DINAR REVALUATION UPDATE, 3 DEC

 DINAR REVALUATION UPDATE

Summary

Iraqi Dinar Guru updates reveal discussions on currency exchange capabilities, upcoming Visa card launches, and potential rate changes amid political tensions.

Highlights

• 💳 Militia man discusses fluent Arabic members aiding in currency exchange insights.
• 🌍 International Visa card launch by the Trade Bank allows cross-border transactions.
• 📉 Trump warns BRICS nations against replacing the US dollar in global trade.
• 🏦 Redemption centers will provide set rates, not variable ones for pre-2011 contracts.
• 🔍 Over 100,000 Dinar Guru members offer real-world exchange experiences.
• 📅 Baghdad nominated as the capital for tourism in 2025, signaling economic growth.
• 🎉 Official work in Iraq will pause on December 10 for Victory Day over ISIS.

Key Insights

• 🤝 The involvement of fluent Arabic speakers in discussions indicates a strategic approach to understanding local sentiment and currency dynamics. This shows the importance of communication in financial dealings.
• 🌐 The introduction of an international Visa card signifies Iraq’s integration into the global economy, enhancing the ease of conducting transactions abroad and potentially stabilizing the Dinar’s value.
• ⚖️ Trump’s warning against BRICS suggests a strong stance on the US dollar’s dominance, highlighting geopolitical tensions that could affect foreign exchange markets.
• 🏦 The establishment of redemption centers reinforces the notion of controlled exchange rates, ensuring fairness and transparency for all investors pre-2011.
• 📈 The large Dinar Guru community indicates a wealth of knowledge sharing, which can empower members with real-time information and insights on exchange opportunities.
• 🌟 Baghdad’s tourism nomination for 2025 reflects a positive outlook on Iraq’s economic recovery and potential growth in the tourism sector, which may boost local currency value.
• 🎊 The suspension of work on December 10 underscores national pride and solidarity, reminding citizens of the historical significance and potential for unity in the face of economic challenges.

TRANSFORMATIVE EFFORTS DURING THIS 2024 YEAR THAT MARK THE BEGINNING OF A GOLDEN ERA IN IRAQ

 

Oil stresses the importance of reaching an agreement on the resumption of exports from the Kurdistan region, 3 DEC

 Oil stresses the importance of reaching an agreement on the resumption of exports from the Kurdistan region

Economy News – Baghdad

The Ministry of Oil stressed on Sunday the importance of reaching an agreement that serves the public interest on amending the budget items on the export of oil from the Kurdistan Region, in order to achieve justice in the distribution of resources.

According to a statement reported by the Media Department of the House of Representatives, and seen by “Economy News”, “the Parliamentary Finance Committee, headed by the Chairman of the Committee, Atwan Al-Attwani, and in the presence of its members and a number of members of other parliamentary committees, hosted the Undersecretary of the Ministry of Oil for Extraction Affairs, in the name of Mohammed Khudair, the Director General of the Legal Department Salam Hamdan Dagher, the Director General of the Economic Department Alaa Al-Yasri, and the Director General of the Oil Marketing Company (SOMO) Khudair Abbas, at the committee’s headquarters, to discuss the amendment of the general budget items related to the export of oil by the region.”

At the beginning of the meeting, the chairman of the committee stressed “the importance of the meeting and the need to invest it optimally to counter any possible changes in oil prices,” stressing “the importance of amending the item on oil export in the budget to address contracts related to the cost of production.”

According to the statement, Al-Atwani pointed to “the disparity in the nature and mechanisms of oil extraction from different fields,” explaining that “the committee will submit its report to the Council for consideration. ”

The statement pointed out that “the committee raised a number of questions about the basic standards related to the cost of production, in addition to the payment of financial allocations, and the extent of compliance with the terms of the contract, with emphasis on formulating amendments that achieve fairness in the distribution of resources, through analyzing data and adapting contracts in line with national requirements.”

For his part, the Undersecretary of the Ministry of Oil reviewed the relationship between the Ministry and the Parliamentary Council to achieve the supreme interest, speaking about “the file of oil exports between the center and the region and the mechanisms for determining the operational and investment costs,” stressing “the importance of reaching an agreement that serves the public interest and achieves justice in the distribution of resources.”

The statement explained that in conclusion, the members of the committee expressed their observations on the file, stressing the need to find appropriate solutions to ensure fairness in the distribution of oil revenues, achieve economic stability and guarantee rights.”

The main obstacle to the resumption of oil exports from the Kurdistan Region is the dispute between Baghdad and international companies over the cost of oil production in the Kurdistan Region.

The contracts concluded between the Kurdistan Region and international companies set the cost of production to more than $26 per barrel, while the Iraqi Budget Law stipulates that it is limited at only $8.

To resolve this situation, the Iraqi Council of Ministers approved on November 5, 2024, the proposal to amend Article (12/II/c) of the Tripartite Budget Law, to include “compensation by the Kurdistan Regional Government of Iraq from sovereign expenditures on the cost of production and transportation.”

The proposal stipulates “compensation of the cost of production and transportation by the Federal Ministry of Finance as advances, at the rate of $16) per barrel, to be settled later” after calculating the fair specuative cost of production and transportation for each field separately.

EXCERPTS FROM MARKZ, 3 DEC

 EXCERPTS FROM MARKZ

Question:  Mark- are you seeing $3.90 as a rate for the dong? 

 MarkZ:  We have seen as high as $3.90…and as low as .39 cents. We don’t know for certain what the rate is going to be. These are from banking contacts who told me what they are seeing fluctuating on bank screens.

 Comment:  I hear we have an RV this week. 

 MarkZ:  That’s the word out there…Guess we will see if its fact or fiction. We are very close either way...today and tomorrow are in the crosshairs for pulling the trigger on a reset. There are a ton of rumors for today. 

ABU SNWE: " THE DOLLAR HAD DISAPPEARED IN IRAQ" @DINARREVALUATION #iraqidinarinvestor #iraqidinar

 

Iraq suspends official work to celebrate Victory Day, 4 dec

 Iraq suspends official work to celebrate Victory Day

he Council of Ministers announced today, Tuesday, that official work will be suspended on December 10th in celebration of Victory Day.

He said in a statement,

 "The Council of Ministers decides to suspend official work on Tuesday, December 10, 2024, in all ministries and government institutions, in celebration of Victory Day and the anniversary of the liberation of the land of Iraq from the terrorist ISIS gangs."

Central Bank: The launch of {Riyada} Bank is about to support small projects and our monetary position is {very excellent}, 3 DEC

Central Bank: The launch of {Riyada} Bank is about to support small projects and our monetary position is {very excellent}

{Economic: Al-Furat News} The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alak, revealed the imminent launch of the {Riyada} bank to support small and micro enterprises.

Al-Alak said in a press statement that “Riyada Bank will be with the contribution of Iraqi banks and with the support of the Central Bank itself in order to diversify the productive base, reduce unemployment levels and provide basic pillars for sustainable development and with the support of competent international organizations.”
He added that “the Central Bank adopts a financing initiative for the purchase of solar systems and the licensing of (Green Bank) to be the first bank in the region specialized in green finance and renewable energy projects as part of facing the challenges of climate change,” noting that he announced this in a session on (the role of central banks in climate change) held in Cairo.
Regarding the impact of tensions in the region on monetary stability, Al-Alak said: “The monetary position in Iraq is (very excellent) at present in terms of controlling inflation and the high sufficiency of foreign reserves, which enables the Central Bank to be stable, defend the exchange rate, and achieve monetary stability, despite the circumstances surrounding the country and the region,” noting that “the reserve covers our needs, and this is what distinguishes the Central Bank of Iraq compared to other central banks in
area.”
Al-Alak stressed that the Central Bank’s success in implementing the transition plan in “external remittances, in accordance with international practices and standards, and that it is currently carried out smoothly and transparently – especially covering imports at the official exchange rate – which leads to general stability in prices, as for personal transfers and the use of cards outside Iraq; Its system is being developed to ensure their smoothness, and it was agreed with all concerned companies on new mechanisms to enhance the relevant accounts.”