NEW NEGOTIATIONS BETWEEN BAGHDAD AND THE REGION TO PASS THE OIL AND GAS LAW
On Sunday, the representative of the Patriotic Union of Kurdistan, Nermin Maarouf, revealed the existence of a new round of negotiations between Baghdad and Erbil to resolve the outstanding differences between the two parties and reach long-term strategic agreements.
Marouf said in an interview with the Maalouma Agency, “Ending the disputes between Baghdad and the center regarding employee salaries, as well as focusing on legislating the oil and gas law.”
She added that “the lack of consensus between the political blocs is the main reason for delaying the approval of the oil and gas law,” stressing “the necessity for the two parties to reach long-term strategic agreements through which the oil and gas law will be approved.”
She continued, “The oil and gas issue and other issues are still thorny between the two parties, and we hope to reach final agreements regarding them.”
The representative of the Kurdistan Democratic Party, Sharif Suleiman, confirmed to “Al-Ma’louma” that “the oil and gas law is still with the formed government committee for consideration,” pointing out that the Kurdistan Region submitted a law proposal to the formed committee.
IRAQ IS MOVING TO SUPPORT ITS ASSETS WITH THE CHINESE YUAN TO FINANCE IMPORTS AMOUNTING TO $12 BILLION ANNUALLY
Opening bank accounts in Indian rupees for Iraqi banks to finance trade worth $3 billion
A government source in Iraq said that officials from the Central Bank of Iraq held “intensive meetings” with American officials in Abu Dhabi in recent days to discuss external transfers to cover imports.
The source added that Iraq has strengthened its assets denominated in the yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about 12 billion dollars annually.
The source stated that the oil-exporting country also moved to strengthen its assets in UAE dirhams and is negotiating to increase its assets denominated in euros to finance trade with the European Union, according to what was reported by Iraqi news agency “Inaa.”
The source said that negotiations with the American side reached a set of decisions and mechanisms that contribute to facilitating procedures for foreign transfers related to imports through the foreign currency sales window.
He added, “It was agreed to enhance the advance balance of five Iraqi banks in their dollar accounts with Jordanian banks and transfers via JP Morgan Bank,” noting that “the problems related to the rejected transfers were resolved, and it was agreed that the rejection of transfers should be based on strong reasons.”
He co”tinued: “Ther“ were also other meetings that brought together one of the Emirati banks, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks,” indicating that “things are going well in this regard, as all technical details related to the issue have been resolved, and it is expected to begin.” The mechanism for enhancing balances in UAE dirhams during the next few days.”
He stressed that “there are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union,” noting “an increase in the number of banks whose balances are being enhanced.” In Chinese yuan through the Singapore Development Bank.”
The source also reported that bank accounts had begun to be opened in the Indian rupee for a number of Iraqi banks at the same correspondent, the Singapore Development Bank (New Delhi branch), and operations to enhance the balance of two Iraqi banks had actually been completed as a first stage, and it is expected that this mechanism will contribute In financing Iraq’s imports from India, especially medicines and foodstuffs, which are estimated at about 3 billion dollars
[via PDK] My gut agrees with my bankers. They say it could be any moment between now and Dec 1st. That is the latest from the banking side of it. I hope and pray they are right...This “Any moment” alert sure fits with what we are hearing from Iraq. The WTO, UN, banks and Reno.
I have had more banking confirmations ...saying that all we are waiting for is a “GO” and any final instructions for anything that may have changed last minute .
I talked to some banking sources…and it is overwhelming the banks saying we are at “any moment” and a number of them are saying it’s this week. The sheer number of bank sources from different banks (3 regional banks and 4 major banks) that were told to get ready for any moment this week...Whether it is this week or not - the chatter is sure great.
SUDANESE ADVISOR: THE WHITE HOUSE WILL MAKE A DECISION REGARDING IRAQ’S FUNDS IN THE FEDERAL BANK
(To summarize, this article sounds to me like Iraq wants their money out of the US banks and to allow them to use it as they please. Oh…this now sounds like a democracy, gee whiz! )
The Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, confirmed on Tuesday that the White House will renew the Federal Bank’s authorization to deposit Iraq’s funds from oil exports next March, despite the fact that the Iraqi balances in the Federal Bank will be frozen.
Saleh said, in an interview with the Maalouma Agency, that “the reserves of the Central Bank of Iraq have been subject to the diversification rule since 2006, and represent the investment portfolio of the monetary authority.”
He added, “These reserves vary, according to the international standard investment guides for reserves issued by the International Monetary Fund, between various currencies such as the euro, monetary gold, the pound sterling, the Chinese yuan, and the Japanese yen, in addition to the US dollar.”
The Sud”nese financial advisor explained, “These currencies are in different proportions, and according to the weight of the foreign currency in Iraq’s foreign trade,” stressing, “There is no objection to intensifying diversification into other currencies in addition to the dollar, which essentially represents the currency of oil revenues.”
He continued his speech, saying: “Based on Security Council Resolution 1483 issued in May 2003, the principle of accumulating oil revenues in an account for oil receipts at a global bank was approved, and the Federal Reserve Bank in New York was chosen for this purpose.”
Saleh stated, “This account was used to collect Kuwait war compensation amounting to 5%, and it was taken from the revenue from the export of every single barrel of oil or any products, if any,” adding, “The oil receipts account and the reserve account in dollars are still subject to protection according to the White House presidential order.” Which is renewed annually every year in the month of May.
He stressed, “Most of the issue relates to the aforementioned UN Security Council resolution regarding the oil receipts account opened in dollars at the Federal Reserve Bank.”
During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on Iraqi banks and banning the dollar under many pretexts, which in one way or another led to a severe financial crisis in the Iraqi markets.
(I told all my readers a long time ago that because they have taken so long to de-dollarize it will be hard to change the mindset and black market devices to sell the dollar and make money. So change is hard but the US govt is finally stepping in this year to make the necessary changes. We can clearly see that Iraq could not have RV’d so many times with all the stupid claims by these intel gurus. Still even now they persist it going to happen this week or next weekend. Idiots…all of them!)
ECONOMIST: IT IS NOT POSSIBLE TO MINT AN IRAQI COIN CURRENTLY, AND INFLATION IS A THOUSAND TIMES HIGH
The economic expert, Abdul Rahman Al-Sheikhli, ruled out minting an Iraqi coin at the present time due to the high inflation of the dinar by 1,000 digits.
Al-Sheikhli said: For the program {Free Speech} broadcast by Al-Furat satellite channel this evening, it was said: “The issue of importing the dollar is not new. It was approved in 2010 by a measure by the Central Bank, and the new decision came at the request of merchants to cover the needs of the local market.”
He added, “The dollar in banking offices is either legitimate or through acquisition, and cash is sold to travelers, students, and patients abroad. The reality of the situation requires the presence of another source to provide the currency, and the Central Bank has obliged the import of the dollar exclusively through airports.”
Al-Sheikhly stressed that “the central bank will not be an intermediary in importing the dollar, but rather the banks that have relations with foreign banks and rely on their stock of the dollar.”
He also stated, “The political influence is very great on the economic process, which hinders its flexibility, and the entry of the imported dollar will be a competitive factor in the Iraqi street for the black and will have a very significant impact on reducing the price of the currency.”
Al-Sheikhli pointed out, “The most important factor in the fluctuation of the dollar is supply and demand, and the rise of the dollar and oil on balance contributed to raising the currency in the local market,” adding, “The US Federal Reserve does not delay remittances, but it audits them, and international standards for money laundering and supporting terrorism delay some attempts.”
He added, “Some banks operate in unprofessional ways, which led citizens to hoard currency and the need to restore confidence between the citizen and the banking system. The Prime Minister agreed with the Minister of Commerce to import materials at the official price and sell them at a discount.”
Al-Sheikhli added, “Iraq has inflation in the dinar, which is more than 1,000 and it is not possible to print coins at the present time. The Iraqi citizen must be educated to use the Visa card in his transactions.”
While he noted that “the Ministry of Finance’s intervention in raising the price of the dollar created a major problem,” calling on the Central Bank to “use its full independence and powers to control the price of the dollar, as the Central Bank is still deficient in resolving some of the existing problems,” concluding, “The American Federal Reserve has no authority over the Central Bank of Iraq.” Rather, it issues recommendations regarding violations.
Did you hear the recent news in Iraq? The speaker of the house Muhammad al-Halbousi, today, Tuesday was ousted from his speaker position and now they have to select another speaker. Does this parallel to the U.S. politics sound familiar? Does it sound weird? Can you see God’s Hand at work here? The prophets told us the corrupt will be unseated, everything that can be shaken will be shaken. Even the Iraqi people see this as kind of “strange”.
I quote from today’s article – “Speaker of the House of Representatives, Muhammad al-Halbousi, today, Tuesday, considered the Federal Supreme Court’s decision to terminate his membership in the Council “strange,””.
I have to say this is the most obvious since the US House of Congress also just ousted the house speaker Kevin McCarthy and replaced him with Mike Johnson.
Still don’t believe me that there are parallels going on between these two countries to clean up the corruption? Still don’t believe me that this corruption must be dealt with in order for us to see the RV we want? Think about all the corruption just since last January and the changes made in dealing with the dollar.
I quote from a couple very recent articles – “The National Security Agency announced on Wednesday the arrest of one of the “most dangerous” speculators and smugglers of tens of millions of dollars a day”. Then last week there was this article and I quote – “Economist Nabil Al-Marsoumi spoke today, Wednesday (November 15, 2023), about the routes and methods of smuggling oil and its derivatives from Kurdistan to Iran and Turkey.”
Wednesday intel call to my contact at the CBI:
Okay, so I had my normal Wednesday call to Iraq. I wanted to come to you today also to fill everyone in on what was said-
I was told there was a TV media output broadcast that told the citizens the official rate of the dinar would be over $1 in the coming days. Thy used the PM Al-Sudani in a speech like format to explain most of it. I was promised a video of the speech and so I wait for it. This was part of the committee team work to set all this up. This is part of the education process. So, it did begin. It is mid-November as they previously told us it would.
I don’t know exactly what “coming days” means and so I asked. I was told that the process of the revaluation is now in motion and they expect to begin issuing the newer lower denominations to the banks in exchange for the larger 3 zero notes they have collected in accounts very soon. Also, when they do distribute the lower denominations to the public for circulation, they will start at the airports first so anyone coming into Iraq can exchange whatever foreign currency they do have for Iraq dinars and vice versa, as they are only going to use dinars exclusively as of January 1st, 2024 in Iraq. This is also why they needed and allowed to let the banks now hold other foreign currencies besides dollars.
For example:
If you are visiting Iraq coming from Venezuela why would you need Bolivar in Iraq if merchants and hotels in Iraq only take Dinars? So, you would not. You would exchange your Bolivars for Dinars just like you would do in any other country either before your trip, at the airport when you arrive, or you find a bank when you arrive. Welcome Iraq to the real world….at last!!!! Lol..lol..lol..
For example:
I visit family in the U.S. and have made many trips back to America from Germany, as I only married a German man but I am American. We use the Euro in Germany, but when I take trip to America, I know I will need US dollars since dollars is what merchants take in America. Why would I take Euros to use in the U.S. since no one wants them or will take them. So, I either exchange my Euros for U.S. Dollars at Deutsche Bank in Germany prior to my trip to the US or at a U.S. airport when I arrive or also sometimes just take out cash dollars using an ATM once in the US by using my international VISA card.
So, knowing all this, Iraq is just moving now to standard protocol in money exchanging. This is such fantastic news. As of January 2024 there will be no more program rate. Get it? There will be no more dollars taken by any merchant in Iraq.
But what is the timing of the switchover, I asked?
First let me say it is not going to be a sudden switchover all at once, as many of us anticipated. I was told it would be more gradual and has already begun. So, there is no turning back. They would not give me a target but just said in the ‘coming days” again to me. They said it would be gradual and fan out from the airports. This made total sense to me, so I didn’t question it. But it was a little different then I imagined.
It seemed my contact in the CBI was bragging about the final steps and paperwork for the full membership of Iraq to the World Trade Organization (WTO) and to look for the official announcement this week or sometime next week. But it is completed. I asked if Iraq needs an international rate of the dinar in order for full membership. I was told and I quote from my source – “Iraq needed a tradable international currency”. I asked if this means liberated back on FOREX trading and was told YES! So, We are VERY close! š These two events are converging (WTO and Reinstatement).
Based on this latest conversation with my CBI contact, it could be said that they might be planning to RV prior to January, but personally I do not see it until January but who knows after this conversation. But don’t be fooled by all the final steps they are now taking lining up to the final target of January 2024. They might surprise us before, but I am skeptical. I will tell you I have never received such good information before and I don’t believe my contact would ever lie to me.
So, based on this information the climax in the US politics must also happen this month or very shortly, as the prophets have been talking about now almost daily. Something must break with all the corruption happening there too.
THE OIL AND GAS LAW RETURNS TO THE FOREFRONT… PARLIAMENT SPECULATES ON THE DATE OF ITS LEGISLATION AND DETERMINES THE REASONS FOR ITS DELAY
(and it will continue until this commitment to get it done is completed. )
Today, Sunday (November 12, 2023), the Parliamentary Legal Committee commented on the latest developments in the legislation of the oil and gas law, by the House of Representatives, according to the political agreement between the blocs and parties.
Committee member Arif Al-Hamami told “Baghdad Today” that “legislating the oil and gas law requires the existence of a political agreement on the terms and paragraphs of the law, and this agreement does not currently exist,” pointing out that dialogues are continuing regarding it between the technical and legal committees between the central and regional governments.
Al-Hamami stressed that “there is seriousness on the part of the Iraqi government to legislate the oil and gas law due to its importance in regulating financial and oil relations with the region, but legislating the law requires careful study, and we believe that legislating the law will be the beginning of the new legislative chapter, that is, after the provincial council elections.”
The American Consulate in the Kurdistan Region confirmed on Tuesday (November 7, 2023) that it is following up on the issue of resuming the export of the region’s oil abroad, considering that resolving the disputes resulting from the lack of financial revenues in the region and ratifying the oil and gas law is a priority for it.
The Ministry of Natural Resources in the Kurdistan Regional Government said, “its Minister, Kamal Muhammad, received the new American Consul General in the Kurdistan Region, Mark Straw,” noting that the latter “expressed his country’s readiness to invest in the electricity, energy, and oil sectors.”
Straw said, according to the ministry’s statement, “We are closely following the issue of resuming the export of Kurdistan region’s oil abroad, and we know that stopping exports has had a significant impact on public financial revenues in the region,” noting that “solving the problem of lack of revenues in the region and ratifying the oil and gas law represents a priority.” Regarding Washington’s policies and agenda.”
In turn, the Minister of Natural Resources in the Kurdistan Regional Government, Kamal Muhammad, praised the American role in contributing to solving the problem of the cessation of oil exports in the region abroad and the problems related to the oil and gas law.
THE CENTRAL BANK ACHIEVES ONE OF THE MAIN OBJECTIVES OF MONETARY POLICY IN 2023
Economy News-Baghdad
The objectives of the monetary policy of the Central Bank are to achieve economic growth and stability, and one of its main objectives is to reduce inflation rates and stabilize the prices of goods and services in very complex economic, security and political conditions in 2023 that the world is going through, especially the countries of the geographical region, in which our country is negatively and positively affected.
And that these conditions have been suffered by our economy for decades , and the reason is the rentier economy and the dependence of 93% as a rate of the general budget on oil, which constitutes about 60% of GDP, while the active economic sectors, namely agriculture, constitute 4.7% and industry does not exceed 2%,which are indicators that led to the lack of local production that covers the consumer need of citizens in food and other basic materials, so the dependence was almost entirely on imports for the commercial private sector and from different origins, and successive governments could not control of internal trade and regulation of foreign trade and weak control over illegal trade and informal border crossings, which led to the impact of the monetary and commercial market and the prices of food and necessary materials for citizens at high rates during the years 2021 and 2022, so this indicator was the most prominent challenge that faced monetary policy and directly affected the stability of the exchange rate, which led the Central Bank to take many measures in cooperation with the government in 2023 to regulate foreign trade and control over foreign remittances.
And regularity in the global financial and banking system by developing the electronic platform and working on preparing and launching a new strategy for reform and banking classification in all its basic episodes at the level of internal and external banking transactions, the most prominent of which is securing the US dollar for large and registered traders and for each trader, regardless of his classification at the official price through the platform exclusively, which helped to reduce prices.
This was achieved through the analysis of the annual inflation rate indicators for 2023, which was published by the Central Bank compared to the annual inflation rates for 2022 achieved in Iraq and in regional countries, where it is clear from official data that the annual inflation rate reached 3.7% in 2023 and 4.4% in 2022, and that most other countries with unstable economies reached Inflation rates have very high rates, reaching 80.2% in Turkey, 117.4% in Sudan, 40.0% in Iran, 9.3%, 9.0% and 5.0% respectively in Egypt, and ranged in the Gulf countries with stable economies and rich in oil between (2.4-4.8%).
Maintaining the general level of prices of goods and services is currently working to achieve other goals, which are the stability of the exchange rate and the maintenance of foreign reserves covering the local currency in circulation and imports, which exceeded 100 billion dollars.
Therefore, the economic results and outputs confirm that the policies and measures carried out by the Central Bank this year have achieved an important goal of achieving stability in the monetary system, which is an important step in achieving the other objectives of monetary policy.
There are a lot of things happening in Iraq that are contributing to the growth of their economy and the strengthening of their currency. If Iraq could just get out of their own way.
I haven't been this excited about Iraq in a long time. I remember in 2019 they were really striving, making great steps and then everything kind of fell apart and then we had the whole "Rona" thing took place and it just seemed like they could not get their head above water. But this past year, everything is looking pretty good.
We know the beginning of 2024, we heard anyways, we'll see if it actually happens, Iraq is no longer going to use the US dollar in the country. That will lower the demand for US dollars but that still doesn't curve the demand for US dollars that are being smuggled into other countries.
It will decrease the demand for US dollars and increase the demand for Iraqi dinars. This is really good.
US Dollar Strengthens Against Iraqi Dinar in Baghdad and Erbil Markets, 16 nov
In a noteworthy economic development, the US dollar has seen a significant rise in value against the Iraqi dinar in the markets of Baghdad and Erbil. The exchange rate in Baghdad’s Al-Kifah and Al-Harithiya stock exchanges hit 157,850 dinars for 100 US dollars, escalating from the earlier rate of 156,500 dinars. Responding to this change, local exchange shops in Baghdad revised their rates, with the selling price surging to 158,750 dinars and the buying price set at 156,750 dinars for every 100 US dollars.
Impact on Erbil’s Market
In Erbil, the market too demonstrated similar behavior, with the selling price recorded at 158,500 dinars and the purchasing price at 158,400 dinars for every 100 US dollars. These fluctuations in currency exchange rates offer a mirror to the economic dynamics within Iraq and hint at potential implications for various sectors, including business and trade.
Factors Influencing Currency Fluctuations
Economic expert, Nabil Al-Marsoumi, forecasts a future spike in the dollar’s price, attributing it to unresolved issues related to trade with Iran and Syria. Contributing factors such as the dual tax and customs tariff systems in Iraq, unauthorized ports, inadequate control over official border ports, and the distribution of goods beyond the electronic platform, also play a significant role in these currency rate fluctuations.
Relevance and Implications
The surge in US dollar prices in both Baghdad and Erbil markets holds high relevance, underscoring the intricate dance of global economics. These fluctuations not only affect the Iraqi economy but also hold implications for international trade and finance, making it a topic of global relevance. As the situation continues to evolve, market watchers and stakeholders alike will be keeping a close eye on this economic saga.
Iraq’s Political Consensus Complicated by Power Struggle, Unrest Continues in Gaza
Political stability in Iraq hangs in the balance as the government and Parliament scramble to reach a “consensus deal” for the redistribution of positions. The country is on thin ice, especially considering the suspension of parliamentary work by ministers and deputies of the “Progress” coalition after the dismissal of Speaker Mohammed al-Halbousi. This predicament threatens to reignite the unrest that preceded and followed the rise of ISIS, echoing the turmoil of the past.
Disruption of Consensual Governance
Prime Minister Sudanese’s government, known for its calm demeanor and avoidance of political skirmishes, took office a year back in October. Riding on the rare wave of political and security stability, the government turned its attention to the crumbling services in Iraq. Their strategy was to combat the state’s chronic failures that have been plaguing Iraq for over two decades. But the judicial decision to dismiss al-Halbousi disrupted this relative tranquility. The dismissal toppled one of the three pillars (legislative, executive, and judiciary) that spearhead the consensual governance in Iraq, thereby complicating the political consensus.
The Aftermath
The dismissal of al-Halbousi, backed by Sunni provinces, has stirred the hornet’s nest. The Supreme Federal Court’s decision has been contested by al-Halbousi as unconstitutional. This has set the stage for a long-drawn legal and political battle that could destabilize the country and affect the scheduled local elections.
Separate Unrest in Gaza
Meanwhile, the situation in Gaza remains dire. The Palestinian Red Crescent reported an attack by Israeli forces on al-Maqadma Hospital, one of Gaza’s oldest. The forces surrounded the hospital with tanks, preventing medical crews from aiding the injured. The hospital had been shelled last October, resulting in approximately 500 deaths and 600 injuries. The current circumstances in Gaza are made worse by fuel shortages and the halt of hospital operations due to the Israeli blockade.
The Hydro-Carbon Law will require an international exchange rate. The 2023, 24, 25 budget will require it. The salaries and the payment to the citizens will require it. The WTO will require one. The house contracts will require one. The Development Road Projects, economic and financial reforms,all of them are going to require an international acceptable Article VIII compliant exchange rate...
What the WTO and the world want to see is that Iraq is a balanced nation ...
They need to produce. I'm talking about industry...Development Road Program, the Silk Road Initiative. All of that's coming together and coming into play to be able to prove to the world Iraq is ready to stand on her own two fee and start doing trade and be that additional bread basket to the world...
We've heard this about different currencies. Iraq's going to be trading outside the dollar. They're going to be using different currencies...They're going to be on a level playing field...
Iraq's been working through an international interconnectivity system the ITC, The World Bank, the Bank of International Settlements, the central banks of the world, the federal Reserve Bank. It isn't just a push the button situation...it's a complex process.
Iraqi Financial Expert Predicts Further Decline in Dollar Exchange Rate
Shafaq News/ Financial and economic expert Abdul Rahman Al-Mashhadani has predicted a new decline in the dollar exchange rate in Iraq, reaching 145,000 Iraqi dinars against 100 dollars.
He attributes this forecast to measures the Central Bank of Iraq took in collaboration with the Federal Reserve Bank.
Speaking to Shafaq News Agency, Al-Mashhadani highlights the recent meeting in Abu Dhabi, where ten banks were authorized to carry out transfer operations directly through correspondent banks, including American banks JP Morgan and Citibank. He explains that this move aims to expedite transfer processes, bypassing the electronic platform of the Central Bank and avoiding scrutiny from the Federal Reserve Bank.
Additionally, Al-Mashhadani notes that the Central Bank has allowed banks to import remittances belonging to foreign companies, international organizations, and diplomatic missions operating in Iraq through Iraqi banks. This move is expected to facilitate the payment of salaries and contracts, with the first shipment worth $100 million entering the local parallel market. The funds will be used to pay workers in these companies and cover contracts with Iraqi suppliers, contributing to increased spending in Iraqi dinars.
The Central Bank Of Iraq Agrees To Import The Dollar To Meet The Needs Of Citizens, 16 nov
November 15, 2023 Last updated: November 15, 2023 Al-Independent/- A government source revealed, today, Wednesday, that the Central Bank of Iraq issued official approvals to three Iraqi private banks to import the US dollar to meet the needs of citizens, confirming that one of the banks’ shipments had actually arrived in Iraq.
This decision comes within the framework of the efforts made by the Central Bank of Iraq to enhance the stability of the Iraqi dinar exchange rate, and to provide the dollar in sufficient quantities to meet the needs of the local market.
According to the source, the private banks that obtained approvals are:
National Bank of Iraq Ahli United Bank Trade Bank of Iraq (TBI) The source explained that these banks will import the US dollar through the electronic money transfer platform recently launched by the Central Bank of Iraq, with the aim of ensuring transparency and preventing currency speculation.
According to the source, there are applications from other banks that are on their way to be submitted for decision by the Central Bank of Iraq.
The source confirmed that the Trade Bank of Iraq (TBI) is currently holding important discussions with several international companies to transfer amounts amounting to $120 million, and
they are on their way to completion within the next few days.
The source expected that this decision would stabilize the exchange rate of the Iraqi dinar, and provide the dollar in sufficient quantities to meet the needs of the local market.
The impact of the decision on the Iraqi economy
It is expected that this decision will have a positive impact on the Iraqi economy, as
it will stabilize the exchange rate of the Iraqi dinar, and
provide the dollar in sufficient quantities to meet the needs of the local market.
According to the economic expert, Dr. Ahmed Ismail, this decision will contribute to reducing the demand for the dollar in the local market, and thus reducing the exchange rate of the Iraqi dinar against the dollar.
This decision will also provide the dollar in sufficient quantities to meet the needs of companies and investors, which will contribute to increasing foreign investments in Iraq.
If I WAS THE CBI, I WOULD BE FOCUSING ON THE NEW EXCHANGE RATE AND THE NEW CURRENCY TO COME OUT TOGETHER...SUDANI IS IN ERBIL WITH BARZANI, AND THEY ARE DEALING WITH THE LAST THREE PARAGRAPHS OF THE HCL. THEIR INTENT IS TO RELEASE IT VERY SOON IF THAT IS THE CASE, THEN IMO THE NEW EXCHANGE RATE AND THE NEW LOWER NOTES SHOULD FOLLOW. REMEMBER WHAT I’VE ALWAYS SAID...THE MOMENT YOU SEE THE HCL SECONDS LATER YOU WILL SEE THE NEW EXCHANGE RATE.
You see these banks finally admitting the truth about the Iraqi dinar monetary reform. They would never talk about it before because they would lose their licenses. They would lose the opportunity to exchange when a time comes. And that time has come!
[Bank Story]
I called JP Morgan Chase corporation office and I was told when the Iraqi dinar is reinstated...
FRANK: What?? Chase told you this?!
Bank Story: He said when the IQD is reinstated I am supposed to go to Houston, Texas Chase Bank and they would be able to exchange my currency and set up a private account there for me. I just wanted to share my JP Morgan Chase story with you. This is amazing isn't it?
FRANK: Follow up on this don't leave it there.
BANK STORY MAN: I called JP Morgan Chase financial office again just to make sure that it wasn't a fluke and reassuring myself...This time I got a different advisor...Guess what? He told me the same thing...that Iraq was about to reinstate their currency...I wanted to find out in Houston area which JP Morgan Chase Bank would be exchanging the Iraqi dinar...He transferred my call to the JP Morgan Chase bank and a lady by the name of 'Ms Bank Lady' didn't deny anything. I asked her and she suggested that I call back tomorrow and talk to one of the bank agents about setting up an appointment with them to find out how to do my exchange with the bank...
FRANK: This is incredible information. I'm so glad you pursued it to the next level.
The first shipment of dollars from abroad arrived in Iraq.. The Central Bank, 16 NOV
The first shipment of dollars from abroad arrived in Iraq.. The Central BankThe Central Bank of Iraq announced today, Wednesday, the arrival of the first shipment of dollars from an Iraqi bank, while the Iraqi Trade Bank is holding important discussions with international companies to transfer more than 120 million dollars during the next few days.
During the past two days, the Central Bank issued official approvals to three Iraqi private banks to import the US dollar to meet their customers’ need for this currency in amounts amounting to (100) million dollars.
A bank shipment has actually arrived in Iraq, and there are requests from other banks on their way to be submitted for decision by the Central Bank of Iraq.
The Trade Bank of Iraq “TBI” is currently holding important discussions with several international companies to transfer amounts amounting to $120 million, and it is on its way to completion within the next few days.
The Finance Committee meeting with government bank directors came up with several recommendations, 16 NOV
The Finance Committee meeting with government bank directors came up with several recommendationsToday, Wednesday, the Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, stressed the necessity of accelerating the implementation of the comprehensive banking system, while stressing the importance of facilitating loan granting procedures.
The media office of the Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, said in a statement, “Al-Atwani chaired a session hosting directors of government banks, to discuss ways to achieve banking and financial reform in the country,” noting, “The meeting, which was attended by representatives, members of the Finance Committee and directors of the Rafidain, Al-Rasheed, and Real Estate banks.” , Industrial and Agricultural, discussed a number of important files related to the work of government banks, including mechanisms for granting banking facilities in granting loans and reducing interest rates and other services.
He added, “The meeting reviewed the steps for preparing the banking reform paper in line with the government program, through the implementation of the comprehensive banking system.”
Al-Atwani stressed “the necessity of accelerating the implementation of the comprehensive banking system,” pointing out that “we will hold joint specialized workshops in order to prepare a draft of the government banks work law,” stressing “following up on the steps to prepare the banking reform paper,” expressing his support for “efforts to improve and advance this sector.” “vitally important.”
He pointed to “the importance of facilitating loan granting procedures and studying their economic feasibility in order to achieve development,” explaining that “automating systems and programs is the only way to break away from routine and fight corruption.”
He stressed “accelerating the completion of the steps to transition from the paper system to the electronic system for all sectors and institutions,” pointing to “the importance of preparing data centers in accordance with the standards of the Central Bank and international banks.”
He stressed, “The Real Estate Bank must complete lending transactions for citizens who have completed disbursement procedures within the housing initiative.”
[via PDK] I got a confirmation from a source that is not one of mine. They were told there were 3 paragraphs they were addressing on the HCL between Erbil , the Kurds and Baghdad …and RV would occur as soon as its finished.I was always told when HCL was 100% done and official…we would get the new rate…I had heard this from one of my sources... but was glad to hear it confirmed from another. So that feels good …Just 3 paragraphs to work through on the HCL…I thought this was great news.
I heard one banking story from another persons local bank. After telling him that investing in currencies was not a good thing…yesterday the teller asked if he still had those currencies and he just heard they will be exchanging them soon ….
We have some very interesting chatter this evening. I have gotten this from many banking sources that they are expecting instructions very soon. Specifically instructions for “Foreign Currency Exchanges”!!! This is the event that we are looking for.
I have heard this now from 3 different banking sources...Nobody knows the exact date…but they are expecting instructions at any moment and are prepared. They know it’s coming. Banking people from the mid-level up know it’s coming and are prepared for it. IMO this is great news.
