ZOOM NEWS
: PM office/ fileMAJEED
The Kurdistan Region’s Ministry of Natural Resources will soon take necessary steps to resume oil exports following an amendment to the budget bill by the Iraqi parliament on Sunday,
KRG spokesperson Peshawa Hawramani announced, highlighting strong coordination between Baghdad and Erbil to address outstanding issues. Remember last Thursday The Iraqi court already approved gas and oil contracts for Kurdistan So they already have the greenlight to go ahead with it LFGGGGG
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ZOOM NEWS: #LATEST: The Kurdistan Region’s Ministry of Natural Resources will soon take necessary steps to resume oil exports following an amendment to the budget bill by the Iraqi parliament on Sunday, KRG spokesperson Peshawa Hawramani announced, highlighting strong coordination between Baghdad and Erbil to address outstanding issues.
Dinar.. Currency and Symbol - Abdul Karim Ahmed Al-Zaidi
January 31, 2025 When a country has its own local currency that it uses in internal transactions, it is inevitably affected by external trade transactions, which require, through financial relations, dealing in foreign currency, which is what we call hard currency that we need in import operations and other financial payments for the various transactions of the country outside its borders.
For this reason, the importance of preserving the value of the local currency appears, and what is meant in our country is the Iraqi dinar with its equivalent value of hard currency in the external trade environment.
The responsibility for this process and preserving the value of the local currency falls on the Ministry of Finance, as it is authorized in these transactions in coordination with the Ministry of Trade and other bodies within its jurisdiction.
What concerns us here, considering that our country is still in dire need of supplying its people’s needs of materials, goods and local market requirements and its reliance on selling crude oil as an economic resource, is to maintain the value of the local currency and enhance its purchasing power against foreign currencies.
To be fair in our presentation of the subject, the Ministry of Finance has done its best in attempts to support the local currency and reduce its impact on the exchange of its equivalent in hard currency.
Perhaps the most prominent of these is offering the sale of hard currency in the financial markets at a price that competes with the inflation in the exchange rate of hard currency and monitoring the implementation of its instructions in the commercial dealings market in an attempt to stop the decline in the value of the local currency.
However, the situation, as it seems, does not represent an ideal solution to this situation after all commercial dealings and markets have become parallel to the exchange value. This matter requires a scientific and practical way out that preserves the value of the local currency and restores its prestige among foreign currencies and strongly fights all efforts to weaken its immunity and weaken its ability to compete again with other circulating currencies.
Perhaps Iraqis remember the market dealings with simple and metal money and small coins, which are not far away, and this is frankly what prompted me to review the history of the beginning of the birth of the Iraqi dinar in the year 1932, and after it was It was linked to the US dollar after 1959, so that each Iraqi dinar became equal to 2.8 US dollars.
It maintained its value until 1973, when it became equal to 3.37 per US dollar after the United States devalued its currency in 1972.
Unfortunately, the situation did not remain the same after Iraq devalued its currency, and the dinar remained in circulation equal to 3.2 per US dollar. It maintained its circulation until the Second Gulf War in 1991, despite the fact that the exchange rate of the Iraqi dinar on the black market was 3 dinars per dollar in late 1989.
I repeat that the supervisory authorities and the Central Bank of Iraq have a responsibility to work on finding a way out of this crisis and to overcome the weakness of the local currency with solutions that go beyond the short-sighted view that many financial and economic experts still resort to without any salvation, and to bring life back to the Iraqi dinar after a long period of slumber and weakness. LINK
EXCERPTS FROM MARKZ
MZ: I do have some Wealth managers/Redemption Center contacts at work today. I hope to hear what they accomplished later on today. Was it wealth management related or currency exchange related? If it’s anything good I will tweet it or truth it.
MZ: I have had some bond folks checking in and they are expecting spendable money between the 3rd and the 7th this coming week….. others are looking more towards the 11th or 12th. They could be after the reset….as all bonds do not go before…..that is what I was told.
Al-Sudani: Iraq's debts have fallen to their lowest levels and investments have exceeded 60 billion dinars
Prime Minister Mohammed al-Sudani said on Saturday, February 1, 2025, that Iraq's external debts have fallen to their lowest levels, noting that foreign investments in Iraq have exceeded 60 billion dinars.
The International Monetary Fund warned in a report of a doubling of debt in Iraq, through an increase in the deficit, as it expected “the public finance deficit to reach 7.6% in 2024 and to widen further after that with the expected gradual decline in oil prices in the medium term,” leading to “a near doubling of public debt from 44% in 2023 to 86% by 2029.”
Al-Sudani's media office stated in a statement seen by "Ultra Iraq" that "he opened the 48th Baghdad International Fair this evening, Saturday, with the participation of (1250) companies, in various specializations, representing 22 Arab and foreign countries."
He also "delivered a speech in which he welcomed the representatives of the companies and entities participating in this year's session, which witnessed the return of companies that had been absent from previous sessions, which is an important addition to establishing productive and promising partnerships and stronger cooperation that enhances facing challenges and draws a map of economic growth."
Al-Sudani said, "The real standard for success is the citizen's satisfaction and positive interaction with what the executive service apparatus provides, in addition to economic reform," indicating that "Iraq is heading towards the widest urban movement in the field of housing, and work has begun within the new city projects to reach approximately one million housing units."
He added: "We announced a project to add 15-20 thousand megawatts of electricity production to the national grid, and raise production to the highest levels in meeting the demand for energy." He also said: "We worked to achieve actual participation in clean and renewable energy production projects after it was just talk and statements."
He continued: "After implementing the reforms, foreign investments coming to Iraq exceeded 60 billion dinars, which is a clear indication of the reassurance of capital," and "the government provided a business-friendly investment environment, and legal and moral protection enjoyed by investors and companies operating in Iraq."
He pointed out to "building understandings and agreements with international partners and global financial institutions, and granting sovereign guarantees to the private sector to establish a strategic partnership with industrial countries and major economies," stressing that "the government's steps contributed to consolidating the position of the Iraqi economy, raising the level of credit confidence internationally, and reducing external debt to its lowest levels."
He explained that "the people's project development path will be the most effective to link Asia and Europe, passing through Iraq and the Middle East," and that "the door is open to everyone to contribute to the development path, and the opportunities that will be available on both sides for industrial economic cities and free trade zones."
Last year, Mazhar Muhammad Salih, Al-Sudani’s financial advisor, pointed out a “decrease in the amount of external debts due,” which appeared in the “allocations for external debt payments” in the 2024 budget compared to the 2023 budget schedules “with a difference of a decrease of more than one billion dollars,” due to “Iraq’s regularity in paying its external debts due annually, of which only about 20 billion dollars remain.” link
