Friday, July 5, 2024
Thursday, July 4, 2024
Sudanese: Iraq is witnessing the highest growth rate in the region
Economy News – Baghdad
Prime Minister Mohammed Shiaa Al-Sudani confirmed on Thursday that Iraq is witnessing the highest growth rate in the region.
The Prime Minister’s Media Office said in a statement received by “Economy News” that the Sudanese “on-Sudanded the annual celebration of the National Job Day, which was held at the government palace in the capital Baghdad, where 50 distinguished employees in various fields were honored, selected by specialized committees for their excellence in job performance.”
Al-Sudani praised “the distinguished employees who strive and deserved excellence, and this choice for female employees and employees proves the strength of the Iraqi and its principle, confidence and positive energy,” stressing that “the martyr who sacrificed himself for Iraq and the Iraqis remains the first distinguished.”
He added that “we commend the initiative to honor the distinguished employees, and appreciate the efforts of the concerned committee, and everyone who contributed to this initiative, which confirms the ability of employees in the public sector, and denies the negative image of them, as it highlights the loyal, competent, productive and honest employee,” noting that “the presence of other numbers of distinguished employees perform their tasks with dedication and high efficiency.”
He pointed out that “the stories of distinguished employees that deserve to stand at them and enhance confidence in the government employee, especially since some of them managed to transform the difficult circumstances and their challenges they live into success, excellence and dedication in the public service that it provides to citizens,” indicating that “one of the people of determination has achieved superiority over his colleagues in programming, as well as the insightful student in the sland that exceed and exceeded its health conditions, which is a state of creativity that we are entitled to be proud of.”
During the ceremony, the Sudanese touched on “the pivotal and fundamental role of the public sector in building the country, and its assumption of the implementation of the government’s program and priorities, as well as its importance in upgrading the reality of the country in all fields, as Iraq is witnessing the highest growth rate in the region, and the government sector must perform its duties in this regard.”He stressed that “the government has made, in less than two years, an important way from working and addressing challenges, in all fields, as our country has natural and human resources, capabilities and wealth, some of which have not invested to this day.”
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Added 2024/07/04 – 3:39 PM
"LATEST FROM WALKINGSTICK",5 JULY
Walkingstick
[via Frank26]
What you need to watch...the internal float of the Iraqi dinar..
It's not complicated. It's very straightforward to the point. The budget has a new exchange rate.
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Walkingstick
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]
Al-Sudani's Financial Advisor Reveals The Reason For The Continued Rise Of The Dollar And Confirms: Short-Term
Al-Sudani's Financial Advisor Reveals The Reason For The Continued Rise Of The Dollar And Confirms: Short-Term
Posted On 2024-07-04 By Sotaliraq The financial advisor to the Prime Minister, Mazhar Mohammed Salih, revealed on Wednesday the reason for the continued rise in the dollar exchange rate in local markets, while stressing that this rise is short-term and does not constitute any relative importance in affecting the stability of the general price level.
Saleh said that “despite the fluctuations in the parallel or irregular exchange market, whose short-term fluctuations are the result of noise from colored or confusing information originating from international or regional circumstances, or the issuance of some regulatory instructions adapted to foreign currency, which some speculators are trying to exploit to generate a trend of fateful profits in the exchange market, it can be said that the fixed exchange rate system in Iraq is still based on a strong foundation consisting of the country’s international reserves.”
Noting that “it is the highest in Iraq’s history through the management of its foreign reserves, resulting from a surplus in the current account of the balance of payments at a significant rate that may reach (positive 7% of the country’s gross domestic product).” Indicating that “foreign currency covers a percentage of more than 130% of the total currency currently in circulation.”
Saleh added, “Given the strength of the official central exchange rate and its role in financing nearly 90% of the private sector’s foreign transfer transactions, excluding the government sector, the dollar-to-dinar exchange rate in the parallel market does not represent any relative importance in its fluctuations in influencing the stability of the general price level, which has become static in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports), amounting to 1,320 dinars per dollar.”
He stressed that “this lack of influence is embodied in the state of relative stability of prices of goods and services to a large extent, as the average annual inflation in our country does not exceed 3%.”
He continued, “Based on the above, and in light of the strength of the foreign reserves supporting the Iraqi dinar, the value of which as liquid foreign assets exceeds $100 billion, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that affects the parallel exchange market in short periods, due to urgent international or regional political events here and there, or in adapting some of the instructions regulating the monetary market, as we noted above.”
He added, "After the decline of the dollarization phenomenon in domestic transactions, especially in contracts, obligations and payments within the country since last year and its legal prohibition, the parallel exchange market has become such that its general effects today only form a narrow economic scope of prohibited transactions practiced by informal markets, and at a rate of 10% of the total supply and demand transactions for the currency."
He stressed that “the stability of the dinar to dollar exchange rate that the country is witnessing even in the secondary markets above is a real and solid stability, and is derived from the strength of the impact of the price and quantity factors of the monetary and financial policies and their integration in imposing overall price stability in the country, and containing inflationary expectations that were caused by the parallel exchange market forces during the past years.”
He added in his statement that “the irregular secondary market, due to the freedom of external transfer, falls under the influence of the official exchange market rate, whose operations are constantly expanding in favor of dealing at the fixed official exchange rate.”
The dollar price recorded a rise today, Wednesday, with the closing of the Al-Kifah and Al-Harithiya stock exchanges, reaching 149,000 dinars for every 100 dollars, as the price recorded this morning 148,500 dinars. LINK
LATEST FROM FNU LNU, 5 JULY
Fnu Lnu
Back in 2011, I was told by my attorneys, that the revaluation would follow the guide-rails set out by Dr. Shabibi. Dr Sinan Al Shabibi has quite the curricula vitae in that he...held a BSc in Economics from Baghdad University (1966), a Diploma in Advanced Studies in Economic Development, an MA in Economics from the University of Manchester (1970, 1971), and a PhD in Economics from the University of Bristol (1975). He was said to be an authority on The Marshal Plan, which in essence is what is happening in Iraq at this very moment. I was also told that the plan was to resurrect the pre-invasion Dinar valued at $3.22 or there abouts.
I was also told that Iraq would have no need of using the IMF model of baskets of currencies, of which an average is calculated, as that would drag down the IQD and raise up inferior currencies. In other words, a fixed rate, at least during the reconstruction/infrastructure phase.
This was 13 years ago and time necessitates changes sometimes. It seems nothing is etched in stone these days but of the many things I was told in the presence of a UST agent and a couple other attorneys, everything they said at that meeting has come true so I'm going to stick with what has been dependable info. I am, however, a little surprised at the flood of info coming forth. I would have thought they would hold their cards a little closer to the vest. With that being said, never rule out the old trick of misdirection
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