WOTS WED DEC 29 2020
A list of the exchange rates of the dollar against the dinar in the Iraqi market:
Baghdad - the price on the Kifah Stock Exchange
143,700
———————-
Najaf / Bursa
143,700
———————
Erbil / Bursa
143,500
———————
Basra / Stock Exchange
143,400
—-—————-
Sulaymaniyah / Bursa
143,600
———————-
Mosul / Joomla
143,400
———————
Nasiriyah / Joomla
143,600
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1431.5000 |  1480.3000 | 1459.0000 | 1458.9000 | 1458.9000 |  0.0000 | 13:10 |
| USD/VND | 23088.0000 | 23090.0000 | 23096.5500 | 23094.8500 | 23096.5500 | -3.7500 | 00:30 |
| USD/CNY | 6.5244 | 6.5264 | 6.5351 | 6.5210 | 6.5299 | -0.0058 | 05:16 |
| USD/KWD | 0.3041 | 0.3051 | 0.3031 | 0.3000 | 0.3000 | 0.0035 | 04:49 |
| GBP/USD | 1.3599 | 1.3600 | 1.3610 | 1.3493 | 1.3500 | 0.0099 | 05:16 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | -914.4000 | 07:13 |
| USD/IDR | 14033.0000 | 14048.0000 | 14131.0000 | 14026.0000 | 14090.0000 | -53.0000 | 05:16 |
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Parliamentary Finance: 80 trillion dinars, the actual spending of the Iraqi state in 2020
A member of the Parliamentary Finance Committee, Naji Al-Saeedi, revealed that the actual spending of the Iraqi state in 2020 amounted to 80 trillion dinars, pointing out that the House of Representatives rejects the employee deductions included in the 2021 budget.
Al-Saeedi said in a statement reported by state television and seen by "Al-Eqtisad News", that raising the volume of spending in the 2021 budget to 160 trillion dinars is illogical and "we are working to reduce these expenditures."
He added that "the deficit in the 2021 budget is imaginary and exaggerated," revealing that "the actual spending of the Iraqi state did not exceed 80 trillion dinars in 2020."
He stressed that "the period of one month set by the House of Representatives is sufficient to approve the budget law and amend it on the side that supports the disadvantaged segments of society," noting that "the parliament rejects the mechanism included in the budget for deducting salaries of employees."
Al-Saeedi added, "The Council is working to support the items of the national card at an amount of 6 trillion, after it was 2 trillion dinars."
Representative Finance: The budget contains operational expenditures equivalent to the budgets of three countries
A member of the Finance Committee, Representative Jamal Cougar, confirmed, on Wednesday, that the budget contains unnecessary expenditures at the present time, indicating that operating expenses are equivalent to the budgets of three countries.
"The budget contains 122 trillion dinars, which is equivalent to the budgets of three countries," Cougar said, in an interview with Al-Iktissad News.
He added, "Parliament will not return the budget to the government, but the Finance Committee will amend the draft budget bill because its numbers are inaccurate," explaining that "the government has put 2 trillion to implement its reform program, and this is a very large amount."
He continued, "The second borrowing law came in the amount of 42 trillion dinars, and upon checking and reviewing it was found that what the government needs is 10 trillion, but Parliament approved 12 trillion, so the Finance Committee will work to check all numbers."
Baghdad’s currency devaluation lifts lid on Iran’s exploitation of Iraqi resources
Economists say that Iran has dealt with Iraq over the past ten years as a bank to revive its economy and finance its wars in Syria and Yemen.
Although essentially economic and financial in nature, the Iraqi government’s decision to devalue the Iraqi dinar against the US dollar has had political and strategic implications for Iran and its militias in Iraq and the region.
The unresponsive reaction of the black market to the government’s decision revealed that Iraqi Prime Minister Mustafa al-Kadhimi has actually dealt a major economic blow to Iran’s allies in Iraq, at a sensitive moment.
The Baghdad government reduced the exchange rate of the local currency so that every US dollar would be sold for 1,450 dinars instead of 1,119, in order to face an unprecedented cash liquidity crisis due to low oil prices and the effects of the COVID-19 pandemic.
But the black market is still trading the US dollar at a lower price than that set by the Central Bank, which means that the government’s financial policies are achieving quick success, which may contribute to addressing the general economic recession.
The old rate of the Iraqi dinar created a wide margin for speculation with the dollar at home and for smuggling of the US currency to Iran by armed militias that have at their disposal private banks and merchants linked to pro-Iran Shia parties.
The figures that were available during the past few days after changing the exchange rate revealed shocking facts indicating that about 80% of the hard currency that was pumped by the Central Bank of Iraq to maintain a fixed exchange rate is smuggled into Iran and Syria after being exchanged in urgent speculation inside Iraq.
Iraqi MP Mohamed al-Darraji said that the Central Bank’s selling of dollars to banks, companies and merchants decreased significantly after hiking up the exchange rate, which confirms that the dollar was being smuggled out of the country.
He explained that during the past ten years, the Central Bank used to sell to private banks, companies and merchants about 200 million dollars a day, which were supposed the cost of Iraq’s internal needs that are imported from abroad.
However, during the past two days, the Central Bank sold at the new exchange rate only about $ 35 million, which confirms that the remainder of the $ 200 million that was pumped daily to the market was being smuggled out of Iraq.
Economists say that Iran has dealt with Iraq over the past ten years as a bank to revive its economy and finance its wars in Syria and Yemen.
Smuggled Iraqi money is used to finance weapons purchases disguised as other materials.
Iraqi sources say that Iran has spent billions of dollars, after smuggling them out of Iraq, to buy Chinese weapons and smuggle them to Syria, Yemen and Lebanon over the past years.
All these funds came from the Central Bank of Iraq, which was pumping dollars to maintain the old exchange rate of 1,119 dinars per dollar.
But with the change in the exchange rate, dollars coming from Iraq have become expensive and therefore no longer profitable. For speculation purposes, the demand for dollars sold by the Central Bank of Iraq plunged, as the dollar is still being traded on the black market at prices lower than its government price.
In the end, Iran may have lost an influential financial cover that Iraq was providing to sustain the process of supplying arms to its proxies in Syria and Yemen, while its militias, parties and fronts in Iraq lost a very important source of revenue that was sufficient to sustain their political activities.
As soon as Iran made sure that it would pay the price of changing the Iraqi dinar exchange rate against the dollar, it stopped supplying Iraq with the gas it needed to operate the electric power stations, which caused the collapse of the national electricity system.
A spokesman for the Iraqi Ministry of Electricity, Ahmad Musa, said that Iran had reduced the amount of gas exported to Iraq daily from 50 million cubic metres to three million cubic meters, explaining that the national electricity system can now supply citizens with only one hour of electricity followed by five hours of blackout.
Iran claims that it has reduced the quantities of gas exported to Iraq due to the accumulation of unpaid Iraqi debts, while ion reality the bilateral debts between the two countries in different sectors have never halted economic exchanges between them before.
Government sources said that Iran is trying to punish Iraq for changing the exchange rate of its currency by implicating it in an electricity crisis that may ignite street anger against the government.
Observers say that Kadhimi’s success in passing this test may reflect on the course of the confrontation between the government and the militias affiliated with Iran, which is believed to be in its most dangerous phase.
CBI Update: Just a note:
including $ 1,300,000. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
12-29-2020 Newshound/Intel Guru Mnt Goat So, the questions on everyone’s minds are: 1) will we get the reinstatement in early 2021? 2) has the CBI truly been planning for this event...? Well…to answer these questions...the CBI is, in fact, planning to reinstate the Iraqi dinar. The plan has not changed and this is a necessity...this is at the heart of the financial issues they are now facing in not doing it earlier. So, what do we know as FACT? We know they had planned to complete the project to delete the zeros by mid-year 2020 and they told us this was their goal a year ago in news articles and from my CBI contact, but this did not happen. So, it may not seem like it, but the CBI is on a timeline. This timeline keeps getting bumped or pushed out due to circumstances... [post 1 of 2....stay tuned]
12-29-2020 Newshound Guru Breitling There is a misunderstanding with Iraq. What is it is they're doing and how specifically are they doing it? ...The parliament, the Minister of Finance, the Ministry of Planning and the CBI they're all talking about adding value to the currency. But you look at the people and they're all in poverty and it's sad. Here's what you guys don't understand. The rate it not based on the market. It's based on the policy. Iraq is trying to get a market rate currency...If you can't understand that the Iraqi dinar is based on policy and not the market you don't need to be in this investment. You're gonna go for a rollercoaster ride. There are going to be a bunch of questions that you'll never be able to answer because you are looking at it incorrectly...
12-29-2020 Newshound Guru Jeff ...what they're doing is injecting more U.S. dollars into Iraq's economy that when the rate changes they have dollars instead of dinar...when the rate does change they have take their dollars into the bank for dinar. It's just another step to pull the dinar out of circulation - to remove the 3-zero notes out of circulation inside the country of Iraq...
12-29-2020 Intel Guru Frank26 Didn't we not say to you that this 1450 is something that you can flush down the toilet? 99.9% of you did [hear me]. The rest of you didn't and you panic. And you continue to let this open wound to become infected and you created your own frustration...stop being so scandalous about every little thing you hear. It's supposed to be confusing...the confusion is part of the plan...
12-29-2020 Newshound/Intel Guru Mnt Goat I want everyone also to remember they have not forgotten about the 3 zero notes that we hold. They must also collect these notes too. This is part of the project to delete the zeros. We have the larger 3 zero notes and so they must collect them and delete them. We have been faithful investors in the Iraqi economy and have helped Iraq through their financial difficulties of the past. The US customs could have easily blocked the dinar from entering the country and limiting us from our purchases. So why did our government allow us to invest in so much dinar? ...There is a reason and there is a plan to use the dinar... We too need to be paid off. We would have already been paid off if it had not been for all the corruption causing the delays in this process. I also want to bring to your attention that the Iraqi 2021 budget passing as this is very important to the process as is the US elections. We sit, wait, PRAY and watch what happens next. [post 2 of 2]
12-29-2020 Newshound/Intel Guru Mnt Goat ...The recent devaluation is hoped to accomplish the following: 1) limit the currency auction theft; 2) collect the other 30% of the three zero notes, 3) cause the citizens to buy US dollars by speculating that there will be further devaluation of the dinar soon. This is why they are spreading the 1660 rumor now...Will they devalue the currency yet again to 1660, as the rumors now say and the BIS is suggesting? What would be the impact? I am told this will only happen as necessity prevails. In other words, they want to leave it just as a rumor but if the 1450 devaluation does not work they will go further. THEY MUST COLLECT THE 3 ZERO NOTES prior to the reinstatement! [post 1 of 2....stay tunted]
12-29-2020 Newshound Guru Breitling They want to add value to their currency...They want to be able to participate in the markets. They want to diversify. They want to get out of the oil markets. They're stuck. What are they going to do? They're going to comply with the United States, the west and our trading...they're still moving forward...They are going to pay off debt. They're going to get their payments lower. Then they're going to add value to their currency. It's a win, win, win situation for them. That's their strategy. That's what they're up to...this thing is coming down the road. They're going to revalue their currency...
12-29-2020 Newshound Guru MilitiaMan I am sure everyone by now can see the postponements are intentional. They clearly have a goal, a purpose and it is on purpose imo. They are holding their cards (exchange rate) close to the chest as long as they possibly can. It is clear...They are going to update the exchange rate before the end of the year. One can say, well they did already from 1190 - 1460 and one can say they are to do it again based off todays articles from 1460 - 1660. ...Hindsight shows they did tell us though one way or another that they are or were going to devalue the currency and also revalue it.
