Wednesday, July 5, 2023
NEWS OF ZIMBABWE: "ZIM DOLLAR REMAINS THE SOLE LEGAL TENDER", 5 JULY
TNT:
Harambe: Zimdollar remains the sole legal tender - Bulawayo24 News (7/5/23)
THE Government has reiterated that the Zimbabwe dollar remains the sole legal tender and nothing can be billed exclusively in foreign currency without special exemption.
This follows the continuous blatant disrespect for this directive on the part of several local authorities, Government departments, agencies and other organisations, which are either issuing notices to the contrary or keep charging for services only in United States dollars.
Harare City Council attempted to switch to US dollar rates collection last week but the Government shot down the illegal attempt a day later, making it clear that the Zimbabwe dollar was the only legal currency and that billing for services in foreign currency could only be done if provided for by law.
In a statement yesterday, the Ministry of Finance and Economic Development said charging exclusively in foreign currency was not only in contravention of the law, but also militated against Government policy.
"On May 29, 2023, Government directed that all Government agencies including local authorities should collect fees and levies in local currency in order to promote the wider use of domestic currency.
"However, Government notes with concern the outright disregard of this directive by certain local authorities and Government agencies who either have gone ahead to issue notices to the contrary or continue charging services exclusively in United States dollars. The City of Harare is one such case in point," reads the statement.
The ministry also reminded all Government agencies and local authorities to comply with the Government directive with immediate effect.
"For the avoidance of doubt, transactions that are excluded from the scope of domestic transactions are clearly stated in the Exchange Control (Exclusive Use of Zimbabwe Dollar for Domestic Transactions) Regulations, 2019 published in Statutory Instrument (SI) 212 of 2019 and these do not include billing of rates by local authorities and charging of services by Government agencies.
"Government remains committed to the broad use of local currency for domestic transactions which started in 2019 when Government adopted the use of the Zimbabwe dollar."
According to SI 85 of 2020, persons with free funds cannot be compelled to pay in foreign currency. The ministry also cited several legal instruments that were promulgated by the Government to facilitate the re-introduction of the Zimbabwe dollar including Statutory Instrument 142 of 2019, which effectively ended the multi-currency system and determined the "Zimbabwe dollar" as the sole legal trading currency in the country.
"This made the ZWL the sole legal tender for all settlements in Zimbabwe and any billing for services in foreign currencies can only be done if provided for by the law or if exempted in terms of the Exchange Control Regulations.''
A few weeks ago, Government announced additional measures to encourage the use of the local dollar as opposed to the US dollar, in a bid to boost the local unit and tame rising consumer inflation.
The measures include a directive that all Government departments collect fees in local currency, the introduction of a 1 percent tax on all foreign payments and that all customs duty be payable in local currency, with the exception of designated or luxury goods and where an importer opts to pay in foreign currency.
Resultantly, the Zimbabwe dollar has been gaining against the US dollar and yesterday, it firmed again by another 7 percent on the wholesale auction for banks stocking up on foreign currency, and the much smaller auction for large direct importers, with the weighted average now $5 395,9619 to US$1.
This has brought the total gain in the value of the Zimbabwe dollar to 22 percent since the local currency bottomed out in value.
Under the National Development Strategy 1, Government has made considerable progress in fostering macroeconomic stability by implementing a broad range of fiscal and monetary stabilisation measures.
Of late, there has been notable stability in the economy, the exchange rate and general prices of goods and services.
https://bulawayo24.com/index-id-news-sc-local-byo-232836.html
"STATUS OF RV" BY MNT GOAT, 5 JULY
STREAMLINING THE SALARIES OF THE 3 PRESIDENCIES, SENIOR OFFICIALS AND PENSIONS
{Economic: Euphrates News} Economist Rashid Saidi said on Saturday that the government is effective in streamlining the salaries of the 3 presidencies, senior officials and pensions to eliminate unemployment.
Al-Saeedi told Al-Furat News that “the prime minister is now taking effective steps in the government of services, and we hope that he will reach the stage of rationalizing the salaries of the three presidencies, senior officials and pensions as he promised earlier.”
He added, “Iraq has the elements to eliminate unemployment and advance the country, and that there is great global evidence that Iraq can rise in its footsteps, and benefit from the experiences of others through blocs and political parties and stay away frominternal disputes.”
More news….
IRAQ ACHIEVES $7 BILLION FROM OIL SALES IN JUNE
Information / Baghdad.The Ministry of Oil announced, on Saturday, the total exports and revenues achieved for the month of June.
According to a statement of the ministry received by the agency / information / that “according to the preliminary statistics issued by the Iraqi Oil Marketing Company SOMO) the total amount of exports of crude oil (100) million (59) thousand and (52) barrels, revenues amounted to (7.115) billion dollars.”
(yet the dinar is still 1/6 of a penny?)
More news….
IRAQ’S OIL EXPORTS TO AMERICA AMOUNTED TO 7.5 MILLION BARRELS
The US Energy Information Administration announced on Sunday that Iraq’s oil exports to America amounted to 7.5 million barrels during the month of June.
A table published by the administration, seen by Shafaq News Agency, showed that Iraq exported crude oil to America during the month of June 7.500 million barrels and an average of 250 thousand barrels per day, up from May, in which Iraqi oil exports to America amounted to 6.634 million barrels and an average of 214 thousand barrels per day.
More news….
THE EXCHANGE RATE OF THE US DOLLAR AGAINST THE IRAQI DINAR CONTINUES TO BECOME INSTABLE.
With the early morning hours, the exchange rate of the US dollar against the Iraqi dinar continues to become instable.
On Sunday morning, the dollar exchange rates witnessed an unstable situation in Baghdad, where the selling price of the dollar against the Iraqi dinar recorded 148.000, while the purchase price of the dollar was recorded 147.000
(Please correct me if I am wrong. Didn’t the CBI outlaw the use of the US dollar in Iraq? Isn’t the only way you can get the dollar is thru the currency auctions. Is’t it the parallel “black market” that is the problem? Didn’t the CBI outlaw street venders selling dollars? So what does this tell you? Either this is false news or something else is happening they are not telling us about.)
More news….
WHY IS THE IRAQI OIL AND GAS LAW SO IMPORTANT?
Al-Aqili: The oil and gas law is the country’s safety valve.
The political analyst Sabah Al-Ugaili considered, on Sunday, four revealing reasons why the Oil and Gas law must be passed as soon as possible. See full article in the articles section below.
Noting that “there was a preliminary agreement between the political blocs on the need to pass the oil and gas law in conjunction with the approval of the general budget law.” But this did not occur.
And he went on: “The parliament will take up this work and place it a priority on the agenda when parliament is back in session after Eid holiday. Noting that “passing the law will work to end all crises that occur regarding the export of oil.
”
When do they plan to pass the Oil and Gas Law?
A member of the Parliamentary Oil and Gas Committee, Intisar Al-Jazaery, confirmed in an interview with Al-Maalouma Agency, that “the Parliamentary Oil and Gas Committee is determined to approve the region’s oil law immediately after the legislative recess of Parliament, adding that the Kurdish parties, after passing many paragraphs, have surrendered to the fate.
More news….
STATUS OF THE RV
So, here we go again. Yet more rumors over the weekend of $1.30 RV in-country in Iraq. Someone has to clarify all this bullshit rumors. NO I will tell you it did not happen and here is why.
Folks, if you have been following my blog all along, especially as of lately, you would know this could not possibly happen unless the CBI first changed the “official” rate from the current rate of 1320 to a new rate of 750. They are not going to just drop the zeros off the official CBI program rate 1320 to 132. Get it? But, it appears this is exactly what some wise guy idiot did and started then to spread rumors of it. Unfortunately for him/her we know better.
I know this because the CBI official rate is still 1320 on the CBI site. Get it? Do you see it?
I can see the lie here since someone decided on their own that they would just drop the 3 zeros off the 1320 rate ($1.32) by moving the decimal over three places. But we caught them in this lie since this is not how it works.
Iraq is not going to just drop the zeros off the official CBI rate if the dinar to determine their “in-country” rate. Get it? I don’t know how many times I have explained this already.
When the time is right, the CBI will instead use the program rate of 1320 (as this is now the “official” CBI rate) and determine the US dollar equivalent rate. This is how it will be done.
Here is the equivalent rate of the dinar today under the 1320 official CBI rate: 1.00 / 1320 = .0007575. Move the decimal over three places and you get .75 cents (.76 rounded) USD per IQD dinar.
So, using the same caculation as above, to get a $1.30 USD equivalent rate to the dinar the official CBI program rate would have to change first from the 1320 to 750 which has NOT occurred.
The pivot point is always a dollar. So here is the calculation once again to determine the rate of the dinar IQD in dollars USD.
Let’s say for the sake of an example only in fact the CBI decides to move to a $1.30 USD equivalent rate they would first have to change the official CBI program rate from 1320 to 750. Get it?
Then the calculation is as follows: 1.00 / 750 = .0013333 move the decimal over three zeros and you get $1.33. This is the only way we will see close to a $1.30 rate ($1.33) in-country.
So, knowledge is a WONDERFUL thing and can be used to debunk these kid of rumors about an RV occurring already in Iraq. Actually, it is quite amusing since this idiot, who thought up this FAKE intel to fool everyone, doesn’t even know how to calculate the rate of the dinar against the dollar in the first place.
So of course, I can only guess that they also lied again and told people the newer lower denominations were out in some areas and not others – A BIG FAT LIE! These notes will not come out until the CBI says they are out and the Iraq news media will blast this news all over Iraq when it does. There will be a massive educational media program and we could not miss it. It will be in all the news channels in Iraq, as I am told by the CBI. Of course these idiot intel gurus once again take what I say about this educational program and tell you it has occurred without any proof of evidence. Like we are supposed to believe these idiots? My point is they listen to my TRUTH then try to lie about its implementation to fool you. Why do they do this I will never understand. Why do you have to lie?
Trust me on this one. This educational program about the project to delete the zeros will be HUGE news. They may now call it something different since lots of time has passed since it was originally coined this name. The Iraqi people have waiting 20 years to get back their normal currency (the lower denominations) and not have to carry around wads of these larger bills.
The depressing part about this FAKE intel is that many of these intel gurus just suck it up and go along with the lies. Somebody starts a rumor (lie) and up, up and away they all go. Like sheepy sheep following one another because no one has the time or knowledge how to do solid research to find the FACTS & TRUTH. Many will even tell you they are just summarizing others intel. What a waste, why bother? They rush to get on their intel conference calls and YouTube shows and tell everyone these rumors. They can’t think for themselves and try to debunk it first? Yes, this idiot Tony & Ray Renfrow (TNT) are just a couple of them along with his buddy this other idiot Bruce (Big Stupid Call). They say if you don’t like what we say then don’t listen. But this impact millions of people and so it does matter. Yes, your lying does matter. People need to hear the TRUTH.
I hope this clarifies this recent rumor of an RV in Iraq at $1.30. Read my lips – it never happened. It is FAKE news.
Now let’s take a look at the FACTUAL recent news about the RV:
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Iraq: Accession to the World Trade Organization (WTO)
Good news! Iraq’s accession to the World Trade Organization (WTO)
I present an article in today’s news about Iraq and its full membership in the WTO.
Yes, Iraq is now a full member. I quote from the article – “Iraq’s accession as a full member of the World Trade Organization is regularity in the global financial system in accordance with the criteria for liberalizing financial services”. Then yet more of the same good news and I quote – “
access to foreign transfers in foreign currency to the real beneficiary, and compliance with the standards of the global financial system”.
Oh…but the dinar is still 1/6 of a penny?
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Is the US government really helping Iraq or holding back Iraq?
On Monday, the representative of the Sadiqun Parliamentary Bloc, Rafik al-Salhi, pledged the government’s success in economic reforms by getting rid of American dictates, accusing the American side of working to sabotage the Iraqi economy by all means. Al-Salihi said in an interview with Al-Maalouma agency, “The United States of America besieges the Iraqi economy and makes it surrounded by it and prevents its launch towards the major investment countries.” Please go read my comments on this subject matter at the end of the article in the articles section below.
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Also oh!!!!! …So much talk about the Oil and Gas law. A member of the Parliamentary Oil and Gas Committee, Intisar Al-Jazaery, confirmed in an interview with Al-Maalouma Agency, that “the Parliamentary Oil and Gas Committee is determined to approve the region’s oil law immediately after the legislative recess of Parliament, adding that the Kurdish parties, after passing many paragraphs, have surrendered to the fate.
I can honestly say we may very well be waiting for this law to be passed and enacted. Why do I day this? Let me explain.
Sometimes I had my doubts this was required as the CBI told me they were moving along and we should expect the rate in the US. But last Saturday I did finally get in contact with my CBI representative and I was told that the Oil and Gas law did impact the ability for the Central Bank to move ahead. So why did you then tell me to expect a rate in the US, I asked?
So, this is the situation. I will use this analogy -what came first the chicken or the egg? We are in one of these situations again since the US Treasury says it’s the CBI who won’t move ahead and conduct the project to delete the zeros, which has to be done first. Then the CBI says they won’t start the project to delete the zeros because every time they did in the past, the US Treasury then backs out of it promises to move ahead with the reinstatement. As you know BOTH of these events must move ahead at about the same time and be closely coordinated. If not there could be massive inflation.
So, THINK, THINK and THINK some more. What is going on here?
Is the US government intentionally trying to sabotage Iraq’s economy by creating massive inflation in Iraq and thus destroying its economy?
Is the US intentionally trying to hold back Iraq and then making it look like another crisis just happened. Opps they will say later -what a shame ISIS returned or there is a global drop in oil prices opps! There excuse why the RV couldn’t happen. Then we wait and wait again…. ☹
You see what the USA is doing is doing is unethical as they are taking away unprecedented opportunistic times for Iraq to finally reinstate the dinar and move ahead. We are in that window now.
They delay and delay until the opportunity passes by. Then we sit and wonder what just happened. We are later shocked to find yet another crisis hit Iraq. Go figure as we see the same methods used in the US, UK, Canada and Australia now. How much longer are they going to get away with these games? How much longer can they keep the real global reset and transfer of wealth from taking place? We are at one of these critical times.
This is why we must buckle down and PRAY. PRAY. PRAY and PRAY people. God must intervene is you want to see this RV.
Don’t believe me yet?
I quote from one of today’s articles – “The American ruler of Iraq, Paul Bremer, turned Iraq into a rentier, consumerist and weak country with no production, no industry, no agriculture, in order to continue following America.” And then also “The United States of America besieges the Iraqi economy and makes it surrounded by it and prevents its launch towards the major investment countries.” Do you see it yet?
So, now let’s take look at all these fake claims of an RV happening any day/ every day by all these idiot gurus who don’t even have half a brain. People like TNT Tony Renfrow and RayRen site (and others) are obviously some of the sites working with the US government to silence us millions of investors by placating us to think this RV and Reinstatement will actually happen with FAKE news. As the years have rolled I would say they did a pretty good job at it too. I did not say they are on the government payroll, did I? So don’t put words in my mouth. They are working for them without even knowing it since they are so dumb and stupid. They are being played, like kids in the playground waiting for the recess bell to ring.
Oh..does it surprise you that there is FAKE news even when it comes to this investment and Iraq? Gee Whiz…Go figure! ☹
Having said all this let me also say that being that the news from Iraq since January 2023 has been so very good and they do seem to be moving ahead on the right course with the currency reform process. It is now in warp speed but now I believe the brakes were put on it. Why? I have to STOP and ask some important questions as to why they will not move ahead to the next step even though the CBI twice told me to expect to see the rate in the USA.
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So, what will happen when they do pass the Oil and Gas law?
Is this just another tail we are to chase like the many tails these intel idiots chased until its done and then nothing happens again. Get ready as TNT and other idiots will chase it. It coming…
First, they chased the idea that the government must be formed and so they chased this tail and held on to this target for a year. Then nothing happened. They expected the RV then. Oh….this was NEVER the plan. The plan was to begin the restructuring the currency auctions not to RV but to start a serious setup of events leading to the RV. So how could these idiot gurus get it all so wrong?
I will tell you because they are over speculative and relay of false hope and not reality and FACTS. Yes, they are not factual.
Ok, so then after chasing the elections the next tail to chase was the budget. Oh…they told their listener that once the budget was passed the RV would happen. The budget did finally pass and still no RV. They told you the RV rate was in the new budget and again it was not, as I told you it will NEVER be…..I TOLD YOU SO again! 😊
So then all of a sudden, the president must sign the budget to get the RV and then we would see the RV. The president signed it and still no RV. Gee Whiz I wonder why! Then, the new tail to chase was the Gazette. It must be in the Gazette, they told their listeners over and over again…. But here we are weeks after the Gazette published the budget and still no RV.
Finally, I have to say…Oh wait just a second…. STOP, STOP, STOP all this bullshit. Where is the common sense? Where are the FACTS to back up all these claims. Do you even know what the hell you are talking about? Let’s stop all this nonsense and guessing.
So, over these same months (almost a year) I presented the FACTS to you and explained as clear as I could what was really going on. No Hype, No Rumors, No Opinions,,,, just the FACTS. You do want the FACTS? You do want to really know just what is going on don’t you? Do you want me to lie to you too just so you “feel good”.
I know this was a very long RV Status today but you do want the TRUTH?
So the RV or Reinstatement has NOT occurred I can assure you with 1000% certainty. We still wait. Will the passing of the Oil and Gas law make any difference. To me it should since I also know it is a constitutional requirement and I was told a decade ago there will be no Reinstatement unless the Iraqi constitution is fully implemented and this law is such a critical law, as we witness in todays news.
What really bothers me about this situation with the Oil and Gas law is that almost all of these idiot intel gurus, especially TNT Tony and Bruce told everyone this law was “all done”. Really? Apparently, it was not. But my point now is this – did they have any evidence or facts to prove their claim? You should think that when they brag about being on their investment conference calls for so long that they would know things as simple as this.
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Question: Hi MG,
I have a friend that lives in Oklahoma and I asked him what he knew about the ‘oil credits’ since he deals allot in oil contracts. He knew about them but said it is considered VERY unpatriotic in some circles, if you purchase them. What are your thoughts regarding his comments? And, are we able to purchase these credits before the RV? Thank you in advance for your time and consideration.
Answer Mnt Goat:
Unpatriotic if we purchase oil credits? What? Oh boy I got to straighten you out.
You have to ask me this? Really? You can’t think for yourself? I spent time in Oklahoma while stationed in the military and so I know all about these “red neck” cowboys. I’ll tell you what – if you saw a penny on the ground would you pick it up? What about a nickel? What about a $50 bill? What if someone offered you a $28,500,000.00 for just under $1,000? Would you be so stupid as to turn it down?
Many people in the past I approached in buying the dinar looked the other way and simply refused to buy it even though I know they have plenty of funds to do so. In my inquiry as to why they feel this way they told me it was “taking advantage of a war torn country”. Oh…but the TRUTH is if it was not for us investors in the purchase of billions and billions of IQD 3 zero notes, Iraq probably would not be where they are today. Basically, we investors saved their ass. Note also the US Treasury via the US Customs could have cut off all imports of the IQD if they felt it was a crime or detriment to the Iraqi economy or war mongering. Us investors are NOT making money off the war. Instead, we simply invested in a country in their time of need. Get it?
So, you see you can lead some people to water but you can’t make them drink it. Enough said. Yes, I am very surprised to even hear such a question.
The second part of the question about buying the credits prior to the RV is just a very ridiculous question and I was going to ignore it even. But what the hell here goes:
In fact, it is so ridiculous I wonder if you even know the reason why we, as dinar investors, even participate in this contract with China. Do you even know how the credits will work? Read my lips – You have to exchange your dinar. You cannot just buy credits for yourself. Get it? We are not purchasing oil credits. We are exchanging our dinar and getting paid the rate we will get on the contract for the dinar. It is the US Treasury who will take these dinars and use them to pay for barrels of oil later. It is kind of like a hedge fund for the China in buying oil at a guaranteed reduced rate over a period of many decades (via oil credits).
Ours dinars will be destroyed once collected from us and credits instead input in a system that will track the credits for the government of China. This was an agreement made a long time ago with China. Remember China did not want to participate in the gulf wars with Iraq. In fact if you just exchange at the market rate the same applies but the oil credits go to the US not China. It is all about oil credits. Of course, they need our support since they need our dinars to do it. Get it?
COFFEE WITH MARKZ ( SPANISH), 5 JULY
Charla de los miércoles por la mañana de MarkZ y Andy Schectman 7-5-2023
Nota de PDK: Viajaré durante la próxima semana más o menos. Es posible que pueda o no transcribir los podcasts de Marks o que sean más tarde de lo habitual... Asegúrese de escuchar sus llamadas diarias para obtener toda su información y opiniones... Gracias.
Gracias MarkZ por todo su tiempo y aliento diario... PDK
Actualización de MarkZ: algunos aspectos destacados de PDK: no textualmente
Descargo de responsabilidad de MarkZ: Considere todo en esta llamada como mi opinión.
Miembro: buenos dÃas a todos... espero que todos hayan tenido un gran 4º, ¡ahora necesitamos una celebración más grande!
Miembro: Buenos dÃas MarkZ y todos... Espero que hayan tenido un gran fin de semana. Y te pido que nos traigas buenas noticias.
MZ: Esperamos que hoy sea un dÃa lleno de noticias... todavÃa es demasiado pronto para tener noticias del oeste.
Miembro: ¿El IQD es de $3.58 en forex?
MZ: No, no lo es. Está en la lista... pero no a una tasa internacional todavÃa. Solo una tasa de marcador de posición. Si fuera en forex... todo el mundo lo sabrÃa.
Miembro: Sin Tasa del IQD en el Forex. Solo un marcador de posición.
Miembro: markz entonces, si está en forex, ¿por qué no se negocia y quién controla eso?
Miembro: ¿Se puede cotizar el IQD como moneda internacional antes de que se revele en la Bolsa de valores/Forex?
MZ: En Irak, el presupuesto se aprueba, se publica y se espera que se implemente en cualquier momento. No estoy muy seguro de lo que eso significa... Mi contacto financiero dijo que no se preocupe por eso... no tiene nada que ver con su capacidad para cambiar la tasa en este punto. Han puesto todo en su lugar.
Miembro: Irak….Parece que se están estancando por una razón y están perdiendo mucho dinero donde podrÃan estabilizar su tasa.
MZ: Las expectativas siguen siendo enormes para hoy. Ninguna de las áreas de redención funcionó durante las vacaciones. Ni siquiera en Europa.
MZ: Si se produce alguna noticia de última hora hoy, volveré para hacértelo saber.
Miembro: Mark Z, por favor comente sobre el artÃculo de Awake In 3D fechado el 7/3, afirmando que el RV IQD no es factible debido al PIB actual de Irak. ¿Hay una correlación directa entre los dos?
Mod: MARKZ NOS AVISARA CUANDO NOS VAYA LA TARIFA!!
Miembro: Mike Penny dijo la otra noche que pronto se anunciarÃa el patrón oro.
Miembro: Mark, cuando escuchamos que el RV está en movimiento, ¿significa que se ha anunciado Nesara?
Miembro: Este espectáculo de circo tenÃa demasiados payasos para mi gusto y no tengo palomitas de maÃz.
Miembro: ¡Esta pelÃcula se está volviendo más loca todos los dÃas! Solo necesitan hacerlo
Miembro: Sombreros blancos, esperando demasiado para activar el interruptor, si no lo hacen pronto, podrÃa perderse. La gente está cansada de la pelÃcula.
Miembro: Espera…. Vienen dÃas más felices.
DINAR IRAQ & DONG VIETNAM UPDATE, 5 JULY
XRP Pair with Iraq Dinar Triggers Speculations of XRP’s Rising Prominence
Coffee with MarkZ and Andy Schectman 07/05/2023
NEWS OF IRAQ, 5 JULY
An Iraqi Proposal To Deal In Dinars Instead Of Dollars With Iran
Money and business Economy News _ Baghdad The commercial adviser to the Iranian embassy in Iraq, Abd al-Amir Rabihawi, stated that pressure from the US treasury prevents the Iraqi side from using its official currency to transfer money to Iran, forcing it to use the free market currency, which differs by 10% from the official currency and harms Iranian merchants.
According to the Jahan Sanat News website, Rabihawi said, at the meeting of the Iranian-Iraqi Joint Chamber, that "trade with Iraq is traditionally possible so that money is exchanged with this country through exchange offices or cash."
Referring to the number of decision-making centers in Iraq and Iran, he explained: "In Iran, we have Iraqi offices in most ministries that take decisions on their own, and this is what led to a lack of centralization in decision-making in Iran and it has become a peninsula, which causes contradictory steps to be taken."
Rebihawi believes that Iraq is the best country for investment and export of goods in the region, stressing the importance of using this country for re-export, or benefiting from the advantage of transit through Iraqi territory to Europe or North Africa.
The Iranian trade advisor in Iraq stated that the central bank in this country distributes daily no less than 250 million dollars to the country's banks, and said: "The pressures of the American treasury prevent the Iraqi side from using its official currency to transfer funds to Iran, which forces it to use the market currency." The free currency, which differs by 10% from the official currency and harms Iranian merchants.
The Iranian official added, "Iraq suggested that all our financial dealings in Iraq be in dinars, even Turkish shops buy and sell in dinars in this country. Given the sanctions, this issue is in Iran's favor."
And he added, "Accordingly, we offered the Central Bank of Iran that Iranian businessmen and merchants trade in dinars instead of dollars."
Rabihawi confirmed that Iran is using its frozen funds in Iraq to buy 7 commodities that are not subject to sanctions, in addition to industrial equipment, medicines and foodstuffs.
He continued, "Iranian merchants must convince the Iraqis that the goods Iran exports to Iraq are non-sanctioned," declaring that the country exports 4,500 goods to Iraq that cover about 10% of its needs.
He added, "We must be frank with the Iraqis so that they realize that the issue of the price is very important to us regarding commercial exchanges with it, so that they return to us a difference of 10% of the price of the official and free currency."
Rabihawi stated that since the beginning of the arrival of tourists with the aim of treatment to Iran, brokers began to exploit this point and plunder money by increasing the cost of treatment several times, and he said: “It is true that medical tourism has become popular and has a noticeable demand by Iraqis, but it is subject to the control of merchants and brokers in Iraq There is a disagreement between the Ministry of Health and Tourism on the need to solve these problems.
In conclusion, he added that it was decided to establish 5 industrial cities on the Iranian-Iraqi borders.
Last week, the Iranian deputy oil minister for gas affairs said that the Iraqi Ministry of Electricity had paid Iran all gas-related debts.
“The Iraqi Ministry of Electricity has paid all our dues for gas, and the debt is now zero, but sometimes there are problems transferring money from the Iraqi TBI Bank to Iran,” Majid Chengy said.
In his statements, the Iranian official did not mention the amount of frozen funds in Iraqi banks.
For his part, Ahmed Musa, spokesman for the Iraqi Ministry of Electricity, confirmed, on Monday, that his country had paid Iranian gas dues to Tehran and deposited them in the Trade Bank of Iraq.
He said, "The Ministry of Electricity has paid all dues owed by Iraq to Iran, which are dues for importing gas from it."
He added, "The dues were paid to the Iraqi Trade Bank in the Credit Fund, but the bank is finding difficulties in transferring them to the Iranian government because of the US sanctions."
Views 25 07/05/2023 https://economy-news.net/content.php?id=35012
DINARLAND UPDATE, 5 JULY
MarkZ
[via PDK]From Iraq:
“Parliamentary work-no increase in social benefit salaries and 600 thousand families will be included”
What they are meaning is – in their budget they are going to increase the salaries for people on disability etc…so they haven’t increased the salaries yet but have added 600 thousand new families…this math does not work without a value change. We are watching as they are rolling out their new projects in Iraq and they are going to need the new rate.
Everyone I talked to is squarely expecting things to happen on the 5th. We will watch and see if anything happens in the morning…If by any chance we get breaking news today I will let you all know…
I am attempting to stay in close contact with the CBI during this revaluation process. …we still have not see any real news from the CBI (Ali Al-Alaq) itself on the project to delete the zeros. This project is pivotal in the revaluation and then the reinstatement…so why is the CBI staying so quite if they plan to reinstate the dinar anytime soon… I can’t figure out why the reinstatement has not already occurred.
The budget is not officially open to the world just yet…Sudani is working on the inners, is working on the exchange rate…the program rate is not enough gas in the tank to get the $63 trillion worth of projects done. Absolutely not. There’s just no way possible.
Question:
“Will the float go fast or slow?”
IMO it’s going to go at the speed of light. It’s like a man that was in prison for 50 years and he comes out. He’s going to do everything that he couldn’t do in prison at the speed of light.
Iraq made financial headlines when it boosted gold reserves by 2% in one day. To understand why this is major news, let’s compare it to the fastest-growing currency against the US dollar, the Swiss frank. The rapid rise of the Swiss franc, happened in 2015. One single event is responsible for the Swiss franc blowing up. The Swiss National Bank suddenly withdrew the peg of 1.20 franks per euro on January 15, 20215. The central bank stated this was requested since the peg was no longer viable. In the immediate aftermath…the currency surged 30% against the euro and 25% against the US dollar. The decision shook the Forex market and put several foreign currency dealers out of business...
This is how your finances can change in one day…Here are two reason why the Swiss currency is so strong…Switzerland has a long history of low debt and fiscal responsibility. And the nation has hard assets such as gold reserves…What is the bottom line? Low debt and high gold reserves. According to Statista, Iraq has extremely high debt, the national debt is estimated at $210 billion US dollars by 2028. This is why Iraq booting its gold reserves by 2% in one day is breaking news and good news for Iraq…Once Iraq finds a path to reduce debt and increase revenue outside of the oil industry, its currency will increase in value.