TNT:
Tishwash: Iraq Restores Value of Dinar
Text: Cabinet session 7/2/2023
Approval of the decision of the Board of Directors of the Central Bank
Iraqi to adjust the exchange rate of the dollar against the dinar, including
Equivalent to:
Seard
1300 dinars for one dollar
The Iraqi authorities have approved a revaluation of the Iraqi dinar.
In a statement said on Tuesday, the Central Bank of Iraq (CBI) said that, starting on Wednesday, the exchange rates will be as follows:
1,300 dinars per dollar: the price of purchasing a dollar from the Ministry of Finance;
1,310 dinars per dollar: the selling price of the dollar to banks through the electronic platform; and,
1,320 dinars per dollar: the sale price of the dollar from banks and non-bank financial institutions to the final beneficiary.
The dinar had fallen as low as 1,470 dinars per dollar in recent days, causing increased prices for imported goods.
(Sources: Govt of Iraq, CBI) link
Sooneriam: are we looking for the IQD to revalue by itself this week?
Famous13: Sooneriam I’m curious about the dong and zim as well
Yada: Famous13, you have have heard the expression of “All boats rise with the tide”, When the dinar increases, all those other countries who swapped with Iraq may see an increase in their values. They all exchange on the Forex so Im expecting an increase once the dinar increases.
Sooneriam: we have some changes in Iraq and the currency world now
CharlieOK: Sooneriam: When you reinstate something, you bring it back to it’s original status prior to the event that lessened “its” value. The dinar was $3+/1 prior to being devalued. What we are seeing is the ptb allowing the “float game”….On the other hand, the ptb might give us the whole enchilada and revalue the entire first basket. Hope that is what they do.
CourntryDoc: this was posted a couple of hours ago: Glajef wrote 2h ago NewMoney… Take 1 dollar and divide it by 1300 dinar. You get .000769 dollars per dinar. You can’t take .000769 international but after you drop the 3 zeros you get .769 dollars per dinar. You can take that as the starting point. As enthusiasm grows for the dinar, that will grow which is what we want.
Jetpack: just seems like opening on forex at 1300 that every legit currency trader globally would buy up as much as they could get their hands on and ride the wave! For years it seemed like they out don’t take that route for this reason an dat least launch at a 1 to 1 rate. But after 17 years on this ride we all have learned there is no way to predict the final outcome and we just have to stay patient and hopefully if this float will move quickly to 1:1 and beyond , thanks for all you day TonY, Ray, Tish and all whom have supportive the cause
RVAlready: The 1300 appears not to be on forex, so in country only until they decide to make it international…Might also be 1300 for international treasury use, but not for retail US bank public use.
Ivantulafitov: 1458.52 on tradingview.com this is not forex but a good place to look https://www.tradingview.com/chart/?symbol=FX_IDC%3AIQDUSD
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Tishwash: The President of the Republic: We support the measures to raise the exchange rate of the dinar
Today, Wednesday, the President of the Republic, Abdul Latif Jamal Rashid, affirmed his support for the measures of the Council of Ministers and the Central Bank to raise the exchange rate of the dinar.
Rashid said in a tweet to him via Twitter, followed by (Baghdad Today), “We support the measures of the Council of Ministers and the Central Bank to raise the exchange rate of the dinar because of its positive results on the standard of living and enhancing the value of the national currency.”
Rashid emphasized “the need to continue economic reform measures for the productive sectors, support investment and the private sector, and combat corruption in order to achieve development and prosperity.”
Yesterday evening, Tuesday, the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to adjust the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars per dollar. link
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Tishwash: Member of Parliamentary Energy: A “semi-official” agreement on the oil and gas law
A member of the Parliamentary Oil and Energy Committee revealed a “semi-official” agreement regarding the controversial draft oil and gas law.
Zainab Juma al-Moussawi told {Euphrates News} agency: “We in the Oil, Gas and Natural Resources Committee are working continuously in discussing the oil and gas law and making the amendment to request, especially that there is a political will to approve it in the current fifth parliamentary session and not to deport it to the next session.”
She added, “Many of the problems facing the oil and gas sector in Iraq will be resolved by its approval.”
Al-Moussawi pointed out that “it was agreed semi-officially that the outstanding issues be dealt with, in accordance with what was stipulated in the Iraqi constitution.”
She explained, “The oil and gas law stipulates that the responsibility for managing the oil fields in the country must be entrusted to a national oil company, and it is supervised by a federal council specialized in this issue, but since 2003, Baghdad and Erbil have disagreed on the issue of managing the region’s oil fields.”
And the Prime Minister, Muhammad Shia al-Sudani, revealed this evening, Tuesday, that there is a draft oil and gas law that is being reviewed between Baghdad and Erbil in order to ripen it and then approve it.
Al-Sudani said during the weekly press conference, “The oil and gas law is one of the government’s obligations, and there is a draft law being circulated between the Federal Ministry of Oil and the Ministry of Natural Resources in the Kurdistan Region.” He pointed out that “after approving the budget law, the draft oil and gas law will be discussed.” link
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Tishwash: Prime Minister: Selling the dollar at the new price will start tomorrow and there are no red lines in combating corruption
The Prime Minister, Muhammad Shia’a Al-Sudani, confirmed that the sale of the dollar at the new price will start from tomorrow, Wednesday, while he indicated that there are no red lines in combating corruption.
Al-Sudani said in the press conference held today, Tuesday, followed by the Iraqi News Agency (INA), “The government has become 100 days old, and it has set 5 priorities since the first day to vote on it and on its ministerial platform. Its selection depended on the country’s living, economic and service reality and the challenge of combating corruption.” Pointing out that “the government started its work with a new experience and simple personal and financial capabilities represented by the service and engineering efforts.”
He added, “70 billion dinars from the funds of the former prime minister’s office, turned into service and engineering effort that reached forgotten residential areas, and we have a special vision in the 2023 budget related to financial allocations for the service effort,” stressing, “The government began its service effort with lagging projects, and a mechanism was taken to accelerate Building 9 hospitals in Baghdad, and the time limit for completing the projects is one year.
He continued, “We organized the process of distributing emergency food security funds and directing them to infrastructure projects in the governorates, and we directed the governorates to distribute food security allocations according to the government’s vision,” stressing, “We found broken files related to unemployment and job creation, and we started with the lecturers’ file because they have a legal basis for confirmation.” And we ended the problems of lecturers and contracts in all ministries.
He pointed out that “we stopped appointments and contracts because it is an economically unfeasible policy, and we allocated 500 billion dinars in the 2023 budget for the Small Projects Lending Fund,” explaining that “recovering money was a priority in the anti-corruption process while not leaving legal accountability, and we adopted mechanisms that organized the process of recovering stolen funds.” Whether it was before or after 2003, there are no red lines in combating corruption.”
And he stated, “We redeployed the security services according to the government program, and there are 3 governorates whose police directorates received their security files after the army left them,” stressing, “We are following up the level of service provision in hospitals, and we are working to rehabilitate (10) hospitals, as happened with Kadhimiya Hospital.”
And he went on to say, “We are dealing with a concept called (multidimensional poverty) through food, health and other services, and obtaining a housing unit is the most important thing that will be achieved for those who are included among the poor. We have also allocated a financial subsidy for the children of the poor in order to complete their studies,” adding, “We are proud to contribute to a championship file.” Gulf 25″.
He pointed out that “the path of international relations adopted productive diplomacy within 100 days of the government’s life, and our visits to countries were planned and had goals,” stressing, “We prepared the equipment for the electricity file during the summer of 2023, and we provided all requirements as requested by the Minister of Electricity.”
He pointed out that “all state files are covered by work, not just the five priorities,” noting that “economic reform was included in the priorities because of the shock caused by the ill-conceived change in the exchange rate in 2021, because the harm of the high exchange rate became compounded to citizens after the rise in food prices.”
He explained, “The previous government did not take measures to protect the citizen against the effects of changing the exchange rate, which affected even middle-income people, and because of it all economic facilities stopped,” stressing, “We were surprised in the first month that there were obligatory obligations related to the dollar sale mechanism agreed upon two years ago between The government and the central bank with the US Federal Reserve.
He pointed out that “we have taken quick measures regarding the issue of the currency sale window, but it needs time,” noting that ”
And he explained, “The delay in the general budget because of this crisis and its solutions, and we will restore the numbers placed in the budget, and there is an impact on the deficit percentage in light of the price difference for the exchange of the dollar, and the state bears the damage, not the citizen, and the negative effects of any decision borne by the state,” noting that “the budget will be a mirror It reflects the government program and contains important steps towards development and urgent projects that the citizen needs.”
And he indicated, “The Council of Ministers took an important decision in the field of natural gas investment and associated gas, and approved the recommendation of the Economic Energy Council to sign contracts for the licensing round (the fifth round) for the border plots and fields as a final signature and to activate them after a long period of time has passed since their referral,” noting that ”
He pointed out that “one of the companies operating in the project can provide a quarter of the amount of imported gas within 15 months, and our goal is to secure and cover all the amount of imported gas within 3 years, and the imported gas costs up to 10 trillion dinars annually in the budget, after three years the project will provide these amounts, And it will be transferred to health, education and housing, within the framework of economic reform,” stressing, “We will soon announce the sixth round, which will target patches and natural gas fields, for the first time in Iraq.”
And he continued, “Iraq must enter the gas market and be a country that exports and supplies all its needs, and it is a gain on all political, economic and security levels,” noting that “the second important decision is the Nibras petrochemical project, which is one of our commitments in the government program.”
He explained, “The project has also been suspended since 2015, and it is considered one of the strategic projects in the region, and the third project in the Middle East, and the Ministry of Industry has begun to contract with an international consulting company within two to four months to move to the next step,” stressing that “this would The project is to operate most of our factories in the private sector, and instead of importing granules from neighboring countries, we will produce and export. link
