More News, Rumors and Opinions Wednesday Afternoon 3-15-2023
Goldilocks and Seeds of Wisdom
RJ: Good afternoon Dinar Recaps,
Goldilocks just posted this:
We have had several trading suspensions today.
Things are starting to get really fragmented on the market. Liquidation is drying up for the old system.
© Goldilocks
https://www.nyse.com/trade-halt-current
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Thank you Dinar Recaps
KTFA:
Henig: It caused the dollar crisis. Is the government able to end the phenomenon of "dollarization"
two hours ago
The economic expert, Nabil Jabbar, on Tuesday, the extent of the current government's ability to end the phenomenon of "dollarization", while stressing that the phenomenon is one of the reasons for the rise in the dollar in the Iraqi markets.
Jabbar said in a press interview seen by Taqadum, that "the phenomenon of dollarization means the spread of the dollar in the market and dealing with the dollar individually in the internal local market, although our currency is the Iraqi dinar, and all our work in the market is in dinars, and this step does not harm the citizen at all."
He added, "The Central Bank's move to prevent the use of dollars in ATMs and electronic payment comes as part of the Iraqi government's efforts to end the phenomenon of dollarization."
The expert explained that "the Iraqi government previously worked to receive remittances through companies only in Iraqi dinars, and now dealing with ATMs only in Iraqi dinars," likely that "there will be a step in the coming days to make all personal bank accounts only in Iraqi dinars, and this is part of ending the phenomenon of dollarization in the local market."
Jabbar stressed that "this is applicable in all countries of the world, and any country that works in dollars will negatively affect its economy, and that is why all countries are working to adopt their official currency only."
The Central Bank decided at a time of the race, and based on the decision of the Council of Ministers, that the electronic financial services provided inside Iraq through "ATMs, POS machines, electronic payment gateway", in the Iraqi dinar currency. LINK
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Henig: Economist: Approving a three-year budget is a great achievement and internationally applicable
Time : 2023/03/13 22:23:45
The economist, Abdul Rahman Al-Mashhadani, described the adoption of a three-year budget as a "great achievement."
Al-Mashhadani said for a program {without accusation} broadcast by Al-Furat satellite channel on Monday evening, that: "The adoption of a three-year budget is a great achievement, and this is in force in several countries, including Iran and Egypt, and expectations that the budget will be passed easily in the House of Representatives with a political consensus on it."
"What Baghdad sent 400 billion dinars is a freeze on the Federal Court's decision on another title by considering it loans to Kurdistan," he said.
Al-Mashhadani pointed out that "depositing the revenues of the college of oil produced in the region in a bank account enables the head of the regional government or whoever authorizes him to dispose of the region's oil account."
"The fund to finance housing and school projects guaranteed 400 billion dinars, and Prime Minister Mohamed Shia al-Sudani will prevent sovereign guarantees for companies wishing to work with the private sector, and the funds will be allocated in the fund when the budget is approved, and there are no fears of any crisis," al-Mashhadani added.
He noted "the possibility of changing the budget items for the years 2024 and 2025 according to economic data, which are indicative and subject to change, and half of the budget is supposed to be investment, but it is limited to a quarter of it."
"Increased spending on projects may increase demand for dollars and lead to continued appreciation of the exchange rate," al-Mashhadani concluded. LINK
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Courtesy of Dinar Guru
Frank26 You now have the budget. Therefore, beyond logic the new exchange rate is soon to show itself.
Militia Man MarkZ Question: Many ask me if you want to make a guess of what you think rates might be. Militia Man Answer: My understanding is the IMF have the ability to go as high as 3 times the Special Drawing Rights. That is what they could do…it doesn’t mean that’s what they will do. They test systems to what the region can handle. The Real Effective Exchange rate (REER) can be derived from many different things . They are going to come up with a rate that is strong and stable and rebuild the country.
Soudani speak about budget
Nader from the Mid East: 3-15-2023
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