U.S. Dollar Takes a Dip in Baghdad and Erbil Markets, 8 NOV

 U.S. Dollar Takes a Dip in Baghdad and Erbil Markets

In the heart of Baghdad and Erbil, the exchange rate of the US dollar versus the Iraqi dinar has taken a downward turn, stirring significant interest. The lower selling and purchasing prices are seen as the offspring of market fluctuations and a series of economic factors. The scene is painted complex by global political events, Iran’s potentially growing influence in Iraq, and administrative and financial corruption within Iraq’s system.

The Dinar’s Volatility Amidst Political Tensions

The Iraqi dinar has been sailing on rough seas, facing repeated bouts of volatility. Experts are divided over predictions, some foreseeing stabilization amidst political tensions, while others remain skeptical. Economic expert Khaled Haider points towards the global political climate, particularly the crisis in Gaza and allegations against Iran of backing the Hamas movement, as key influencers on the Iraqi economy. He also highlights the deterioration caused by administrative and financial corruption to the exchange rate disparity, necessitating hefty dollar injections into the currency auction by the Central Bank of Iraq.

Consequences for Iraqi Citizens

The vacillation in the exchange rate proves consequential for Iraqi citizens, especially in a country so heavily dependent on imports. The growing chasm between the official exchange rate and the black market rate directly impacts the prices of consumer goods, straining Iraqi households financially. Furthermore, the exchange rate disparities have raised inflation concerns and foreign exchange market instability, reinforcing the need for measures to stabilize the exchange rate and cushion its economic impact.

Addressing Economic Challenges

Rooted in its history, the economic challenges for Iraq are vast, including the aftermath of the 2003 U.S.-led invasion, which led to economic contraction and significant social and political turbulence. Despite efforts to invest in reconstruction and development, the economy remains fragile and heavily oil-reliant. The Central Bank of Iraq has been at the forefront in tackling these challenges, initiating steps to stabilize the foreign exchange market and foster inclusive economic progress. However, the economic landscape remains intricate, with concerns surrounding global events like OPEC’s decision to force Iraq to cut its oil production, and the country’s susceptibility to considerable carbon transition risks due to its hydrocarbon sector dependence.

The Road to Economic Recovery

The exchange rate between the Iraqi dinar and the U.S. dollar continues to be a focal point amidst these economic challenges. The Central Bank of Iraq’s efforts in stabilizing the exchange rate are instrumental in mitigating the impact of fluctuations on the economy and fostering economic development. However, the road to economic recovery is long and winding, necessitating sustained efforts to tackle structural imbalances and promote stability. In the grand scheme, the exchange rate dynamics between the Iraqi dinar and the U.S. dollar mirror the intricate interplay between global events, economic policies, and the structural challenges Iraq faces. As the country steers through these complexities, the exchange rate serves as the economic landscape’s barometer, indicating the need for concerted efforts for stability, diversification, and inclusive growth.

https://bnn.network/world/iraq/u-s-dollar-takes-a-dip-in-baghdad-and-erbil-markets/

Iraqi Dinar🔥Iraqi Dinar Highly Increase Against US Dollars Today 2023🔥ex...

"IRAQ BOOTS ON THE GROUND REPORT UPDATED" BY FIREFLY, 8 NOV

 Frank26

   [Iraq boots-on-the-ground report]  

  FIREFLY:  Oil and Gas law by the 9th...or have to wait...Without the Oil and Gas no rate until 2024. 

 FRANK:  You say, without the HCL you will not have an exchange rate until January 1st?  I can agree with you to a certain point...IMO Between now and January 1 you will see what you want...They already gave you a clue - The dollar will stop on January 1st...

 FIREFLY: The television  says the parliament session will end on the 9th of this month and parliament is telling us that there are no more scheduled sessions this year nor are there any emergency sessions.   That means the HCL law didn't make it again. 

 They've been telling us it was going to come.  That they were going to vote on it on this session.  They're saying no more sessions until next year.  It's a little disappointing...   

FRANK:  I don't care what parliament says and neither should you...Sudani and Barzani have your HCL.  All that is needed is for the new exchange rate to come out in order to activate it... Sudani can call a session on his own.

This year IMO is a fact...that's 57 days until the year is over with.  In that 57 days we believe we will see our blessing. 

Coffee with MarkZ and Andy Schectman. 11/08/2023

Thank you MarkZ for all your time, and encouragement daily….. PDK

MarkZ Wednesday Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

Coffee with MarkZ and Andy Schectman. 11/08/2023

Member: Hoping to hear more confirmations from bond people and Iraqi sources today. Every day feels like Christmas Eve and we are waiting for 800 numbers wrapped in a bow to be left by our fireplaces

Member: Remember..The chinese like the number 8..lets goooooo

Member: 11/11 sounds like a date the Chinese would also like !

MZ: Historic bond folks are still looking at rumors of liquidity for the next couple of days. They are still being told to expect “full economic receipt” and being able to spend it with no strings. I am getting that from 2 bond people 

MZ: I know a number of group leaders have been traveling for this thing….but, they are not giving me any specifics. They have been cracked down on what they can say and NDA’s.They have been leaned on hard to not leak the timing of this event. To me this means timing is “sooner” rather than “later” 

Member: For years these  people been "traveling" They must be so tired!

MZ: I am still believing this will all go at one time…..at least 109 currencies all at one time is what I was told….including the ones we want.  

Member: New video on youtube states dinar is $5.61 and dong is $4.87

MZ: I think that dong rate is high but, believe that dinar rate is possible.

MZ: “US adds Vietnam to currency monitoring list” Why so?  Well they have high amounts of USD they could dump and a trade imbalance. They are a little afraid of their trading partners. 

MZ: “Banker sounds alarm on more inflation. New financial crisis at Hong Kong summit” These are folks from the top of the business sector and they all got together. They all forsee a financial crisis. And just one event could trigger it. 

MZ: “Americans are absolutely drowning in debt. This really is the worst debt crisis in all of US history” We have been very irresponsible with our spending….including the US government. There is nowhere to go but a reset. 

Member: the fed reserve system is a debt system hence the debt note called the federal reserve note you cannot payoff debt with more debt

Member: I read When Gesara/Nesara happens, all debt is wiped out? Mortgages? Visa?Some income tax money given back? People not with the RV will still be able to receive from Gesara/Nesara.

Member: NADER just put out a good video. According to him Iraq will be International and on Forex in a few days.

Member:  yes- Nader said IQD is going international in a couple of days !!

MZ: That is huge and I continue to get the same from my Iraqi sources as well. 

Member: Nader said all currency foreign and domestic will have to be registered via serial numbers….on international forex in 48 hours.

Member: Militia Man mentioned 7th, 8th, 9th for Business in Iraq, so I'm thinking after tomorrow ?

Member: The WTO vote on Iraq is tomorrow I believe. 

Member: Has anyone seen the new currency? Has anyone seen anything to prove an RV ever happening?

Member: I believe we are already looking at our new currency because of the gold jug that is on the face of the $20's and higher bills. They are part of the new batch of 2013's and 17's.

Member; I am still hopeful- the USN bills are true. 

Member: 3 day weekend, starting Friday… FYI! 

Member: Wishing all a great HUMP day. Continuing to pray for our blessing.

Andy Schectman joins the stream today…Please listen to the replay for his opinions and information. 

THE INFORMATION IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IS MARK’S OPINION ONLY.

The government issues new instructions regarding the dollar exchange rate mechanism, 8 NOV

 The government issues new instructions regarding the dollar exchange rate mechanism

11-8-2023

The government issues new instructions regarding the dollar exchange rate mechanismInformation / Baghdad..

On Tuesday, the Council of Ministers held its forty-fifth regular session headed by Prime Minister Muhammad Shiaa Al-Sudani, while taking a set of decisions regarding the dollar price mechanism and maximizing the state’s imports.

The Office of the President of the Council stated in a statement received by “Al-Ma’louma” that, “In the course of government action to regulate financial transactions based on the dollar, the Council agreed to amend Paragraph (3) of Cabinet Resolution (23545 of 2023) regarding the dollar exchange rate mechanism, to become according to The following: With regard to Iraqi borrowers from government banks (including the Iraqi Trade Bank) in the US dollar currency, these banks are committed to repaying their loans at the official exchange rate (1,320 dinars) for every US dollar from the borrower, provided that the Central Bank of Iraq strengthens the banks’ accounts in dollars for transfer purposes. The external exchange rate, and at the official exchange rate, according to its need, and this procedure applies exclusively to loans that were disbursed before the issuance of this decision.

As part of the government’s efforts to combat corruption and recover stolen funds, the Council of Ministers agreed to “issue instructions to facilitate the implementation of the provisions of the Iraq Money Recovery Fund Law No. (9) of 2012, based on the provisions of the Constitution and Article (9) of the aforementioned law, taking into consideration the proposals.” set forth in the draft project submitted by the Iraq Assets Recovery Fund, and the notes of the Legal Department in the General Secretariat of the Council of Ministers.”

In the direction of working to maximize the state’s imports, the Ministry of Commerce was approved to sell (49,624,767) kg, or forty-nine thousand six hundred and twenty-four tons, and seven hundred and sixty-seven kg, of damaged wheat that is not suitable for animal consumption, and to export it outside the country for final disposal, provided that Its release shall be under the supervision and follow-up of the National Security Service, provided that the sale is made at public auction for export purposes, and that the price is determined by the Estimation Committee formed in accordance with the Law on the Sale and Rent of State Funds, in accordance with the procedures stipulated in Article ( of this law, and the amount shall be transferred to The Public Treasury, according to Paragraph (3) of Cabinet Resolution (360 of 2022).”

The recommendation of the Ministerial Council for the Economy (230276 Q) was also approved as follows: Approval of what was stated in the letter of the Ministry of Agriculture dated October 5, 2023, regarding the sale of the remaining quantity of premix amounting to (1,113,955) kg, one thousand one hundred and thirteen tons and nine hundred and fifty-five. kg, belonging to the General Company for Agricultural Equipment, without public bidding; Because it is highly perishable, based on the provisions of the Law on the Sale and Rent of State Funds (21 of 2013), provided that the aforementioned ministry bears the financial and legal consequences and the accuracy of the information.”

As well as “the Ministry of Agriculture’s scrutiny of the reasons for purchasing quantities greater than the actual need.”

The Council voted to “address the debts owed by the Ministries of Defense and Interior and the Popular Mobilization Authority, regarding medicines and medical supplies from the Ministry of Health/The General Company for Marketing Medicines and Medical Supplies (Kimadia), through coordination between the Ministry of Health and the relevant authorities, and providing the Ministry of Finance with what supports these debts.” The amount will be secured this year/2023, or next year/2024.”

almaalomah.me

A Deep Dive into India’s Currency Dynamics Amid Global Market Shifts, 8 NOV

A Deep Dive into India’s Currency Dynamics Amid Global Market Shifts

The Indian rupee’s stability despite fluctuating oil prices, the impact of Russian crude oil discounts on Indian refiners, and the forecasted movement of the rupee against the U.S. dollar form the core of the provided information. Additionally, the analysis includes insights on the Indian economy, foreign exchange rates, and the impact of global factors on the Indian market. Let’s delve deeper into these key aspects and their implications.

Indian Rupee and Oil Prices

The Indian rupee’s resilience in the face of fluctuating oil prices is a significant observation. Despite the drop in oil prices and the strengthening of Asian currencies, the rupee remained relatively unaffected. This stability is noteworthy, especially considering India’s heavy dependence on oil imports to meet over 85% of its requirements. The muted impact of falling oil prices on the rupee suggests a complex interplay of factors influencing the currency’s valuation. Continued dollar demand from local corporates and oil companies has been exerting pressure on the rupee, indicating the influence of domestic economic activities on currency dynamics.

Impact of Russian Oil Discounts on Indian Refiners

The analysis highlights the substantial savings—estimated at around 3.3 billion USD—achieved by Indian refiners through the purchase of discounted Russian crude oil. This development underscores the significant role of Russian oil in India’s energy landscape, with Russia emerging as the largest source of oil imports for India. The deep discounts offered by Russia in the wake of geopolitical events have positioned the country as a primary supplier of crude to India, surpassing traditional suppliers like Iraq and Saudi Arabia. The cost-effectiveness of Russian oil imports, coupled with the scale of India’s crude oil consumption, underscores the strategic implications of this shift in oil trade dynamics.

Forecasted Movement of the Indian Rupee

The forecasted movement of the Indian rupee against the U.S. dollar provides valuable insights into the expected trajectory of the currency. Despite India’s robust economic growth projections, the rupee is anticipated to trade near record lows against the dollar in the coming months. This forecast reflects the expectations of FX strategists and the Reserve Bank of India’s potential interventions to support the currency. The nuanced analysis considers factors such as the impact of global central bank policies, oil prices, and geopolitical developments on the rupee’s valuation. The forecasted range of the rupee’s exchange rate against the dollar offers a comprehensive view of the currency’s anticipated performance.

Economic Implications

The interplay between oil prices, currency dynamics, and global geopolitical events holds significant implications for India’s economy. The stability of the rupee against the U.S. dollar, despite external volatilities, reflects the resilience of India’s currency markets. The substantial savings achieved through discounted Russian oil imports are poised to have far-reaching effects on India’s energy security and trade balances. Additionally, the forecasted movement of the rupee underscores the interconnectedness of domestic and global factors shaping India’s currency markets.

Key Takeaways and Future Considerations

The insights gleaned from the analysis provide a nuanced understanding of the intricate relationship between oil prices, currency dynamics, and India’s economic landscape. The strategic shift in India’s oil imports, driven by discounted Russian crude oil, underscores the country’s adaptability to global market dynamics. The forecasted movement of the rupee against the U.S. dollar necessitates a comprehensive approach to managing currency risks and ensuring economic stability amid external uncertainties.

In conclusion, the analysis offers a comprehensive view of the Indian rupee’s stability, the impact of discounted Russian oil imports, and the forecasted movement of the currency. The intricate interplay of global energy markets, currency dynamics, and economic projections underscores the complexity of India’s economic landscape. As India navigates the evolving global economic environment, a nuanced understanding of these factors will be essential for informed decision-making and strategic planning.

https://bnn.network/finance-nav/currencies/a-deep-dive-into-indias-currency-dynamics-amid-global-market-shifts/

Dinar RV Breaking News🔥Iraq’s Solutions to End Dependence on the Dollar ...