PIMPY CC NOTES HIGHLIGHTS: "THE NECESSARY STEPS FOR IRAQ TO REINSTATE THE DINAR RATE AT $3.22" BY PIMPY, 16 SEPT

Summary

Pimpy discusses the necessary steps for Iraq to reinstate the $3.22 dinar rate, emphasizing economic reforms and stability.

Highlights

• 💼 Monetary Reforms: Iraq needs comprehensive monetary reforms to stabilize its economy.
• 💵 Currency Basket: Adopting a basket of currencies will reduce reliance on the US dollar.
• 🚜 Economic Diversification: Iraq should diversify beyond oil to strengthen its economy.
• 📈 Foreign Investment: Attracting foreign investment is crucial for economic recovery.
• ⚖️ Political Stability: A stable political environment fosters confidence in the dinar.
• 📊 Inflation Control: Monitoring and controlling inflation is essential for maintaining currency value.
• 🏦 Engagement with Institutions: Collaborating with international financial institutions can support necessary reforms.

Key Insights

• 💡 Monetary Reforms: Implementing monetary reforms, including deleting zeros from the currency, can help restore public confidence and stabilize the economy. This is a long-discussed yet crucial step for Iraq’s financial health.
• 🌐 Currency Basket: By adopting a currency basket system, Iraq can mitigate risks associated with dollar fluctuations, providing a more stable foundation for international trade and enhancing economic resilience.
• 📉 Economic Diversification: Reducing oil dependency is vital. Recent agreements with Turkey on agriculture infrastructure can potentially boost Iraq’s agricultural sector, indicating a step towards diversification.
• 📈 Foreign Investment: Iraq must create a favorable environment for foreign investors through regulatory reforms, which is essential for economic growth and stability.
• 🔒 Political Stability: Ensuring political stability is key to building trust among citizens and investors alike, which will lead to increased usage of the dinar over foreign currencies.
• 📉 Inflation Control: The Central Bank’s role in controlling inflation through effective monetary policy is vital for maintaining the dinar’s value, currently facing a 5% inflation rate.
• 🤝 International Engagement: Collaborating with organizations like the IMF can provide Iraq with guidance and financial support to implement necessary reforms, aiding in achieving its monetary goals.

IRAQ'S BOLD MOVE: 6 YEAR ANTI CORRUPTION STRATEGY TO COMBAT CORRUPTION

Coffee with MarkZ. 09/16/2024

Parliamentary dispute on contraversial laws could delay session, 16 SEPT

 Parliamentary dispute on contraversial laws could delay session

Shafaq News/ On Monday, independent MP Alaa Al-Haidari voiced his opposition to the proposal of discussing amendments to the Personal Status Law and the General Amnesty Law in a single parliamentary session. 

Another MP, however, suggested that today's parliamentary session might be postponed due to four contentious issues on the agenda.

Al-Haidari told Shafaq News Agency, "We reject linking the Personal Status Law with the General Amnesty Law, as the two laws address different matters," clarifying that "today's session is dedicated to the second reading of the amendment to the Personal Status Law to pass it in upcoming sessions."

Al-Haidari also noted reservations about the General Amnesty Law, particularly regarding the exclusion of certain groups. "It is unacceptable to release individuals involved in terrorist organizations who have targeted and killed Iraqis," he said, emphasizing that such individuals should not be equated with others in the law.

He further stated his opposition to including corrupt officials, embezzlers of public funds, drug traffickers, and those involved in espionage and collaboration with foreign entities in the amnesty.

Meanwhile, independent MP Jawad Al-Yasari explained that "the disagreements revolve around the General Amnesty Law, the amendment to the Personal Status Law, as well as votes on the Law on Returning Properties to Their Owners (affected by certain decisions of the dissolved Revolutionary Command Council) and the Law on Leasing Agricultural Lands."

Al-Yasari added, "The House of Representatives is currently holding intensive meetings to reach agreements on these contentious issues. However, the session may be postponed due to the ongoing disagreements."

Today’s parliamentary session was set to include the second reading of the proposed amendment to the Personal Status Law No. 188 of 1959 and the second reading of the proposed second amendment to the General Amnesty Law No. 27 of 2016.

The Iraqi Parliament completed the first reading of the proposed amendment to the Personal Status Law on August 4.

The proposal to amend the Personal Status Law No. 188 of 1959 has sparked widespread debate within parliament and among civil society organizations, with opinions divided between supporters and opponents. The proposed amendments pertain to matters of marriage, divorce, inheritance, and child custody.

" ALL BANKS HAVE CREDITED THE TRANSACTIONS RELEASED YESTERDAY INTO THEIR ACCOUNTS" BY WOLVERINE, 16 SEPT

WOLVERINE

All banks have credited the transactions released yesterday into their accounts.

Now we just need to send the notifications to those involved.

You can celebrate because there is no turning back

They have up to 72 hours to complete the transaction, with the risk of a fine of 20 billion per institution.

The Court of The Hague entered this battle and brought order to this brothel.

https://www.in.gov.br/web/dou/-/resolucao-bcb-n-410-de-11-de-setembro-de-2024-584289886

https://t.me/mhc70

we are ready

God bless you all

Wolverine

TRANSLATION IN SPANISH

WOLVERINE

Todos los bancos han abonado las transacciones liberadas ayer en sus cuentas.

Ahora solo falta enviar las notificaciones a los involucrados

Puedes celebrar porque no hay vuelta atrás

Tienen hasta 72 horas para concretar la transacción, con riesgo de multa de 20 mil millones por institución.

El Tribunal de La Haya entró en esta batalla y puso orden en este burdel.

https://www.in.gov.br/web/dou/-/resolucao-bcb-n-410-de-11-de-setembro-de-2024-584289886

https://t.me/mhc70

Estamos listos

Dios los bendiga a todos

Wolverine

WHY IRAQ HAS DUAL EXCHANGE RATE 2024 @DINARREVALUATION

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.