"IF THE DINAR EXCHANGE RATE IS EVER TO RISE IN VALUE.." BY ENORRSTE, 31 AUGUST

 Enorrste  

 If the dinar exchange rate is ever to rise in value, it will be based on the economic success and growth of Iraq's own economy.

 There are no shortcuts.

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Enorrste

They already have 132 tons of gold.  Now they’re coming in with another 50 tons per year.   They’re planning on making this the strongest currency in the world.  There’s no question in my mind.  They already have the strongest currency in the world because they’ve got 110 billion in cash in reserves…they’re over 100% coverage of their full money supply.  No other country has that strong of a currency…  they’re not messing around.   They want to have the strongest currency in the world. 

https://dinarevaluation.blogspot.com/2023/08/dinarland-update-from-dinarchronicles-8.html

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Enorrste

…Opening a dinar denominated checking or banking account at Chase for instance as a possibility.  If it’s denominated in dinar and the dinar goes up, then you’re already home free, convert dollars right to your bank.  You get rid of that whole problem of taking 10 million dinar down to downtown Los Angeles and going up 15 stories into some building and hoping you don’t get rousted before you get there.

https://dinarevaluation.blogspot.com/2023/07/dinarland-update-31-july.html 

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MILITIAMAN : Iraq Dinar-#Iraqidinar-IMF Article VIII - Compliance-International Stand...

CBI launches new phase of international transfers, 31 AUGUST

 CBI launches new phase of international transfers

2024-08-30 14:38

Shafaq News/ The Iraqi Central Bank (CBI) delegation in New York has announced the commencement of a new phase in international transfer operations, involving 13 Iraqi banks.

 According to a statement by the bank, this initiative is aimed at diversifying currencies and facilitating global transfers. The statement highlighted that this development follows an agreement on mechanisms to regulate these transactions, which will now include the use of the Euro, Chinese Yuan, Indian Rupee, and UAE Dirham.

The delegation also outlined the role of the international auditing firm E&Y, which will review these transfer operations to ensure compliance with international standards. This move reflects CBI's commitment to maintaining high levels of transparency and security in all foreign transfer operations, thereby bolstering confidence in Iraq's financial system.

This initiative is part of the Central Bank's ongoing efforts to support economic growth and expand international cooperation with global markets, as per the statement.

A knowledgeable source revealed on Thursday that CBI is currently conducting an unannounced visit to the United States to discuss developments in Iraq's banking sector.

According to the source, a delegation led by Central Bank Governor Ali Al-Alaq and several general managers has been in the US since August 26 to discuss recent banking developments and the restrictions on the use of the dollar imposed on many private Iraqi banks.

The discussions also touched on the potential cancellation of the platform early next year, which would shift reliance on correspondent banks, further restricting Iraqi private banks and potentially favoring Jordanian banks with American correspondents.

The source added that CBI is close to signing a contract with the consulting firm Oliver Wyman to conduct a study on reforming Iraq's banking sector, which will serve as a roadmap for future reforms.

Meanwhile, some economists have expressed surprise at the lack of public disclosure regarding the visit, particularly given its significance during this critical period.

EconomyBreakingUSDelegationIraqi Central BankInternational Transfers

ARIEL : Important Update For IQD Holders: A General Overview, 31 AUGUST

ARIEL

  Important Update For IQD Holders: A General Overview

Key Points from the Information: Economic Reforms: Iraq has made significant strides in economic reforms, including reducing inflation, improving political stability, and implementing international standards like Basel III. International Relations: The withdrawal of U.S. troops and Iraq's potential membership in BRICS will have a positive impact on its economy. Currency Revaluation: The info below suggests that a revaluation of the Iraqi Dinar is imminent, potentially due to a combination of economic factors and political decisions from recent meetings with Iraq and the Federal Reserve. Timeline: The timeframe for the rate change is speculative but meaningful, with potential dates ranging from mid-September to mid-October. Al- Sudani has mentioned that they want to do the before the year is over. Analysis and Considerations: Government Actions: The actions of the Iraqi government, including the approval of the budget, the removal of sanctions on Iraqi banks, and the implementation of economic reforms, are crucial factors in determining the timing and magnitude of a potential rate change. Global Economic Conditions: Global economic factors, such as geopolitical tensions and fluctuations in oil prices, ofcourse can also influence the Iraqi Dinar's value. Think HCL. But rate comes 1st. Recommendations: Stay Informed: Continue to follow news and updates from reputable sources regarding Iraq's economy, politics, and international relations. Consult Financial Experts: If you're considering investing in the Iraqi Dinar, seek advice from financial professionals who specialize in foreign exchange markets...

THIS POST OF ARIEL IS MAKING REFERENCE TO THE POST OF REINALDO JC, 30 AUGUST 2024:

READ THE LAST POST OF REINALDO JC

HERE : https://dinarevaluation.blogspot.com/2024/08/the-iraq-dinar-rate-change-by-reinaldo_01346943227.html

Iraq's Oil and Gas Law: What's Next?

DINAR REVALUATION REPORT: Parliamentary Committee Blames Kurdistan for Oil and Gas Law Stalemate, 31 AUGUST

 Parliamentary Committee Blames Kurdistan for Oil and Gas Law Stalemate

In a recent turn of events, the Parliamentary Oil and Gas Committee has levied strong accusations against the Kurdistan Regional Government (KRG), holding them accountable for the ongoing impasse in the approval of the crucial Oil and Gas Law. 1

Background of the Dispute

The Kurdistan Region has long been grappling with several challenges, including budget shortfalls and an economic crisis exacerbated by a dispute over oil revenues with federal Iraqi authorities. 1 In March 2023, a critical oil pipeline was shut down, leading to a significant loss of revenue for the KRG and a crisis of confidence among international investors. 1

Current Situation and Allegations

Member of the Parliamentary Oil and Gas Committee, Alaa Al-Haidari, has criticized the KRG for its role in the deadlock surrounding the Oil and Gas Law. The law is seen as a critical step towards resolving the conflict over oil production and revenue sharing between Baghdad and Erbil. 3

Steps Taken to Resolve the Dispute

In an attempt to address the issue, delegates from the KRG and Invest Kurdistan have been actively seeking to attract foreign investment, emphasizing the region's potential as a premier investment destination in the Middle East.  1Moreover, officials from Baghdad and Erbil have met to discuss the drafting of the Oil and Gas Law, aiming to find a solution to the dispute. 3

Implications of the Dispute

The dispute has led to the suspension of northern Iraqi oil exports via Turkey since March 2023, affecting more than 450,000 barrels per day of oil that would typically be exported to the Mediterranean. 3

Moving Forward

The federal Iraqi government has taken steps to pressure the KRG, including an ultimatum to reduce crude oil output to the minimum required for local refineries.  4 The new Iraqi budget law also strengthens Baghdad's hand over the Kurdistan region's oil sector, potentially complicating plans to revive shuttered crude production. 6

Conclusion

The ongoing standoff over the Oil and Gas Law highlights the complex relationship between the federal government and the KRG. 

Resolving this dispute is crucial for the economic stability and development of the Kurdistan Region, as well as for the broader Iraqi economy.

 Both parties are urged to prioritize dialogue and cooperation to find a mutually beneficial solution.

Parliamentary Committee Holds Kurdistan Responsible for Obstructing the Approval of the Oil and Gas Law, 31 AUGUST

 Parliamentary Committee Holds Kurdistan Responsible for Obstructing the Approval of the Oil and Gas Law

Member of the Parliamentary Oil and Gas Committee, Alaa Al-Haidari, strongly criticized the Kurdistan Regional Government, holding it responsible for obstructing the approval of the Oil and Gas Law.

Al-Haidari said in an interview followed by “Al-Eqtisad News” that “there is difficulty in passing the law due to the lack of a political agreement and the regional government’s failure to implement the concluded agreements.”

Al-Haidari pointed out that “several meetings were held in the presence of officials in the Ministry of Oil and government advisors, with the aim of reaching an agreement on the law, but those efforts have not borne fruit so far.”

He added, "The Oil and Gas Law is one of the laws that has been stalled in the House of Representatives, as it has remained on the shelves for more than five parliamentary sessions."

Al-Haidari explained that “the government program included voting on the law in the House of Representatives, and if approved, it will contribute to ending the controversy between the region and the center, and provide fair direction for wealth within the framework of the constitution.”

Al-Haidari concluded his statement by stressing that “the approval of the law will ensure the fair regulation of oil exports and oil and non-oil revenues, which will spare the country further problems and obstacles between the region and the center.”  link