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

[Shedagal]

My understanding of delete the zeros:

 

$1 ÷ 1300 = .000769

 

Drop the zeros = .76

 

 

[6ly410]

Announcing his support for the move. Determination reviews 3 positives of reducing the dollar

 

| Policy Today, 22:34 | 

Announcing his support for the move. Al-Azm reviews 3 positives of reducing the dollar » Baghdad Today News Agency

    

 

Baghdad Today - Baghdad

Today, Tuesday, the Azm Alliance announced its support for the Cabinet's move to reduce the price of the dollar to 1300 dinars, while reviewing three positives of the step.

The coalition said in a statement received by "Baghdad Today" that the step "is in the interest of the citizen, enhances his confidence in the government's ability to overcome crises, and opens the door of hope for the citizen with better living conditions."

 

 

[6ly410]

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

Posted 15 seconds ago

 

Sudanese reveals in detail the mechanism of the new dollar exchange rate: currency sale window black dot - Iraq News (iraqakhbar-com.translate.goog)

 

News Source /Noon Agency

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

The Sudanese said in a press conference, that "the Board of Directors of the Central Bank held an extraordinary meeting yesterday 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 session 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-Sudanese 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 to Washington tomorrow 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]

 

[keylime]

1 hour ago, rvmydinar said:

The only question is , is the rate 1.30 only applied to old notes ( that most of us are holding right now ) or a new lower denoms ( after delete 3 zeros )?

The new rate will apply to all existing notes. They will probably be releasing new lower denoms that will take into account the new rate. So a 20, a 10, a 1 and fils will be worth whatever the rate is RVd to in respect to the nominal rate with the dollar. 

The real exchange rate which will be the cost of products and services will simply have the people use the new lower denoms according to whatever those prices are. And they will be bought and sold with dinars not dollars.

[6ly410]

Electricity and the dollar. The most important things that came in the press conference of the Sudanese - urgent

 

| Policy Today, 23:16 | 

Electricity and the dollar. The most important things that came in the press conference of the Sudanese - Urgent » Baghdad Today News Agency

    

Baghdad Today -

The most important things that came in the press conference of the Prime Minister, Mr. Mohammed Shia Al-Sudani, which he held on Tuesday:

 

? The government is now 100 days old, and it has set 5 priorities since the first day of voting on it and on its ministerial curriculum, its choice was based on the country's living, economic and service reality and the challenge of combating corruption.

 

? The government started its work with a new experience and simple personal and financial capabilities represented by the service and engineering effort

 

? 70 billion dinars of the funds of the former prime minister's office were transferred to the service and engineering effort that reached forgotten residential areas, and we have a special vision in the 2023 budget related to financial allocations for the service effort.

 

? The government started its service effort with lagging projects, and a mechanism was taken to accelerate the construction of 9 hospitals in Baghdad, and the time limit for completing the projects is one year.

 

? We organized the distribution of emergency food security funds and directed them to infrastructure projects in the governorates, and directed the governorates to distribute food security allocations according to the government's vision.

 

? We found disabled files related to unemployment and job creation, and we started with the file of lecturers because they have a legal basis for confirmation, and we ended the problems of lecturers and contracts in all ministries.

 

? We stopped appointments and contracts because they are an economically unfeasible policy, and we allocated 500 billion dinars in the 2023 budget to the Small Projects Lending Fund.

 

? Asset recovery was a priority in the anti-corruption process while not leaving legal accountability, and we adopted mechanisms that regulated the process of recovering stolen assets, whether it was before or after 2003, and there are no red lines in the fight against corruption.

 

? We have redeployed the security services in accordance with the government program, and there are 3 governorates where police directorates have received their security file after the army left from within.

 

? We follow up the level of service provision in hospitals, and we are working to rehabilitate (10) hospitals, as was done with Kadhimiya Hospital.

 

? We are addressing a concept called "multidimensional poverty" through food, health and other services, and obtaining a housing unit is the most important thing that will be achieved for the covered by the poor, and we have allocated financial assistance to the children of the poor in order to complete their studies.

 

? We are proud to contribute to the Gulf 25 Championship file.

 

? The course of international relations adopted diplomacy produced during the 100 days of the government's life, and our visits to countries were planned and had goals.

 

? We prepared for the electricity file during the summer of 2023, and provided all the requirements as requested by the Minister of Electricity.

 

? All state files are covered by the work, not just the five priorities.

 

? Economic reform was a priority because of the shock caused by the ill-considered exchange rate change in 2021, because the damage of the exchange rate appreciation became complex on citizens after the rise in food prices.

 

? The previous government did not take measures to protect citizens from the effects of the exchange rate change, which affected even middle-income people, and because of which all economic facilities were suspended.

 

? In the first month, we were surprised that there were commitments to the mechanism for selling dollars agreed two years ago between the government and the central bank with the US Federal Reserve.

 

? We took quick action on the subject of the currency sale window but it takes time.

 

? Traders are looking for an unofficial dollar equivalent to the dollar sold through the currency window, not to deny the existence of currency smuggling.

 

Follows

 

7- February- 2023

[6ly410]

Prime Minister: We have taken quick measures on the issue of the currency sale window, but it needs time

Prime Minister: We have taken quick measures on the issue of the currency sale window, but it needs time (ninanews-com.translate.goog)

Tue 07, Feb 2023 23:18 |PoliticalViews: 32

Baghdad /Nina/ Prime Minister Mohammed Shia al-Sudani said that: "Quick measures have been taken on the issue of the window of selling currency, but it needs time."

[6ly410]

Iraqi Cabinet approves currency revaluation amid unstable exchange rate

Iraqi Cabinet approves currency revaluation amid unstable exchange rate (thenationalnews.com)

The dinar has lost nearly 20 per cent of its value following US moves to stop the flow of dollars to sanctioned countries

 

Citizens exchange US dollars in Shurja market in central Baghdad. AP

 

Sinan Mahmoud

 

Feb 07, 2023

The Iraqi government approved a currency revaluation on Tuesday to strengthen the dinar against the dollar.

During its weekly meeting, the Cabinet set the official exchange rate at 1,300 Iraqi dinar per US dollar. The previous rate was at 1,460 Iraqi dinar to the dollar.

The revaluation plan was submitted by the Central Bank of Iraq on Monday as the Iraqi dinar has lost more than 10 per cent of its value in recent months amid pressure from the US to stop the flow of dollars to countries under US sanctions, mainly Iran.

In a brief statement, the CBI said it “submitted the outcomes of its study regarding changing the official exchange rate to the cabinet.” It didn’t give more details.

Shortly after the statement, Dhia Al Nasiri, an adviser to the Prime Minister, said the exchange rate “will be changed based on the Central Bank of Iraq suggestion”, but gave no further details.

 

 

For years, the official rate for banks and exchange companies was 1,182 dinars, while the rate on the street was around 1,200 dinars.

Amid a liquidity crisis due to plummeting oil prices on the international market, Iraq’s Central Bank devalued the dinar in December 2020 to 1,460 dinars per dollar for banks and 1,470 dinars for individuals.

But since December, the Iraqi dinar has wavered against the dollar as the Federal Reserve Bank of New York introduced measures to stop the flow of dollars to sanctioned countries through a state-run currency auction.

The currency auction has been mired in accusations of corruption, money laundering and the channelling of dollars to Iraq’s neighbours including Iran, Syria and Lebanon, using forged bills.

Iran and Syria are under US sanctions.

 

The US has blacklisted several Iraqi banks for their suspicious foreign transactions, while the new scrutiny measures have been brought in to scrutinise the process of releasing money from the US to cover the imports and other needs.

That has pushed the dinar exchange rate in the black market to more than 1,600 to the dollar, fuelling public anger over soaring goods prices.

On Monday, the exchange rate on the street hovered around 1,630 dinars to the dollar.

Updated: February 07, 2023, 9:35 AM

[6ly410]

Sudani: We have prepared for electricity next summer and stopped appointments and contracts

•  Time : 2023/02/07 23:13:52
•  
• Sudani: We have prepared for electricity next summer and stopped appointments and contracts - Al-Furat News (alforatnews.iq)

  

 

The most important things that came in the press conference of the Prime Minister, Mr. Mohammed Shia Al-Sudani, which he held on Tuesday:

🔷 The government is now 100 days old, and it has set 5 priorities since the first day of voting on it and on its ministerial curriculum, its choice was based on the country's living, economic and service reality and the challenge of combating corruption.

🔷 The government started its work with a new experience and simple personal and financial capabilities represented by the service and engineering effort

🔷 70 billion dinars of the funds of the former prime minister's office were transferred to the service and engineering effort that reached forgotten residential areas, and we have a special vision in the 2023 budget related to financial allocations for the service effort.

🔷 The government started its service effort with lagging projects, and a mechanism was taken to accelerate the construction of 9 hospitals in Baghdad, and the time limit for completing the projects is one year.

🔷 We organized the distribution of emergency food security funds and directed them to infrastructure projects in the governorates, and directed the governorates to distribute food security allocations according to the government's vision.

🔷 We found disabled files related to unemployment and job creation, and we started with the file of lecturers because they have a legal basis for confirmation, and we ended the problems of lecturers and contracts in all ministries.

🔷 We stopped appointments and contracts because they are an economically unfeasible policy, and we allocated 500 billion dinars in the 2023 budget to the Small Projects Lending Fund.

🔷 Asset recovery was a priority in the anti-corruption process while not leaving legal accountability, and we adopted mechanisms that regulated the process of recovering stolen assets, whether it was before or after 2003, and there are no red lines in the fight against corruption.

🔷 We have redeployed the security services in accordance with the government program, and there are 3 governorates where police directorates have received their security file after the army left from within.

🔷 We follow up the level of service provision in hospitals, and we are working to rehabilitate (10) hospitals, as was done with Kadhimiya Hospital.

🔷 We are addressing a concept called "multidimensional poverty" through food, health and other services, and obtaining a housing unit is the most important thing that will be achieved for the covered by the poor, and we have allocated financial assistance to the children of the poor in order to complete their studies.

🔷 We are proud to contribute to the Gulf 25 Championship file.

🔷 The course of international relations adopted diplomacy produced during the 100 days of the government's life, and our visits to countries were planned and had goals.

🔷 We prepared for the electricity file during the summer of 2023, and provided all the requirements as requested by the Minister of Electricity.

🔷 All state files are covered by the work, not just the five priorities.

🔷 Economic reform was a priority because of the shock caused by the ill-considered exchange rate change in 2021, because the damage of the exchange rate appreciation became complex on citizens after the rise in food prices.

🔷 The previous government did not take measures to protect citizens from the effects of the exchange rate change, which affected even middle-income people, and because of which all economic facilities were suspended.

🔷 In the first month, we were surprised that there were commitments to the mechanism for selling dollars agreed two years ago between the government and the central bank with the US Federal Reserve.

🔷 We took quick action on the subject of the currency sale window but it takes time.

🔷 Traders are looking for an unofficial dollar equivalent to the dollar sold through the currency window, not to deny the existence of currency smuggling.

 

[Fairways&Greens]

What is their end game? This move will help the Iraqi people a little and from reports, the people are selling their dollars, so dedollarization? This can only hold for a short time. They must have greater ends in mind. 

[mally2]

Reading Iraqi news, especially in regards to what we're doing...speculating on their currency, has always been a speculative crapshoot. I am waiting to see what the results of these meetings in the US bring about this week. Iraq is going international, at least it looks like it more so than any time in the last 15 years. They said the negative move in the dinar was due to internal changes they were making to modernize their infastructure and combat theft. They said to wait for the negotioations with the americans to reveal the next step, referred to as the "external step" in one article. To me they are still between a closed and and an open system and this move back to 1300 does not spell the opening up of their banking system. Sure its possible there will be more delays and problems but its looking to me like we might actually see what the plan is soon.

[Bama Girl]

3 hours ago, 6ly410 said:

he explained that the dollar "is witnessing a significant decline in demand due to the beneficiaries waiting for its exchange rates to decline further."

I’m my opinion, this statement is very interesting! If this means what I presume it means,  some Iraqis are waiting/wanting the same as we. Thoughts??? 

[6ly410]

Sudani: Economic reform was included in the priorities due to the tremor caused by the ill-considered/expanded exchange rate change

Tuesday 07, February 2023 23:45 |PoliticalViews: 76

Al-Sudani: Economic reform was included in the priorities due to the shock caused by the ill-conceived / expanded exchange rate change (ninanews-com.translate.goog)

Baghdad /Nina/ Prime Minister Mohammed Shia al-Sudani said: “Economic reform was included in the priorities because of the shock caused by the ill-considered exchange rate change in 2021, because the damage of the exchange rate rise has become complex on citizens after the rise in food prices.” Al-Sudanese said in a press conference: “The government has become 100 days old, and it has set 5 priorities since the first day of voting on it and on its ministerial curriculum, its choice was based on the country’s living, economic and service reality and the challenge of combating corruption."

He added: "The government began its work with a new experience and simple self-and financial capabilities represented by the service and engineering effort," pointing out: "70 billion dinars from the funds of the former Prime Minister's Office were transferred to the service and engineering effort that reached forgotten residential areas, and we have a special vision in the 2023 budget related to financial allocations for the service effort.”
He explained: "The government has started its service effort with lagging projects, and a mechanism has been taken to accelerate the construction of 9 hospitals in Baghdad, and the time limit for completing projects is one year. We organized the process of distributing emergency food security funds and directing them to infrastructure projects in the provinces, and we directed the provinces to distribute food security allocations according to the government's vision."
The Prime Minister continued: "We found disabled files related to unemployment and job creation, and we started with the file of lecturers because they have a legal basis for confirmation, and we ended the problems of lecturers and contracts in all ministries. We stopped appointments and contracts because they are an economically unfeasible policy, and we allocated 500 billion dinars in the 2023 budget to the Small Projects Lending Fund.

He pointed out: "The recovery of funds was a priority in the process of combating corruption while not leaving legal accountability, and we adopted mechanisms that regulated the process of recovering stolen funds, whether it was before or after 2003, and there are no red lines in the fight against corruption."
He went on to say: “We have redeployed the security services in accordance with the government program, and there are 3 governorates that the police directors received their security file after the army left from within them, and we are following the level of service provision.” in hospitals, and we are working to rehabilitate (10) hospitals, as was done with Kadhimiya Hospital.We are also addressing a concept called 'multidimensional poverty' through food, health and other services, and obtaining a housing unit is the most important thing that will be achieved for the poor, and we have allocated a financial subsidy for the children of the poor to complete their studies.”
On the Gulf Cup, Al-Sudani said: "We are proud to contribute to the file of the Gulf 25 Championship."

On foreign policy, he pointed out: "The course of international relations adopted productive diplomacy during the 100 days of the government's life, and our visits to countries were drawn and had goals."
On services, the Prime Minister said: "We have prepared for the electricity file during the summer of 2023, and we have provided all the requirements as requested by the Minister of Electricity," stressing: "All state files are covered by work, not just the five priorities," noting: "Economic reform was covered by priorities due to the tremor caused by the ill-considered exchange rate change in 2021, because the damage of the exchange rate rise has become complex on citizens after the rise in food prices .”
He pointed out that the previous government did not take measures to protect the citizen against the effects of changing the exchange rate, which affected even middle-income people, and because of which all economic facilities stopped. We were surprised in the first month that there was are due commitments regarding the mechanism of selling dollars agreed upon two years ago between the government and the Central Bank with the US Federal Bank, and we also took quick measures on the issue of the currency sale window, but it needs time.

He continued: "Traders are looking for an unofficial dollar parallel to the dollar that is sold through the currency sale window, and we do not deny the existence of currency smuggling operations."
The Chairman of theThe sale of the dollar at the new price will start tomorrow, Wednesday. There are no red lines to fight corruption at all.
He explained: “The delay in the general budget due to this crisis and its treatments, and we will return the figures set in the budget, and there is an impact of the deficit ratio in light of the price difference to the exchange of the dollar, and The state bears the damage and not the citizen, and the negative effects of any decision borne by the state.”

He stressed: "The budget will be a reflective mirror of the government program and contains important steps towards development and urgent projects needed by the citizen."
Al-Sudanese pointed out that the Council of Ministers has taken an important decision in the field of natural gas investment and associated gas and approved the recommendation of the Economic Council for Energy to sign contracts for the licensing round (the fifth round) for the border blocks and fields and activate them for a long time since their referral.
He pointed out: “This is one of the important projects within the fifth round, which has been stalled for four years due to a complaint about the validity of the procedures, and after this file went to the financial control and integrity, it was finally It was found that the procedures are sound and the matter has been resolved.”

He said that one of the companies working on the project could provide a quarter of the amount of imported gas within 15 months, and our goal is to secure and cover all the amount of imported gas within 3 years.
He pointed out: “The imported gas costs about 10 trillion dinars annually in the budget, and after three years the project will provide these amounts, and they will be transferred to health, education and housing, within the framework of economic reform.
He stressed: "We will soon announce the sixth round, which will target patches and fields of natural gas, for the first time in Iraq," noting: "Iraq must enter the gas market and be an exporter and equip the country for all its needs." , which is a gain at all political, economic and security levels. He

pointed out that the second important decision is the Nibras Petrochemical Project, which is one of our commitments in the government program.
He pointed out that the project has also been stalled since 2015, and it is one of the strategic projects in the region, and the third project in the Middle East, and the Ministry of Industry has started contracting with an international consulting company within two to four months to move to the next step.
He continued: "This project will operate most of our factories in the private sector, and instead of importing granules from neighboring countries, we will produce and export." End9

[NoviceInvestor]

3 hours ago, utah rock said:

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!!!!!!!!!!!!!!!!!!!!!!!!    

Agreed, and I will say that there has been so much upbeat news over the past weeks and it has kept me in a hopeful and optimistic mood but the wisdom of age has kept me very much grounded without any expectation of the hour, date or rate.

 

But for now ... I like you will wait. 

 

 

 

[BETTYBOOP]

If we are this hyper at a rate of 1300 dinars to the dollar...... this site will crash for days when it goes below 1000 dinars to the dollar 💵  🤣🤣🤣

[6ly410]

 

Sadiqoun bloc on the occasion of the reduction of the dollar: damn Kadhimi and Baathism

Posted 33 seconds ago

 

The Sadiqoon bloc on the occasion of devaluing the dollar: Damn Al-Kazemi and Baathism (iraqakhbar-com.translate.goog)

 

News Source /Baghdad Today

Baghdad Today - Baghdad

MP for the Sadiqoun parliamentary bloc, Mahasin al-Dulaimi, described on Tuesday that the decision to reduce the dollar, which was approved by the Sudanese government, broke one of Al-Kazemi's decisions within his plan to starve the people.

Al-Dulaimi said in a statement received by "Baghdad Today", that "the Sudanese government has proven the success of its program, which it prepared, and today we reap its first harvest after the approval of the decision to reduce the exchange rate of thedollar.

 

[6ly410]

Sadiqoun bloc on the occasion of the reduction of the dollar: damn Kadhimi and Baathism

 

| Policy Yesterday, 23:11 | 

Sadiqoun bloc on the occasion of the reduction of the dollar: Damn Al-Kazemi and Baathism » Baghdad Today News Agency

 

Baghdad Today - Baghdad

MP for the Sadiqoun parliamentary bloc, Mahasin al-Dulaimi, described on Tuesday that the decision to reduce the dollar, which was approved by the Sudanese government, broke one of Al-Kazemi's decisions within his plan to starve the people.

Al-Dulaimi said in a statement received by "Baghdad Today", that "the Sudanese government has proven the success of its program, which it prepared, and today we reap its first harvest after the approval of the decision to reduce the exchange rate of the dollar.

[6ly410]

Prime Minister: Selling the dollar at the new price will start tomorrow and there are no red lines in the fight against corruption

 Political 

•  Yesterday, 23:16

Baghdad - Prime
Minister Mohammed Shia al-Sudani confirmed that the sale of the dollar at the new price will start tomorrow, Wednesday, while noting that there are no red lines in the fight against corruption.

Al-Sudani said in a press conference held on Tuesday, followed by the Iraqi News Agency (INA), "The government has become 100 days old, and it has set 5 priorities since the first day of voting on it and on its ministerial platform, its choice was based on the country's living, economic and service reality and the challenge of combating corruption," pointing out that "the government began its work with a new experience and simple self-financial capabilities represented by the service and engineering effort."
He added, "70 billion dinars from the funds of the former prime minister's office were transferred to the service and engineering effort that reached forgotten residential areas, and we have a special vision in the 2023 budget related to financial allocations for the service effort," stressing that "the government began its service effort with lagging projects and a mechanism was taken to accelerate the construction of 9 hospitals in Baghdad, and the time limit for completing the projects is one year."
He continued, "We organized the process of distributing emergency food security funds and directing them to infrastructure projects in the provinces, and we directed the provinces to distribute food security allocations in accordance with the government's vision," stressing, "We found disabled files related to unemployment and job creation, and we started with the file of lecturers because they have a legal basis for confirmation, and we ended the problems of lecturers and contracts in all ministries."
He pointed out that "we stopped appointments and contracts because it is an economically unfeasible policy, and we allocated 500 billion dinars in the 2023 budget to the Small Projects Lending Fund," explaining that "the recovery of funds was a priority in the anti-corruption process while not leaving legal accountability, and we adopted mechanisms that organized the process of recovering stolen funds, whether it was before or after 2003, and there are no red lines in the fight against corruption."
"We have redeployed the security services in accordance with the government program, and there are 3 governorates that the police directorates received their security file after the army left from within," he said, stressing, "We are following the level of service provision in hospitals, and we are working to rehabilitate (10) hospitals, as happened with Kadhimiya Hospital."
He went on to say, "We are addressing a concept called (multidimensional poverty) through food, health and other services, and obtaining a housing unit is the most important thing that will be achieved for the covered by the poor, and we have allocated a financial subsidy for the children of the poor in order to complete their studies," adding, "We are proud to contribute to the file of the Gulf 25 Championship."
He pointed out that "the path of international relations adopted productive diplomacy during the 100 days of the government's life, and our visits to countries were drawn and had goals," stressing, "We prepared for the electricity file during the summer of 2023, and we provided all the requirements as requested by the Minister of Electricity."
He pointed out that "all state files are covered by the work, not just the five priorities," noting that "economic reform was included in the priorities due to the tremor caused by the ill-considered exchange rate change in 2021, because the damage of the exchange rate rise has become complex on citizens after the rise in food prices."
He explained that "the previous government did not take measures to protect the citizen against the effects of changing the exchange rate, which affected even middle-income people, and because of which all economic facilities stopped," stressing that "we were surprised in the first month that there are due commitments regarding the mechanism of selling dollars agreed upon two years ago between the government and the Central Bank with the US Federal Bank."
He pointed out that "we have taken quick action on the issue of the currency sale window, but it needs time," noting that "traders are looking for an unofficial dollar parallel to the dollar that is sold through the currency sale window, and we do not deny the existence of currency smuggling operations."
He explained, "The delay of the general budget because of this crisis and its treatments, and we will return the figures set in the budget, and there is an impact of the deficit ratio in light of the price difference to exchange the dollar, and the state bears the damage and not the citizen, and the negative effects of any decision borne by the state," noting that "the budget will be a reflective mirror of the government program and has important steps towards development and urgent projects that the citizen needs."
He pointed out that "the Council of Ministers took an important decision in the field of natural gas investment and associated gas and approved the recommendation of the Economic Council He noted that "this is one of the important projects within the fifth round, which has been stalled for four years due to a complaint about the validity of the procedures, and after this file went to the financial control and integrity, it was finally found that the procedures were sound and the matter was resolved."
He pointed out that "one of the companies working in the project can provide a quarter of the amount of imported gas within 15 months, and our goal is to secure and cover all the amount of imported gas within 3 years, and the imported gas costs up to 10 trillion dinars annually in the budget, after three years the project will provide this amount, and will be transferred to health, education and housing, within the framework of economic reform," stressing, "We will soon announce the sixth round, which will target patches and fields of natural gas, for the first time in Iraq."
He continued, "Iraq must enter the gas market and be an exporter and equipped country for all its needs, which is a gain at all political, economic and security levels," noting that "the second important decision is the Nibras Petrochemical Project, which is one of our commitments in the government program."
He explained that "the project has also been stalled since 2015, and is one of the strategic projects in the region, and the third project in the Middle East, and the Ministry of Industry has started to contract with an international consulting company within two to four months to move to the next step," stressing that "this project would operate most of our factories in the private sector, and instead of importing granules from neighboring countries, we will produce and export."
 

[6ly410]

 

Prime Minister: The budget will be a mirror reflecting the government program, and it contains...

Posted 24 seconds ago

 

 

 Prime Minister: The budget will be a reflective mirror of the government program, in which... - Iraq News (iraqakhbar-com.translate.goog)

news source /Tigris channel

 

 

Prime Minister Muhammad Shia al-Sudani said today, Tuesday, in a press conference held after the cabinet session, that the delay in the general budget is due to this crisis and its solutions.

 

And he stated that “we will restore the numbers set in the budget, and there is an impact on the deficit percentage in light of the price difference for the exchange of the dollar, and the state bears the damage, not the citizen, and the negative effects of any decision borne by the state . ”

 

He added, “The budget will be a mirror reflective of the government program, and it contains important steps towards development and urgent projects that the citizen needs 

[6ly410]

Government decision seeks to save the Iraqi dinar from the influence of the dollar

Government decision seeks to save the Iraqi dinar from the influence of the dollar

•  1 hour ago

• The crisis of the rise in the dollar exchange in front of the #الدينار_العراقي, which has been going on for weeks, seems to be on its way to a solution, as the Iraqi Council of Ministers approved on Tuesday the decision of the Board of Directors of the Central Bank of Iraq to amend the rate of the #صرف_الدولار against the dinar, equivalent to 1300,14700 dinars per dollar, instead of its old price of <>,<> dinars.

  Sell at the new price

  The Central Bank of Iraq will start selling the dollar at the new official rate starting Wednesday, a step that was welcomed politically and popularly, and the bank will continue its procedures and steps until the dollar exchange rate stabilizes according to the official exchange rate.

  The Central Bank of Iraq announced, according to a statement, its readiness to meet all legitimate requests of individuals, companies, projects and offices to achieve the bank's goal of stabilizing the general level of prices to protect the purchasing power of citizens, especially since the new exchange rate granted to traders and others provides lower prices for citizens. The exchange rates will be as follows: 1300 dinars per dollar, the purchase price of the dollar from the Ministry of Finance. 1310 dinars per dollar, the price of selling dollars to banks through the electronic platform. 1320 dinars per dollar, the selling price of the dollar from banks and non-banking financial institutions to the ultimate beneficiary.

  The Governor of the Central Bank of Iraq Ali Al-Alaq praised the rapid response to the decision of the Central Bank of Iraq to reduce the exchange rate of the dollar in order to ease the burdens of citizens. In a statement, he stressed the continuation with the government in continuing efforts and fruitful coordination to achieve the desired goal. Al-Alaq pledged to exert more efforts to enhance Iraqis' confidence in their national currency and maintain the sustainability and integrity of the financial and banking system.

  Stronger than the dollar

  Prime Minister Mohamed Shia al-Sudani advised on Tuesday not to acquire the dollar, reiterating that "the dinar is stronger than the dollar."

  Al-Sudani said at the weekly press conference of the Council of Ministers that "the currency window was a black spot in the banking system," noting that "there is a second package of measures that the Central Bank will launch to confront the rise in exchange rates."

  In addition, the financial adviser to the Prime Minister, Mazhar Muhammad Saleh, confirmed that the 2023 budget will adopt the exchange rate approved by the Council of Ministers, stressing that the decision is commensurate with the rise in the current account of the balance of payments, as well as supporting the rise in foreign reserves that touched 115 billion dollars.

[Half Crazy Runner]

5 hours ago, rvmydinar said:

Three years means 2023+3=year 2026? So should we wait until 2026 for the iqd to RV at a single digit number? What could the highest rate be in 2026 then? Hopefully not 1,460 or 1,300 or 1,190.

I’m pretty sure they mean in the past three years. In 2020 they abruptly changed the rate from 1190 to 1460. 

[BETTYBOOP]

The Central Bank of Iraq will start selling the dollar at the new official rate starting Wednesday, a step that was welcomed politically and popularly, and the bank will continue its procedures and steps until the dollar exchange rate stabilizes according to the official exchange rate.

 

This statement is interesting.... so if they are to continue their procedures until the dollar stabilizes ....  there could be further reductions in the exchange rate.? 

[NEPatriotsFan1]

1 minute ago, BETTYBOOP said:

The Central Bank of Iraq will start selling the dollar at the new official rate starting Wednesday, a step that was welcomed politically and popularly, and the bank will continue its procedures and steps until the dollar exchange rate stabilizes according to the official exchange rate.

 

This statement is interesting.... so if they are to continue their procedures until the dollar stabilizes ....  there could be further reductions in the exchange rate.? 

I thought the same thing… maybe this is just the start 

[jg1]

53 minutes ago, BETTYBOOP said:

If we are this hyper at a rate of 1300 dinars to the dollar...... this site will crash for days when it goes below 1000 dinars to the dollar 💵  🤣🤣🤣

Remember when it was 1170 to the dollar. Nobody was dancing in the streets then. I think someone let the cat out of the bag and couldn’t keep their mouth shut. Now everybody knows. Except us but that’s coming too. In the coming hours in the coming days. Coming seconds. Wishful thinking.

[Spartakus]

I'm afraid that Sudani might just be saying that a value of 1300 is stronger than 1400 etc.