04/30/2024

Budget schedules postpone the House of Representatives' recess, 30 APRIL

Budget schedules postpone the House of Representatives' recess

The Parliamentary Finance Committee expects the general budget schedules for the year 2024 to arrive at the beginning of next May.

The tripartite budget tables need to be reviewed periodically every year, to adjust project costs and salary bills and include new projects. This means that the budget is past and does not need to be approved in full, since it was approved last year.

The 2024 budget is at a standstill between the government and the House of Representatives, despite the approval of a tripartite budget for the first time in the country’s history, and despite the fact that the Ministry of Finance sent the tables more than a month ago to the Council of Ministers, at a time when the Parliamentary Finance Committee demanded that the government send the final accounts of the previous budgets.

The Finance Committee is awaiting the arrival of the budget schedules, according to a previous statement by its Chairman, Atwan Al-Atwani, to “correct the path of the budget by maximizing non-oil revenues, encouraging the private sector, and reducing operational spending,” while the House of Representatives decided to extend its legislative term, which will end next May 9, “until it is approved.”

Budget tables.” Representative Kazem Al-Fayad told Al-Sabah: “We in the House of Representatives are waiting for the general budget that the government will send after approving its schedules,” and added, “The schedules were supposed to arrive no later than the second month of the current year.” link

"Q & A" WITH MARKZ, 30 APRIL

MarkZ

[via PDK]

Question: Mark, do you see May 8th rumor that (the WTO entrance) as a hard date that Iraq cannot go past without announcing their new rate?

MarkZ: I hate to give dates…but there is a good chance it could go before then. Question: What does your gut say?

My gut is pretty mad we are not done already…but I feel that there is a good chance before the 9th of May. There is a lot expected to happen over the next few days.

Question: Did Kuwait revalue over night?

MarkZ: I believe they revalued mid morning. Around 10:30 or 11:00... I am confident it was daytime because the very same day it revalued…they ran articles in the papers that they were not ready to RV for months…maybe years. Then “BAM” they released it. That’s why I warn you guys about all the smoke and mirrors…Don’t jump off a cliff when you see stories like that. Just wait.

Jon Dowling & Rod Steel Discuss What Is Really Happening With Iraq And T...

The Iraq Stock Exchange receives the shield of the Arab Financial Markets Union in Doha, 30 APRIL

The Iraq Stock Exchange receives the shield of the Arab Financial Markets Union in Doha

The Iraq Stock Exchange received the shield of the Arab Financial Markets Union in Doha.

A statement from the Securities Commission, received by the Iraqi News Agency (INA), stated that “the Iraqi Stock Exchange participated with the Arab financial markets in the work of the meeting of the General Authority for Arab Financial Markets, and the opening of the trading session of the Qatar Stock Exchange, in addition to the annual conference of the Arab Financial Markets Federation sponsored by the Qatar Stock Exchange.” , which was hosted by the Doha Stock Exchange / State of Qatar for its 2024 edition.

He added, "He also participated in financial market discussions with financial technology experts and the future of trading in financial instruments and ongoing financial market experiences, and discussed the performance of Arab financial markets that are members of the Arab Federation AFCM and joint cooperation plans," pointing out that "the Iraqi Stock Exchange won the position for the second year." First in average daily trading volume for 2023 indices, and won the Arab Capital Markets Federation shield in Doha.”

He continued: “While the Saudi Tadawul market achieved the best position in the number of contracts executed and in the trading value achieved for the indicators of the year 2023,” noting that “the Egyptian Stock Exchange achieved the best return on trading and the best number of new investors for the year 2023, along with the stock exchanges of Jordan (Amman), Bahrain, and Abu Dhabi.” As the best stock exchange in ESG indicators and PE ratio. link

The Glory Years of Iraq Dinar Exchange Rate: BY DINAR IRAQ AND DONG VIETNAM, 30 APRIL

The Glory Years of Iraq Dinar Exchange Rate:-

Here's a brief overview of the history of the Iraqi dinar's exchange rate against the U.S. dollar since the 1930s:

1930s-1950s: The Iraqi dinar was introduced in 1932 and initially pegged to the British pound at a rate of 1 dinar = 1 pound sterling. This effectively meant 1 IQD = $4.86 USD in the 1930s.

1959: Iraq devalued the dinar and pegged it to the U.S. dollar at a rate of 1 IQD = $2.80 USD.

1971: The dinar's peg was adjusted to 1 IQD = $3.39 USD after the U.S. devalued the dollar.

1973: After the U.S. abolished the gold standard, Iraq maintained the $3.39 rate for a couple years.

1982: Iraq devalued to 1 IQD = $3.22 USD.

1984-1987: Several further devaluations occurred during the Iran-Iraq War, with the rate dropping from $3.22 to around $3 per IQD.

1989: On the cusp of the Gulf War, the dinar devalued significantly to around 1 IQD = $0.31 USD.

SOURCE: DINARIRAQ&DONG VIETNAM