The Council of Ministers approves the amendment of the exchange rate of the dollar, equivalent to 1,300 dinars

[6ly410]

Sudani reveals in detail the mechanism of the new dollar exchange rate: the currency sale window is a black dot

Al-Sudani reveals in detail the mechanism of the new dollar exchange rate: the currency sale window is a black dot - Shafaq News

2023-02-07 09:31

 

Iraqi Prime Minister Mohammed Shia al-Sudani revealed on Tuesday the details of the new dollar price mechanism, and described the currency sale window as a "black dot" in the history of banks.

The Sudanese said in a press conference attended by the correspondent of the Shafaq News Agency, that "the Board of Directors of the Central Bank held yesterday an extraordinary meeting and decided to consider the exchange rate of the dollar 1300 and sent the decision to the Council of Ministers," explaining that "the Council of Ministers voted in today's meeting on the recommendations of the Central Bank and consider the exchange rate of the dollar 1300."

 

 

"The central bank will start from tomorrow, Wednesday, to implement the decision and sell the dollar at the prescribed price," he said.

Al-Sudani stressed that "the general budget law will be re-prepared after changing the exchange rate of the dollar."

He pointed out that "the decision to raise the exchange rate of the dollar in 2021 was ill-considered, and was accompanied by a rise in food prices."

"A month after the formation of the government, we were surprised by the mechanism agreed upon between the Central Bank and the Federal Bank," Sudani said, noting that "the window of selling currency is a black point in the history of banks."

In the context, the Prime Minister said, "An Iraqi delegation will go tomorrow to Washington to discuss the files of economy, energy and relations between Iraq and the United States of America."

"There is no request for an extension of the outdated currency sale window," he said.

[6ly410]

Sudani announces draft oil and gas law and sets its date

Al-Sudani announces a draft of the oil and gas law and sets its date - Shafaq News

2023-02-07 09:33

 

 

Shafaq News / Prime Minister Mohammed Shia Al-Sudani revealed on Tuesday evening that there is a draft of the oil and gas law being reviewed between Baghdad and Erbil to mature and then approve it.

Al-Sudani said during the weekly press conference, which was attended by Shafaq News Agency, that "the oil and gas law is one of the government's obligations, and there is a draft law being circulated between the Federal Ministry of Oil and the Ministry of Natural Resources in the Kurdistan Region."

 

 

He pointed out that "after the adoption of the budget law, the draft oil and gas law will be discussed."

Al-Sudani announced that "the Council of Ministers approved the signing of a fifth licensing round with a final signature for the investment of natural gas."

He pointed out that "the natural gas investment project is one of the important projects stalled for four years, and provides a quarter of the amount of imported gas within 15 days of its implementation, and can rely on Iraqi natural gas during the next two years as an alternative to imported gas and covers all local needs."

The oil and gas law is one of the most important causes of disputes between Baghdad and Erbil, and throughout previous governments and parliamentary sessions, political blocs have not agreed on a final version of this law.

The Federal Supreme Court (the highest judicial authority in Iraq) had previously issued an order stating that the Kurdistan Region was not entitled to export its oil without referring to the Federal Ministry of Oil, causing tension between Baghdad and Erbil.

[6ly410]

[utah rock]

Can some break this down for my simple mind: 1,300 to 1 isn't much of a shift and doesn't represent the true value of Iraq, can they surprise the world tomorrow and instead of 1,300 to 1 reinstate the dinar for it's true value?

Thank you, and LET'S GO!!!!!!!

[6ly410]

Honest on the decision to adjust the exchange rate: confirms the seriousness of the government in dealing with crises

Tuesday 07, February 2023 20:20 |EconomicalViews: 1

Honest on the decision to adjust the exchange rate: confirms the seriousness of the government in dealing with crises (ninanews-com.translate.goog)

Baghdad /Nina/ MP for the Sadiqoun parliamentary bloc Rafiq Al-Salhi, Tuesday, that the decision of the Council of Ministers to reduce the exchange rate of the dollar to the equivalent of 1300 dinars confirms the seriousness of the government in dealing with crises. Al-Salhi said in a statement to his office, “We appreciate the decision of the Council of Ministers to reduce the exchange rate of the dollar to the equivalent of 1300 dinars, as this decision confirms the seriousness of the government in dealing with the crises.” that affects the Iraqi street, so we affirm our support for these efforts that alleviate the suffering of the people."

The MP for Basra called on the Central Bank to "tighten deterrent measures against manipulators of dollar exchange rates in the Iraqi markets." / End8

[6ly410]

Global praise for the reduction of the Iraqi dollar, but: the decline may be "temporary"

 

Economy / Translated Reports | Today, 20:18 | 

Global praise for the reduction of the Iraqi dollar, but: the decline may be "temporary" » Baghdad Today News Agency

    

 

Baghdad Today-Translation

The American magazine Barones praised on Tuesday, the decision of Prime Minister Mohammed Shia Al-Sudani to reduce the exchange rate of the dollar by providing direct financial support for the dinar from the Iraqi government, stressing that the decision left a positive impact on the status of the Iraqi dinar and its use for foreign transactions by beneficiaries internally.

The magazine, according to the report translated by (Baghdad Today), also warned that the current stability in the exchange rate through direct government support for the dinar may be "temporary", something agreed with by the Agence France-Presse, which quoted statements by economist Bariq Shubbar, in which he explained that the dollar "is witnessing a significant decline in demand due to the beneficiaries waiting for its exchange rates to decline further."

During its contents, foreign media stressed the need for the Iraqi government to take other measures to ensure that exchange rates remain constant, as the IFP indicated that the most important step for this is "the establishment of official money transfer lines through the state and its institutions are fully under its control," which it said will lead to a final solution to the crisis because it will provide control of the Iraqi government over the financial exchanges that take place inside and outside the country for its funds.

 

[6ly410]

In order to mitigate its effects on citizens and various economic sectors, the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to amend the exchange rate of the dollar against the dinar, as follows: -1300 dinars to the dollar purchase price from the Ministry of Finance.

[6ly410]

 

Samurai considers exchange rate adjustment an "important step".

Posted 30 seconds ago

 

Samurai considers exchange rate adjustment an "important step" - Iraq News (iraqakhbar-com.translate.goog)

 

News Source /Al-Sumaria Channel

 

Al-Samarrai said in a tweet followed by Al-Sumaria News, "The decision of Prime Minister Mohammed Shia Al-Sudani to reduce the exchange rate of the dollar is an important step to enhance the citizen's confidence in the state, and will have a clear impact on the lives of Iraqis.”

 

Al-Samarrai stressed his "support for all the executive steps of the government that lifts the burdens on the shoulders of the citizen."

[6ly410]

Sudani: The budget law will be prepared after changing the exchange rate of the dollar against the dinar#الشرقية_نيوز

[6ly410]

Sudan: There is a discussion between Baghdad and Erbil about the draft oil and gas law

 

KURDISTAN

 

Iraqi Prime Minister Mohammed Shia Sudani says there is a debate between Baghdad and Erbil about the draft oil and gas law, and calls on citizens to refrain from buying dollars.

 

"There is discussion between Baghdad and Erbil about the draft oil and gas law," Prime Minister Mohammed Shia Sudani said at a press conference on Tuesday evening, 07-02-2023, after the meeting of the Iraqi Council of Ministers ended. "We will present the project to parliament after the 2023 budget law is approved."

 

"We decided to make the sale price of each dollar 1300,1310 dinars from the ministry of finance," said Mohammed Shia Sudani. "The Central Bank of Iraq sells it to private banks for 1320,<> dinars and they sell it to citizens for <>,<> dinars."

 

The prime minister said the dinar was "strong" and urged citizens not to leave dollars with them and avoid buying.

 

Sudani also pointed out that the Iraqi council of ministers pays more attention to investment in the gas sector, saying Iraqi gas should go to the markets and be exported.

 

Sudan's remarks come at a time when, for more than 15 years, a major problem between Erbil and Baghdad is related to oil and gas.

 

The Kurdistan Region insists that this problem should be resolved in this government by drafting oil and gas laws.

 

[6ly410]

SULAIMANI (ESTA) — Iraq’s cabinet approved a currency revaluation on Tuesday and set the exchange rate at 1,300 dinars per U.S. dollar, a cabinet statement said on Tuesday.

The Iraqi dinar had been selling at 1,470 dinars against the dollar before the New York Federal Reserve introduced tighter controls on international dollar transactions by commercial Iraqi banks in November.

The move by the Federal Reserve was designed to stop the illegal siphoning of dollars to Iran.

In recent weeks the dinar was selling at around 1,690 dinar per dollar.

[6ly410]

Minister of Labor: Exchange rate adjustment "refutes poisonous gossip" about the government

IQ News

Minister of Labor: Exchange rate adjustment "refutes poisonous gossip" about the government

•  30 minutes ago

Baghdad - IQ

[BETTYBOOP]

LETS GO!!! NEWS HAS BEEN GREAT THE LAST FEW DAYS.! So much so that my brain has lost track a wee bit. Am I right in thinking if they pass this they would need a true rate?

Edited February 7, 2023 by BETTYBOOP

[6ly410]

 Queues in front of the money changers to get rid of the dollar in Erbil

Posted 14 seconds ago

 

طوابير أمام الصيرفات للتخلص من الدولار في أربيل - اخبار العراق (iraqakhbar-com.translate.goog)

 

Baghdad / M.A

Citizens flocked to exchange shops to get rid of the dollar, after the Cabinet's decision to adjust the exchange rate.

Today, Tuesday, the Council of Ministers approved the decision to adjust the exchange rate of the dollar, equivalent to 1,300 dinars.

A statement by the Prime Minister's Office, received by (the Iraqi Media News Agency), stated that "the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to amend the exchange rate of the dollar against the dinar, at the equivalent of 1,300 dinars to one dollar."

T/M.M

[6ly410]

Vian Sabri, pdk parliamentarian: Sudanese government's decision to lower dollar prices is a reliable step to support the economy and stabilize the price of goods

[6ly410]

Vian Sabri: The government's decision will ease the burden on the poor and thank all those who participated in the decision

[rvmydinar]

33 minutes ago, 6ly410 said:

"We decided to make the sale price of each dollar 1300,1310 dinars from the ministry of finance," 

 

The prime minister said the dinar was "strong" and urged citizens not to leave dollars with them and avoid buying.

Is 1,300 or 1,310 considered a strong dinar? A strong dinar should be in a single digit number.

[utah rock]

Betty, you and I, and so many others have been in this for so long that it is truly difficult for me to get excited about this  investment any longer, but thing's are defiantly starting to look like the end game. I love the rumor section for the entertainment, but I have always clung on to Adam's belief that this is the final missing peace. The more and more it drags out this one law seams to be the constant part of the puzzle left unconnected. I sure would like to see what happens when they pass this law as well as how it will all shake out. If we make a wind-fall or not just recover the initial investment, I'm hopeful this ride is coming to an end!

GO RV/RI, LET'S GOOO!!!!!!!!!!!!!!!!!!!!!!!!    

[rvmydinar]

2 minutes ago, utah rock said:

but thing's are defiantly starting to look like the end game.   

Hope you're wrong.

[utah rock]

That's cool. 

[steveh12]

Sure would love to hear Adam's take on this!

[keylime]

5 hours ago, Jaygo said:

I will take $1.33 please!! 

You may have to accept 1.30 if they drop the zeros from this rate. Just my 3 cents..er...your 3 cents

[unirod]

2 minutes ago, keylime said:

You may have to accept 1.30 if they drop the zeros from this rate. Just my 3 cents..er...your 3 cents

My thoughts exactly!

[6ly410]

Al-Sudani announces a draft of the oil and gas law and sets its date

• TUE, 07-02-2023, PE9:13

---

Prime Minister Muhammad Shia al-Sudani revealed, this evening, Tuesday, that there is a draft oil and gas law that is being reviewed between Baghdad and Erbil in order to ripen it and then approve it.

Al-Sudani said during a press conference, "The oil and gas law is one of the government's obligations, and there is a draft law being circulated between the Federal Ministry of Oil and the Ministry of Natural Resources in the Kurdistan region."

He pointed out that "after approving the budget law, the draft oil and gas law will be discussed."

Al-Sudani announced, "The cabinet agreed to sign a fifth licensing round with a final signature for natural gas investment."

And he indicated that "the natural gas investment project is one of the important projects that have been suspended for four years, and it provides a quarter of the amount of imported gas within 15 days of its implementation, and Iraqi natural gas can be relied upon during the next two years as a substitute for imported gas and covers all local needs."

The oil and gas law is one of the most important reasons for the differences between Baghdad and Erbil, and over the course of previous governments and parliamentary sessions, the political blocs did not agree on a final version of this law.

The Federal Supreme Court (the highest judicial authority in Iraq) had previously issued an order stating that the Kurdistan region is not entitled to export its oil without referring to the Federal Ministry of Oil, which caused tension between Baghdad and Erbil.

[eburt]

Wow...lots of good news coming out lately....It would be nice to see what's Adam insight on the recents new of the rate and HCL....