“Vietnam targeting Q3 GDP growth of 6.5%-7%, inflation below 4.5% PM says” And this is just the third quarter. They are obliterating the US…this is big…and they are under pressure to raise their exchange rate.
[Reference Frank26 post 7-8-2024 re: HCL below] I will agree with that. And it certainly matches with some of the news I got from Iraq today. I was told from day one that when we see the HCL…within hours - we will see the new rate.
My contact in Iraq works in a government position. He has made the comment that they have a new rate…and will activate it soon. That comes directly from Iraq.
Deputy Prime Minister and Foreign Minister Fouad Hussein arrived in Washington to participate in the NATO Summit 2024.
“This participation comes at the official invitation of the Iraqi government on the occasion of the 75th anniversary of the establishment of the coalition,” the Foreign Ministry said in a statement.
The summit will discuss a range of important issues, including global security challenges and military cooperation.
The float will bring the IQD to the real effective exchange rate and then it will be capped. IMO 1.32 is still not enough. Why? Because the parallel market is extinct IMO. $0.76 does not suffice.
Question: "During the float how much time will pass between each float as the amount increases?"
We're looking at anywhere from 3 to 6 months. But if they are generous we may be looking from 6 months to a year. I pray that's the case because if they don't give us at least 3 months, if they give us one month, we're not going to be able to take advantage of the float.
The international community already has seen the new exchange rate.
IMO the international community is satisfied and happy and anticipating for what is about to happen. It is not a secret.
Shafaq News/ The Saudi-Iraq Business Council has estimated the trade exchange between the two countries at 5 billion Saudi riyals ($1.33 billion), marking a 12% annual growth, according to the council’s president, Mohammed Al-Khorayef.
The council stated in a report that it is working on boosting Saudi investments in Iraq, “aligning with the interest from both the private and governmental sectors in the Kingdom to invest in Baghdad.”
The report highlighted that Iraq is preparing to introduce a law to protect Saudi-Iraqi investments, which is expected to be discussed in parliament in the coming months, aiming to strengthen economic cooperation between the Kingdom and Iraq, according to a statement from the Federation of Saudi Chambers.
In December 2023, Saudi Arabia and Iraq signed a partnership agreement in the industrial private sector investments, with the Saudi ambassador emphasizing the numerous investment opportunities under consideration.
Additionally, in November, Saudi Investment Minister Khalid Al-Falih announced that the Kingdom is studying the launch of its first free economic zone with Iraq at the Arar border area, expressing hopes that the zone would be the first with a neighboring country to operate without taxes, fees, or entry visas, facilitating investor services in both nations.
I think when they say, "Whose operations are constantly expanding in favor of dealing at the fixed official exchange rate", is an argument suggesting that instead of being a floating currency...they're leaning towards a fixed official exchange rate for some time...
Iraq has been and is seeking to join the World Trade Organization...Iraq is promoting self-sufficiency. Why? Because they have all kinds of assets. They have inputs and outputs. They have so many natural resources that they're going to be able to make things, to be able to have excess...There's a working party on accession of Iraq [into the WTO] on the 18th of July. That's important.
