DINAR REVALUATION

Thursday, April 11, 2024

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Al-Sudani: We are working to correct the state’s economic paths, 11 APRIL

Al-Sudani: We are working to correct the state’s economic paths

4/10/2024 Baghdad

Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Wednesday, that the government is working in all directions and stability has been achieved thanks to the blood of the martyrs, while he indicated that the government is working to correct the state’s economic paths.

A statement from the Prime Minister’s media office, received by Al-Iqtisad News, stated that “Al-Sudani received ministers, heads of bodies, deputy ministers, and military and security leaders from various formations and categories of our armed forces, as well as heads of federations and unions, and a number of tribal sheikhs and notables from Baghdad Governorate, congratulating them on the occasion of Eid Al-Fitr. ".

He added, "The Sudanese exchanged congratulations with the well-wishers, praying to God to protect Iraq and the Iraqis, and to grant our homeland and our people the blessing of security and stability."

The Prime Minister stressed - according to the statement - that “security and stability require that the state be productive and stable and perform its duties in the correct manner,” noting that “the government is working on these benefits in stages, and at the beginning of its work it focused on services, in order to reassure citizens that they are serious.” The government and its commitment to its programme.

Al-Sudani stressed, "This government is not working in one direction, but rather has a group of files in all directions, including critical issues related to correcting the state's economic paths, as it is working to address them, which will have a major impact on the state in the future."

He pointed to "the government's efforts to arm and modernize the Iraqi army and armed forces and to develop internal security services," stressing that "enhancing reassurance in the work of service institutions and ministries will be matched by reassurance among investors and businessmen inside and outside Iraq."

He concluded by saying: "The security and stability that has been achieved is thanks to the blood of the martyrs and their sacrifices." LINK

"RV UPDATE" BY MARKZ, 11 APRIL

MarkZ

[via PDK] I do have one Iraqi contact that is convinced we are in a day or two. I think he may be premature…but he is convinced it is this week. He does work in the Iraqi government so he may know more than I do. I am hoping he does. But I am keeping an eye on it.

I heard there will be more activity from Redemption banks for later this month as they are getting some last minute instructions... They even used the term “Last minute instructions” So I take that as a very good sign. I am hopeful we are in the last few days or weeks at worse….

Question: Do you think things have started? MarkZ: After this week I have no doubts that things have started. And are well underway. I think we are in the rollout process right now.

Iraqi Dinar🔥Iraqi Dinar Exchange Rates Today 2024🔥iraqi dinar rate updat...

The agenda of the Sudanese visit to Washington and his accompanying delegation was revealed , 11 APRIL

The agenda of the Sudanese visit to Washington and his accompanying delegation was revealed

4/10/2024

An official source in the Ministry of Foreign Affairs revealed the agenda of Prime Minister Muhammad Shiaa Al-Sudani’s visit to the United States next week.

The source said, “The visit scheduled for the fifteenth of this month to Washington will include, in addition to the Prime Minister, a number of Iraqi military and security leaders,” adding that “the file of the American forces, the role of the international coalition, and the American sanctions on Iraqi banks and financial institutions, will be discussed.” Header of the files to be searched.

He stated that the visit will draw "a new picture of cooperation between Iraq and the United States, including setting a schedule to review the American military presence in Iraq," stressing that the expected announcement of the meeting between US President Joe Biden and Sudanese will include American support for the Iraqi forces, and in the field of development and reconstruction as well.

Al-Sudani is scheduled to visit Washington on the 15th of this month. LINK

ANALYSIS OF IRAQ NEWS BY KAPERONI, 11 APRIL

NORV

[aka Kaperoni]

Article: "Advisor to the Association of Banks: The Central Bank is following a consistent approach to achieving banking reform"

Quote: "the management of the Central Bank of Iraq plans to gradually cancel the window for selling foreign currency during the year 2024, until it leaves it completely." .. .this is huge news... Iraq cannot end the auctions unless they have an alternative to the auctions... which means they plan to float the dinar by the end of the year...floating the dinar will give them a new mechanism to maintain the dinar, the CBI will buy and sell blocks of dinar like other central banks do to maintain their currency...

They will also have to use dinar to pay for goods and services which will make the dinar internationally traded...they want the banks and Iraq to establish relationships around the world with International standards and full compliance which means that means IMF Article XIV...This seems pretty clear and excellent news. We very well see that Iraqi dinar float on the global market at the end of this year or early next year...I think it's very promising...it definitely is very good news.