Thursday, August 24, 2023
THE US AMBASSADOR’S STATEMENTS ABOUT THE RISE IN THE EXCHANGE RATE OF THE DOLLAR AGAINST THE IRAQI DINAR, 24 AUGUST
THE US AMBASSADOR’S STATEMENTS ABOUT THE RISE IN THE EXCHANGE RATE OF THE DOLLAR AGAINST THE IRAQI DINAR
On Thursday, the US ambassador to Baghdad, Alina Romansky, commented on the reason for her recent tour of Iraqi politicians, and announced that Washington was ready to help Baghdad in the water file with the upstream countries. She also indicated that Iraq’s adoption of the legitimate banking system guarantees the stability of the dollar’s exchange rates.
I went to my summer vacation in America and spent a good time, and I returned to Washington to prepare for important meetings on the seventh and eighth of August, for the benefit of the ministries of defense between the two countries, and the meetings ended and I returned to Baghdad and I thought that I had to meet the Iraqi political leaders and follow up on matters with the Prime Minister and understand what was going on in the five weeks I was away from them.
We will follow the provincial council elections and the extent to which they are free and fair, as well as the Kurdistan Parliament elections, and then the parliamentary elections, all of which are signs of a healthy democracy.
There are several reasons that cause the dollar to fluctuate against the dinar, including the existence of a parallel financial system, and the presence of smugglers and money launderers, which leads to an increase in the price of the dollar.
Returning to a legitimate banking system can create exchange rate stability. I think that there is a misunderstanding about the 14 banks, as no sanctions were imposed on them, but these banks are not allowed at the present time to deal in dollars.
The Iraqi military delegation and the Washington meeting:
This is the first joint military interaction that takes place under the government of Mr. Al-Sudani between high-level officials in the ministries of defense of the two countries. When Minister of Defense Austin came to Iraq in March, he called on the prime minister to send a delegation to Washington to talk about several issues.
We focused on two important points in the last dialogue, how do we continue, build and deepen security relations under the Strategic Framework Agreement, and how do we continue to build that between our security forces in order to improve and build security in Iraq.
The second part was definitely America’s participation in the coalition to defeat ISIS and how we continue to support this activity with our partners, the Iraqi security forces, in order to continue defeating ISIS, and we focused on these two points in the meeting of the two delegations.
US sanctions on Iran and their impact on Iraq:
For several years we have been providing Iraq with expenses to buy electricity from Iran and we have arranged and given exceptions for the Iraqis to pay money through restricted accounts in the central bank and we continue to make these exceptions for Iraq knowing that Iraq must continue to receive electricity.
Part of the policy and goal in supporting energy independence is that Iraq does not have to rely on an unreliable energy partner, and we encourage building a large network with others in the region to develop its energy and be able to provide it to the Iraqi people, and therefore we continue to support the modernization of electricity in Iraq.
Washington’s position on the oil-for-gas barter:
Our coordination targets electricity payments and the arrangements go back several years and do not include the exchange of oil or anything similar. We are studying what appears to be a proposal drawn up by the Iraqi government, but the details should be known from the Iraqi government
Climate change:
Iraq is facing a major challenge with regard to climate change. One of the ways the United States is doing to help Iraq is in the water sector.
(This water issue has absolutely NOTHING to do with climate change as this issue is a very long standing one and is all dependent on trying to make big cities in the middle of a desert. Get it? We need to stop grouping everything as climate change and making it a life threatening crisis. As there is not such thing as the climate change hoax the WEF is perpetrating on us. It is all just a narrative of lies told to us for so long now it is ingrained in our heads and we think it is real. It is a way to funnel our thinking.
The earth is constantly changing and there is not a damned thing we can do to stop it. Instead we must learn out lessons and stay away from hazardous areas regardless of the amount of money we can profit from it, this is the real problem not that earth is constantly changing. Man does it to himself.)
We realize that Iraq has challenges with upstream countries and we can play a diplomatic role to solve some problems, but it is important for Iraq to have the ability to manage its resources. Our main institution that helps in this modernization and development and finding solutions to this situation is the US Agency for International Development, and we have many projects that support solar energy and we have projects that support the Ministry of Water Resources.
The US ambassador commented on the news of a US military build-up to cut the border between Iraq and Syria, stressing that “these issues were discussed between the US and Iraqi Ministries of Defense,” which had been previously denied by the Prime Minister’s advisor, Mohamed Shia’a Al-Sudani.
A member of the Parliamentary Security Committee, Waad al-Quddo, had said earlier that the meeting between the US and Iraqi defense ministers in Washington witnessed a discussion of the movement of the US military build-up to carry out the “mission of cutting the borders between Iraq and Syria,” but the Sudanese advisor denied this.
Ambassador Elena Romanowski’s statements were identical to those of Al-Quddo, as she said in an interview with journalist Saif Ali, that “military activity is part of the natural rotation of American forces to and from Iraq, and these issues were covered when the meeting was discussed.”
In another matter, the US ambassador responded briefly to the Iranian ambassador in Baghdad accusing the US of using the electricity card to delay the street.
In his interview with the ambassador, journalist Saif Ali read a statement by the Iranian ambassador saying that Washington is using the electricity card to fuel the street, and Romanowski responded by saying, “This is what the Iranians are doing.”
The ambassador denied the existence of any American objection to the visit of Iraqi Prime Minister Muhammad Shia al-Sudani to Washington, and said:
The current prime minister is going to New York to participate in the United Nations General Assembly meeting, they told me.
You can check with the prime minister’s office about that.
In the US, there is no decision to prevent the Sudanese prime minister from visiting Washington.
It is important that we agree on a schedule that fits the dates of the leaders, and we discuss when the visit is suitable for both parties.
BY MNT GOAT
"RV UPDATE" BY IQD IRAQ & VND VIETNAM, 24 AUGUST
The saga about the Iraqi dinar RV only gets better as the months roll on.
Iraq's CBI reports 80 billion Iraqi dinar fines on banks and non-banking institutions, 24 AUGUST
Iraq's CBI reports 80 billion Iraqi dinar fines on banks and non-banking institutions
Shafaq News/ The Central Bank of Iraq has disclosed that fines levied on banks and non-banking institutions, including exchange companies, totaled approximately 80 billion Iraqi dinars during the past seven months.
An official bank report indicated that fines imposed on banks and financial entities from January to the end of July 2023 amounted to 79,777,817,397 dinars. The report further revealed that these fines encompassed 318 administrative penalties directed at banks and institutions mentioned. Non-banking entities received a range of penalties, including warnings and temporary suspensions.
The report noted that April witnessed the highest fines imposed, reaching 17,440,383,447 dinars and 17 administrative penalties. Conversely, June recorded the lowest fines, totaling 8,353,387,476 dinars, with 50 administrative penalties.
The report does not mention the bank names with the fines and administrative penalties.
In June, the Iraq Stock Exchange Investors Association criticized the Central Bank of Iraq for increasing fines on banks, highlighting concerns about the potential impact on investors' profitability.
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The 1 Key to Investing Success, According to Warren Buffett, 24 AUGUST
Choose businesses, not stocks
When it comes to building a lucrative investment portfolio, most people focus on choosing the best stocks. However, the real secret to success is picking the right companies behind those stocks.
In Berkshire Hathaway's 2021 letter to shareholders, Warren Buffett explains that investing in quality companies is the key to his and business partner Charlie Munger's success when it comes to the stock market.
"[W]e own stocks based upon our expectations about their long-term businessperformance and not because we view them as vehicles for timely market moves," he notes. "That point is crucial: Charlie and I are not stock-pickers; we are business-pickers."
Why businesses will make or break your portfolio
Of course, quality stocks are still important. But the overall health of the businesses behind those stocks will determine how well your investments perform over time.
The best stocks are the ones from companies with solid underlying fundamentals. This includes everything from healthy finances to a strong competitive advantage to a competent leadership team that can guide the company through tough economic times.
Even shaky stocks can thrive in the short term, especially when the market is strong. But those stocks will often suffer during periods of volatility, and it's far less likely they'll see consistent growth over the long haul.
However, strong businesses have a much better chance of achieving reliable long-term growth. While they'll still often experience hiccups and short-term slumps, healthy companies have what it takes to rebound from these downturns.
Start building wealth in the stock market
Choosing the right stocks is only half the battle. It's equally important to hold those stocks for as long as you can.
Generating wealth in the stock market takes time, and healthy investments are more likely to see slow but steady growth rather than explosive gains. When you invest, then, aim to keep your money in the market for at least 5 to 10 years, or even several decades.
The longer you stay invested, the more you can potentially earn. If you invest, say, $100 per month while earning an 11% average annual return (which is just slightly higher than the market's historic average), that would amount to nearly $240,000 after 30 years.
Investing in the stock market isn't always easy, but with the right strategy, it can be lucrative. By opting for quality businesses with solid fundamentals and then holding those stocks for as long as you can, you'll be on your way to building long-term wealth.
https://www.nasdaq.com/articles/the-1-key-to-investing-success-according-to-warren-buffett
NEW DIRECTIVES FROM THE CENTRAL BANK REGARDING THE SALE AND WITHDRAWAL OF DOLLARS, 24 AUGUST (MNT GOAT)
NEW DIRECTIVES FROM THE CENTRAL BANK REGARDING THE SALE AND WITHDRAWAL OF DOLLARS
On Thursday, the Central Bank of Iraq launched a new package of directives for all licensed banks, with the aim of organizing the sale and withdrawal of cash dollars.
To all authorized banks:
All non-banking financial institutions have taken regulatory measures to sell (cash dollar) withdrawals
good greeting….
The Central Bank of Iraq decided the following
First: Further to our circular numbered 9/3/220 dated 9/4/2023 and based on the decision of the Board of Directors numbered (131) for the year 2023, taken in its session numbered (1639) held on 18/8/2023, it was decided that you are committed to selling foreign currency ( dollars) received by the Central Bank of Iraq and for the purposes assigned to the customer
at the official established exchange rate.
Second: For the purpose of regulating cash dollar (selling and withdrawing) operations, the following was decided:
We confirm the inclusion of (pilgrims) by receiving the share of the dollar in cash and an amount of (3000) dollars. 2- It is possible to accept the accumulation of sequences of coins (dollars) sold through the (FITR) platform, according to the instructions
and controls issued by this bank.
You can obtain a fingerprint and a written undertaking from the customer regarding the validity of documents and personal documents until the completion of the application of the electronic system.
The commitment of banks to meet the requests of customers who have accounts in dollars when they wish to withdraw cash in dollar currency, and this includes accounts generated from previous cash creations or incoming aunties, noting that this bank will
By meeting the banks’ requests for cash withdrawal.
To abide by what was said. above with appreciation.
"RV UPDATE" BY MILITIAMAN, 24 AUGUST
MilitiaMan (KTFA)
My take is a float won’t work in a digital world. I just don’t see it. I think they are going to make an adjustment to their Reel Effective Exchange Rate (REER) and I hope and expect it will be better than it was in a previous era.
Article:
“Specialists: The path of development gives Iraq an important position in international trade”
The development road is the investment side of the tripartite budget.
Coffee with MarkZ and Andy Schectman 08/24/2023
An economist who explains the reasons for the absence of government support for national production , 24 AUGUST
An economist who explains the reasons for the absence of government support for national production
Aug 23 18:53
Information / special.
Economic expert Diaa Al-Mohsen explained, on Wednesday, the
reasons why the government did not focus in its program on supporting local production, pointing out that the government had focused primarily on the service file and postponed production support to another stage. Al-Mohsen told Al-Maalouma,
"The government program did not present the file of supporting national production and protecting the product, because the government is aware of the weakness of production, as it moved towards supporting the service file and infrastructure." He added,
"The government left the national production support file to another stage when it is confirmed that it is possible to find strong local production in terms of agriculture and industry, as well as the citizen's role in acquiring local goods and preferring them over the importer." And that
"the private sector is still below the level of ambition, especially in terms of prices, as the closure of borders in front of some products when available locally is accompanied by a rise in prices." He pointed out that
"providing local production with the required quality and price needs more time, in addition to the need for confidence and conviction by the Iraqi consumer."
"STATUS OF THE RV" BY MNT GOAT, 24 AUGUST
THE NEWSLETTER IS THE ALTERNATIVE TO ALL THE HYPE AND BULLSHIT OUT THERE ABOUT THE RV. WE DEAL IN FACTS ONLY, NO SPECULATION AND HYPE. IN FACT, MY EFFORTS HAVE CONTRIBUTED TO MANY OF THESE INTEL GURUS REALIZING THEIR MISTAKES AND ATTEMPTS TO CLEAN UP THEIR BULLSHIT.
During this period of collecting information for this version of the Newsletter we have learned that the CBI is targeting a new revalued rate for the dinar of 1132 from 1320 and very soon. Oh… didn’t we hear about this exact same rate months ago? Is this coincidental? Oh…any of the negative nay-sayers bashed us and told us it was a typo mistake by the CBI. Really? Why was it not made the “official” rate at that time? In retrospect after reading all the news since, we all should know why. But the important part is that this is their target, and we know now it is. Is this the last rate change we are looking for prior to the 1:1 coming revaluation and triggering the project to delete the zeros?
More news….
IRAQ ANNOUNCED THE PROCEEDS OF THE SALE OF THE DOLLAR
Baghdad – NAS
The Central Bank of Iraq announced the proceeds of the sale of the dollar through the electronic currency window for Wednesday, (August 16, 2023).
Remittance sales: 156.596.083
Cash sales: 37.120.000
Total sales: 193.716.083
More news…
TWO DAYS AFTER THE START OF “BRICS” .. IRAQ IS ABSENT FROM THE LARGEST GLOBAL EVENT “TO GET RID OF THE HEGEMONY OF THE DOLLAR”
Iraq will be absent from the “BRICS 2023” summit, which is the most prominent global event aimed at getting rid of the “dollar hegemony”, as it will be an international conference in which the heads of government of the five member states of the group will participate, in addition to leaders and representatives of about 50 countries, who are expected to attend the summit, which It will be hosted by South Africa, from 22 to 24 August.
(Does this mean the US pressured Iraq not to join this BRICS organization? What do you think?)
More news….
IRAN RECEIVES PART OF ITS FROZEN FUNDS IN IRAQ
The Iranian Foreign Ministry spokesman, Nasser Kanaani, confirmed today, Monday, that part of the Iranian funds frozen in Iraq had been received.
On August 11, official Iranian media revealed the details of the agreement reached by Tehran with the United States of America under the auspices of a third country, which provides for the exchange of prisoners between the two countries and the release of Iranian funds frozen in South Korea and Iraq.
The official Iranian News Agency, IRNA, quoted an official source familiar with this agreement as saying, “This agreement requires Iran to release 5 American prisoners in exchange for the release of 5 Iranian prisoners in the United States of America.” He explained that “in addition to that, 6 billion dollars of Iranian funds frozen in South Korea will be released, along with a large part also of Iranian funds in the Iraqi TBI Bank,” noting that “the first stages of the process of releasing Iranian funds in European banks have begun.”
STATUS OF THE RV
During this period of collecting information for this version of the Newsletter we have learned that the CBI is targeting a new revalued rate for the dinar of 1132 from 1320 and very soon. Already they issued a new rate for foreign travel of 1305 to the US dollar. Oh… didn’t we hear about this exact same rate months ago? Is this coincidental? Yes…many of the negative nay-sayers bashed us and told us it was a typo mistake by the CBI. Really? Why was it not made the “official” rate at that time? In retrospect after reading all the news since, we all should know why. But the important part is that this is their target, and we know now it is. Like I told you many times the next rate change will be swift and we may not even find out until after the 1:1 occurred. Is this the last rate change we are looking for prior to the 1:1 coming revaluation and triggering the project to delete the zeros?
If you can remember that on August 1, 2023 article, the Prime Minister, Muhammad Shia’ al-Sudani, described the crisis of the rise in the exchange rate of the dollar against the Iraqi dinar in the local markets as a “battle” not a crisis. Al-Sudani said and I quote- “The battle of the dollar is between the state, which insists on completing the reform of the financial and banking system and we are going to win the battle”.
So, then an article came out on this past Wednesday August 23, 2023, they are telling us that the Parliamentary finance committee determined a way to reduce the exchange rate of the dinar. It stressed the implementation of a number of measures in order to reduce the exchange rate of the dollar, whether they are technical or related to the central bank and its procedures.
Committee member Mueen Al-Kazemi said, according to the official newspaper and I quote – “that the important factor for the decline in the dollar exchange rate is the simplification of the central bank’s procedures for merchants to urge them to resort to the currency window and not go to the parallel market that caused the high exchange rate, in addition to simplifying the procedures for granting sums to Iraqi travelers.” Instead of using the current method.
They then added that another problem that must be discussed with the US Federal Reserve regarding the countries from which the Iraqi merchant imports and does not grant a transfer to them using the new electronic system, given that there is a national interest and need for the Iraqi people with these import vendors. In other words they need to have the electronic system updated to include these countries. This way more of the dollars can be accounted for and traced, if in fact they are needed to pay debts to these countries.
It appears they may be finally getting to the root of the problem in order to obtain positive results in reducing the exchange rate of the dinar (which we know means to increase its value closer the real value it should be in the first place. We know the value of the dinar is now being artificially suppressed.
Last Thursday (August 17, 2023), the Parliamentary Finance Committee identified the features of ending what it called “dollarization” in the local markets, in reference to the dollar exchange rate crisis, indicating that 80% of the solutions are internal, not external. Sounds to me like the crisis is just about over, ifnot over, and they just need to tie up some lose ends. Is Iraq now de-dollarized enough for stability to move to the next stage of the currency reform process? I luv it when I hear this term being used “de-dollarization”. I first heard it when I read the 2011 Dr Shabibi plan for the reinstatement process. He told us then that the de-dollarization is critical in Iraq’s currency reform process. So, it sounds to me like this phase of the Dr Shabibi plan is ending and they are moving to the next stage of the process. We all know what that is, don’t we…hint…hint….hint 😊
Update on the Oil and Gas Law:
Last Friday, the representative of the State of Law Parliamentary bloc, Firas Al-Maslamawi, revealed the Oil and Gas laws are to be legislated in Parliament in the coming period. We have heard this before and so what does the “coming period” mean. Could it be days, weeks or months? But to say this means they are very close.
Al-Maslamawi said, “The priority of the presidency of Parliament and the House of Representatives is to legislate the Oil and Gas laws as sent by the government, and they are in the second stage of proposals, and it will end soon”. I believe the holdup is with the negotiations with Turkey on the operation and maintenance of the northern oil pipeline.
Do you remember this is the “White Paper”? So, I am reminding everyone once again that this is their path to FOREX. Are they there yet?
Are we reaching the proverbial vortex of triggering what we want, the RV?
Yes, and we should be very happy at just where we are now. Since January of this year the main push has been banking reforms and de-dollarization. It has taken longer than we as investors want, but if you read between the lines in today’s news it says they are moving to the next phase of the plan.
When they move to the next phase of the process it will have to be the project to delete the zeros. Just a couple weeks ago Ali Alaq, the CBI governor, told us this project is NOT OFF THE TABLE which means also everything else that follows it. So, relax and enjoy the rest of the summer. Get your kids ready for school. Write, call or text your representatives of how dissatisfied you are with the justice being done in the US about the Biden corruption and where is the justice when they have a double standard of justice. Where is the punishment for his crimes and of those who surround him? I believe in this regards that September thru December are going to be huge for straightening out his mess in the US government.
As I stated many times already the VALUE and RATE of the dinar are two different issues. Yes, the RATE should reflect a true VALUE but it does not today. They know it and we know it.
Iraq does not have to rebuild their economy for the rate to change accordingly as the value is already present, just with the resources they can now exploit and sell. Get it? Once they do rebuild Iraq cities and grow their economy the dinar should also then adjust its rate and go even higher as thy plan to put it on a FLOAT when it is reinstated. No, it is not possible to float the dinar starting at the program rate. This is silly nonsense and I have proved it to you in my previous Newsletters already. Did you read them? Are you keeping up with my news?
Kuwaiti does not export even 1/3 of the oil that Iraq does nor is the oil as rich as their oil needs more refining. Kuwaiti has very little exports and Iraq alone will very soon catch up to them without even trying. So why does the IMF and the US still hold back the liberating of the Iraqi dinar?
I will tell you why – It is nothing more than “blackmail” and a “corruption” scheme that is shortly coming to an end. They need to keep Iraq under their thumbnail and suppressed. They need them as a puppet state not as an independent and sovereign nation. The CIA reported almost a decade ago as it stated that Iraq would be “a detriment to security of the middle east, should it ever become independent and wealthy state”. So, go figure what is happening just by this statement alone. They can’t hide it . We only need to use our God given brains to see through this mascaraed. Don’t you think the Iraqi citizens and politicians see it too?
I know, I know, I give you other possible scenarios but these are just developments in the craziness of goals set for Iraq to obtain. These goals should not be something that holds them back. There are other carrots that can be dangled and used to help push them along. They are a very young democracy and they will make mistakes. But they must also learn from the mistakes and to be a self-governing after nearly 20 years past since 2003, it is about time. Not having an international currency is serious and we can clearly see it is impacting all aspects of Iraqi life. It is time to liberate the dinar. The CBI knows it as the citizens know it, as we investors know it.
POLITICS
I decided to begin including this section in my Newsletter because of the nature of what we are now seeing in our governments and how these crises after crises now affect the ability of us to spend and hold on to our proceeds once we exchange our dinar post-RV. We can make a difference if we decide to. We are empowered citizens as we only have to realize it and do something about it. Remember the majority is many hundreds of millions of people and the elected and on-elected government officials are only less than maybe five thousand. This scares them but we have no power unless we act upon it.
I encourage everyone to watch these videos I have put together. They will save you time and are shortcuts to the political news that does effects everything in our lives including this long-awaited RV.
We are down to the last month of the three-month period that prophet Tim Sheets talked to us about (June-Aug). Did you see how explosive June and July were? Wow! Talk about prophecies fulfilled!!!! What is Sept-Dec going to bring us?
by MNT GOAT