The expert in economic affairs, Hividar Shaaban, revealed today, Sunday (March 16, 2025), the holding of two meetings between the Federal Ministry of Oil and the Ministry of Natural Resources in the regional government, with representatives of oil companies operating in Kurdistan.
Shaaban said in an interview with “Baghdad Today” that “the first meeting will be held in Baghdad during the current week, and next week another meeting will be held in Erbil between the same authorities, to solve the problem of resuming oil exports through the Turkish port of Ceyhan.”
He added that “the problem of oil export is not related to the federal government, nor the territorial government, but oil companies refuse to resume exports at the moment, except after paying the debts owed by the regional government.”
Among the most prominent problems is the resumption of oil exports through the Turkish port of Ceyhan, the method of calculating oil quantities, the method of paying its funds, the share of international companies that took over the extraction of oil from the Kurdistan Region, as well as the files of salaries, fees and customs. Delegations are trying between the parties to resolve these files before the start of export operations.
Oil Minister Hayyan Abdul Ghani unexpectedly announced last February the resumption of exports from Kurdistan, in a move that would end a two-year dispute that led to the interruption of supplies of more than 300,000 barrels per day entering global markets through Turkey.
What they've told us is that going into 2025 they were going to end the currency auctions. We know that much.
They did say they transitioned to that new method of transferring foreign currencies abroad... allowing specific local banks within the country of Iraq to send the foreign currencies...But they never officially ended the currency auctions...
We know the currency auctions have to end at least by the time the rate changes. We also know that from last November through the end of January the currency auctions went up from about $280 million to $300 million, then in January of this year...went higher from $290 million to $300 million...
Their actions of incrementing the currency auctions to higher amounts suggest we're getting getting very close to nearing the end of this..
They did not have any currency auctions as of...Monday March 3rd. Now, what were the 2 critical things the central bank states to us through the year '24 (which by the way, you're still in) -
End the use of the dollar and end the currency auctions. Last Thursday/Friday they said the citizens debit cards would no longer be able to access US dollar cash outside the country of Iraq.
That's one way of exiting the dollar. They also said the currency auctions would end. When does their fiscal period end? The very end of March. When does the new budget period start? April 1st. Boom there you go! Rate is changing in March folks!
US President Donald Trump has addressed tonight’s airstrikes on the Houthis in Yemen, stating that the attacks followed his order for the US military to take decisive and powerful action against them.
He warned that their time is up, and their attacks on American vessels must stop.
Trump also urged Iran to cease its support for the Houthis, warning that Iran would be held fully accountable if they did not comply.
In this video, the narrator explores the concept of dropping zeros from a currency’s exchange rate and its potential implications for economies.
The discussion begins with an explanation of the current exchange rate, where $1 is equivalent to approximately 1,310 units of a particular currency.
'By removing three zeros from this figure, the perceived value of that currency increases dramatically, leading to a value of 76 cents instead of less than a penny. This change could significantly impact consumer confidence, international trade, and local business investments.
However, the narrator also cautions against the potential confusion that may arise from such a drastic move. Historical examples from Turkey and Iraq highlight the necessity of careful planning to ensure positive outcomes. The video also discusses the forthcoming changes regarding bond exchanges and encourages viewers to remain informed as the financial landscape shifts.
Emphasis is placed on the importance of preparation, understanding, and participating in discussions surrounding these financial changes.
💵 Dramatic Change in Perceived Value: Removing zeroes from a currency can dramatically shift its perceived worth, enhancing consumer confidence.
🌍 Impact on International Trade: A more appealing exchange rate could foster improved trade relationships, boosting exports and international economic standing.
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Psychological Factors in Economics: A strengthened currency can encourage citizens to invest and spend, creating a positive economic ripple effect.
⚖️ Potential Downsides: Rapid changes can cause market confusion and inflation if not effectively managed, necessitating careful planning.
🌐 Real-Life Examples: Historical instances from Turkey and Iraq show that dropping zeros can stabilize economies, but implementation is crucial.
📝 Preparation is Key: As bond exchanges loom, viewers are urged to stay informed and prepare their documents for potential changes.
💬 Encouragement to Engage: Viewers are invited to share their thoughts and experiences regarding currency changes, fostering community support and discussion.
Key Insights
🔄 Dramatically Altering Perception: The concept of dropping zeros from a currency isn’t merely numerical; it fundamentally changes how people perceive the value of their currency and helps reassess their own economic behaviors. By changing $1 from an exchange rate of 1,310 to 76, individuals psychologically perceive their money as more valuable, which can have far-reaching effects on consumer behavior and confidence.
🌐 Boosting Trade Opportunities: A more favorable exchange rate can attract foreign partners, enhancing trade relationships. Countries with stronger currencies are generally perceived as safer investment environments, meaning that the psychological boost from numerical changes can lead to real economic advantages, including better trade deals and increased exports.
☕ Consumer Spending Dynamics: When the price of essential goods appears cheaper due to dropping zeros, consumers may feel more inclined to spend, which could invigorate local economies. For example, if a coffee shop reduces its price from 3,000 currency units to 3, the perceived affordability can drive an increase in foot traffic and ultimately, sales.
⚠️ Navigating Market Confusion: Changing a currency’s exchange structure, while beneficial in theory, can lead to market chaos if not handled correctly. For example, consumers might initially struggle to adapt to new pricing structures and exchange rates, leading to confusion and potential distrust in the currency’s value.
📈 Inflation Risks: If adjusting currency doesn’t coincide with managing inflation rates, it can result in price hikes that make the desired benefits moot. A coordinated strategy must be in place to ensure that price adjustments accompany the dropping of zeros, avoiding the pitfalls of hyperinflation that can occur in poorly managed economies.
🏛️ Historical Precedents of Currency Adjustment: The economic strategies employed by Turkey and Iraq offer profound lessons in currency reevaluation, indicating that while removing zeros can yield positive outcomes, the historical context shows that it often necessitates a multi-step approach—starting with public education on the changes and its implications.
🚀 The Anticipation of Bond Exchanges: As imminent bond exchanges are expected, it is vital for individuals to stay abreast of developments and prepare strategically to safeguard their investments and financial interests. Understanding how these changes intersect with the broader economy helps viewers make informed decisions and lessen anxiety during uncertain times.
In summary, the implications of dropping zeros from a currency’s exchange rate are multifaceted, combining psychological, economic, and operational elements that can either stabilize or destabilize an economy. While the opportunity for improvement exists, it requires a carefully structured approach to ensure that the intended benefits are achieved without causing adverse outcomes. As such, individuals are encouraged to stay informed, engage in discussions, and prepare for potential changes that affect their financial landscape.
FRANK26: "THE MONETARY REFORM OF THE IQD BRINGS SECURITY & STABILITY TO THE MIDDLE EAST!!!".......F26
Iraq welcomes the historic peace agreement between Azerbaijan and Armenia.
3/15/2025
Baghdad /
Iraq welcomed the historic peace agreement between the Republics of Azerbaijan and Armenia.
The Ministry of Foreign Affairs affirmed in a statement: "This agreement represents a major step towards enhancing security and stability in the Caucasus region, expressing its hope that this agreement will contribute to building a better future for the people of Azerbaijan and Armenia."
The Ministry appreciated the diplomatic efforts that contributed to achieving this important achievement and expressed its hope that this agreement will be the beginning of a new era of friendly relations and continuous cooperation between the two countries and will enhance opportunities for peaceful coexistence and sustainable development in the region.
