We know they are going to do away with using the US dollar the beginning for 2024. Let's see how this effects the Iraqi exchange rate. Like I anticipated this should strengthen the Iraqi dinar in a major way and hopefully soon after that it affect the exchange rate...
Article: "Advisor to the Sudanese: We aspire to end of the parallel market for the dollar in the coming days" We know they've been talking about that now for quite some time. Supposedly the beginning of this next year they're going to do away using the US dollar and just start using Iraqi dinar for their transactions. Their goal is to get rid of the parallel market all together...
Iraq has experienced multiple devaluations and revaluations of the currency...From 1988 to currently where we are these are the major events that affected currency. 1988 the IQD as introduced. This was replacing the IQP (Iraqi pound). This was done at a fixed rate of 1 to 1.
You could exchange your IQP straight across 1 for 1 for the Iraqi dinar (IQD). 1990 when Bush went to war with Iraq of course the gulf war caused significant devaluation of the IQD. The currency lost about 80% of its value against the US dollar. You could exchange 1 Iraqi dinar for $0.31 cents US.
The funny thing is I would take that right about now because I have about four or five million Iraqi dinars. If it jumped up to $0.31, woo, I'd be happy with that because I'd get over a million dollars back. 1995 the IQD was officially pegged to the US dollar at a fixed rate of 1 IQD for $2.85 USD. 2003 we know the US led an invasion of Iraq...
This led to economic instability and currency fluctuations. The Iraqi dinar was devalued to around 1 IQD for $1.30 USD...Got rid of the ones with the faces of Saddam Hussein... 1 new IQD was equivalent to 1,000 old IQDs. In 2012 the central bank...allowed the IQD to float freely. This led to a significant devaluation of the currency with the IQD losing 20% of its value...
2014 IQD experienced another devaluation. This time it was due to the decline in oil prices and conflict with ISIS. The currency lost about 15% of its value against the USD. [Later] the CBI implemented a new exchange regime allowing the IQD to float freely against the basket of currencies. This led to further devaluation of the currency with the IQD losing another 10% of its value against the US dollar and then not even a year later to turn around and...increase the value of the Iraqi dinar exchange rate...So yeah at one time the Iraqi dinar was more valuable than the US dollar. Do I think it can get there again? Of course I believe that absolutely but there are hurdles that Iraq has to get over.
Welcome everybody to the day after Christmas - Welcome to the Big call. Welcome to boxing day as it were celebrated in the UK we're thrilled to be here after Christmas So welcome everybody. Today is Tuesday, December 26 are in fact listening to the big call. We're glad you're here. Thanks for coming in and everyone and let's go ahead and rate the call and then
If we get into where we're supposed to be on Intel, I can tell you this much. We thought we wou ld get our notifications mid morning today. This came from some pretty strong sources and we have, we did not receive it today. But I think I know why. It's not just because of boxing day, although that might have been a little bit of a factor. But I think it's more based on the fact that we did get rates on the bank screens that were not on the bank screens yet.
In fact, last Friday, after the last big call we did Thursday night, I found that the Iraqi dinar was on the redemption centers, screens not on the bank screens, not on the Forex - now the forex shuts down between 5 pm Friday, all the way to 5 pm Sunday. Eastern time – and open back up Sunday - Christmas Eve at five o'clock and we got some pretty good response that that had happened.
But some of the other rates are also going to show up and be traded on the forex starting at five o'clock on Sunday. And that's what's happened to get us to where we are today. Because right now, today, we had screen rates at the banks. We didn't get the rates at the redemption centers today, but we did get the rates at the bank. and of all of those currencies that are going up in value - Most of them are in a range - Very nice range.
And they'll settle in between four and seven. Four and seven is where they're going to settle in. Now the dinar is much higher, and even on even on the bank screens, it's much higher and the Dong may be maybe higher as well as some of the general currencies like the Indonesian rupiah - the Afgahni - the Venezuelan Bolivar - I believe the shekel was really shackled.
And there are a number of other currencies that will fall in the four seven range because that's populating now. – with blinking lights on the bank screens today. Not all the rates have populated - they’re trading up for filling in the blinking. But it all shows that I believe that's why we didn't get started yet. I believe they're looking for these rates to come up and trade up and settle in a little bit more
Now we heard from our bond paymasters, one of the bond paymasters, we spoke earlier today said that he expects the bond notifications to the bond holders to give them access to their funds – would come out overnight tonight. it might show up tomorrow.
We've also heard from let's call it US Treasury Marshal that we expect tomorrow to be significant. We talked to him earlier today and I lunchtime. He was indicating that we should have the. we should have this RV happening within about 24 hours - instead of today is pointing more towards tomorrow. At least for our notifications.
That's a good thing. Because we went most of the day without knowing quite what was happening because we had our indication was looking really good and we get notified before lunch today. And that did not happen. But tomorrow many different matter entirely. I'm hoping it is I don't know you guys are too –
We did not get As you know we did not get this before Christmas as was the desire. It just didn't happen. And it looks like we should be in a position to get this Any day. now. Could you tomorrow could be Thursday, I believe, tomorrow is looking very good for us.
Beyond that, everything for the shotgun start. We are hearing very good things about the start being moral for not only us but also the intermediaries, those fines interest and penalties. The adjudicated settlements like CMK X, all of that stuff. The farm claims – Indian claims, ranch claims - all of that stuff is supposed to come out within 12 hours of each other - meaning with us – bond holders tier three – admirals groups - for a US into tier 4B - all of that it's about within about 12 hours of each other.
So we don't know what's going to happen. Firstly, maybe overnight tonight, with bondholders getting emails access to funds, and that's what I believe will take place.
The other thing is Christmas and Easter time - the Saint Germain trust they're supposed to open and that happened we heard about this yesterday - Christmas Day - that the St. Germain trust would open and that funding for St. Germain would go out internationally, not to the central banks because they're all done away with but replaced the central banks and all those international countries is their own treasuries or their own main treasury bank -. But the Federal Reserve is basically dead - the remnant of the Fed has been led into the US Treasury. And so, what we have coming to us was the Rodrigues trust -bottomless trust that pours out and was pouring into our US Treasury.
And so that's a good sign. That was few days ago, that took place probably Friday, Saturday, and that may be may have occurred, those tranches from those trusts may have already heard we have those already. But now we're looking for The green light, essentially, things that green light from the Treasury That says go to everything from the admirals’ groups - to intermediaries - to prosperity packages to us into tier 4B.
So I think that is what treasury was just waiting for all those rates wobbly - And for the blinking rates to stop blinking for everything to be a go.
Now, I think I've mentioned last Thursday, but you know when you need to get our new USN physical currency in the ATMs, New Year's Eve night, or New Year's Eve - andis supposed to be in the ATM’s, ready to go for New Year's Day. That's our new currency.
And we're supposed to have it in the banks, rich people, everyday people going into the banks. They'll be able to pick it up on January 2. Okay, we should be Tuesday right? To get at least one today.
So we're not as concerned about that. Because we're concerned about getting the actual redemption center started for us. Redemption center appointments started by the 800 number, which is going to be kicked off with the emails from the Wells Fargo servers to us.
And I know that Saturday and Sunday that was Sunday, which was Christmas Eve. The redemptions?
We were going to the servers and tested emails for them to get ready to be loaded again and released. So that has already happened.
And now as a matter of going through it, once the Treasury gives the green light to start - then we're underway. That's pretty much where we stand right now.
Rates populating up on the bank screens - We know they should be on the redemption center screens, right so the back strings are going to be good, but redemption center. rates will be better for us. President Trump set that up for that to happen. That will be pace moving forward so that's all I had to say tonight,
Yep let's just see if tomorrow works out to be what we were getting from the US Treasury Marshal Today. They suggested that we would get it within 24 hours is what he anticipated and that within itself around lunchtime today. So let's say it's going to pray the call out and see what develops overnight, and tomorrow.
I'm waiting for the first week of January to see what's happening. The 1st of January they will make a decision. They will make a lot of decision next.
I'm not saying the rate is going to change the 1st of January but things going to be stronger, a lot stronger. Once they start using the dinar they're going to be a lot stronger...
Article quote: "Salih the financial advisor to the Prime Minister confirmed that the dollar exchange rates in the parallel market began to approach the official price set at 1320 per dollar after recent measures taken by the central bank and the Iraqi government..."
That's what's slowing down all this process. It's people still using the dollar in Iraq. Even me, I use the dollar in Iraq. When I was there last week I use a dollar in Iraq. Why? Because it's a lot easier. It's smaller. You don't carry a lot. You carry $500, $600, $700 with you, $1000 max...If I didn't have the dollar and If the dinar for me to carry...it would be a lot in my pockets..
The facts are the facts. If they delete the dollar, if they take off the dollar from the markets in Iraq, they're going to have to come out with a small category of dinar. That's it. Why? Because it's too much dinars to carry...I'm not going to cary 150,000 dinars in my pockets. I'm not going to do that. I prefer to have $100 than 150,000.
Everybody's asking me what's going on. What's the news. The news, you will see it on the 1st of January - what exactly is going on. They already gave you a date. I told you the 1st of January we'll be out of the dollar. We will not work with the dollar anymore in Iraq.
Everybody's asking me what's going on. What's the news. The news, you will see it on the 1st of January - what exactly is going on. They already gave you a date. I told you the 1st of January we'll be out of the dollar. We will not work with the dollar anymore in Iraq.
130 billion dinars in fines from the Central Bank of Iraq on banks and exchange companies, 27 DEC
Shafaq News/ The Central Bank of Iraq announced, on Wednesday, that it had imposed fines on banks and exchange companies exceeding 127 billion Iraqi dinars during the past 11 months.
A table of the bank, seen by Shafaq News Agency, showed that the fines imposed on banks and financial companies during the past 11 months, starting from last January and until last November, amounted to 127 billion and 337 million and 645 thousand and 628 dinars.
He stated that “the fines also included 386 administrative penalties for these banks and non-banking institutions, distributed between warnings, warnings, and grace periods.”
According to the table, “last April witnessed the highest rate of fines for banks and non-financial institutions, amounting to 17 billion, 440 million, 383 thousand and 447 dinars, with administrative penalties amounting to 17 penalties, while last November witnessed the lowest rate of fines, amounting to 8 billion, 337.” One million 645 thousand and 628 dinars with 8 administrative penalties.”
The table did not show the names of the banks on which fines and administrative penalties were imposed.
In early June, the Iraqi Stock Exchange Investors Association criticized the Central Bank of Iraq’s increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks.
A drone attack on a military base hosting US troops near Erbil in northern Iraq...caused casualties...Iran-backed militants claimed responsibility for the attacks...The attacks occurred on December 25th.
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...
Will the Al-Kadhimi government’s contracts concluded with Washington be cancelled? A parliamentarian answers, 27 DEC
Information/Private.. Today, Wednesday, a member of the House of Representatives, Thaer Al-Jubouri, indicated the possibility of the current government moving towards canceling the agreements concluded with America during the era of the Al-Kadhimi government, while he confirmed that all contracts that affected the country will disappear with the disappearance of the figures conspiring with Washington during the previous period.
Al-Jubouri said, in an interview with the Al-Ma’louma Agency, that “there are many violations in the contracts that were concluded in the previous government that were canceled and put to an end,” noting that “the situation in Iraq differs greatly from what it is now in many files years ago.” .
He added, “Standing and colluding with the American occupation forces will not last forever, given the awareness of the Iraqi people on the issues affecting the country,” pointing out that “the previous government committed many mistakes in the agreements and contracts concluded with Washington or others.”
Regarding America’s interventions in Iraq, Al-Jubouri explains: “The influence of the United States of America has begun to be limited through the government’s work to remove officials who supported it in the previous period.”
After two decades, America worked to control most of Iraq’s major files and dominate the conclusion of contracts with it or its allies, especially in the previous Al-Kadhimi government, despite the catastrophic failure it caused in the electricity, security, and economic files, and despite the huge amounts of money it seized during the previous period, it still continues in the same way. The approach you are using against the country.
In an interview with the Al-Ma’louma Agency, Muhammad Al-Baldawi, representative of the Al-Fatah Alliance, accused “America of trying to control the Iraqi army’s arms deals by replacing Russian aircraft with American ones,” while he confirmed that Washington is working against the development of the Iraqi army’s air force.
Article: "A financial expert points out the reasons for the continuous decline in the dollar exchange rate" Quote: "On Monday, financial expert Nabil Al-Ali attributed the continued decline in the exchange rate of the US dollar towards the Iraqi dinar to...the change in the attitudes of merchants and public opinion through their conviction of the strength and status of the dinar...The dollar exchange rates against the Iraqi dinar will continue to decline, thus touching the official rate specified by the Central Bank."
Article: "The Iraqi Dinar Overthrows The Dollar And Wins The Struggle To Control The Regular Market” Quote “The US Treasury continues its cooperation with the Central Bank of Iraq,as many Iraqi banks have now formed relationships with international banks for the first time.”
Article: " CBI Governor: Int'l welcome to the Iraqi banking sector’s commitment to compliance rules" Quote: "For the first time, Iraq is witnessing the reorganization of the external transfer process through correspondent banks, instead of the Central Bank or the Federal Bank being the executive interface for this process.”
The dollar is falling in Iraq, and the battle to tame it is nearing an end, 27 DEC
The local market has witnessed a gradual decline in the dollar exchange rate recently in a way that observers described as a rapid decline, suggesting that it will reach a level close to the official rate in light of the central bank and government measures with an American green light to release payments of savings at the Federal Reserve.
At the beginning of this week, the US Ambassador to Iraq, Alenia Romanski, announced that her country would continue to provide US dollar services to Iraq, as she told me in her tweet that “the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States continues its cooperation with the Central Bank of Iraq, and many banks Iraq has formed relationships with international banks for the first time, which is a positive step in making progress in reforming the banking sector, and we will continue to provide US dollar services to Iraq in the interest of economic stability.”
In conjunction with the statement of the US Ambassador, media reports circulated that the Iraqi government and the US Treasury had reached an agreement to launch further payments for oil revenues saved in the Federal Bank after Washington refused to request from Baghdad to provide it with two billion dollars in imports from the sale of oil, which caused a rise in the price of the dollar in the local market during The past months.
Representative in Parliament and member of the Finance Committee, Moeen Al-Kazemi, says that the dollar crisis in the Iraqi market is artificial, and the American side has a major role in causing it.
Al-Kadhimi confirmed in a statement to Al-Mutala’ Agency that “many government measures have been taken to stabilize the dollar exchange rate and pursue speculators in the parallel market, which contributed to its decline to lower levels than it was previously. However, the measures being taken by the US Federal Reserve are causing turmoil and affecting the dollar crisis.” in the country”.
He explained, “With the many measures of the government and concerned authorities, including the Central Bank, the dollar exchange rate will continue to fall to a level close to the official price of 132, but this requires stages or time periods in order to maintain market stability and avoid disturbances, so that it will be gradual.”
In turn, the economist Bassem Antoine attributed the reason for the turmoil and instability of the exchange rate despite government measures to speculators who work against the state’s policy.
Antoine says in a statement to Al-Mutala’ Agency, “To achieve stability in the dollar exchange rate, the economy needs to be sound by building a correct foundation and reforming the various economic sectors in the country. Otherwise, there will be no stability, especially with the presence of speculators working against the state’s policy.” “.
The economic expert confirmed, “This fluctuation in the dollar exchange rate means that there is no correct basis for building a strong economy, and there is no better option than building the economy on its correct foundations,” suggesting that “the dollar will rise again in the Iraqi market.”
For their part, observers and those interested in economic affairs expressed their interest in the rapid decline in the dollar exchange rate recently, highlighting the impact of the relationship between Iraq and the United States in controlling the price of the dollar as a pressure card used to achieve its policies towards the country.
In addition, Jamal Cougar, a member of the Finance Committee, said that the measures taken by the government are still insufficient to solve the dollar crisis, and quick solutions must be found regarding the foreign financing that Iraq conducts with a number of countries, anticipating the continuation of the dollar crisis, which requires a long time to be resolved. According to his opinion
In conjunction with the first signs of a decline in the dollar exchange rate, the media advisor to Prime Minister Hisham Al-Rikabi stated that the battle with the dollar is nearing its end.
In his tweet on the (X) website, Al-Rikabi said, “The will of the Sudanese government 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 within the banking sector. We said it previously and we confirm it today.” Our battle with the dollar is almost over.
On December 14, the Central Bank of Iraq announced that it had reached an agreement with the US Federal Reserve and the US Treasury regarding meeting Iraq’s needs for cash dollar payments for the next year.
The parallel market in Baghdad and the governorates is witnessing a noticeable decline in the exchange rate of the dollar against the dinar, and the selling price in banking offices in the capital today reached 152,750 dinars for every hundred dollars, while the purchase prices reached 150,750 dinars for every 100 US dollars.
Iraq is going to go international. We don't have very long time to wait as far as what they are telling us. If they throw us a curve ball and we find out something different, don't shoot the messenger...I hope you have a Happy New Year and I think we're going to be moving forward with some really positive information.
They've met their new international compliance requirements. The banks are facilitating currency movements and international trade going forward. Really this is a very good sign that what we've been dealing with and what we've been waiting for is knocking on the doorsteps. It is really good.
Keep positive. Keep upbeat. There's nothing bad as far as I can see at the moment. We'll see. Anything can happen. Anything can change..
What I've always said is it makes more sense for Iraq to have a managed float which is effectively a fixed exchange rate...1 to 1 or 2 to 1, 3 to 1, 4 to 1 whatever they decide to do it makes it easier the higher that exchange rate is to defend...Having a...3 years budget keeps it stable...pricing stays stable.
Anybody that says it's going to float to from a relatively low range to a high range over time they don't understand. Article quote: "The exchange rate will be fixed especially since it's been fixed in the federal budget law for 3 years says Saleh..." This is coming from the advisor. Don't talk about float. It just doesn't make sense to anybody.
Since November of last year they have been working to do what? Get rid of the parallel market. And how are they doing that? They're populating banks with many other currencies. They're doing all those things that are necessary to do what? Be article VIII compliant, to have a single currency, not a dual currency country. They're getting rid of multi-currency practices.
They're talking about reducing Iraq's dependence on oil. Dependence on oil is going to go away because they have non oil related products...services...and sectors . That's going to be from the taxes and tariffs at the borders, imports, exports, natural resources. They're going to have other than just oil. They're going to have other circumstances...They're talking about 350 million ton of sulfur...They're trying to achieve sustainability for the private sector..
Everybody knows Iraq is about to go International and they're going to have a digital transformation ...When they have this investment budget and they start spending...Iraq is going to be filthy rich with revenue streams from the electronic borders, agriculture, tourism... mining, sulfur, phosphates...they're going to have revenue like no other.
There isn't anything else like it, in my lifetime, that I can see is going to trump Iraq... Don't forget...Iraq has a massive amount of hydrogen for clean energy...nobody else is talking about it...The amount of money and revenue streams Iraq is going to have is almost incomprehensible...It really is intense on how much money these guys are going to make on a regular basis..
A political movement to cancel the strategic framework agreement between Baghdad and Washington
Information / Baghdad… The representative of the coordination framework, Ali Turki, revealed on Wednesday that there is a political movement to cancel the strategic framework agreement with the American side after Parliament resumes its sessions in the next few days, after the continued American attacks on the Iraqi security services.
Turki told Al-Maalouma, “Parliament held a session in the past few months to condemn the American attacks and all the indiscriminate bombing carried out by the occupier on the security services and the Popular Mobilization Forces.”
He added, “After Parliament resumes its sessions, it will witness a movement within the House of Representatives to cancel the strategic framework agreement signed between the Iraqi government and the American side in the recent period.”
He stated that “cancelling the agreement would distance the government from any justifications that would allow it to continue and work in accordance with the agreement signed between Baghdad and Washington, despite the government’s explicit announcement that there is no need for the presence of any foreign combat forces on Iraqi soil.”