"RV UPDATE" BY MNT GOAT, 5 FEB

   Mnt Goat 

ONE OF THE REASONS WHY THE REVALUATION CONTINUES TO BE DELAYED

THE CENTRAL BANK EXPECTS DOLLAR PRICES TO DECLINE IN THE MIDDLE OF THIS YEAR

Former official in the Central Bank of Iraq, Faleh Daoud, said that the exchange rate of the US dollar will fall to less than 1,500 Iraqi dinars by next June.

(What? First they told us it would fall by December, then by the new year and now June? It is obvious the CBI can not control the rate of the parallel market unless it took drastic measures and we know what those measures are. So why are they afraid to do it? Are they being blackmailed by the corrupt?)

Faleh Daoud said in a statement followed by Mawazine News, “The dinar’s exchange rate depends on the market and demand, because the currency market plays a role in its price, not the central bank,” noting that “the recent actions of the US Treasury Department and the Federal Reserve regarding transferring the dollar to Iraq caused… In the decline in the value of the currency, which is the reason for the instability of the dinar against the dollar.”

He explained, “Relying on the electronic platform had a positive side effect on the exchange rate against the dollar and created quasi-stability in the dinar’s exchange rate, and it may rise slightly by next June.”

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

https://dinarevaluation.blogspot.com/2024/02/one-of-reasons-why-revaluation.html

  Article:   "THE FINANCE COMMITTEE RESPONDS TO THE US SANCTIONS: LET US SELL OIL IN

CURRENCIES OTHER THAN THE DOLLAR"  Quote:  "Imposing sanctions on Iraqi banks would undermine and obstruct the steps taken by the Central Bank to adjust the stability of the dollar exchange rate and reduce the selling gap between the official and parallel rates."  ...the TRUTH finally comes out. This is what is causing the inability of the CBI to take the necessary steps to adjust the stability of the dollar exchange rate?  ...if they the CBI did this diversification it would adjust the parallel market rate very quickly and then…..

Hang on there is also some good news….

The Central Bank of Iraq decided just recently to restore the mechanism for financing Iraq’s foreign trade, starting next March. This is all part of slowly phasing out the electronic platform as they said they would do as 2024 rolls on. The Central Bank said in a letter addressed to the banks, which Al-Iqtisad News reviewed, that for the purpose of organizing financing operations for requests to enhance external balances, it was decided to implement the new requirements and mechanisms starting from March 1, 2024.

He added that banks wishing to enhance their balance with correspondent banks in all currencies should appoint an external auditor for the purposes of reviewing transfers in advance of the process of sending transfers. Banks wishing to enhance the balance must provide us with information about the names of the companies they wish to contract with within a maximum period of February 29, 2024. So, basically what the CBI wants is to know where the money is going and for the banks to certify it, by auditing.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

https://dinarevaluation.blogspot.com/2024/02/status-of-rv-by-mnt-goat-1-feb.html