Article: "Expert likely to keep exchange rates within their current rates" It's not going to happen that quickly. There's so many more hurdles for Iraq to jump through.
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I challenge any content creators out that's making videos about the dinar...to...a debate...Bring your receipts. Bring your proof that I'm wrong and I'll bring my proof why I say I'm right. That's all you have to do. It's not that hard...
Remember that I challenged people out there...I would give them $5,000 if they could...have a debate with me and prove me wrong about anything that I'm saying...How many people showed up?
Zero.
When you hear somebody tell you that, 'Hey in one country you cannot move forward and rebuild with huge projects with an exchange rate of 1,320 of your currencies for $1' just say, 'Oh yeah?
Look at Vietnam who has 26,000 of their currencies for every $1 and they continue to move forward.'
What Do Investments In Iraq Mean Politically And Economically?
June 24, 2024 Baghdad/Iraq Observer The high level of Arab and international investment optimism constitutes a new support factor for the economic renaissance in Iraq, while observers praised the government measures taken to support investment and economic reform together, which is witnessing significant growth after overcoming many obstacles. Arab and foreign demand for investment in Iraq has shown an acceleration in growth since 2024, with significant Iraqi support being provided in light of political stability in the country.
Economic expert Zaid Al-Naimi said that the mechanism followed by the government to limit currency smuggling, stabilize the market, and provide support to various sectors contributed significantly to restoring Arab and international confidence in various sectors and their investments, with large amounts of money inside Iraq. While confirming the correct approach followed by the government of Prime Minister Muhammad Shiaa Al-Sudani, he pointed to the acceleration of economic reform, which reflected positively on other sectors, whether industrial, infrastructure, or in the financial and
banking sector, and that investments mean a lot politically and economically and are an important tributary for Iraqis to keep pace with modernity.” Al-Naimi stated to the Iraq Observer Agency that investment in the economic sector, which is considered the important hand of the Central Bank, has also contributed to developing the private sector and providing advisory services, and that the
near future will witness the expansion of investments throughout Iraq to include a wide range of financial services, as well as the provision of advisory services. “It restores Iraq to Arab and global leadership.” He attributed the investments to a group of sectors due to their importance, which the Iraqi government participates in, whether in investment in the industrial sectors, or in what is related to the financial sector, both the banking and non-banking sectors, as well as the importance of investing in infrastructure and improving the services provided to the Iraqis. He pointed out that what is most important at this stage is Encouraging the private sector and working with it.” Promote Growth In turn, the World Bank expected that Iraq would achieve economic growth of more than 5% in 2026, indicating that the recovery in the oil sector in 2025 would contribute significantly to enhancing this growth. The bank stated, according to a statement, that “Iraq’s economic growth for the year 2022 reached 7.6%, and in 2023 it decreased to -2.9%.”
He also expected that Iraq's economic growth would decline in 2024 to reach -0.3%, and that it would achieve growth in 2025 of up to 3.8%, and in 2026 to reach 5.3%. He pointed out that oil-exporting countries outside the Gulf Cooperation Council, such as Iraq and Algeria, will benefit from the expected recovery in the oil sector in 2025, which will help boost economic growth in these two countries. Million Auction In this context, the bank sold, in its auction today, 273 million, 244 thousand and 330 dollars, which it covered at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,305 dinars per dollar in cash. Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 250 million 274 thousand and 330 dollars, an increase of 91% over cash sales amounting to 22 million and 970 thousand dollars. The number of banks that purchased cash dollars reached three banks, while the number of banks that responded to requests to enhance balances abroad reached 15 banks, and the total number of exchange and brokerage companies participating in the auction was 40 companies. The Central Bank of Iraq's dollar sales amounted to more than 273 million dollars at the currency auction on Sunday. Experts suggested keeping the dollar exchange rates within their current rates. Spending Demand According to observers, the release of financial amounts for the 2024 budget will increase spending demand in the market, and that operational expenditures in terms of wages and salaries will be fixed and their impact will be constant, while they added, “The investment budget is important because projects require locally manufactured and imported materials.”
They stated: “Any trend towards locally made materials, such as construction industries such as rebar, cement, sand, wood, etc., which led to their local rise, and so on, are requirements that go towards keeping exchange rates within their rates and not decreasing them.” Today, selling prices in money exchange shops in local markets in Baghdad were 148,000 dinars for 100 dollars, while purchasing prices reached 146,000 dinars for 100 dollars. https://observeriraq.net/ماذا-تعني-الاستثمارات-في-العراق-سياسي/
The budget is only at $70 [per barrel], they've been trying to see if they can modify it and kick it up to $80 so they can spend more money...Oil prices are at $80+ and they think it's going to keep moving forward for the next year or year and a half. Article quote "...the global energy market sources indicate the current rise in oil prices will continue until the end of the year 2025."
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Iraq says they're opening a copper recycling plant. We talked about phosphates...sulfur...liquid natural gas and now we're talking about they're opening a recycling plant to do what?
To help their infrastructure. Infrastructure is what's driving the...Development Road Project. They're going to need thousands of tons of copper rods annually. They're going to be able to produce that...They have so many raw materials... It's nothing but bullish for this country.
Question: will the rate be fixed or a float?
Militia Man: Saleh who is the prime ministers financial advisor has released several articles on this. I think a managed float is exactly what they are talking about. It’s a form of a fixed…and a form of a float. It’s a component of both...If there was to be growth…imo it would be as conservative as they can.
They will need to keep the rate stable on the dinar. Contractors would not appreciate rate or price changes every day...remember the reinstatement rate 20 years ago of $3.22. Even the IMF has documents stating this was a relevant number. If it came out at that…they would keep the rate in a relevant range.Could it grow from there? It could. And they could adjust that accordingly but would probably keep it pretty tight.
The latest from the Swiss banks.. Sudanese advisor: The recovered funds were deposited in the Central Bank
The latest from the Swiss banks.. Sudanese advisor - The recovered funds were deposited in the Central BankThe Prime Minister’s Advisor for Oversight and Integrity, Muayyad Al-Saadi, confirmed today, Friday, that Iraq’s recovered funds were deposited in the Central Bank, pointing out the existence of a comprehensive plan to combat corruption and recover smuggled funds.
Al-Saadi said, according to the official agency, that “Prime Minister Muhammad Shiaa Al-Sudani paid great attention and daily follow-up to anti-corruption measures, and worked in different directions,” noting that “teams were formed to receive news and reports about corruption, follow up on them, uncover them, and refer them to the Integrity and Public Prosecution Commission for the purpose of holding them accountable.” Violators will be prosecuted and the money will be recovered.”
He continued, “Among the trends that have been focused on is the periodic evaluation through semi-annual and annual reports through the regulatory agencies that follow up on the procedures of ministries and governorates in the field of combating corruption on a daily basis, as well as the issue of digital transformation and the procedures of the unified storage system for the purpose of controlling, following up and knowing funds.” Balances and their movement,” noting that “all of these measures serve to combat corruption.”
Saleh on television saying the third strategy phase that we're in right now with the CBI...is a new methodology that will enhance Iraqi financial and banking reform which will make the bank stronger locally and internationally. FRANK: It's the new exchange rate and the lower notes...I believe the words Sudani is using with the CBI are words that tell the citizens there is a new exchange rate in the budget without saying those words directly...
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FIREFLY:Measures by the CBI they say will reduce the dollar rate...They say it will help reduce the dollar rate in coming days.
FRANK: The only measure the CBI is taking to reduce the amount of dollars in your country is the introduction of a new exchange rate that will add value to your currency, to your lower notes, and eradicate the need of using any foreign currency. This is the goal of the monetary reform process...I agree, in the coming days this mechanism...will bring forth value to your currency and continue to remove the American dollar from your society.
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FIREFLY:Measures by the CBI they say will reduce the dollar rate...They say it will help reduce the dollar rate in coming days.
FRANK: The only measure the CBI is taking to reduce the amount of dollars in your country is the introduction of a new exchange rate that will add value to your currency, to your lower notes, and eradicate the need of using any foreign currency. This is the goal of the monetary reform process... I agree, in the coming days this mechanism...will bring forth value to your currency and continue to remove the American dollar from your society.
FIREFLY: International finance team is on the television channel one...They're saying the economic reform is Iraq is at an increasing rate and we have invested over $2 billion in Iraq.
FRANK: This is the international finance community. They all know what's going on. When they say your economic reform has increased...what they're talking to you about without saying it, because they cannot, is the float.
FIREFLY:My bank guy said...Sudani...sent Alaq out in February...to announce to everybody that we were going to have a change in our exchange rate. Then Sudani comes out and talks to us about it as well...in March...considering a change in our currency to 1.32 from 1320. Now that the budget is about to be revealed he strongly suggests to me that we will be seeing the new exchange rate at 1.32 instead of 1320.
FRANK: They keep the exchange rate at 1320 to give you more purchasing power...They are about to give this power to you.
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FIREFLY: Gold reserves over 145 tons TV says.
FRANK: No...It's not 145 tons. It's a lot more. They're never going to tell you the right amount...It's a heck of a lot more than that. Notice every time they talk to you about their gold it just gets bigger and bigger. That is because of the success that is going on with the rewriting of the contracts and the success of the monetary reform...
FIREFLY: My bank friend...reminded me...remember back in February of this year when Alaq came out and he talked to us on television and he said, Iraqi citizens the project to delete the zeros still exists. He didn't say the plan is to LOP our currency. They are two totally different things. We are deleting zeros and adding value.
FRANK: I love this because it's coming from the horse's mouth, a man of authority who knows what he's talking about...
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FIREFLY: They told us...due to typo errors in the printing of the budget it will be reaudited and sent back to gazette...after EID holiday...All sound little fishy to us...An Iranian proxy saying budget is under appeal but we see nothing official of that...We trust it is going to be in gazette after EID holiday...
FRANK: They know what you are about to receive - your purchasing power. They know it's going to be extremely difficult for them to steal this value, this currency, so in the last nanosecond, just before Sudani and Alaq present the new exchange rate and the lower notes to you they do everything possible to prevent you from receiving your blessing...