Iraq’s Current Economic Outlook And How it Can Affect Dinar Value
This is an OPED piece from an online trading news source dated 29/3/2017
Iraq’s Current Economic Outlook And How it Can Affect Dinar Value
March 29, 2017 —by Mike Fox 0 Comments
After years of economic neglect, poverty for the common man and turmoil in the region, Iraq has finally reached a state of constant economic growth under the democratic leadership in the aftermath of the US invasion in 2003 and the overthrowing of Saddam Hussein’s tyrannical regime.
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Iraq’s Economy is Rising
The main driving force behind Iraq’s economic growth is the wealth of natural resources reflected in a large number of oil and gas fields which are now open to international trade. Companies from around the world are investing into the development of these resources, which is reflected in the country’s ever-increasing oil exports. It seems that Iraq has completely recovered from the damage and downfall it suffered under the rule of Saddam Hussein.
An even greater exploration of Iraq’s oil reserves by international companies will lead to an even bigger tally of the country’s oil wealth, along with its already-known, vast reserves. In addition to all that wealth, Iraq seems to be blessed with geological formations that are perfectly accessible for drilling as opposed to most countries, which significantly brings down the costs of oil extraction.
The most obvious example of Iraq’s production advantages can be seen in the most recent Saudi Arabian oil production war which was designed to bankrupt the US shale-oil producers. And while oil producers in the US have been severely impacted by the overproduction “attack” from Saudi Arabia, Iraq still continues to produce and sell oil profitably.
What does this mean for the Iraqi Dinar?
The value of a nation’s economy, as well as its currency, is directly reflected in its natural resources, and Iraq’s oil reserves are big enough to drive its young democratic economy to prosperity. Given the fact that there is an insatiable need for gas and oil across the world, Iraq is can look forward to constant growth in its ever-growing role of the oil supplier to the world.
Although Iraq is not there yet, it is becoming increasingly obvious that the country will take on the role of a regional and international energy super-power given its natural reserves in the near future.
In fact, just recently the country’s Minister of Oil stated that Iraq will be able to produce 5 million barrels of oil a day in the second half of 2017.
With the economic boom led by Iraq’s oil industry, the national currency in the form of the Dinar will eventually rise to reflect the true value of the country’s oil wealth. The rise will most likely happen when the National Bank of Iraq lifts the artificially low value placed on the nation’s currency in 2003.
Historically, the new Iraqi Dinar reached an all-time low against USD of 1680 in January of 2004 and a record high of 1106 in December of 2015. Currently trading at 1180. USD/IQD chart from Yahoo Finance.
Additionally, current political events play a key role in predicting the future of any given currency, and the controversial “Muslim ban” instituted by Donald Trump could have had major consequences for the Iraqi economy, had it not been lifted on March 6th this year. This new order to exempt Iraq from the list of banned countries has proven to be very beneficial for the country’s currency with foreign currency investors being able to exchange Iraqi dinar at favorable rates, keeping the country a valuable asset in the foreign exchange market.
All in all, it seems that the Iraqi dinar is looking at a bright future.
In the end, it is important to note that Iraq presents a wealth of investment opportunities in many industries, with the economic rise being driven by oil and gas reserves. These opportunities will become even more apparent in the following years, as the newly-established government continues to offer new possibilities to international investors.
Abadi confirms Trump by telephone on the need for continued international support for Iraq
{Baghdad: Euphrates News} Prime Minister Haider al-Abadi said in a telephone call he received from Donald Trump as President of the US, on the need for continued international support for Iraq in the fight against terrorism.
According to a statement of his agency {Euphrates News} received a copy of it, that Ebadi had received a phone call from President Trump “was discussed during the meeting to strengthen relations between the two countries in various fields and victories achieved on Daesh and international support for Iraq in the fight against terrorism.
The statement added that Trump stressed that the cooperation between the two countries should continue especially in the military field, and expressed his admiration for the courage and the intelligence of the Iraqi people who not have all the love and respect and we will be banished inevitably gangs Daesh. ”
For his part, al – Abadi said , ” our heroes are making winning streak on Daesh who He became very close to defeat pointing to the importance of continued international support for Iraq “.
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Economist: Saudi Arabia Iraq debt forgiveness
Economic expert expected peace smeisim, Saudi Arabia to drop Iraq’s debt in the coming period, according to the Saudi Government, indicated that these amounts were not granted.
Smeisim said in a recent press release, the real debt implications of Iraq reached 120 billion dollars according to Adel Abdul Mahdi announced two days ago at a global Conference, explaining that those debts which governmental and private types as well as accumulations and penalties.
She added, being talked today about the debt and the possibility of dropped on Iraq by diplomatic pressure, indicating that the origin of these debts were granted and turned into debt because of the buried system entering Kuwait.
The lifting of that debt would have a good effect as to debt.
Read More: http://www.dinarupdates.com/showthread.php?47856-Economist-Saudi-Arabia-Iraq-debt-forgiveness
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1bobby (Dinar Guru) – Article: “Abadi calls during his meeting with the Secretary of the United Nations to remove Iraq from Chapter VII” We knew that Iraq was NOT out of Chapter 7, but not in a stranglehold as they had been. They now have the right to defend themselves and control their currency. The issues that are outstanding are the reparations to Kuwait and to the best of my knowledge the Oil for Food/Medicine Program. Now if we look back to late last year Iraq made an announcement that the OFP had ended. If we recall the U.N Rep stated that Iraq has made great progress as far as the OFP and the June date was set as a “let’s see what happens between now and then” kind of a date. For Abadi to publicly come out and ask the U.N Secretary General to no longer associate Iraq with Ch 7, is a big move on his part and I doubt he’s expecting a no answer. They can still have working files, but to have the U.N come out and publicly rid Iraq of the CH 7 shadow would be a huge move forward. As we have seen Kuwait has been a big supporter of Iraq as of late and has continuously been working with Iraq on outstanding issues.
Read More: http://www.dinarupdates.com/observer/
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MadDScout (Dinar Guru) – Article: “Abadi calls during his meeting with the Secretary of the United Nations to remove Iraq from Chapter VII” IMO) Abadi can only be asking because, along with other criteria, they are ready, or he would not have asked in front of the world…I think it says volumes about where they are.
Read More: http://www.dinarupdates.com/observer/
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Saudi King to Abadi: with restoring Iraq to turn in big area
King Salman bin Abdul Aziz, Saudi Arabia’s support for Iraq to restore its role in the region and strengthen relations with at all levels.
Abbadi’s Office said in a statement received Agency {news Euphrates} copy of it today, “Prime Minister Haidar Al-Abbadi met on the sidelines of the Summit Arabic King Salman bin Abdulaziz.
“They discussed promoting understanding and cooperation between the two countries in trade and economy, investment and joint security coordination.”
“As the victories were addressed Iraqi troops on ISIS gangs.”
King Salman Ibn Abdel Aziz, according to the statement “the importance of relations between the two countries as Iraq State with history and great potential wealth we with great session restore region and strengthen relations with him on all levels.”
A donor conference for the reconstruction of Iraq in Kuwait
Government sources revealed in Baghdad Kuwait agreed to organize an international donors conference dedicated to reconstruction of the cities of Northern and Western Iraq, with the participation of about 30 Arab and foreign States, likely contribution of Saudi Arabia and the United States and Britain through the Conference which will establish a Trust Fund for this purpose.
A senior Iraqi official said the Cabinet Secretariat in a press statement followed/news, balances “Emir of Kuwait Sheikh Sabah, approved the Organization of the Conference and invitations to Arabic and foreign countries, and it was agreed that after the battle of Mosul very shortly.”
The Iraqi Prime Minister Haider Abadi, is from Kuwait, called for an Arab and international consensus on Kuwait in the successful organization of such conferences.
He said that the ministerial delegation will leave for Kuwait to arrange the necessary procedures.
Local reports estimated the total losses incurred by the Iraqi cities of Western and Northern Iraq with more than $70 billion, including infrastructure of these cities, such as roads, bridges, dams, power stations, water and sanitation, telecommunications, hospitals, schools, colleges, universities, agricultural and livestock sector, as well as other service buildings and institutions of the State that her table by the destruction by terrorist attacks and aerial bombing of the international coalition in fighting directed by ISIS planning of cities.
Towns of Fallujah, Mosul, Ramadi and Tikrit, hweejah and wet white and rock cliff and Peggy largest cities in terms of damage, with some damage to about 80%, but the Iraqi Prime Minister as much as $40 billion loss without loss of material, where citizens count estimates the number of destroyed housing units (houses and apartments) with more than a quarter of a million housing units, between full and partial destruction of another or burn.
The Government finds it very difficult to pay its employees right now, is what makes the reconstruction of those cities and return to her family’s nearly 7 million people at Government expense, impossible.
For his part, assured the Iraqi Parliament Member and leader of the Iraqi national Abbas Bayati, Alliance, noting that the donors conference would soon be in the State of Kuwait, and will establish a fund called the Iraq Reconstruction Fund devastating cities, it will oversee Iraq Reconstruction Fund Mustafa HiTi, head over now cities
Iraqi Dinar/Dollar auction 03-30-17 (most recent listing)
Currency Auctions Announcement No. 3412
This daily currency auction was held in the Central Bank of Iraq on the 03-30-2017
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 37 |
| Number of remittance companies | 11 |
| Auction price selling dinar / US$ | —– |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 159,075,819 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 159,075,819 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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The following .PDF is the review by RCookie of the IMF board’s publishing of Iraq’s SBA (excellent info) – He would have wanted you all to have it.. posting the whole .PDF was the only way to get it on here. Enjoy. BGG
Robert Cook CSW CSS CBP CST CTC
Iraq:
IMF EXECUTIVE BOARD COMPLETES FIRST REVIEW IRAQ’S STAND-BY ARRANGEMENT (45 pages…)
| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1184.000 | 1182.000 |
| Euro | EUR | 1272.563 | 1271.927 |
| British pound | GBP | 1471.890 | 1471.154 |
| Canadian dollar | CAD | 885.962 | 885.519 |
| Swiss franc | CHF | 1191.147 | 1190.551 |
| Swedish krona | SEK | 133.640 | 133.574 |
| Norwegian krone | NOK | 138.460 | 138.391 |
| Danish krone | DKK | 171.017 | 170.931 |
| Japanese yen | JPY | 10.646 | 10.640 |
| Special Drawing Rights |
SDR | 1612.454 | 1611.648 |
Indicative rates – 03.30.2017
http://www.cbi.iq/