News, Rumors and Opinions Sunday AM 8-20-2023
KTFA:
Clare: Parliamentary Committee: The rise in the dollar is local and will not affect the investment side
8/19/2023
A member of the Parliamentary Investment Committee, Muhammad Al-Ziyadi, confirmed today, Saturday, that the rise in dollar exchange rates does not affect the investment side in the country, but rather it is a local rise.
Al-Ziyadi said, in an interview with {Euphrates News}, that "any investor who has investment licenses and papers can obtain the dollar currency at the official price of 132 thousand dinars per hundred dollars, and in the quantities he needs, and therefore its rise will not affect the market."
He added, "The issue of high exchange rates is temporary, and it will end, because the government is able to end the black market file," but he pointed to "some complexity in the process because it does not concern Iraq only, but is a global issue."
Al-Ziyadi continued, "The issue of the blockade or the failure of the dollar to reach the countries of the region affected this file, and it is certain that it will end in the coming period."
From: Raghad Daham LINK
Clare: Economist: Kurdistan has turned into a cash dollar exchange
8/19/2023
The economist, Dr. Mahmoud Dagher, announced that the recent fluctuation in the exchange rate inside Iraq is due to speculation and the state of uncertainty that hit the market.
Dagher said during a session organized by the liberal platform, via the Internet, about the fluctuation of the exchange rate in the Iraqi dinar, which was attended by "Al-Iqtisad News", that "from 2004 until the end of 2020, the exchange rate of the dollar was fixed, at 1282 dinars per dollar, but the value of the dinar changed." To 1,450 dinars, and then to 1,300 dinars,” noting that “there is no document other than the white paper calling for a reduction in the exchange rate.”
He stressed that every person who wants to solve his political and financial problems goes directly to the exchange rate, while the economic problems represented in customs, tax, corruption and others must be solved, indicating that the new transfer system of the Central Bank has become unable to finance trade with any country or entity prohibited from dealing in dollars.
Dagher pointed out that Iraq's problem is represented by trade with Iran, which exceeds 12 billion dollars, and needs 35 million dollars daily, which has become a great pressure on the cash dollar to cover imports.
He noted that the merchants who import through the platform have great freedom in selling goods at the official price, which contributed to reducing inflation, stressing that the Kurdistan region has turned into the cash dollar exchange, and any black transfer that goes from Kurdistan to Turkey, Iran and Syria is the source of the region. LINK
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Courtesy of Dinar Guru
Frank26 Question "If the rate goes to .75 or if it goes to 1 to 1 will that be enough income for the people of Iraq?" IMO any increase in the dinar value is added income and necessary for the Iraqi citizens. They're not trying to get rich...They're trying to eat and pay their bills. They will see value in their currency...Social Security...retirement checks...HCL. that alone is four different incomes they will be having very soon.
Frank26 [Iraq boots-on-the-ground report] FIREFLY: TV saying with the funding of the budget we are going to see a major decrease in the dollar exchange rate. FRANK: They cannot touch the dollar exchange rate. Only the US Treasury can touch that exchange rate. So what are they talking about? They're talking about adding value to their currency which will decrease the value of the American dollar in their country. That's what they're talking about.
China's Economic Collapse has Begun
Heresy Financial: 8-20-2023
TIMECODES
0:00 China's Collapse
2:01 Rise of Ghost Cities
6:12 China Threatens Taiwan
7:05 Unemployment Crisis
9:32 China's Solution
Saudi Arabia Just BROKE The Dollar - Record Treasury Dump
Sean Foo: 8-20-2023
Saudi Arabia has dumped their holdings of US treasuries to a 6-year low. Even as a global recession nears, Saudi Arabia is diversifying away from dollar assets into risky investments like stocks.
This underscores a big economic and geopolitical shift away from Washington and the world reserve currency. Here's what you must know and why the dollar system is in trouble.
Timestamps & Chapters:
0:00 Saudi's Dumping US Bonds
2:13 The Petrodollar Is Breaking
4:28 Saudi Arabia Is De-Risking
7:17 Where Is Saudi Money Going?
9:41 America's Impossible Choice
11:23 BRICS Summit Coming