Sunday, February 2, 2025
ZOOM NEWS IRAQ: Iraqi Prime Minister Mohammed Shia al-Sudani urges the Kurdistan Regional Government (KRG) and the Federal Ministry of Oil to swiftly implement the budget bill, 3 JAN
ZOOM NEWS
Iraqi Prime Minister Mohammed Shia al-Sudani urges the Kurdistan Regional Government (KRG) and the Federal Ministry of Oil to swiftly implement the budget bill amendment, ensuring optimal utilization of Iraq’s oil
resources to boost stability and economic growth - statement
: PM office/ file
MAJEED: They already have the greenlight to go ahead with it !!, 3 JAN
MAJEED
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, 2 FEB
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, 2 FEB
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.
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