Central Bank of Iraq: Washington responds to our needs of the dollar,25 NOV

Central Bank of Iraq: Washington responds to our needs of the dollar

24/11/2023, 13:06:47

Highlights: The Central Bank of Iraq seeks to stop the dependence of the dollar in internal transactions. Governor Ali Al-Alaq said that the Federal Reserve (US Central Bank) and the US Treasury Department respond to all requests related to providing and enhancing what Iraq needs from the dollar. He said that in the meetings, all matters are reviewed, with emphasis and focus on the issue of regulating external transfers in order to ensure the integrity of the financial system. The Central Bank has completed the procedures for opening accounts in dirhams, Chinese yuan and Indian rupees.

The Governor of the Central Bank of Iraq said that the US Central Bank and the Treasury Department respond to all requests related to providing and enhancing what Iraq needs from the dollar by following the proper rules and standards for the movement of funds.

---

The Central Bank of Iraq seeks to stop the dependence of the dollar in internal transactions (Al-Jazeera)

The Governor of the Central Bank of Iraq Ali Al-Alaq said that the Federal Reserve (US Central Bank) and the US Treasury Department respond to all requests related to providing and enhancing what Iraq needs from the dollar by following the proper rules and standards for the movement of funds.

Al-Alaq said – in an interview with the official Iraqi News Agency (INA) on Friday – that the Central Bank of Iraq is in constant communication with the US Treasury Department and with the US Federal Bank, noting that "this communication continues permanently, and there are quarterly meetings held to review all matters related to this relationship."

He added that in the meetings, all matters are reviewed, with emphasis and focus on the issue of regulating external transfers in order to ensure the integrity of the financial system, especially after the implementation of the new system of external transfer, which requires a lot of coordination.

He pointed to the creation of a new relationship between Iraqi banks and internationally accredited correspondent banks abroad, where the process is confined between them, and the role of the Central Bank of Iraq and the US Federal Reserve is the process of monitoring and supervision, pointing to the start of a while ago to find a relationship between correspondent banks and Iraqi banks.

Iraq has succeeded in opening more than 40 accounts for Iraqi banks with correspondent banks or abroad, al-Alaq said.

The relationship between the Central Bank of Iraq has diversified the currencies in which transfers are made abroad (Iraqi press)

Currency Diversification

To increase flexibility and facilitation in the external transfer process, Al-Alaq indicated that the Central Bank of Iraq has diversified the currencies in which transfers are made abroad, and there are transfers in addition to the dollar, in both the euro and the UAE dirham.

He stressed that the Central Bank has completed the procedures for opening accounts in dirhams, Chinese yuan and Indian rupees, pointing out that there are understandings with the Turkish side to make transfers through Turkish banks in euros or Turkish currency, noting that all this is done in coordination with the Federal Bank and the US Treasury.

The Governor of the Central Bank said that they aim to reduce pressure on the demand for cash dollars, as importers must carry out import operations through the fundamentalist external transfer, but some traders in Iraq do not take this path, but go to pressure the dollar cash in the market, so the imbalance in the price occurs, and to counter that, the government issued a decision that it is not permissible to deal with the dollar locally.

He pointed out that the general principle approved by the Council of Ministers that trading or payment inside Iraq is in dinars, but there are cases currently being studied that can be excluded.

Source: Agencies

https://www.tellerreport.com/news/2023-11-24-central-bank-of-iraq--washington-responds-to-our-needs-of-the-dollar.rJ_JNuI0V6.html

CBI's Website Down for Updates💣Banks Are On Call🤔Iraq Dinar RV Updates |...

US support for Israel fuels Iran-supported factions, 24 NOV

US support for Israel fuels Iran-supported factions

Shafaq News / ON THE DAY meant to honor Hezbollah’s own martyrs, the group’s secretary general, Hassan Nasrallah, dedicated a considerable portion of his speech to fighters elsewhere in the region. In a televised address on November 11, Nasrallah praised not just Hezbollah’s strikes on Israel launched from southern Lebanon, but also “supporting fronts” in Iraq and Syria, where armed groups have carried out more than 60 attacks on American troops in the past month.

“These actions reflect great courage because it is the Americans they are fighting, the Americans whose fleets, aircraft carriers, and bases fill the region,” Nasrallah said of his Iraqi allies. “If you Americans want these operations on the supporting fronts to stop, if you don’t want regional war, you must stop the aggression and war on Gaza.”

Nasrallah’s words indicate growing unity among the so-called axis of resistance, a network of Iran-backed actors in the Mideast that includes Hamas, Hezbollah, the Syrian government, the Houthis in Yemen, and armed groups in Iraq and Syria. Though this unity and the violence it threatens to unleash has not yet translated into major military action, it marks the most significant backlash to the U.S. presence in the region in recent years.

The resistance narrative has found appeal beyond members of the axis, many of whom the U.S. considers terror organizations. Even in more moderate circles, America’s unfettered support for Israel, in the wake of the Hamas attack on October 7, has fueled anti-American sentiment in a region where many people see Israel’s relentless bombing of Gaza as an extension of decades of unjust U.S. policy in the Middle East.

Gut-wrenching images of bombing victims in Gaza have brought back memories of bloody conflicts the U.S. has waged or supported in places like Iraq and Yemen, with Western reluctance to condemn Israel for massive Palestinian casualties reminding Arabs and Muslims how little their lives seem to factor into Western policymaking.

The lackluster response of Arab nations has allowed militant groups to capitalize on popular outrage and bolster their resistance credentials by positioning themselves as the only ones willing to stand up to Israel and its backers. 

In Iraq, Israel’s war on Palestine has regalvanized armed factions that formed in the wake of the 2003 U.S. invasion, an anti-occupation cause they see as directly linked to the Palestinian struggle for freedom. In just the last 24 hours, there have been several engagements between Iraqi militants and U.S. forces.

In his Baghdad office, Kataib Hezbollah military spokesperson Jaafar al-Husseini arrived for our meeting at the end of October in an upbeat mood that seemed at odds with the bloodshed that engulfed the region since October 7. “To the contrary, this is the easiest of times,” he explained. “This is a straightforward battle. Palestine is the fundamental issue.”

Kataib Hezbollah is the most secretive and most powerful of the Iraqi resistance groups. Although they’ve been partly incorporated into the government security apparatus as part of what Iraqi officials describe as a gradual demobilization — critics call it state capture at the hands of Iranian proxies — they relapse into violence during times of perceived Western meddling. The Pentagon’s recent decision to deploy aircraft carriers and personnel to the Middle East was taken as evidence of direct U.S. involvement in the Israel–Palestine conflict.

“America is a partner in this battle and in killing Palestinians, and therefore, they must pay the price,” al-Husseini said. “What is happening now in terms of targeting American bases is a natural response of the resistance fighters.”

Iraq’s “resistance” factions have momentarily put aside rivalries to jointly claim responsibility, via a newly established Telegram channel, for dozens of rocket and drone attacks on American troops stationed in Iraq and Syria to fight the Islamic State group, which the Pentagon says have resulted in several light injuries.

These ripple effects were part of Hamas’s calculus to help shatter what the Palestinian group regarded as an untenable status quo in the occupied territories. The prospect of a political solution had faded in recent years amid increased violence and expulsions by Israelis, especially in the West Bank, under the watch of the most right-wing government in Israel’s history.

(The Intercept)

https://shafaq.com/en/Report/US-support-for-Israel-fuels-Iran-supported-factions

Dubai to host investment conference for Iraq in December, 25 NOV

 Dubai to host investment conference for Iraq in December

Shafaq News / The Iraqi-British Business Council is preparing to host its conference in Dubai on December 7th - 8th, aiming to bolster partnerships and drive economic transformation in Iraq, as reported by the Emirati newspaper "Al Khaleej."

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, is scheduled to deliver a speech titled "Building a Sustainable Future" on the conference's second day.

Abdullah Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade Affairs, expressed joining efforts with Iraqi friends and the Iraqi-British Business Council to discuss collective endeavors aiding the country in its reconstruction process. The conference aims to gather companies engaged in business and trade, fostering investment opportunities for entrepreneurs and ultimately supporting Iraq's industry and its people.

Al Saleh further stated support for the council's mission in facilitating technology transfer, infrastructure, and expertise to enhance Iraq's growth and development. The substantial growth in trade between the UAE and Iraq, surpassing 60% in 2022, emphasizes the increasing economic ties between the two countries, according to the conference management.

The event underscores the UAE's position as the primary commercial hub for Iraq and highlights the nation's growing role in facilitating international cooperation. The Emirates are regarded as a meeting ground for stakeholders ranging from the UK, European Union, and the United States to India, Turkey, Iraq, and the Gulf.

Moreover, the UAE offers immense investment opportunities for companies operating in Iraq, without the need for administrative and bureaucratic hurdles present within Iraq. Christoph Michels, the conference's Managing Director, highlighted the UAE's ideal location, connecting international firms to Iraq as a regional hub.

Michels emphasized the conference's importance, expecting significant attendance by decision-makers. He anticipates participants to engage with key figures, considering the event's timing and its focus on pivotal issues like economic sustainability, education, finance, and climate change.

Fikas Handa, the UAE representative at the regional level in the council, noted the conference's anticipated importance in long-term development and foresight for Iraq.

https://shafaq.com/en/Economy/Dubai-to-host-investment-conference-for-Iraq-in-December

"RV UPDATE" BY SANDY INGRAM, 25 NOV

 Sandy Ingram 

  The reason countries have foreign reserves is to make sure that a country has backup funds if its national currency rapidly devalues or becomes entirely worthless.  It's common practice for central banks of different countries around the world to hold large amounts of reserves of foreign exchange.  Most of these reserves are held in US dollars since it is the most traded currency in the world...The amount of monies a country holds in its reserves has a lot to do with the county's currency rate...Iraq has the largest foreign currency reserves in its' history.

 The reason countries have foreign reserves is to make sure that a country has backup funds if its national currency rapidly devalues or becomes entirely worthless.  It's common practice for central banks of different countries around the world to hold large amounts of reserves of foreign exchange.  Most of these reserves are held in US dollars since it is the most traded currency in the world...

The amount of monies a country holds in its reserves has a lot to do with the county's currency rate...Iraq has the largest foreign currency reserves in its' history...

Article:   "Good News for Investors:  US Treasury Continues to Omit Vietnam Currency Off Currency Manipulator's List"  

 Vietnam was not included on the US Treasury Department currency manipulators list this time.   The list comes out twice a year and includes countries that may have surpassed the value of their currency.  When a country does this it cheats investors on potential profits...Iraq is rebuilding after the war so is not yet subject to currency manipulation lists...

  On Wednesday the Prime Minister of Iraq's advisor took the lead from the Central Bank of Iraq and announced Iraq has the largest foreign currency reserves in its' history and that the exchange rate treatment package aims to prevent profiteering at the expense of the economy...

Iraq Dinar - Central Bank - Radical Developments - Internationally Accre...by MILITIAMAN

Evening News with MarkZ. 11/24/2023

Friday Evening News with MarkZ 

Some highlights by PDK-Not verbatim

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: Another Friday Night…….hoping this is the last one pre RV

Member: Ready for Mark to give us some great news!!!

Member: Does anybody else wish it would go tonight?

MZ: I think we all do….We have some bank stories I think you will enjoy tonight

MZ: I thought this was a fantastic one:  I am editing the name of the bank for the bank and the individual’s safety. 

MZ: I have an account with ----------- I was there the other day talking with a bank manager. I asked her if she knew about Basel 3 and the changes in banks requirements in becoming a world’s currency exchange center and gold backed institution…She said they knew about the changes and ready and that they had been watching me (The bank customer) and had a portgolio on me and they were excited for me and hoped they could keep me as a customer….She said that was all she could say…and she may have said to much.

MZ: I think this was fantastic. We have heard similar storiesfrom other members.  Here is one more 

MZ: This person went to Krogers today …and what they had installed in Krogers will surprise you. A currency redemption machine that reads foreign currency. They had just installed it and I could not find the manufactures name on the device. And they are building a brand new BOA right across the street with no drive through windows…in the lobby there are no tellers .in the lobby are 2 big tables….and there are 10 offices down each side of the building. This is a totally new format and will be open next week. 

Mark shows picture of the foreign currency machine….

MZ: They are expecting people in with foreign currency. How many people roll around with foreign currency? T think this is a huge tell on what they suspect is coming………

MZ: Lots of financial experts are looking for an implosion in the bond markets this weekend. There is a whole lot going on and lots of chatter for this weekend.  

MZ: They are still hoping we see the RV by Dec 1st. That is their goal. And Iraq has been very clear it needs to go by Jan 1st. Just be calm and don’t ride the roller coaster.

Member: Have the indian tribes been paid yet. I believe they are in Tier 3.

MZ:  Tribes have not been paid yet….and  they have not yet released the money for the groups. Groups are still hopeful for a release over this weekend.   

Member: I read that walking stick and Frank 26 exchanged messages back and forth, that small denoms were in the ATMS, including coins!  Hope its true!

MZ: “Breaking : Argentina’s President-elect says he will close the countries Central banks.” He says closing the Central Bank is non-negotiable. This will remove the opportunity to deficit spend and use IOU’s.They can’t them spend money they do not have. Forced fiscal responsibility. This is going to be very interesting. 

Member: Thanks so much Mods and Mark and family for just being the best family

CBD Gurus join the stream tonight. Please listen to the replay for their information 

“THE INFORMATION IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE.” PLEASE CONSIDER EVERYTHING DISCUSSED IS IN MARKZ’S OPINION ONLY

Odysee at: https://odysee.com/@theoriginalmarkz:e OR THE RUMBLE CHANNEL: https://rumble.com/user/theoriginalmarkz

Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary,medical opinions or many guests on this stream……just RV/currency related topics.

GUYS YOU CAN FIND ALOT OF INFO AT MARK'S WEBSITE: GO TO: https://theoriginalmarkz.com/home

MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/

Mod:  MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM

THANK YOU ALL FOR JOINING. HAVE A BLESSED NIGHT! SEE YOU ALL IN THE MORNING FOR COFFEE @ 10:00 AM EST ~ UNLESS BREAKING NEWS HAPPENS!

Member Of The Democratic Party: Postponing The Oil And Gas Law Until After The Kurdistan Parliament Elections, 24 NOV

 Member Of The Democratic Party: Postponing The Oil And Gas Law Until After The Kurdistan Parliament Elections

Time: 11/24/2023 19:22:08   Read: 858 times   {Politics: Al-Furat News} A member of the Kurdistan Democratic Party expected that the draft oil and gas law would be postponed to next year due to continuing disagreements over it.

Wafa Muhammad Karim told Al-Furat News Agency, “The oil and gas law has reached the stage of final touches before being sent to the House of Representatives, but the entry into the oil-producing governorates required more time to write the draft, in addition to the presence of political parties that want to obstruct the law.”

He added, "So far, the law has not been sent to Parliament and will be postponed until next year, because it is one of the most complex laws passed in Iraq."

Karim expected that "the draft law will be implemented after the Kurdistan Regional Parliament elections {scheduled for the beginning of next year} due to its legislative difficulty."

Prime Minister Muhammad Shiaa Al-Sudani confirmed on the second of last August that the draft oil and gas law is part of the commitment to the ministerial approach, which the House of Representatives voted on, and will take into account constitutional principles, in a way that guarantees the fair distribution of oil wealth and improves the reality of the economy in its various aspects, and contributes to the economic reform that The government has made it a priority.

Al-Sudani directed the formation of a ministerial committee to supervise the technical dialogues between the Federal Ministry of Oil and the Ministry of Natural Resources in the region, in addition to inviting the governors of the oil-producing governorates, Basra, Maysan, Kirkuk, and Dhi Qar, and the general directors of government oil companies to the ongoing technical dialogues regarding the law, provided that it is followed by These dialogues complete the political dialogue to agree on submitting the draft law.   Raghad Dahham  LINK

Iraqi Dinar Purchasing Power Play Reinstatement and Rising Exchange Rate...

"RV UPDATE" BY NADER FROM MID EAST, 24 NOV

 Nader From The Mid East 

  It has to revalue.  If you talk about the assets and how much Iraq has...Look at Kuwait doesn't have anything.  No agriculture.  They have a little bit of tourism.  When Kuwait hits your mind?  Almost never.  Here's the thing though, Iraq is more richer than Kuwait.  It's 100x, 1000x richer than Kuwait.  Of course because it's bigger than Kuwait... When you hear the head of state saying the dinar is stronger than the dollar you got to believe him.  It is stronger.

 Yes, it's going to revalue.  When?  I don't know.  But it's going to revalue.   They have to revalue.  If you look at the history and you look at the wealth Iraq has...It's real.  What's going on is real...The revolution of the dinar is there.  The reinstatement is there.  They're going to have to reinstate...The...dinar was down because of the war and the sanctions...Iraq got heavily sanctions.  But now the country is going back to normal.  

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-nader-from-mid-east-pimpy.html

Parliamentary Finance Identifies A Single Factor For The Stability Of The Dollar And Dinar, 24 NOV

 Parliamentary Finance Identifies A Single Factor For The Stability Of The Dollar And Dinar

Economy | 08:43 - 11/24/2023  Mawazine News – Baghdad   The Finance Committee in Parliament considered that diversifying the sources of foreign currency reliance in commercial transactions is the only way to address the problem of the increasing demand for the dollar, and to create a parallel market for selling hard currency.

 The head of the committee, Atwan Al-Atwani, said in a statement received by Mawazine News, “The Central Bank’s response to our previous call regarding addressing the problem of the increasing demand for the dollar and creating a parallel market for selling hard currency has come a long way in the mission of restoring market stability.”

 He added, "By starting to open different windows to deal with other foreign currencies and adopting the (clearing) system in trade exchange with various countries, the Central Bank has come a long way in getting rid of the dominance of the dollar and strengthening the strength of the Iraqi dinar and entering the line of global commercial transactions."

 He stressed "the importance of this approach as an effective solution and a well-thought-out strategy to open new horizons that ensure the facilitation of commercial transactions procedures at various levels," reiterating "full support for the steps of the Iraqi Central Bank."

He stressed that the Iraqi Central Bank "is moving steadily towards developing real solutions to the crisis, while we look forward to other steps that will restore stability to the market and end the problem of exchange rate fluctuations and increasing demand for the dollar."

https://www.mawazin.net/Details.aspx?jimare=238481

Parliamentary Comment On Government Measures Regarding The Dollar, 24 NOV

 Parliamentary Comment On Government Measures Regarding The Dollar

Baghdad - IQ    The Parliamentary Finance Committee confirmed that the Central Bank has come a long way in restoring market stability.

The head of the committee, Atwan Al-Atwani, said in a statement received by (IQ NEWS), “Diversifying the sources of foreign currency adoption in commercial transactions is the only way to address the problem of the increasing demand for the dollar, and create a parallel market for selling hard currency.”

He added, "With the Central Bank's response to our previous call in this regard, by starting to open various windows to deal in other foreign currencies and adopting the (clearing) system in trade exchange with various countries, it has come a long way in the mission of restoring market stability, getting rid of the dominance of the dollar, and strengthening The strength of the Iraqi dinar and its entry into the line of global commercial transactions.

Al-Atwani stressed, according to the statement, “the importance of this approach as an effective solution and a well-thought-out strategy to open new horizons that ensure facilitation of commercial transactions procedures at various levels.”

He renewed his full support for “the steps of the Central Bank of Iraq as it moves steadily towards developing real solutions to the crisis,” pointing out that “we are looking forward to other steps that will restore stability to the market and end the problem of fluctuating exchange rates and increasing demand for the dollar.”

https://www.iqiraq.news/economy/55423--.html#hathalyoum

Evening News with MarkZ. 11/24/2023

Iraqi Dinar🔥We've Got Exciting Updates On IQD Exchange Rates Today 2023🔥...

"RV UPDATE" BY CLARE, 24 NOV

Clare 

 Article:  "US approval to increase the dollar balances of 10 Iraqi banks" 

 Quote:  "The source explained that this agreement came in light of the recent meetings held by the Central Bank of Iraq with the American side, which resulted in an increase in the number of banks that can directly enhance their dollar balance to 10 banks, 5 of which are through Citibank, and the other five are through JP Morgan Bank."

Article:  "The dollar in Iraq.. Baghdad is planning “permanent solutions” with Washington, and Parliament describes the dialogues as “successful” 

 Quote:  "Monday (November 20, 2023), an informed source reported an expected meeting between the Central Bank of Iraq and the US Treasury Department next week."

Article: "An upcoming meeting between the Iraqi Central Bank and the US Treasury next week” 

 Quote "...new meeting between Iraq and the United States of America regarding the dollar...

On (last September 19) in New York, Iraqi Prime Minister Muhammad Shia al-Sudani informed the US Treasury Under Secretary of the expansion of his government’s work in reducing money laundering operations, while the latter indicated that the confidence of global financial institutions had been restored."

Article:  "Iraqi Banks Association: The dollar will fall to the rate of 1,400 dinars... and the date is expected"  Quote:  " The advisor to the Iraqi Banks Association, Samir Al-Nusairi, expected dollar prices to fall to 1,400 dinars during the first quarter of next year. "

Article Written by: Baqir Jabr Al-Zubaidi - former Minister of Finance "The ongoing dollar crisis" 

 Quote:  "The dollar crisis is a policy crisis of the continued American threat of sanctions, accompanied by the continued bleeding of the currency by private banks that are protected by some influential people, and this conflict is paid for by the citizen...

Solutions exist, and during our tenure at the Ministry of Finance (2006-2010), we succeeded in increasing the value of the dinar from (1,500 dinars to the dollar to 1,170 dinars to the dollar). We were planning to reach (1,000 dinars to the dollar) and then raise the zeros so that the dinar was equal to the dollar."

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-clare-22-nov_01959749207.html

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-bruce-samson-clare-23-nov.html