Information/Exclusive.. Former member of the House of Representatives, Ghaleb Muhammad, revealed on Thursday the reasons that stand in the way of resuming exports from the Kurdistan region, while stressing that the problem lies in the contracts concluded by Kurdistan with the companies responsible for the operations of extracting and exporting oil. In an interview with the Maalouma Agency, Muhammad said, “The contracts included a full partnership with the Kurdistan government to extract and export oil,” noting that “the contracts were recorded at very high amounts that the central government cannot pay.” He continued, “Finding appropriate solutions for these contracts lies in adding new articles to the general budget law for the year 2024,” pointing out that “the central government has the right to take the necessary measures and decisions to resume oil exports.” He added, “Turkey was the largest beneficiary of exporting oil directly from the region through its own companies,” adding that “the problem lies in the contracts that Kurdistan concluded with the companies responsible for the operations of extracting and exporting oil.” A member of the House of Representatives, Thaer Makhif, had, in an interview with the Maalouma Agency, attributed the disruption of the resumption of the Kurdistan region’s oil exports to his government’s persistence in the law and the constitution, while he stressed that the procedures and decisions issued by the central government will bind the region to all laws.
Why are we seeing reports of a meeting with the IMF in Jordan and a meeting with the Department of the Treasury and the US Federal Reserve in Dubai?
...The meeting with the IMF had to do with the IMF staff team helping the Iraqi authorities reform the banking system...This meeting more than any other tells us Iraq may be preparing to join the global financial network, aka Forex Market...Here's the bottom line. Iraq has never really been on the Forex market. These reports IMPLY Iraq is headed in the direction of international currency inclusion while using its own currency for transactions within th country beginning January 1, 2024.
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...
AN ECONOMIST SPEAKS PASSIONATELY ABOUT THE FATE OF THE “ANCIENT” IRAQI DINAR AGAINST THE DOLLAR
Economic researcher, Ziyad Al-Hashemi, said on Tuesday that the Iraqi government and the central bank have exhausted and weakened the value of the Iraqi dinar in a difficult journey with the dollar.
Al-Hashemi stated in a post on the “X” platform, that “the currency that rebounds against the dollar due to a statement (a foreign ambassador), and then declines the next day due to (military strikes) here or there, cannot be considered a cohesive currency or capable of… Preserving value, but the problem is not with the currency, but rather with those who work in its name.”
He added: “The Iraqi government and the Central Bank exhausted the Iraqi dinar and weakened its value and reputation during a difficult journey with the dollar, during which the state drained tens of billions of dollars to prove the saying (the dinar is stronger than the dollar), and so far the official system has not been able to achieve that.”
He continued, “It is unfortunate that the fate and reputation of the (ancient) Iraqi dinar is in the hands of an official government group, which does not value its legal value as it should, and does not work properly to defend it or restore confidence in it locally and internationally.”
They are telling the citizens in the middle of January the IQD exchange rate will finally match the official exchange rate of the CBI. What is the official exchange rate of the CBI high now? 1310. Do you think it will stay at 1310? No. No matter what the CBI exchange rate is in the middle of January the CBI is saying the market rate and the official exchange rate of the CBI will be the same. So it could be an RI rate. Or it could be at 1310...It really doesn't matter what the rate is. As long as they are the same...
The whole de-dollarization phase the monetary reform is going through right now is in order to not use the American dollar any longer. This system was meant to be temporary. It was not meant to last 20 years...They have stability and security. These are the 2 factors we've been seeking. They tell you they have it. De-dollarizing is the last part before you introduce a new exchange rate and a new currency into a country...I should say de-foreign-currency-izing...A country should not have many currencies. It causes many problems
At what rate will the IQD go into the [Middle East] basket? I don't know...This is an RI. This is the reinstatement phase. The goal is to reinstate the value that the Iraqi dinar once was proud of...It's a reinstatement to get to the Real Effective Exchange Rate (REER) to a float. The key is to let them get to that number.
Article: " A government source reveals the Sudanese measures to reduce the dollar to its official price" IT IS BECAUSE THE IQD IS GOING UP IN VALUE AGAINST THE USD...NOT THE OTHER WAY AROUND!
Have we not been saying to you over and over again look for it in the beginning, in the middle or at the end of a quarter...Iraq is on a fiscal calendar year. January 1st to December the 31st. This is the end of a quarter. It is all about the accounting. It's all about the numbers.
CHINESE CAPTURE OF “LARGEST SHARE” OF IRAQ’S OIL SALES LAST MONTH
Economy News _ Baghdad
The Iraqi Oil Marketing Company (SOMO) announced on Tuesday that Chinese oil companies were the most numerous to buy Iraqi oil during the month of November.
“SOMO” said in a statistic published on its official website and seen by “Economy News”, that “Chinese companies were the most numerous among other international companies in the purchase of Iraqi oil, and by 7 companies out of 33 companies that bought oil during the month of November.”
She added that “Indian companies came second with 6 companies, then American companies came third with 4 companies, South Korea came fourth with 3 companies, Greek, Italian and Spanish companies came with two companies each, while the rest were distributed to Emirati, Japanese, Jordanian, Russian, Malaysian, Holland-British and Turkish companies with one company each.”
Somo indicated that it “relies in its sale of Iraqi oil on the main criteria for contracting with major and medium international oil companies, independent and vertically integrated government,” noting that “the most prominent international companies that bought Iraqi oil are the Indian company “Andlan Oil, Korean Kokaz, Exxon Mobil of America, Eni of Italy and Shell of the British Dutch.”
BANK STORY WOMAN: All the way up until a few months ago, I kept buying dinar from this bank...The VP came into the office and says, 'Hey, we want to know why are you buying all this dinar? Is there something you know that we don't know?'
FRANK: Oh, my goodness.
BANK STORY WOMAN: I kind of gave them the foundation of it and then before you know it I end up walking into the bank [weeks later] they sort of shouted at me, so have you heard anything? This was in the lobby! I was looking around like oh, my gosh why are they talking so loud?
I have my fingers next to my lips. They said, oh it's okay everybody is invested here.
FRANK: They got invested and now every time they see you they want to know more. Yeah, this is a small bank. That's why they don't know too much about it. But the fact that you planted a seed with them and you know very well they went and asked questions to the right people in the banking industry. Next thing you know they're waiting
BANK STORY WOMAN: ...They have a lot of branches in 5 or 6 states. They're big but they're not big like Well Fargo or other companies
ECONOMIST: THE BLACK MARKET FOR THE DOLLAR HAS BEGUN TO DISAPPEAR AND THE EXCHANGE RATE IS RISING TODAY DUE TO CHRISTMAS
The economic expert, Abdul Rahman Al-Sheikhli, believes that the black market for the dollar has begun to disappear and the exchange rate has risen today due to Christmas.
Al-Sheikhli said: For the {State Dialogue} program broadcast by Al-Furat satellite channel this evening, it said: “The government and its president, Muhammad Shiaa Al-Sudani, are determined to restructure and develop the performance of the governmental or private banking sector, as many of them do not perform their duty in the required manner, and the government clarified an economic vision that was very far from sight.”
He added: “Dealing in the Turkish lira against the Iraqi dinar is a qualitative leap that needs to be replicated with the rest of the neighboring countries,” noting that “60-70% of small merchants do not have bank accounts.”
Al-Sheikhli continued, “The parallel market began to decline during the past two days, and today it rose slightly due to Christmas, and its rise is not correct,” noting that “the conflicting people and some black market traders are in control of the parallel market, and the security services are working hard to limit these, and the governorate councils will also have a supervisory role.” active”.
He expected the dollar to fall “below 145 thousand dinars during the next stage, and the exchange rate to stabilize significantly in the coming year.”
Al-Sheikhly added, “Economic and financial policy is dependent on political stability, and the focus must be on the source of the decision in the House of Representatives, which is represented by the parliamentary committees to follow up on financial policy.”
He stated, “The goods in the shopping centers in the governorates are very stacked, and the committees previously formed with the Ministries of Finance, Planning, and Trade must be reconsidered with the Central Bank to limit the entry of bad goods.”
He pointed out, “The black market situation has begun to fade, and control over the entry of goods from unofficial outlets limits the expansion of the parallel market.”
Al-Sheikhly concluded by saying, “Some general directorates collect large sums of money that are spent for the purposes of reconstruction and rehabilitation of buildings. This is not true. They must be included in the general budget and are supposed to form part of the state’s revenues.”
We have been watching some of the most fantastic news articles...We can clearly say we have the confidence Iraq is going to be going international...We see evidence of that in a lot of different ways...They're doing things in a big way...The U.N. is saying Iraq has emerged...
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.
Multi-currency practices are using more than one currency. For instance if you're using the dinar and the dollar, that's multi-currency practice within internal circumstances. That's going to go away.
The financial and economic adviser to the Prime Minister Mahar Mohammed Saleh, on Thursday, separated the government measures that contributed to curbing the dollar.
Saleh said {Euphrates News} that: “Credit cards, with their high flexibility in use, have provided a direct role in providing easy payments in foreign excres for travel purposes.” “The demand for foreign exchange was also met by withdrawing from the dollar accounts of citizens after banks were allowed to supply dollars from foreign foreign markets in cash for this purpose,” he added. Saleh pointed to “the trade regulation with neighboring Turkey to finance trade in Turkish lira through sober banking channels,” all these factors “have contained the noise of the illegal parallel exchange market.” He continued, “In addition to the role of economic policy in enabling the commercial arm of the state by providing an additional stable-priced commodity offer by adopting four additional baskets to provide basic commodities and supporting supplies to the market funded at the official exchange rate of 1320 dinars per dollar.” Saleh described this policy as “price defense, which led to the fall of growth in annual inflation to 3.7% currently, after that annual price growth was about 7% in the accounts of the beginning of the year.”
...there is always one news article to grab my attention and stands out from the rest...WOW, WOW, WOW news. It says that the purpose of foreign currency in Iraq is to deal with it outside the [national] economy, so it is not possible to consider the existence of a price in the dollar and a price in the dinar: one rises and the other falls. No monetary policy can control such a situation...Folks this is just what we have been waiting for so long to hear...This is huge news.
They are finally getting off the sanctioned use of ONLY US dollars for trade outside Iraq. Yes, they are beginning to act now like they are out of the UN 1991 & 2003 sanctions, that by the way, happened over a year ago. So, yes, it is about time. We all should be jumping for joy and maybe even taking a couple sips (I said just a couple) of that refrigerated champagne… lol.. lol.. lol. Save the rest for what is coming next and that includes going to the bank.
The Ministry of Commerce confirmed today, Thursday, that the country does not need to import any wheat from abroad during the next year 2024.
“Iraq’s store of wheat is still covered until the beginning of next season,” the ministry spokesman, Muthanna Al-Faraiji, told {Euphrates News}. He pointed out that “Iraq’s need for imported wheat for the purposes of mixing only and improving the quality of flour, but as a quantity, it covers Iraqi baskets, we do not need any external quantity.” “Do you know that Iraq will import 3.8 million metric tons of wheat over the next year to meet all Iraqi bread requirements?” US Ambassador to Baghdad Alina Romanowski said in a tweet on the X platform earlier today. “U.S. companies will help meet the growing demand for wheat in Iraq while the Iraqi government increases locally grown wheat production,” she added.
Question from Yolanda: We purchased our dinar almost 20 years ago so I do not have any idea where to go to purchase any longer. Can you tell me where we can go to purchase? THANK YOU for all you do!!! Yolanda Rathbun
Mnt Goat Answer: Guten tag Yolanda. Hope you had a very nice Christmas. Wishing you and your family a Happy New Year! 😊 I too purchased most of my dinar many, many years ago and have not kept up with anywhere to purchase more. I have what I have and will NOT over speculate. This can get out of hand and so buy only what you can afford. I can remember the advice given to me way back 17 years ago. Don’t buy currency on of Ebay, Amazon or any stranger selling them. There are many people losing due to counterfeits. Buy only from reputable internet brokers or banks that will certify the authenticity of the notes. I find most internet dealers will stand by their guarantee. I was also told to file away your receipt of purchase just in case the IRS needs it for tax reasons later. Put them under a blue light when you get home and you should be able to clearly see the security marks on the paper. Do this as soon as they arrive at your home. If counterfeit return immediately and demand shipping costs to return them. If they refuse, then notify them you are going to report them to the authorities and see how fast they jump to help you.., lol..lol..lol..
There are plenty of internet sites still selling dinar. Just google “buy dinar” and they all jump out at you. The intel guru Frank26 also sells dinar and dong and we know he is a reputable salesman, even though he is a very, very strange, deranged person. Good Luck!
Baghdad Mayor Ammar Moussa Kazem confirmed on Thursday that the capital’s metro project will soon come to light under the support of the services government, adding that it will cover about 80% of the city’s areas.
A statement from the Secretariat, a copy of which was received, said that “Kadhim held a meeting at the headquarters of the Baghdad Municipality under his chairmanship and in the presence of the Advisor to the Prime Minister for Transport Affairs, Nasser Al-Asadi, the Undersecretary of the Baghdad Technical Secretariat, the Director General of the Design Department, the Technical Engineering Team of the Secretariat and one of the consulting companies specialized in the field of transport and trains.”
Kazim stressed that “the cabinet session last Tuesday approved the necessary financial allocations to contract with a global consulting company to provide an integrated vision for the implementation of the metro capital Baghdad.”
He added, “The Baghdad Metro project is one of the old projects for which the Baghdad Municipality prepared several studies that did not see the light because of the inability to implement them because it was required to take possession of many land and disburse large funds.”
Kadim continued, “The government of services today, under the management of the Prime Minister, has prepared a new vision for the management of the metro file and we are strongly proceeding to implement it, and very soon the project will see the light to serve the people of the capital.”
Kazim pointed out that “the proposed new areas for the metro will cover up to 80% of the areas of the city of Baghdad, which contributes to addressing traffic jams and meeting the transportation requirements for population complexes and overpopulation areas.”
He added, “The Prime Minister’s adviser for transport affairs confirmed that the metro project is now one of the priorities of the Iraqi government and enjoys personal follow-up by the Prime Minister and is contracting with a specialized advisory body that is the best in the world in the field of trains.”
I was able to talk to my CBI committee member contact yesterday and I will review the content of our conversation with you today, what was said and why they put the project to delete the zeros on a temporary hold.
So, these past weeks we have read multiple articles on the decline of the dollar against the dinar and the official CBI rate. These articles tell us it won’t be much longer until the dollar issue is resolved. We all asked ourselves if this might be the reason for the delay. So, in my call to Iraq I asked this question.
I was told this is the issue involved in the holdup. This is exactly what they needed to see in the decline of the parallel market rate as it was holding up the final blow to the dollar and to allow them to continue on with the next steps in the process to get to the reinstatement.
I asked how close does the parallel black market rate of the dollar have to get to the official CBI rate of the dollar?
I was not given an exact figure because even my contact did not know. Of course a very close almost exact would certainly be the target, as common sense must prevail in our thinking on this too. But having told this to me, I was also told that it is not long before the decline is completed with the measures as the CBI in now making with agreements with many of Iraq’s trading partners and future trading partners to use their foreign currency in making trade payments in place of the dollar. I was told this is how Iraq used to do business prior to the sanctions.
I was also told that in the coming months, we will witness what was described as a rapid decline in the parallel market, suggesting that it will reach a level close to the official rate soon then at this time an American green light to release the currency reform process to move ahead again will be given. Of course, this is the expectation of my CBI contact and they know much better than I what is really going on in these meetings.
But here is the most interesting news from our standpoint. I was then told that at some point when the parallel market is stabilized to the official CBI, they plan to conduct one more rate change to the program rate, closer to 1000 from 1320 and then monitor it for inflation for a period of time and then if all goes well, initiate the swap-out of the three zero notes for the newer lower denominations. We all should know comes next after this step is completed……hint…hint…
Yet More Proof they need the currency reform first and foremost: (their words not mine)
So, just in this period of news we read, and I quote from one of today’s articles – “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.”
Again, this quote from a recent article tells us that there is no correct basis for building a strong economy first and then watching the dinar rise based on it success. What they are telling us is they really need the dinar to be strong and to overcome the dollar, then they can seriously begin to rebuilt “with the correct foundations”. Enough said… WOW! The foundation is in the currency…get it?
So please Kaperoni guru and other idiots, please stop your nonsense in telling your listeners just the opposite and learn what Iraq is going through and how they are doing it to liberate their currency first, then because of these reforms will be able to rebuild Iraq in all aspects of economy and watch it grow.
Many of my blog readers ask me: Why didn’t Iraq just take the needed steps right from the very beginning in January 2023 to put together foreign currency swap deals with other countries to pay for imports. This way they wouldn’t have had to take an entire year to combat the parallel dollar market. To answer this question I must go a bit deep. I hope you don’t mind because I know many of you have limited attention spans.
I will tell you why. It is because since the sanctions, the US has held a strong grip on their economy and remember they still have to authorize the dollar shipments to Iraq to satisfy the demand for the dollar. This is like “blackmail” to get Iraq to go along with them even though they are now out of sanctions. So, in 2022 the US Treasury contracted with a software developer firm to build the “electronic platform”. This new platform was rolled out in January 2023 to audit and monitor the currency auctions. This was the start of serious de-dollarization. But who initiated it? Was it the US or Iraq. It was the U.S. and so Iraq has to follow the lead and cooperate this effort and move at the pace suggested by the US Treasury, who was there to help in the process.
Of course, this process of obtaining dollars is now being moved away from the CBI requesting them from the US Treasury to the private banks requesting dollars through inter-banking practices, as other non-sanctioned countries traditionally already operate under. This is all so very good!
I also need to point out, as told to us in one of the recent articles in today’s news, is that the government did not spend the budget in 2023 so that it would not be exploited in the local elections by parties and candidates at the time. In 2024 Iraq is calling on the government to start spending the budget more than it was spending in 2023 in order to be a facilitating factor for the market and exchange rate to stabilize.
So, there are many forces working against the parallel black market and will only help to stabilize the dinar official rate yet more. These forces will prevent not only large fluctuations of the dinar against the official CBI rate but also to bring the rate to a stable point to the official CBI rate. I will recap these points of these many factors they are now using:
1.Emphasising the dinar as the “National Currency” and will be the only currency used in country. There will be only one currency in Iraq and it is the Iraqi dinar;
2.Banks allowed now to import cash blocks of foreign currencies;
3.In addition to the recent measures and the consensus with the US Federal to agree to deal with the Turkey lira, UAE dirham, the euro, the Chinese yuan and the Indian ruppe, all contribute to reducing the exchange rate.”
4.We are told the dollar exchange rate will stabilize with the broader launch of the budget in 2024;
5.Banks will be forced to support the industrial initiative, which will gradually work on some industries to become their production internally to reduce the demand for the dollar as they produce in country goods for foreign trade.
6. Iraq must deal with a “basket of currencies” in addition to the dollar gradually so that it is not governed by federal instructions in addition to reducing imports.
See #3 and 6: I believe this is not “the basket” of currencies I talked about many times already to re-peg with the dinar when it goes live on FOREX. These currencies are just temporary pseudo-pegs like currencies being used to gradually get off the dollar more and more when dealing in trade with other countries. So, there is yet another major step to take to get where they need to go globally and that too is coming. Remember “first things first”!
So, we can see what is slowly happening is that Iraq is moving back to a normalcy of their financial system an international normalcy. It takes much more than just putting in place the banking reforms, the means and the mechanisms to do it as we have witnessed over the past years. But now they are actually doing it. It may be slow but remember they are still under the strong arm of the US Treasury on this matter too and are working very closely with them at their pace. In many ways this is good as we want the US to support this process when it comes time to give the “green light”. This is why so many visits by the US Treasury to Iraq, Get it?
We all must stay diligent as it is our savior Jesus who is working to bring all these amazing events that we see taking place and will see in 2024. Remember too I told everyone years ago that the RV and Reinstatement would be coordinated with the ousting of bad politicians in the US Government. In the past they where influential in holding up the process for reasons I will not get into now… it’s called corruption. But now they know their days are numbered and the slaughter and ousting of the party members in politics will happen in the next election. So, the Biden administration gave directions to the US Treasury to now move ahead at rapid pace to move the currency reform process ahead so they can release these SKR’s (frozen bank accounts) from the 2012 and 2013 early exchanges. Remember these illegal exchanges? They are now desperate. They also need the money to campaign in the last stages of the 2024 election year in the U.S. So, yes we are in a very good position.
