DINAR GURUS UPDATE, 9 JAN

 DINAR GURUS UPDATE

• 💰 Frank 26 reports that Chase Bank is prepared to help with dinar exchanges when it “goes live.”
• 📉 Pimp expresses concerns over discussions suggesting the dinar may lose value against the U.S. dollar.
• 🏛️ Jeff notes that Iraq’s parliament has not convened since September 28, delaying critical legislation.
• 📈 A government advisor predicts unprecedented growth in Iraq’s non-oil GDP for 2024.
• 🏦 Banking experts stress the need to restore customer confidence to bring cash into the banking system.
• 📜 Mountain Goat emphasizes the urgency of legislating the oil and gas law for Iraq’s stability.
• 🏦 Frank confirms that most dinar notes can be exchanged, except for specific outdated ones.

Key Insights

• 🔍 Preparedness of Banking Institutions: The anecdote from Chase Bank highlights an emerging readiness among financial institutions to handle the dinar exchange. This suggests that banks recognize a potential shift in currency value and are preparing to accommodate customers. This proactive approach may lead to increased trust and participation among dinar holders in the banking system.

• ⚖️ Potential Currency Devaluation: Pimp’s concerns regarding the discussions about the dinar losing value against the U.S. dollar raise critical questions about the Iraqi economy’s health. Should these discussions materialize into reality, it could lead to a loss of confidence among investors and ordinary citizens in the dinar, ultimately stalling any potential economic recovery or growth.

• 📅 Legislative Stalemate: Jeff’s observation that parliament has not held sessions since late September indicates significant political stagnation. This delay in legislative processes, especially concerning critical economic laws, further complicates Iraq’s path to stability and growth. The lack of action could signal deeper issues within the political landscape that may need addressing before any economic reforms can take place.

• 📊 Growth Projections for Non-Oil GDP: The prediction of unprecedented growth rates in Iraq’s non-oil GDP for 2024 is a positive indicator for economic diversification. This could signal a shift from oil dependency, allowing the country to become more resilient to fluctuations in oil prices, thereby fostering a more stable economic environment conducive to investment.

• 💼 Importance of Banking Sector Confidence: The stress on restoring customer confidence in banks is crucial for getting excess cash back into the financial system. Increased deposits could provide banks with more liquidity, enabling them to offer loans and foster economic growth. This is particularly significant in a country where cash transactions often dominate.

• 📋 Urgency of Oil and Gas Law Legislation: Mountain Goat’s call for expedited action on the oil and gas law underscores the importance of this legislation in stabilizing Iraq’s economy. This law is not only a constitutional requirement but also necessary for ensuring equitable resource distribution and fostering investment in the sector.

• 💵 Exchange Readiness of Currency Notes: Frank’s clarification on the exchangeability of various dinar notes, except for certain outdated ones, provides essential information for investors. This detail can influence decisions for those holding dinars, guiding them on which notes to retain or exchange as the situation evolves.

🔥WOOOOOOOOOOOOOOOOOOOW🔥 Trump's Bold Move: Iraqi Officials' Billions Seized! ‪@DINARREVALUATION‬ #iqd

 

Governor of the Central Bank: There is no financial problem that threatens the salaries of employees and we have large resources, 9 JAN

 Governor of the Central Bank: There is no financial problem that threatens the salaries of employees and we have large resources

Baghdad – Mil

On Wednesday, the Governor of the Central Bank, Ali Al-Alak, assured all Iraqis that there is no financial problem that threatens the salaries of employees, stressing the availability of large resources.

“There is no financial problem that threatens the salaries of employees and we have great potential and resources,” Al-Alak told the official agency, noting that “the central bank’s reserves are high and able to cover the demand for the dollar.”

He added that “the Federal Bank praised Iraq’s procedures on foreign transfers,” noting that “the mechanism of granting dollars to the traveler secured his access to the beneficiary exclusively.”

He continued, “The parallel exchange rate is no longer an indicative price at all, and our reserves are immune and the central bank is independent,” stressing that “electronic payment is witnessing development and we have the best international systems of infrastructure.”

He pointed out that “we launched the project of establishing a national company for electronic payment and it has reached advanced stages,” adding that “commissions at the ports are not licensed by the Central Bank and we are working to close them and transfer them to exchange companies.”

He continued, “Incoming remittances are subject to the decision to limit dealing in dinars, and we allowed banks to import dollars and we were able to reduce smuggling operations.”

https://miliq.news/economy/41062–.html

MAJEED : “Controversial laws will witness a new movement after the legislative holiday!!, 9 JAN

 MAJEED

“Controversial laws will witness a new movement after the legislative holiday” The controversial law and personal status law will witness a new movement after the legislative holiday Their holiday ends on January 9 By Sunday, they will show up to work to complete these laws to give their citizens their rights … since Iran has no more power over the country and was ( Forced ) to step aside

----

Al-Moussawi: Controversial laws will witness a new movement after the legislative

holiday

Information / Baghdad

A member of the Foreign Relations Committee of the House of Representatives, Mukhtar Al-Moussawi, said on Wednesday that the controversial laws will witness a new

.movement after the legislative holiday

Al-Moussawi said in a statement to the Information Agency, "The controversial laws will witness a new movement after the end of the legislative holiday on January 9, as the trends of the large dominant blocs on the parliamentary

'.scene will become clear

He explained that "the legislative process in Iraq suffers from the dominance of the principle of political consensus between the blocs, which leads to the passage of laws based on political deals and trade-offs instead of relying on

".objective discussions that serve the public interest

He pointed out that "this pattern of legislative work makes controversial laws stuck within the so-called "one basket", where the passage of one law is linked in exchange for the

approval of another law, which hinders the passage of the necessary legislation that citizens are waiting for." Over 25/h

DINAR REVALUATION UPDATE: January's Pivotal Changes for Iraq's Economy!! @DINARREVALUATION

 

Iranian President: economic cooperation with Iraq discussed, completion of Shalamcheh railway line stressed, 9 JAN

 Iranian President: economic cooperation with Iraq discussed, completion of Shalamcheh railway line stressed

Iranian President Massoud Bezhkishian confirmed that discussions with Iraqi officials centered on expanding economic cooperation, with a particular emphasis on the swift completion of Shalamcheh railway line project.

In a joint press conference with Iraqi Prime Minister Mohammad Shia’ al-Sudani, Bezhkishian stated, “Iraq is a key strategic partner for Iran,” adding that “the relations between the two countries are at an all-time high.”

Bezhkishian highlighted Iraq’s progress, noting, “The country is undergoing a period of stability and development.”
 He further pointed out that “the talks with the Prime Minister were productive, particularly in addressing regional developments. ”

“We share a common perspective on the situation in Syria,” he continued, underscoring that “the potential resurgence of terrorist cells remains a shared security concern for both Iraq and Iran.”

On the matter of bilateral cooperation, Bezhkishian reiterated the importance of advancing economic and trade relations, emphasizing the “urgency of accelerating the completion of the Shalamcheh railway line.”

He concluded by expressing Iran’s “deep appreciation for Iraq’s hospitality in welcoming Iranian visitors in recent years.”

https://ina.iq/eng/37562-iranian-president-economic-cooperation-with-iraq-discussed-completion-of-shalamcheh-railway-line-stressed.html

DINAR REVALUATION UPDATE: January is a pivotal month for Iraq, particularly concerning the anticipated rate change , 9 JAN

 DINAR REVALUATION UPDATE: January is a pivotal month for Iraq, particularly concerning the anticipated rate change 

Highlights

Summary

Here we discusses the current state of affairs in Iraq, particularly focusing on economic developments and governmental actions from October to January. 

The period has been relatively quiet, with few significant events aside from the appointment of a new parliament speaker, the Kurdistan elections, and the implementation of a new electronic transfer system by the Central Bank. 

Key discussions revolve around the currency auctions and remittances, which are critical for financing imports, as Iraq lacks a tradable currency. 

The upcoming launch of housing loans through an electronic platform on February 2, the first phase of a railway development project, and the ongoing parliamentary discussions regarding the budget and accountability for governmental ministers. 

The analysis suggests that January is a pivotal month for Iraq, particularly concerning the anticipated rate change and approval of the budget.

• 💰 Currency Auctions Continue: Despite claims to the contrary, Iraq’s Central Bank continues to conduct daily currency auctions to fund imports.
• 🏠 Home Loans Launch: Iraq will begin accepting applications for housing loans starting February 2, potentially allowing foreign ownership.
• 🚆 Railway Development: The first phase of a railway project linking Baghdad and Baji is set to begin, emphasizing the need for a convertible currency.
• 🏛️ Parliamentary Accountability: A parliamentary movement seeks to hold ministers accountable for failures and corruption amid ongoing political tensions.
• 🔍 Budget Delays: The Iraqi budget for 2023 is still pending approval, which is contingent on changes to the currency rate.
• ⚖️ Personal Status Law: The Coordination Framework is advocating for the approval of a controversial law governing marriage and family matters.
• 📈 Critical January: January is highlighted as a crucial month for potential economic changes and developments in Iraq’s financial landscape.

Key Insights

• 📊 Importance of Currency Auctions: The Central Bank’s currency auctions are vital for Iraq’s economy, as they facilitate the import of goods. Despite misinformation, these auctions are ongoing, indicating the government’s need to fund its imports while operating within the constraints of a non-tradable currency. This system is crucial for maintaining economic stability and ensuring the flow of essential goods into Iraq.

• 🏡 Impact of Home Loans on Foreign Investment: The introduction of housing loans through an international platform is a significant step towards encouraging foreign investment in Iraq’s real estate market. By allowing foreigners to apply for home loans, Iraq is attempting to attract diaspora investment, particularly from the Iraqi community abroad. This move could have long-term implications for the housing market and economic growth.

• 🚧 Infrastructure Development as Economic Catalyst: The commencement of the railway project is a promising sign of infrastructure development in Iraq. This project is expected to create jobs and enhance connectivity within the country, which can stimulate economic activity. However, the success of such projects relies heavily on the availability of a convertible currency for payments to foreign contractors.

• 🏛️ Political Accountability and Governance: The push for accountability among ministers reflects an evolving political landscape in Iraq, where citizens and political factions are increasingly demanding transparency and responsibility from their leaders. This movement could lead to significant political changes and impact future governance.

• 📅 Budgetary Implications of Currency Rate Change: The ongoing delays in approving the 2023 budget underscore the interconnectedness between the currency rate and governmental financial planning. The anticipation of a rate change creates uncertainty in budget discussions, suggesting that the government is holding off on finalizing financial commitments until this critical economic adjustment occurs.

• 📜 Legislative Developments on Personal Status Law: The Coordination Framework’s efforts to advance the personal status law highlight the importance of legal frameworks in addressing social issues in Iraq. The law’s approval could have profound effects on family and social structures, particularly within the Muslim community, which could lead to both support and opposition from various factions.

• 🔍 January as a Pivotal Month: The emphasis on January as a critical month for Iraq’s economic future indicates that stakeholders should closely monitor developments during this time. Any changes in the currency rate or significant legislative approvals could have far-reaching implications for both domestic and international investors, influencing confidence in Iraq’s economic recovery and stability.