More news….
IRAQ C.BANK MOVING TO REDUCE PARALLEL MARKET EXCHANGE RATE – STATEMENT
BAGHDAD, Oct 5 (Reuters) – Iraq’s central bank is taking steps to reduce the parallel market rate of the dinar to the U.S. dollar and there is no indication that the exchange rate will hit 1,700 dinars per dollar, the Iraqi central bank said in a statement. The Iraqi central bank also said that a ban on cash dollar withdrawals as of Jan. 1, 2024 would only affect dollar transfers from abroad, while the account balances of Iraqi citizens in dollars would not be affected. The statement came as a response to a story published earlier Thursday by Reuters.
STATUS OF THE RV
Sometimes “CHANGE IS HARD”
“I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.” -Jimmy Dean
Today the news is almost all about the dollar crisis in Iraq and the CHANGE that must take place. I hate to keep saying it but it is true in that “I told you so”. Yes, years ago when Dr Shababi, the then governor of the Central Bank of Iraq, wanted to reinstate the Iraqi dinar and get off the US dollar he too first undertook the de-dollarization phase. If I refer back to his 2011 plan for the currency reform I can clearly see it is there and how they intended to do it. He made great strides in controlling the dinar and the dollar back then and had to make some hard decisions too. If you want to recall he used a variety of tactics.
At that time Dr Shabibi did an extensive campaign to de-dollarize and stable the rate the dinar, however in 2011 the dollar was not as cemented into the economy as it is today and the full Iranian sanctions were not in place. So, his strategy worked and the CBI received an unprecedented permission to move ahead with the project to delete the zeros in the fall months of 2012 and then follow up with the reinstatement in January 2013. In 2015 he gave a news media interview and stated why his plan failed. He could only account for the massive incentive to stay on the dollar (or get back on it) caused by the corruption that caused the failure of his plan. I will not get into the details as to why this happen again in the corruption scheme by Nori al-Maliki to prevent it is not my talking point today. I am sure you heard it a thousand times already.
My talking point today is about this dollar crisis Iraq and how it is now experiencing it in simple terms, caused by still being on the US dollar through these currency auctions and being on it way too long already. Seems the corruption schemes have taken deep roots and Turkey, Iran, Syria and other middle eastern countries have become dependent on the dollars smuggled out of Iraq’s financial system. This too is going to be painful for these other countries when the dollar stops in Iraq in early 2024.
In an article in today’s news and I quote – “Since the U.S. invasion of Iraq two decades ago, the U.S. has supplied $10 billion or more a year to Baghdad on semimonthly cargo flights carrying massive pallets of cash, drawn from Iraqi oil sales proceeds deposited at the Fed. In Iraqi hands, the bank notes have become a lucrative source of illicit dollars for powerful militias and corrupt politicians, as well as for Iran, U.S. officials say.” A vast amount of dollars flows through loosely regulated Iraqi banks and currency-exchange shops, which U.S. and some Iraqi officials say are rife with fraudulent transactions and money laundering.” Remember countries pay for Iraq’s oil in Petro-dollars (US Dollars) and so this money rightfully belongs to Iraq. Why are they still on this system when they are out of Chapter VII? Why does the US still control their money are they not a sovereign nation?
Dr. Shabibi warned the Iraqi Financial Committee (a separate financial entity from the CBI) of the hazards to the economy and the corruption if they did not get off the US dollar when he was still governor in 2011 and then again in 2015, after he was already illegally ousted from that position in the CBI. Hey…hey…. by the way, the reason we were given for the currency auctions being instituted by the US Treasury in the first place was to keep the dollar out of the hands of the terrorist sanctioned countries in the middle east? Seems to me this strategy has backfired on them and they are now paying the price. Now the US Treasury states this as the main reason for the de-dollarization. Go figure was this a good idea or is this just the excuse /reason given to try to justify the currency auctions, knowing damn well it would be an avenue for corruption and stealing their money! ☹
Change is not easy and as investors in the Iraqi dinar we have witnessed first-hand in 2023 the pain of this change that MUST take place. The goose that is laying the golden eggs is on its last breath and almost dead. I said ALMOST! I dare say too “once again” as Dr Shabibi already suffered through it and then they dollarized again and so here we are eleven years later still no RV and still no Reinstatement.
In today’s news we learn that Iraq was seeking a special shipment of $1 billion in cash from the Federal Reserve Bank of New York, but U.S. officials have withheld approval, saying the request runs counter to their efforts to rein in Baghdad’s use of dollars and halt illicit cash flows to Iran. Then yet another article came out later by the CBI tells us something much different and I quote – “the Central Bank of Iraq denies the us federal reserve’s refusal to send the country’s oil dues and confirmed on Friday that the dollar shipments sent by the US Federal Bank are proceeding according to a specific schedule and timings agreed upon between the two monetary institutions adding that the shipment was received on time, denying news and media reports that talk about stopping or reducing shipments sent to the bank“. So, who is lying? Does Iraq also have a FAKE news media channels and for what purpose do they hope to serve?
To me anyhow, it is obvious who the FAKE news in Iraq serves. It serves the corrupt and by bashing the Central Bank they hope to get consent to oust Ali Al-Alaq as the governor and to destabilize the dinar, hoping to keep their racket of corruption going with the US Dollar. It is really that simple. They need to split public opinion, as we are watching the same tactics now being used too in the US politics over Donald Trump and many of his close ties. Seems if you can’t nail down who the actual corrupt individuals are, then it is much easier to keep them in power. We see this with the Bushs, Clintons, Obamas and now the Bidens. Of course, these same rings of corrupt politicians exist in Iraq and so they must also be rooted out and dealt with. Just like what the US now faces, we have to ask is the new and still fragile Iraqi democratic republic strong enough to deal with them?
I get a kick out of questions asked of me like – when will the RV happen? Folks, there is no other news I can tell you about the timing of the RV that I have not already shared with you. I have no hyped fake bank stories, memos or 2 hour targets for the RV for every day and any day. I am so tired of all this bullshit. Do you know why? Because it’s all just bullshit and I know it. Some guru actually has the nerve to tell his audience that the RV was held up on Sunday because of the Palestinian attack on Israel. Really? How stupid of a thing to say. First of all, this is the same idiot who has been claiming the RV is going to happen every weekend since the summer months. Oh….but he is now so certain it was going to happen last Sunday for sure? Next, I have to tell you the RV was absolutely, positively NOT scheduled and if it was, this idiot would certainly would be the VERY LAST person they would tell of a target window.
Folks this is all FAKE news no matter how serious the people may sound on their conference calls who are giving you this bullshit. There is NO behind the scenes efforts like they describe. Yes, there is still a plan in motion, the plan of Dr Shabibi and this is why they want to oust Ali al-Alaq so much from the CBI. Seems every week yet another article bashing the great work of the CBI and Ali al-Alaq’s efforts. He knows the plan and worked in the CBI alongside Dr Shabibi. When I heard he came back as governor I saluted him as I know he is going to help facilitate what we are looking for and not prevent it.
So, today, like you, I sit and wait for the re-education phase to begin. My CBI contact is on the committee in the CBI to facilitate these events and the phases they must take to get where they want to get – back on FOREX and trading the dinar once again. But I am not going to lie to you and tell you bank stories coupled with some FAKE US Treasury stories.
If you are trying to figure this process out just remember – “first things first”. We can not and will not see the reinstatement on FOREX until the pre-cursor events first take place. We cannot go to the bank until the rate is back on FOREX. The rate is not just going to magically appear on FOREX one day without us first hearing about these other events taking place. There is a sequence to the process they MUST go through to get to FOREX.
But this brings us to another important point. If the UN Chapter VII sanctions have been lifted from Iraq, then why has the currency not yet been reinstated? Why have they not gone through these steps already to RV and Reinstate? Why do the banks still enforce the US Treasury OFAC sanctions on the dinar? If you are paying attention to the articles I am presenting here in my blog, the answers to these questions should be VERY obvious to you. Are they?
It is now almost all about stabilizing the dinar against the dollar inside Iraq. I believe also the Oil and Gas law must be passed so honestly, I don’t know where these intel gurus get their information that the RV is happening every day. Just as I said that politics do interfere with the progress of the RV as politicians blackmail Iraq and have been blackmailing Iraq for a very long time. It is not until these entities are neutralized that we will finally see the RV followed by the Reinstatement.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/
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