[The Iraqi Central Bank announces the arrival of dollar shipments from Baghdad airport]

18 hours ago, Officiallytook said:

1-1 out the gate I like it. 3-6mos later 1-2 then 1-3 👀...

 

Do I take the 🪙 or wait for the 💰

I think $1:1

- The easiest transition for the local market and the citizens 

- The Easiest way to de-dollarize the economy 

- Real Purchasing Power

 

Go Stronger Dinar

Go $1:1

 

[The Iraqi Central Bank announces the arrival of dollar shipments from Baghdad airport]

21 hours ago, RJG said:

Personally, my thought is 'if you add more of something the value of it all as a whole will go down'. 

 

The dollar has been up against the Dinar, 1600/1500 dinar to 1 dollar recently.  They are trying to bring it down to 1310 dinars (what is in the budget) vs 1 dollar.  Hopefully with all these dollars coming in, they will get it down to the 1300 or less, ideally would be 1,000 dinars to the dollar. Then remove the 3 zeros from the exchange rate to go international.   If they bring the dollar value down to 1300 dinars, we are looking at 77 cents per dollar in my opinion.  That is 1/1300 =.000769.  That matches the budget for the next three years.  Then remove the three zeros, .000769 becomes .769 cents per dinar.  

Thanks for your comment RJG,

 

Yesterday I was looking for information about the cost of living in Iraq and

I found this:

 

Summary of cost of living in Iraq:

-A family of four estimated monthly costs are 1,783.7$ (2,323,061.2IQD) without rent.

-A single person estimated monthly costs are 521.4$ (679,059.0IQD) without rent.

-Cost of living in Iraq is, on average, 58.2% lower than in United States.

-Rent in Iraq is, on average, 82.1% lower than in United States.

 

Last Updated November 2023

https://www.numbeo.com/cost-of-living/country_result.jsp?country=Iraq

 

What is interesting about this is;

If you divide the amount of Dinars by the amount of US dollars, equals 1.3 dinars

per $1

 

Family of four monthly cost: 

2,323,061.00 IQD / $1,783.7 = 1.3 Dinars per $1

 

Single Person

679,059.00 IQD / $521.40 = 1.3 Dinars per $1

 

$1 / 1,310 = 0.00076

 

0.00076 x 1.3  = 0.00099

 

Delete 000 = $0.99

 

Go new monetary policy 

Go delete 000

Go stronger dinar

 

[The Ministry of Finance reveals the latest developments in the salary scale]

11 hours ago, Shelley said:

Does anyone know what the cost of living is in Iraq ??

Summary of cost of living in Iraq:

• A family of four estimated monthly costs are 1,783.7$ (2,323,061.2IQD) without rent.
• A single person estimated monthly costs are 521.4$ (679,059.0IQD) without rent.
• Cost of living in Iraq is, on average, 58.2% lower than in United States.
• Rent in Iraq is, on average, 82.1% lower than in United States.

[The Ministry of Finance reveals the latest developments in the salary scale]

“We reaffirm our frank and clear approach towards respecting the financial rights of all segments of society, especially the segment of employees."

 

Mínimum Salary 425,000 IQD / 1310 = $324 a month.

 

Question:
Do you think with a salary of $324 a month they are respecting the financial 

Rights of employees?

 

Go new monetary policy 

Go delete of 000

Go stronger dinar

 

[Adviser to the Prime Minister: Economic policy in Iraq is moving towards implementing the principle of monetary sovereignty]

Monetary sovereignty is the power of the state to exercise exclusive legal control over its currency, broadly defined, by exercise of the following powers: Legal tender, the exclusive authority to designate the legal tender forms of payment.

 

“Government policy and the policy of the Central Bank moved towards not relying on one country’s currency in foreign transactions and diversifying those currencies such as the Emirati dirham, the Turkish lira, the Chinese yuan, the British pound, and the euro, in addition to the dollar. This diversification reduces the dollarization of the economy and gives it great independence.” 

Go monetary sovereignty 

Go Stronger Dinar

 

[Central Bank: There is no scarcity of dinar stocks and the monetary supply exceeds 100 trillion]

 “the size of the monetary mass or the exported currency amounts to more than 100 trillion dinars, 70 percent of which is in circulation.”

 

100 trillion monetary mass / 1310 = $76.5 billion dollars 

Reserves are $115 billion dollars 

$115 billion dollars in reserves / $76.5 billion dollars monetary mass = $1.50

 

70 trillion dinar in circulation / 1310 = $53.5 billion dollars 

Reserves are $115 billion dollars 

$115 billion dollars in reserves / $53.5 billion dollars in circulation = $2.14

 

Go 2024

Go Stronger Dinar

 

[We do not think about returning the dollar to its previous price, and the problem began during the era of Saddam - the central bank]

CBI acknowledged the problem is dollarization.

 

CBI is working on regulating trade and de-dollarization

 

Go CBI

Go New Monetary Policy 

Go de-dollarization

Go Stronger Dinar

[Sudanese Advisor: The Battle For The Dollar Is Almost Over]

“we expect that the new year will witness a significant decline in dollar prices with the appreciation of the value of the Iraqi dinar.”

 

Go 2024

Go Stronger Dinar 

[Parliamentary Finance for / Nina /: Strengthening the balance of Iraqi banks in foreign currency supports the private sector and the local market]

“The government has established paths for banking work governed by the controls of applicable laws. This will open broad horizons for the national economy and will also provide hard currency to the local market without the need for the central bank to intervene and bear responsibility."

 

Go CBI 

Go new monetary policy 

Go economic growth 

Go Stronger Dinar

[Fears for the dinar. What is the benefit of importing dollars from outside Iraq?]

“the central bank's decision is difficult to achieve on the ground, and perhaps it can be implemented for a limited period by banks that own other foreign currencies," but all these measures "will not contribute to reducing the exchange rate of the dollar due to the state of high dependence on the dollar in foreign trade dealings with the restrictions of the US Federal Reserve,speculation, and smuggling operations that cannot be solved by importing dollars."

 

What do you do to stop the high dependence on the dollar?

 

Give the Dinar a value equal to the US Dollar 

 

$1:1 

 

Go Stronger Dinar💥

 

 

[Mr. Al-Hakim stresses ending the rentier state and perpetuating Iraq's international openness]

"the importance of maintaining Iraqi openness regionally and internationally,"

 

Go Iraq 🇮🇶 

Go international 

Go Free market economy 

Go Stronger dinar

[Al-Rafidain launches a campaign to rely on electronic payment and open bank accounts for citizens]

Financial inclusion is when everyone can access financial services that can help them build wealth, including savings, credit, loans, equity, and insurance.

 

From a Cash Society to an Electronic Society.!

 

It will bring back liquidity to the banking system.

 

 CBI said that 73% of the monetary mass was out of the banking system. 

Go Financial inclusion 

Go e-banking
Go e-card

 

[Al-Allaq: There will be blockade operations for each category that will put pressure on the cash dollar in the market]

Great Article…. Thanks RJG.

 

“This is happening for the first time by opening this number of accounts for our banks, and it is a very important step to strengthen the banking system in Iraq, because accepting these banks means that they now have systems capable of being accepted internationally,"

 

Opening to the international financial system.!

 

Big Step Forward….. Free Market economy on the horizon.!

 

Go Iraq 🇮🇶 

Go CBI

Go international 

Go stronger Dinar

[Advisor to the Prime Minister: The Central Bank's circular on dollar trading will contribute to market stability]

In Conclusion; All the decisions they’re making is to go back to a Free Market Economy.

Work in Progress.!

 

Go CBI 

Go new monetary policy 

Go Free Market Economy 

Go Stronger dinar

 

[Advisor to the Prime Minister: The Central Bank's circular on dollar trading will contribute to market stability]

There is a pattern in the evolution of exchange control systems, a typical sequence of events:

 

A Phase 1, implementation in response to a serious balance-of-payments deficit, a free foreign-exchange market is abandoned in favor of price control and rationing of foreign exchange. Initially exchange control applies only to major categories of receipts and payments but is rapidly extended to cover all external transactions.

 

Phase 2, consolidation —a black market appears; regulations are extended and revised to close loopholes, to cope with shortages, and to repair inequities and anomalies. The foreign-exchange market is fragmented and differential treatment is accorded to different types of trade or traders. Taxes, subsidies, or multiple-exchange rates are introduced to offset, in a discriminatory way, the effect of an overvalued currency on foreign-exchange receipts and the demand for imports. The system becomes increasingly complex and administratively burdensome.

Phase 3, rationalization-the complexity of the system is reduced by consolidation of market fragments. Regulations are simplified and applied to broader categories of transactions. De facto but selective devaluation, through
tax, subsidy, and exchange-rate adjustments, becomes a policy instrument. Portions of the market are "liberalized" by returning to a limited free market
in which price resumes its functions of evoking supply and limiting demand.
Continued disequilibrium, however, sustains the black market which may be
"tolerated" as a sort of unofficial free market.
 

Phase 4, termination—to the accompaniment of some further adjustments of the tax and subsidy structure, there is a return to a free market. However, complete termination may be postponed; phase 3 may continue more or less

[Al-Sudani directs the adoption of the main electronic account for the settlement of financial operations]

 

 

Treasury Single account; A unified structure of government bank accounts, where all government account balances are accumulate to show the movement of net revenues and expenses. This would lead to the optimal use of government cash resources.

 

- Facilitation of Financial Control Process.

- Ensure effective financing.

- Improve monetary forecasts.

- Enhance transparency.

[Oil decides to adopt electronic payment at gas stations starting from 2024]

E-payment starting 1/1/24… No more cash at the pump ⛽️ 

 

They said 73% of the monetary mass is out of the banking system. This will help to bring some of that cash back to the banking system.

 

Bring you chunky money > Open a bank account > Get e-card > Pump Gas.

 

Go CBI

Go New monetary policy 

Go Stronger dinar

[Iraqi government issues a number of new decisions - Urgent]

Sense of Urgency to get things done.

 

Go Iraq 🇮🇶 

Go Stronger Dinar

[Government source: The window of selling currency in the central bank will become a door instead of a window]

“direct them towards the platform for the foreign currency selling window in the Central Bank of Iraq at the official price."

 

Cbi Platform.

[Upcoming meeting between the Central Bank of Iraq and the US Treasury next week on the dollar - urgent]

 "the meeting will be on the dollar and the work of banks in Iraq."

 

“Government sources, with a recent agreement between the Central Bank of Iraq and the US side, resulted in an increase in the number of banks that can enhance their dollar balance directly to 10 banks, 5 of them through Citibank, and the other five through JP Morgan,”

 

 I think the CBI is going to let the 10 Iraqi banks through Citibank and JPMorgan handle the dollars sales. This will give the UST  more control over the dollar file.

 

Go CBI 

Go new monetary policy 

Go end of daily auctions 

Go Stronger dinar

 

 

 

[US Ambassador Comments on Iraq's Accession to the European Bank]

Openness to the financial world.

 

Go CBI

Go new monetary policy 

Go Stronger dinar

[A source for “Al-Iqtisad News”: Private banks and exchange companies express their preparations to reduce the exchange rate]

“Private banks and exchange companies are showing great preparations, collectively and in coordination, to reduce the price of the dollar”

 

“This will be through expanding engagement with the official market and its high capabilities.”

 

Go CBI

Go Banking System 

Go new monetary policy 

Go Stronger dinar

 

 

 

[Central Bank: Agreement with Turkish banks to promote external transfer in the euro currency]

Using the euro, the yuan besides the dollar for trade will help with the dollar crisis and de-dollarization.

 

Go de-dollarization 

Go Stronger Dinar

[Central Bank: Strengthening the accounts of 13 banks in Chinese yuan]

Using other currencies besides the dollar for trade will help with the dollar crisis and de-dollarization.

 

Go de-dollarization 

Go Stronger Dinar

[Oil and gas law: No one can "impose their conditions". Sudanese cooperative and obstructive destinations]

 

“there is seriousness by the Iraqi government to legislate the oil and gas law because of its importance in regulating financial and oil relations with the region, but the legislation of the law requires careful study, and we believe that the legislation of the law will be the beginning of the new legislative term, that is, after the provincial council elections."

 

The never ending story…. Now, after the provincial council election.