If Iraq decides to come out with a fixed exchange rate of 3.00 (assuming you mean 3.00 Iraqi Dinars per 1 US Dollar), it would mean that the central bank commits to maintaining this exchange rate by actively buying or selling its currency in the forex market.
This can provide stability and predictability for international trade and investment, but it also requires the central bank to have sufficient foreign currency reserves to defend the fixed rate.
This is exciting. Because if they come out with a fixed rate we do not have to wait for them to gradually increase the value where we would initially have to go to the bank and exchange a little of our Dinar just to pay bills while we sit on the rest of it waiting for it to get to 3 dollars. So if they stick to this plan you all will wake up with a strong rate where you can exchange all of your IQD at the fixed price.
Away From Oil.” The Iraqi Prime Minister Calls For A Diversified Economic Transformation
Economy Iraq breaking Oil Muhammad Shiaa Al-Sudani 2024-05-01 04:24 Shafaq News/ Iraqi Prime Minister Muhammad Shiaa Al-Sudani stressed, on Wednesday, the necessity of shifting from dependence on oil to a diversified economy.
This came during the opening of the continuous casting factory/first phase, at the General Company for Steel Industries, in the Taji area, north of the capital, Baghdad, after it was rehabilitated, modernized and operated, with a production capacity of up to 600 thousand tons annually.
According to a statement issued by the Prime Minister’s Office and received by Shafaq News Agency,
the casting factory specializes in “melting and casting piles of scrap and converting them into iron billets (bilt) as a primary product ready for rolling, by investing in iron scrap, as it contains smelting furnaces and giant casting machines from the latest origins.” Global, and
this project will work to meet the country’s need for various iron products, provide job opportunities, and provide financial inputs to the General Company for Steel Industries, as a free share of revenues.
The ceremony included the signing of a partnership contract to establish a complex fertilizer production project in Baiji, Salah al-Din Governorate, with the Emirati company (ARJ Holding LLC), with a production capacity of (249) thousand tons annually of types of complex phosphate fertilizers, which will contribute to supporting the agricultural sector and meeting the local need for fertilizers. Fertilizers, in addition to employing labor.
During the opening ceremony, the Prime Minister saluted the working class in Iraq on the occasion of International Labor Day, and affirmed the commitment of the state and the government to caring for workers’ economic and social rights, stressing that the working class was part of the construction process at various stages, and at all levels in the sectors. Private, government and mixed.
He stated that the continuous casting factory came in partnership with the private sector, appreciating the role of the Ministry of Industry and the Minister and the capabilities of its workers, stressing the importance of moving strongly towards partnership with the private sector. To break out of previous traditional contexts.
Return of life to the steel industries
Al-Sudani explained that the continuous casting factory is the backbone for moving towards securing the needs of the rest of the industries and what the local market needs, stressing the return of life to the General Company for Steel Industries, through this factory, and we are waiting for the rolling mill project to be completed and to provide the types of iron that the local market needs..
Al-Sudani said, "We welcome our brothers and friends from the private sector in Iraq, and I applaud their step to invest with the companies of the Ministry of Industry and Minerals." He added,
“We have made important strides in guaranteeing the rights of workers at the level of legislation, the most important of which is the Labor Law, and the Retirement and Social Security Law for Workers, which was voted on in 2023,” explaining that
“The Social Security Law represents a qualitative leap in the level of guaranteeing rights in accordance with the standards of the International Labor Organization.” And the Arab Labor Organization. Al-Sudani also said,
“His government has set industry as a goal in economic reform, based on several facts. Iraq is an industrial country just as it is an oil and agricultural country,” adding,
“All the industrial components are available in Iraq, from raw materials and infrastructure to the industrial base to which the state has contributed significantly.” big".
He continued, "We have a market that needs all products, goods and services," stressing that
"the government is continuing to support the industrial sector, and the important investment opportunities announced by the Ministry of Industry are reaping their fruits today." He pointed out,
"We previously opened the rolling mill at the General Iron and Steel Company after stopping since 2003, and we are preparing to open the steel factory after completing its rehabilitation in the company itself." He added,
Self-sufficiency
"We opened the Dab fertilizer line factory, which secures the needs of the agricultural process in Iraq, as well as the urea fertilizer line," declaring
"reaching the stage of self-sufficiency in securing the fertilizers needed by the official agricultural plan." The Prime Minister continued,
“Within the current contracts, we are heading to the production of complex fertilizer, which will provide the fertilizer needs of farmers,” noting that
“several measures have been taken that contributed to the start of the localization of the pharmaceutical industry, after conducting a review with producers in the private sector.” Al-Sudani said,
“We described this year as a year of achievements, and we implemented it in word and deed by opening many projects,” noting that
“a large number of projects returned to work, after they had been idle for years, due to mismanagement, neglect, or failure to make decisions in projects.” a task". He stressed,
"We have no choice but to support industry, agriculture, trade, and tourism to achieve the transition from a country dependent on oil revenues to a diversified economy." He pointed out that
"the readings of international financial institutions on the high growth indicators in Iraq are evidence of the correctness of the government's path in following this policy," adding,
The Zim 2008-2009 printed Trillions [and Billion] Series aren’t FIAT money, they’re “Promissory Notes”.
Each and every note says “Promise to pay the bearer on demand” [as seen above]. Therefore it is illegal in every country per UCC Law [Uniform Commercial Code] not to honor.”
This means once Zimbabwe reinstate their new currency on the Forex Market, you will be able to redeem them at the new value.
Same for Iraqi Dinar.
Same for Vietnamese Dong.
You cannot do anything with either currency until they are officially on the Forex.
What country just announced they are ready to intervene into the Forex? Vietnam.
What country also announced they are preparing to reintegration back on the Forex Market? Zimbabwe.
This is where the rubber meets the road for all of us. So please understand this basic point of this entire process. Any demonitized paper currency in their country is to pave the way for new redesigned currency with better security features and a new modern application for new value added for the citizens in that particular country.
Participating in the global forex market would allow for increased liquidity of the Zimbabwean dollar, making it easier for individuals and businesses to buy and sell the currency.
A gold-backed currency could help stabilize the value of the Zimbabwean dollar, especially if the country maintains sufficient gold reserves and manages its monetary policy effectively. This stability could be further enhanced by participation in the forex market.
A more stable and globally traded currency could make Zimbabwe a more attractive destination for foreign investment, which could help stimulate economic growth and development.
Rejoining the forex market would make it easier for Zimbabwean businesses to engage in international trade, as they would have access to a more widely accepted currency for transactions.
Participating in the global forex market would require Zimbabwe to adhere to international standards and best practices, which could help improve transparency and accountability in the country’s financial system.
By having a presence in the forex market, Zimbabwe could potentially gain better access to global financial markets, making it easier to borrow funds and access other financial resources.
In Financial Inclusion Week, Al-Rafidain encourages the use of electronic payment in citizens’ transactions
Rafidain Bank participated in the activities of the Financial Inclusion Week in the presence of a wide range of financial and banking institutions.
During the participation of its special pavilion in commercial centers, gatherings and other places, the bank reviewed its services and products, including opening bank accounts, adopting electronic payment and collection, encouraging the use of electronic cards to reduce cash transactions, and introducing the importance of citizens saving their money in the bank instead of hoarding it at home.
In addition to the presence of a specialized team to answer citizens’ inquiries about other services.
Participation aims to educate the public about the importance of financial inclusion and the spread of banking culture to the furthest reaches of the country to include all segments of society. link