If they're going to make a change at all it's going to be happening at the end of this month or at the beginning of next month. It's too expensive, too chaotic, not to mention it's very disruptive of the economy because people have to turn around and re-budget everything and that takes time and nobody want to go through that hassle partway through the year . If it's going to happen it's going to happen between now and the beginning of next month.
Remember the goal is to become a cashless society...Just because they're doing away with the US dollar has nothing to do with them changing the Iraqi exchange rate. I did say IMO towards the end of the first quarter, the beginning of the second quarter you might see a bump in the Iraqi dinar exchange rate only because of supply and demand. If they do away with using the US dollar and they start using Iraqi dinar more in country, that's going to strengthen the Iraqi dinar. Plus there's going be a much larger demand for the Iraqi dinar because the dollar won't be around anymore for them to use...
Sudanese Advisor: The government's battle with the dollar is nearing its end
Baghdad
The media advisor to the Prime Minister, Hisham Al-Rikabi, confirmed today, Sunday, that the Iraqi government’s battle with speculators in the dollar exchange rates is nearing its end .
Al-Rikabi said in a blog post on the “X” platform, which Al-Ghad Press viewed, that “the will that the Sudanese government possesses to carry out reform within the financial institutions in Iraq and the insistence on correction were important factors in strengthening confidence between Baghdad and Washington, and constituted a positive step in achieving success.” inside ".
He added: "We said it before and we confirm it today. Our battle with the dollar is almost over ."
Today, Sunday, the local markets witnessed a decline in the exchange rates of the dollar in the parallel market to 150 thousand dinars .
Yesterday, Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed that the dollar exchange rates in the parallel market began to approach the official price set at 1,320 dinars per dollar after the recent measures taken by the Central Bank and the Iraqi government .
Earlier today, Sunday, the United States pledged to continue providing “dollar services” to Iraq in the interest of economic stability .
The US ambassador to Baghdad, Alina Romanowski, said in a blog post seen by Al-Ghad Press that the United States “continues its cooperation with the Central Bank of Iraq. Many Iraqi banks have now formed relationships with international banks for the first time, which is a positive step in making progress in reforming... The banking sector". LINK
Mawazine News – Baghdad The exchange rates of the US dollar continue to decline against the Iraqi dinar in the local markets in the capital, Baghdad, and the provinces. Dollar prices fell with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 150,200 Iraqi dinars against 100 dollars, while this morning it recorded 151,950 Iraqi dinars against 100 dollars . Selling prices in banking shops in local markets in Baghdad declined, as the selling price reached 151,250 dinars for 100 dollars, while the purchase price reached 149,250 dinars for 100 dollars. It is noteworthy that the Federal Reserve Bank, the US central bank, imposed procedures and restrictions on external financial transfers from Iraq, to ensure that they do not reach Tehran and Damascus.
US BANKS HAVE THE RATES, SAID THEY WERE WAITING FOR FOREX TO LOAD BEFORE THEY CAN START ...THEY "THOUGHT" IT WOULD BE AT OPENING ON SUNDAY EVENING, BUT NOT YET. FEDERAL RESERVE IS SENDING ALL STAFF IN TOMORROW NIGHT TO OBSERVE THE "TRANSACTION".
.. .I DO "BELIEVE" THAT IT HAS BEGUN!! RATES DID CHANGE IN IRAQ LAST WEEK...MAYBE AGAIN OVER THE WEEKEND ?
WAITING TO HEAR FROM SOME FOLKS WHO WERE EXCITED LAST NIGHT AND WERE LOOKING TO SEE SOMETHING (BEHIND THE SCENES) THROUGHOUT THE NIGHT...TIME WILL TELL
Washington reaffirms commitment to continuously provide dollar services to Iraq
Shafaq News / The US Ambassador to Baghdad, Alina Romanowski, reiterated her country's commitment on Sunday to continue providing dollar services to Iraq.
In a post on X platform, Romanowski wrote, "The US Treasury continues its cooperation with the Central Bank of Iraq (CBI)," noting that "several Iraqi banks have now formed relationships with international banks for the first time, a positive step in making progress on banking sector reform."
She concluded by stating, "We will continue to provide US dollar services to Iraq in the interest of economic stability."
Earlier, on November 29, 2023, the US Wall Street Journal revealed that Washington declined Iraq's request for one billion dollars in cash from the Federal Reserve, citing concerns about Baghdad's use of the dollar conflicting with their efforts to curb it and halt illicit cash flows to Iran.
The American newspaper quoted US officials saying, "Cash in the hands of Iraqis has become a profitable source of dollars that flow illicitly to militias, corrupt politicians, and Iran."
Furthermore, i n early October, CBI affirmed that dollar shipments sent by the Federal Reserve adhere to agreed-upon schedules and timelines between the two monetary institutions.
Question: "When we go to exchange is the removal of the 3-zero notes going to affect the value of our dinar?"
If you look at the American currency...we actually have a $500...$1,000...$10,000 bill...but after World War II our country become very powerful and we got rid of the 3 zeros just what Iraq is doing but we didn't do it physically. We did it on our exchange rate... Those zero notes are still legal tender...
The dollar is slowly going down in value inside of Iraq.
The Iraqi citizens are removing the dollar from their lives whether it be usage in commercial transactions, business, at the markets. By doing that they're using their currency the way they were told to do. That action is causing the dollar to lose ground and the Iraqi dinar to gain ground.
Iraq, Kurdistan's trade ministers meet for talks on joint business regulations
Shafaq News/ The trade ministers of the Iraqi federal government and the Kurdistan Regional Government (KRG) met on Sunday for talks on establishing a framework for cooperation in a bid to address strained ties between the two sides.
The meeting, held in Baghdad, was attended by Iraqi Minister of Trade Atheer Dawoud al-Gharari and KRG Minister of Trade and Industry Kamal Muslim Said.
The ministers, according to a readout by the federal ministry, discussed a spectrum of controversial issues, including the unification of import and export licenses, company registration, trade fairs, and the automated ration card system.
"Al-Gharari stressed the importance of cooperation between the two governments in all areas of common interest, particularly in the areas discussed at the meeting," the readout said. "He said that such cooperation would help to provide the best possible services to the people of Kurdistan, as well as to facilitate trade and commerce between the two regions."
Said echoed the federal minister's remarks and assured that "such cooperation would help to address any outstanding issues and facilitate regular procedures."
The ministers agreed to hold follow-up meetings to discuss the specific issues raised at the meeting. They also agreed to work together to develop a joint understanding and framework for cooperation.
Inflation...political stability... balance of payment...national debt...recession - each of these seven categories helps determine the currency rate of any country...We want to wish each of you a happy holiday..
Article: "Iraq links Baghdad US embassy attackers to security services"
The attacks against US forces have continued. The Iraqi government said several people who are alleged to have attacked the US embassy in Iraq last week have links to the country security services...
Article: "Iraqi council elections: Almost 17 million voters head to polls on Monday"
Iraqis have begun voting for the first time in a decade to select new provincial council members who in turn will appoint governors...results are expected to be announced on Tuesday.
Iraq cuts oil production by 223,000 barrels per day voluntarily. Iraq is over 90% dependent on oil revenue and oil prices, therefore when OPEC speaks we listen and we listen very carefully, almost as carefully as when the CBI makes and announcement.
Article: "CIA warns Baghdad of serious consequences if attacks against US personnel continue"Since October 17th the US presence in Syria and Iraq has been under constant threat.
[We] tried to ignore this news however, that is not possible Article: "Iraqi PM places security forces under investigation over US embassy attack" Iraq is doing what they can, but have not been able to stop the attacks against American Forces in Iraq. Article: "Iran-backed militia vows more attacks after US Embassy in Iraq comes under fire" When you attack the embassy of another country, this is far more serious.
The Central Bank of Iraq confirmed some Iraqi banks are transferring dollars from their accounts to intermediary banks who are distributing the dollars to their customers. The Central Bank of Iraq said this will contribute to reducing the exchange rate of the parallel dollar...[We're] thinking this is to keep the black market intact. This means the decision to only use Iraqi dinar in all transactions beginning January 1, 2024 may cause concerns and the Central Bank of Iraq is making moves to control any possible issues.
Article: "Inflation rate in Iraq declines in 2023 compared to 2022"
The Central Bank of Iraq announced the inflation rate decreased in 2023 compared to 2022. Inflation in Iraq reached approximately 3.7% in August 2023, compared to 4.4% in August 2022. Iraq's inflation rate is good compared to many countries where inflation has reached 30% and 40%...
Wealthy Iraqis move to the Caribbean. Guess who's on the list? ...The leader of the Kurdistan region and the former governor of the Central Bank of Iraq and other businessmen suspected of corruption...Iraq's politician are monitored by the organized Crime and Corruption Report Project (OCCRP)...This is part of the effort to catch
individual involved in corruption.... The project reported the purchase of Dominica (tiny Caribbean island) citizenship...enabling them to travel worldwide without a Visa...This country's visa is magical. Citizens can travel to 144 countries without a visa..
The country has no tax on foreign income, capital gains, inheritance, stock profits, wealth or gifts...The former Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, obtained Dominica citizenship in 2017 along with his wife and two children and did not renounce it upon his appointment as governor of the CBI which was clear violation of article 18 paragraph 4 of the Iraqi Constitution. He held the position of governor of the Central Bank of Iraq from September 2020 until his removal by the current prime minister on January 23, 2023.. .
There are corruption questions...a legal complaint... has been filed due to the loss and depletion of millions of dollars regarding forged import documents.
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...
Article: "Inflation rate in Iraq declines in 2023 compared to 2022"
The Central Bank of Iraq announced the inflation rate decreased in 2023 compared to 2022. Inflation in Iraq reached approximately 3.7% in August 2023, compared to 4.4% in August 2022. Iraq's inflation rate is good compared to many countries where inflation has reached 30% and 40%...
Wealthy Iraqis move to the Caribbean. Guess who's on the list? ...The leader of the Kurdistan region and the former governor of the Central Bank of Iraq and other businessmen suspected of corruption...Iraq's politician are monitored by the organized Crime and Corruption Report Project (OCCRP)...This is part of the effort to catch
individual involved in corruption....The project reported the purchase of Dominica (tiny Caribbean island) citizenship...enabling them to travel worldwide without a Visa...This country's visa is magical. Citizens can travel to 144 countries without a visa..
The country has no tax on foreign income, capital gains, inheritance, stock profits, wealth or gifts...The former Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, obtained Dominica citizenship in 2017 along with his wife and two children and did not renounce it upon his appointment as governor of the CBI which was clear violation of article 18 paragraph 4 of the Iraqi Constitution. He held the position of governor of the Central Bank of Iraq from September 2020 until his removal by the current prime minister on January 23, 2023...
There are corruption questions...a legal complaint... has been filed due to the loss and depletion of millions of dollars regarding forged import documents.
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...
Shafaq News / A knowledgeable governmental source revealed on Sunday that Prime Minister Mohammed Shia al-Sudani directed the formation of a joint Iraqi-Turkish economic committee encompassing various governmental entities and private sector representatives from both countries.
The source, speaking to Shafaq News Agency, emphasized, "al-Sudani's directives come in light of the positive developments witnessed in the US dollar exchange market for the sake of economic stability."
It was further detailed that the directive includes "establishing an Iraqi-Turkish joint committee representing market forces, Iraqi and Turkish economic organizations. From the Iraqi side, it involves the Iraqi Private Banks League, the Iraqi-Turkish Business Council, the Iraqi Chambers of Commerce Federation, and the Iraqi Contractors Union, with their counterparts from the Turkish side."
The source added that "the committee will convene semi-annually and submit its reports to the Prime Minister, aiming to serve the strategic partnership between the neighboring countries."
Additionally, the directive encompasses "initiating direct dialogue on the subject of the 'reciprocal deal' by negotiating directly with the Turkish Exporters' Assembly and the Turkish Central Bank in coordination with the Iraqi Central Bank due to the high desire of the Turkish side to pay in the local currency."
Closing the statement, the source noted that this initiative also aims "to finance a portion of the four supportive baskets (food, pharmaceuticals, construction, spare parts) proposed in the Prime Minister's policy to defend price stability in Iraq."
The US dollar exchange rates against the Iraqi dinar witnessed a gradual decline since the beginning of the current month, dropping from nearly 170,000 Iraqi dinars per 100 dollars last month to 150,000 dinars per 100 dollars on the Sunday of the current week.
In this context, the Iraqi government perceives the decrease in the dollar price as a result of several factors, including "Iraq's high reserves of foreign currency."
Muthanna Mohammed Saleh, the financial and economic advisor to the Prime Minister, explained to Shafaq News Agency that "one of the reasons for the decrease in the exchange rate of the dollar in the parallel market is Iraq's high reserves of foreign currency and good management of foreign trade financing during the past period."
Saleh highlighted, "the parallel market is gradually approaching the official central market due to the regularity of private sector foreign trade through the compliance platform and the significant flexibility exhibited by banks in dealing with this platform to secure transactions."
Member: Merry Christmas Adam…… (Tomorrow is Christmas Eve) LOL
Member: I received interesting news from a bondholder. Yesterday a notary came to sign the documents from Reno.
MZ: There are very interesting comings and goings in the historic bond market right now. Some people are told very different things than others.
MZ: So far, Iraq is pretty quiet. One of my sources believes that the local elections had some effect on our schedule and are finishing the vote count before publishing the rates. If accurate...the count should end approximately the next day, possibly as early as today.
Member: Are you hearing anything about the Venezuelan bolivar?
MZ: We're hearing some interesting things about BolÃvar. “Venezuela reveals the official exchange rate of the sovereign bolivar” It seems that they are taking measures to shore up their currency to a large extent…..
Member: Bolivar now displayed in currency converter XE 35.471 to 1USD
MZ: That is a substantial change in value. Unfortunately we can't change it yet... but we are looking for places.
Member: I went to the bank the other day and they told me that the changes are not taxable. This is in Canada.
Member: Trades should not be taxed...but be prepared.
Z: That's how I see it. We have shared this memo from the US State Department directly regarding Iraq. Go to section 6 Financial Sector: The last sentence says “There are no taxes or subsidies on the purchases or sales of foreign currency.” https://www.state.gov/.../2022-investment-climate.../iraq/
MZ: MilitiaMan just published a wonderful summary of the Iraq articles this week. He is pointing out all the companies and countries that now deal directly with Iraq. Make sure you go see it.
MZ: Nader is doing a live Q&A right now...be sure to listen to that too.
Member: Wolverine said that his high contact Mauricio said that we are going to have a very merry Christmas.
MZ: “The electoral results will undergo changes after the counting of the special vote” They are finishing the counting of the local elections…
MZ: I have a source in Iraq who believes they will publish the rate in Iraq as soon as they finish seating these new elects. Possibly in about a day or as soon as today.
MZ: “ BRICS: US dollar reserves fall by 6.5%, but local currencies rise by 3.65%” Among the BRICS countries they are dumping their US dollars to support their local currencies.
MZ: From Watcher Guru and the official BRICS Twitter account post this “How Bitcoin Can Help the BRICS Alliance Ditch the US Dollar.” In other words, crypto/blockchain currencies can help them break Western hegemony. It is important to pay attention to this one. It is the future of money.
Member: I hear a lot of stories about “rates on bank screens”, but how many can actually change now?
MZ: Maybe a handful if the bank teller makes a mistake. But then I guess it will be corrected or reverted until the time comes.
Member: Merry Christmas everyone. I hope everyone has a blessed weekend and can be with their family and loved ones. Thanks for all you do, Mark and Mods.
Member: Merry Christmas to all and for all, good night.
Member: And God bless us all!!!
TRANSLATION IN SPANISH:
Charla de fin de semana con MarkZ 23-12-2023
Miembro: ¡Feliz Navidad a todos!
Miembro: Feliz Navidad Adam…… (Mañana es Nochebuena) LOL
Miembro: Recibà noticias interesantes de un tenedor de bonos. Ayer vino un notario para firmar los documentos de Reno.
MZ: Hay idas y venidas muy interesantes en el mercado de bonos histórico en este momento. A algunas personas se les dicen cosas muy diferentes a las que se les dice a otras.
MZ: Hasta ahora, Irak está bastante tranquilo. Una de mis fuentes cree que las elecciones locales tuvieron algún efecto en nuestro calendario y están terminando el recuento de votos antes de publicar las tasas. Si es exacto... el conteo deberÃa finalizar aproximadamente al dÃa siguiente, posiblemente tan pronto como hoy.
Miembro: ¿Está escuchando algo sobre el bolÃvar venezolano?
MZ: Estamos escuchando algunas cosas interesantes sobre el BolÃvar. “Venezuela revela el tipo de cambio oficial del bolÃvar soberano” Parece que están tomando medidas para apuntalar su moneda en gran medida…..
Miembro: El bolÃvar ahora se muestra en el convertidor de moneda XE 35.471 a 1USD
MZ: Ese es un cambio sustancial de valor. Lamentablemente no podemos cambiarlo todavÃa… pero estamos buscando lugares.
Miembro: Fui al banco el otro dÃa y me dijeron que los cambios no están sujetos a impuestos. Esto es en Canadá.
MZ: Asà es como yo lo veo. Hemos compartido este memorando del Departamento de Estado de EE.UU. directamente sobre Irak. Ir a la sección 6 Sector Financiero: La última frase dice “No existen impuestos ni subsidios sobre las compras o ventas de divisas”. https://www.state.gov/.../2022-investment-climate.../iraq/
MZ: MilitiaMan acaba de publicar un maravilloso resumen de los artÃculos de Irak esta semana. Está señalando todas las empresas y paÃses que ahora tratan directamente con Irak. Asegúrate de ir a verlo.
MZ: Tengo una fuente en Irak que cree que publicarán la tasa en Irak tan pronto como terminen de sentar a estos nuevos electos. Posiblemente en aproximadamente un dÃa o tan pronto como hoy.
MZ: “ BRICS: las reservas de dólares estadounidenses caen un 6,5%, pero las monedas locales aumentan un 3,65 %” Entre los paÃses BRICS se están deshaciendo de sus dólares estadounidenses para respaldar sus monedas locales.
MZ: De Watcher Guru y la cuenta oficial de Twitter de los BRICS publican esto "Cómo Bitcoin puede ayudar a la alianza BRICS a deshacerse del dólar estadounidense". En otras palabras, las monedas cripto/blockchain pueden ayudarlos a romper la hegemonÃa occidental. Es importante prestarle atención a este. Es el futuro del dinero.
Miembro: Escucho muchas historias sobre “tasas en las pantallas bancarias”, pero ¿cuántos pueden cambiar realmente ahora?
MZ: Quizás un puñado si el cajero del banco se equivoca. Pero luego supongo que se corregirá o revertirá hasta que llegue el momento.
Miembro: Feliz Navidad a todos. Espero que todos tengan un bendecido fin de semana y puedan estar con sus familiares y seres queridos. Gracias por todo lo que haces, Mark y Mods.
Miembro: Feliz Navidad a Todos y para Todos, buena noche.