Iraq an economic Study

I think this may be it. Gonna bring dinar to zero so it can free float

Looks like they are moving the value of the Iraqi Dinar LOWER.

This is being done to help their economy. Currency devaluation always helps the nation who does so. That is why the US accused China of unfair trade because they would keep the Yuan low in value to help their own economy.

Looks like Iraq said it would only do this once and never again in the article.

No RV, no get rich quick, just money (multi-millions) made at the hands of dinar dealers and gurus over the past decade

Sucks.

Not all is as it seems..
Rich Folk will always get rich.

They're sucking in all the 3 zero notes that are stashed all over the country. Nearly 70 + % of Iraq money is NOT in the bank. 70 fkn percent.

You have 10 million dinar under your mattress etc.

You find out that your 10 mill is gonna be worth 7.7 mill in the next few days BUT the bank is offering 10+ percent interest on new accounts. What ya gonna do...?

As far as i,m concerned it has revalued,Just in the wrong direction for the moment. It may even be afloat ??
The populace and antagonists will kick up utter fuck about this backward move but i,m sure the bank planned for this.

I wonder if the Dollars the banks give out for Dinars are marked in some way ? You know keep track of all the dollars that will be needed for this plan.

The banks are doubling the amount of dollar they have in store so to speak for the oncoming run on the banks.

So at some point in the next 3 months the CBI and Finance ministry after scooping in trillions of the wild dinar may raise the Value of the Dinar to the extent we could start cashing in some of them. Like if it came out at 50-60 cents
I,m sure many of us would cash out a few thousand dinar to
get some return.

Then 3 more months later it may raise again etc .
I think with a float they can only raise 4 timeS per year ? Or is that an RV ??.

Anyway i,m ALL WIN no matter what the fuck happens.

Looks like Iraq's up and coming middle class ppl with a little money

Are being allowed to get in on ground floor opportunities

With this short lived devalue

The Ministry of Finance promised on Friday to make an adjustment to the exchange rate of the foreign currency against the Iraqi dinar, after the decision taken by the Central Bank to reduce the value of the local currency and increase the prices of imported goods and goods in the country.

The ministry said in a statement received by Shafaq News that it is fully aware that there are a number of supportive measures that must be taken to increase the positive effects of adjusting the exchange rate. The Finance Ministry was unable to do this publicly due to the sensitivity of the issue and because the budget must first be approved by the Council of Ministers.

And she continued that she led extensive discussions in the past weeks after the budget was approved by the Council of Ministers regarding the follow-up to adjusting the exchange rate with many parties inside and outside the government.

She added that these discussions will culminate next week with a proposed expanded meeting with the main economic actors from the public and private sectors, where the Ministry of Finance will develop its detailed policy program designed to increase the benefits from adjusting the exchange rate.

In its statement, the ministry expressed its hope that these measures will coincide with discussions within the House of Representatives on the budget.

The statement indicated that "the main policy measures to protect the poor and vulnerable have been included in the budget and discussed in the minister's statement regarding the budget."

The Central Bank of Iraq had decided to raise the price of selling the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration of oil prices.

Iraq relies on 90% of its income on oil revenues, and the last time it devalued the dinar was in December 2015 when it raised the selling price of the dollar to 1182 dinars, compared to 1166 dinars in the past.

The central bank launched its decision regarding the new pricing for selling the dollar in the auction for the currency on the 20th of last December, and since then, the bank has witnessed a decline in currency sales.

Iraq is under great pressure under the weight of the worst economic crisis it has witnessed since 2003 until now due to the low oil prices and the outbreak of the Corona virus.

You guys rich yet?

What's this BUNA thing they are all talking about

Does it help or hurt

Well they have a 2021 budget

That's gotta be a good thing

Parliamentary Committee: The dollar will not return to its previous price until after 4 years
20:02 - 15/05/2021
The Legal Committee in the House of Representatives confirmed, on Saturday, that the issue of the dollar’s exchange rate has been finally settled, and there is no intention to return to its previous price until after four years have passed.

A member of the committee, Salim Hamza, said in a statement to / the information / that “the exchange rate of the dollar has been decided definitively and there is no close return to its previous price,” indicating that “the exchange rate of the dollar has been fixed at its current price and has been implemented.”

Hamza added, "We must wait for the next elections in 2025, that is, after four years, so that we can control the exchange rate."

It is worth noting that the rise in the exchange rate of the dollar came in conjunction with the holy month of Ramadan, when markets and food products witnessed a significant increase.

You dumb asses cash in yet?

KAZEMI’S ADVISOR: THE PROJECT TO DELETE ZEROS FROM THE CURRENCY IS SUBJECT TO TWO CONDITIONS


AL-KAZEMIS ADVISOR - THE PROJECT TO DELETE ZEROS FROM THE CURRENCY IS SUBJECT TO TWO CONDITIONS

Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set two conditions for deleting 3 zeros from the currency, stressing that the option to delete is proposed as part of the strategies for reforming the currency and cash payments system in Iraq.

Saleh told the official agency and followed by the “National News Center”, “The Central Bank of Iraq has developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened by the insomnia of the economic blockade imposed in the nineties of the last century, and put it into research and study long ago, This is after reviewing about 54 international experiments since the end of World War II until the second decade of the twenty-first century, which took place in various countries of the world in which the cash payment systems were reformed and made to work more efficiently, the last of which was the Islamic Republic of Iran and before that, Turkey.

He added that “the phenomenon of increasing zeros in the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies to unbridled waves of inflation or continuous sharp rises for years in the price level due to wars, sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance.” .

And because the price means the value of goods and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the disappearance of their ability to cover transactions and exchanges of high monetary value in the market.

He continued, “Accordingly, the monetary value of things or tangible assets and others inflates, and when inflation ends, according to which prices have increased to three decimal places, or more or less, according to the nature of each economy, countries resort to reducing the artificial reproduction in numbers, especially in the numbers of accounts books, budgets, and various numbers of tools.” Accounting for that after two conditions are met.”

He continued, “The first condition is price stability and global economic growth, and the second is appropriate stability in political life, so the importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and facilitating arithmetic handling and the cost of managing new large numbers and the absence of small numbers and fractions, as it is noted that slimming currencies Cash comes because of its role in the sustainability of calculating huge numbers of financial values, which are not absorbed by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing with trillions, which means that one number in front of it has 12 decimal places.

Saleh believed that “the hyperinflation that hit the Iraqi economy in the nineties of the last century added three numbers to the Iraqi monetary unit (that is, one dinar became equal to a thousand dinars, and ten dinars became ten thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but rather Every 250 fils became equal to 250 dinars, and it was considered the smallest monetary unit in circulation today, which raised the cost of micro-transactions that mostly affect the poor segments.

He added, “In this way, monetary systems aspire to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros from the old currency to equalize the new currency with lower numbers but with the same value. Let’s say, for example, that one new dinar equals 1000 old dinars without change in value or rights. . The accounting books, statistics, numbers and computer systems are also modified with the value of the new currency within an easy and easy reform strategy, and the countries believe that the slimming of the currency system facilitates the circulation of accounting numbers and helps to issue smaller cash denominations for very small transactions whose monetary values have been destroyed by historical inflation in our country such as the dirham and others.

He concluded by saying, “The project to delete zeros in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with all three state agencies and authorities, but the project is postponed at the present time until the appropriate conditions are achieved and remains part of the currency system reform strategies. and cash payments in Iraq.

Any of your predictions here come true? No? Have you considered the possibility that you're just stupid?

In my thought process over the last 13 years of doing this, I always thought that they would try to recover their loot first before they would ever do anything with their currency so I find this interesting not saying it’s anything it’s just my personal opinion.


Baghdad will host an international conference to recover the looted funds in the middle of this month

Baghdad / On the fifteenth and sixteenth of this September, the proceedings of the International Conference for the Recovery of Stolen Funds will be launched in the capital, Baghdad.

A statement by the Federal Integrity Commission, received by Al-Masala, stated that the conference will be held under the auspices of Prime Minister Mustafa Al-Kazemi, with the participation of the President of the Arab League, Ahmed Aboul Gheit, a number of justice ministers, heads of judicial councils and regulatory bodies, as well as a number of representatives of associations and organizations, and relevant Arab, media and academic figures. With the topic of combating corruption, it is hoped that it will address important issues related to the issues of recovering looted funds and smuggled assets, finding ways to facilitate their recovery processes, and preventing the provision of safe environments and havens for them.

The Federal Integrity Commission and the Ministry of Justice will undertake the task of organizing the conference, which will witness the holding of joint workshops and the presentation of research working papers that address the most prominent obstacles and obstacles facing the national regulatory authorities in the issue of recovering convicts, assets and funds smuggled outside the borders of their countries, and what solutions and remedies may be required. The countries that hold these funds and assets and those convicted of corruption crimes by decisions of UN conventions, laws, charters and customs calling for cooperation in returning them to their countries of origin.

The conference organizers seek to come up with a set of decisions, recommendations, results and initiatives that urge the participating countries, in presence or by default, to cooperate and provide legal assistance between them to recover the smuggled money and the proceeds of corruption that the spoilers have been able to smuggle outside the borders of their countries, and to form alliances and groups of countries that lobbied against safe environments. taxation at the Arab and international levels.

It is noteworthy that Iraq, represented by the Integrity Commission, participated last week in the meetings of the working groups within the framework of the United Nations Convention against Corruption held in the Austrian capital Vienna, where the head of the Commission called on the international community to abide by the provisions of the UN Convention against Corruption related to the recovery of funds and convicts and to overcome Efforts to recover the smuggled money and assets, diagnosing the obstacles and obstacles that stand in the way of the success of the efforts of the national regulatory and judicial bodies, despite the great efforts and measures they are making, pointing to some of them as dual nationality, and the difficulty of proving the link between the assets and the money that the smuggled crime commits. and the integration of those funds into the economies of those countries.

He also expressed his hope that these obstacles would be overcome and that they would not prevent the success of these efforts, especially the issue of dual nationality that some corrupt resort to by making investments in those incubating countries.

On the sidelines of the participation of the head of the commission, Judge Alaa Jawad Al-Saadi, “the head of the Arab Network for Integrity and Anti-Corruption in Vienna, he held several meetings, the most prominent of which was the meeting with the Dean of the International Anti-Corruption Academy Thomas Stelzer, and the head of the Algerian National Commission for the Prevention and Combating of Corruption, Tariq Kaur. On concluding a memorandum of understanding between the international and Iraqi academies to combat corruption, and a preliminary agreement on concluding a memorandum of understanding with the Algerian Authority.

It is worth noting that the Federal Integrity Commission represents Iraq in the international and Arab anti-corruption conventions, and it has been entrusted with a mission to represent Iraq in them and to participate in the conferences and meetings they hold, in addition to representing Iraq in the Arab Network for Promoting Integrity, in which Iraq is chairing its current session.

THE ARAB MONETARY FUND, IN COOPERATION WITH THE INTERNATIONAL MONETARY FUND’S CENTER FOR ECONOMICS AND FINANCE IN THE MIDDLE EAST, ORGANIZES A COURSE ON “EXCHANGE RATE POLICY”

2021-10-19

Abu Dhabi - United Arab Emirates

This morning, the " Exchange Rate Policy " course , organized by the Institute for Training and Capacity Building at the Arab Monetary Fund, in cooperation with the International Monetary Fund's Center for Economics and Finance in the Middle East, was inaugurated during the period 18-28 October 2021, through the distance training method that the Fund adopted as a continuation of its training activity. .

Achieving economic and financial stability is one of the most important economic goals in all countries, so macroeconomic policies are unique in large areas, especially those policies that aim to achieve stability. The course also highlights the differentiation of macroeconomic policies related to different exchange rate regimes, the choice of exchange rate regime, and the most important challenges facing exchange rate policy in developing and emerging market economies.

On this occasion, the speech of His Excellency Dr. Abdulrahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, stated:

Dear sisters and E Lakhoua

It gives me great pleasure to welcome you to the opening of the " Exchange Rate Policy " course held by the Institute for Training and Capacity Building at the Arab Monetary Fund in cooperation with the International Monetary Fund's Center for Economics and Finance in the Middle East, hoping that you will seize the opportunity and benefit from the topics of the course.

Ladies and gentlemen,

Achieving economic and financial stability is one of the most important economic goals in all countries, so macroeconomic policies are unique in large areas, especially those policies that aim to achieve stability. The course also highlights the differentiation of macroeconomic policies related to different exchange rate regimes, the choice of exchange rate regime, and the most important challenges facing exchange rate policy in developing and emerging market economies.

Ladies and gentlemen,

The exchange rate policy is one of the most important policies adopted by countries to maintain the stability of macroeconomic variables, the most important of which is inflation, which is considered one of the obstacles in achieving economic growth. appropriate exchange. A fixed exchange rate policy helps curb inflation, and a flexible exchange rate policy helps absorb external shocks. The results of adopting such economic policies were clear during the many economic crises that afflicted the world's economies during the past two decades, which contributed to alleviating the negative effects of those crises.

Ladies and gentlemen,

It is known that the influx of capital significantly in the presence of an effective monetary policy enables countries to avoid the consequences of these flows represented by the rise in real exchange rates, thus reducing the competitiveness of these countries' exports. Although these flows contribute to an increase in the volume of reserves, the accumulation of reserves may entail costs represented in interest payments on government bonds that are used to absorb the liquidity left by these flows. Therefore, it is necessary for countries to have controls to deal with capital flows, especially short-term, as these funds are often quick to exit.

Ladies and gentlemen,

Your course is rich in topics related to many important topics, as the different types of exchange rate strategies and arrangements and their compatibility with the existing economic policy will be reviewed. The course will focus on the following main themes:

Fundamentals of analyzing different exchange rate systems.
How to read international currency market indicators and exchange rates.
Assessing the adequacy of foreign exchange reserves using traditional and new indicators.
The relationship between exchange rate policy and macroeconomic policies.
Basic data for the transition from a fixed to a flexible exchange rate.
Establishment of early warning systems for currency crises.
Ladies and gentlemen,

In conclusion, I would like to thank the distinguished experts who presented the course materials, and to commend the fruitful cooperation that exists between the Arab Monetary Fund and the International Monetary Fund.

I wish you a successful session and may God protect you wherever you are.

Peace, mercy and blessings of God.

Digital currencies and trading in them are a new and strange phenomenon for Iraqis in general, but they are widely spread in many countries of the world, and they deal with and adopt them as an important economic resource.

Recently and on a large scale, a digital currency called “Hazm” was launched by the Arab media, Muhammad Al-Arab, who was famous as the delegate of Al-Arabiya and Al-Hadath channels in Yemen to cover the war of the Saudi-led coalition forces against the Houthis. Modern digital currency.

Muhammad Al-Arab is a Bahraini journalist, of Iraqi origin, born in the city of Fallujah, east of Anbar Governorate, and this is what contributed to the widespread spread of his digital currency “Hazm” in Anbar, as hundreds of Anbaris, perhaps thousands of them, have invested in the “Hazm” currency and tried their luck. Through it.

Shafaq News Agency investigated the nature of the modern and widely spread currency in Anbar, as it was launched nearly three months ago, when one million bundles were equal to 500 dollars, but its rapid spread and people's desire to invest in it, raised the price of the currency significantly to reach the price of one million bundles. To more than 24,000 thousand dollars, after the increase in the turnout of the Anbaris.

The Facebook groups, which Anbaris follow, are crowded with inquirers about the nature of the modern digital currency in order to invest in it. .

*Increasing traders with up to 10 times profit

One of the owners of modern digital currency sales offices in Anbar says that "because of the currency's newness, there are many people who want to invest their money in it, but their fears of any fraud and fraud prevent this."

The owner of the office told Shafak News Agency, asking not to be named, that "the real reason for citizens' fears is that Iraqis do not unanimously possess a culture of digital currency, as there is no possibility of fraud, especially since many countries of the world deal with digital currencies extensively."

He pointed out that "the currency is the same as the dinar or the dollar, it is subject to decline or rise, and the coming days are enough to answer all the questions and allegations of the skeptics."

The spread of the currency in Anbar recorded large profits for its investors, amounting to nearly ten times, which prompted some to sell their properties to invest in "packages".

The legality of dealing with digital currencies

With the launch of the currency and the start of citizens to invest in it, a number of Sunni religious scholars issued a fatwa prohibiting dealing with it, headed by “Abdul Malik al-Saadi,” one of the most prominent Sunni scholars and the group in Iraq and one of the senior jurists in Anbar, while some of them refused to issue fatwas on its legitimacy.

The head of the Council of imams and preachers of Fallujah district, east of Anbar, Sheikh Abdullah al-Kubaisi, says that this currency is "suspicious of its legitimacy," noting that "leaving suspicion is the right way."

Al-Kubaisi added, to Shafaq News Agency, that "e-currency trading is suspicious from a religious point of view, as some of the Muslim scholars permitted dealing with it, and others prohibited it and considered it usury, but as it is said that leaving suspicions is better."

*Cryptocurrency hack

Shafaq News Agency contacted the researcher and interested in digital currencies Imad Muhammad, and one of the investors in the currency ("Hazm" as well, and he said that "a great reaction appears in front of anything new that appears in society, and it may be positive, but it is often negative."

Emad explained, "Digital currencies are code's, meaning (ciphers), with a modern technology called (Blockchain), which is a 100% safe technology from hacking, and neither the wallet nor the capital can be hacked, and money can not be wasted absolutely, because the technology (Blockchain) consists of nine stages, that is, even if someone managed to detect one or two stages, it is impossible for him to be able to bypass the next stage, and this is what makes it impossible to penetrate.”

And he stated, "Digital currencies are the currencies of the future, and I believe that ten years from now the whole world will turn to digital currencies and even adopt them as an economic resource for the country."

Imad continued, "During my participation in a number of conferences and research related to digital currencies, inside and outside Iraq, and my extensive study on the bitcoin currency in particular, there are negatives and positives about all currencies."

He explained that "the advantages are determined by three points, namely (speed, low transfer cost, confidentiality) as the transfer speed does not exceed one minute, that is, if I want to transfer any amount, even if it is very large, there is no need to go to the exchange or the bank, once If I have a digital dollar or any other digital currency, I can transfer the amount in just 60 seconds.”

He added, "The second point is (the low cost), meaning that I can transfer any amount with only one dollar, whether I want to transfer 10 dollars or a million dollars, the cost is one and it is one dollar."

He pointed out that "the third positive point is (confidentiality), and this is what prompted some owners of suspicious transactions to deal with digital currencies, as they are conducted in secrecy between the sender and the recipient, as if I wanted to send an amount to another person, I do not need his name or number. his phone or any personal document, as well as for the recipient.”

As for the "packets" currency spread in Anbar, Imad says, "Since it was announced, I began to monitor and study it in detail for a whole week, to make sure if it was real or fake, and I purchased packages, worth 100 dollars, through Zain Cash, And now the hundred dollars have become 2,600 dollars, because any digital currency when it is launched has a very high rise, and it differs from the old currencies, which have been traded for years.”

Emad stressed, "My study on the currency proved that it is impossible for there to be any fraud in this currency, especially after it was entered into reliable global platforms, which are the European (WhiteBIT) platform, the Chinese (XT) platform, and the (Coin market cap) platform. American platforms, which are platforms that do not enter any currency into their database, except with impossible conditions, auditing and calculation.”

Imad speculates that "the price of the currency will reach 10 cents at the end of this year, and by the end of next year its price will be a dollar and perhaps more."

*No guarantees and reminders of the "Samco" story

On the other hand, economic researcher Khaled Rokan says that "there is nothing to guarantee the rights of the investor in this currency, as any currency that is issued must be issued by an official body such as central banks or a specific country."

In his interview with Shafaq News Agency, Rokan, a professor at the College of Administration and Economics at the University of Fallujah, added that "the demand for investment in Hazm currency came due to the citizen's search for the easiest source of livelihood, but what if this source is devoid of any guarantee for the investor?"

And he indicated that "there are those who have sold their property to be able to invest in the currency, so what is the position of these people in the event that it is prohibited or banned, and as an economic expert, I see it as useless, as it is not supported neither in Iraq nor any other country."

And he pointed out, "In the event of any fraud, fraud or depreciation of the currency to zero, no one has the right to sue its owners, because the law does not protect fools, for example what happened in the nineties of the last century in the famous Samco story, in Anbar."

The famous "Samco" story is summed up by a large number of citizens in Anbar selling their properties and depositing their money with a person named "Sami", to operate their money, and it turned out later that his company is fake and does not exist on the ground, after he defrauded a large number of citizens of Anbar.

Rokan concluded his speech by saying, "My message is to everyone who invested his money in packages and to the general public, whoever was looking for any investment project should look for an approved project that has a legal basis, so that the law guarantees him his right in the event of any fraud and fraud."

* There is no information with the Central Bank of Iraq

Shafak News Agency contacted a number of Central Bank of Iraq employees to ascertain whether the currency was registered in the bank or not, but they confirmed that they were not aware of the existence of such currency in the first place.

Ahmed Al-Qaisi, an employee of the media office at the Central Bank, said that "until now, we do not have any information about this currency."

He added, "We did not want anything official about the currency, and even we in the media office did not monitor any information in this regard."

This was confirmed by his colleague in the media office, Ayser Jabbar, and a number of Central Bank employees.

Artitech over at dinarvets is mentally ill. What a frickin headache.

still holding 1.5 mil.

haven't seen any posts on my old thread in a long time.

Keeping the faith.

Well it is over. They will be printing a new 20k note and there is still 84 trillion printed.


There will be no rv, no float etc.

HAHA...Samson, petra, and MM just quit franks site. F you Frankie.

FINALLY OIL&GAS LAW .Amongst many other habbinings.

FINALLY OIL&GAS LAW .Amongst many other habbinings. www.search4dinar.wordpress.com

de dollarization = reval any time soon???

You all cash in yet?

Is it true Adam Montana disappeared, I haven't bothered checking his website since he started blocking everyone that wasn't a member

Are we gettin excited yet. ?

Did Brazil just announce a RV ?

[link to www.forex.academy (secure)]

now it says the iqd is on forex and IS a tradeable currency...