The Iraqi Central Bank is moving towards the US Federal Reserve to increase its dollar transfers
The Parliamentary Finance Committee revealed, today, Wednesday, a move by the Central Bank with the US Federal Reserve to increase Iraqi dollar transfers.
A statement by the committee, followed by Mawazine News, stated that “external and internal factors stand behind the crisis of fluctuations in the dollar exchange rate,” stressing that “the governor of the Central Bank of Iraq is working hard to solve these problems in order to reach understandings with the US Federal Reserve to increase Iraqi dollar transfers, as well as About confronting speculators and brokers internally.” The statement called on "citizens to support the procedures and policy of the Central Bank because the crisis requires the combined efforts of everyone."
He added, "The Finance Committee is in constant contact with the Central Bank of Iraq and other concerned parties regarding the problem of the fluctuation of dollar selling prices and supports all steps and measures that would restore stability to the exchange rate," pointing out that "several immediate and future proposals are being presented in this regard, with the aim of finding alternatives and solutions."
Effective for this crisis and in a way that preserves the strength of the Iraqi dinar and also preserves the strength of our cash reserves of hard currency.” LINK
The Sudanese Financial Advisor Reveals The Intention To Bring In An International Audit Force To Reduce Corruption
Politics 11/01/2023 20:17 Number of readings : 177 Baghdad - Iraq today: Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Wednesday, that government agencies’ contracts with reputable international financial auditing companies represent an international auditing force that contributes to reducing the phenomena of multilateral corruption. Saleh said in a press interview,
“International auditing companies have long experience in investigating the most complex financial transactions, especially financial and administrative activities and transactions with broad and complex connections, called branching activities with long arms.” He added,
"The use of an additional international audit force for important financial centers in our country has become clear in reducing the phenomena of multilateral systemic corruption, and that
the positive effects of this comprehensive, multi-purpose audit undoubtedly represent a new dimension in providing a climate based on assessing the level of financial discipline in addition to its role in
Strengthening long-term paths that are of fundamental importance in government administration, and at the same time extend across the joints of multi-purpose government financial activities in our country.” Saleh continued,
“In accordance with international standards, in developing the efficiency of public money management and auditing mechanisms and adopting modern accounting principles, the international procedures that are adopted in auditing are procedures that have left a positive impact in providing an additional climate of financial protection that is directly consistent with the general principles stated in the government program.” In developing the digital government administrative system,
it is a trend that has become coherent and continuous and touches on financial governance in accordance with international standards to protect public money and apply the force of law.”
The Prime Minister's Advisor for Financial Affairs noted that
"the role of international auditing companies is, in all cases, based on the principles and foundations of the effective Federal Financial Management Law No. 6 of 2019, as amended, as well as the applicable national supervisory instructions and procedures."
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Happy Evening Markz and everyone!!
Member: Praying we get some butterflies in our stomach tonight with some extraordinary news
MZ: Once I finally got some chatter from Iraqi contacts today.and they did say that things went very well over the weekend (WTO meetings?) and they expect an announcement in the coming days.
MZ: I got this from a number of sources- both internationally and domestic.
Welcome, everybody to the big call tonight - It's Tuesday, October 31ST and you're listening to the big call. Thanks for tuning in, wherever you're located around the globe. Thank you for following the big call like you have for 12 years now many of you and we just look forward to having a good call tonight. Thank you for joining us.
So let's go into where we believe we are right now intel is interesting guys. Yesterday, we had the impression that we should get notified today and start exchanges tomorrow. We didn't get our notifications, bondholders did not get their emails, giving them access to funds yet and so we're both kind of there going okay - where is it?
We did hear yesterday from one of our sources connected with redemption center, that if for some reason we did not get this today, meaning notifications, toll free numbers, then we would more likely get it tomorrow. So it's one of these things that were very very close to getting the question is when is it actually going to happen. It’s a good question.
And I would say, based on what we're hearing, the fact that the Intel is sort of drying up a little bit, the good and a bad sign, it's a good sign for us in that - It shows how close everything is it shows how the proximity is ready to go. And one comment that was made that was referred to me was that they have clamped down on the leaks - and that's referring to Intel.
They're trying to clamp down on the leaks of Intel to some of which I receive, of course. So in a sense, they've clamped down on Intel that I can use now. But like I said, the good news is that shows the proximity of it. The bad news is when it comes to giving you Intel, it's going to be limited.
Alright, let's go to - so we really don’t know where the bond holders stand any more than we know where we stand right now, except that it's close and it could it could end up being tomorrow - that this thing is off for us. Now in the meantime, one of our contacts is saying you guys realize we didn't get the restitutional and reclamational allowance in the month of October - Like we had heard.
So I have to give you what I have. But I was told today that that should happen this coming weekend. The fourth or the fifth of November?
Yes, the Sunday the fourth and the 5th is Saturday. And that's what I got today. So reclamation restitution, at least for seniors 62 and older is supposed to start this weekend.
And we'll see if that happens. And whether or not it happens for anybody younger than that. You know what I mean? in terms of number the groupings were 30 to 53 years of age to 50 is one group - and then from 51. Let's say 51 to 62 is another group and then 62 and older is the group that will get it as I mentioned, theoretically happening this weekend –
I can't speak to the other groups because we didn't get that information. We didn't we didn't get where the other groups would get it. So I can't unfortunately, I can't tell you that.
I also heard that those who are getting Social Security will get the increase that we talked about, that we were looking for in October, and we should get it on your regular Social Security days in the month of November.
Which is interesting and that's good. Again, that's people that have you know, had applied for early social security at 62 and so on, all the way up. That's supposed to happen the month of November which starts tomorrow.
So if you're a first Wednesday of the month, you should see it in the first week of November. Your second Wednesday, same exactly third Wednesday, fourth Wednesday, same thing. Let's see how that manifests. Let's see how that comes out.
Now, one thing I wanted to tell you guys, is about the use of the toll free numbers today and yesterday, redemption centers have been working specifically on aligning their computer systems with the proper format. We know that they're taking their desktops are being aligned there, their new laptops or beat alive, all of that. Here's the important part of it.
I don't care if you have only gone for only dinar or only Rupia or whatever. We know that the bank's rates are connected to the Forex so when I say thanks I'm talking about here one two banks I'm making a distinction between bank rates and redemption center rates.
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Bank rates are connected to the Forex the redemption center screens will be higher.
So when you get the toll free number, make sure that when you call even if you don't have zim but you've got dinar and Dong and rupiah and Afghani or you've got Bolivar from Venezuela, whatever other currencies you've looked into.
Make sure that you are Paul and use the toll free number that should route you to a redemption center.
All Zim holders have to go through redemption centers. That's they want that absolutely – at least for the period of 12 days or two weeks that they're going to be doing using redemption centers. So you will get and it's a significantly higher rate. In some cases, it's way significant. So make sure you understand that that's for any idiots that are out there that are talking about there's no such thing as an 800 number. There's no such thing as redemption centers. They better just better just check what they know because they don't know much of anything.
Because these centers are working feverishly to get everything to line for them to receive the rates and I've heard the rate get them out. You guys know I love do what I can and it's definitely much better at the redemption centers so be sure to utilize those.
Now. why is that a good thing for the redemption centers to give us higher rates.??
Why will they offer really good rates on dinar Dong, etc is a win win win situation. And here's why.
The larger the amount of the exchange, the Larger the deposit is potentially for that thing. Now we know that the initial deposit goes into the quantum financial system account or QFS account and we have a quantum card which will use to move funds from one account into a Wells primary or secondary account or another bank of your choice. Remember you have up to three bags connected to your quantum adult card.
Up to three I'm going to start with Wells see how they do and just roll with them. Okay, that's my plan. You guys do what you want
We're also going to get the higher rates and the Win Win Win is the bank and the case in my case, Wells Fargo will have a larger amount available from the bottom card to put on deposit with Wells.
Okay, so I'm gonna move a certain amount on day one, and that'll last for 90 days. And then after 90 days, I want to move in from quantum in. I’ll do that - I'll move into my Wells primary or secondary accounts.
The second win is the redemption center staff, the staff that works with you on your exchange earns individual person that person that living breathing, breathing, man or woman that helps us with our exchange.
Pick up point .025% of the transaction but it does not come out of our side of the transaction.
Get this right anybody that's taking notes? Yes, my .025%.
My math is that 25 thousandths of a percent - of every transaction that goes through - that includes all the currency includes Zim bonds includes other sheet bonds, because everything bond redemptions have redemption Center, as well. Guess what, guys? That turns into real money fast - Real money? Right. That's the second win - But that's a reason to give a higher rate.
You follow me the third win is us. We get a higher rate. Therefore we get a higher amount going into our quantum account.
Right? The higher the rate - times the amount of currency or zm that we have - equals a bigger Win, win win.
That's why redemption centers are so vital for us to use. That's why we have a toll free number coming out that you will see on our website and we will send it out in emails to you. Along with a little message I wrote many years ago. I don't even remember what it says - so Bob and I'll have to revisit that.
But we'll send that out where you can see it on and I'm sure other people will get the number and put it out. But if we posted on our website, That's where I would look first. We should be pretty sure we'll be able to do that. All right, so that's just a piece I want to tell you about when it comes to calling the toll free number to call regional call center - based on your zip code - you will be sent to that redemption center that's closest to your zip code
seniors. pretty simple. And to set the appointments shouldn't take more than a minute to two minutes max on the phone with the call center to set up your appointment. So be prepared for that. Be prepared to just guess I don't know if they're how they're gonna do this where they're gonna ask for our emails or whatever send confirmation. I don't know how that goes.
But make sure that you have notepad and pen ready to note down anything that the call center person tells you because if you're Zim holder you should be connected to redemption center where you plan to go to do your exchange.
So you should be connected there and speaking to somebody who will most likely be able to help you at your exchange - takk to a real person that you'll probably meet at the exchange. Now if you have a boat load of currency, currencies, plural, and you've got a duffel bag of dinar wherever you've got seems like a lot of suitcase wherever you thought. Okay – they will have three delarue machines, and maybe a backup.
So you might have 4 machines working simultaneously for 4 separate people Go into four separate laptops with the information before it's downloaded through the quantum financial system. But that will be to effectuate and to get us exchanged in that 30 minute timeframe that they've got.
This is this is a quick process where they they know who you are when you get in there. You show your ID you proof up your electric bill - phone bill - other address on it for you. And then you pony up the currency it gets counted and verified. And you talk about your rates at that time.
And then you go into your five – 8 minuye presentation of any projects that you want to do. Just try to knock it out in five minutes that you get. And then you'll get into setting up the accounts getting your quantum financial system card your account with your biometric fingerprint an going and then you'll get your credit card. Also that you'll have access to your fund on day one.
And then boom we'll go into how accounts are set up and then you'll talk about they'll have a perk list and a certificate for a laptop or some peripheral that you might need that you'll get at an actual store. You might be able to get it online, but the certificate is designed as to be used at Staples, or Best Buy or some other type retailer like that.
Okay. And then if you are a zim holder you will be given a brand new cue phone and a box that is truly a satellite phone that works through the quantum system with the Starlink system. So it's working with Starlink. And that's how it worked and we're basically like it's a satphone. That'll work - It'll use cell towers, where they're in range, it'll use satellite or you're out of range of a cell tower. So that'd be cool. And that's going to give it to you at the end, so that you don't monkey with it while you're doing other things in the in the redemption center.
So that's just a short little treatise on what we're looking forward to why using the redemption centers is important, and you'll get a much better rate and you'll get in and out of there, theoretically and 30 minutes.
It's gonna be wild guys to try to enjoy it. It's like a 30 minute wedding. It goes by so fast. And all of a sudden you will say – that’s weird what happened? What did I say I do, but don't forget, you'll get an NDA, a nondisclosure agreement, also telling you what you can say which gives say who you can talk to, and talk to all of that.
You'll get that as well. And then at the end, you'll ask for a at some point in the lease. In the meeting, you're going to get a proof of funds letter for your property or maybe two or two or three different properties that you're looking at proof of funds letter and then you might ask about a clear and clean certificate, which is also a letter saying that these funds came from clean and clear funds and these funds are clean and not have any unlawful practice or whatever, whatever that language is, that should be should be on Wells Fargo letterhead, and maybe we'll get it on day one. And maybe They don't and you will have to come back and get it from a premier banker.
Wells Okay, I know many people are gonna want to move pretty quickly on real estate. So check that out. You want to make sure that your funds are clean and clear, in fact that you've got proof of funds letters.
Other than that, I think you better plan on getting back in touch the next day or two days later. Whatever with your premier banker at Wells and that way they can answer any additional questions. and then they can go ahead and set up any additional accounts.
Because remember, I'm looking at a primary account under my master trust and also for sub accounts under my primary for the LLCs that I've already set up for my four main projects. That's how I'm doing it.
That's what my attorney and I settled on as a as a plan of action.
Okay, that look guys be prepared. This thing, as you know, has been very close. We were told by one of our sources that today is payday today. They should rename Tuesday payday. Well, maybe not Tuesday, but maybe Wednesday they should rename maybe Thursday. We'll see. See, we appreciate everybody being patient and waiting and keeping the plan A going whatever has got you this far. Stay with it.
Because plan B for blessing is right around the corner. So let's do this. Stay faith. Let's pray this blessing in. And let's see what develops the next couple of days. Let's pray to call out,
U.S. Dollar Exchange Rate Against Iraqi Dinar Surges in Baghdad and Erbil Markets, 1 NOV
The U.S. dollar (USD) exchange rate against the Iraqi dinar (IQD) has witnessed a significant surge in the markets of Baghdad and Erbil, according to Shafaq News Agency. This comes amidst a global trend of the USD strengthening and an array of domestic and international factors impacting the Iraqi economy.
Tracking the Surge
As per the exchange rates in the al-Kifah and al-Harithiya Central Exchanges, the USD recorded a closure rate of 162,150 IQD to 100, marking an increase of 150 IQD from the opening rate. The parallel markets in Baghdad saw the selling and buying rates of the USD settle at 163,000 and 161,000 IQD to 100, respectively. Meanwhile, in Erbil, the capital city of the Kurdistan region, the rates stood at 162,000 IQD to 100 for both buying and selling.
Global and Domestic Catalysts
The surge in the USD/IQD exchange rate can be attributed to several factors. On a global level, the U.S. dollar is strengthening. The DXY Index, which tracks the USD against major currencies, has advanced to 106.70, indicating the strengthening of the Greenback. The U.S. economy also demonstrated resilience in the face of tightening measures, contributing to the strengthening of the USD. Positive economic indicators such as the S&P/Case-Shiller Home Price and the US Conference Board Consumer Confidence Index have further bolstered the USD.
Domestically, the increase in foreign remittances at the Central Bank of Iraq auction has played a role in the surge. Foreign remittances rose by 88% compared to cash sales, totaling $177 million. The Central Bank sold $198,915,364 during its auction for buying and selling the USD. Most of the bank’s dollar sales were allocated to strengthening balances abroad through remittances and credits.
Geopolitical Impact
Geopolitical factors in Iraq may also be influencing the exchange rate. The Iraqi Cabinet, in its 44th session, stressed the importance of election preparedness. The focus on elections and political stability in Iraq may be contributing to the surge in the USD/IQD exchange rate.
In conclusion, the surge in the USD/IQD exchange rate is a result of a combination of global and domestic factors, including the general strengthening of the U.S. dollar, positive economic indicators, increased foreign remittances, and geopolitical factors in Iraq.
As I watch the markets and read more and more about what's going on in Iraq it's really starting to look inevitable that Iraq has to do something with the exchange rate. This gap between the parallel market and the fixed market is starting to get really out of control. We know Al-Sudani made an announcement that he was going to take some steps to close this gap.
Now Al-Sudani is coming over here to the White House to speak to Biden....I'm curious to see if the Biden Administration is going to do anything to help Iraq in their situation. He could help flood their country with US dollars and the dollar would lose value and the Iraqi dinar would gain value. Or they could just turn around and increase the exchange rate.
Article: "What should be put in the Sudanese bag on his visit to Washington?" So Al-Sudani heads back over to Washington I see...I don't know what he's going to gain by visiting with Joe Biden.
Things have been moving along until today. The man who's been quiet for months and months and months decided to come out of his shell and start threatening the United States.
Article: "Sadr calls on government and parliament to close U.S. Embassy in Iraq"
Kurdistan Regional Government to Allocate 700 Billion Iraqi Dinars to Stimulate Economic Growth
In a move reflecting a commitment to economic vitality and the welfare of its people, the Kurdistan Regional Government (KRG) has announced a major financial initiative: the allocation of 700 billion Iraqi dinars across various sectors. The first tranche of this substantial investment, earmarked for healthcare, education, and infrastructure, will be released in January 2023.
Answering the Call of Baghdad
The allocation of these funds comes in response to an appeal from the federal government of Iraq, which has been providing financial support to the KRG. This decision underscores the KRG’s readiness to address the region’s economic challenges and its determination to stimulate growth and development. The funds, to be disbursed in Iraqi dinars, will cater to sundry needs, including salary payments and the financing of critical development projects.
Healthcare, Education, and Infrastructure: The Three Pillars of Development
The allocation of funds to the healthcare sector is of paramount importance, given the ongoing global COVID-19 pandemic. The allocation will be directed towards strengthening the healthcare system, increasing the capacity of hospitals and clinics, procuring medical equipment and supplies, and supporting healthcare workers. This investment is crucial to responding effectively to the pandemic and ensuring the health and well-being of the Kurdistan region’s populace.
Alongside healthcare, the education sector too will receive a significant portion of the funds. This includes financing for schools, universities, and vocational training programs. By investing in education, the KRG is laying the groundwork for a skilled workforce and a flourishing economy, thereby securing the region’s future prosperity.
Infrastructure development, the third pillar of this initiative, will see funds channeled towards roads, bridges, water and sanitation systems, and other essential infrastructure projects. By enhancing connectivity within the region, the government aims to foster an environment conducive to economic growth and development.
A Commitment to Transparency and Accountability
The KRG has also highlighted its commitment to transparency and accountability. Regular updates will be provided on the disbursement of funds, and measures will be taken to ensure their efficient and effective use. Such transparency is crucial for building trust and confidence among the people and ensuring the funds are used for their intended purposes.
Overall, the allocation of 700 billion Iraqi dinars to various sectors in the Kurdistan region is a significant step towards addressing its economic challenges. It will support key sectors such as healthcare, education, and infrastructure, contributing to the overall development of the region. The government’s commendable commitment to transparency and accountability in the use of funds will undoubtedly foster trust and confidence among the people.
Elections in Iraq: A Dance of Democracy in the Heart of the Middle East
In the shadow of the ancient city of Khanaqin, an enclave in the Kurdistan region of Iraq, a fervor of anticipation stirs. Here, the party responsible for the 15th district is meticulously preparing for the upcoming Iraqi provincial council elections. Their message is clear: resilience is their lifeblood, a phoenix-like spirit that will brook no obstacle. ‘If our headquarters in Khanaqin is burned today, we will return within a week,’ they assert.
Reaffirmation of U.S. Commitment
Amidst the political hustle and bustle, the U.S. embassy in Iraq has issued a statement reiterating its commitment to the Kurdistan region. This affirmation, coming at a crucial juncture, is seen as a diplomatic nod towards the region’s significance in the geopolitical landscape of the Middle East.
The Stakes of the Provincial Council Elections
The Iraqi provincial council elections are more than a political event; they are a socio-cultural litmus test reflecting the democratic pulse of the nation. The 15th district’s preparations mirror this sentiment, encapsulating the region’s determination to ensure their voice is heard in the democratic symphony of Iraq.
Resilience Amidst Challenges
The district’s bold declaration, evoking an image of a phoenix rising from the ashes, bears testament to the resilient spirit of the Kurdish people. Amidst a tumultuous political climate, their indomitable will shines, embodying the tenacity required to navigate the intricacies of Iraqi politics.
As the world watches, the unfolding events in Kurdistan and Iraq reflect the dynamic interplay of regional politics, international commitments, and the unyielding spirit of the people. The stage is set, awaiting the dance of democracy in the heart of the Middle East.
Iraqi PM removes the Counter-Terrorism chief from his position, 1 NOV
Shafaq News/ The Commander-in-Chief of the Iraqi Armed Forces, Prime Minister Mohammad Shia al-Sudani, has decided to relieve Abdulwahab Al-Saadi from his position as the head of the Counterterrorism Apparatus and Ahmed Saleem from his role as the commander of Baghdad Operations.
The spokesperson to the Commander-in-Chief, Major General Yahya Rasoul, said that al-Sudani "has made changes to several high-ranking military positions and appointed successors to continue their military service."
These changes include the appointment of Major General Kareem Aboud Mohammed as the new head of the Counterterrorism Apparatus, replacing Lieutenant General al-Saadi. Major General Ahmed Saleem Bahjat, formerly the commander of Baghdad Operations, has been reassigned to the Ministry of Defense, and Major General Waleed Khalifa Majeed will assume his responsibilities.
Major General Rasool emphasized that "these steps align with the requirements of the current military operations and aim to provide an opportunity for military personnel to contribute to the service of our beloved nation."
Al-Nujaba Movement declares military operation to liberate Iraq from foreign forces
Shafaq News/ The Secretary-General of the Islamic Resistance Movement, Al-Nujaba, announced on Wednesday that armed factions have made a decisive decision to liberate Iraq militarily from the presence of foreign forces.
In a statement, Akram Al-Kaabi stated, “The Iraqi Islamic resistance has decided to liberate Iraq militarily, and the matter has been resolved. What is coming is greater.”
He emphasized, "No stop, no appeasement, no retreat.”
The Al-Nujaba Movement (Harakat al-Nujaba), also known as the Movement of the Noble Ones, is an Iraqi Shia pro-Iranian forces established in 2013 by Akram Abbas al-Kaabi, its secretary-general, and the Iranian Revolutionary Guards Corps’ (IRGC’s) Qods Force.
The Nujaba Movement is one of the most powerful militias in Iraq, with an estimated 8,000-10,000 fighters. It is also one of the most closely aligned with Iran. The Nujaba Movement’s ideology is based on the Islamic Revolution in Iran and it regards Iran’s Supreme Leader Ali Khamenei as its supreme leader.
The Movement has been involved in the fight against the Islamic State of Iraq and Syria (ISIS).
[via PDK] I have not heard from Iraqi sources in the sandbox yet today…. I know they had high anticipation for the 1st...Comment: I think it will happen in January. MarkZ: I feel it will be much sooner…so much happening...now and all at one time.
A lot of people are saying it’s happening as we speak. And...we will see the fruition at some point tomorrow. We’ll see. I know we are close and can feel it...
Question: ... how do you RI at $3 with 90 TRILLION of Dinar printed?
MarkZ: Good Question: There has been a number of stories in the recent past that they have gotten trillions of dinar off the streets or confiscated. We shared many of them over the last 9 months that they have pulled back in as much dinar as they could. Also they will pay for the RV over time with the “Oil for Dinar” program...
I first want to make it VERY, VERY clear to everyone that the IQD is NOT yet reinstated on FOREX. Read my lips “NOT YET TRADING ON FOREX”. Yes, if you go to FOREX there is a benchmark rate for the IQD but it is a linked rate only, linked back to the CBI. It is a page holder. Get it? All you gurus idiots out there please stop hyping this us and using it to convince people that the dinar is back on FOREX. Your version of the story it is very deceptive and divisive.
Yes, this is still a very good thing and I don’t want to down play it either. But let’s present it to our listeners as it really is. The IQD rate is there as it is only in preparation for the future. But there is not yet any trading ability to buy or sell. Get it? No one is trading the IQD. The rate of the IQD is now still solely affected by the US dollars in the parallel market within Iraq and only within Iraq. Even though they CBI officially took the dinar off the de facto peg to the US dollar it is still being affected by speculation, yes pure speculation and nothing more.
I can hardly believe that anyone can’t see this or understand it. So why are many gurus telling you the IQD is back on FOREX? They even tell you there are high rates on FOREX. Really? Is IQD 1320 : USD 1 (about 1/6 of a penny) high? Unbelievable bullshit!
Are the OFAC sanctions still in affect by the US Treasury on the IQD? Yes, and with the conflicts now going on in the middle east there may be even more delays in the process going forward with the project to delete the zeros and the reinstatement. We only have to pray and wait. In the end it I all going to be okay and we will be at the bank exchanging. But we must let God’s Hand do it work as this is very messy with all the turmoil the deep state has caused to try to take over the planet. They are manipulating events and it should be very obvious to everyone by now. Folks, these events and crises after crises just don’t happen. They are well orchestrated and planned and we must all understand this. We must stop being victims to the crises and stand up to them. But to do this you must first realize just who the real perpetrators are and what are their ultimate goals. You must open your mind and look at reality and stop drinking the blue cool aid of the leftist and FAKE news media channels. This is how we got the world in the mess to begin with. We trusted people to govern us and see what they are doing to us? They are screwing us once we gave them our trust.
I still plan to make my Wednesday call to my CBI contact and so I will pass on to you what I here in my Thursday Newsletter.
Now on with the REAL news for today.
In the continuing effort to rein in the dollar, on Saturday, government banks began launching the “Electronic Reservation Service” (ERS) to sell the dollar to travelers at the official price set by the Central Bank of Iraq of 1,320 dinars. The Rasheed and Rafidain government banks have identified a special mechanism to obtain the dollar through advance electronic reservation, with each traveler’s share amounting to 3,000 thousand dollars. This may sound terrific except that there are snags to the new software and it is not compatible with the needs of the banks and consumers. It is limited daily transactions. Obviously this is not the total answer but I believe they are getting close to getting a handle on these dollars. Bu this is also a good sign that the banks themselves are now taking a hand in an attempt to find solutions and not leaving it all to the CBI.
So, today Prime Minister Muhammad Shiaa Al-Sudani received the Minister of Industry, Mines and Trade of the Islamic Republic of Iran, Abbas Aliabadi, and discussed economic relations between the two countries, and ways to enhance them and strengthen exchange and partnership at various levels and fields. The meeting witnessed discussion of the possibility of moving towards using the national currencies of the two countries in trade exchange and bilateral financial transfers, in order to have more flexibility in dealing, for the benefit of the two countries.
These two countries will need alternative currencies if Iraq is truly going to ditch the dollar and currency auctions in January 2024. For us investors this is a huge, huge undertaking for Iraq and just what we want. Right? Yes, we have waiting so long to hear this news. Even though this is not brand new news, it is still all very good they are now negotiating this move again as it is November and January is just around the corner. Will they actually do it? You can read the full article in the Articles Section of today’s Newsletter.
A year has ended since the Sudanese government took over, which was formed after months of crisis of political events. Remember? Then in order to take power promises were made. After which came a government curriculum that included addressing many unresolved files. What was in one of these files? According to the representatives, there are projects that have not been completed and the dollar is still stronger than the dinar, which means the problems of the economic file will continue.
Oh…did they just say and I quote – “there are projects that have not been completed and the dollar is still stronger than the dinar. “
You can read the full article in the Articles Section of today’s Newsletter. But I want to address this part and what I just quoted from the article. It is about the government curriculum and in particular the dinar becoming stronger than the dollar. Yes, this does appear to be a goal of Al-Sudani as part of his curriculum. Something that he signed on to do as part of taking on the assignment of prime minister. In other words in his ”to do list”.
Remember he has repeatedly said that the dinar is stronger than the dollar. And he is correct too and I showed you many times already with proof. So what else does this part of his curriculum tell us? It also tells us he is on board with the CBI goals. They are working together to bring back the dinar. This is very important as through the years many of these directors of the CBI have not been working with the government on this matter. Do you see it now that this revaluation is a target for Al-Sudani and a partnership with the CBI. The fact that we have heard so many articles and continue to read so many articles on the process of “de-dollarization” is very important.
So, we now know that Al-Sudani’s curriculum is not a five year project and we hav proof. We don’t need stupid intel guru over speculation or hype. We have the proof. But still when will this occur?
They even told us just recently that they wanted to conclude this within a year. A year? Yes, a process that normally could take 6 years. So, we are not talking about waiting much longer. My contact from the CBI has told me and I have told you also that January 2024 is their target and is the best most opportune time to reinstate the dinar. In my last conversation with my contact I was told they were given the green light to begin the re-education criteria to teach the citizens about the newer lower denominations and how the conversion back to the lower denominations as they had before 2004 is going to take place. This is begin in November. Something we must watch for.
Now with this Israeli terrorism and instigation of with Hamas by Iran what will happen to the process? Will it get
stalled again? Many say the US Treasury wants to reinstate the dinar. Really? That’s not what my CBI contact is telling me. In fact, it is just the opposite. They have been the largest obstacle to the process. Only since January of this year have they supported the RV process in a real way and not just talk. So, things have changed in this direction too. But first things first, as my CBI contact keeps telling me. Some of these intel gurus are telling us that the lower denominations are in the ATMs at the airports. Really? My CBI contact told me these are just the 250, 500 and 1000 lower denominations and not what we are looking for. So these idiot guru better start paying attention to what is actually being told to them and start asking the right questions of their contacts in Iraq, if they even have any real contacts….lol..lol..lol.. 😊
What else is in the news?
Prime Minister, Mr. Muhammad Shiaa Al-Sudani, received on Saturday, the European Union Ambassador to Iraq, Mr. Thomas Seiler. During the meeting, bilateral relations between Iraq and the European Union were reviewed, and ways to strengthen them in a way that achieves mutual economic benefits.
Also the Iraqi Director General of the Department of Foreign Economic Relations at the Ministry of Trade Riyadh Fakher Al-Hashemi discussed with the Deputy Director-General of the World Trade Organization (Xiangchen Zhang) at the headquarters of the World Trade Organization in Geneva Iraq’s full accession to the organization.
The ministry said in a statement that “Al-Hashemi reviewed in the meeting Iraq’s current efforts and plan for the next stage in completing the technical files required to be submitted to the organization’s secretariat and preparing them in accordance with the conditions of the organization and fruitful cooperation with international organizations supporting Iraq’s accession to the organization and its quest to obtain full membership in the organization.
Remember they did tell us they are “fast tracking” Iraq to full accession. Are they already fully a member? Well this article tells us otherwise and so we must listen to what they are telling us. There is still work to be done but it sounds like they are down to the very last of the requirements and paperwork. This could happen prior to the end of this year.
So, all the news today is very favorable. Yes, there were multiple bombings on US forces in and around the Kurdistan region. So, I don’t think the US is going to rush to sign off on the reinstatement of the dinar right now. Also, we all have heard of efforts to totally oust the US forces out of Iraq. I believe the current US forces are not so much there to protect Iraq as they are using its bases as a place of operations against Syria and terrorist organizations in other countries. This can all change very suddenly as the situation in the middle east is very fluid. Let’s just wait and see how it all plays out.
I am still being very hopeful for a January 2024 reinstatement. If the CBI begins their re-education campaign in November this will be a good sign for us they are moving ahead again. There is still plenty of time to work on the process. I am told they can do it in two months. But as investors we must be patient too. I know it has been a long ride so far. But today’s news has solidified any OPINIONS into FACT that the RV/Reinstatement is part of Al-Sudani’s curriculum and not just some intel guru hype. But we must remember too that first things first.
Iraqi intelligence raids a company that smuggles dollars out of the country and arrests its members
Iraqi intelligence raids a company that smuggles dollars out of the country and arrests its membersShafaq News / The Iraqi intelligence agency specialized in combating terrorism announced on Tuesday the arrest of six people working inside a company and in possession of sums of money amounting to 334270000 million Iraqi dinars and 157215 thousand US dollars on charges of smuggling currency out of the country contrary to the instructions of the Central Bank.
She said in a statement, received by the Shafaq News Agency, that the intelligence agency's detachments continue their pre-emptive operations against dollar speculators who practice transferring money contrary to the instructions of the Central Bank, which would harm the national economy, explaining that based on accurate intelligence information received by the detachments of the intelligence agency specialized in combating terrorism in Baghdad Karkh, which included a university services company in Baghdad province next to Karkh within the Mansour area that receives and smuggles the dollar currency outside and inside Iraq in a way Contrary to the instructions of the Central Bank, which would harm the national economy.
The statement explained that an intelligence and technical team was immediately formed to investigate and collect information and after completing all judicial procedures, the detachments were able to raid the building used by the aforementioned company, where money amounting to (334270000) million Iraqi dinars and (157215) thousand dollars were seized, as well as the arrest of 6 people working inside the mentioned company and the closure of the company.
When interrogating the defendants, they openly confessed that they had converted national and foreign currency inside and outside Iraq contrary to the instructions of the Central Bank, taking advantage of a fictitious address bearing the name of a university services company, harming the national economy, according to the statement, which indicated that the defendants' statements were recorded and referred to the competent authority to combat organized crime in preparation for their appearance before the judiciary.
The Rising Value of Iraqi Dinar: A Dance of Economics in the Markets of Kurdistan
In one of the world’s oldest inhabited areas, nestled between the Tigris and the Euphrates, the value of the Iraqi dinar is finding new strength. In the bustling markets of the Kurdistan region, the exchange rate has soared to 100 dollars for 162,000 Iraqi dinars, painting a vibrant portrait of an economy in flux.
Factors Fueling the Dinar’s Rise
The surge in the dinar’s value can be attributed to a complex interplay of factors, each intertwined with the other in a delicate economic dance. One of the key contributors is the region’s improved security situation. The stability in Iraq, particularly in the Kurdistan region, has fostered an environment conducive to growth, instilling confidence in investors and inviting a wave of foreign investment. This influx of capital has, in turn, reinforced the value of the Iraqi dinar.
Simultaneously, global oil prices have been on an upward trajectory. As a significant oil-producing nation, Iraq’s revenues have swelled in tandem with these prices. This surge in revenue has been a boon for the government’s coffers, positively impacting the value of the dinar.
Supplementing these developments are the economic reforms initiated by the Iraqi government. Aiming to diversify the economy and lessen its reliance on oil, these reforms have targeted private sector growth, foreign investment attraction, and business environment enhancement. These strategic moves have further bolstered the dinar’s value.
The Double-Edged Sword of Currency Strength
Yet, this newfound strength of the Iraqi dinar is a double-edged sword, bearing both bounties and burdens for the Kurdistan region’s economy. On one hand, the stronger dinar has made imports cheaper, benefiting consumers and businesses reliant on imported goods. It has also rendered the region more attractive to foreign investors, potentially sparking economic growth and job creation.
However, the other edge of the sword presents formidable challenges. A robust dinar can dent the competitiveness of Iraqi exporters by making their goods more expensive in international markets, potentially stifling the overall economy. Moreover, a stronger currency can trigger inflationary pressures by escalating the prices of imported goods, necessitating the Kurdistan Regional Government to monitor the situation closely and implement measures to manage these pressures.
Navigating the Economic Landscape
In conclusion, the rise in the Iraqi dinar’s value presents a nuanced narrative of economic progression and challenges. While it has ushered in certain advantages, such as cheaper imports and increased foreign investment, it also brings with it potential pitfalls like intensified competition for exporters and the threat of inflation. As the dinar continues its upward trajectory, the Kurdistan Regional Government faces the arduous task of managing these challenges to secure sustainable economic growth. In the age-old dance of economics, the melody has changed, but the steps remain as intricate as ever.
