Iraq’s Move to Ban US Dollar Transactions: A Comprehensive Analysis
Iraq's Move to Ban US Dollar Transactions: A Comprehensive Analysis
A Historic Monetary Shift
Amid global economic fluctuations and the evolving landscape of international banking, Iraq has recently announced its plan to ban all cash transactions and withdrawals in US dollars by 2024. This major policy shift, unveiled by the Central Bank of Iraq (CBI), is expected to significantly impact not only the country’s financial institutions but also its socio-economic dynamics.
Unraveling the Motives
According to Mazen Ahmed, the CBI’s director general of investment and remittances, the decision is primarily aimed at curbing the misuse of funds. It is reported that approximately 50% of the $10 billion imported annually from the New York Federal Reserve is used illicitly. The move is also seen as part of a broader endeavor to de-dollarize the Iraqi economy, a trend motivated by a growing weariness of the US dollar among the populace due to the recurrent crises following the 2003 US invasion.
However, the policy change is not abrupt. Ahmed shared that dollars deposited before the end of 2023 will still be available for withdrawal in 2024. Post-2024, withdrawals will be permitted in local currency at the official rate. This measure is designed to gradually transition the economy towards reduced reliance on the US dollar, while minimizing immediate disruption.
Repercussions on the Economy and Beyond
Experts anticipate that this policy shift may potentially inflate the value of the Iraqi dinar, as demand for the local currency is expected to surge with the ban on dollar transactions. However, the CBI appears prepared for such a scenario. Ahmed stated, ‘The cost we are carrying today is nothing compared to this goal,’ signaling the Iraqi government’s willingness to pay the price for long-term economic stability.
Moreover, the decision may also impact Iraq’s relations with the US and other countries. The US, in particular, has a vested interest in Iraq’s financial affairs, given the substantial reserves of Iraqi oil revenues held by US banks. This new policy could potentially strain relations between Iraq and the US, which may have far-reaching implications.
Looking Ahead: Uncertainty and Anticipation
The ramifications of Iraq’s decision to ban US dollar transactions are yet to fully unravel. While the policy is a bold step towards financial sovereignty, it also brings with it a great deal of uncertainty. The subsequent developments in Iraq’s banking sector and the wider economy will be closely watched by analysts and stakeholders worldwide. Only time will tell whether Iraq’s audacious move will lead to long-term economic stabilization or precipitate unforeseen challenges.
I asked [my CBI contact in Iraq] about the project to delete the zeros and was told it is coming and is now an active project no longer just a later project. I asked for some target dates and was given that they planned to redenominate sometime prior to the end of the year. To me this is so inline what we are thinking for a January 2024 reinstatement timeframe and other events also lining up.
ClareWall Street Journal Article: "Iraq Asked for $1 Billion in Cash. This Time, Washington Said No." Quote: "Iraq is 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. 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"
Article: "Iraq prohibits cash withdrawals in dollars as of the beginning of 2024". Quote: "A senior official in the Central Bank of Iraq said that the country will ban cash withdrawals and transactions in US dollars as of January 1, 2024, in the latest effort to limit the misuse of the country’s hard currency reserves in financial crimes...dollars deposited in 2024 can only be withdrawn in local currency at the official rate of 1,320 dinars to the dollar.
Iraq and Turkmenistan Forge Energy Alliance: A Leap Towards Economic Diversification, 7 OCT
A Pivotal Agreement in Energy Cooperation
Prime Minister Mohamed Shi’a Al-Sudani of Iraq has lauded the initial agreement to import gas from Turkmenistan. The dialogue touched upon bilateral relations and cooperation in the energy and gas sector, with a particular emphasis on the Minister of State for Gas Affairs in Turkmenistan. This groundbreaking agreement, signed as a memorandum of understanding, aims to address Iraq’s dire need for gas to fuel its production stations and electrical system.
Strategic Importance For Iraq
The agreement comes at a crucial time for Iraq, which has faced difficulties in paying for gas imports from Iran due to US sanctions. Currently, between a third to 40% of Iraq’s power supply depends on these imports. This deal with Turkmenistan provides an alternative source of gas, thus reducing Iraq’s reliance on Iran while ensuring the continuous operation of its power plants. The final gas supply contract is slated to be signed by an Iraqi delegation in Turkmenistan by the end of the year.
Aligning With Iraq’s Energy Diversification Strategy
The arrangement aligns with the Iraqi government’s broader strategy of diversifying its energy sources. Prime Minister Al-Sudani stressed that the government is prioritizing the energy sector to stimulate economic development and diversity. He also underscored Iraq’s abundant gas resources and the importance of investing in them effectively. The import of Turkmen gas aids in diversifying gas import sources and energy sources in general.
Potential Ramifications and Future Prospects
The agreement serves as a testament to Iraq’s efforts to ensure energy security while fostering economic growth. It also signals a shift in the regional energy dynamics, potentially influencing future alliances and partnerships. As Iraq continues to leverage its abundant gas resources and diversify its energy sources, it paves the way for a more resilient and robust economy.
Decoding Iraq’s Currency Crisis: De-dollarization, Exchange Rates, and Economic Ramifications, 6 OCT
Decoding Iraq's Currency Crisis: De-dollarization, Exchange Rates, and Economic Ramifications
Unveiling the Currency Conundrum
The recent statement from a top Iraqi official denying the speculation that the exchange rate would reach 1700 has added another intriguing layer to Iraq’s complex economic narrative. This announcement diverges from earlier predictions, shedding new light on the nation’s currency exchange dynamics. To appreciate the full implications of this revelation, it is essential to delve into the history of Iraq’s currency situation, the current impacts on stakeholders, and potential future ramifications.
Historical Overview: A Turbulent Economic Journey
The landscape of Iraq’s economy has been dramatically shaped by its tumultuous history. The country has witnessed recurring wars, crippling sanctions, and political crises, all of which have left indelible marks on its monetary system. The 2003 U.S. invasion was a particularly pivotal moment, marking a shift towards a dollar-dominated economy. Despite the country’s rich oil reserves, the Iraqi dinar’s value plummeted, leading to a preference for the U.S. dollar among the population.
Fast forward to 2024, the Central Bank of Iraq (CBI) is set to implement a ban on cash withdrawals and transactions in U.S. dollars. This move is part of a broader strategy to curb financial crimes and the evasion of U.S. sanctions on Iran. The director-general of investment and remittances at the CBI, Mazen Ahmed, has stated that this measure will stamp out the illicit use of approximately 50% of the $10 billion that Iraq imports in cash from the New York Federal Reserve each year.
Understanding the Present: The Currency Crisis Unfolds
Despite the official exchange rate of 1,320 dinars to the dollar, the parallel market rate recently sat at 1,560, a discrepancy of roughly 15%. This disparity has stirred much speculation, with some predicting that the exchange rate would escalate to 1700. However, the recent denial by the Iraqi official provides a fresh perspective, contradicting these predictions.
Amidst the chaos, there are visible signs of frustration. Social media witnessed a surge of outrage, with videos circulating of a depositor threatening to burn down a Baghdad bank if he was not given his deposit in cash dollars. This incident echoes the desperate actions taken by depositors during Lebanon’s banking crisis, underscoring the severity of the situation.
Peering into the Future: Implications and Ramifications
While the immediate impacts of this currency crisis are apparent, the future ramifications are less clear-cut. The move towards de-dollarizing the economy could result in the dinar losing more value, according to Ahmed. However, he also asserts that this is an acceptable side-effect of formalizing the financial system. He contends that this will only affect those engaged in illegitimate transactions, as the CBI continues to provide dollars at the official rate for legitimate purposes.
These measures could potentially reshape Iraq’s economic landscape, influencing stakeholders ranging from everyday citizens to international investors. However, the road to economic stability is fraught with challenges. While the Iraqi government’s commitment to combating financial crimes and sanction evasion is commendable, the unfolding currency crisis serves as a stark reminder of the country’s fragile economic state.
Iraq Set to Ban Cash Transactions in US Dollars from 2024, 6 OCT
Iraq Set to Ban Cash Transactions in US Dollars from 2024
In an unprecedented move aimed at curbing financial crimes and promoting transparency, the government of Iraq has declared a ban on cash withdrawals and transactions in US dollars effective from January 1, 2024. The policy is a part of the government’s broader strategy to strengthen its financial system and encourage the use of its local currency, the Iraqi dinar.
A Bold Move Towards Financial Integrity
The decision to ban US dollar transactions is a significant step towards tackling financial crimes such as money laundering and terrorism financing in the country. The move also indicates Iraq’s commitment towards improving the integrity of its financial system. The Central Bank of Iraq is currently working on implementing mechanisms to enforce the ban and ensure compliance.
The Impact on Businesses and Individuals
This policy change is expected to have a substantial impact on businesses, individuals, and foreign investors who currently rely on US dollars for transactions. The transition to exclusive use of the Iraqi dinar may require significant adjustments, particularly for those entities with substantial financial operations and dependencies on the US dollar.
Concerns and Implications of the Decision
While the government’s move has been applauded for its intent, it has also raised concerns amongst financial experts. Key amongst these are the potential challenges and implications of shifting from a dual currency system to a single one in a relatively short span of time. Experts emphasize the need for adequate infrastructure, financial education, and awareness among the population to ensure smooth transition.
Looking Towards the Future
As Iraq moves towards implementing this new policy, the country stands at the threshold of a new financial era. With the right measures and support systems in place, the move could significantly enhance transparency and financial integrity. However, the transition will require meticulous planning, robust execution, and most importantly, the acceptance and cooperation of the Iraqi people.
A very very very important article came out... "Iraq prohibits cash withdrawals in dollar in early January 2024" This is either very very extremely good new or very extremely bad news...
Quote: "The country will ban cash withdrawals and transactions in dollars starting from January 1, 2024 in the latest effort to limit the misuse of the country's hard currency reserves in financial crimes"
Again this is either very bad news or very good news. If you receive it as good news it has nothing to do with the rate change specifically in the month of January. The rate is not changing in January.
Article: "The American decision still dominates Iraq. What do we need to get rid of it?"
The United States still has possession and control over all of Iraq's OPEC dollars in Washington DC.
Quote: "America is putting pressure on Iraq because it has not completely emerged from the UN resolutions..." Those are the U.N. Chapter 7 sanctions.
Washington rejects Iraq's billion-Dollar cash request, 6 OCT
Shafaq News / Washington has denied Iraq's request for a billion dollars in cash from the Federal Reserve, citing concerns that it contradicts their efforts to curb Baghdad's use of the dollar and halt the flow of illicit cash to Iran.
According to The Wall Street Journal, since the U.S. invasion of Iraq two decades ago, the United States has been providing Baghdad with 10 billion dollars or more annually through bi-monthly half-monthly shipments. These funds are sourced from Iraqi oil sales revenues deposited with the Federal Reserve.
U.S. officials have expressed that "cash in the hands of Iraqis has become a profitable source for illegitimate dollars flowing to militias, corrupt politicians, and also to Iran." Through this request for an additional billion-dollar shipment, Iraq states its need for funds to assist in supporting its faltering currency. A prominent Iraqi official clarified that "the Central Bank of Iraq submitted an official request last week, which the Treasury Department is still reviewing, following the rejection of Iraq's initial request last month by Washington."
According to the newspaper, since last November, Washington has barred 18 Iraqi banks from dealing in dollars, imposing stricter rules for electronic dollar transfers from its banks.
Iraqi officials have revealed that Treasury officials informed the Central Bank governors that sending a large additional shipment contradicts Washington's goal of reducing Iraq's use of U.S. banknotes.
U.S. officials have cited compelling evidence that some of the dollars reaching Iraq have been illicitly funneled to Iran over the years, as well as to Turkey, Lebanon, Syria, and Jordan.
A spokesperson for the Treasury Ministry regarding Iraq's request stated, "The United States continues to support Iraq with dollar banknotes and has not restricted their access to ordinary Iraqis and companies," indicating the ongoing collaboration with the Central Bank of Iraq.
Starting next Wednesday: Turkey prepares to receive KRI's oil once again, 6 OCT
Shafaq News / Turkish Energy Minister Alparslan Bayraktar declared on Thursday that the crude oil pipelines from the Kurdistan Region to Turkish ports are ready to operate starting from next Wednesday. He confirmed that Turkey is gearing up to commence oil shipments.
Turkey had halted the flow of oil from the region following a ruling by the International Chamber of Commerce, which compelled Ankara to pay compensations to Baghdad for unauthorized exports between 2014 and 2018. Kurdistan Region used to export nearly 450,000 barrels of crude oil daily before the pipeline shutdown. Ankara subsequently initiated maintenance work on the pipeline, responsible for about 0.5% of the world's oil supplies.
In an interview with Turkish channel "NTV," Bayraktar stated, "There are no longer any obstacles hindering the flow of Iraqi oil to the global markets." He had earlier announced on the sidelines of the "ADIPEC 2023" conference in Abu Dhabi that Turkey would start operating the Iraqi-Turkish oil pipeline this week, capable of transporting approximately half a million barrels to international markets.
He continued, emphasizing that his country constitutes a reliable transit route for oil and gas transportation.
In a related context, an Iraqi oil official, quoted by Reuters two days ago, stated that discussions aimed at resuming Iraqi oil exports through a pipeline passing through Turkey are still ongoing.
[via WiserNow] They are trading the rates up. Iraq did what they needed to do. They're all good to go.
They've already been sending out hydrocarbon law funds on the on the profit sharing, if you will of the oil and gas in Iraq...maybe we get notified Saturday, maybe it's Monday afternoon, but either way we go we're definitely moving forward this final result for us...
[via WiserNow] I don't really talk specifically on rates...But...we've got very strong rates on dinar and Dong well into double digits.
...they paid contractors...and they're also paying on the HCL Law...The oil and gas law...they've paid people that we know have already received it...So Iraq is rolling...they're doing everything that they said that they were going to do and bringing it out including their budget and all of that good stuff..
.I'm looking forward to everything transpiring. This is an incredible time for us. Everything is ready to go...getting ready to get notified that appointments can start exchanges... hopefully as early as tomorrow [Wednesday] afternoon/evening.
Citizens gather in Erbil amid soaring US Dollar exchange rate, 6 OCT
Shafaq News / Residents of Erbil congregated outside banking establishments moments ago, stirred into action by a sharp surge in the exchange rate of the US dollar.
Shafaq News Agency's correspondent reported that the exchange rate surged to 158,750 dinars for 100 dollars in the selling market, while the buying rate remained stable at 156,000 dinars.
Our correspondent, delving into the matter, posed inquiries to several currency exchange proprietors regarding the cause behind this abrupt escalation. In response, they voiced apprehensions about the Central Bank's potential reduction in the cash sale of the dollar through currency auctions in Baghdad.
CBI confirms regular dollar shipments from US Federal Bank, 6 OCT
Shafaq News/ The Central Bank of Iraq assured on Friday that the scheduled dollar shipments from the US Federal Bank are proceeding as planned, following a specific timetable agreed upon by both financial institutions.
In a statement, the Central Bank said that the shipment scheduled for Thursday was received on time. The bank vehemently denied reports circulating in the media claiming any halt or reduction in the shipments destined for the bank.
CBI urged media outlets to obtain information from approved sources, namely the official website and verified social media accounts, to maintain the integrity of financial news disseminated to the public.
This confirmation comes amid recent information the Wall Street Journal revealed that Washington rejected Iraq's request for a billion-dollar cash withdrawal from the Federal Reserve Bank. The rejection was based on concerns that such funds could contribute to unauthorized cash flows to Iran and potentially end up in the hands of militias and corrupt politicians.
The parallel market is a black market. It's illegal. They're not supposed to be doing it.
They're only supposed to be doing trade in dinar...At some point in time, whether it be today, tomorrow, the next day or out to the end of the year, they're going to de-dollarize the country...
There's illicit trade going on and there's fraud/money laundering and the ultimate goal is to get rid of it...If you're going to de-dollarize the country you're going to need to bring it [dinar] some value because a dollar is worth a lot more than a dinar at the moment...
Iraq went to the U.N. and told everybody they were a free sovereign state. That goes along with having a sovereign currency...and then to be able to go into the international financial system.
..
All of that is on the table...I don't think there is anything stopping them. I don't know if this is going to happen in the next 24-48 hours or if it's going to still be a significant amount of time. Bottom line is we can see them moving forward ...I'm elated and I think it's going to be a good week.
Where are they going to get all the money to do all this road construction? Where are you going to get all the money for the water, sewer and all of those things? Where is that money going to come from when you have an exchange rate at 1310? Everybody should be pretty happy to see Iraq is getting ready to be underway...
IDENTIFYING THREE FACTORS FOR THE SUCCESS OF INVESTMENT IN IRAQ.. WHAT IS THE RELATIONSHIP BETWEEN THE OIL AND GAS LAW?
Today, Thursday (October 5, 2023), economic affairs expert Nasser Al-Kinani determined the importance of approving the oil and gas law, and whether its delay has an impact on the expansion of investment projects in the country.
Al-Kinani told “Baghdad Today”, “Approving the oil and gas law has nothing to do with expanding investment projects. This law aims to regulate the oil and financial relationship between the center and the region, as well as managing Iraqi wealth in all governorates equally, without any discrimination.”
He stated that “the expansion of investment projects depends on the issue of security and political stability, and this stability exists and is an encouraging factor. It also depends on investment laws, which need amendments in order to facilitate investment, as well as the necessity of eliminating cases of blackmail and bargaining in front of investors.”
The Oil and Gas Law has been stagnant since 2005, as the law is supposed to guarantee the management of the country’s oil wealth from north to south according to a single policy and strategy that is fixed and fairly.
The law allows the formation of a national oil company concerned with managing the oil file in the country, while disagreements are still swirling over the interpretations of paragraphs that are supposed to be included in the law and are fundamentally disputed in the constitution, namely the management of current fields and whether the fields are managed in partnership with the federal government, local governments, and the region for fields discovered in the past. Or the newly discovered one as well.
“The dollar is out of control.” What will happen in Iraq’s banks on Sunday?
10-5-2023
The dollar is out of control - What will happen in Iraqs banks on SundayDespite repeated denials and official reassurances, an informed banking source in Baghdad expected that next Sunday will be an “unusual day” in all Iraqi banks, and may witness unprecedented overcrowding and crowding at cash withdrawal windows, after a dramatic statement by a central bank official to Reuters that Withdrawing the dollar in cash will stop as of the beginning of next year, in an effort by the government to limit transactions in dollars to the maximum extent, coinciding with almost a year since the beginning of the American strictness in transferring money to Iraq.
Central Bank: The dollar will not reach 170 thousand dinars. We have stopped external transfers only
The statement of the remittance official at the Central Bank led to a crisis within the bank, and we expect this to affect bank customers.
I expect that customers will rush to the banks on Sunday morning to withdraw their balances in dollars, because things have gotten out of control, especially since the Treasury Department and the US Federal Reserve have not agreed to deliver the dollar in cash to Iraq since last February.
The most affected will be those who depend on periodic external transfers that reach them through Iraqi banks, such as salaries, rents, etc., and it is better for them to look for other banks outside Iraq to receive their money.
Welcome, everybody to the big call tonight. It is Thursday, October 5TH and you're listening to the big call. Glad you're here. Thanks for tuning in everybody.
Here we are on a Thursday night - And we had we were in 93 countries 19 point 7 million listeners 19.7. tonight effort by the satellite team. our satellite team is to try to catch 200 countries, and we could be 25 plus million listeners tonight. So hopefully that tracking is going well and are able to get, get that that number that they're trying to hit 200 countries tonight.
Okay, well. All right, let's do this you guys. Let's go ahead and talk about the Intel we've got and go from there. I'll try to get to Jeanie’s point in a little bit about restoration reclamation allowance I call it r&r to keep it short, restitution and reclamation allowance.
A lot of people said, was that the same as debt forgiveness? Yes. that's where the debt forgiveness. money that we paid in interest comes back to us. That's where the taxes that we paid Since the 40s If you were all old enough to pay at that time, they came back in, you'll get that refund and there's so much that's going to come back
It's really kind of amazing to me, and I know some of the numbers. So let's talk about where we stand right now, though. What was happening at the redemption center yesterday, so yesterday was Wednesday
Tuesday morning at the redemption centers, certain representatives from the Treasury - actually US Treasury marshals - had CD ROMs that they came in and our redemption center leaders let them in early into the redemption center - And they put on the CD ROM and all of the country codes listed and they literally had to go through and I'm thinking it was alphabetical, but it might not have been.
But they went ahead and entered the country codes for the revaluation of these of each country's currency and they entered in this country codes, basically that were put into the treasury of each nationality, each nation and they entered those in it a period of time and they had to have a “ping” that came back to the computer to acknowledge that they received it, and they've got it. Okay, and so that went on all day for 12 hours.
And it's that 7:05pm One of our leaders exited it was able to go home and they literally had to literally stay at his desk and they brought drinks and lunch supper and all that stuff while he was there entering this data - that was successful - that happened. So that that was done so that we can move forward. And why was that? So that each redemption center and this happened all over the country or every state.
Okay, and so once that data was entered, that made it so that that redemption center could receive any, any currency from any country for redemption, in other words, or exchange into USN our new US dollar currency or US Treasury. Note or USTN.
Alright, so that is major. And that happened. The other thing that happened I believe it was tomorrow, the United States and the United States new dollar, the USN is being utilized as fully complete in the system. And we believe that our new US Treasury notes currency, money - the physical cash that we would fold and put in our pockets, or in your purse, that money is to be available in the banks we think either Saturday or Monday.
Now they're doing deliveries – to the Redemption centers - they have already received some of this new let's call it cash. Okay on our new money they've already received it months ago – but they are sending more - Delivering more
Now, they want to keep us from getting no more than 3500 in US currency. There could be some exceptions that would allow you to get six grand – they just don't want us rolling up here with cash on are afraid some people will get mugged over the head later after leaving redemption center - .
Now remember it is not a lot of money in the big scheme of things. So if you're not a cash person anyway - enough to get by with cash on your debit credit card, you can spend when you when you get out of the redemption center.
And you'll also have your mother load account which is your quantum account. You cannot spend it's locked in until you move it using your quantum card, your quantum a card to in our case, Wells Fargo primary or secondary accounts. So you're gonna have access to move that right away on its way or exchanges and you're certain that it's a pretty good amount into it's going to be plenty. They're going to ask you how much you need to move. For the first 90 days we're three months or you calculate in your mind how much you need. to move, then you can put that into your primary account.
Now, more than likely, we won't have time to set up multiple accounts. Only one we think at the center. There's a lot to get done. And the latest I have today is remember I told you we have 40 minutes to do our exchanges. They're wanting to short that shorten that down to about 30 minutes. That's a lot to do in 30 mins - Inserting your counter verifying all of your dependencies. With up to three delarue machines at each redemption center at the same time. So you go in there with a duffel bag or suitcase full of currency. Their goal is to knock that out immediately - Right away Okay, using three separate Delarue machines that are hooked up to a laptop and feeding that information in.
So they're gonna go gangbusters on testing and verifying currency.
Now, what are we what else do we have to do? We've got a five to eight minute presentation which is which is you can do to patient centered on your plans.
to set up your account and get a quantum card That's going to take time biometric fingerprint, you know, debit cards passwords and stuff to that, you're gonna have -- Well, at the very end of the certificate for less valued up to 1000 and you get if you are a zim holder -you'll get at the very end a cue phone - that's what you get. You also get a list of perks.
A few pages long that go over we repeat and sign it. There’s a lot to do – There’s a lot to get done - And they feel they can knock out most of us in 30 mins - some may take longer - one and if you have if you have bonds - already hsve not found buyers for – you’re supposed to bring those and if you talk to a live person, let them know what type of bonds you have. And just generally how many bonds not the value of them? How many if it's a box of bonds, or if they're sheet bonds. I'm not talking about the zim - that we have - we're not talking about that.
I'm talking about other types of bonds. It could be anything from German bonds or railroad bonds, the yellow or red dragon bonds. All kinds of there's like seven different - quite a few.
So you're gonna want to let them know when you talk to that live person, when you call in to set your appointment that you have those that you want to exchange. Well, you really want to redeem the bonds. That's what you want to say I want to redeem these sheet bonds that I have
Okay. Also, some information has been going out that I heard about yesterday. That is incorrect. And I want you guys to be aware that just because it's in print, or just because it's online, or just because it came through telegram doesn't make it true.
For example, information came through that talked about the rates and the rates were way off. They weren't even close to right.
And, for example, if we received the contract rate on the dinar, one dinar gets the same rate as 100 million dinar does.
Okay, so there's, there's one rate, contract rate and you'll get and it won't be so many at this rate, money, this rate and so many more at that rate. No, that's not what it is at all. Forget that - and the other currency rates are bogus, deep state put that out and took that information and screwed it up and sent it off. And, you know, that's just not true.
Also, there was an 80/20 thing there. It is also not true. We went over the years ago, As zim holder. you can use whatever percentage you want for projects and whatever percentage for yourself - where the where the mistake might have been made. is that there's was a first a Zim platform, Originally that came out and had no restriction whatsoever.
And there was a second zim platform now that's a zim trading platform. And that second version if you will, of that Zim platform, most you've never even heard of and you're not in it. It doesn't even matter.
But a few of you I know are. So if you're in that second version of zoom platform, there was a stipulation in that that made it 80% To go to you, And 20% would go to NESARA and GESARA Okay, it's a reversal of what everybody's thought it was.
The 80/20 - The 80 goes to the individual and the 20 would be used for NESARA or GESARA - in that case. Anyway, it doesn't have anything to do for the most part, unless you're in that second phase of zim platform trade, which you're not - a few of you are - but that's another thing that was misconstrued and put out in that post that was wrong.
Let's see what else they talked about trying to get us in and out and 20 minutes. Listen, there'll be doing great to get us in and out in 30 minutes. I think 40 is more like it, but I think that they're going to try to get it out in 30, not 20 -- 30 minutes.
But four errors I've caught so far in that in that thing that went out if many of you saw it, just disregard it and don't read that stuff. Oh, it's done. That's deep state manipulation. And we know who the real people are and are good - and what they say. but this came out as was an error grave error. I don't want you guys to fall for that. I want you to take and I know I wish I could give you the exact rates. And I could except the rates do change.
But I'm on a call that is reaching a lot of people and I'm not supposed to do it. I've been asked not to do rates. I've given you an idea of where it is. But if you've paid attention you've gotten that and you know the Zim is at one rate - is on par - which means the same as US dollar, or in our case the USN - simple -look at the denomination of the bill of a note of the bearer bond itself.
What does it 50 billion 10 trillion 50, Trillion – 100 trillion - Guess what? That's what it's worth – end of story.
Now the timing of this. -Let's talk about one other thing before we get to that.
Jeanie asked about reclamation restoration. Allowance R&R I call it is actually restitutional and reclamational allowance that's what they're calling it. I'm calling it r&r a for allowance.
Now, before we get to it, though, Let's talk for a minute about Social Security. Social Security will continue to pay out where we are now but it's going to come out. I believe, either at the same time in the month of October that you normally get it which is first, second, third or fourth Wednesday.
But I know in the case of fourth Wednesday, it's going to be moved to the Saturday prior can't speak for all of the other Wednesdays.
But I know the last Wednesday is moved up and should be paid out on the Saturday prior to that which is great. Now the amounts are supposed to be significantly higher than they are now.
The top social security amount will be $5,200 - 5200. These are for older folks that have paid in a lot. Maybe they're in their 70s or 80s. But it'll peak it'll top out at 5200 a month. That will pay for the next three months including October, November December –
Now, those of us who might be a little bit younger, but we're still getting social security from the age of 62 and older. If you opted for early, you'll get a nice increase - should be a very significant increase. I can't speak to it in the younger 62 to 70 age group. I think it's gonna be in the mid 3000 range.
Maybe 2750 to 3600 in that range. Please don't hold me to that. Okay. I cannot say I know the exact number. So there's a number there that will be available – that’s Social Security and then Social Security as we know it is going to change dramatically after the first of January 2024 And it's going to go to a larger higher number than I'd just rather not say it but it's probably two to three times a big number that we talked about.
Two, two and a half times the size of it and it pays out every month and in this new version of Social Security for the rest of your life.
Now, that's a lot. it's not gonna matter if you've got zim it won't make a big difference. Your big currency holder you'll see a great good, thanks, but need as much.
Now, let's go back to the other R than the restitutional and reclamational allowance - . This is a number that is more oriented toward the debt forgiveness toward the taxes that you pay your birth certificate trading you your marriage license trading, what they did on your marriage license, any death certificate that applies to you that they traded on any divorce decree that they traded on they bet on whether you get divorced and how long and all that good stuff. Those things were for bonds on our lives that were traded on us.
Now, you will get back that plus your taxes you pay federal taxes. I don't think you'll get your state back but you'll get your Federal Bank, personal federal income tax, you'll get your interest that you paid on mortgage mortgages on other bank loans on car loans, and credit card interest. All of that stuff they know your social security number - They know how much it was. It's all been re calculated and calculated and you will make interest on some of that money.
They'll actually make the interest - so that will pay out in for people that are getting people that are in the age of I believe it's either 62 and older or 60 and older. It will pay out in three equal payments.
Starting in actually starting in late October, I believe it starts in the fourth week of October. So whatever that total is, there's gonna be a big number. It'll be a big number.
But in that retirement group age, it'll pay three months, the same amount as October, November and December. And I think October, if I remember right, is going to be around the 27th or 25th of October. So the same day should pay approximately when he picked up October 25 of November and 25th of December, which happens to be Christmas Day. So Christmas so that's a chunk. It's going to be a big joke.
Now there are other amounts that'd be paid for younger ages in the 50 to 60 age group. they'll get their payment over 12 months - paid out so much a month for 12 people in the 30 to 50 age group. We'll get it paid out similarly to an annuity over 15 years. 15 years, and it's paid monthly for 15 years.
But there are some caveats to it. Like you have to be employed. You have to be working a job still at least 30 hours a week, part time or more to get those benefits. Okay, so the idea is we have to keep working, we have to keep we're gonna keep working, but we're going to work in projects and things that we want to do we want to see you know the country rebuilt, we want to see America rebuilt, we want to see the world helped and brought up to a higher standard of living, all those things that we're getting involved with, with our projects. Okay, and there's so many projects that have been created by big call universe that is just gonna blow their minds. I think when they see those and they see those coming together. It's really amazing.
Let me see if there was anything else that was on my mind. as far as that goes. timing for us now. we always to go to the bondholders into tier three, and then we go tier four bondholders I'm hearing, and this information came tonight just before the call - So this is new, is they're supposed to get their notifications of liquidity Over the weekend, quite possibly on Saturday. Okay, so that would finally give them access to funds Saturday – or throughout the weekend. but we'll see what happens with that.
Now we are tracking closely to that. We've been told again, right. They call I get this call, and it's coming out of Geneva through what I call Uber paymasters upper level paymasters are saying to our regular paymasters, Wells Fargo are saying that we are going to be notified either Saturday or Monday afternoon Which is weird, but that's the latest we had heard. we get notified after five o'clock sometime tomorrow. But that sees it more and is now looking at Saturday notifications or Monday afternoon notifications.
and then depending on what time you get it we either start Monday or Tuesday or in time on Saturday, we could theoretically start Saturday, and go right through Sunday, but as it is now - We don't know which is gonna be, again, Saturday or Monday afternoon. But that's what we've got. That's what we're working with.
Beyond that you guys are trying to think if there was anything else, I can tell you. They are trading the rates up. Iraq did what they needed to do. They're all good to go. They've already been sending out hydrocarbon law funds on the on the profit sharing, if you will of the oil and gas in Iraq.
They sent that out they're paid back pay on their parts and realize if you're an Iraqi citizen, you're paid in dinar Iraqi American citizen, they translate the amount of dinar to the amount of US dollars, or us in. So we know some that have already received.
In fact, one of us is HCl money last Sunday and other Iraqi citizens that Iraqi Americans have received it like this week. Like really really close. So it's it's happening and things are getting worse. They Oh, I know what I was going to talk about, you know, the EAS, AWS and even in some cases EBS announcements that went out yesterday to 18 pm Eastern time. Okay, that was a test.
And my understanding was that, that that was sort of a launch point. So many hours from that we would start moving these funds for the bondholders and then to us so that's good that went on. I know there's still more cleanup to be done. But the majority of it, they've got knocked out and they've got I don't even want to go into it all the tunnels.
I think that is pretty much everywhere. That we thought it was needed to be so good to hear that. I think it's just a matter of us getting through the week.
And maybe we get notified Saturday, maybe it's Monday afternoon, but either way we go we're definitely moving forward this final result for us. Looking forward to starting and getting going like you guys are for sure. I'm really looking forward to it now.
Decoding Iraq’s Currency Crisis: De-dollarization, Exchange Rates, and Economic Ramifications
Unveiling the Currency Conundrum
The recent statement from a top Iraqi official denying the speculation that the exchange rate would reach 1700 has added another intriguing layer to Iraq’s complex economic narrative. This announcement diverges from earlier predictions, shedding new light on the nation’s currency exchange dynamics. To appreciate the full implications of this revelation, it is essential to delve into the history of Iraq’s currency situation, the current impacts on stakeholders, and potential future ramifications.
Historical Overview: A Turbulent Economic Journey
The landscape of Iraq’s economy has been dramatically shaped by its tumultuous history. The country has witnessed recurring wars, crippling sanctions, and political crises, all of which have left indelible marks on its monetary system. The 2003 U.S. invasion was a particularly pivotal moment, marking a shift towards a dollar-dominated economy. Despite the country’s rich oil reserves, the Iraqi dinar’s value plummeted, leading to a preference for the U.S. dollar among the population.
Fast forward to 2024, the Central Bank of Iraq (CBI) is set to implement a ban on cash withdrawals and transactions in U.S. dollars. This move is part of a broader strategy to curb financial crimes and the evasion of U.S. sanctions on Iran. The director-general of investment and remittances at the CBI, Mazen Ahmed, has stated that this measure will stamp out the illicit use of approximately 50% of the $10 billion that Iraq imports in cash from the New York Federal Reserve each year.
Understanding the Present: The Currency Crisis Unfolds
Despite the official exchange rate of 1,320 dinars to the dollar, the parallel market rate recently sat at 1,560, a discrepancy of roughly 15%. This disparity has stirred much speculation, with some predicting that the exchange rate would escalate to 1700. However, the recent denial by the Iraqi official provides a fresh perspective, contradicting these predictions.
Amidst the chaos, there are visible signs of frustration. Social media witnessed a surge of outrage, with videos circulating of a depositor threatening to burn down a Baghdad bank if he was not given his deposit in cash dollars. This incident echoes the desperate actions taken by depositors during Lebanon’s banking crisis, underscoring the severity of the situation.
Peering into the Future: Implications and Ramifications
While the immediate impacts of this currency crisis are apparent, the future ramifications are less clear-cut. The move towards de-dollarizing the economy could result in the dinar losing more value, according to Ahmed. However, he also asserts that this is an acceptable side-effect of formalizing the financial system. He contends that this will only affect those engaged in illegitimate transactions, as the CBI continues to provide dollars at the official rate for legitimate purposes.
These measures could potentially reshape Iraq’s economic landscape, influencing stakeholders ranging from everyday citizens to international investors. However, the road to economic stability is fraught with challenges. While the Iraqi government’s commitment to combating financial crimes and sanction evasion is commendable, the unfolding currency crisis serves as a stark reminder of the country’s fragile economic state.
