DINAR REVALUATION

Friday, September 1, 2023

Iraqi Dinar Rv Countdown Started / Iraqi Dinar Revaluation News Last 24 ...

Sabah Sobhi: The oil and gas law is still in the drafting process, 1 SEPT

Sabah Sobhi: The oil and gas law is still in the drafting process

31/08/2023

Sabah Sobhi - The oil and gas law is still in the drafting processThe Parliamentary Oil, Gas and Natural Resources Committee revealed today, Thursday, that the draft oil and gas law, which has been stalled for years, is still in the process of “writing its draft.” Reliance that the law will be approved in the current parliamentary session if it is completed by the government.

Committee member Sabah Sobhi told Al-Sabah newspaper, followed by NRT Arabia, that “the oil and gas law is still in the process of writing its draft, which is the first stage in the enactment of any law, as this law needs a comprehensive political consensus, as it is a sensitive law that needs In-depth study and discussion by political parties.

Sobhi explained, “The law includes many dimensions, the most important of which is the economic dimension, which is the most important, because the enactment of this law leads to the structuring of the Iraqi economy, and the second dimension is the legal one because until now there is a legal vacuum with the existence of a constitutional article related to oil that requires the enactment of a law of its own.”

He added, “As for the third dimension, it is political, given that the issue of the oil commodity is very important from a political point of view, as it is the main revenue on which the economy and the Iraqi state depend, because 90% of the country’s budget depends on oil imports, so we need to legislate this law, and another after It is the technical dimension because oil is full of techniques from exploration until we reach sale, so we are in the process of enacting an important, complex, sensitive and fateful law for Iraq. 

nrttv.com

Adviser to the Prime Minister: Iraq has not recorded any failure in the timing of the payment of its debts
2023-08-31
Adviser to the Prime Minister - Iraq has not recorded any failure in the timing of the payment of its debtsWednesday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, considered the World Bank’s estimate of Iraq’s debts at more than $150 billion exaggerated and unreal, and while confirming the high creditworthiness of Iraq, he indicated that no failure was recorded in the timing of debt repayment in more than a decade. from time.
Salih said in a press statement, “The issue of the Iraqi public debt requires a professional distinction of its history and details, and not taking its numbers on their minds without a clear logical analysis. When evaluated in foreign currency, it is estimated at about $54 billion, while the external debt payable until the year 2028 is estimated at about $23 billion, and there are debts due after the year 2028, so the external debt becomes about $30 billion.
He added, “There is a debt pending on the Paris Club agreement of 2004, i.e. sovereign debts before 1990 belonging to four Gulf countries and four other countries, which are about $40 billion, and if they are activated, if they are correct (because they are, as the economic terminology termed, reprehensible debts because they financed the Iraq-Iran war.” At that time, if it is correct again, it must be deducted by 80% or more under the Paris Club agreement for the year 2004, to be less than $ 9 billion or less.


And Saleh continued, commenting on what the World Bank mentioned in its new report that Iraq’s debt exceeds 150 billion dollars: He said, “We do not know the method of calculating the debt in the World Bank report. Aside from it, for the external debt to reach 50 billion dollars, as an expectation of the total internal public debt early, which was not achieved, and therefore the reading of Iraq’s internal and external debts, according to what was published by the World Bank, came to be about 152 billion dollars, and this is exaggerated rather than being At about $84 billion (excluding the balance attached to the Paris Club agreement as an abhorrent debt) and what has been published about debt balances is unreal and discretionary.
He pointed out, “Nevertheless, the public debt-to-GDP ratio, even in light of its unjustified inflation, will remain between 54-57% of the estimated GDP for the year 2023, and it is within the current safe economic stability area, which is usually estimated at about 60%.”
And the advisor to the Prime Minister for Financial Affairs warned, “The financial policy in Iraq adopts a highly disciplined system in adjusting the timing of payment of debt dues (annual installments and interest) or when extinguishing the debt once on its annual due dates, and there are fixed and accurately estimated annual allocations that are monitored in the budget.” The public early to pay debt services and dues, especially Iraq’s foreign debts, and no failure has been recorded in Iraq during a decade and a half, and this is what made Iraq’s credit worthiness high, as Iraq is located within Area B in the global credit rating tables that are evaluated by international credit rating companies. Known and periodically since 2015 until today.
Saleh explained, “The vast majority of internal public debt is in the possession of government financial institutions or the government banking system, which is an (exclusive) internal governmental matter. There is a strategy in dealing with this debt, especially since the monetary authority currently acquires about 64% of the total internal debt and has the ability to In managing it in coordination with financial policy and with high accuracy, bearing in mind that the banking system annually obtains interest on that debt at a rate of 3%, and it falls within the annual allocations of the general budget.
burathanews.com

"RV UPDATE" BY TEXAS SNAKE & MARKZ, 1 SEPT

Texas Snake

On Wed. 30 Aug, very positive news about appointment notifications possibly being released. A banker was told to have all his trained exchange personnel at their exchange locations starting Wednesday and forth going.

MarkZ

[via PDK] Question: Can Iraq do everything in their budget with the 1100 rate that is going now?

MarkZ answer: No, it will be in the hole if they do it with the 1132 rate...but it gets them a lot closer though.

Question: What do you estimate the NEER [Nominal Effective Exchange Rate] rate would be necessary to do their projects?

MarkZ answer: About $1.30 based on all the math that we have done, that many have done, would be the cheapest NEER rate that they can get away with, but then again they won't be able to achieve the final value that they want if the come in that low.

...RV news...chatter among the banking folks... possible within the next 72 hours is the chatter amongst bankers and groups...government contacts think as far out as the 9th, that is what they are hearing right now, banking contacts think we are much closer than that...my redemption contacts are working on Sunday, which is unusual...

I'm not getting anything negative...I still have group leaders that think we are going to break all speed records and still think we will get things done in the month of August, between now and tomorrow night at midnight. They are going to have to do something quickly if they are going to meet those deadlines...it's encouraging.

World Bank & CBI Meetings?💣Exchanging Sept 1st?🤔Iraq Dinar RV Updates | ...

"RV UPDATE" BY FRANK26 & MARKZ, 1 SEPT

Frank26

It's the World Bank that is constantly meeting with the CBI governor and Sudani right now. The reason why is because of the reforms...They can't make it any more clear...They are making sure Iraq is set up with external transfers. This is all for the banking reform education.

1320 is not the official rate...that's just the street rate...They told you very plainly 1132 is the official exchange rate today. I'm not saying they're using 2 exchange rates. That's against the law. But there's nothing against the law to have two sets of books. The CBI website may show 1320 but IMO the economic reforms are at a different rate with permission to do so.

MarkZ

[via PDK] ...I do have an update from the redemption side/wealth management. They are saying they were asked to stay close to home this week…in case they are needed. It may have nothing to do with us and exchanges…but something internal. I don’t know as of yet.

Iraq Is Making Remarkable Progress In The List Of The Largest Economies In The World In 2023. This Is Its New Rank, 1 SEPT

Iraq Is Making Remarkable Progress In The List Of The Largest Economies In The World In 2023. This Is Its New Rank

Economy 2023-08-31 | 3,818 views Alsumaria News – Economy Iraq ranked 49th globally in the list of the world's largest economies for the current year 2023, according to CEOWORLD's report on statistics.

The report, which was based on GDP data for each country, stated that "the United States has maintained its position as the leading global economy and the richest country, retaining its first position with a GDP of $26.85 trillion, followed by China in second place with a GDP of $19.37 trillion. American, then Japan third with a total of 4.41 trillion dollars, then Germany in fourth place with a total of 4.31 trillion dollars, then India in fifth place with a total of 3.74 trillion. He pointed out that

"Iraq ranked 49th in the world and 4th in the Arab world, with a gross domestic product of $267.89 billion." Note that Iraq was ranked 52nd last year 2022.

https://www.alsumaria.tv/uploadImages/ExtImages/Images1/Screenshot%202023-08-31%20092738-638290602290646196.png

According to the report, Saudi Arabia ranked first in the Arab world and 18th in the world with a gross domestic product of $1.06 trillion, followed by the UAE with a total of $498.98 billion, then Egypt with a total of $387 billion, then Iraq came fourth in the 49th place in the world, followed by Qatar with an output of $219 billion, then Algeria. $2.6 billion, Kuwait $164 billion, then Morocco $138 billion, then Oman $104 billion, then Jordan $52 billion, while Tunisia came in tenth place with a GDP of $49 billion.

https://www.alsumaria.tv/news/economy/466336/العراق-يحقق-تقدماً-ملحوظاً-بقائمة-أكبر-اقتصادات-ال

Economic proposals to reduce the differences between the official and parallel dollar price, 1 SEPT

Economic proposals to reduce the differences between the official and parallel dollar price

8-31-2023

Economic proposals to reduce the differences between the official and parallel dollar priceInformation / Baghdad…
The researcher in economic affairs, Muhammad Al-Saadi, explained how to reduce the differences between the official dollar exchange rate and the one sold in the parallel market through government procedures and decisions.

Al-Saadi told Al-Maalouma, that “there is a commission that exchange companies receive when buying and selling dollars, and it is assumed that there will be a commitment to the specified commission according to the Central Bank’s policies.”

He added, “The competent authorities can reduce the demand for dollars by reducing money transfers and pushing for imports through documentary credits, so that the process of obtaining dollars at the official price takes place smoothly, away from any complications that push the merchant to resort to the black market.”

And he indicated that “there are many options available to the government in order to reduce the withdrawal of the dollar from the markets, especially the parallel one, impose control and monitor any cases of manipulation or speculation, and support the dinar in the local markets, as well as providing more facilities for merchants to push them towards registering on the electronic platform in order to obtain dollars in order to import their goods.

almaalomah.me