Possible Revaluation of the Iraqi Dinar?

[6ly410]

Possible Revaluation of the Iraqi Dinar?

.

4th November 2022 in Investment, Iraq Banking & Finance News, Iraq Industry & Trade News, Politics

By John Lee.

Possible Revaluation of the Iraqi Dinar? | Iraq Business News (iraq-businessnews.com)

Iraqi Prime Minister has reportedly told a press conference that his government intends to increase the value of the Iraqi dinar (IQD) against the US dollar.

Kurdistan24 quotes Mohammed Shia al-Sudani as saying that the interests of the needy were not taken into consideration when the currency was devalued by approximately 20 percent in December 2020. "We tend not to repeat that in this cabinet," he said.

But according to Asharq al-Awsat, even though more than 50 MPs have petitioned the government to reverse the devaluation, it is considered unlikely to happen, as it would increase the government's costs by more than $24 billion each year.

Al Araby also cites the Iraqi Finance Minister as saying that the dinar value will not be changed in the 2023 budget bill.

It adds, however, that former Prime Minister Nouri Al Maliki has suggested an exchange rate of 1,375 dinars per dollar, down from the current  level of 1,460, but not back to the pre-devaluation level of 1,182

[md11fr8dawg]

And there's "Ole Taterhead" and his corrupt recommendation!!

[BETTYBOOP]

Apparently the new pm refused Al Malaki as his deputy.... if true I hope they continue to keep him at arms length

[screwball]

Remember they said they can’t pay wages…

[6ly410]

 

•  
• Quick Preliminary Review of Mr. Sudani's Government Program (Part III) – Iraq News Network (aliraqnews.com)

Quick Preliminary Review of the Programme of the Government of Mr. Sudani (Part III)

Last Update:7 November 2022 - 8:49 am

 

By Abdul Khaleq Al-Shaher

During our discussion of the program, Mr. Al-Sudani announced that the early elections will be held after one year, and perhaps in this positive position will be strengthened by the amendment of the laws of elections and parties, especially since we do not descend into a state of parties and have not moved to a state of institutions, and what is important in this announcement is that it will put the government of Mr. Sudanese in a narrow corner compared to a very ambitious program, if we imagine how much it takes to achieve one achievement of effort and time we find how complex the issue is as solving the problem of unemployment, for example, which does not They are dragged by random decisions or for electoral purposes in a country that has the highest rate of inflation in employees and suffers from unilateral oil, so does everyone work in the oil sector and has 200,000 employees with disguised unemployment?? Or is the alternative to agriculture that is soon outgoing thanks to desertification?? Or fishing and buffalo farming in the late marshes or in the devastating losing industry, whose export percentage is only 4 billion, most of which are related to manufactured oil products, as well as the percentage of projects in major industries is 2%, and the talk goes on and let's move on to the materials of the program.

9. Paragraph X: Industry. The economy has two parts, the first is resources and the second is the management of those resources, and each of them has a role in building the economy by 50%, and the management of resources is related to a sound organizational structure first, and we believe that the proposed coordinating council to activate its tasks should be abolished. We also believe that the mixed industrial sector has not been referred to despite the fact that it is an existing reality and is required despite its current small size between the public and private sectors, and can be considered as a primary stage for the implementation of the structure of public companies mentioned in the same paragraph, and this trend is supported by the fact that the private sector is very large compared to other sectors without satisfactory results because it fears the unfortunate consequences always, and that the participation of the state in it may enhance confidence in the results, and allow the state to carry out the necessary rehabilitation and training process. which the program didn't mention Another important point is that state departments are instructed to meet their need for Iraqi industry resources instead of external imports. . A figure that could benefit the program is that the manufacturing sector has reached the number of workers after a decade of blockade and destruction and in 2002 is only 93,000 and has fallen to almost 50,000 at present. That is, less than the employees of Semsunk while their number in Turkey is (4) million workers. Let's start from these bitter truths.

10. Paragraph XI Oil Sector:

First. The first priority, in our humble opinion, is to end the licensing rounds that the program did not refer to, and it is not impossible through negotiations or recourse to international justice, especially since these rounds are illegitimate because they were not accompanied by the approval of the House of Representatives.

Secondly. Any step related to the oil industry cannot be accepted until after the restoration of the large Beiji refinery from the daytime thieves

Thirdly. Our country has great experts in all oil fields extraction, manufacturing or marketing, and a plan should be drawn up to restore them away from the past policy, as the supreme interest of the people is the most important.

Fourthly. Develop a security plan based on advanced media to protect oil tanker lines, and tighten technical control at ports to prevent tampering with meters and other means of control

Fifthly. Separating the issue of associated gas from political positions, it is love that kills.. And let's raise the slogan "No import of gas and oil derivatives after a certain year"

Sixthly. We have to study the reasons for the delay in investing in free gas and we will conclude that the main reason, if not the only one, is (politics) and its solution is very easy and lies in adhering to the golden principle "politics in the service of the economy and not vice versa."

Seventhly. Raise the slogan "Pipes instead of tanks" and work to achieve it as soon as possible

11. Financial and banking sector

First. The phenomenon of dollarization should be reduced in the internal handling of its known harms.

Second, to stimulate banking, community awareness should be spread that the interest imposed by the state on borrowers, or the interest of deposits granted to depositors, are not cases of usury, the state is the people, and therefore its intention is not to harm the borrower or depositor as much as it is for the public benefit.

Thirdly. Tax policy should ensure fairness rather than equality by making it progressive for high-income earners, and exempt those with minimum incomes.

Fourthly. The whole paragraph has a filler and repetition that is preferable to remove.

12 . Xiii.. Transport and Communications: - There is no need in our humble opinion to put forward the project of the National Joint Stock Company for Telecommunications, but to start implementing it as the only way to force the companies of the three whales to go the right way, since even the theory of the invisible hand of the economic thinker Adam Smith did not work with them.

13Education

First. Combating illiteracy that serious and escalating scourge had a zero share in the government program, as well as mandatory education noting the amount of effort required when we know that there are one and a quarter million students who entered the first grade of primary school this year.

Secondly. China recently secured nap sleep during work, and seventy years ago, Iraqi schools distributed free breakfast, cakes, milk or curd with fish fat pills, and perhaps this is what mud school students need.

Thirdly. Government supervision of private education should be intensified and the reasons are known as the upbringing of our generations cannot be left to investors in any way.

Fourthly. How wonderful it is to have one of the conditions of the Stezar in education that he has served as an educational supervisor or that he has held the position of Dean of a Faculty of the Minister of Higher Education.

And to talk the rest

 

0