More News, Rumors and Opinions Saturday PM 3-4-2023
KTFA:
Clare: Tomorrow.. Al-Sudani is visiting an Arab country
3/04/2023
The Iraqi Prime Minister, Muhammad Shia'a Al-Sudani, intends to make an official visit to the Arab Republic of Egypt.
An informed source told Shafaq News agency; Al-Sudani will pay an official visit to Egypt tomorrow, Sunday, during which he will meet Egyptian President Abdel-Fattah El-Sisi
The source added; The Iraqi Prime Minister will discuss during the visit a number of economic, security and political files and the activation of bilateral agreements between the two countries. LINK
Henig: Nabil Al-Marsoumi for / Nina / : Exchange rate stability. The ability of the government to limit internal dealings to the national currency
Baghdad / Nina / Economist Nabil Al-Marsoomi confirmed that the stability of the exchange rate. The government's ability to eliminate dollarization and limit internal dealing to the national currency.
He told the Iraqi National News Agency (Nina): The reason for the discrepancy between the official exchange rate and the parallel rate is because the amounts allocated for transfers and documentary credits are still low compared to cash sales.
He added that a large part of traders resort to the local exchange market to obtain dollars to finance their imports from abroad, even if it is the so-called black trade transfers in the sense of smuggling dollars abroad to pay the dues of traders. He expects the matter to continue unless banks and merchants increase their demand to comply with the new electronic platform, although there is slow compliance and development.
He explained: The gap between the two prices is likely to continue at least during a period of weeks and the next few months, as long as there are cash sales, meaning there is smuggling of dollars, so there is a large gap between the official price and parallel prices.
Al-Marsoumi pointed out: Bridging this gap is the extent of the government's ability to eliminate dollarization and its ability to limit internal dealing to the national currency instead of the dollar. LINK
************
Courtesy of Dinar Guru
Frank26 [Iraq boots-on-the-ground report] FIREFLY: New land transfer trade projects Iraq is doing - they're saying will have us as the center of the global land trade. Again there is talk about our borders and bank system that are being set up digital for security. They said this will deal with other countries and their currencies only. FRANK: This is the economic reform exploding and you don't even have the new exchange rate given to the citizens yet (until now IMO March 2023)...
Pimpy Community comment "Their [Iraq's] money has to be comparable to the region. Kuwait is over $3." Who said it has to be comparable to the region?...It doesn't have to be comparable to the region. Even if you looked at the exchange rates all around in the other countries you could see they're all out of whack....Iran you have 42,000 Iranian dollars for every $1 US. Turkey is 18.90 of their currency to $1 US. Syria is 2,511 to $1 US. Jordan has 1.41 to $1. Egypt has 30.68 to $1. Sudan has 565.15 to $1. Saudi Arabia...needs 3.75...to = $1. Yemen is 249.95 to every $1. Omen on the other hand it's 1 of their dollars is equal to $2.60...all the other ones are upside down so I'm not sure where you guys can get "regional"...
Iraq Adopts the Chinese Yuan instead of U.S. Dollars!!!
Dr. David Oualaalou: 3-4-2023
The Iraqi central bank announced Wednesday that, for the first time, it plans to allow trade from China to be settled directly in Yuan instead of the US$$ to improve access to foreign currency.
Iraqis are seeing where the trend is headed and do not want to be left behind. Look no further at the countries that are moving from the US$: China, India, Turkey, Iran, Russia, and Saudi Arabia.
Get Ready for Triple-Digit Silver
Stansberry Research: 3-4-2023
"The production is down for silver every year and the demand keeps going up... The usage of silver is going parabolic and astronomic," says Silver Stock Analyst editor Garrett Goggin .
"Eighty percent of the world's silver comes from Mexico, which is not a great place to operate anymore," he tells Daniela Cambone at GSA Investor Day 2023.
"Silver is a risky investment to mine, but you need to look at Bolivia and Morocco and not play it safe," Goggin says. "Finding the companies that are looking at everything on a per-share metric, those are the companies preferred with a high-grade deposit," he continues.
"Silver is a volatile metal, and gold mines are more profitable than mining silver... The margins are less in the silver industry," Goggin says. "The supply-and-demand equation does not line up for silver and at some point the metal's price will catch up," he concludes.