Sudani rewrote the contracts and recalculated them in accordance with the rate in the budget...They've been running a budget with the new exchange rate and a budget with the old exchange rate...
[Iraqi bank friend Aki update]
AKI: It's about time.
WAlKINGSTICK: What he's telling us is it's about time to release the budget and the new exchange rate with the lower notes. That's what he meant.
The ATM machines, they're all poised like centurions that are standing there. These ATMs are guarding the lower notes. It's time for all of this to come out now. It's just the budget we are waiting for. We're not waiting for any laws, we're not waiting for any new procedures.
Experts Say It Is Likely That The Cash Mass Will Be Directed To Investing In Stocks
Economical 07/01/2024 Baghdad: Hussein Thaghab Experts expected a positive movement in the trading of the Iraqi Stock Exchange for various companies, based on a number of facts that the country is witnessing, foremost of which is the difficulty of money leaving Iraq, as it is looking for new investment outlets, and stock trading is one of the most important of these outlets in front of the monetary mass.
The economic expert, Dr. Saif Al-Halafi:
There are real reasons behind the high volume of trading in the Iraqi stock market, the most important of which is the rapid and uncontrolled growth, especially the less expensive real estate financing and purchase sector in Iraq.
He added that the huge inflation in the rise in house prices inside Iraq, which may continue with turbulent growth for a period of no less than three years, which will witness crazy increases in their prices in a way that leads to the employment of large capital, whose owners were unable to export it outside Iraq and direct it to their foreign investments due to... The strictness of the US Federal Reserve’s procedures and the strict control by the US Treasury on all foreign transfers.
He pointed out that we notice that the increasing demand for real estate sometimes heads to major cities such as Baghdad, Erbil, Sulaymaniyah, Najaf, Basra, and Karbala, where political and security stability has improved and the abundance of the business world in the private sector has had an insane impact on the increase in demand for real estate and in proportions that vary from time to time depending on the strength of this. The governorates and the strength of the center of the capital, Baghdad.
Al-Halafi continued that in the next stage, the demand trend will witness a sharp shift with the addition of governorates and cities that fall within the Al-Faw-Umm Qasr axis and the development road, passing through the cities of Muthanna and Nasiriyah and joining Baghdad and Mosul, due to the concentration of the future business world environment in the Al-Faw Basin and the development road, and this is what the power of capital transfer has led to. Large and medium.
He pointed out that there is a noticeable increase in the concentration of this money in Basra and Baghdad, which has increased pressure on the real estate market, especially Iraq’s urgent annual need for more than 250,000 housing units annually.
He stated that Iraq's problem lies in its being a flexible and effective economy, as we see the presence of clarity in monetary policy and its tools represented by the policies of the Central Bank,
but on the contrary we see an almost complete absence in Iraq's financial policy and its executive tools represented by the government's ability to impose taxes at multiple and specific levels on... Those with high monthly financial incomes and those with large projects in Iraq,
in addition to the policy of imposing fees and customs tariffs on all goods and commodities entering Iraq, along with the policy of reducing government spending by supporting and encouraging the private sector and facilitating its mission in creating jobs for young people and the unemployed.
He said: Here we question and explain the urgent desires of the Central Bank to raise the ceilings of capital ratios for banks operating in Iraq to 400 billion dinars, and
it may be followed by the urgent and increasing acceleration in raising the ratios of monetary and credit reserves.
These tools have made clear the Central Bank’s desire to cool the accelerating hot economy in the housing and construction sector.
But in all of this market turmoil, the high levels of cash liquidity with inflation rates and the inability of Iraqi funds to migrate abroad will help the strong demand in the direction of the Iraqi stock market,
which will be a likely and safe destination for those funds in order to maintain their monetary strength without being influenced by factors. Inflation has the ability to reduce its value.
As for the member of the Baghdad Economic Forum, Jassem Al-Aradi, he confirmed that the size of the monetary mass that was directed outside the country has now changed its course to the internal local market, where it targeted real estate and lands, and from there headed to the stock trading market, albeit in a relative manner, but the data indicate that trading in the stock market It will be her next destination.
He pointed out that many capitalists have come to realize that purchasing shares makes them owners of a percentage of the company's assets, and these matters have encouraged many to buy shares in different joint-stock companies, pointing out the importance of promoting the culture of investing in shares.
He stated that increasing the volume of stock trading reflects the effectiveness of the national economy, anticipating that the coming period will witness a gradual growth in stock trading in terms of number and value. https://alsabaah.iq/98769-.html
If it [the budget] comes out in the Gazette with the old rate, there's only two budgets left, one with the old rate and one with the new rate but if they come out with the one with the old rate don't worry about it, it'll change very quickly.
The #1 reason, the only reason why we didn't have a new exchange rate, new lower notes, is because of the terrorism that was coming from Iran...Not anymore...You see more clamping down. More arrests, more money being returned.
The ATM machines are like piñatas.
They're ready to burst wide open and give everybody their sweet blessings. No doubt.
Question "Is it safe to give somebody at the bank your money before it's verified?" NO! ...Take care of them. Don't let them out of your sight...If you go to a bank and they say we're going to exchange the currency for you but we're going to have to take this currency and send it to the upper echelon bank...do a 180, about face, and run like the Road Runner. Get away from them as fast as you can. You never want to give up your dinars to anybody...Simply say, give me the address of that bank and you take them.
ERBIL (Kurdistan24) – In a significant step towards improving customs operations and border management, the Kurdistan Regional Government (KRG) and the Iraqi government held their second joint committee meeting. The primary focus was on unifying customs policies and addressing border-related issues within the framework of existing laws and the constitution.
The meeting was chaired by Mohammed Tamim, Deputy Prime Minister and Minister of Planning for Iraq.
Key attendees included Rebar Ahmad, KRG Minister of Interior; Awat Janab Noori, KRG Minister of Finance and Economy; and the Director General of Customs for the Kurdistan Region. Representatives from Iraqi Higher Education and the Border Gates Board also participated in the discussions. The talks centered on tackling ongoing challenges in customs procedures and border point management between the two governments.
A significant outcome of the meeting was the agreement to implement a unified customs policy across Iraq and the Kurdistan Region. Both sides emphasized the need for enhanced coordination to safeguard domestic production and enforce agricultural regulations. To ensure these goals are met, the delegations committed to continuing their coordination and holding further meetings until a final agreement is achieved.
there are some things out of Iraq that should make us feel good today...“The President of Iraq approves the 2024 budget schedules” Rashid approves a number of laws including the 2024 budget tables. My contacts over there are saying they got the budget tables posted in the Gazette…but did not get a new rate. They let us know that they figured the budget of 2024 on an average price of a barrel of oil at $80 USD. This is progress.
Something fun popped into the news yesterday...both from banks and exchange locations in Iraq. There was a notice that they are expecting distribution of lower denomination bills in July.
Both of the confirmations I received this morning from contacts on the ground inside of Iraq used the same words that they were told to expect them to distribute/disperse lower denominations in July. That tells us how stinking close we are...Why would they need theses lower denominations unless the currency is worth more? ...
..I do not believe there is a new rate in the Gazette this morning. I am not expecting one till Wednesday. I have heard that Sudani has signed off on the budget and it is supposed to be headed to the Gazette. There was some hope it would be printed this morning.