"USING THE DINAR INSTEAD THE US DOLLAR IN OIL SALES" : SEARCHING CHANGE MONETARY STRATEGIES IN IRAQ AND THE MIDDLE EAST BY DINAR REVALUATION, 20 AUGUST

Government Advisor Discusses Using Dinar Instead of Dollar for Oil Sales

On August 20, 2024, a government advisor has explained the possibility of using the dinar instead of the US dollar in oil sales. 2 The discussion comes within the context of regional monetary policies and the broader implications of global economic shifts.

Regional Monetary Policies

In the Middle East, many countries have traditionally pegged their currencies to the US dollar, including Jordan, which has been doing so since 1995.  3 The decision to peg the Jordanian dinar to the dollar was made in response to political volatility and economic challenges in the region. However, the feasibility of this strategy has been debated, especially considering the impact of a falling dollar on import values and export performance.  3

Global Economic Shifts

Recent economic data from the US has revealed moderating inflation and strong retail spending, shifting the market sentiment from recession concerns to renewed confidence in economic growth. 1 This shift has bolstered expectations for Federal Reserve interest rate cuts, with traders anticipating that the Fed will lower borrowing costs from a 23-year high next month. 1 As central bankers prepare to meet this week, the potential for rate cuts has led to discussions about the implications for currencies pegged to the dollar. 1

Oil Market Dynamics

Despite recent online claims, there is no credible evidence that Saudi Arabia intends to stop using the US dollar for oil sales. 4 Experts have noted that the US dollar remains the preferred currency for oil trading due to its global use and stability. 4

Iraq's Dinar Performance

In Iraq, despite government measures, the dinar has continued to fall against the US dollar. 6 This highlights the complex dynamics at play in the regional currency markets and the challenges of maintaining currency value amidst global economic uncertainties.

Conclusion

The discussion around using the dinar instead of the dollar in oil sales reflects broader debates on regional monetary policies and the impacts of global economic shifts. 

While the US dollar remains dominant in oil trading, the potential implications of changing monetary strategies in the Middle East continue to be a topic of significant interest and analysis.

The Central Bank supports the real estate bank’s liquidity in the amount of 2 trillion dinars, 19 AUGUST

 Economy News – Baghdad

The Central Bank announced on Monday that the real estate bank’s liquidity support by 2 trillion dinars.

The Central Media Office said in a statement, seen by “Economy News”, that “supporting the real estate bank’s liquidity in the amount of (2) trillion dinars, to meet the applications of citizens applying to purchase units in residential complexes in all governorates, starting with ready-to-house units.”

He added that “300 billion dinars were allocated to meet the requests of citizens to buy a house outside the complexes, which had previously obtained fundamental approvals from the real estate bank.”

---

118 views

Added 2024/08/19 – 4:43 PM

https://economy-news.net/content.php?id=46492

LATEST BY CLARE, 20 AUGUST

  Clare 

  Article: "Government advisor explains the possibility of using the dinar instead of the dollar in oil sales"  Quote: "Will it be a fixed exchange system supported by foreign reserves or will it be a flexible exchange system in which the (petrodinar) changes with the change in oil prices? These are paths that have no answers on the ground and are really very ambiguous"

Clare 

 Article: "Trade discusses the mechanism for Iraq's accession to the World Trade Points Federation"  

Quote: "The Private Sector Development Department discussed with the Departments of Foreign Economic Relations and Administrative and Financial Affairs at the Ministry of Trade, the mechanism for Iraq's accession to the Federal Union of World

Trade Points, the legal procedures for joining, and the benefits that the Iraqi sectors will obtain."

  Clare  

Article: "Is “floating the currency” a solution to the crisis of the high dollar in Iraq? A representative explains"

  Quote: "There are calls to float the exchange rate in Iraq...Floating the currency is a procedure based on liberalizing the exchange rate, leaving it to market factors (supply and demand), to determine its value without any form of intervention by the economic authority...There are two types of floating: the first is absolute floating, and the second type is managed floating, i.e. the type in which the central bank intervenes to direct the exchange rate up or down, as it sees fit to achieve the interests of the national economy."

Clare  

 Article: "US Treasury places Khamis Al-Khanjar on sanctions list"  

Quote:  "The US Treasury Department, through the Office of Foreign Assets Control (OFAC), has placed the head of the Sovereignty Party, Khamis Al-Khanjar, on the sanctions list of known individuals and entities with whom dealings are prohibited."

 Article:  "Central Bank Governor Participates in a Workshop Specialized in Electronic Payment"   Quote: "His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in a specialized workshop on accelerating the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development."

RECENT REPORTS OF CLARE: 

"RV UPDATE" BY CLARE, 9 AUGUST

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-clare-9-august.html 

LATEST FROM CLARE, 6 AUGUST

https://dinarevaluation.blogspot.com/2024/08/latest-from-clare-6-august.html 

RV UPDATE BY CLARE, 4 AUGUST

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-clare-4-august.html

Iraq Stays Clear of Grey List: Central Bank Update

THE IMPORTANCE OF THE MEETING OF JUDGE FAIQ ZEIDAN AND THE US EMBASSY BY DINAR REVALUATION, 20 AUGUST

Judge Faiq Zeidan and the US Embassy Judicial Attaché Meeting in August 2024

Judge Faiq Zeidan, a prominent figure in Iraq's legal system, met with the judicial attaché at the US embassy in August 2024 to discuss a series of joint legal files. 1 The meeting underscored the ongoing collaboration between the Iraqi judiciary and the US legal system, highlighting efforts to strengthen bilateral ties and address mutual legal concerns.

Importance of the Meeting

The discussion between Judge Faiq Zeidan and the US embassy's judicial attaché centered on various joint legal files that are crucial for both nations. These files typically encompass a range of issues, including extradition requests, mutual legal assistance in criminal matters, and the handling of cases with cross-border implications.

Strengthening Legal Cooperation

The meeting was part of broader efforts to enhance legal cooperation between Iraq and the United States. By addressing joint legal files, both parties aimed to streamline judicial processes, improve the sharing of information, and ensure that their legal systems remain compatible and responsive to each other's needs.

Impact on Iraq's Legal Landscape

Judge Faiq Zeidan's engagement with the US embassy's judicial attaché also reflected Iraq's commitment to modernizing its legal framework. The Iraqi judiciary has been working to align its practices with international standards, and such meetings are key to achieving these goals.

Challenges and Opportunities

While the meeting underscores the progress made in legal cooperation, it also highlights ongoing challenges. Issues such as the sovereignty of national legal systems, the complexity of international law, and the need for effective communication remain critical to the success of such collaborations.

Conclusion

The August 2024 meeting between Judge Faiq Zeidan and the US embassy's judicial attaché marked a significant step in the ongoing legal dialogue between Iraq and the United States. Through continued engagement and cooperation, both nations aim to address joint legal files effectively, fostering a stronger, more integrated legal relationship.

Judge Faiq Zeidan receives the judicial attaché at the US embassy and discusses with it a number of joint legal files, 20 AUGUST

 Mawazine News – BaghdadThe President of the Supreme Judicial Council discussed, on Sunday, with the American judicial attaché Ellen Andrezi, the joint legal files between the two countries.

The Media Center of the Judicial Council, received by Mawazine News, stated that “the Chairman of the Supreme Judicial Council, Judge Faiq Zidan, received today, Sunday, the judicial annex to the US Embassy in Baghdad, Ms. Ellen Andrezi.”
“Judge Zidane discussed with her a number of common legal files,” he added.

https://www.mawazin.net/Details.aspx?jimare=253517

LATEST FROM NADER FROM MID EAST, 19 AUGUST

 Nader From The Mid East

  The U.S. is not a hold up.  You guys can call it like that but the US is not a hold up.  They want to really help the economy in Iraq.  Because they destroy it, now they want to build it again.  They're waiting for the right moment to put it back normal.

 Nader From The Mid East 

 1310...1160...1400 never worked.  They just come out with number and give it to us and sometime you wake up and they take 1310 and sometime you can wake up and they tell you 1160 and sometime 1400...Don't tell me it worked because I know in my heart it's not 1310.  It never worked for 21 years.  It made the people poor.  It made the economy bad.  If it's going to stay like that the next couple of years it's going to make the economy worse.  They're going to have to change it.

[Iraq former government/UN employee friend Imad from Basra update]  

Question:  "Have they come out with the new notes in Iraq?" 

  No.  They working on it.

 [Iraq former government/UN employee friend Imad from Basra update]   

Question:  "The Untied States, do they have anything to do with the Iraq currency?"  

Of course, yes, they control it.  They have some interest between the two countries. 

https://dinarevaluation.blogspot.com/2024/08/latest-from-nader-from-mid-east-17.html