DINAR REVALUATION REPORT: USD/IQD Exchange Rates Stabilization in Baghdad, Iraq 2024, 16 SEPT

USD/IQD Exchange Rates Stabilization in Baghdad, Iraq 2024

As of September 16, 2024, the US dollar exchange rates against the Iraqi dinar have stabilized in Baghdad and Erbil. The exchange rates recorded by Al-Kifah and Al-Harithiya central exchanges in Baghdad show a consistent rate of 147,250 IQD per 100 and a buying price of 146,250 IQD per $100. 2

Historical Background

The Iraqi dinar, denoted as IQD, has been the currency of Iraq since it entered circulation on April 1, 1932. 3 The dinar was initially pegged at par with sterling and later switched to the US dollar at a rate of IQD 1 = US3.3778 before a 5% devaluation reduced it to US$3.2169, a rate which remained until the Gulf War in 1990.

Post-1990 Developments

After the Gulf War in 1990, due to United Nations sanctions, Iraq was unable to order further issues of high-quality notes from De La Rue. New notes were produced, leading to the differentiation between pre-1990 notes known as Swiss dinars and new notes called Saddam dinars. The Iraqi dinar has since undergone several significant devaluations, including a 23% devaluation from 1,182 to 1,460 dinars per US dollar in December 2020. 6

Causes of Dual Exchange Rates

Iraq's dual exchange rate system is influenced by excessive demand for US dollars internationally, particularly in countries like Iran and Syria where local currencies have significantly devalued. This demand for dollars is driven by currency devaluation in neighboring countries and the preference for physical dollars over electronic funds transfers . 6

Conclusion

The stabilization of the USD/IQD exchange rates in Baghdad and Erbil as of September 16, 2024, reflects a period of relative calm in Iraq's currency market. The historical context and recent developments, particularly the dual exchange rate system, provide insight into the dynamics influencing the Iraqi dinar's value against the US dollar.

USD/IQD exchange rates stabilize in Baghdad, 16 SEPT

 Shafaq News/ On Sunday, the exchange rate of the US dollar against the Iraqi dinar remained stable in the markets of Baghdad as the exchange market closed.

According to a Shafaq News Agency survey, with the closure, Al-Kifah and Al-Harithiya central stock exchanges in Baghdad registered an exchange rate of 149,900 IQD per $100, similar to the rates recorded earlier in the day.

In local exchange shops in Baghdad, the selling price stood at 151,000 IQD per $100 and the buying price at 149,000 IQD.

In Erbil, the stock exchange was closed due to the holiday marking Prophet Mohammed's birthday.

DINARES GURUS HIGHLIGHTS!!, 16 SEPT

Summary

Dinares Gurus/ Dinar Revaluation updates reveal significant developments in Iraq’s monetary reform, indicating a shift toward an independent financial system with no sanctions.

Highlights

• 🔥 Frank 26 reports that Iraq is in charge of its money, free from US Treasury oversight.
• 🚀 Firefly shares that the new monetary system will be in place for the entire year.
• 📈 Militia Man emphasizes Iraq’s global financial integration and the Central Bank’s role in stabilizing exchange rates.
• 🌟 Wolverine predicts notifications about financial changes will start this week, calling September the golden month.
• 🏦 WalkingStick notes that a CBI representative is waiting for orders to open a satellite bank, signaling imminent changes.
• 💻 Samson reports that 70 digital banks have applied for licenses with the Central Bank, showcasing innovation in banking.
• ⏳ Mountain Goat argues that the dinar is artificially suppressed, but believes changes are near.

Key Insights

• 🌍 Iraq’s independence in managing its finances indicates a vital step toward economic sovereignty. This autonomy will empower local banks and foster growth.
• 🔄 The commitment to a new monetary system suggests ongoing reforms aimed at stabilizing the economy and enhancing public confidence in the currency.
• 📊 The Central Bank’s focus on a stable exchange rate is crucial for facilitating trade and attracting foreign investment, essential for economic revival.
• 📅 The anticipation of notifications this week highlights a potential turning point for investors and stakeholders in the dinar market.
• 🏦 The presence of a CBI representative in the U.S. suggests serious preparations for international banking operations, indicating readiness for global participation.
• 📈 The rise of digital banking in Iraq reflects a modernizing financial landscape, positioning the country to integrate more effectively with global markets.
• ⚖️ The assertion that the dinar’s value is suppressed raises questions about market manipulation and the need for transparency in Iraq’s financial reforms.

DINARES GURUS HIGHLIGHTS!! @DINARREVALUATION

DINAR REVALUATION REPORT: Iraqi President Forecasts Economic Growth , 16 SEPT

Iraqi President Forecasts Economic Growth

Iraqi President Abdul Latif Jamal Rashid has expressed optimism about Iraq's economic prospects, stating that the country is poised for a period of security, stability, and economic development. 1 He emphasized Iraq's readiness to host major strategic development projects, citing an enabling environment and favorable conditions for investment. 3

Enhancing Economic Cooperation

Rashid underscored Iraq's eagerness to strengthen economic and investment ties with its allies, highlighting the country's commitment to fostering a conducive atmosphere for significant development projects. 4

Ratification of Key Legislation

In a move to support economic growth, Rashid ratified crucial legislation, including the 2024 budget tables, which is now awaiting publication in the Iraqi Official Gazette to become effective. 5

Economic News and Developments

Recent economic news and developments in Iraq have been positive, with attention on strengthening commercial relations, cybersecurity, and strategic partnerships. 6

Visualizing Iraq's Economic Prospects

To better understand Iraq's economic trajectory, a timeline visualizing key events and milestones in its economic development can provide valuable insights. Closing.

Timeline: Key Economic Events in Iraq

11/9/2024
Iraq's President Abdul Latif Jamal Rashid affirms the country's commitment to economic growth

13/9/2024
Ratification of the 2024 budget tables

14/9/2024
Enhanced economic cooperation with allies

15/9/2024
Iraq's cybersecurity and strategic partnerships gain focus

CONCLUSION

Iraq's President Abdul Latif Jamal Rashid's positive forecast for the economy, along with the ratification of key legislation and efforts to enhance economic cooperation, indicate a promising outlook for the country's development.

Iraqi President: “Iraq’s Economy Set to Grow”, 16 SEPT

 The Iraqi President has said that, “Iraq remains at the limit of another period of safety, dependability, and financial turn of events.”

Abdul Latif Jamal Rashid stated in an address to a delegation from the League of Arab States that Iraq provides an environment and conditions that are conducive to investing in major strategic development projects.

Full articulation from the Workplace of the Iraqi President:

Rashid, President: Iraq’s Economy Set to Develop

Leader of the Republic of Iraq Abdul Latif Jamal Rashid got a designation headed by the Secretary-General of the Committee of Middle Easterner Monetary Solidarity of the Class of Bedouin States at Baghdad Castle on Thursday, September 12, 2024.

They discussed the need to address economic challenges through coordination with the relevant Iraqi governmental institutions and come up with a plan of action following an overview of the efforts being made to develop Arab economic growth.

President Rashid highlighted Iraq’s longing to keep encouraging financial and speculation collaboration with kindly states as a significant piece of the country’s improvement plan.

“Any reasonable person would agree that Iraq offers an empowering climate and conditions for putting resources into major vital improvement projects,” he said. ” Iraq remains at the limit of another period of safety, strength, and financial turn of events, and we anticipate a nearer relationship in view of genuinely monetary organizations and productive participation.”

The visiting delegation thanked President Rashid for his vision for how the economy could be improved in the coming years. They communicated the expectation that Iraq will uphold the Chamber of Bedouin Monetary Solidarity to accomplish more significant standards that serve the more extensive interests of the area.

MILITIAMAN CC NOTES HIGHLIGHTS, 16 SEPT

Summary

Iraq is advancing electronic payment systems to enhance transparency, reduce corruption, and integrate the private sector, aiming for international financial participation.

Highlights

• 🇮🇶 Iraq is developing electronic payment systems to improve government and private sector performance.
• 💻 The international smart card company supports the Prime Minister’s directives for financial inclusion.
• 🚀 There’s a significant increase in electronic payment points, from 7,000 to 30,000.
• 🌐 Iraq’s transformation towards a digital economy indicates a shift to international currency standards.
• 💡 Workshops on financial inclusion emphasize combating money laundering and increasing awareness.
• 📈 The government aims to reduce reliance on cash, indicating a digital transformation.
• 🤝 Agreements between Baghdad and Kurdistan reflect efforts for economic stability and cooperation.

Key Insights

• 📊 The push for electronic payments in Iraq suggests a strategic move towards transparency and efficiency in financial operations. This could significantly curb corruption and streamline processes.
• 🌍 Iraq’s integration of blockchain technology could revolutionize its financial sector, enhancing transaction speed and reliability while attracting foreign investment.
• 🔄 The development of a ‘Digital Transformation Revolution’ signals Iraq’s readiness to align with global financial standards, potentially leading to a more stable economy.
• 📅 The agreement between federal and regional governments highlights a pivotal moment for Iraq, as it could enhance economic cooperation and resource management.
• 🏦 Increasing electronic payment capabilities indicates a shift towards modern banking practices, essential for participating in the global economy.
• ⚖️ Iraq’s commitment to international compliance through article 8 with the IMF suggests a long-term vision for economic reform and stability.
• 💼 The focus on the private sector as a driving force for growth reflects an understanding that diversifying the economy beyond oil is crucial for sustainable development.