DINAR REVALUATION

Saturday, September 21, 2024

Iraq's Banking Revolution: From New York to Global Integration 🌍💼

Chairman of the Investment Authority: More than 100 opportunities are ready for contracting at the "Iraq Investment Forum" , 21 SEPT

Chairman of the Investment Authority: More than 100 opportunities are ready for contracting at the "Iraq Investment Forum"

9/20/2024

The National Investment Commission announced the imminent launch of the Iraq Forum 2-3 next November, which represents a positive reflection of the economic arena in Iraq, and expresses the efforts of the Commission and all supporting parties over a full year of diligent work to reach productive economic projects and activate social projects that serve the Iraqi citizen.

The head of the authority, Haider Makiya, said during a joint press conference with the Deputy Director of the Prime Minister's Office and Chairman of the Diwani Order Committee for the Forum, Ali Razouki, and the Chairman of the Iraqi Economic Council and member of the Diwani Order Committee, Ibrahim Al-Masoudi Al-Baghdadi, today, Thursday, that "more than 100 diverse opportunities in important strategic sectors with complete sectoral approvals and ready for contracting will be announced during the forum, and in what is known as the government effort represented by the Prime Minister's Office and the Iraqi Economic Council, in addition to the authority team and all the ministries and governorates supporting this great exceptional effort," calling on owners of capital, companies and investors to be actively present in this major international forum that will give them a wide opportunity to closely view these opportunities and answer all inquiries related to these projects.

For his part, Deputy Director of the Prime Minister's Office and Chairman of the Diwani Order Committee, Ali Razouki, said that "the success in attracting and attracting these companies represents a gain for all the sectoral parties contributing to the completion of these investment portfolios," noting that the forum's activities will coincide with the launch of the 48th Baghdad International Fair, which will allow these companies to attend the forum and learn about the available opportunities."

In turn, the Chairman of the Iraqi Economic Council, Ibrahim Al-Masoudi Al-Baghdadi, a member of the Diwani Order Committee, reviewed the investment opportunities that will be announced during the forum's activities, distributed over 7 sectors, namely (heavy and medium industries, agriculture and animal production, in addition to the tourism, housing, real estate development, energy, transportation and ports, and communications sectors), which he described as strategic opportunities, the first of their kind in Iraq and the region, as they are fully completed and express a real need in those sectors for capital and investing companies. LINK

Q & A WITH THE PROFESSOR BY PIMPY, 21 SEPT

Pimpy

I want the same thing you do. Trust me, I would love nothing better to wake up in the morning and find out that the zeros are still on the dinar but they've magically changed the exchange rate to $3.22. That would be awesome.

Q & A WITH THE PROFESSOR

Question: "What does Iraq need to do right now to reinstate their old rate of $3.22?"

Professor Boskin [of economics] graciously shared the following information which I am pleased to relay to you...It should be able to give you an idea of how far away this thing might be...The first thing he's talking about is implementing monetary reforms.

PIMPY: We've been hearing about that for years so we know they definitely are implementing monetary reforms.

PROFESSOR: ...The Central Bank of Iraq may consider removing zeros ...

PIMPY: Obviously if they're going to remove the zeros off the currency, they're going to re-denominate and print new bank notes.

PROFESSOR: Establish a currency basket system...the value of the dinar would be determined against a weighted average of several currencies.Reduce their dependency on the dollar.

PIMPY: At the beginning of this year they were not supposed to use the US dollar anymore.

PROFESSOR: ...Focus on diversifying its economy beyond oil dependency...

PIMPY: Right now...only 89% of [the budget] is dependent on oil sales. A lot better than where it was.

PROFESSOR: Improve trade balance...Enhancing exports...Reducing unnecessary imports ...thereby supporting a stronger dinar.

PIMPY: They have things to trade but not a whole lot of options.

PROFESSOR: Maintain internal stability...Monitor inflation rates...

PIMPY: Right now Iraq is somewhere around 5%...He's saying if they want to reinstate the $3.22 rate these things have to be taken care of. I do find it interesting we've been listening to them talk about deleting the zeros and he's put that in here...A lot of this stuff Iraq has already started...Kudos to Al-Sudani.

Iraq's Economic Outlook 2024: IMF Insights

Al-Sudani leaves for New York early next week to participate in the UN General Assembly meetings , 21 SEPT

Al-Sudani leaves for New York early next week to participate in the UN General Assembly meetings

9/19/2024

Government sources announced that Prime Minister Mohammed Shia al-Sudani will leave for New York early next week to participate in the meetings of the United Nations General Assembly.

The sources stated that al-Sudani will head a high-level government delegation to New York
and will deliver Iraq's speech before the United Nations General Assembly.

Al-Sudani will also meet with world leaders on the sidelines of the United Nations General Assembly meeting. LINK

EXCERPTS FROM MARKZ, 21 SEPT

Member: Mark how would you rate your warm and fuzzy feeling on a scale of 1-10?

MZ: I would rate my warm and fuzzy feeling at about a 9.9 right now. It’s very warm and very fuzzy.

Member: this on NINA news Thursday: Al-Sudani leaves for New York early next week to participate in the UN General Assembly meetings

Member: I am still hearing RV in September

MZ: I am still hearing that as well. I hope it’s accurate.

MZ: It’s been very quiet overnight o the RV front but, it was a fantastic news week from Iraq. They are being told budget tables are approved and HCL is coming. We will have more news on that front tonight when MilitiaMan joins us. I am saving some interesting tidbits for tonight

MZ: Redemption center/banking folks on a shortened “on call” for this weekend in case they are needed. These are people that work in wealth management for large banks… .

MZ: We have somebody that was recently invited to come in and SKR (Get a safe keep receipt) on currency. They have a very good relationship with their banker and were told to expect funds within a week or two tops. If I get permission I will share a little more on this one- if I can. IMO this tells us how close we are…or at least how close bankers feel we are. This was at one of the top 5 US banks .

MZ: No fresh updates on bonds since yesterday but, I do have some folks who finished final paperwork this week and are expecting their funds tomorrow. One is in Europe so by the time we do our podcast tomorrow –we may have an answer already…..So fingers crossed.