Dinar Recaps Blog Page — Dinar Recaps (2024)

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FRANK26…..7-2-24…….I WANT TO SHARE

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163 PIN: 156996#

https://www.youtube.com/watch?v=s5aReH6cwkA

Good evening Dinar Recaps,

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Expert identifies reasons for Iraq’s economic growth forecast to exceed 5% in 2026

Time: 2024/07/01 20:48:59 Read: 2,249 times

Expert identifies reasons for Iraq’s economic growth forecast to exceed 5% in 2026

{Economic: Al Furat News} The economic expert, Qusay Safwan, identified the reasons for expectations of economic growth in Iraq reaching more than 5% in 2026.

Safwan told {Euphrates News} that: "The International Monetary Fund's expectations went towards the external view of the Iraqi economy in light of the success of the government of Mohammed Shia al-Sudani in reducing external debts from $20 million to $9 million, which gives reassurance to the status of the Iraqi economy for the coming years, considering that the interest on those debts will be low."

He added, "There are also projects that the government of al-Sudani has started at the level of stopping gas flaring and investing associated gas in supplying electricity, meaning reducing outward cash flows to reduce the import of electricity and gas, as well as completing the Faw port in mid-2025 and entering the operational testing phase until it is linked to the European Union."

Safwan continued, "This means adding non-oil revenues, and these indicators indicate a positive outlook that could contribute to reclassifying Iraq's credit rating from C3 Plus to B Minus," noting that "the possibility of Iraq's GDP rising to 5% in the event of adding initiatives by the Central Bank to pay small and medium-sized projects, which is currently at a rate of $270 billion annually."

He added, "Iraq is currently a partner with the International Finance Corporation, which is trying to rebuild Iraqi airports, and there are two billion dollars that will be pumped into developing and expanding Baghdad International Airport, which indicates that there is confidence in Iraq's ability to operate these amounts and return them to lenders."

Safwan stressed that "the process of developing the energy sector in terms of gas and oil through licensing rounds will contribute to increasing Iraq's future revenues, as it is looking forward to 6 million barrels for export purposes, meaning that there is a possibility of increasing the ability to spend oil revenues on investment projects," noting "the importance of transforming understandings into a studied reality in the field of foreign investment."

The World Bank expected Iraq to achieve economic growth of more than 5% in 2026, noting that the recovery in the oil sector in 2025 will contribute significantly to enhancing this growth.

In its report, the bank stated that Iraq's economic growth for the year 2022 reached 7.6%, and in 2023 it decreased to -2.9.

The report also expected that Iraq's economic growth would decline to -0.3% in 2024, achieve growth of 3.8% in 2025, and reach 5.3% in 2026.

The report indicated that oil-exporting countries outside the Gulf Cooperation Council, such as Iraq and Algeria, would benefit from the expected recovery in the oil sector in 2025, which would help boost economic growth in these countries. LINK

Chairman Of The Securities Commission: The Value Of Traded Shares During The First Half Of 2024 Amounted To 321 Billion Dinars

Market Economy News – Baghdad The Chairman of the Securities Commission, Faisal Al-Haimas, announced today, Tuesday, the stock trading indicators on the Iraq Stock Exchange during the first half of 2024, as the value of traded shares amounted to 321,951,474,384 Iraqi dinars.

Al-Haimas said in a statement followed by "Al-Eqtisad News": "The number of shares traded during the first half of the current year amounted to 281,150,586,973 shares," noting that "the number of listed companies and companies registered in the market amounted to 109 joint-stock companies, distributed between regular and secondary trading platforms and unlisted companies."

Al-Haimas added: “The government bonds that were traded are construction bonds with two issues, and reconstruction bonds with three issues,” stressing that “the number of companies registered on the ISX-OTC platform for unlisted companies increased to 6 companies after accepting three new companies at the end of June 2024.”

The Chairman of the Securities Commission explained that “the number of companies whose shares were traded during the first half of this year amounted to 87 companies.”

The number of traded shares reached 281,150,586,973 shares, and the value of traded shares reached 321,951,474,384 dinars.

Al-Haimas pointed out that “the ISX60 index closed in the last session of June at 882.03, recording a decrease of 1.25% from the closing of 2023, while the ISX15 index closed at 1005.49 points, achieving an increase of 0.5% from its starting value in the base session.”

Al-Haimas concluded his statement by saying: “The number of contracts executed during the first half of the year reached 86,268 contracts, which reflects continuous activity and dynamic movement in the Iraq Stock Exchange.” 07/02/2024 - https://economy-news.net/content.php?id=44820

Implementation Of The Comprehensive Banking System Of Rafidain Bank In 31 Branches

Economy | 08:47 - 02/07/2024 Baghdad - Mawazine News Rafidain Bank announced today, Tuesday, the implementation of the comprehensive banking system in the Pharmacists Branch in Basra, thus joining the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the border crossing branches (Zurbatiya - Safwan - Arar - Trebil).

The bank confirmed in a statement today that "the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings to include all the bank's branches in the implementation of the system, especially since one of the priorities and adoptions of the government program is the electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions."

He added, "Thus, the number of branches that have implemented and completed the system becomes (31) branches, in an important step to strengthen the banking system, achieve its requirements, and leave paper work and move completely to electronic systems." https://www.mawazin.net/Details.aspx?jimare=250611

Global Oil Price Stability

Economy | 10:12 - 02/07/2024 Follow-up - Mawazine News

Oil prices stabilized on Tuesday, remaining near their highest levels in two months reached in the previous session, driven by expectations of increased fuel demand during the summer travel season and the possibility of a cut in US interest rates.

Brent crude futures rose slightly by 20 cents to $86.80 a barrel, after rising 1.9% in the previous session to record the highest closing level since April 30.

US West Texas Intermediate crude rose 13 cents to $83.51 a barrel, after rising 2.3% to its highest level since April 26. https://www.mawazin.net/Details.aspx?jimare=250618

Central Bank Sells About $269 Million In Auction Today

Banks

Economy News – Baghdad The Central Bank of Iraq announced on Tuesday its sales of hard currency, which amounted to more than $269 million in today's transactions, according to the official exchange rate of 1310.

The bank's data showed that the total internal cash withdrawals amounted to $30,250,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $239,000,000, while the total sales amounted to $269,250,000. https://economy-news.net/content.php?id=44821

To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

Adversity has ever been considered as the state in which a man most easily becomes acquainted with himself, being free from flatterers.-Samuel Johnson

In all things preserve integrity; and the consciousness of thine own uprightness will alleviate the toil of business, soften the hardness of ill-success and disappointments, and give thee an humble confidence before God, when the ingratitude of man, or the iniquity of the times may rob thee of other rewards. -Barbara Paley

He knows not his own strength who hath not met adversity.-Samuel Johnson

Adversity leads us to think properly of our state, and so is most beneficial to us.-Samuel Johnson

In the depth of winter, I finally learned that there was in me an invincible summer.-Albert Camus

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

KTFA:

Clare: Makiya completes procedures for Rixos Baghdad Hotel with Qatari Real Estate Investment Company

7/2/2024

The Chairman of the National Investment Commission, Haider Mohammed Makiya, has officially completed the procedures for establishing the Rixos Hotel in the capital, Baghdad, with the CEO of the Qatari Real Estate Investment Company.

The Chairman of the Commission confirmed in a statement that "the project comes within the government's tireless efforts to attract foreign direct investments that enhance Baghdad's international reputation as a prominent investment destination, as well as enhance investment cooperation between Iraq and Qatar, which is an important step in developing the infrastructure of the tourism sector in the country."

For his part, the representative of the Qatari company "expressed his confidence in the promising investment opportunities in Iraq, noting that the project will contribute to creating new job opportunities, supporting local economic growth, and an important opportunity to open the doors to international tourism investment."

It is worth noting that the Rixos Hotel project, which is distinguished by its global reputation for providing luxurious services, will be built on an area of ​​47,500 square meters and consists of a 23-storey hotel with 22 presidential suites with 308 hotel rooms and 164 residential apartments of different sizes in addition to advanced facilities and services that meet all needs. LINK

Clare: Worth $4.5 billion.. Japan sets date for completion of construction of large oil refinery in Basra

7/2/2024

Matsumoto told the Iraqi News Agency (INA): "There are Japanese companies seeking to work in Iraq, such as Komatsu, a company that produces construction machines, and it is a very well-known company."

He pointed out that "the company is very interested in investing in Iraq, and a delegation from it visited Basra Governorate to find out what machines Iraq needs to provide with high quality."

Regarding Japanese projects and loans, Matsumoto stressed that "Japanese loans are important to stimulate the Iraqi economy to give the government an opportunity to bring in more Japanese companies, especially in infrastructure and oil projects."
He added that "JGC, which is working on building a large oil refinery in Basra, has invested $4.5 billion in the project," noting that "this will take two years to complete the project, and this requires large loans from Japan, and there are great advantages to Japanese loans."

Regarding the water supply improvement project in Samawah, the Japanese ambassador explained that "the Japanese company has started the design and the first phase of the project, and we need more than five years to complete it," indicating that "this project is very important for the people of Samawah, and we are making every effort to implement it."

LINK

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Courtesy of Dinar Guru: https://www.dinarguru.com/

Walkingstick Sudani rewrote the contracts and recalculated them in accordance with the rate in the budget...They've been running a budget with the new exchange rate and a budget with the old exchange rate...

Frank26 If it [the budget] comes out in the Gazette with the old rate, there's only two budgets left, one with the old rate and one with the new rate but if they come out with the one with the old rate don't worry about it, it'll change very quickly.

Iraq Bans 8 Local Banks From US Dollar Transactions

Nader: 7-2-2024

https://www.youtube.com/watch?v=cKv3v82uT34

LIVE! Central Banks ADMIT THAT THEY ARE IN CONTROL. AND THEY ARE LAUGHING AT US!

Greg Mannarino: 7-2-2024

https://www.youtube.com/watch?v=c3WxJeydS0Y

TNT:

Tishwash: This article is from 2016. It’s a great reminder of how far we have come.

Raising the three zeros from the Iraqi currency and the interim evaluation (2016 Article)

Amer Al-Abadi

The value of the Iraqi dinar began to be worth (7) grams of gold at the beginning of its issuance according to the issuance law in the year 1931, and in 1959 a new law was issued for the Iraqi national currency, and the Iraqi monetary and banking system continued to develop, and the value of the Iraqi dinar reached (3.3) dollars until the beginning of the war. With Iran, which led to a major collapse in the Iraqi currency

In 2004, the former Governing Council replaced the previous currency, which symbolized the previous regime, with a new currency that is currently in circulation, and the currency was dealt with in seven denominations: 50, 250, 500, 1,000, 10,000, and 25,000 dinars.

Unlike Arab countries, there have been no coins in Iraq for about 25 years.

The project to delete the three zeros was scheduled to be completed in 2011, but it was not completed, then it was postponed to 2013, then postponed to 2015, and now the plan is scheduled to be implemented in early 2017, noting that the process of deleting the zeros took place in several countries.

Three zeros were deleted from the Zimbabwean dollar in 2006. Romania deleted four zeros from its currency in 2005. Bolivia deleted three zeros from its currency in 2008. Turkey deleted six zeros from its currency in 2005. Sudan deleted two zeros from its currency in 2007.

Central Bank Director Mahdi Al-Alaq said, saying: “The central bank began the first steps of the project by choosing the designs, companies and country in which the currencies will be printed.”

He pointed out that "the introduction of the new currency does not mean destroying the old currencies, but they will continue in circulation for about ten years," pointing out that "this period will enable the central bank to withdraw the old currency according to the known dynamics in order to preserve liquidity in the market."

Justifications for the replacement process

1. The existence of a large monetary block worth 30 trillion dinars, with a number of 4 billion notes.

2. Currently, the largest denomination of cash is 25 thousand dinars, equivalent to approximately 21 dollars, and this requires a large volume and effort to settle daily transactions, so the amounts that exceed 20 in value are now Million is made in dollars.

3. The presence of damage to a large percentage of the currency, especially the small denominations, and their inadmissibility in circulation, which constitute approximately one-third of the monetary mass.

4. The difficulty of performing calculations in light of numbers with more than 14 zeros from a practical and technical standpoint, and the possibility of an error occurring, whether adding or deleting a zero.

Benefits of the exchange process

1. Security: It reduces the risks resulting from carrying large sums of money.

2. The costs of counting, sorting, and auditing will decrease if larger denominations are issued.

3. Raising the zeros will create a psychological impact on the citizen by strengthening his currency and adopting it more widely instead of foreign currency

4. Including the Iraqi dinar in the basket of global currencies and dealing in it officially on the world’s stock exchanges and financial markets.

5. The possibility of concluding economic agreements to deal in the national currency, and this will cover a very large portion of foreign transfers, which are a waste of the national wealth of hard currencies.

6. Manipulation of the currency exchange market will be eliminated

7. The work of corrupt suspicious banks and their agents and brokers will stop.

8. A higher ceiling will be set for the amounts transferred abroad from the active exchange currency to ensure that the currency is not smuggled.

9. Changing the currency affects the psychological aspect represented by the desire for a currency with a high exchange rate. This rise brings joy to the return of the dinar to its rich past.

Disadvantages of the replacement process:

1. The emergence of a mathematical problem between the old and new numbers in transactions and in reading and managing trillion numbers.

2. The need to print large denominations.

3. Foreign shares of the stock exchange will decrease by 20% because foreign investors believe that changing the currency will reduce profits.

4. Removing three zeros from the currency may contribute to creating a state of monetary illusion

5. It will cost the state budget large sums of money, in addition to being a door to financial corruption, in addition to not addressing the problem of financial inflation because the Iraqi market imports all goods and services from abroad, which means a drain on hard currencies.

6. There is no official data on the cost of Iraqi banknotes. Note that the cost of a banknote in Britain is 7 US cents. It is sufficient to know the number of notes in circulation to give an idea of the total cost.

7. Four billion notes. Thus, the cost of printing them becomes 289 million dollars. This amount is huge

8. Add to that another amount to mint coins, not to mention the money needed to face the consequences of deleting zeros, such as replacing postage and financial stamps.

9. Feeling poor: Deleting zeros makes a person feel poor, as someone who had ten million dinars now only has ten thousand of them

10. Expecting prices to rise.

11. In light of the inevitability of introducing the Kurdish language to the first issue of the currency after the new constitution comes into effect, it is necessary to benefit from the experiences of other currencies.

For example, the euro is the currency of many peoples in Europe, but it does not contain any language, only symbols, numbers and pictures.

Amer Al-Abadi 11/15/2016

link

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5 Biggest Money Mistakes When Retiring in the Midwest

Gina Hagler Mon, July 1, 2024

Retiring with little to no savings is a situation that even Americans who made the effort to save can find themselves in. Creating a nest egg is the important first step, but there are a number of ways that you can end up poorly managing it — before and after retiring.

Some of the universal mistakes include taking on too much risk or withdrawing too much, too soon. While the Midwest is attractive to retirees for its relative affordability, retiring still requires careful planning.

If you’re retiring in the Midwest, these are the biggest areas of concern through which you could slip up, according to Johnson Wealth and Income Management.

Retiring Too Early

A Bureau of Labor Statistics survey found that the average boomer-aged worker in Iowa switches jobs roughly 12 times, while a Federal Reserve Bank of Minneapolis survey recently indicated that workers are struggling to find jobs that offer higher wages and stronger benefits among the rising cost of living.

It’s recommended to not change jobs or leave the workforce without fully assessing the options you have available. You could end up losing out on 401(k) employer contributions and stock options without remaining employed for a certain period of time.

Not Accounting for Taxes

If you have a 401(k), traditional IRA or other tax-deferred account, you need to be mindful that taxes will eat a portion of your balance. If your tax bracket will be higher post-retirement, a Roth IRA or Roth 401(k) is a good idea so that your withdrawals will be tax free. If your tax bracket will be lower, opt for a traditional IRA or 401(k) so you pay lower taxes after retiring.

South Dakota is a Midwestern state with no personal income tax. This contributes to it being seen as a good place to retire, according to Travel + Leisure, but don’t forget that you still have to consider the overall tax burden (i.e., property taxes).

Not Considering Future Healthcare

To Read More:

https://finance.yahoo.com/news/5-biggest-money-mistakes-retiring-190108821.html

Thank you MarkZ for all your time, and encouragement daily….. PDK

MarkZ Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions

Member: Good morning everyone… good morning Markz …good morning mods

Member: Happy 4th of July week!

Member: So are your bankers still saying the 4th thru the 7th?

MZ: “BRICS: JP Morgan Predicts Huge US Stock Market Crash”, Stocks could fall 30% as US heads for a deep recession, analyst warns….A collapse of the banking system would force the issue …it would also cause unrest and starvation around the world. /so I hope the PTB will do this reset the right way.

Member: If white hats let this happen – they are as bad as the cabal/deep state…imo

MZ: Here is another big one: “ Stocks could fall 30% as US heads for a deep recession-analyst warns” I was told it could be 40% to 60% almost 20 years ago. .

MZ: One of my CMKX sources did a quick check-in and Fines and Penalties were updated again. They are hearing a lot of chatter and they are ready to go- prepared and ready.

Member: 3 more African nations just asked to join BRICS!

MZ: And there will be more!

Member: I cannot wait to see the African nations restored! They have many many riches~

Member: Mark, When Brics announces their gold backed currency, will that force the US to release our new notes???

Member: that is logical to me.

Member: Frank26 wouldn’t give us certain information but intentionally out his white shirt on. The white suit supposedly means we are a go.

Member: Simply Linn said this morning that we are on standby.

Member: Question: How can Iraq be excited when they have no A/C, lack adequate infrastructure (electricity), and is supposed to reach 126 degrees in Iraq today? Hard to celebrate when it's that hot outside.

Member: I read that this AM. The temp there is rediculous! They are having issues w electricity there. Time for change for sure

Member: Some are saying In Iraq- it will be a float and start out low. I don’t think that would work because of the contractors who want to know what they are getting paid?

MZ: I’m with you. I’m not saying a float is not possible….but I believe it would have to be managed and come out closer to the end rate they want.

Member: Today, we are one day closer to our breakthrough blessing day. Hold on, we will win the race. The finish line is close. Don't give up trusting and praying.

Member: I still say the 4th of July –Independence day would be the perfect day for the RV and us to be independent from financial tyranny.

Member: Remember Charlie did say the RV would go on a Thursday

Member: Let’s hope July 4th is “the Thursday” Charlie Ward keeps talking of.

MZ: There are a lot of rumors going around that this is the “go” We don’t know. Noone knows the timing.

Member: Everyone enjoy your day…..the best is yet to come.

Odysee at: https://odysee.com/@theoriginalmarkz:e OR THE RUMBLE CHANNEL: https://rumble.com/user/theoriginalmarkz

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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!

Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.

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TNT:

Tishwash: Parliamentary Finance reveals the effects of the oil price increase and its differences in the 2023 and 2024 budgets

Member of the Finance Committee in the Iraqi Council of Representatives, Mustafa Al-Karawi, revealed today, Monday, the effects of the increase in the price of oil and its difference in the 2023 and 2024 budgets, while he spoke about the fate of the revenues of the difference in the price of a barrel, which is approaching the $10 limit for each barrel sold.

Al-Karawi said, "90 percent of the country's revenues depend mainly on oil, and the more oil revenues or the price of a barrel of oil increase, the lower the expected deficit in Iraq's budget."

He added, "There is no big difference between the 2023-2024 budgets, as the government relied on a price difference of about $10 if it built its budget on $70 per barrel and expected the current price of $80 per barrel."

Al-Karawi explained that "the increase in oil revenues will contribute to bridging the deficit, and since the expected difference is $10, the deficit coverage will be 16 trillion dinars in the 2024 budget."

It is noteworthy that Iraq sells about four million and 250 thousand barrels of oil per day, and needs about 54 trillion dinars as salaries,as the 2024 budget was approved at a fixed price of $70 per barrel, while the current price of a barrel is $90, whichreflects the fluctuations of the oil market. link

Tishwash: Prime Minister's Advisor Announces Iraq's Completion of Integration Steps by Providing Safe Environments to Attract Investment

The financial advisor to the Prime Minister, Mazhar Mohammed Salih, identified on Sunday the important strategic, field and organizational factors that encourage international investors to work in Iraq, while pointing out two basic starting points for the development of the investment environment in the country.

Prime Minister Mohammed Shia al-Sudani confirmed last week, while chairing the eighth meeting of the Higher Committee for Reconstruction and Investment, that Iraq has become a safe and attractive environment for capital from international companies, and a preferred market for businessmen and investors, thanks to the facilities and legislation provided by the government since its formation.

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Tishwash: Rafidain Bank announces the implementation of the comprehensive banking system in 31 of its branches in Iraq

Rafidain Bank announced today, Tuesday, the implementation of the comprehensive banking system in the Pharmacists Branch in Basra, thus joining the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the border crossing branches (Zurbatiya - Safwan - Arar - Trebil).

Thus, the number of effective and completed branches of the system becomes (31) branches, in an important step to strengthen the banking system, achieve its requirements, and move away from paper work and completely towards electronic systems.

The bank confirmed in a statement today that the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timetables to include all the bank’s branches in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions link

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Tishwash: The Ministerial Council for Economy issues decisions, including obligating government agencies to purchase national products

The Ministerial Council for Economy issued several decisions during its meeting in Baghdad, today, Monday, including obligating government agencies to purchase the national product in support of the country's economy, and the Ministry of Water Resources submitting a detailed report on the salinity treatment project, while approving several projects in the Rutba district in Anbar Governorate.

IQD Update Part 2 - Iraqi Dinar - Automation for Revenues - Singapore Agreement - Global Investors

MilitiaMan and Crew: 7-2-2024

The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=RwFH2DD9ZE8

Iraq's Economy Under The Bullets: How Violence Affects Investment

July 2, 2024 Baghdad/Al-Masala Event: The spread of weapons in Iraq represents a major challenge to security and stability in Iraq, while it is difficult to reach an accurate number that limits the number of weapons that Iraqis possess.

However, unofficial reports indicate that the number exceeds 15 million weapons, ranging from light, medium and heavy.

This widespread proliferation of weapons is mainly due to the inability to enforce the law on everyone, which creates a chaotic environment dominated by armed conflicts.

Tribal conflicts, especially in the southern and central Euphrates regions, are among the most prominent manifestations of this chaos, as tribes fight using heavy and medium weapons, leading to many casualties.

International armed groups are spreading in Iraq, whether on the border with Syria or in the northern regions of the country. These groups are often linked to neighboring countries, such as the Kurdistan Workers' Party, contributing to increasing the complexity of the security scene in Iraq and exacerbating the problem of the spread of weapons.

Dozens of Iraqis are killed every month due to the use of weapons, whether in tribal conflicts or in individual crimes.

As for the arms market in Iraq, it is difficult to control, according to a security source who says: “Weapons are traded illegally and at high prices, which makes it difficult for the authorities to control this market.”

Even doctors in Iraq face death threats while working in hospitals, reflecting the extent to which the spread of weapons affects various aspects of daily life.

The Iraqi police forces find it difficult to confront the loose weapons, as they fear intervening in armed conflicts for fear of being attacked.

This situation reflects the state's weakness in imposing its control over all areas and maintaining security effectively.

Under these circ*mstances, it becomes necessary to take serious measures to limit the spread of weapons in Iraq, by strengthening the capabilities of the security services and strictly enforcing the law on everyone, in addition to enhancing cooperation with the international community to limit the flow of weapons into the country.

In his government program, Iraqi Prime Minister Mohammed Shia al-Sudani pledged to end the phenomenon of loose weapons outside the official and legitimate institutions.

The spread of weapons in Iraq has significant negative effects on the lives of individuals and society in general, as it contributes to the rise in rates of violent crimes, such as murder, theft, and armed assaults, which makes the daily lives of individuals more dangerous and increases the feeling of insecurity.

Armed conflicts between clans result in many casualties and destruction of property, and these conflicts are often long-lasting and exacerbate social tensions. https://almasalah.com/archives/95819

The Dollar In The Parallel Market.. Al-Sudani’s Advisor Presents A Different Vision And Economic Experts: An Imaginary Stability

2024-07-02 Shafaq News/ The advisor to the Iraqi Prime Minister disagreed with what four economic experts said regarding the "stability" of the US dollar exchange rate against the Iraqi dinar, stressing that "the stability of the dollar is real and solid and not imaginary as some believe."

However, the economic experts said that the stability is "not reassuring," and what is happening now is a decrease in the dollar's volatility, while stability will occur when the dollar returns to the official price of the Central Bank.

The Prime Minister’s Advisor for Financial Affairs, Mazhar Mohammed Saleh, says, “The exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level, which has become stable in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports), amounting to 1,220 dinars per dollar.

It is a stable trend for the exchange rate and the stable external value of the dinar revolves around it, which is embodied by the state of stability in the relative prices of goods and services to a large extent.”

Saleh added to Shafaq News Agency, "Based on the above, and in light of the strength of the foreign reserves supporting the Iraqi dinar, whose value as liquid foreign assets exceeds $100 billion,

which is the highest in the history of Iraq in the development of its international reserves, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that affects the parallel exchange market due to urgent international or regional political events here and there."

He explains, "After the decline of the dollarization phenomenon in domestic transactions, especially in contracts, obligations and payments within the country since last year, legally, the parallel exchange market has become such that its general effects today only form a narrow economic scope of prohibited transactions practiced by informal markets and at a rate of 10 percent of the total supply and demand transactions for the currency."

Saleh concluded by saying, “Accordingly, the stability of the exchange rate of the dinar to the dollar that the country is witnessing, even in the secondary markets above, is a real and solid stability and not an illusion as some believe.

Rather, it is derived from the strength of the impact of the price and quantity factors of the monetary and fiscal policies and their integration in imposing overall price stability in the country and containing the inflationary expectations that were caused by the forces of the parallel exchange market during the past years.”

But the economic researcher, Ali Abdul-Kazem, explained that “the stability of the dollar occurs when the dollar returns to the official price of the Central Bank, but until now its price is more than 15 points above the official price in the budget, so there is no stability, but the fluctuation in the parallel market is somewhat stable as a result of several things, including the increase in the number of dollars that were for pilgrims.”

Abdul-Kazem added to Shafaq News Agency, "The budget has not been launched yet and its implementation began this month, and this also has an impact, as well as increasing the Central Bank's sales of dollars, and the recession witnessed by the markets reduces import operations, and all these reasons and others have helped to keep the dollar low in the current markets, as for the stabilization process, when the dollar reaches the official price, then it can be said that the dollar price has stabilized between the parallel and official."

The economic expert, Karim Al-Helou, agrees with what Ali Abdul-Kazem said regarding the instability of the dollar, “but these are temporary cases, because the issue of the dollar in Iraq is supply and demand. When bank transfers abroad increase without obstacles and routine, the demand for the dollar decreases, which leads to its decline.

When there are obstacles in Iraqi banks, especially with Iran, from which Iraq imports 13 billion dollars annually, we need hard currency to deliver it to Iran, or some places where a platform has not been opened, such as Iran and others, these require going to the market.”

Al-Halou explained to Shafaq News Agency, "This stability is temporary and lasts for days, and there are mafias specializing in the dollar that have huge amounts of dollars that they put down in the market, which leads to a decrease in its price, and then they buy it again and the supply decreases, which leads to demand for it and its price rises again."

He points out that "the budget has not been launched yet, and many projects are stalled due to the lack of advances for these projects, although the Prime Minister recently launched the delivery of advances, but it takes time due to the bureaucracy. Therefore, in this case, the demand for imported materials from abroad decreases, and therefore the demand for the dollar decreases, which leads to a kind of calm and stability that exists."

He explains, "Iraq imports 90 percent of its materials from abroad, most of which are in dollars. Some countries have opened platforms for them, and the Central Bank's transfers amount to 280 million dollars, which is a huge amount. In addition, citizens' travel for Hajj and other purposes, in addition to the summer vacation not starting for the sixth grade, all of this leads to a decrease in demand for the dollar."

“Therefore, all these factors lead the dollar to calm and stability. It previously fell to 144, but then rose again to 148, and the difference with the official 1320 is more than 15 points. Therefore, this is not stability. Rather, the correct stability is as it was before, when it was 1120 in the Central Bank and 1121 abroad. This situation continued for years, and strategic projects were set at 1121 for the dollar.

However, after former Prime Minister Mustafa Al-Kadhimi raised the dollar price against the dinar, the current Prime Minister, Mohammed Shia Al-Sudani, came and restored it, but the fluctuation continued, due to the presence of mafias, a political lobby, and banks affiliated with parties that have a relationship with the dollar file.”

Al-Halou concluded his speech by saying, “Therefore, the stability is not reassuring and not natural. Rather, it is merely periods for certain cases related to imports, travel, and all factors related to the exit of the dollar from Iraq.”

This is what the economic expert, Diaa Mohsen, also went to, who explained that “what is rumored about the stability of the US dollar exchange rate in the local market is a lie that some of those who ride the government ship are trying to promote, because the citizen knows that when the Prime Minister presented his government program to the Iraqi Council of Representatives, one of his priorities was to reduce the dollar exchange rate against the Iraqi dinar, and many pages were created to promote this topic, but to no avail,” he said.

Speaking to Shafaq News Agency, Mohsen attributed the rise in the US dollar exchange rate in the local market to a number of reasons that the Central Bank of Iraq could not address.

Either because it knows these reasons (and this is a disaster) but it cannot confront those responsible for this rise, or because it does not know these reasons (and this disaster is greater than the previous one) because the Central Bank of Iraq is entrusted with the money of the Iraqi people and not following up on this money and its spending doors is a breach of trust, he said.

He added, "Therefore, the talk about the stability of the US dollar in the local market is not true, because everyone knows that the decline in the exchange rate of the US dollar occurred during the Eid al-Adha holiday, and there is a relatively long holiday. In addition to that, Iraqi traders have begun to use other methods than smuggling the dollar out of Iraq, which is represented by buying gold and smuggling it."

He continued, "In general, we do not believe that the monetary authority, with its confusion in taking measures, can control the exchange rate of the US dollar, nor do the executive authority's measures have the ability to limit currency smuggling operations, whether foreign currency or gold. As for prices, they will not exceed 1,500 dinars per dollar and will not fall below 1,450 dinars per dollar."

While the economic expert, Abdul Rahman Al-Shaikhli, believes that “the fluctuation in the dollar price is a natural matter, and it continues from time to time as a result of being affected by the smallest details, including the departure and return of pilgrims, so the price will remain between 1450 and 1500 dinars continuously, and the fluctuation between these two numbers is a natural thing.”

Al-Shaikhli pointed out during his interview with Shafaq News Agency, "There are some residents abroad who control the currency by issuing and withdrawing the dollar when anything happens inside Iraq, taking advantage of opportunities to manipulate its price. This situation exists in all countries of the world and may be very clear in Iraq because we have not witnessed this experience before, but this remains a natural issue, and we should not worry about it, but if it continues for a long time, it can then be considered an abnormal event." LINK