The Timing the Iraqi Dinar Revaluation Finalizing Iraq's Exchange Rate f...

"RV UPDATE" BY MARKZ, 6 DEC

 MarkZ   

[via PDK] 

 Question:  I heard that the rate at banks would be different from those at redemption centers. Is this true? 

 MarkZ:  That is what we have been told. That the rates will be higher at redeeming banks/centers than if you just walked in off the streets.

  Question:  Where are those redeeming banks?  

 MarkZ:  They will be all over. They could be right down the street from you. They are not going to give us redemption center locations until it is time to set appointments. For security reasons. It is a well guarded secret for now.  Comment:  I have seen photos of banks getting ready. 

  MarkZ:  IMO they are clearly gearing up.

 Iraq has...told us there will be no budget deficit in 2024. Next years budget starts Jan 1st. Without a revalued currency their deficit should be over $100 billion dollars…so the only way they cannot have a budget deficit is with a change of value in their currency …that is news worth reporting...And Iraq says they will be totally de-dollarized by Jan 1st. They are telling us what they are doing.

 Question:  How do we hold on to faith when everyday is a groundhog day? 

  MarkZ:  The problem is we are trying to pick the timing of this historic event. We are looking at all the pieces and trying to guess the timing...You are watching it happen…all the greatest economic voices tell us it is coming…it is not a groundhog day even though we are not across the finish line yet.

Al-Sudani: Most of Iraq's challenges have economic roots, 6 DEC

 Al-Sudani: Most of Iraq's challenges have economic roots

Shafaq News / Prime Minister Mohammed Shia Al-Sudani stated on Wednesday that most of the challenges and problems faced by Iraqi society have economic roots, stressing the importance of adhering to imposed fees and taxes without circumvention to support local products. 

During the launch of the Tax System Reform Conference, Al-Sudani highlighted that the current Iraqi government's top priority within its year of existence has been economic reform. 

He emphasized that this priority emerged from a realistic assessment of the problems and challenges confronting Iraqi society, with most stemming from economic origins. 

Al-Sudani addressed tax reforms, acknowledging initial difficulties in their implementation, and noted that tax reforms under the government's approach send a "significant message" to local and foreign investors, companies, and international organizations, demonstrating the administration's commitment to revamp the business environment, reform systems and legislations.

 

The Prime Minister urged the conference to deliver recommendations aimed at eradicating the "extortion" perpetrated by "weak-minded" individuals, referring to those exploiting the system. 

Additionally, Al-Sudani noted the disparity between recorded import data, stating that according to the Central Statistical Agency, imports totaled $16 billion, contrasting with the International Trade Center's data of $42 billion for 2022. 

This discrepancy implies that approximately $26 billion evaded tax payments, resulting in significant financial revenue losses and adverse effects on various industrial, commercial, and agricultural sectors, hindering developmental projects, according to the Prime Minister.

https://shafaq.com/en/Iraq-News/Al-Sudani-Most-of-Iraq-s-challenges-have-economic-roots

Report... Currency Fluctuations In Iraq: The Role Of Private Banks In The Dollar Crisis, 6 DEC

 Report... Currency Fluctuations In Iraq: The Role Of Private Banks In The Dollar Crisis

December 4, 2023     Last updated: December 4, 2023   The Independent / Report / - In light of the economic and political transformations, Iraq is witnessing significant fluctuations in the value of its currency and their effects on the national economy.

 This report explores the role of private banks in settling the dollar crisis and its challenges.

 The Iraqi dinar has witnessed continuous fluctuations in value against the US dollar, which raises concerns among citizens and affects various economic sectors.

 This volatility is attributed to several factors, including political tensions and widespread corruption in financial and banking institutions.

 The Dollar Crisis And Its Effects:

 The dollar crisis is reflected in the increased demand for hard currency and the deterioration of the value of the Iraqi dinar.

Citizens and businesses suffer from difficulty obtaining dollars, which affects purchasing power and economic stability.

The Role Of Private Banks:

 Private banks play a vital role in managing this crisis.

 By offering foreign exchange services and providing options to deal with fluctuations, the banking sector plays a pivotal role in providing financial support to individuals and businesses.

 Challenges For Private Banks:

Private banks face challenges in managing currency fluctuations, including increased demand for the dollar and the effects of the financial distress resulting from the crisis.

It requires them to adapt to these challenges and provide innovative solutions to meet customer needs.

The role of the government and oversight:

The importance of the government’s role is highlighted in strengthening oversight of financial markets and ensuring the stability of the national currency.

The authorities must take the necessary measures to stimulate investment and promote economic stability.

Solutions And Directions:

To overcome these challenges, the private banking sector must cooperate with the government to provide effective solutions.

This includes enhancing financial security, offering innovative investment options, and enhancing financial technology to facilitate transactions.

Currency fluctuations and the dollar crisis remain major challenges in Iraq,

but by coordinating the efforts of private banks and cooperating with the government, solutions can be provided that contribute to achieving economic stability that benefits citizens and companies alike.

 https://mustaqila.com/تقرير-تقلبات-العملة-في-العراق-دور-الم/

Iraqi Dinar US Dollar and Dinar Dynamic Currencies News Update Dinar IQD...

"RV UPDATE" BY BREITLING, 6 DEC

 Breitling

  For Iraq it's not a question if more dollars are coming into Iraq, it's do the average citizens have access to them.  That's what they're trying to fight...They want to take the dollar out so the supply times velocity of the dinar goes up.

Question:  " Why haven't all the big sharks bought in anticipation of the RI?" 

 Who says they haven't?

  I told you guys with some of the companies that I've worked with we did research and we had contact with a lot of senators and congressmen from both sides of the aisle, they all have it.  They all have Iraqi dinar.  They have other currencies too.

The Future of Iraq” at the conference table in Dubai. These are his details, 6 DEC

 The Future of Iraq” at the conference table in Dubai. These are his details

2023-12-03 09:19Font

Shafaq News / The Gulf Today newspaper revealed on Sunday the details of a major conference to be held in Dubai on December 7, with the aim of strengthening economic partnerships between Iraq and the UAE, and pushing for a transformation in the Iraqi economy.

A report published by the English-based newspaper, translated by Shafaq News Agency, quoted the “Iraqi-British Business Council” (IBBC) as noting that the trade exchange between the UAE and Iraq witnessed a significant growth of more than 60% last year, which confirms the sustainability of economic relations between the two countries.

The report pointed out that the UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, will deliver the welcome speech on the second day of the conference dedicated to “Building a sustainable future”, which will open on December 7 and last for two days.

He explained that the IBBC conference in 2022, aroused positive reactions from 230 delegates, which led to an increase in membership by 15%.

At this year’s conference, the council is seeking the same number of delegates who will meet to deliberate on topics such as “education and training in Iraq” and “building a sustainable future,” the report continued.

The report also quoted the UAE Undersecretary of the Ministry of Foreign Trade and Industry, Abdullah Ahmed Al Saleh, as saying, “It is a great honor to join our friends from Iraq and the Iraqi-British Business Council to discuss joint efforts to help the country in the reconstruction process,” adding that “Iraq has suffered a lot but has enormous potential and capabilities to contribute a lot to the world.”

Al-Saleh continued: “The Business Council has brought together companies operating in the field of business and trade from all over the world for the benefit of Iraq and the members of the Council,” adding: “Was the IBBC is committed to a free, prosperous and diverse Iraq, it acts as a bridge between Iraq and the rest of the world and connects governments and the private sector in order to ultimately benefit businessmen, industry and the people of Iraq.”

Al-Saleh praised the Business Council and its leadership for organizing this platform to communicate better, expressing his full support for his mission of “enabling the transfer of technology, infrastructure and expertise to Iraq to enhance its growth and development.”

The Council considered that “the significant growth in trade between Iraq and the UAE, which exceeded 60% last year, underscores the permanent economic relations between the two countries, adding that this conference also emphasizes the UAE’s position as the main commercial center of Iraq, and presents the growing role of the state in facilitating international cooperation.

The report indicated that “the UAE has huge potential to invest in Iraq and for companies operating there, without the need for administrative and bureaucratic functions that can be found in Iraq.”

The report also quoted the Director General of the Business Council, Christophe Michels, as saying that “by defending the private sector in Iraq, the UAE is an ideal place due to its role as a regional center, linking international companies to Iraq.”

The report of the Gulf Today newspaper noted that the two-day conference is taking place at a critical juncture, and addresses pivotal issues such as economic sustainability, education, finance and climate change, while the Business Council expects a shift in education and sustainability in Iraq, with a focus on increasing skills training and industrial cooperation.

In addition, the conference will address sustainability through the exploitation of gas and financing strategies to support investments beyond oil price fluctuations, the newspaper reported.

According to the report, the British member of parliament, Wayne David, a shadow minister for Middle East affairs, will speak at the conference about Britain’s foreign policy in the Middle East. Energy bodies and companies, including Total Energy, BP, Basra Gas Company and Siemens, will participate in the conference, and there will be discussions on financial reform with industry leaders such as the CEO of Standard Chartered Bank and the head of the Commercial Bank of Iraq.

According to the report, there will be participation of senior representatives of British universities, high-level representatives from the Iraqi Ministry of Higher Education, and the Office of the Prime Minister. 

Translated by Sharaq News Agency