April 25, 2023  US DOLLAR GO BOOM, WHILE THE IRAQI DINAR ZOOMS!

“ All Roads Lead To Gold”

Walkingstick

  You will not see trillions of new small category notes printed.  You will see billions printed.  They’ll release all this information to the citizens.  The citizens are rather excited.

When they say ‘the parallel rate’?  It means 1 to 1.  And now when Sudani says 1.5 to 1 what does it mean?  He is talking about the parallel exchange rate which is a market rate determined via supply and demand.  The currency value of the Iraqi dinar will run parallel with the official market exchange rate that they are establishing for the float.  That rate is determined by supply and demand…the CBI…They don’t want a parallel currency because that means they will use the USD in the market place…they are depolarizing.  The 1.5 is true.

Deepwood

 I disagree. 1320 does not help the citizens. Neither does anything closely resembling 1320, 1190, 1160, or even 1000. Nor do any of these numbers inspire confidence in a national currency. Sudani has said repeatedly that the dinar is stronger than the dollar. You citizens, hold on to your dinar.  None of this is confusing.  The float you seek is closer than you think in my opinion. Also, there is a lot in the 1 – 1.5 ratio that was mentioned earlier this week.

Clare

 “The value of the dinar in the parallel market increased by 5% since the beginning of the month”  Quote: “The Governor of the Central Bank, Ali Al-Alaq, said earlier this month that the central bank is on alert to restore the exchange rate of the dollar to its normal position…“

Frank26

 “It is imminent.. a major disaster befalls the dollar” US DOLLAR GO BOOM, WHILE THE IRAQI DINAR ZOOMS!

FIREFLY:  Something is about to pop…it has to.  After EID we expect some changes to the current rate.  To more like 1000 to 1…  FRANK:  Pay attention to   your prime minister.  He is trying very hard to tell you your currency is at 1.5 to the American dollar.  It is possible they may start the float at 1 to 1.5 instead of 1 to 1.

Militia Man 

 I suggest if in fact they do what they say they’re going to do, ‘We’re going to do it soon’, ‘We’re going to do it in weeks’, ‘We’re going to do it in days’, ‘We’re going to do it now’, ‘We’re going to do 1.5 times.’  By that equation that Al-Sudani is giving you, not me…if that holds true what they’ve done is they have adjusted the rate again to squeeze the black market…

MarkZ

  I still believe it will not be a float but an RI (ReInstatement) and a healthy, lovely one at that… There is a lot of activity going on right now that makes me feel very, very good. I am continuing to hear the rate we get will be around $4.20-$5.35…. I certainly hope that is accurate… It does appear they are moving forward very quickly…we certainly hope this is our week.  Iraqi contacts expect to see it by the 1st of May.

Its interesting on the rate…. I am hearing from some contractors in Iraq that they were able to complete some deals today at $1.60…There is a tremendous amount of chatter from contractors involved in Iraq today. We had reports from contractors that we feel very confident about that said they actually did receive those dollars.

We are hearing from Iraq that they are fully section 8 compliant…Its finished…. This is another key piece…its done. I believe at this point they have already passed the budget…I think the GOI is sitting on some huge news and will simply announce it and a rate change soon…. I could be wrong…but that’s what I think. Iraq is doing everything they can to move this forward…

Goldilocks Goldilocks “ All Roads Lead To Gold”

Goldilocks and Seeds of Wisdom   Thank you RJ   RJ:  Good afternoon Dinar Recaps,   Goldilocks posted some comments and links this afternoon:   There are so many variables on this journey, so I wanted to make it easy for everyone to know when everything is complete.   No matter what happens to the markets or to the debt ceiling, one thing has to happen.   We need to have a repricing event in oil, silver, and gold.   This is our liquidity event my friends that will give us what we’re looking for on all sectors of the markets.   Nothing else will get us there. 

  Iraq implements two policies to support the Iraqi dinar against foreign currencies   Iraq implements two policies to support the Iraqi dinar against foreign currencies   ~~~~~~~~~~   All roads lead to gold.

~~~~~~~~~~   In our present-day scenarios. Gold and the dollar were seen as safe haven assets in the past, and the dollar was capable of being weaponized to hold other currencies down.   At this time, central banks around the world account for 33% of the demand for gold. Because of this new trend, gold is currently capable of being weaponized against the dollar.   And, this is what we are seeing as the world is making known it’s new preferences and trend for the global markets.   Gold is clearly the great equalizer, and it is leveling the playing field everywhere.  

   It looks like we have movement on stablecoin legislation, and there is a great deal of urgency to see this pass.   Part of the issue in the past has been contradictions between the CFTC and the SEC on their understanding of virtual currencies.   The urgency has come from losing stablecoin providers. Some have moved out of the United States who is lacking clarity to other countries that will accept them. This is causing a great deal of revenue loss.   Once we see the digital-asset based trading system clarify these currency reforms in digital format, we will be able to move forward with their implementations and standardizations.   

The biggest requirement going forward is that these stablecoins represent a country’s currency has to have a one-to-one backing in a liquidity asset to keep these currencies stable during difficult times of crisis.   Here are the main issues that were brought up in the meeting just a few days ago.   “By requiring payment stablecoins to be backed one-for-one by high quality liquid assets held in reserve, the proposal mitigates run risk.”   “The legislation also requires stablecoin issuers to comply with redemption requirements, monthly attestation and disclosures, and risk management standards. 

Yada

The parallel rate…is the rate that the street operated at. For a long time, the street rate charged higher rates for dollars that were purchased by dinar. The CBI rate is the official rate and there was a variance between the two.  Since the official currency in Iraq is now the dollar [dinar ?] and illegal to use dollars, the street vendors are forced to play fair or use the same rate as the CBI…the parallel rate is flattened in Kurdistan whom always operated at a higher standard than Baghdad.   Now the rate will go international and that is what we’ve been awaiting

Bondlady’s Corner

 Administrator Bondlady’s Corner   Federation Of Chambers Of Commerce: Iraq Sent A Positive Message To The World After Entering The Swift Platform   

Baghdad – conscious – Nassar Al –Hajj  The Federation of Chambers of Commerce confirmed today, Sunday, that Iraq has promising investment opportunities and with all specializations, while indicating that its entry into the Swift platform gave a positive message to all countries of the world.   “Iraq has thousands of promising investment opportunities and with all the agricultural, industrial, commercial, commercial oil specialties, especially as it is a country of multi-good deeds and sites.”   He added, “There are great opportunities that can be global,” stressing  

 “the real need to extend the law and send a positive message to the world that Iraq is a safe environment for investment,   in addition to the need for banks to have a global correspondence through which the investor can enter and remove money.”   He explained, “The entry of Iraq to the platform in Swift gave the world a positive message that Iraq is its money and its financial dealings is white,” noting that   “the union has all the powers in the openness of international companies through the federations of the trade and industrial chambers in the countries of the world.”   And he added,  “The Iraqi investments are large and widespread in all countries of the world, including Oman, Dubai and Turkey, because the laws are facilitated and simplified,”   calling on “the government to improve the administrative improvement of these operations and   eliminate routine, bureaucracy, favoritism and other things that keep the investor away from investing his money in Iraq.”   

The Central Bank Announces The Creation Of The “International Organizations And Foreign Relations” Section   Economy     17-04-2023,  Baghdad – conscious  The Central Bank of Iraq announced today, Monday, the creation of the Department of International Organizations and Foreign Relations.   The Media Office of the Central Bank said in a statement received by the Iraqi News Agency (conscious), that “the governor of the Central Bank, Ali Mohsen Al -Alaq, and the accompanying delegation met the regional representative of the World Bank Farid Balha Al -Hajj and his executive team, as part of the World Bank meetings and the International Monetary Fund in Washington.”  

 He added, “The meeting dealt with researching the reality of the Iraqi banking sector and enhancing the concept of financial inclusion in the country through special programs with international institutions.   The two parties also discussed the recent measures carried out by the Governor of the Central Bank of Iraq in combating money laundering and terrorist financing, as well as accelerating banking reforms for banks Government, government support for reform in this vital sector.   Al -Alaq stressed, according to the statement, “continuing to support the green economy and renewable energy through the clean energy initiative, which is to lend citizens to purchase solar energy systems and cooperate with government agencies to ensure the quality of systems,”   calling for “technical support and benefit from the expertise of the World Bank in expanding the Central Bank initiative to lend projects Small in light of the successful experiences of other countries.”  

He pointed out that   “the creation of the Department of International Organizations and Foreign Relations, which is related to the Governor of the Central Bank to organize, promote and follow up on relations, programs and memoranda of understanding with organizations and foreign authorities.”   The World Bank’s regional representative expressed his cooperation “to build functional and technical capabilities for the central bank employees in the field of banking control, electronic payment companies and non-banking financial institutions.”   https://www.ina.iq/183122–.html   Al-Khazraji: Al-Sudani’s Decisions Contributed To Recovering The Billions Of Looted Funds 

Baghdad – conscious  Member of the Oil, Gas and Natural Resources Committee, Representative Muhannad Al-Khazraji, confirmed today, Friday, that   the audacity of the Prime Minister’s decisions recovered the looted funds, strengthened the state’s sovereignty,   and moved the economic recession, which contributed to a great loss that caused the dollar to rise against the Iraqi dinar.  

 Al-Khazraji said, in a statement received by the Iraqi News Agency (INA), that   “the coordination framework in particular and the State Administration Coalition are continuing to support the Prime Minister’s efforts to combat corruption,”   calling at the same time “the House of Representatives and other political components to support the government’s efforts in pursuing those wanted.” Through the International Interpol in cases of corruption and terrorism.   He pointed out that “hundreds of wanted people owe billions of dollars and live in complete prosperity, along with their families, as a result of the looting of public money,” noting that   “reforming the situation in the country takes a long time through integration between the executive and legislative governments to control economic security in the country and support independent bodies charged with fighting corruption.” Which is the main obstacle to the growth and prosperity of the national economy, especially since  the Sudanese government has achieved tangible successes on the ground in a period not exceeding six months.   

  Central Bank: Dealing In The Iraqi Dinar Will Extend To The Private Sector   Economy    04-18-2023,  Baghdad – conscious  Today, Tuesday, the Central Bank confirmed that the reform package is a major shift for the organized economy, while noting that  dealing in the Iraqi dinar will extend to the private sector.   The bank’s advisor, Ihsan Shamran, told the Iraqi News Agency (INA): “The government supported the reform package launched by the Central Bank,” noting that “there is great harmony between the financial authority and the government.”   He added, “Countries whose legal systems are good have an excellent economy because they do not deal in dollars,” noting, 

  “Companies and government institutions have responded, including Iraqi Airways, by relying on the strength of the Iraqi dinar, regardless of the exchange rate.”   And he continued, “The public began to deal in the Iraqi dinar as a national currency,” explaining,   “This will extend to the private sector, including car showrooms, and at a close stage, the furniture and electrical dealer will not need the dollar.”   And he stated, “This is considered a real step and a big shift for the organized economy,” explaining,   “The real value of the dinar that exists now is more than one and a half dinars, because the bank’s reserves are very high and therefore the national currency cover is high.”   

And he stated, “Iraq’s economic interface is the central bank, which takes corrective steps,   the most important of which is the platform that transformed foreign trade in Iraq into real trade, after the relationship between the dollar that exits the country and the commodities was disconnected between them,” pointing out that   “through the platform All these matters have been seized, including the dollar that is sold by the central bank to the bank and then to the public, and the public asks the bank to transfer it to the merchant who exports the commodity to Iraq.   It has been seized and has become clear.   He pointed out, “Iraq and the Central Bank are in compliance with international concerns, including combating money laundering and financing terrorism,” explaining that   “we have exited the gray area and turned into a respected compliant country, and   the Central Bank has now become an internationally recognized institution, as compliance is a feature of the ethical and legal features of work.”.  

The “Tripartite Budget”… Positive Steps To Promote Development And Investment  

 Baghdad: Shukran Al-Fatlawi  Specialists in economic affairs praised the governmental and parliamentary directions aimed at approving a tripartite budget, stressing that   this step shows the existence of a medium-term government vision for spending paths and trends and project priorities.   And it can be positively reflected in creating more interaction with local partners in various sectors, and while they warned against the continued dependence of the budget on a single financial resource to support its items,   they stressed the need to exploit the financial abundance to support the “industrial, agricultural and tourism” sectors.  

 The “triple” budget that extends until 2025 is a positive point that was welcomed by a number of specialists in economic affairs, who praised the paragraphs supporting the increase in sustainable development rates, especially in the health and education aspects, praising at the same time the establishment of a fixed exchange rate in the law.   A researcher in economic and institutional reform issues at the Middle East Institute in Washington, Nawfal Abu Al-Shoun, during his interview with Al-Sabah, sees a number of positive aspects in approving a tripartite budget, including “the presence of a medium-term government vision for spending paths and trends and project priorities that will be positively reflected by approving a budget for a period of three years.”  

 In addition to the importance of the step in being a real motive for more interaction with local partners in the private sector and investors.   

Abu Al-Shoun pointed out that “the stability of the tracks during the implementation period of this budget avoids delaying its approval in the future, as happened more than once, and the   governments were forced at that time to follow the state’s requirements according to previous budgets with a clear disruption of interests,” warning at the same time, against “the continued adoption of The budget is almost completely based on export resources for one commodity that fluctuates in prices, is not controlled, and is subject to collapse and a sharp decline (oil), as happened in alternating economic cycles, expressing his fear of building the budget according to exaggerated price expectations.   

The spokesman explained that “accelerating the approval of the budget, which was delayed, will be an effective factor in moving influential economic joints in the country,   which can be achieved by approving the budget for the next three years, consistent with the ministerial curriculum and the government program, and   limiting the effects of negative attitudes that try to create unreal convictions related to the budget.”     

The proposed expenditures in the new budget amount to 197 trillion and 828 billion dinars ($152 billion, according to the official exchange rate), including investments worth 47 trillion and 555 billion dinars ($36.5 billion).   According to the government’s economic adviser, Mazhar Muhammad Salih, preparing a budget for three years is contained in the Iraqi Financial Management Law, and   “it can be amended by the Council of Ministers based on a proposal from the Ministries of Planning and Finance for the second and third years and with the approval of the House of Representatives.”   Saleh says that this gives the government “legislative flexibility that distanced financial planning from the constitutional rigidity and difficulties of annual legislation.”  And he adds that   the House of Representatives, as far as the matter relates to the legislation of the Federal General Budget Law, has the power to reduce unnecessary expenditures and make some transfers between expenditure chapters without increasing expenditures, and this is what is happening now.  

   Al-Sudani Directs The Submission And Discussion Of Monthly Reports Of Non-Oil Revenues Collected By The Ministries   April 18 Information / Baghdad…The Council of Ministers, in its session held on Tuesday, issued several decisions, including deeming tomorrow an official holiday for Yazidi citizens on the occasion of the Yazidi New Year, approving recommendations for converting the land of Al-Rashid Camp into green spaces, opening Sinbad Street, rehabilitating and opening the atomic energy road. 

  A statement issued by the Prime Minister’s Media Office, which was received by Al-Maaloumah, stated that “Prime Minister Muhammad Shia’a Al-Sudani presided today, Tuesday, the sixteenth regular session of the Council of Ministers,” noting that   “the session witnessed consideration of the general conditions, issues and files related to the government’s implementation of its program based on Priorities for   services,   combating corruption,   poverty and unemployment, and   achieving economic reform steps.  

 The Prime Minister stressed, “the importance of continuing the momentum of what has been achieved from the government program, and   the importance of the citizen feeling the seriousness of the state agencies in implementing the projects that they promise to complete, in order to build confidence,” noting,   “the need to accelerate efforts during the coming weeks and months to reinforce the principle of trust and that the state Do what you promise.”   The Prime Minister directed “all ministries to submit monthly reports that include non-oil revenues collected by the ministries and discuss them.”   And with the advent of Eid Al-Fitr, the Prime Minister directed that “the Eid holiday be from Thursday, April 20, until Monday, April 24, may God bring it back to Iraq and the Islamic nation with goodness and stability.”   And with the celebrations of our Yazidi people on the Yazidi New Year, the Council of Ministers approved on this occasion that tomorrow, Wednesday, April 19 of this year (2023), will be an official holiday for Yazidi citizens. 

  The council also decided to consider the first Wednesday in April of each year an official holiday for the Yazidi component.   The Council of Ministers continued to study the issues on its agenda and took the necessary decisions and directives in this regard.   In the field of land and infrastructure development for the capital, Baghdad, and projects to reduce population pressure and pressure on the city center and its outskirts, the Council of Ministers approved the recommendations set out in the minutes of the meeting held in the office of the Prime Minister on March 15, 2023 for the purpose of transforming the land of Al-Rashid Camp into green spaces, opening Sinbad Street, and rehabilitating And opening the path of atomic energy, according to the following:  

 1- Re-allocating all the lands of Al-Rashid Camp to the Amanat Baghdad (except for the Al-Rashid Military Hospital) to enable the Amanat Baghdad to start work.   2- The Municipality of Baghdad shall refer the designs and plans for the project to a consulting company for the purposes of designs and development of master plans and present them to the Prime Minister for approval, and then referral for the purpose of implementation, under the supervision of the Office of the Prime Minister.   3- Transferring the cement factory of the Iraqi General Company for Cement Industry, one of the formations of the Ministry of Industry and Minerals, which has been suspended since 1982, to another location to use it as spare parts for other factories. Because it interferes with the implementation of the rational project.   4- The Ministry of Health undertakes the establishment of a second medical city in Baghdad on the structure of Al-Rashid Military Hospital, which is allocated to the Ministry of Health on an area of (401) dunums.   5- Oblige the executing company of the Al-Rashid Camp project to establish an air base in the outskirts of Baghdad, to be determined later, after obtaining the necessary approvals, as a substitute for the Al-Salam air base.   6- Stopping all allocation orders for the lands of Al-Rashid Camp that contradict the implementation of the project, and no part of it can be invested outside this vision, and canceling previous cabinet decisions.   In the framework of the efforts made to develop the oil sector, and to solve the legal and contractual problems that hinder development and expansion, the Council of Ministers approved the recommendation of the Ministerial Council for Energy 

for the year 2023, regarding approval of the consensual settlement between the Basra Oil Company and the consortium of (Shell and Petronas) companies.   Among the decisions related to the oil and energy sectors, the Cabinet approved the recommendation of the Ministerial Council for Energy (23026i) for the year 2023 regarding the direct call to convert the Sadr gas station (1, 2) from the simple cycle to the combined cycle, according to the following:   1- Approval of the recommendation of the Central Committee for Review and Approval of the referral in the Ministry of Electricity taken at its third session (confirmed in Paragraph 8 specifically) regarding the referral of the direct invitation numbered

Converting Al-Sadr gas station (1,2) from the simple cycle to the combined cycle under the custody of the American company (Stellar Energy), for a total amount of (288,598,800) dollars, only two hundred and eighty-eight million, five hundred and ninety-eight thousand and eight hundred dollars,   and a specific price of (877,200) dollars Only eight hundred and seventy-seven thousand and two hundred dollars per megawatt, with an increase of (3.2%) over the estimated costs,   with a total capacity of (229) megawatts, with an implementation period of (36) months, which is equivalent to (1095) days, (as far as the issue relates to financial validity), and you bear The Ministry of Electricity ensures the integrity and accuracy of contractual procedures in accordance with the laws, regulations, and instructions in force.   And to be of European and American origins, equipment and station with American specifications.   2- Authorizing the Ministry of Electricity to complete the referral and contracting procedures according to the financial powers.    

 The Council of Ministers also approved the recommendation of the Ministerial Council for Social Services (23012g), according to the following:   – Approval of the national policy for the sustainability of urban development projects (Nakheel – PALMS) and its implementation plan, according to what was stated in the book of the Ministry of Higher Education and Scientific Research / University of Karbala.   The Council of Ministers agreed to consider the deceased in the Ministry of Electricity (Qasim Hassan Ajil Alewi, Ahmed Zaki Nabat) as a result of their injury during work, as contractors in accordance with Cabinet Resolution (315 of 2019), and to promote their retirement transactions, based on the Unified Retirement Law, and for the Federal Service Council to undertake Take the necessary procedures by appointing one for each of their relatives.  

 In the field of financial and administrative reform, the Council of Ministers approved the submission of the entities whose details are indicated in the statements included in the book of the Federal Office of Financial Supervision dated March 6, 2023,   their data to the aforementioned Bureau, as quickly as possible,   to complete the procedures for controlling public money, and to give the matter great importance, while providing data necessary within (20) working days starting from the date of issuance of this decision,   otherwise, investigative committees shall be formed to identify the defaulters, and submit their recommendations within a period not exceeding (30) days.  

  Low Oil Prices In World Markets   Energy  Economy News – Baghdad   Oil prices fell on Monday, as concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed prospects for tight supplies due to OPEC+ supply cuts.   Brent crude fell 48 cents to $81.18 a barrel by 00:45 GMT, while West Texas Intermediate crude fell 48 cents to $77.39 a barrel.   The two benchmarks fell more than 5% last week, their first weekly decline in five weeks, as implied demand for gasoline declined from a year ago, raising fears of a recession in the world’s largest oil consumer.

 Dollar Exchange Rates In The Local Markets Today   

411  Baghdad / NINA / – The exchange rates of the dollar on the local stock exchange recorded a slight decrease today, Monday.   The selling price was 143,750 thousand dinars for one hundred dollars, and the purchase price was 141,750 thousand dinars for one hundred dollars.   In the north, the selling price reached 144,250 dinars for one hundred dollars, and the purchase price was 142,250 dinars for one hundred dollars.   In the south, the selling price reached 144,500 dinars for one hundred dollars, and the purchase price was 142,500 dinars for one hundred dollars./ https://ninanews.com/Website/News/Details?key=1048950   To read more current and reliable Iraqi news please visit BondLady’s Corner:

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