...with the government forcing the use of dinar only from now on…they need to have a higher value…or these people who have the green light to come in and start building are not coming…I am being told from my folks on the street over there to watch in the coming days or weeks for the rate of dinar on the prices of goods to change. To me this signals there is going to be a substantial change. And they told us they are going to implement their economic reforms in the month of January. And the exchange rate is a key issue in those.
...I have ZERO doubt that we are going to reset and the Iraqi dinar, Vietnamese dong, and others are going to do exceptionally well…It’s all in our history.
A lot of banking contacts are thinking we will see solid movement by the second…today on the first is a holiday and they are consolidating and moving things together…meaning possible announcements...There is a lot of fantastic chatter on what is going to. happen in the next 24 hours or so….
Information / Baghdad… On Wednesday, Ali Al-Fatlawi, a member of the Al-Fatah Alliance, ruled out America’s intention to impose economic sanctions on Iraq, pointing out that Washington is benefiting from the oil file and its sales and considers it its trump card.
Al-Fatlawi told Al-Maalouma, “America benefits from Iraq through the energy and oil issue, which is its trump card that it seizes from the Iraqi people, as Iraq does not have economic sovereignty.”
He added, “The lack of this sovereignty is due to Washington’s control over the oil revenues that are transferred to the US Federal Bank. Therefore, Washington, despite its control over these amounts, seeks to keep this card and not stand against Iraq economically.”
He stated that “the withdrawal of American forces from Iraq will be in the interest of Washington, in that it will preserve the lives of its forces, especially since the resistance is in the process of escalating its operations against the American occupier,” ruling out that America will resort to imposing sanctions on Iraq because it will lose the trump card represented by the oil file and revenues. His sales that he converted to.”
...2023 was an outstanding year for progress in the currency monetary reforms in Iraq. I could hardly believe that so much was done in such a short period of time, if you compare the other 20 years since the 2003 invasion. In today’s news we read multiple articles talking about all this progress and how they have so far managed to get the parallel rate from 160,000 to 145,000. This is very close to the official CBI rate of 132,000, but not yet there as they expected. My CBI contact is telling me they still want to bring it closer and more stable...It’s all very good signs but now there yet.
My CBI contact tells me they do need it closer and stable and when it does, they will trigger another CBI official rate revaluation. But this will still be the program rate not what we want. We need to keep our eyes on the CBI “official” rate. When this rate drops again, I was told they will move ahead on the project to delete the zeros.
They want to accomplish this in the month of January and are optimistic they can. So, this is the very good news for today to kick off the new year.
The National Bank of Kuwait increases its stake in the Credit Bank of Iraq
The National Bank of Kuwait decided to increase its share in the capital of the Iraqi Credit Bank, by adding 50 billion dinars.
The Central Bank of Iraq agreed for the National Bank of Kuwait to pay an amount of 50 billion dinars as a first payment in order to bring the bank’s capital to 400 billion dinars.
According to a statement issued by the Credit Bank of Iraq, the National Bank of Kuwait paid an amount of 50 billion dinars on December 27, 2023, as a first payment under the capital increase account, on its own behalf and on behalf of all shareholders.
This increase comes within the framework of the National Bank of Kuwait’s efforts to strengthen its position in the Iraqi market and support the growth process of the Credit Bank of Iraq.
It is noteworthy that the National Bank of Kuwait owns 91% of the Iraqi Credit Bank.
2023 was the year of preparation for the monetary reform to be revealed. We are now in that position. We are now in the position that the monetary reform is being revealed to the citizens of Iraq. One of the things that is happening, and I pray that it happens faster, is the value of the Iraqi dinar is going up every day causing the dollar to go down...down...down...
Once they reach a certain plateau that they're looking for then they're going to float the currency. That's why they've educated the citizens of Iraq about the float...
Question: "...Some of the banks I called said they're going to send them to another bank and inspect them and then bring them back?" What happens if the Brink truck as it's driving to the the other bank gets robbed? 'We will replace the dinar.' No you won't. You'll replace the value, which is ka-ka right now. Don't ever lose site of your dinars. I told you take pictures. You just need pictures of the front of your dinar not necessarily the back. The front has the batch number and the serial numbers. That's what's important.
Iran: Iraqi Restrictions On Controlling The Dollar Do Not Mean The End Of Trade Exchanges Between The Two Countries
Economy 01-03-2024 1,122 views Al-Sumaria News – Economy Member of the Iranian-Iraqi Chamber of Commerce, Hamid Hosseini, confirmed that the Iraqi Central Bank’s law to control the dollar and the announced restrictions do not mean the end of trade exchanges between the two countries or create problems in trade.
Hosseini said, in an interview with Tasnim News Agency, in reference to the recent measures of the Central Bank of Iraq to deal with foreign currencies: The restrictions imposed after the adoption of this law were in no way a new or unprecedented event in the face of Iranian-Iraqi trade, as they existed from Before in many ways.
He added: Naturally, this law made it difficult to exchange dollars in the markets of this country, which will naturally affect the process of commercial and international exchanges. These restrictions are very similar to the laws on buying and selling currencies in Iran and cannot be considered a complete ban on currency exchange.
A member of the Iranian-Iraqi Chamber of Commerce pointed to the consequences of applying this law on the foreign exchange process for Iranian merchants and businessmen in Iraq. He said: Nothing new will happen after this law, especially in a country like Iraq, where such issues can be easily resolved.
Of course, perhaps export and import expenditures will rise slightly for a short period of time and the business process will face some risks, but it is unlikely that there will be a major problem in trade exchanges.
Referring to the political developments and events in the region and their impact on similar restrictions, this economic activist added: Such issues are generally related to political situations, relations and regional tensions, especially since Iraq is always under pressure from the United States and is forced to surrender to the demands of the United States often.
Hosseini expressed his hope that the positive trend of foreign exchange and trade between Iran and Iraq would continue, and he said: In Iraq, many people still do not want to transfer, buy and sell dollars through financial and banking networks or letters of credit and the like, and Iraqi exchange offices are still the main agent. To exchange currencies in this country.
He continued: Given the circumstances that Iraq is going through, there has always been a way to buy and sell currencies in this country, and Iran can continue its trade exchanges with this country in different ways. There is no doubt that despite the adoption of the new law in this country, the window is open for foreign exchange between Iran and Iraq, and the export process must continue in this way.
He believed that Iranian businessmen and merchants should not worry too much about the consequences of the new Central Bank of Iraq law, because other countries such as Russia, Syria, Venezuela, and others also face similar problems, but they were able to solve them.
In conclusion, Hosseini stressed that the Iranian government and the Central Bank are taking effective steps in this regard by providing more support and solutions for export operations and currency exchange with Iraq. LINK
EXPECTATIONS THAT THE IRAQI DINAR WILL CONTINUE TO RECOVER AGAINST THE DOLLAR DURING THE NEW YEAR 2024
he Association of Iraqi Private Banks raised its optimism about the continued recovery of the Iraqi dinar against the dollar in the parallel market during the new year 2024, stressing that the recent actions of the Central Bank of Iraq contributed to this rise.
During the past three weeks, the Iraqi dinar witnessed a clear and gradual rise against the dollar, as the exchange rate in the parallel market reached an average of 1,500 dinars to the dollar, after recording a significant decline that reached 1,700 dinars to the dollar in the last quarter of 2023, while the monetary authorities seek Which set an official price for the dinar at 1,320 per dollar, to pursue those it describes as speculators and smugglers of hard currency.
The Association, which is one of the most prominent financial analysis institutions in the country, expected the exchange rate to continue to decline in the parallel market with the continued implementation of the central bank’s agreements with the Federal Bank and several countries to finance foreign trade.
Association advisor Samir Al-Nusairi said in a statement on Sunday evening, “The goals and tasks of the Central Bank focus on financial and banking reform, especially with regard to the transition from the cash economy to the digital economy through the development and deployment of electronic payment devices.”
He praised “the Central Bank’s negotiating efforts that lasted approximately 8 months with the US Treasury, the Federal Reserve Bank, and international banks, and resulted in agreements that allowed the entry of new currencies to deal with foreign transfers, including the Chinese yuan, the UAE dirham, the Indian rupee, the euro, and the Turkish lira.”
He stressed that “these agreements were implemented successfully, which was reflected in the exchange rate and led to its decline.”
The clear improvement in the exchange rate of the Iraqi dinar against the dollar comes after statements by the US ambassador to Baghdad, Alina Romanowski, at the end of last month, in which she affirmed her country’s commitment to providing “US dollar services to Iraq,” in reference to financing the Central Bank of Iraq with its needs of the American currency.
Romanowski confirmed that “many Iraqi banks have now formed relationships with international banks for the first time, which is a positive step in making progress in reforming the banking sector,” adding: “We will continue to provide US dollar services to Iraq in the interest of economic stability.”
For his part, financial expert Riyad Allawi said, “The recovery of the dinar comes due to the decline in demand for the dollar in the parallel market by merchants and importers in general.”
Allawi added to Al-Araby Al-Jadeed that “Iraq’s signing agreements with Turkey, Iran, and China to import in the local currency, in addition to adopting the euro, is a major reason for this recovery,” expecting that “the recovery will continue in the first half of this year 2024, bringing the exchange rate to the market.” The equivalent is 1,400 dinars to one dollar.
The financial expert considered that “the Central Bank of Iraq is moving towards a package of new measures that will contribute to retailers in the car and furniture sectors, for example, abandoning the culture of dealing in dollars, and the continued arrest of hard currency speculation networks is very important.”
He stressed that “the decline in the value of the Syrian and Lebanese currencies in the recent period against the dollar is due to the decline in the arrival of the dollar from the Iraqi market to these two countries as a result of the tightening of transfer and smuggling procedures as well.”
"Dollar Traps" Are Coming To An End. Parliament Reveals Those Involved In The Fluctuation Of The Parallel Market - Urgent
Baghdad Today - Baghdad Today, Wednesday (January 3, 2024), the Parliamentary Economy Committee revealed those involved in the fluctuation of the parallel market in Iraq, while indicating that the "dollar traps" are coming to an end.
A member of the committee, MP Yasser Al-Husseini, told "Baghdad Today", "We are closely following the file of the fluctuation of the parallel market in Iraq, especially after moving to the electronic platform prepared by the Central Bank to regulate dollar liquidity and prevent smuggling, but on the other hand, there are those who have been reconciled to beating with any organization because it loses its ability to smuggle and manipulate, which drives it to try to confuse the markets by various means."
He added, "Despite the fluctuation in prices, the coming days will bring greater reassurance to traders and all dealers in the capital market in terms of the stability of the exchange rate at good levels, especially with the control measures of the Central Bank, which we hope will increase in its axes."
Al-Husseini referred to what he called dollar traps - in reference to the attempt by some to manipulate exchange rates in the parallel market - is nearing completion, pointing out that "there are corrupt people who live on the chaos of the market in addition to the trade of contraband, including drugs, which are also a competitor in the parallel market," stressing that "the measures of the Central Bank will combat the most important liquidity threads for them."
He continued, "The stability of the dollar exchange rate will push to reduce prices in the markets and this needs some time, pointing out that, the government's entry into the file of securing materials in the markets will push to a wave of greater decline in the coming period.
Since the announcement of raising the value of the Iraqi dinar against the dollar by the Central Bank, the local markets are witnessing trading other than the official rate of the dollar with a difference of sometimes up to 30 points, which necessitated the intervention of the government and the Central Bank with measures to reduce this phenomenon, but to no avail so far, as the exchange rate of the dollar remained high to more than 150 thousand dinars per 100 dollars in the markets and banks of Baghdad and the provinces.
Wciappetta:I wonder if the effort to bring to heel the market rate stalls, will this force the CBI to make the next exchange rate adjustment to near 1000 as a dual effort; one to get ready for lower denomination introduction and two, to further prime the monetary pump in its effort to stabilize the market rate? Perhaps not their first thought but it's in the tool box.
As we step into a new year, the ghost of the 2008 global monetary crisis still looms large over the fiat financial system.
More than fifteen years have passed, yet the financial earthquake that shook the world in 2008 was never fixed. It was merely “papered over” setting the stage for a grand, catastrophic finale that will bring down the great global fiat currency debt system experiment which began in 1971 (when the United States ended it’s peg to gold).
The 2008 crisis wasn’t just another financial downturn; it represented a seismic shift that transcended the confines of specific assets or sectors.
Unlike an asset bubble like the 2000 dot-com crisis, which primarily affected specific industries, the 2008 meltdown was a global monetary catastrophe.
It went beyond the devaluation of a few assets; even fundamentally sound assets had to be repriced lower due to a severe shortage of cash to purchase them. This scarcity of funds led to a worldwide liquidity crisis, impacting the circulation of money throughout the international financial system.
What made the 2008 crisis different was its global character. The crisis extended beyond the United States, affecting the global financial landscape through the Eurodollar market.
The Eurodollar market, despite its name, is not about Europe; it involves the circulation of US dollars outside the United States and played a pivotal role in the crisis. The shortage of dollars in this international market had a far-reaching impact, leading to a liquidity crisis that affected the worldwide circulation of money.
European banks were ensnared in this dollar shortage, resulting in a tidal wave of fund outflows, which went beyond bad loans and represented a struggle for liquidity in the global financial system.
Fast forward to 2024, and the aftershocks of 2008 are still being felt.
The government-induced economic shockwaves of the COVID-19 pandemic have only served to exacerbate the existing challenges stemming from the 2008 crisis.
Central banks continue to grapple with the long-term repercussions, with discussions and actions indicating ongoing concerns about a return to the gloomy aftermath of the crisis.
These actions are not just economic adjustments; they reflect a persistent worry about the prolonged impact of the crisis on the global economy.
To the non-financial reader, it’s crucial to recognize that the 2008 global monetary crisis isn’t just a historical event—it’s an ongoing issue with profound implications for the stability and functioning of the global financial system.
Visit the GCR Real-Time News website and search 100’s of articles here: Ai3D.blog Join my Telegram Channel to comment and ask questions here: GCR_RealTimeNews Follow me on Twitter: @Real_AwakeIn3D
The Dollar Continues To Submit To The Iraqi Dinar.. The Exchange Gap Is Shrinking And The Federal Government Is Defeated Again
Information/Private.. After the stifling crisis that embarrassed the government in light of the high numbers reached by the dollar exchange rates compared to the official price, some attribute the reasons for the recovery of the dinar to the success of the Central Bank’s procedures and its recent steps in providing the currency of some countries to finance the country’s foreign trade.
On the other hand, the decline of the dollar is due to the government’s ability to contain the Federal Reserve’s decisions that contributed to the rise in the exchange rate in the previous period, amid expectations that the decline will continue after the Central Bank translates the recent decisions and measures into reality.
*The results of the procedures
Speaking about this file, a member of the House of Representatives, Suhaila Al-Sultani, explained the reasons for the decline in the dollar exchange rates after months of rise, while she confirmed that the results of the successful measures and decisions taken by the government and the Central Bank began to be translated into reality.
Al-Sultani said in an interview with the Maalouma Agency, “The dollar exchange rates will witness a significant decline in local markets compared to the rise that parallel prices reached in the previous period,” noting that “the government’s continued taking the right steps in this file will reduce the gap between the official and parallel rates soon.” ".
He continues, "The campaign of arrests and prosecution of currency speculators had an effective role in keeping the Iraqi dinar from collapsing," adding that "the Central Bank's decisions work to match the parallel and official dollar exchange rates."
The member of the House of Representatives added: “Controlling the dollar file, in light of the major violations in this file, will not be instantaneous and will need a period of time in order to impose it on the local markets,” pointing out that “the results of the successful measures and decisions taken by the central bank government have begun to be translated on the ground.” reality".
* Trade financing:
For his part, the economic expert, Abdul Rahman Al-Mashhadani, confirms that the central bank’s agreements with some countries to finance foreign trade in the local currency contributed to the decline in the dollar exchange rates, suggesting that the exchange rates will reach 145 thousand compared to 100 US dollars.
Al-Mashhadani said, in an interview with the Maalouma Agency, that “the agreement with the banks of the Emirates, Turkey, India, and China to finance Iraq’s foreign trade is a step in the right direction,” noting that “proceeding with these measures will reduce the gap between the official and the parallel.”
He continues, "The measures taken by the government were practical, but the shock of the US Federal Reserve's punishment of banks prevented prices from falling in the previous period," pointing out that "the US sanctions were a painful blow to the local markets."
He added, "One of the factors why the dollar exchange rates did not decline in the previous period was the intervention of the external factor in the dollar issue," adding that "the central bank's agreements with some countries to finance trade in the local currency contributed to the decline in the dollar exchange rates."
The dollar exchange rates in local markets witnessed a significant decline after months of rise, which created severe economic repercussions for citizens, after the exchange rates at one time reached 169 thousand for every 100 dollars. Ended 25/day LINK
wciappetta:You have to wonder why all the fuss of containing the "market rate" bringing it in line with the CBI official rate? In the past the CBI has been able to maintain the 2% margin or at least close to it. I think the goal today is to achieve this standard again thus proving the ability of the CBI to effectively manage the Iraqi economy according to international standards before they move to the next step, or you would have to question why the extreme effort?
AML/CFT is being employed and this did create a strain on commerce as vendors became acquainted with the electronic system to process commerce and this did upset the balance in dollar access. The CBI employing its new strategy has created the expectation that the market rate for dollars is quickly falling in line with the official exchange rate.
This effort has been spearheaded by the CBI in conjunction with the Fed/US treasury by allowing other foreign currencies into the mix for trade [as was apparently done prior to 1990] in order to reduce dollar demand. I think the 2% target is desired. I think the US is requiring this target in order to move forward. My conclusion for better or worse is based on what the reports declare. In any case and IMO it won't be long to reach the goal.
Welcome everybody to the big call tonight, it is Tuesday January 2, 2024. I didn't think we were gonna get here. Didn't think we're gonna have a new call in our 13th year of the big call. And - but here we are. So, you know things come every day to me that surprised me a little bit - and that's one thing that is a surprise. Yes, I was told I wouldn't - that Thursday would be my last call – didn’t expected me to have to do a call tonight. I get I get it - but I've been told that probably five or six times now
So, I have to take that with a grain of salt and say let's just see what happens. We have to lift this manifest in our lives - let this come through. And I'll address that a little bit more in the Intel segments.
All right, so hang in there. Welcome and Happy New Year to everybody within the sound of my voice - big call universe, Happy New Year and hopefully everybody had a decent New Years and a decent Christmas - it wasn't as good as we thought it would be. That's for sure. But I hope you guys have the endurance in the faith with this and stay in the game. And, you know, hang in there with us because that's what we're gonna do we're gonna hang in there until this thing manifests
All right, guys, let's talk about it. I told you briefly that you know, things obviously change, sometimes from hour to hour - Sometimes day to day. We had the anticipation even on Thursday's call when I get an Intel call in the middle of Sue’s segment, which is what happened - and I took it and then adjusted my Intel to say we should be notified on either Monday, the first or today.
It was like Monday or Today, I think by noon, at least that's what I had by Saturday and Sunday, but neither one happened – so we kind of go what happened? What exactly transpired or what didn't transpire so that didn't happen? And the only thing we got, this was last night by 11 o'clock I got a call that said the Treasury, US Treasury was going to send out an email to all banks and redemption centers - all banks and redemption centers at 10am Eastern – this morning .
I have to assume that happened. However, we don't know what was in the email. We never got a report back from anybody that said what the email said. I would be guessing if I tried to tell you all I believe is that it probably dealt with the setting of our appointments and maybe the start of our exchanges.
Now, since 11’oclock last night, we've got little bits and pieces of things. We've had a little bit of clarification. There was some chatter out there. about the world court and maybe the language of the RV needed to be put into common law from the other type of law even under But we did find out today that anything regarding the language was all done by New Year's Eve. That part was handled.
That part was handled – that part is done - when we talk to people like the southeastern regional manager of Wells Fargo and certain other people they say everything is done. everything's done.
We don't know why it hasn't happened. And when you get that from your top banking sources, that you really haven't heard what that email was - it tends to make us believe - Yes, we're super close, but we still don't know exactly when it's gonna go.
So I think another - another piece of information I got was from a bond paymaster that has connections with Miami, Reno - Geneva - and he said, regarding the bondholders that they expect them to have access to liquidity tomorrow and or Thursday.
So tomorrow, and Thursday - And the same paymaster says he expected tier 4B to also be receiving their notifications in that same timeframe.
So - where I hate the idea of telling you guys probably tomorrow or next day - you know, I don't like saying that. but if that's what I'm getting from some of the higher more credible sources, then I have to go with it now and let you know that.
So it could very well be that instead of today – we get notified tomorrow and exchange on Thursday. I have to consider that a possibility. I don't think we're expecting to wait on other things to manifest.
Even though there are things happening politically there are things happening - I can't even tell you everything that is happening, things that are happening out there. And the other thing we did here was that we expect the announcement like NESARA and GESARA - our new USN currency gold backed, et cetera. Et cetera, all these little announcements that we're looking for. We're expecting them to happen on January 11 or before -- on the 11th of January or before.
Well, this is before and I think we will get some of those between now and the 11th. And possibly, we'll we'll do a grand finale of a major announcement on the 11th. But I and I've asked this question of my sources, and they're indicating that no, we don't have to wait until the 11th to go that everything is ready to go Now.
We just have to get the green light from Treasury to get started and get these numbers out to us.
So I wouldn't be surprised if they came out tomorrow. And I wouldn't be surprised if we just set appointments tomorrow and started Thursday. So you know, this is one of these where I don't have them telling me that exactly. But that seems to be the direction we're going in. We know every day that goes by which is one day closer and the fact we didn't get notified today and get our toll free numbers and set our appointments - It indicates that we're close - But are we waiting on anything else to happen?
That's the big question. That's what I'm not getting. The fact that we may have to wait on anything else to happen because several sources are telling me that everything is done.
Now one bank is not even involved in the zim, just involved in the other currencies, is suggesting Wednesday or Thursday for our exchanges. They may be right on the money Wednesday or Thursday. As soon as you guys all I can tell you is we didn't get it by the end of last year. We didn't get it before Christmas.
But I believe they want to get this done and out to us.
Trying to think what else relevant? Oh yeah, let's bring up Iraq. Now Iraq has already been doing exchanges at their new rate in the country of Iraq. They were told that on the first which was yesterday first of January, the US D or Fiat dollar is dead. It is no longer usable – it’s gone - they want them to completely transition to the new lower denominations of the Iraqi dinar and those are in the ATMs. They're in banks and in shops in Iraq. They're in the businesses and shops. They have a lower denomination center using them now.
The other thing that has not yet been released and this is where the ban - the ban on pulling out the Iraqi dinar rate internationally. We still seem to control that here from the States.
But we are hearing that that ban is supposed to come off tomorrow and which is great. That's Wednesday. Wednesday in Iraq.
So I think that's a really good sign. If that ban comes off and the dinar is rate is known internationally, and I think everything should be ready to go for us. We know that there are nine currencies. - Of all those currencies we talked about in the first basket there are nine that RE GOING UP in value.
And I can name them we know what they are OKAY - Most of you have some of you have more than others. They that is really good you know - I'll just run them down - obviously the Iraqi dinar - the Zimbabwe dollar – zim - The Indonesian rupiah - the Israeli shekels is one of them - the Afghani – obviously the Vietnam Dong of course - Venezuelan bolivar - there are probably forgetting one or two that are if I did seven or eight or nine total that are going up in value.
The rest of the currencies - take the whole rest of them, Half of them approximately will stay the same - other half will go down slightly in value. So that's where we are on that -
So they are changing and how they are doing things a little bit, but I think it's all gonna come down very well for us. We need to get the toll free numbers to Set our appointments - and then we'll be off to the races - really looking very close.
So if you can hang in there a little bit longer – I hope - I think all of you can if you choose to, We might be right there. Right next to where we’re about to start
Now, I would say – look at the intel - okay - I see what you're saying, maybe this thing is close - Okay, that’s good – great – maybe we’re going soon - ok great –
In the meantime – you stay with your plan A, your current job – you continue to work with that - you can know that this plan B might be a blessing when it comes in - it will come in
I don't think it's going to be too much longer. I really don't. Well let's wait to see what happens. That's sort of where we are. We need to do that. And stay in faith for it . Continue thinking positively about believing in this happening for us, because it will happen and there's probably a bunch of things I'm not mentioning that we've talked about this but I'm still excited by what happened by now but it hasn't so I wouldn't do stay with it and allow it to come in to us and allow us to be right to redeem our zim and exchange.So in the meantime do that say with your plan a continue to just be in faith for this
.So let's do this. Let's go ahead and pray the call out. Let's see what if something manifests to us tomorrow. We'll see what happens.
Well, God bless you guys. Have a great one. we'll see what happens in the next few days. Obviously, if we don't have numbers, by Thursday, we'll have a call. All right. God bless you guys have a wonderful night. Amen. And amen.
Well, God bless you guys. Have a great one. we'll see what happens in the next few days. Obviously, if we don't have numbers, by Thursday, we'll have a call. All right. God bless you guys have a wonderful night. Amen. And amen. Amen and Amen.
Today {01/02/23), Dee and I did get confirmed in a meeting with our CBI contact that the Iraqi Dinar is currently trading through electronic mechanisms.
As their currency expands into the International stage this year, they do expect to have a currency with a higher value as the year progresses.
This is a learning curve for them as well as other currencies around the world as many of them began the process of trading in their own currencies on an official level today.
We did schedule a meeting with our contact and other members of their IT Department for later this week or early next week.
SUDANESE: IRAQ IS GOING TO END THE PRESENCE OF THE INTERNATIONAL COALITION FORCES AND WE REJECT THE US ATTACKS ON OUR FORCES
Baghdad Today – Baghdad
Prime Minister Mohamed Shia Al-Sudani confirmed on Thursday (December 28, 2023) that Iraq is going to end the presence of the international coalition forces, while renewing his rejection of the US attacks on Iraq.
Al-Sudani said at a press conference with his Spanish counterpart Pedro Sanchez: “We welcome the visit of the Spanish Prime Minister to Iraq,” adding, “We held important dialogues and stressed the importance of the relationship between the two countries.”
He added that “there are promising opportunities to advance relations between the two countries in various fields,” pointing to “an agreement on an agenda within a year that establishes a strategic partnership in various fields between the two countries.”
The prime minister stressed the “intensification of mutual visits,” inviting “Spain to participate in the Baghdad conference.”
Today, Thursday (December 28, 2023), the office of Prime Minister Mohamed Shia Al-Sudani revealed the details of the visit of Spanish Prime Minister Pedro Sanchez to Baghdad.
The office said in a statement received by “Baghdad Today”, that “the Sudanese held this morning an official reception ceremony for Spanish Prime Minister Pedro Sanchez, who arrived in the capital Baghdad yesterday evening.”
The statement added that “the reception ceremonies, which took place at the Government Palace, witnessed the playing of the national anthems of Iraq and Spain, and the review of the honor guard, pointing out that the two presidents will hold a session of talks dealing With bilateral relations between the two countries, and coordinating positions on regional and international challenges and issues of common interest.
He added that “the two sides will hold an expanded meeting that will address aspects of cooperation and partnership in various fields, and ways to develop relations in investment and enhance economic opportunities to reach a constructive strategic partnership.”
However, the statement added that “the visit will witness an expanded meeting of Iraqi and Spanish businessmen and representatives of specialized companies, in the presence of the Prime Minister and his Spanish counterpart.”
Question: "Is the rate and the [lower] currency gonna come out together?" I think yes. This is why I think yes. First, because they cannot change an exchange rate with a big numbers [rate] and Second, they cannot change a [lower] currency with the small exchange rate...If you change, you've gotta change both. If you take the 3-zeros from the currency, you're gonna have to take the 3-zeros out of the exchange rate in the same time. That's what I think.
Happy New Year, best wishes and all that stuff...A lot of people are sending me messages going like do you see any changes? ...I don't know why you're asking me that. What you guys heard? Who told you anything? Some people wrote me tonight at midnight the currency will be launched. Some people said their new rate will come out tonight at midnight ...I didn't see anything like that. They didn't say they're going to change the rate tonight. They didn't say they're coming out with currency tonight... They'll never tell you they're coming out with it...I'm not expecting anything tonight...
To prevent wasting money, a parliamentary committee calls on the government to expedite sending the oil law
Information / Baghdad.. On Tuesday, member of the Oil, Gas and Natural Resources Committee, Nazem Al-Shibli, stressed the need for the government to expedite sending the oil and gas law to the committee for study and approval to control the pace of revenues from the sale of oil.
Al-Shibli said in an interview with the Al-Ma’louma Agency, “The Oil and Gas Law regulates the method of extracting oil and oil revenues in accordance with the interpretations of the Iraqi Constitution in the section on the distribution of natural resources.”
He added, “The government is required to send the oil and gas law for study and approval in the House of Representatives to control the pace of oil exports.”
He explained that “enacting the law is sufficient to resolve disputes between the region and the center,” stressing that “accelerating the adoption of the oil and gas law is a guarantee in the export, sale and investment of Iraqi oil wealth, not that it remains without a law.”
In a previous statement to Al-Maalouma, former MP Jassem Al-Bayati accused the Kurdistan Region of obstructing the passage of any consensual formula regarding the oil and gas law, indicating that the rampant corruption in the Kurdistan oil sector is one of the most important reasons for the delay in passing the law.
People have been asking, 'Why is the Iraqi dinar one rate in Iraq and a different rate online...?' There are two major reasons for the different rates. 1. The Iraqi government imposes strict currency controls to limit the flow of dinars out of the country. This creates a dual exchange rate system: Official rate - fixed rate imposed by the Central Bank of Iraq...Market Rate - Freely fluctuating rate is used for private transactions and most imports... 2. The IQD is not widely traded internationally ...Limited demand for dinars outside Iraq weakens its value on
the international market. But...they are now saying speculation about a potential revaluation of the Iraqi dinar sometimes influences online prices... Speculation investors, that's us. We are causing fluctuations in the currency value...
In January 2024 foreign currencies will no longer be allowed inside Iraq and any violations will be criminalized. The Iraqi dinar will be used for all transitions.
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...