KTFA Members "News and Views" Wednesday 8-9-2023
KTFA:
Turk182: With Financial Experts in Iraq, calling for the Adoption of the Slogan (OUR DINAR) in all News Media outlets. Makes one wonder.
With the Instructions for the Tripartite Budget now being Officially Published in the Gazette this past Monday (08/07/2023) one could liken that to the Iraqi Government holding out an Ice Cold SNO-CONE in front of the Iraqi Citizens, as they sit in 110 Degree Weather. Just teasing them with this, knowing full well they must give this Sno-Cone to the Citizens before it melts all down their arms.
I would suspect that the CBI revalues the Rate of the Iraqi Dinar to roughly $ 1.00 USD to $ 1.00 IQD within the coming days. (With the Publishing of the Tripartite Budget Instructions now Official) Numerous Long Overdo Project that are in the Tripartite Budget have no been kicked into high gear, and have begun.
Turk182 cont…..None of the Projects in the Tripartite Budget can be begun at a Toilet Paper, Program Rate of 1310 +/-. The Tripartite Budget needs the Rate of $ 1.00 USD to $ 1.00 IQD as much, if not more, than the Country of Iraq needs it.
IF, the CBI really wants to put a major dent in all the Black Market buying/selling of the USD, then they could easily come out the gates with a $ 1.30 IQD to $ 1.00 USD, and then Game-Over. No more buying/selling on the Black Market for the USD, as the IQD would hold more value, THUS Fulfilling the Promise to the People from Sudani & the Government, giving the People VALUE & PRIDE back in their Country/Currency.
I would suspect, they would keep this Rate of the IQD on the $ 1.00 to $ 1.30 range for several months, until that can pull in as much of their Dinar from outside of their Borders, back into the CBI Treasure Chest. They want to return the Citizens of Iraq back to a Rich/Powerful/Proud Nation, (Not looking to make those outside their Borders Wealthy, knowing full well where the crisis/devaluation started with)
This Revaluation of the Iraqi Dinar HAS ALWAYS been about the CITIZENS OF IRAQI. IMO
M: Outstanding analysis, summary, hypothesis Turk182...since Sudani stated that the Dinar is more Valuable than the USD....+&1.00 for the Dinar would seemingly keep that promise...unless he was talking about the long term value of the DINAR which I don't believe is the case IMO!!!!
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Paulette: Hey Turk, Can you explain why they can't do it???? After all, the budget value is based in USD. The rate would seem to just affect how many IQD are needed and nothing else.....?????
Turk182: Iraq is a Proud Nation, they have gone to extreme measures to ensure that the ONLY currency to be used in Iraq, is the Iraqi Dinar. They have arrested Citizens, Merchants, and the like, for continuing to use the USD ….How would it look, IF, after the extreme push to get the Citizens of Iraq to ONLY USE THE IRAQI DINAR, How would it look for the Government to now proceed with Funding/Opening/Implementing their Tripartite Budget based on the US Dollar, which they so desperately, want to, and need to, get away from. IMO
Patriots12: IMO at 1310 they could roll it out but would run out of money due to hjigh cost of materials needed to be brought into country without a new rate, a new rate will allow them to buy more materials ect... 1310 will bankrupt them internationally all IMHO
Turk182: I couldn't agree more. That is why, IMHO they need to adjust the Purchasing Power of the Iraqi Dinar SOONER rather than later. I believe, that they will adjust it to $ 1.00 or slightly higher to the USD for a period of several months. As i mentioned earlier, that want to grab as much of their Dinar as they can from outside their boards, so that the majority of people that truly benefit, as they should when they let this thing floats, will be the Citizens of Iraq. IMHO I can't see how they can let this drag on much further without a Rate Change.
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Clare: Parliamentary Finance launches its expectations regarding the course of the exchange rate during the coming period
8/9/2023 Baghdad
The Parliamentary Finance Committee expected, on Wednesday, a decrease in the exchange rate during the coming period.
A member of the Finance Committee, Jamal Cougar, said, "The exchange rate of the dollar will decrease after the budget instructions were issued and the law took its way to implementation."
Cougar added, "The government will have to pump large amounts of dollars into the local markets in the coming days."
He pointed out, "The Iraqi state's resources are in dollars, but it needs the national currency in order to pay the salaries, which take up a large part of the budget."
And Cougar went on to say that "the presence of large quantities of the dollar on the market will lead to market sufficiency and a lack of demand, and then reduce its price to a large extent." LINK
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Clare: Al-Sudani issues directives regarding electronic payment
8/9/2023 Baghdad
On Wednesday, Prime Minister Mohamed Shia Al-Sudani chaired a meeting to follow up on the completion of the unified treasury account and electronic payment procedures at POS points of sale.
During the meeting, according to a statement by Al-Sudani's office, "the progress made in completing the unified treasury account was reviewed, and the subsequent positive indicators reflected on the national financial and banking system."
Al-Sudani stressed, "These steps come within the government's efforts to implement financial and banking reforms, and the unified treasury account will be an added contribution to anti-corruption measures and limiting the ability of corrupt people to exploit loopholes."
Al-Sudani directed that “an amendment be made to the electronic payment system No. 3 of 2014, as well as the approval of the electronic payment document by the Financial Supervision Bureau as a substitute for the paper receipt, as part of a series of procedures towards employing and approving electronic payment at POS points of sale in an expanded manner, in the public and private sectors.” . LINK
Sir Shawn: So this amendment and procedural changes are the last steps needed towards the lower denominations acceptance at the POS. If you listen carefully you can hear a pin drop…
IMO…..
Patriot12: yes and IMO the critical account set up t0 recieve funds for the HCL closer and closer when that date is who knows IMO
Clare: 2 billion dinars, the profits of 5 Iraqi companies during the first quarter of 2023
8/9/2023 Baghdad
5 Iraqi companies achieved profits amounting to more than 242 billion dinars during the first quarter of the year 2023.
According to a report on corporate profits during the first quarter of the year 2023 issued by Al-Rabee Financial Brokerage Company, reviewed by Al-Iqtisad News, 5 companies made more profits. From 242 billion dinars, after continuing its good performance.
Asiacell Telecom Company ranked first, achieving more than 123.8 billion dinars, after its profits grew by 71% compared to the same period in 2022, followed by Zain Iraq Telecom Company, which achieved a return of more than 40.5 billion dinars, with a growth rate of 579%.
And Pepsi Baghdad ranked third with a value of 26.6 billion dinars, up by 303%, followed by the Bank of Baghdad, whose profits amounted to more than 29.4 billion dinars.
And in the last place came the National Bank of Iraq, which achieved about 22 billion dinars. LINK
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Clare: The region seeks to export its agricultural crops to the Gulf countries
8/9/2023 Baghdad
The regional government is negotiating an agreement to export poultry meat, table eggs, apples, grapes, figs and honey produced within its territory to the Gulf states, in addition to continuing to export abundant quantities of the potato crop to the UAE.
The advisor to the Ministry of Agriculture and Water Resources in the region, Shaima Jamal Kokha, said in an interview with the official newspaper, followed by "Al-Iqtisad News", that the most important and supportive steps for the private sector by the Ministry of Agriculture in the regional government is to find local and regional markets for agricultural products, revealing that there are negotiations to agree on Exporting poultry meat, table eggs, apples, grapes and figs, in addition to honey.
In the same context, she indicated that a contract was concluded to export five thousand tons of potatoes to the United Arab Emirates through two private sector companies in the region, noting that 500 tons of potatoes will be sent to the UAE weekly.
Kokha added that the quantities of local potatoes during the past years have increased many times compared to what preceded them, thanks to the interest and support that the government gives to the agricultural sector, attributing the increasing demand outside Iraq for crops produced in the region, to their quality and conformity with approved international standards. LINK