DINAR REVALUATION

Friday, October 18, 2024

JEFF: " THE RATE WILL CHANGE ON A SUNDAY MORNING" @DINARREVALUATION

Enhancing economic ties and addressing regional concerns: Barzani and Erdogan discuss cooperation, 18 OCT

Shafaq News/ The President of the Kurdistan Region, Nechirvan Barzani, met with Turkish President Recep Tayyip Erdogan in Ankara on Wednesday to discuss the strengthening of economic ties between Turkiye, Iraq, and the Kurdistan Region.

According to a statement from the Kurdish Presidency, the meeting focused on “ways to increase trade exchange and investment opportunities for Turkish businesses in various regions of Iraq and the Kurdistan Region.”

“Additional topics during the meeting included the relationship between Erbil and Baghdad, the Development Road project, the threats posed by terrorism, and the ongoing fight against ISIS.”

President Erdogan reiterated Turkiye’s commitment to ongoing cooperation with Iraq and the Kurdistan Region, expressing the private sector's readiness and willingness to invest across different sectors.

Both leaders “stressed the importance of enhancing relations, particularly in the economic sector.” They also shared concerns over the complex situation in the Middle East, acknowledging the potential risks and consequences for the region.

“They agreed on the necessity for all parties to work towards preventing further escalation of conflict and to resolve issues through peaceful means.”

RV UPDATE BY CLARE, 18 OCT

Clare

Article: "US delegation arrives in Baghdad to prepare draft for "indirect" negotiations with Iran"

Quote "America is exerting strong pressure through Iraqi mediators to conduct negotiations with Iran regarding the future of the region.

It wants to adopt the principle of a single basket in resolving all issues, unlike Tehran, which believes that each issue is separate..."

HERE IS THE PROCESS OF THE REINSTATEMENT OF THE IRAQI DINAR BY MNT GOAT ...

PM Al-Sudani discusses completion of West Qurna 2, Eridu fields with Lukoil, 18 OCT

Shafaq News/ On Thursday, Prime Minister Mohammed Shia Al-Sudani met a delegation from the Russian oil company Lukoil, and discussed the aspects of cooperation with the company and its ongoing projects in Iraq.

According to Al-Sudani’s media office, the PM received a briefing on the company’s operations in the West Qurna 2 and Eridu oil fields and the progress of the work.

“Prime Minister Al-Sudani emphasized that the government places a high priority on the development of the oil industry and Iraq’s production capacities. He stressed the importance of executing development projects to maximize revenues, particularly in transitioning to the production of petroleum derivatives and various petrochemicals, supported by Iraq’s strong and extensive oil sector infrastructure, especially in extraction,” as per the media office.

SOME ECONOMISTS PROPOSE A STRATEGY TO ADDRESS THESE TWIN CHALLENGES BY INTRODUCING CURRENCY FLOTATION" BY SANDY INGRAM, 18 OCT

Sandy Ingram

A parallel market refers to the trade of goods or currencies through distribution channels that are not authorized by the original manufacturer or the official regulatory body...and is legal...

A black market refers to the illegal trade of good and services that are either prohibited by law or sold to avoid taxes and regulations.

Iraq has serious currency controls and this automatically facilitates the black market...Iraqi citizens are banned from drinking alcohol, so yes the alcohol black market is probably huge.

Iraq has another black market product, oil smuggling.

Iraq is one of the world's largest oil producers yet the country struggles with shortages in fuel supply.

The central bank vice governor said in March 2024 that Iraq is fighting a booming currency black market.

He made this statement...three months after it became illegal to use dollars in transactions in Iraq..

.Some economists propose a bold strategy to address these twin challenges by introducing currency flotation.

The would essentially remove the CBI's peg to the dollar allowing the dinars exchange rate to be determined by market forces.

It appears the more controls a country has the more room there is for a parallel market or a black market..