If you follow most of their math on the REER (Real Effective Exchange Rate)…The worst case scenario or bare minimum it could possibly be is .76 cents...
What we are expecting is in the high $3 range or low $4 range which makes the most economic sense. I am still being told to expect higher than that.
the Export Import bank of the United states has approved $297 Million for an energy efficiency project in Iraq.
This money would not be going to Iraq if it wasn’t going to be safe and stable…and if they could not pay those loans back. They are counting on an International Iraq with a real effect exchange rate.
TRADE BANK OF IRAQ ANNOUNCES MEASURES TO SUPPORT EXCHANGE RATE STABILITY
The Trade Bank of Iraq (TBI) announced today, Wednesday, that it has taken a series of measures to support the stability of the exchange rate and prevent exploitation by speculators.
The Director of the Tahrir Branch at the Iraqi Bank, Yarub Al-Hashemi, told the Iraqi News Agency (INA): “The bank’s management has taken a series of measures to stabilize the exchange rate and prevent manipulation in the market, including increasing working hours in the bank’s branches, which has had an impact on the speed of completing merchants’ transactions, the smoothness of financial transfers, and eliminating the momentum in this regard.”
He added, “There is a series of measures being taken successively that will have a clear impact on controlling the exchange rate, preventing speculators, and limiting the granting of dollars to the beneficiaries exclusively.”
Prime Minister Mohammed Shia Al-Sudani directed “intensifying inspection procedures in financial transfer operations and not being lenient or lenient in pursuing speculators who exploit the crises the region is going through; to achieve personal profits and benefits at the expense of the public interest of the country.”
They're got e-government and their institutions doing payments electronically. 600 entities of the government already are doing it.
That's huge.
There's no turning back...The country of Iraq is embracing electronic digitization for the state institutions and the financial system progress has been massive...
2 million cards the first year and 18 million more this year...It shows progress like no other...
Turning on their new exchange rate will ignite the country into a digital revolution. The world will marvel over it...
IRAQ EXPORTS MORE THAN 54 MILLION BARRELS OF OIL AND ITS DERIVATIVES TO AMERICA
(I can still remember the day when under Trump, America did not have to import any middle east oil. So, what happened under Biden? What does this tell us? I find nothing wrong with this as long as they keep the price level down but the best part is that Iraq is now refining their own oil and selling not only raw crude oil exports but now running refineries to generate oil products (or derivatives) and exporting them too. )
The US Energy Information Administration announced on Monday that Iraq exported more than 54 million barrels of crude oil and its derivatives to the United States during seven months of the current year.
A schedule of the administration, which Shafaq News Agency reviewed, showed that Iraq’s exports of oil and its derivatives during seven months amounted to 54 million and 917 thousand barrels.
He pointed out that Iraq exported eight million and 868 thousand barrels of crude oil and its derivatives during the month of July, an increase from the month of June, when exports amounted to eight million and 600 thousand barrels.
The US Energy Information Administration stated that OPEC’s exports of crude oil and its derivatives to America during seven months of the current year amounted to 270 million and 853 thousand barrels, with Saudi Arabia leading the highest rate with 79 million and 402 thousand barrels during the same period of time.
Iraqi oil exports to the United States have increased significantly over recent years, with export figures reaching record levels in some months, partly due to Iraq’s ability to increase its oil production, as well as rising global demand for oil.
Oil trade relations between Iraq and the United States play an important role in strengthening economic relations between the two countries, and contribute to enhancing the stability of the global oil market and providing energy to the American and global economies.
Sudani on Friday told the citizens [in an article] we're lifting the three zeros to add value to your currency so you have purchasing power, all of this by the end of the year.
Then the following day, Saturday, they [Barzani in Kurdistan] came out and they said word for word they're going to lift the value, they're going to add purchasing power,that's what Baghdad..the central bank...
Sudani's people are saying.
It looks like they want to get it done by the middle of October..