A fair amount of people think the auctions have ended. This article right here will crush and destroy that theory. Article: "The central bank sells more than a billion dollars in just 4 days"
This article is very clear. The only changes that have occurred regarding the auctions is they're no longer having or holding cash withdrawal inside the country of Iraq. They're still auctioning off currency abroad to overseas banks and they may have transitioned to a new financial system. Regardless, the important step in this is that the banking reforms are now getting implemented. That's a critical step to this.
FRANK26: "STOP TALKING ABOUT THIS UNTIL WE GET A NEW EXCHANGE RATE PLEASE???"........F26
"Oil and Gas Law" resolves pending issues between Baghdad and Erbil
1/4/2025
Oil and Gas Committee in the Iraqi Parliament considered, on Saturday, that the agreement on the draft "Oil and Gas Law" and sending it from the government to the parliament will contribute to resolving many of the pending issues between Baghdad and Erbil.
Committee member Bassem Al-Gharibawi told Shafak News Agency, "Agreeing on the draft oil and gas law and approving it in the Council of Ministers and then sending it to Parliament will contribute to resolving many of the outstanding problems between the federal and regional governments."
According to Al-Gharibawi, the government had previously formed a committee headed by the Deputy Prime Minister for Energy Affairs, the Deputy Prime Minister for Economic Affairs, and the Iraqi SOMO Company to negotiate with the regional government regarding amending the disputed articles and preparing a final version of the oil and gas law.
He added, "The Parliamentary Oil Committee hosted a number of officials from the Ministry of Oil during the previous legislative session, and discussed the formulas and articles that require amendment to the Oil and Gas Law."
Last week, Iraqi economic expert, Nabil Al-Marsoumi, revealed that 9 foreign companies were demanding compensation amounting to 24 billion dollars resulting from the halt in oil exports after the Iraqi judiciary rejected the appeal of the Iraqi Ministry of Oil to cancel these companies’ contracts with the Kurdistan Region.
The Karkh Court of Appeal rejected an appeal submitted by the Iraqi Ministry of Oil and overturned previous rulings that declared the contracts of foreign companies with the Kurdistan Region invalid .
According to the court, contracts are considered “valid,” enforceable, and binding on both parties, and no party outside the contract has the right to object to them, even if they are based on a legal basis that the Federal Supreme Court in Iraq deemed unconstitutional in February 2022 .
The court explained in the reasons on which it relied that the decision of the Federal Supreme Court issued in February 2022 cannot be applied to contracts concluded before its issuance, in accordance with a general principle in Iraqi civil law.
FIREFLY: Mr. Sammy just left my place. He told me, I want you to understand that what we are seeing on TV right now about bringing in the notes, it's like a clean sweep to get the old notes out, the damaged notes back and the counterfeit notes off the street before the rate hits.
This will allow all these notes collected to get into the electronic system...
Mr Sammy says we are officially category A currency now...It was category C which was less desirable ... That was required also for the WTO introduction...
All these smaller exchange companies that have recently been licensed are now being linked to the big boy exchange companies. That all leads to something big is coming.
Global currency struggles: A look at the world's weakest currencies in 2024
Shafaq News/ The list of the weakest currencies against the US dollar saw minimal changes over the past year, though the rankings shifted for some countries.
Arab currencies also featured prominently among the worst performers this year, with the Lebanese pound and Egyptian pound making the list. Zimbabwe’s gold-backed currency, the "ZimDollar," topped the ranking with a staggering 954.2% decline.
Lebanese Pound: The Lebanese pound experienced one of its worst years, with its value against the dollar rising by approximately 500%, reaching 89,560 pounds per dollar on the parallel market. This devaluation aligns with International Monetary Fund (IMF) requirements to address Lebanon’s banking and economic crises.
In May 2024, the IMF highlighted those policies implemented by the Ministry of Finance and the Central Bank, including phasing out budget financing, scrapping the "Sayrafa" exchange platform, adopting tighter fiscal policies, and unifying exchange rates, helped stabilize the pound, curb inflation, and contain monetary supply pressures.
Iranian Rial: Once the weakest currency in the world, the Iranian rial now ranked third, reflecting the enduring impact of US sanctions following the collapse of the 2015 nuclear deal.
In 2024, the rial weakened marginally by 0.21% against the dollar, reaching 42,090 rials per dollar. However, regional tensions, particularly in Syria and the Middle East, pose further risks to the currency.
Vietnamese Dong: The Vietnamese dong (VND) came fourth among the world’s weakest currencies, largely due to restrictions on foreign exports, which also saw a decline in volume. In response, Vietnam’s central bank devalued the currency to boost export competitiveness.
Over the past year, the dong weakened 4.46% against the dollar, closing at 25,460 dongs per dollar.
Sierra Leonean Leone: Ranked fifth, Leone is impacted by high debt levels, inflation, slow economic growth, and the lasting effects of health crises like the Ebola outbreak.
The Leone depreciated 1.43% against the dollar in 2024, reaching 22,790 leones per dollar.
Lao Kip: The Lao Kip (LAK), placed as the sixth weakest currency globally, is facing challenges such as high inflation, slow economic growth, and mounting external debt.
In 2024, the kip depreciated by 6.44%, with the dollar trading at 21,820 kips.
Indonesian Rupiah: Indonesia’s dependence on imported goods, including crude oil, made it highly vulnerable to global inflation, driving up costs and exacerbating the country’s trade deficit.
The rupiah came seventh, as weakened by 4.86% against the dollar in 2024, closing at 16,220 rupiahs per dollar.
Syrian Pound: Despite slight improvements in late 2024 following the fall of Bashar al-Assad’s regime, the Syrian pound ranked eighth among the weakest currencies, trading at 13,000 pounds per dollar. The prolonged 14-year conflict has left devastating effects on Syria’s economy.
Uzbekistani Som: Ranked ninth, the Uzbek Som continues to face challenges, including high unemployment, inflation, sluggish economic growth, and persistent corruption.
The som weakened by 4.59% against the dollar in 2024, reaching 12,900 Soms per dollar.
Guinean Franc: The Guinean franc, placed tenth, has struggled since the political conflicts of the 1990s, weakened by military unrest and high inflation. However, recent signs of recovery have emerged.
The franc depreciated 1.61% against the dollar in 2024, trading at 8,645 francs per dollar.
Paraguayan Guarani: Paraguay’s currency came in the 11th rank. It suffers from ongoing inflation, unemployment, corruption, and counterfeit money circulation, keeping it among the world’s weakest currencies.
The Guarani depreciated 7.55% against the dollar in 2024, trading at 7,800 Guaranis per dollar.
In this video, Melanie Hines shares updates regarding the Iraqi dinar exchange process and recent developments in Iraq’s economic landscape.
She reflects on her relocation from Florida to Maine, her personal experiences with the cold, and her excitement about new leg warmers reminiscent of the 70s and 80s. Hines emphasizes the importance of patience and preparation for those interested in exchanging Iraqi dinars.
She addresses concerns about banking and currency exchange, suggesting that the time to act will come after her live stream. The video discusses Iraq’s advancements in healthcare, agriculture, and the pharmaceutical industry, indicating significant non-oil economic growth. Hines also touches on the Central Bank of Iraq’s new auction platform and its implications for currency exchange processes, while hinting at upcoming changes in the banking system that could facilitate local banks in handling foreign currencies, particularly as the nation seeks to move away from reliance on the U.S. dollar. She ends with a call to action for viewers to join her live stream for further insights and information.
🏥 New Hospital Opening: A new hospital opened in Baghdad, symbolizing advancements in Iraq’s healthcare sector.
🌾 Agricultural Exports: Iraq is exporting 13 diverse agricultural commodities, showcasing growth beyond oil.
💰 Central Bank Updates: The Central Bank of Iraq is transitioning to a new auction platform for currency exchanges.
📈 Non-Oil GDP Growth: Iraq is experiencing unprecedented non-oil GDP growth, indicating economic diversification.
🚫 Dollar Auctions: The transition away from dollar auctions is underway, with plans for a new banking system.
🔄 High Denomination Currency Removal: Iraq is removing higher denomination notes, paving the way for a new currency exchange strategy.
📅 Upcoming Live Stream: Hines invites viewers to join her live stream for detailed updates and strategies for currency exchange.
Key Insights
💡 Economic Diversification: The Iraqi government is focusing on diversifying its economy beyond oil, with significant investments in agriculture and healthcare. This shift is crucial for sustainable growth and reducing dependency on oil revenues, especially in light of fluctuating oil prices.
💡 Healthcare Advancements: The opening of a new hospital in Baghdad not only reflects improvements in Iraq’s healthcare infrastructure but also demonstrates the government’s commitment to public health. This focus on healthcare could lead to better health outcomes for citizens and attract foreign investment in the pharmaceutical sector.
💡
Central Bank Reforms: The Central Bank of Iraq’s new auction platform marks a significant change in how currency is managed. By allowing the Central Bank to sell dollars received from foreign transactions to local banks, Iraq is moving towards a more self-sufficient and stable currency system.
💡 Transition to Direct Banking: The planned transition toward a Direct Banking system will empower local banks to manage foreign currency transactions independently. This change, contingent on lifting U.S. sanctions, could foster greater financial autonomy for Iraq and enhance the efficiency of currency exchanges.
💡 Importance of Patience in Currency Exchange: Hines stresses the importance of patience for those waiting to exchange Iraqi dinars. With the current economic shifts and upcoming changes, it’s essential to stay informed and prepared for the right timing, as premature exchanges could lead to unfavorable rates.
💡 Removal of High Denomination Notes: The strategy to remove high-denomination currency notes is a significant step towards stabilizing the Iraqi dinar. This move could help mitigate inflation and improve the currency’s value in the market, leading to better exchange rates for those holding dinars.
💡 Community Engagement: Hines encourages viewers to engage with her content and participate in discussions through live streams. This community aspect fosters a supportive environment for individuals navigating the complexities of currency exchange during a time of significant economic change in Iraq.
Throughout the video, Melanie Hines maintains a conversational and relatable tone, sharing personal anecdotes while providing valuable insights into the ongoing economic changes in Iraq. Her emphasis on community and patience serves as a guiding principle for viewers as they navigate the dinar exchange process.
The combination of personal stories and detailed economic analysis creates a comprehensive overview of the current state of the Iraqi economy and the impact on currency exchange strategies.
Overall, her insights underline the importance of staying informed and prepared for the upcoming changes in Iraq’s financial landscape, making her content not only entertaining but also informative for those interested in the Iraqi dinar exchange.