Monday, October 30, 2023
"RV UPDATE" BY MARKZ, 30 OCT
MarkZ
[via PDK] Question: ...how do you RI at $3 with 90 TRILLION of Dinar printed?
MarkZ: Good Question:
There has been a number of stories in the recent past that they have gotten trillions of dinar off the streets or confiscated.
We shared many of them over the last 9 months that they have pulled back in as much dinar as they could. Also they will pay for the RV over time with the “Oil for Dinar” program...
A lot of rumors coming out of Iraq right now. They still think they are a “GO” by Nov.1st...If you listen to the rumors- things are still beyond fantastic…Guess we will find out in the next day or two.
...news out of Iraq. Boy, they have a lot of anticipation between now and the 1st of Nov. With heavy emphasis on this weekend. Lots of chatter for a rate change by the 1st.
Iraq is trying to totally de-dollarize by Jan 1st so this means they have to move quick…they cannot de-dollarize unless they have a currency with a larger value. …
I still believe it will happen before the end of the year. There are some great global things happening and pointing to how close we are.
Navigating Turbulent Tides: Iraq’s Financial, Legal, and Political Challenges, 30 OCT
Navigating Turbulent Tides: Iraq’s Financial, Legal, and Political Challenges
In the intricate dance of geopolitics and economics, Iraq finds itself in the spotlight, grappling with a host of challenges, ranging from financial to legal disputes. Among the latest developments, the Iraqi parliament has announced an imminent financial aid package of 700 billion dinars for the Kurdistan Region – a lifeline that aims to support the salaried employees in a region grappling with economic strain.
Financial Relief Amid Economic Strain
The news of this financial aid package comes as a breath of fresh air for the Kurdistan Region, which has been wrestling with financial difficulties. With the region’s salaried employees bearing the brunt of these economic challenges, the aid package is expected to alleviate some of the strain, ensuring salaries are paid on time. Yet, this is but a drop in the ocean of challenges the region faces.
Legal Disputes on the Horizon
Adding to the region’s woes, the Federal Supreme Court is slated to convene on October 29th, with three complaints related to the Kurdistan Region on its docket. These complaints indicate ongoing disputes between the federal government and the Kurdistan Regional Government (KRG), signaling a deeper, systemic issue that extends beyond temporary financial relief. The outcomes of these cases could potentially have far-reaching implications, shaping the future relationship between the federal government and the KRG.
Exchange Rates and Corruption
As legal battles loom, the Iraqi dinar has managed to stabilize against the US dollar. This stability is a welcome sign for the economy, providing a semblance of certainty for businesses and investors. Yet, inconsistencies persist, with money exchangers selling the dollar for more than its official rate. Amid this, the Central Bank of Iraq has launched an electronic reservation service for dollars, marking a significant step towards modernization. But with the convenience of digital transactions comes the risk of fraud, prompting a warning from the Central Bank against unlicensed entities issuing electronic payment cards.
On a more positive note, the Supreme Judicial Council has managed to recover 775 million dinars from individuals accused of financial and administrative corruption. This signifies the government’s commitment to combating corruption and fostering transparency, crucial steps towards improving Iraq’s business environment.
Political Tensions and International Relations
On the political front, the Kurdistan Regional Government has expressed frustration over delays in receiving funds earmarked for employee salaries. This issue has escalated to the point where a government delegation from Erbil is set to visit Baghdad for discussions. The tension between the two governments underscores the complexity of the financial and political landscape in Iraq.
Meanwhile, in the realm of international relations, the anticipated visit of Prime Minister Mohammed Shia al-Sudani to Washington is a topic of discussion. The visit is shrouded in expectations and speculations, with the potential to shape Iraq’s relationship with the US. However, it also raises the specter of potential repercussions, should Iraq choose to sever ties with Washington.
In summary, Iraq’s journey is marked by an intricate interplay of financial, legal, and political challenges. However, amid the complexities, the country also reveals signs of resilience and progress. The question remains: Can the government sustain these efforts and navigate the turbulent tides of change?
Al-Awadi: The Government May Have To Sell The Dollar Directly If The Crisis Continues, 30 OCT
Al-Awadi: The Government May Have To Sell The Dollar Directly If The Crisis Continues
10/29/2023 888 views The Iraqi government spokesman, Bassem Al-Awadi, revealed today, Sunday, what the government of Muhammad Shiaa Al-Sudani achieved during the first year of its life,
pointing out that the latter placed a set of political norms in the government program, while stressing that the government may be forced to sell the dollar directly if the crisis continues.. Al-Awadifi said in a televised interview,
“The result is optimistic in the first year of the government’s life and we seek to provide the best,” noting, “Al-Sudani established a set of political norms within his government program that were based on the basics of addressing poverty, unemployment, employment, and services,” explaining that “Al-Sudani established executive oversight.”
On the decisions and orders issued, a semi-annual report was also prepared to evaluate the government’s performance, and this is something that did not exist previously.” He added, "The government achieved more than 35% of the government program in its first year."
He stated that during the first year, the total amount of funds to be preserved from waste reached one billion dollars, and more than one hundred million were recovered, while the number of reports reached 30,000, 8,690 people were brought in for investigation, 3,015 arrest warrants were issued, in addition to the arrest of 1,300 people, and the recovery files amounted to Fugitives 70 files .
Al-Awadi touched on the dollar crisis, stressing that this crisis is major and affected the rise in the prices of cars, real estate, and construction materials,
but the government was able to maintain food prices, and this is most important.
He explained that trade with China will be opened in yen value, and our trade with Iran and the UAE will be in tomans and dirhams.
He pointed out, "The government may have to sell the dollar directly if the crisis continues and through government exchanges," noting at the same time that "inflation in Iraq decreased by 4%."
Regarding Al-Sudani’s speech during the Cairo summit and the rumors about Washington’s anger, the government spokesman stressed that “Iraq is a sovereign country and has a decision, and in his speech he expressed the position of Iraq and its people, and we do not care who accepts or is upset.”
Ali stressed, "We did not receive threats regarding Al-Sudani's speech," adding that "protecting missions is the government's responsibility and it must carry it out properly."
Evening News with MarkZ. 10/30/2023
In Baghdad and Erbil: A Tale of Two Markets and the Dance of Currencies, 30 OCT
In Baghdad and Erbil: A Tale of Two Markets and the Dance of Currencies, 30 OCT
In the bustling markets of Baghdad, the exchange rate of the US dollar to the Iraqi dinar is on the rise. In the hushed, cooler climes of Erbil, the capital of the Kurdistan Region, it is subtly dropping. It’s a dance of numbers and currencies, a testament to the ebb and flow of Iraq’s economic pulse. It’s a story of two cities, two markets, and one currency caught in the middle.
A Tale of Two Markets
The US dollar, in the heat of Baghdad’s markets, rose at the opening of Al-Kifah and Al-Harithiya stock exchanges, hitting 161,550 dinars. But in Erbil, it fell slightly, with exchange shops selling at 161,250 dinars. The fluctuation, though minor, has caused a ripple in the markets, especially amidst the soaring demand for the Iraqi Dinar in Erbil.
(Read Also: Dagestan: A Microcosm of Rising Anti-Semitism Amid Israeli-Palestinian Conflict)
The Drivers of Currency Fluctuation
Behind these numbers lie various influencers. The demand for the Iraqi dinar in Erbil is a clear signal of the US dollar’s safe-haven status. This is driven by political instability, economic uncertainty, and concerns about the stability of the Iraqi dinar. The rise in Baghdad, on the other hand, could be attributed to the overall economic conditions in Iraq, which include political instability, security concerns, and a lack of diversification in the economy. These factors can depress the value of the Iraqi dinar, leading to an increased demand for US dollars.
(Read Also: US Vice-President Kamala Harris Rules Out Military Intervention in Israel-Gaza Conflict)
While these local factors drive fluctuations, global economic factors also play a part. The performance of the US economy, global trade dynamics, and geopolitical events can all impact the value of the Iraqi dinar. Therefore, the dance of currencies is choreographed by both local and global forces.
The Role of Central Banks
However, the exchange rate is not solely a product of market forces. Central banks, including the Central Bank of Iraq, have the power to intervene in foreign exchange markets to stabilize exchange rates and manage the value of the national currency. In Iraq, the Central Bank has implemented various measures to stabilize the exchange rates and maintain the value of the Iraqi dinar. These measures include interventions in the foreign exchange market, the implementation of monetary policies, and the management of foreign currency reserves.
The fluctuation in the exchange rates of the US dollar against the Iraqi dinar underscores the challenges of managing an economy in a volatile global economic environment. It also highlights the importance of implementing sound economic policies, diversifying the economy, and addressing underlying structural issues for long-term stability and growth.
In a world where currencies are not just mediums of exchange but barometers of national economic health, the tale of the US dollar and the Iraqi dinar in Baghdad and Erbil is a story that reflects the complexities of Iraq’s economic landscape.
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