Sunday, December 31, 2023

The Central Bank determines the entities covered by obtaining their remittances in dollars starting Tuesday, 1 JAN

The Central Bank determines the entities covered by obtaining their remittances in dollars starting Tuesday

The Central Bank of Iraq specified the parties covered by obtaining their foreign transfers in cash in dollar currency starting from January 2, 2024.

A statement by Al-Bitek said, a copy of it said: “External transfers include all diplomatic missions, international organizations and agencies operating in Iraq, and non-governmental civil society organizations registered in the General Secretariat of the Council of Ministers in the event that the foreign donor requires the payment of the amounts of foreign transfers received in dollar currency inside Iraq.”

He added, “It also includes government contracts in force in the US dollar currency, and continuous contracts on grants, loans and foreign agreements,” noting “40 percent of incoming transfers to Iraqi exporters resulting from their exports abroad.”

The statement continued, “Banks are allowed to deliver their customers the amounts of their remittances received from abroad in cash and from the self-resources available to the bank and according to the agreement between the bank and the customer.”

https://alforatnews.iq/news/المركزي-يحدد-الجهات-المشمولة-بالحصول-على-حوالاتها-بالدولار-بدءاً-من-الثلاثاء

"RV UPDATE" BY FRANK26, 1 JAN

 Frank26 

  It's still at 1310...Right now.  Don't you understand [the dinar] is being put into a position to change the rate?  It's that simple.  It's not complicated.  It's that simple at this simple step...That's what you're seeing.  That's what you're witnessing.  

Question:  "Is Iraq going forward with only dinars as of January 1st?"  Yes and that is the key...the next 24 hours is a very important key to see if they use it to unlock the monetary reform....If the Iraqi citizens have absolutely no other currency but the dinar to use in their country... how are they going to do it with a 3-zero note that has almost no value to it?

Question "Do you think we will be limited to the exchange time?" ...They will give you the time  frame.  I'm hoping...they never stop.  Now, Iraq will stop.  They will eventually cancel their 3-zero notes but you'll be told way  in advance.  My only sadness is I hope they don't say you you got 3 months to exchange.  I would love to see the float go into 6  months or a year...If we are stopped then the float is of no value to us any longer...  

Iran announces the start of settling its exports to Iraq in its currency, 1 JAN

Iran announces the start of settling its exports to Iraq in its currency

Information/Baghdad..
The Governor of the Central Bank of Iran confirmed the start of a project to settle the country’s exports abroad in the national currency, the riyal.
Muhammad Reza Farzin said on the sidelines of the meeting of the Government and Private Sector Council in Khorasan Razavi Province (northeastern Iran), that “the issue of settling Iranian exports via the riyal currency outside the borders has been studied by the Central Bank for several months, and that its entry into force will address the requirements of exporters to Iraq and Afghanistan.”
He added, “This issue is one of the demands of Mashhad’s merchants for export to Afghanistan, and through the implementation of the ‘Rial Offshore’ project (riyals outside the borders), merchants will be able to benefit from it instead of foreign currency.”
He pointed out that “the regulations for the cross-border riyal project have been formulated by the Central Bank, and in practice two banks have started this project, and soon it will be circulated to all the country’s banks.”
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.

almaalomah.me

"RV UPDATE" BY NADER FROM MID EAST, 1 JAN

 Nader From The Mid East 

 I hope it gets 1 to 1.  I'd be happy with that...Let's see what's going on with the budget and the elimination of the dollar.   Let's wait for the best and expect the best.

Don't worry about the budget.  The budget has nothing to do with nothing.  Has stuff to  do with making the economy stronger and all that stuff but has nothing to do with the rates...  

They're doing great.  I can't wait for January to see what's next week to see what's gonna happen.  I mean I can't wait, like the day get longer when you want to know, when you want to see what's happening there, the days got longer and longer.  I wish to see what's the first step...

Sudanese presents the 2024 budget to Parliament next month and promises to solve the problem of Kurdistan’s salaries, 31 DEC

Sudanese presents the 2024 budget to Parliament next month and promises to solve the problem of Kurdistan’s salaries

Shafaq News/ Representatives of the protesting teachers in Sulaymaniyah revealed, on Sunday, the details of their meeting with the Prime Minister of the Federal Council, Muhammad Shiaa Al-Sudani, and the promises he made to improve the living conditions of the citizens of Kurdistan, similar to the rest of the Iraqi provinces.

Dilshad Mirani, the representative of the protesting teachers, said during a press conference held in Sulaymaniyah, attended by Shafaq News Agency, that “during the visit of a delegation of teachers, employees and retirees to Prime Minister Muhammad Shiaa Al-Sudani yesterday, Saturday, a memorandum was presented bearing all the concerns and demands of the citizens of the region.”

He added, “The Prime Minister promised to solve the salary problem early next year, and stressed that the budget law will be presented to Parliament on January 9 and will provide a solution to many problems.”

He stated that “Al-Sudani promised to open branches of Al-Rashid and Al-Rafidain Banks in the region, to ensure equal rights for citizens in Kurdistan, like those of citizens of other Iraqi provinces, to address the problem of fuel prices, and to put pressure on the regional government to solve the problem of bonuses and promotions.”

Regarding the return of studies in Sulaymaniyah schools, Mirani stressed that “the return is linked to the implementation of promises by government agencies.”

Teachers and lecturers in Sulaymaniyah and a number of regions of Kurdistan have been on strike since the start of the new academic year on the thirteenth of last September, against the backdrop of delays in disbursing employees’ salaries due to faltering negotiations with Baghdad to disburse the region’s share of the federal budget for the current year.

shafaq.com

"RV UPDATE" BY ANGEL1, 31 DEC

 Angel1

  People are asking are they international Are they gonna go international?  ...They have two currencies trading in dinar...pegged to the dinar...They are already operating internationally in a controlled environment...It's not going to shock the market when they go on Forex and peg to six different currencies.  They're already doing that now.  The roll out has already begun.  The markets are already accepting them.  The markets are warming up for them to go on Forex officially.  They are already doing what we want them to do on a small controlled scale...They've proven that they can do it.  

Question:  "Do you believe in redemption centers?"  I have not been able to confirm that redemption centers exist.  But just because I haven't been able to confirm it doesn't mean they don't exist.

 Here's the the thing, a country doesn't claim its independence hoping that one day they become independent.  Nope, they claim their independence when they are independent.

  They are no longer waiting for their independence.  I'm talking about banking reform, economic reform, military, geopolitical, every level.  They're not waiting to be independent, they are waiting for the day to celebrate their independence.  Independence is upon them now.

  It is who they are.  That dinar is about to be independent and travel the world like a free little bird and baby I cannot wait to celebrate!  It has been too long.

  When the UST Secretary Rosenberg was here a couple weeks ago, the day after she left, auctions changed...and there were changes after the UN meetings.  There have been tons of changes because things have been signed off.


 Sunday, Alaq makes an official announcement... there's going to be massive important shifts in external transfer mechanism and it says this came after an agreement between the CBI and the US Federal Bank. What they're saying is at the end of the year, January 1, the Central Bank of Iraq's auctions will be completely different.  They will be run like all the other international central banks of the world.  That's what will happen January 1.  That's an announcement.  

Announcement of the start of the cancellation of the dollar in the trading of the “Brix” group, 31 DEC

  Announcement of the start of the cancellation of the dollar in the trading of the “Brix” group, 31 DEC

Iran, like other BRICS members, will abolish the use of the dollar in trade, economic and financial dealings within the group, and has already begun several steps in this direction.

“Within this organization, we have many planned tasks and joint work with other BRICS members,” Iranian Deputy Foreign Minister and Chief Negotiator Ali Bagheri Kayani announced this, an interview with Novosti correspondent.

“One of the most important actions was to eliminate the use of the dollar in commercial and economic transactions and financial cooperation. Activities like this have begun in the work of the BRICS, and we hope to strengthen and grow these activities in order to implement this task as soon as possible.”

The BRICS group includes Brazil, Russia, India, China and South Africa, but more recently 23 countries have already expressed a desire to join this economic bloc.

At the last summit held in Johannesburg in August, the UAE, Saudi Arabia, Iran, Argentina, Egypt and Ethiopia were officially invited to join the BRICS as of January 1, 2024.

https://almutalee.com/news/الإعلان-عن-بدء-إلغاء-الدولار-في-التعاملات-التجارية-لمجموعة-بريكس

"RV UPDATE" BY KAPERONI, 31 DEC

 Kaperoni  

I hope each and every one of you find success in this investment...It may take time.  It may  be another 1 to 5 years.  I certainly hope not but I believe things could happen quickly over the next 36 to 48 months.  It all depends on Iraq. 

...We all know things don't happen fast in Iraq. Iraq has a lot of work to do in order to succeed. The first of which is pass over 100 stalled laws through Parliament to encourage investment in Iraq.  And at the same time the Central Bank of Iraq has to continue reforms to the banking system, digitalization, and apply monetary tools to meet compliance.

 A country's exchange rate is the result of the success and growth of their own economy. When you have a weak economy, you have a weak exchange rate. Until Iraq passes laws, diversifies their economy and increases their GDP, nothing will happen with the dinar.  When Iraq passed their tripartite  3 year budget a few months back, it created the conditions for them to diversify and privatize their economy over the next three years.  Now Iraq is on the clock to accomplish such.

There's a new article out that many people are translating and confusing. They are not talking about an RV in Iraq, they are talking about the spread being in compliance early next year. 

 Just a reminder the spread is the difference between the official rate and the market rate or street rate and has been way out of whack recently in Iraq. This article simply means they expect the spread to come down closer to the official rate early next year. There is no RV.

    A very important statement was made back in 2020 by the prime minister's economic advisor Mohamed Salah who used to be Deputy Governor of the CBI under Shabibi. He stated that Iraq's entire wealth including all minerals in the ground amounts to only $16 trillion dollars. Knowing that information one can then determine that there is no way a significant RV could ever occur with over 90 trillion dinar in circulation.  It doesn't make sense...

 They...have to have the dinar stabilized within the country and within the 2% rule mandated by the IMF in order to then accept IMF article VIII and begin to float the dinar which would raise its value based on supply and demand.  All of these processes and or steps required time.

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-kaperoni-10-dec_0650267841.html

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-kaperoni-18-dec.html

Turkmen leader: The region’s talk about the oil and gas law is a “lie”, 31 DEC

 Turkmen leader: The region’s talk about the oil and gas law is a “lie”, 31 DEC

Information / Baghdad…
Former MP Jassim Al-Bayati confirmed on Sunday that the region had previously rejected the oil and gas law, and will reject the law in its current form because it determines exports and imports and therefore will not meet its interests and desires.

Al-Bayati told Al-Maalouma, “The region is lying to itself when it talks about the oil and gas law and declares support for this law, because it will never be in its interest and will not meet its desires, as it will make all oil companies partners among themselves.”

He added, “The Kurds know that the oil and gas law will determine the amount of exports and imports, as the region will find that this law restricts it, and therefore the region’s talk about supporting the aforementioned law is nothing but a lie.”

He stated that “the region had previously rejected the oil and gas law since 2008, despite the Council of Ministers approving it at the time and sending the law to Parliament, but the Kurds rejected it, stood against it, and went out with demonstrations to reject the law.”

almaalomah.me

"RV UPDATE" BY PIMPY, 31 DEC

  Pimpy  

Looks like Iraq has put their ducks in a row.  They're getting ready to start the new year of 2024 doing exactly what they said they were going to do - stop using the US dollar, making sure the Iraqi dinar is stable before they do that.  

Community comment "Pimpy last month said he believed the dinar will revalue in 3 years so I  stopped listening..."  I didn't say it was going to revalue in 3 years.  I said it's going to go up in increments over three years.   Big difference.

You guys keep forgetting they rely way way too much on oil revenues for their budget.  That has got to change before you can really make any major changes to the Iraqi dinar exchange rate.. .

Article:  "Parliament is awaiting the 2024 budget schedules...preparing for major changes in numbers"  Remember I told you if they're going to make any kind of change to the exchange rate it would happen at the end of the year or before the beginning of this next year 2024.  The reason for that is businesses in Iraq have to prepare their budgets...based on what the government in Iraq does...The fact that they're saying they need to reconsider the total revenues and expenditures for the year make me wonder what it is they have up their sleeve.  There's no guarantees that's what's going to happen but if they are going to make a change to the exchange rate this would be the time to do it.

Positive government steps to attract major international traders and companies, 31 DEC

 Positive government steps to attract major international traders and companies


The Federation of Iraqi Chambers of Commerce revealed the existence of positive government steps that will attract major merchants and international companies.

The president of the union, Abdul Razzaq Al-Zuhairi, told the Iraqi News Agency (INA): “Entering the electronic platform to pay taxes has become inevitable, and will be implemented within the time frame set by the General Tax Authority, but there is a major problem represented by small merchants who now represent the majority.

They are forced to... To go to the parallel market,” noting that “there has been an old fear for decades, between the merchant and the government.”

He pointed out that “a positive tax system has been launched, but we need to restore trust between the merchant and the government.”

He added, "The majority of the Iraqi market is made up of small merchants, due to the circumstances that Iraq went through," adding, "The equation will change during the coming period, and large international companies and labels and large merchants will enter the Iraqi market, while small merchants will be shoppers."

He stated that “taxes created a kind of gap and problems for many Iraqis, including the loss of files, the similarity of names, taking deposits without refunding them, calculating the tax twice, and other problems.”

He stressed that “the recent decision by Prime Minister Muhammad Shiaa Al-Sudani will change many of those problems mentioned above, but implementation needs to be strict.”

He pointed out that “Iraq deals with white money with countries around the world, so the issue of the electronic platform is positive, and it is a global step.”LINK

"RV UPDATE" BY FRANK26, 31 DEC

 Frank26 

 Question "Do you think we will be limited to the exchange time?"

 ...They will give you the time  frame.  I'm hoping...they never stop.  Now, Iraq will stop.  They will eventually cancel their 3-zero notes but you'll be told way  in advance.   My only sadness is I hope they don't say you you got 3 months to exchange.  I would love to see the float go into 6  months or a year...If we are stopped then the float is of no value to us any longer...  

This is not an RV like a lot of silly people say.  This is a reinstatement.  It's about the numbers of the reinstatement.  They are talking about the fils...It's blowing my mind all the things they're telling  you...We have landed on the shore of monetary reform.  

IMO because they are telling you so much in such a concentrated amount of time it's because they are in a hurry as January the 1st approaches us...

Kirkuk governor announces forming "Unified Arab Bloc" in Provincial Council, 31 DEC

 Kirkuk governor announces forming "Unified Arab Bloc" in Provincial Council

Shafaq News / The 'Unified Arab Bloc' was announced today, Sunday, in the Kirkuk Provincial Council, comprising the winners of the local elections from the constituent components.


The bloc was formed from three alliances: the 'Arab Alliance,' the 'Leadership Alliance,' and the 'Arabism Alliance.' This was declared by the acting governor of Kirkuk and the head of the 'Arab Alliance,' Rakan Saeed Al-Jubouri, in a statement followed by a video recording in the presence of the winning candidates from the constituency in the recently held Provincial Council elections.


Al-Jubouri stated, 'We announce the formation of the Arab bloc in the Kirkuk Provincial Council to preserve the rights of our voters and achieve peaceful coexistence among all components.'

The results of the local elections in Kirkuk led to the victory of 'Kirkuk, Our Strength, and Will' list, affiliated with the Patriotic Union of Kurdistan, with 5 seats.


The Kurdistan Democratic Party won two seats, the Arab Alliance in Kirkuk secured 3 seats, the Unified Turkmen Front with two seats, the Leadership Alliance with two seats, and the Arabism Alliance with one seat. Additionally, the candidate (Emil Boutros Constantin Ibrahim Agha) won a Christian quota seat.

Kirkuk is one of the disputed territories between Erbil and Baghdad, covered by Article 140 of the constitution. It was previously under joint authority between the Kurdistan Region and the federal government before the referendum for independence conducted by the region in September 2017.


Article 140 aims to reverse the demographic policies implemented by Saddam Hussein's regime in the disputed areas favoring Arabs over Kurds. The article involves taking a census before the final step of holding a referendum, allowing the population to decide whether to join the Kurdistan Region or remain under Baghdad's administration.

The completion of Article 140's implementation was expected by the end of 2007, but security and political issues hindered its progress.


https://shafaq.com/en/Iraq-News/Kirkuk-governor-announces-forming-Unified-Arab-Bloc-in-Provincial-Council


"WE WAIT FOR ISX TO OPEN TUESDAY" BY SHEILA, 31 DEC

 Sheila 

 IMHO... We wait for ISX to open Tuesday... Then Tuesday evening Iraq said they will pay salaries out of budget? Hoping these are clues to going from program rate to international market rate.

Iraq's elections days are 18th and 19th.  Rumor has it they will release the new exchange rate post election...we shall see if that's true or not in the coming days.

TURKSTAT: Turkey's Exports to Iraq Surge, making it the third top importer in November, 31 DEC

TURKSTAT: Turkey's Exports to Iraq Surge, making it the third top importer in November


Shafaq News/ Turkish Statistical Institute (TURKSTAT) reported that Iraq secured the third position among countries importing the most from Turkey in November.


According to the report, exports climbed by 5.2% compared to the same month in 2022, totaling $22.999 billion, while imports decreased by 5.7% compared to 2022, reaching $28.916 billion.

The report said that Germany topped the list with 1.750 billion dollars, the UAE came up at $1.365 billion next after them (second place), the United States ranked fourth with $1.262, and Italy scored fifth with a total imports of $1.103 million.


 https://shafaq.com/en/Economy/TURKSTAT-Turkey-s-Exports-to-Iraq-Surge-making-it-the-third-top-importer-in-November

"RV UPDATE" BY GOLDILOCKS, 31 DEC

 "Iraq Stock Market Report · ISC approved the listing and trading of reconstruction bonds which was issued on 10/10/2023 by the Ministry of Finance, ..."

Reconstruction Bonds will raise Capital funds for the country of Iraq and insure liquidity for the banking system, merchants, and the people as they continue to build and grow their economy.

Reconstruction bonds are considered the Secondary Market where currency trades take place. These new listings on the Iraqi Stock Market will go to help improve the infrastructure of Iraq and strengthen its economy locally and abroad.

Iraq is rapidly becoming a self-sustaining economy capable of reaching out to the International Markets once again. Their new digitized shipping ports will bring in revenue as well as expand the use of their currency going forward.

© Goldilocks
MENA FN Link
American Legal Code Library Link

An economist criticizes the step to export Iranian goods to Iraq in riyals: It has question marks

 An economist criticizes the step to export Iranian goods to Iraq in riyals: It has question marks

On Saturday, December 30, 2023, economic expert Nabil criticized the decision to export Iranian goods to Iraq in Iranian riyals.

“He said, “This will raise a significant doubt about how Iraqi traders can purchase Iranian currency. It requires either the US dollar or the Iraqi dollar, which will be returned to Iraq for exchanging it with the dollar. However, since the Iraqi exports to Iran are very low, the volume of Iraqi dinar is quite limited”.”

The Governor of the Central Bank of Iran, Mohammad Reza Farzin, confirmed that Iran will now settle its exports abroad in the national currency, the riyal.

Muhammad Reza Farzin, on the sidelines of the Government and Private Sector Council meeting in Khorasan Razavi Province (northeast), stated that the Central Bank has been studying the possibility of settling Iranian exports through the riyal currency outside the country for several months. If implemented, this move will cater to the needs of exporters to Iraq and Afghanistan.

He said, “The export of goods to Afghanistan is one of the demands of Mashhad’s merchants. By implementing the ‘riyal offshore’ project, merchants will be able to benefit from it by using riyals outside the borders instead of foreign currency.”

According to him, the Central Bank has formulated regulations for the cross-border riyal project, two banks have already started the project and soon all the banks in the country will follow suit.

"RV UPDATE" BY GOLDILOCKS, 31 DEC

 Good Evening,

The articles below go into great detail about aspects of Maritime Shipping Industry routes that have been broken for some time.

Several are currently being built and rebuilt and will be stronger than ever as shipping routes from the East to the West are being reset. For example, Iraq has a new shipping port that will take away some of the pressures of some ports across the world.

We have talked about several routes these past few years that are being created to carry cargo ships filled with goods to areas of the world forging new pathways into the future and into the new digital economy.

These new passageways will create less of a bottleneck and more of an even flow in the movement of goods across the world as well as a Level Playing Field monetarily.

Look for new price pressures to form because of these changes along with exchange rates to meet the needs of our new Global Economy.


As more and more countries begin to trade with their own local currencies, new price patterns will come with new demands on them.

New contracts and payment agreements are already being signed across the world as we speak. In 2024, many of these new changes will go into effect.

Watch the water.

© Goldilocks
Chem Analyst Link
Economic Times India Link
Hellenic Shipping News Link

"RV UPDATE" BY FRANK26, 31 DEC

  Frank26 

 IMO the monetary reform will mature...They are trying their best to help you understand they are about to give you [Iraqi citizens] your monetary reform in the coming days.  I don't care what rate it comes out at just release the tiger...

Question:  "Can any country RV their currency whenever they want?"  Yeah but they have to go through the IMF.  That's what the International Monetary Fund does - they regulate all the banks around the world and allow them to either increase, decrease, print new currency, destroy their currency, change their exchange rate 

 There is a systematic way of doing it.  They're called international banking laws.
The black market rate will no longer be...The black market rate is the American dollar.  The CBI wants the official rate 1310 to match the dollar rate.  That means the currency of Iraq is too low...  Slowly we're having a reciprocal effect where the dollar is going down and the dinar is going up...


 The black market rate will no longer be...The black market rate is the American dollar.  The CBI wants the official rate 1310 to match the dollar rate.  That means the currency of Iraq is too low...  Slowly we're having a reciprocal effect where the dollar is going down and the dinar is going up...

 The IMF regulates all banks around the world.  If a bank wants to come out with a new currency they will talk to the IMF about it.. .

Whatever it might be concerning the financial structure of a country with its banks the IMF has to give the okay...Why?  Because you're dealing with every country internationally.  Well, Iraq isn't.  They're about to!  And that's the point...They're about to do what big boys do, what big banks do.  The IMF has worked with them...This is the conclusion of those meetings.

Right now it's an illusion to many banks because they don't know.  But the banks that do know, are the ones that are being primed.

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-frank26-27-dec.html

The Prime Minister directs the opening of the celebration square to the movement of citizens, 31 DEC

 The Prime Minister directs the opening of the celebration square to the movement of citizens

12/30/2023

Prime Minister Muhammad Shiaa Al-Sudani directed, today, Saturday, that the celebration square be opened to citizens on the occasion of the new year.

Al-Sudani’s media office stated in a statement received by {Al-Furat News}, “Prime Minister Muhammad Shia’ al-Sudani directed the concerned authorities to open the celebration square on the Karkh side of the city of Baghdad to the movement of citizens, and to keep the gates of the Green Zone open after midnight on New Year’s Eve.”

On Sunday-Monday of this week, on the occasion of the New Year.   LINK

"RV UPDATE" BY BEARDED PATRIOT, 31 DEC

 Bearded Patriot


Family:  All I can say is that the 1st of January is supposed to be the final turning point to our new life and blessings for our country.   From that date, our notifications could be imminent.  


 I’m sorry that I can’t be more specific than this , but it seems that everyone’s intel and information that I gather is all over the spectrum. 


Iraq COMPLETELY dropping the US Dollar is a major accomplishment, but they must revalue their dinar in order to move forward on their plans and commitments for their future.  

 


BP

Wed. 27 Dec. Bearded Patriot

IRAQ has gotten full authority from the IMF to go International. Iraq is already doing International trades with France and Iran. The final electronic platform for other international trades have been completed.

Sat. 25 Nov. Bearded Patriot

 The ONLY exception regarding the currency being paid in full at your appointment is that if your currency is an “extreme amount” they MAY traunch your currency funds over a small period of time (over a few months is what I have been told). What that “extreme amount” is will be up to the exchange center