STATUS OF THE RV
Oh my gosh!!! I truly can hardly believe all the good news coming from Iraq this period. Maybe its not the RV, as of yet, but I can assure you it is coming and there is no stopping it. It is like a loaded freight train coming fast down the tracks. Are you ready for it?
I will try to fill you in today on the new developments in Iraq and with the currency reform process. But I caution any of you that listen to this TNT Tony and Ray idiots. Yes, I know many of are fed up with the everyday RV stuff or “it has to happen by the end of the month” stuff. How many months have we heard this? When will this idiot wise up and realize he is being scammed by his sources. Its all just rumors and nothing else.
I just wanted to tell all my blog readers that the earliest timeframe we can even expect the RV is early January 2024 and not before. Heck… the CBI has not even yet conducted the project to delete the zeros (currency swap out) so how can they now go to FOREX. Folks, I know the overall plan and I know it well. I know the steps that must be taken to get where they want to go. This over-speculating is doing nothing but driving people crazy with this everyday anticipation…..all for nothing! And that’s my point.. If many of these idiotic gurus would just listen to me then they could pass on some HONEST, TRUEFUL and USEFUL information to their listeners. But they won’t because their EGOs are too high and almighty. Besides if they had to research then they would have to actually do some work…oh God forbid if they had to research and work…. lol..lol..lol…
I am looking forward to my conversation with my CBI contact this coming Wednesday. This gets more and more exciting with each call to Iraq. So, we know from past conversations that Iraq wants and needs to continue the process of the financial reform plan, of which the currency reform is a part of and a VERY high priority.
So why doesn’t Iraq just do it then and move ahead. It is impossible for Iraq to reinstate the dinar, as it is not entirely under their control. It is one thing for them to want to do it and another to actual act and do the needed technical side of doing it. The mechanism for updating the currency exchanges with the IQD is under the control of the U.S. and IMF. Iraq cannot complete the process until the U.S. authorizes it go to through and then the IMF will take over and do it. Get it! I have said this maybe over a hundred times already. But there are also steps prior to the reinstatement that must occur. We all should know what they are by now. The CBI must initiate the currency swap out first. So, the plan, as I am told, is to conduct 1 more program rate change to around 1000, then to move around 1:1 by deleting 3 zeros. This part is under the control of the CBI and can happen at any time when they initiate it. Why don’t they initiate then?
They tried to do this next step many times and each time they shut it down because they could not get assurances from the US Treasury that they would proceed and do their part afterwards and follow through with the reinstatement, which must happen after the swap-out of currency in Iraq using the 1:1.
So just recently, I learned over the weekend that beginning last Wednesday the US Treasury was “pinging” the system to verify that all European and U.S. banks has the same rate for the IQD which was $3.81. This is nothing new and is part of the process and has also been done many times in the past. So, no great revelation or concern for us.
I was told the pinging was successful and a green light was given that all rates are consistent, but still needed the IMF to request that the US Treasury release it. On Saturday my CBI contact told me that this really did not mean much because it is the U.S. that still had not given the CBI assurances it will go through on a certain timeframe leaving them enough time to change the in-country rate, thus allow citizens to exchange any remaining necessary US dollars, if desired, and then do the swap-out with the 3 zero notes for the newer lower denominations.
My contact, who is on the committee to roll this out in Iraq, said they needed at least 2 weeks for Iraq’s part in the plan.
So, welcome everyone to December! Oh boy… we are getting very close……Here we are and we are in December 2023 already. Remember that January 2024 is just around the corner and is fast approaching with all the holidays ahead. As you may recall the CBI announced the end to the currency auctions and the end of the use of the dollar in Iraq as of January 2024. Beginning at this time, the US dollar will enter Iraq but no longer through the currency auctions and US Treasury drop deliveries of flown in pallets of $100 bills. This money is now debited from the CBI reserves. In 2024 it will come from the Iraqi banks themselves importing (which means to buy the dollar and other foreign currencies) from US banks and other banks directly. What so special about this move by the CBI?
This recent move is how the normal international finance world works and this was all music to me ears to hear it. Yes, no more “program rates, in-country” rates for the IQD once this all takes effect. Iraq is moving out of their sanctioned isolationism and freeing up their economy WOW! WOW! WOW! But I have to tell this is ALREADY happening as three banks in Iraq as they have already accepted U.S. Dollar imports outside of the usual channels as they had for the last 17 years. Seven more banks are scheduled for December. We can see they are slowly already rolling out this new CBI policy. What does this mean when the banks buy the dollars directly from other banks?
It means they are much stronger “stakeholders” in what happens to these dollars and how they are used. In other words, if they are stolen they lose not the CBI reserves. Will this help bring the parallel market even to the CBI official rate of the dinar? Personally, I don’t see why this effort should not work and is the solution the CBI has wanted all along but could not get since the US Treasury had been treating them as if still sanctioned. So this was a MAJOR change that occurred in the past couple weeks.
Through my study of international finance, I realize that Iraq will “best” need an international currency on the currency exchanges to continue getting the diversified imports of foreign currencies in currency swaps to pay for imports. Yes, they are no longer tied strictly to paying for imports with US dollars only and can now even accept foreign currency for payment of exports. This alone should make you jump up and down for joy! Also, don’t forget that we were told that Iraq will soon be announcing their full accession to the World Trade Organization (WTO) to which they will also “best” need an international currency.
I believe we are down to wire and as the days roll on, there is less and less slack in the schedule of the plan, as described to me by my CBI contact. I was told on Saturday there is a meeting to be held this week with the U.S., IMF and the World Bank to discuss this situation. I believe this may be the meeting necessary to give the CBI a “comfortable” level of assurance it needs.
What are some other HOT topics from Iraq?
Monday, the head of the Parliamentary Rights Bloc, Saud Al-Saadi, accused the United States of America of standing against the completion of the Belt and Road Initiative. I quote from the article – “There is an American desire not to complete the Chinese Belt and Road Initiative agreement with Iraq.” So, USA how abut you stepping up to the plate and helping Iraq prosper? Are you all done stealing the money now? Is it time to move on to bigger and better things for Iraq?
Another part of the goods today is an announcement that as part of financial and economic reforms, the Iraqi Cabinet has endorsed recommendations to conduct all state contracts within Iraq in Iraqi dinars. Of course, there will be some exceptions, but this is all what we need to hear at this point. So even though they have said they completed the de-dollarization process it is not cut and dry as they will continue to move on and hit other areas of concern where dollars can leak out.
Also, the economist, Nasser Al-Kinani, on Sunday, states the reasons that the United States of America continues to deposit the money for the sale of Iraqi oil in the US Federal Bank, is because these agreements have existed since the former regime and the first gulf war of 1991 in the food for oil program. Now the pressure is on to end this process and allow Iraq to manage its own oil revenues. We have heard about the desire to establish more sovereign funds to manage all these billions of surplus revenues. This is not the first article its kind we have read in recent times so we know this pressure is building and it is just a matter of time before this process ends. Will they also get off the petrol-dollar altogether? I quote from one of the two articles in the news this period – “The United States of America continues to dominate Iraq through political, security and economic agreements that Washington separates according to what serves its interests in the first place, as the US administration sought to circumvent political agreements in order to prevent the parties that are trying to rid the country of its influence over the Iraqi oil sale funds.”
Future Currency Swaps: Many questions have been raised since the Central Bank and the Iraqi government announced that they had concluded agreements with a number of banks and other countries to deal in local currencies in commercial exchange, but the most prominent question raised is what will be done or how will other countries, especially those that export large sums of money to Iraq annually, benefit from the Iraqi currency, the dinar. Yes, who would want the dinar at 1/6 of a penny? You get my point. Go read the entire article in the Articles Section below….Verrrrry interesting….
PARLIAMENTARY ACCUSATIONS AGAINST AMERICA OF STANDING AGAINST THE BELT AND ROAD INITIATIVE: On Monday, the head of the Parliamentary Rights Bloc, Saud Al-Saadi, accused the United States of America of standing against the completion of the China Belt and Road Initiative. Well how about the US stepping up to help then. Oh..but like I said the US is only concerned about the oil and protecting its energy interests. The current administration could not give a damn about helping the people of Iraq.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/
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