THE CENTRAL BANK OF IRAQ PRAISES THE WORK OF THE DEVELOPMENT BANK
Tuesday, December 12, 2023
Arab, foreign countries seek partnerships with Iraq Development Fund, 13 DEC
Arab, foreign countries seek partnerships with Iraq Development Fund
Baghdad (IraqiNews.com) – The CEO of the Iraq Development Fund, Muhammad Al-Najjar, confirmed on Monday that negotiations are taking place with several Arab and foreign countries expressing their desire to go into partnerships with the Iraq Development Fund.
Al-Najjar told the Iraqi News Agency (INA) that negotiations are ongoing with countries such as Saudi Arabia, Qatar, the UAE, and Italy to carry out projects in Iraq through the Iraq Development Fund.
The Iraqi official indicated that there are also negotiations related to investments with Japan.
Al-Najjar added that discussions are underway with six or seven sovereign development funds around the world to implement projects with the Iraq Development Fund in the six sectors where the fund is involved.
The Iraq Development Fund has six funds, which are the Environment Fund, the Digital Transformation Fund, the Housing Fund, the Industry Fund, the Agriculture Fund, and the Education Fund.
Al-Najjar explained earlier that the Iraq Development Fund will focus on activating the role of the private sector in strategic and development projects, which was not previously happening.
https://www.iraqinews.com/iraq/arab-foreign-countries-seek-partnerships-with-iraq-development-fund/
Awake-in-3D: Iraq’s Dollar Crisis and Lack of Confidence in the IQD, 13 DEC
Awake-in-3D: Iraq’s Dollar Crisis and Lack of Confidence in the IQD, 13 DEC
RV/GCR University 2: Iraq’s Dollar Crisis and Lack of Confidence in the IQD
On December 12, 2023
By Awake-In-3D
A Pragmatic Analysis of an Iraqi Dinar RV in Today’s Global Financial Landscape
This multi-part article series discusses the following subjects:
- Part 1: Iraq’s Dollar Crisis and Lack of Confidence in the IQD
- Part 2: The Current IQD Peg and Iraq’s Financial Constraints
- Part 3: Iraq’s Pivot Towards BRICS and Geopolitical Shift
- Part 4: Challenges Facing Iraq for an “Independent” RV at $3.00+ per IQD
- Part 5: A Gold-Backed PetroYuan as an IQD RV Solution
- Part 6: Why Saudi Arabia’s Recent Geopolitical Pivot Matters to Our RV/GCR
- Part 7: BRICS Alliance and its Potential Gold/Asset-Backed Common Trade Currency
- Part 8: A Pragmatic and Realistic Base Case for a Meaningful RV/GCR
Part 1: Iraq’s Dollar Crisis and Lack of Confidence in the IQD
PREMISE: Iraq, once a robust economic force with a currency $3.00 per IQD, now contends with a self-induced dollar crisis, evident in a pervasive lack of trust in the Iraqi Dinar (IQD).
The widespread reliance on the US dollar for daily transactions reflects a profound mistrust ingrained in Iraq’s political and economic landscape, exacerbated by government corruption, political instability, and the constant threat of terrorism.
The Central Bank of Iraq (CBI) and the Government of Iraq (GOI) have pegged the IQD at 1310 IQD/USD, pursuing a cautious route towards financial stability. However, the potential to re-peg the IQD at a higher rate, such as $1.00/IQD, encounters formidable obstacles rooted in existing instability and insecurity, posing a risk of economic chaos.
In a strategic shift away for the USA/Western alliance, Iraq turns towards the BRICS alliance, particularly fostering close economic ties with China and Russia, signaling a pursuit of stability and economic revitalization.
This re-calibration within BRICS, coupled with geopolitical shifts in global energy dynamics, provides Iraq a transformative prospect to break free from the conventional PetroDollar system and forge a new economic currency structure.
These significant geopolitical currents warrant a detailed analysis of Iraq’s economic challenges and, more critically, a realistic forward path for a significant RV of the Iraqi Dinar.
Iraq, once a thriving economic powerhouse, now grapples with a self-induced dollar crisis.
The Iraqi Dinar (IQD) finds itself on shaky ground, lacking the confidence of both citizens and institutions alike. In the daily transactions of Iraqi citizens, the prevalent use of dollars for everyday essentials reflects a pervasive mistrust in the national currency.
Iraqi banks further contribute to the dollarization phenomenon, driven by the reluctance of foreign businesses to engage in transactions using the Iraqi Dinar.
Iraq finds itself caught in a paradox – it has the potential to re-peg the IQD at a higher rate, but the existing issues of instability and insecurity act as insurmountable barriers. The increased US dollar reserves needed to support a high peg rate at this time would equate to financial suicide.
This crisis of confidence in the IQD is not arbitrary; it is deeply rooted in the political and economic landscape of Iraq.
Government corruption, political instability, and the persistent threat of terrorist activities within and around the country’s borders have created an environment where trust in the national currency is eroding.
The Central Bank of Iraq (CBI) and the Government of Iraq (GOI) attempt to maintain a semblance of stability by pegging the IQD at 1310 IQD/USD. However, this peg is not without reason; it is a cautious response to the challenges that a higher peg rate would bring.
Iraq finds itself caught in a paradox – it has the potential to re-peg the IQD at a higher rate, say $1.00/IQD, but the existing issues of instability and insecurity act as insurmountable barriers.
The increased US dollar reserves needed to support such a peg rate at this time would equate to financial suicide for Iraq.
The amplified instability and the deep-rooted no-confidence crisis would render such a currency RV attempt economically unsustainable at this time.
In response to these challenges, Iraq is pivoting away from its traditional alliances and turning towards the BRICS alliance, with a specific focus on bolstering strong economic ties with China and Russia.
A recent article highlighting Iraq’s strategic shift towards BRICS underscores the nation’s quest for stability and economic rejuvenation. In contrast to the perceived lack of interest or capability from the USA/Western alliance, China and Russia are seen as partners with a personal stake and the ability to help Iraq stabilize its economy – and a practical scenario for a significant RV.
An impending alignment of Iraq with BRICS raises questions about the future dynamics of the global energy markets, particularly in oil and gas.
The collaboration of Russia, Saudi Arabia, Iran, and potentially Iraq within BRICS is positioned to reshape the supply dynamics of global oil and gas.
As these nations assert dominance, the traditional PetroDollar system is expected to diminish rapidly. Iraq, finding itself at the crossroads, could emerge with the potential to embrace a new economic currency structure, breaking away from the reliance on the US dollar and the Euro.
Part 2 of this article series coming soon…
READ: Iraq is not in the same situation as Kuwait was in the 1991 Kuwaiti Dinar currency series upgrade.
"RV UPDATE" BY BREITLING, 13 DEC
Breitling
US dollar, Iraqi dinar - they have one of the biggest US dollar reserves on the planet. And that's what backs up their dinar (outside of their energy sales). They are not de-dollarizing to do business internationally without using the dollar...they're not getting rid of the US dollar. It's still part of their reserve. If they're going to sell oil to the United States they're going to use the US dollar...
The inflation for Iraq is artificial inflation. You go back and look, How many customers did Iraq have back in the day?
How much oil were they selling? What was the value of the currency back in those days? $3.22 value. How many customers do they have today? They have way more customers. They have more production. The price per barrel is more than in those days when it [the dinar] was $3.22. It's not a market bearing inflation, it's artificial inflation. They have more customers. They have a bigger reserve than they've ever had. One of the biggest in the world for the US dollar. That's the reality that you're looking at. You are sitting on a gold mine.
"RV UPDATE" BY MNT GOAT, 12 DEC
Mnt Goat
Article Quote: “covering imports from retailers Turkey in tens of millions of euros, through Iraqi merchants paying in Iraqi dinars and the Central Bank strengthening them in euros to settle with Turkish merchants in Turkish lira.”
...WOW! WOW! WOW! Iraq is paying for imports in dinars. We have been waiting for this news for so long now, almost 17 years... We also previously heard that Iraq is trading with Iran in dinars too... this is all VERY GOOD news as this is how international trade should work...
Article: "PARLIAMENTARY INVESTMENT AND DEVELOPMENT: THE INDUSTRIAL INVESTMENT LAW WILL BE APPROVED DURING THIS SESSION"Quote: "...the Industrial Investment Law has completed its first and second readings, and is ready for a vote in the House of Representatives during the current session..." This Industrial Investment Law goes hand in hand with the revaluation of the dinar and rebuilding of the economy. You can see it all coming together and 2024 will be explosive...
Iraq begins electoral silence on Friday. Documents, 12 DEC
Iraq begins electoral silence on Friday. Documents
2023-12-11 03:49Font
Shafaq News / The Media and Communications Commission announced, on Monday, that the “electoral silence” begins from next Friday, December 15, until the closure of the last electoral center.
This came in a book sent by the authority to media institutions in which it called on the institutions to abide by electoral silence and not to promote any entity or candidate.
Electoral silence is a period determined by law preceding every presidential or parliamentary elections, in which the practice of political propaganda is prohibited, during which all parties and independent and coalition parties are prohibited from exercising any activity within the framework of their electoral campaign, and in which candidates are strictly prohibited from carrying out any process that falls within the promotion, propaganda and winning the favor of voters.
China Praises Iraq's Efforts To Combat Corruption And Calls For The Speedy Conclusion Of The Memorandum Of Understanding, 12 DEC
China Praises Iraq's Efforts To Combat Corruption And Calls For The Speedy Conclusion Of The Memorandum Of Understanding
Economy | 12/12/2023 Mawazine News – Baghdad The Head of the Iraqi Federal Integrity Commission and the Director of the International Cooperation Directorate of the Chinese National Oversight Commission (Cai Wei) discussed mechanisms for exchanging experiences in the field of corruption prevention and efforts to combat it and signed a memorandum of understanding between the two sides in this regard.
Haider Hanoun confirmed, according to a statement from the Commission received by Mawazine News during the meeting that took place on the sidelines of the meeting of the tenth session of the Conference of the States Parties to the United Nations Convention against Corruption, which the United States is hosting in the period from (11-15) of this December, he confirmed, The importance of communication and cooperation with the Directorate of International Cooperation of the Chinese National Supervision Commission,” noting “the necessity of providing a safe environment for foreign companies operating in Iraq, especially Chinese ones.”
He praised what he called "the steadfastness of Chinese companies in the face of corrupt people, one of the reasons for which he attributed to the efforts of the Commission and the increase in the pace of the deterrent aspect through control operations."
For his part, Director of the International Cooperation Directorate of the Chinese National Oversight Commission (Cai Wei) pointed out that “the anti-corruption process requires great efforts and the concerted efforts of everyone in order to build and progress,” noting “the remarkable development in anti-corruption efforts in Iraq, both on the The deterrent level or the level of prevention and prevention of corruption.”
He renewed his country's support for the Republic of Iraq in this regard, and sought bilateral partnership in the areas of supporting anti-corruption efforts, calling on the presidency of the Commission to hold a special workshop in Beijing. To strengthen ties and prepare for the completion of the draft memorandum of understanding.
It is noteworthy that the United Nations Convention against Corruption and the decisions emerging from the meetings of the States Parties to it recommend that States Parties, when necessary and in a manner consistent with the Convention, conclude bilateral agreements among themselves related to cooperation in the field of preventing and detecting corruption crimes and prosecuting natural or legal persons who have committed them, and to cooperate in Close cooperation between them, in accordance with their internal legal and administrative systems, to enhance the effectiveness of law enforcement measures. Ended / 25 https://www.mawazin.net/Details.aspx?jimare=239211
"RV UPDATE" BY WALKINGSTICK, 12 DEC
Walkingstick
You are going to keep hearing more and more about the monetary reform education until they announce it. This monetary reform was once a secret but...now they're flat out telling you. That which was once a secret is no longer needed to be a secret. The secret is no more.
Question: "Do you think the tellers [In Iraq] have the lower denoms?" No. "...Executive levels?" Yes. Samples and specimens and LDs only at executive levels right now...
[Iraqi bank friend update]
IRAQI BANK FRIEND: The meetings we have had with the CBI we are learning the next steps. Also we talked about in the meeting we are seeing many people in Iraq now coming into the banks and asking questions and we have given the banks permission, they are now allowed to explain all about the monetary reform process and where it's at right now to the citizens as they ask...
One of their biggest questions is, 'Is it true we are getting a new currency? Yes. Are we going to receive more purchasing power with this new currency? Yes. Are we going to see a change in our exchange rate? Yes. Is this why we are removing the dollar? Yes.'
They keep asking questions over and over again. Also the question people are asking a lot about, 'When? And how much?' But at the meeting we agreed that the banks are not to be given that information just yet, not even the upper echelon. The banks are saying, "In the very near future."
These questions are due to the fact that it is no longer a secret...The monetary reform has been successful thus far.
Parliamentary Finance Expects A Decline In Dollar Prices In Iraq, 12 DEC
Parliamentary Finance Expects A Decline In Dollar Prices In Iraq
Economy | 12/12/2023 Baghdad - Mawazine News The Parliamentary Finance Committee revealed that the government has spent only 20% of the current year’s budget, and expected to release the rest of the budget on December 20, indicating that the government’s move towards currencies other than the dollar will reduce the pressure on demand for it and thus reduce its prices.
Committee member Jamal Cougar said that the government has spent only 20% of the current year’s budget, and it is assumed that after December 20, a good portion of the budget will be spent for a period of five days until the accounts are closed, noting that with the beginning of the new year, the year’s budget schedules are sent. Next.
He pointed out that the government's move towards currencies other than the dollar will facilitate the issue of trade, on the one hand, and push traders to deal with the platform more and reduce pressure on the dollar instead of focusing on it, stressing that it will contribute to stabilizing its official price.
https://www.mawazin.net/Details.aspx?jimare=239198
"RV UPDATE" BY MARKZ, 12 DEC
MarkZ
There is nothing negative. Some folks are still thinking it will happen mid-month while others think it will be the first of January. Either way –there is nothing negative right now. In fact everything is very positive.
Bank story...sent to me…: A couple of weeks ago I had a team meeting with a VP of a bank. This is a smaller bank. T hey wanted to know which bonds and currencies I had. They needed to know what I had – in order to set up my appointment and see if they could handle my (exchange) apt. there or if they needed to send them to a larger bank. (Like Wells Fargo) or a military base. So this was a “sit-down” with a high level person at a small bank.
Banking people are telling us we are in the window between now and the first of the year.
Parliamentary Finance: Spending only 20% of the current year’s budget, 12 DEC
Parliamentary Finance: Spending only 20% of the current year’s budget
12/12/2023
Baghdad: Shaima Rasheed
The Parliamentary Finance Committee revealed that the government has spent only 20% of the current year’s budget, and expected to release the rest of the budget on December 20, indicating that the government’s move towards currencies other than the dollar will reduce the pressure on demand for it and thus reduce its prices.
Committee member, Jamal Kujar, said in an interview with “Al-Sabah”: The government has spent only 20% of the current year’s budget, and it is assumed that after December 20, a good portion of the budget will be spent for a period of five days until the accounts are closed, noting that with the beginning of New Year Next year's budget schedules are sent.
He pointed out that the government's move towards currencies other than the dollar will facilitate the issue of trade, on the one hand, and push traders to deal with the platform more and reduce pressure on the dollar instead of focusing on it, stressing that it will contribute to stabilizing its official price. LINK
Baghdad to impose new measures to protect diplomatic missions, 12 DEC
Baghdad to impose new measures to protect diplomatic missions, 12 DEC
Baghdad (IraqiNews.com) – The media advisor to the Prime Minister, Hisham Al-Rikabi, announced on Saturday the Iraqi government’s intention to take new security measures to protect diplomatic missions and the international coalition in Iraq.
Al-Rikabi’s statement comes one day after a missile bombardment targeted the US Embassy inside the Green Zone in central Baghdad.
The Iraqi official told Sputnik that the Iraqi government is committed to protecting diplomatic missions and the headquarters of the international coalition in the country, adding that there are measures that will be taken in this regard.
Al-Rikabi also elaborated that the Iraqi security agencies will continue to pursue anyone who tries to target the diplomatic missions and the international coalition.
Around seven mortar rounds landed in the US Embassy compound in Baghdad during an attack early on Friday, a US military official told Reuters.
Experts said that the attack is the largest of its kind against a US facility in Iraq.
A US defense official also mentioned that at least three missile and drone attacks targeted US forces in different sites in Syria, and two attacks against US personnel stationed in western Iraq took place on Friday.
Iraqi armed groups supported by Tehran have claimed responsibility for more than 70 similar attacks on American forces since October 17 in response to Washington’s support for Israel in its war in Gaza.
The attacks stopped during a recent ceasefire between Israel and Hamas but resumed after the end of the truce.
https://www.iraqinews.com/iraq/baghdad-to-impose-new-measures-to-protect-diplomatic-missions/
Iraqi PM affirms Iraq’s commitment to protecting diplomatic missions, 12 DEC
Iraqi PM affirms Iraq’s commitment to protecting diplomatic missions
Baghdad (IraqiNews.com) – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, confirmed on Monday Iraq’s commitment to protecting military advisors and diplomatic missions working in Iraq in accordance with international laws and agreements.
Al-Sudani’s remarks took place during a phone call with the Secretary of State for Foreign, Commonwealth, and Development Affairs, David Cameron, according to a statement cited by the Iraqi News Agency (INA).
The discussion between the two sides addressed ways to strengthen relations between both countries as well as the political and security situation in the region and the latest developments in the Palestinian issue.
Al-Sudani emphasized that the Iraqi government is serious about prosecuting perpetrators of attacks against diplomatic missions and international coalition forces.
The Iraqi Prime Minister said that the ongoing Israeli aggression in Gaza will destabilize security in the region and the world, especially with the killing of innocent civilians in Gaza, which is a clear violation of international and humanitarian laws.
Al-Sudani’s statement comes two days after a missile bombardment targeted the US Embassy inside the Green Zone in central Baghdad.
Al-Sudani also indicated that the permanent members of the UN Security Council should have supported the call for a ceasefire presented by the UN Secretary-General, Antonio Guterres, to the UN Security Council.
Guterres activated Article 99 of the UN Charter, which says that the secretary general may bring to the attention of the Security Council any matter that, in his opinion, may threaten the maintenance of international peace and security.
The 15-member UN Security Council has repeatedly failed to adopt a resolution requesting a quick cease-fire; thus, the article—which has not been invoked in decades—has been activated.
Over 16,000 Palestinians have lost their lives as a result of Israeli bombardment since the conflict began on October 7 following a 1,200-person Hamas surprise strike on Israel.
https://www.iraqinews.com/iraq/iraqi-pm-affirms-iraqs-commitment-to-protecting-diplomatic-missions/
"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 12 DEC
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: It's a campaign. They are doing this constantly. They keep telling us they want to build up the dinar and make it the gateway of the country. That's what they're telling us - Strength.
FRANK: Is this strength at a program rate? Of course not.
FIREFLY: Did you see this [sends video]? …They are talking about how the dinar is about to become stronger. Then a commercial comes out talking about how strong the dinar is already and will be even stronger very soon…It’s about the strength of the dinar, telling them to use it for everyday things and will only get stronger and stronger.
FRANK: You better be ready Iraqi citizens! In my interpretation of it…This is part of the monetary reform education they are teaching the Iraqi citizens that they will soon have value added to their currency…
Community comment:
“The future of Iraq is on the conference table in Dubai.”
You better believe it is…It doesn’t get any more plainer. It doesn’t get any more obvious.
FIREFLY: It’s a campaign they told us today. They keep repeating it over and over. It’s a campaign they are doing they say to build up the dinar, to make it the gateway of the country. That’s what they’re telling us. They’re adding strength to our currency.
FRANK: I know what they are trying to tell you… Is there strength in a program rate? Of course not. They’re preparing you…
https://dinarevaluation.blogspot.com/2023/12/iraq-boots-on-ground-report-by-firefly_0532705014.html
Iraq tops the list of Arab oil-exporting countries to America in a month, 12 DEC
Iraq tops the list of Arab oil-exporting countries to America in a month
2023-12-12 04:54Font
Shafaq News / Iraq topped the list of Arab countries exporting oil to America, during the month of last October.
Data issued by the US Department of Commerce, seen by the Sfaq News Agency, indicated that the value of Iraq, Saudi Arabia, Libya and the UAE’s oil exports amounted to $1.58 billion to America last month.
Total crude oil exports to 4 countries: Iraq, Saudi Arabia, Libya and the UAE to the United States amounted to 18.687 million barrels in October, worth $1.581 billion.
Iraq tops the list of Arab oil-exporting countries to America in October, where its exports amounted to 574.86 million dollars for quantities of about 7.48 million barrels, while last September 7.5 million barrels were issued at $553.35 million.
Saudi Arabia came in second place with oil exports of 7.316 million barrels last month, worth $674.16 million, while its exports during September amounted to about $873.75 million, amounting to 9.972 million barrels.
Libyan oil exports to America in October ranked third in the Arab at 2.287 million barrels, worth $200.165 million, compared with 1.645 million barrels worth $137.884 million in September.
The UAE ranked fourth by exporting oil to the United States last month with a value of $132.201 million, and in quantities of 1.599 million barrels, while its exports to the United States in September amounted to about $131,651 million, with an amount of 1.598 million barrels.
Total UAE oil imports during the first four months of this year reached 1.427 million barrels with a total value of $123.169 billion.
US data showed that oil imports in the United States last October amounted to about 185.519 million barrels worth $14.582 billion, while in September it amounted to 193.445 million barrels worth $14.8 billion.
https://shafaq.com/ar/اقتصـاد/العراق-يتصدر-قا-مة-الدول-العربية-الم-صدرة-للنفط-لى-مريكا-في-شهر
"STATUS OF THE RV" BY DINAR IRAQ AND DONG VIETNAM, 12 DEC
STATUS OF THE RV
I was told discussions conducted by a joint Iraqi delegation (the government, the central bank, the Association of Iraqi Private Banks, and the banking sector represented by a number of private banks) were completed in Istanbul returned to Baghdad on Friday.
Then this article pops out.
The article told us about the meeting and the implementation of the banking arrangements agreement that were concluded with Turkey, last week, it started and I quote from the article – “covering imports from retailers Turkey in tens of millions of euros, through Iraqi merchants paying in Iraqi dinars and the Central Bank strengthening them in euros to settle with Turkish merchants in Turkish lira.”
In other words, the merchants are now able to pay for imports in dinars and the CBI is backing them with Euros and Lira.
Sort of like a temporary peg for the dinar but right now only with Turkey, as per an agreement.
But soon this too will change.
Iraq is paying for imports in dinars.
We have been waiting for this news for so long now, almost 17 years.
We also previously heard that Iraq is trading with Iran in dinars too.
The CBI is also backing a % of them with Euros.
Why are they backing the dinar with Euros and Lira or any other currency?
Until they reinstate the dinar into the new basket of 6 currencies, the CBI must back the dinar with something as part of their agreements.
Remember using the dinar right now at 1/6 of a penny is not exactly the perfect situation.
Also remember many middle eastern countries still look at Iraq as a bit unstable with the Iranian militia and US Army forces still occupying the country.
So, this too has to change soon and we can clearly see the urgency to do so.
What else is significant about this latest news?
We know the Iraqi dinar is now off the dollar peg and this is yet more proof and confirmation of that FACT.
So, the CBI is using Euros and Lira currencies but staying away from the dollar as a temporary peg measure.
This may vary depending on what country they are doing business with.
But this is all VERY GOOD news as this is how international trade should work and not use currency auctions and a sanctioned suppressed rate solely pegged to any currency such as the US Treasury did in 1991 with the Iraqi dinar to the US dollar.
But the good news is that it is now time for Iraq to bounce back and stop licking its wounds.
It is time to lift the remaining sanctions against the dinar namely the OFAC sanctions by the US Treasury which prohibit it from being reinstated on the global currency trading platforms.
Oh but this too is about to change and is coming shortly.
Remember that in the Iraqi Shafaq News last week there was an article encouraging that the dealing with the local currency dinar, under the current economic conditions in the country, is an important issue, especially with the government’s tendency to “strengthen” the Iraqi dinar against other hard currencies, especially the dollar, as well as seeking to present it first in order to be a “issue of a homeland” in a real way.
So just recently Iraq now began broadcasting news in-country to the citizens that the dinar is an “issue of a homeland” in a real way.
This video below is a patriotic video, it is telling the people that the dinar is valuable and will revitalize the nation.
If you pay attention to the scenes in the video you will see schools, construction sites, businessmen and woman, bankers etc.
It DOES NOT say the dinar is going to be stronger than the dollar, but it does tell the citizens they should be very proud of their national currency and that it is very valuable.
So, now showing you evidence that something BIG is about to happen with the dinar.
2023-2024 – Iraq national campaign to revitalize the dinar
In the article from last week the government also is encouraging in dealing in the dinar in all daily transactions, the dinar is called “to be a door to build the country again, and seek to strengthen and promote the Iraqi economy, and reduce dependence on other foreign currencies”, so that according to government trends is fixed and the rest are variables, so that the dinar is a gateway to sustainable development and prosperity at all levels.
I noticed every once in a while, there is news about the hoarding of dinars and they tell us how much is estimated to be in circulation but outside the banking system.
However, what makes today’s article unique is that it talks about what I believe are our dinars as investors abroad, outside of Iraq.
They must collect our dinars too and take them into account, which it sounds like they are now doing.
Its all good news.
Still no newer lower denominations but we are getting very close to the timeframe I was told for the process of the currency swap out to begin and the final program rate change necessary to conduct it.
Let’s see what happens in the coming weeks.
As you may have read that since the Israeli / Hamas war began last October, we have seen a surge of bombings of US military bases in Iraq.
But who is responsible for these attacks?
We are witnessing a lot of false information on the attacks of the US bases in northern Iraq.
Like I told everyone these Iranian militia are going to ultimately cause trouble and should be kicked out of Iraq altogether.
So, we also see US Ambassador Alina Romanowski’s tweet about justifying the bombing of the Popular Mobilization Forces is a transgression against the blood of Iraqis.”
This too in Iraq is not helping the situation.
This has caused cries to expel her from the embassy.
We can see yet more pressure to remove the US armed forces from Iraq.
These sentiments also come on the heals of the push for more control by Iraq of its reserves from the US banks in America.
This is all predicated on the fact that all sanctions are supposed to be lifted from Iraq as of last December 2022 so why still have many of these sanction-like provisions of the currency are monetary reserves in place?
Here it is almost mid December already and so if the CBI is truly going to reinstate the dinar in early January of next year, we must hear some good news about the currency sway very soon..