Al-Fatlawi: America will not risk trying to impose sanctions on Iraq
Information / Baghdad… Ali Al-Fatlawi, a member of the Al-Fatah Alliance, confirmed that Washington is benefiting from the Iraqi funds in its Federal Bank, represented by oil revenues, and will not risk trying to impose sanctions on Iraq because it will lose these amounts that it controls.
Al-Fatlawi told Al-Maalouma, “There is a common mistake and fear among some parties about America’s withdrawal from Iraq and the imposition of sanctions on the country as a result of this withdrawal, but the reality of the matter is completely different.”
He added, “America does not seek to lose Iraq, as it is a country that benefits from the energy represented by Iraqi oil, especially since it controls the revenues and thus imposes economic authority on Baghdad, since all oil money and revenues go to the Federal Bank.”
He stated that “America is benefiting from the Iraqi funds it has, and therefore it will not resort to imposing sanctions in response to what is happening to it in Iraq. On the contrary, it may withdraw as a result of the pressure it faces and the operations carried out by the resistance against its forces inside Iraq.”
On Mon. 8 Jan. Redemption Center leaders and bank managers gave their individual access codes to the US Treasury, where they were locked into the new Quantum Financial System (QFS).
On Wed. 10 Jan. 2024 all qualified banks around the World connected to the new gold/ asset-backed QFS on the new Star Link Satellite System.
Sat. 13 Jan. RV Highlights on Telegram: 15/16th yes. Basel 3 complete implementation. Rising Metals from Tier 3 to Tier 1. Kinda feels like Black Swan at any moment over the next 3 or 4 days.
Sun. 14 Jan. The International Monetary Fund (IMF), which is responsible for the RV timing, said that the RV could occur any time between Fri. 12 Jan. and Sun. 14 Jan.
Iraqi Prime Minister Al Sudani and the Governor of the Central Bank of Iraq AlAllaq would both be attending the World Economic Forum in Davos Switzerland for the annual meeting January 14th to 19th. “Everyone is expecting the RV on Sun. 14 Jan.” according to Sudani. The IMF, which is in charge of timing, said, “Anytime Friday to Sunday.”
On Tues. 16 Jan. we move to the final rule stage of Basel 3 compliance in our banking system. At this time, final guidance will be given on Capital requirements held in the banking system in terms of gold and other assets to support it. For the first time in 45 years, US Treasuries have more of a downturn volatility risk potential than gold. This is why we are moving to Basel 3 compliance in our banking system. Monetary gold now qualifies as a Tier 1 asset, and it is 100% valued for the purposes of bringing stability to the banking system. Gold will set us free. … Goldilocks https://pinnacledigest.com/mining-stocks/central-bank-purchases-gold/#:~:text=But%20under%20Basel%20III%2C%20monetary,requirements%20before%20the%20banking%20crisis.
Texas Snake: Tier4b will receive notification around the first of next week and be able to set appointments starting Thurs. 18 Jan.
As ofTues. 23 Jan. all banks across the World not Basel 3 compliant will be collapsed.
Al-Bajari: We expect the position of Speaker of Parliament to be decided within 24 hours
Information / Baghdad.. Representative Zahra Al-Bajari confirmed, on Sunday, that the political forces in Iraq are serious about deciding to vote on a candidate to occupy the position of Speaker of the House of Representatives within the next 24 hours.
Al-Bajari said in an interview with Al-Maalouma, “The political forces are serious about deciding to vote on a candidate for the position of Speaker of the House of Representatives in light of the presence of two candidates in the second round, which could be held within the next 24 or 48 hours after the political forces agree.”
She added, “The representatives’ choices regarding preferring any of the candidates will be clear in the next session, within acceptable principles and the extent of his ability to manage the highest legislative body.”
She stressed that “there is a meeting about accelerating the decision, but in all cases, consensus and the opinions of representatives are what decide all options.”
She pointed out that “deciding the position of Speaker of the House of Representatives means continuing to complete the Council’s work, especially discussing and approving a series of important laws.”
[via WiserNow] ...What we're finding now is that some of the sources that we've had have...clammed up – they’re under new NDAs they've got gag orders...we don’t get as much intel as we'd like...That's the bad side...The good side is...It shows that we're so close to this going because they don't want certain leaks to come out of certain portions of this exchange procedure and everything...they just want to have it quiet. That's a good sign...
[via WiserNow] ...This time ...is really an interesting time for us. We are right in...the throes of the final days of this...what we're hearing from a major paymaster with Wells...that we should receive our notifications within the next four days... Friday, Saturday, Sunday, to Monday ...Now, they may take this to the very end...Let's see what happens for us Over the next four days
...the the leaders of...redemption centers, the bank managers all put in their access codes. And now all they were waiting for is some form of return that gives them the green light from Treasury to proceed...Now it's up to Treasury...to get the green light placed for everything to begin... we'll see what develops over the next couple of days.
Soon.. Approval Of A Draft National Policy To Combat Begging
Iraq 01/14/2024 Baghdad: Rula Wathiq and Shaima Rashid The Ministry of Labor and Social Affairs revealed that the draft national policy to combat begging will soon be approved, while the Parliamentary Work Committee indicated that the Social Security Retirement Law has entered into force.
Director of the Anti-Begging Department in the Ministry, Haitham Adel, told Al-Sabah: A committee was formed two years ago, headed by the National Security Advisory and the membership of representatives from some relevant ministries and institutions. It prepared a draft draft (the National Policy to Combat Begging in Iraq) and is now in the process of approving it and presenting it to the Prime Minister.
To decide. He pointed out that the plan distributed its tasks in terms of performance, leadership, follow-up, performance evaluation, and knowledge of areas of strength, weakness, and support, noting that the Ministry of Labor was tasked in 2015 with forming a department concerned with combating begging, with recommendations from the Citizens Affairs Department in the General Secretariat of the Council of Ministers, and formed committees in the governorates headed by the Deputy Governor. Membership includes representatives from various ministries and institutions.
Adel stated that during April of last year, the Prime Minister directed the Ministry of the Interior to chair a committee to combat begging and homelessness, with representatives from the National Security Service and the Ministry of Labor as members, whose mission is to find and assist people who need social welfare salaries and include them in it after writing a pledge not to practice begging in the future,
stressing that The mobile teams' mission is to approach the affairs of foreign workers in the Ministry of Interior, to inform them of the presence of beggars on the streets, to verify their identification papers and to force them to leave Iraq if they violate the laws.
For his part, member of the Parliamentary Work Committee, Jassem Al-Moussawi, explained to “Al-Sabah” that begging is an uncivilized phenomenon and must be reduced by trying to include these people in the social welfare salary and speeding up procedures against them.
Yes, there are anomalous cases, and some of them are well-off and capable, but some take begging as their profession. To live, and if this happens, the Ministry of Interior must take measures against them, and we stress their follow-up and limitation.
He stated that Parliament, as a legislator, must put an end to these matters and to many of the phenomena that exist in society that are not appropriate for Iraqi society or the government, stressing the need for there to be a law that holds these phenomena accountable because there are wealthy people who practice this profession, but the real cases must include a salary for care and a network. Protection and accelerating their inclusion.
Article: "Iraq and 4 Arab countries have more than 1 million tons of global gold reserves" Why do they have so much gold? Because you need that to strengthen your own local currency. Gold is way more liquid than anything else. If you want to make sure the currency stays strong you want to have tons of gold as well as foreign reserve assets in your holding.
Iraq's minimum exchange rate needs to be in order for them to be compliant with the IMF - Take the SDR $1.33 minus 2%...Iraq has to be at an exchange rate at a minimum in order to be in compliant with the IMF...$1.28...
Stop falling for that crap that there's no way Iraq can get all these major projects that they have listed in their budget unless they change the exchange rate. That's false. It's already accounted for. The budget is already created with the proper amount of money set aside for these projects. It's just done in Iraqi dinars with the current exchange rate.
A Parliamentary Committee Reassures: The 2024 Budget Will Not Witness A Financial Deficit
Economy News – Baghdad Today, Sunday, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, expected that there would be no financial deficit in Iraq’s fiscal budget for the year 2024, while he confirmed the existence of decisions that require new financial funding.
Al-Kadhimi said, during an interview followed by Al-Iqtisad News, that “the budget is ongoing and the Ministry of Finance can disburse the allocations of ministries and governorates for the year 2024 normally and without delay, whether operational or investment.”
He added, "The government is submitting amendments to the table of amounts, and these amendments are in the process of being completed and sent to the Finance Committee. They will be studied there, approved by Parliament, and are on their way to implementation."
The member of parliamentary finance explained, “Considering the budget as a tripartite, there are observations made by the government on the experience of last year’s fiscal year 2023, or that there are decisions made by the Council of Ministers that require new financial funding.”
He continues, "There was no financial deficit in the 2023 budget and there was a surplus, but the 2024 budget will not have a financial deficit, especially since oil prices are constantly increasing."
Last June, the House of Representatives approved the financial budget for the years 2023, 2024 and 2025, after a difficult struggle and a series of parliamentary sessions. This budget was considered the largest in the country’s history, with a value of about 153 billion dollars for each year.
Saleh told us early in last year that they must bring the parallel market rate to the "Required Two Percent". This is part of the IMF requirement for full compliance with Article VIII. Based on what he said recently, it appears the target is 1350 or less in spite of 2% being 1346.4.
I am only watching the Market Rate at this time. It has decreased slightly since Wednesday and as of today is 1540 in Baghdad and 1530 in Kurdistan. Saleh said 1350 (135,000 to $100) soon. Hopefully soon is weeks and not months. IMSO, if they would RD, show the RV as just over a USD, they would get the Market Rate within the Required 2% very quick so they can RI. Perhaps that is the plan.
A thousand dinars angers the owners of the payroll outlets in Amara.. Pictures from the protest against Al-Rafidain
"Retirees can't bear it anymore"
Maysan
On Sunday, the owners of outlets for disbursing the salaries of retirees and employees in Maysan organized a protest against a new commission of one thousand dinars imposed by the Rafidain Bank, on withdrawing nationalized salaries, in addition to the previous 3 thousand dinars deducted in exchange for the service of withdrawing one million dinars from the salary.
the details
Rafidain Bank imposed a commission of one thousand dinars on every million withdrawn from salary delivery outlets, in addition to 3 thousand dinars imposed previously, which angered the outlet owners who organized a protest in front of the bank’s branch in Amara.
Haider Abd Falhi - Demonstration Coordinator:
There are 3 things that Rafidain Bank must change, the most prominent of which is adding a thousand dinars commission, which will be a new burden on employees and retirees, and this is what we reject.
In addition, the bank deducts an amount of 3,000 dinars for every withdrawal from the outlets, and this causes us huge losses.
There are matters that the Rafidain Bank has not resolved, most notably the recovery of damaged currency from salaries, and the compensation of outlet owners for the recurring shortage in the amounts received from the bank, and this is what the Rafidain Bank has not yet acknowledged.
Sabah Salem - outlet owner:
The outlet owners deposited deposits in the Rafidain Bank several years ago at a rate of 5 million dinars, which have not been returned yet.
There is rough treatment with outlet owners within the bank, and it would have been better for us to be dealt with in a better way than that, because we conduct large and continuous financial transactions with the bank.
Bassem Muhammad - Director of Al-Rafidain Bank in Al-Amarah:
We cannot change the procedures issued by the public administration in Baghdad, and responding to these protests is within its jurisdiction only. link
The Central Bank of Iraq...they're not going to be doing all the banking...JP Morgan Chase, CitiBank...those are the the banks that are going to be doing the correspondent work with the trade, cross border payments...That's what we've been waiting on. That's what happening. It looks like the international institutions have the green light. Looks like it's a pretty phenomenal time frame for that....
Al-Alaq said he was going to delete the zeros/the project to delete the zeros off the exchange rate. What did Al-Sudani say? He said the dinar would be stronger than the dollar.What did Salih say? He said they were going to have a major announcement. We're going to see if all three of those guys are telling the truth or not. I have a feeling they are...
Accounting started January 1st. Taxation in the dinar, commercial trading in the dinar was supposed to start on the 1st. We're going to have to watch them expose how this rolls out.
Iraqi stock exchange soars 97%. The other day we talked about what 52% and that was a pretty bold statement for them to say that. Now they're talking about 97% annual gain as an indication of economic upswing.. .
The oil & gas law is a very important and is considered to be integral to the citizens needs and the economic development of the country. They stop short of telling us what came of the oil & gas law today. Why?
...One reason would be that there is exchange rate sensitivity with respect to the law...An exchange rate to be one that is stronger than the dollar (Per Al-Sudani) will help largely in that regard. So, yesterday they were focusing on the importance of this law and with urgency. A very good sign!!!
Iraqi stock exchange soars 97%. The other day we talked about what 52% and that was a pretty bold statement for them to say that. Now they're talking about 97% annual gain as an indication of economic upswing...
The oil & gas law is a very important and is considered to be integral to the citizens needs and the economic development of the country. They stop short of telling us what came of the oil & gas law today. Why?
...One reason would be that there is exchange rate sensitivity with respect to the law...An exchange rate to be one that is stronger than the dollar (Per Al-Sudani) will help largely in that regard. So, yesterday they were focusing on the importance of this law and with urgency. A very good sign!!!
Developing the market for the banking sector is huge because look, the ISX shows that their index has been up about 52% in 2023...Why is that if Iraq is just status quo and it's just blah...? It's not.
Submission of a proposed law to "remove foreign forces" from Iraq, 14 JAN
twilight News / About a hundred deputies in the Iraqi parliament announced on Saturday the submission of a proposed law "Removing foreign forces from Iraq", amid unprecedented escalation Between armed factions and the international coalition forces, most notably the escalation against military bases in Country.
said MP Faleh Al-Khazali, during a press conference held at the Parliament building, with the participation of a number of MPs, attended by Shafaq News Agency: "We, members of the House of Representatives, present a proposed law to remove foreign forces from Iraq, at a request signed by 88 deputies."
He came This is as a result of "the continued violations of Iraqi sovereignty by US forces, by During the repeated targeting against the headquarters of the Popular Mobilization Forces and their leaders, who are part of the forces Iraqi Armed Forces," Khazali said.
He added This also comes as "considering that there is no need for foreign forces to be present in Iraq, Especially in light of the presence of a sufficient number of armed forces and security agencies that undertake Defending the homeland and its people."
Iraqi Prime Minister Al Sudani and the Governor of the Central Bank of Iraq Al Allaq would both be attending the World Economic Forum in Davos Switzerland for the annual meeting January 14th to 19th. “Everyone is expecting the RV on Sun. 14 Jan.” according to Sudani.The IMF, which is in charge of timing, said, “Anytime Friday to Sunday.”... Everything is ready to go. There is nothing more to do, we just have to sit back and wait for the Green Light.
Thurs. 11 Jan. Wolverine
The Codes have been locked in. I received a confirmation yesterday, but it was confidential. Carlos Petas actually put it in the telegram channel so I decided to place it in the room.
The funds might get released tonight or may get released tomorrow, we just don’t know. Everything is ready to go. There is nothing more to do, we just have to sit back and wait for the Green Light.
ANOTHER THING Medbeds are ready. I spoke to someone, actually a few days ago, who is in charge of the Medbeds in Colombia. They are just waiting for the Green Light for this to happen. THERE ARE 150 MEDBEDS IN COLOMBIA! This was confirmed by Charlie Ward as well. That is all I can tell you at the moment. …
I want you all to get ready as there is a lot of things happening now. That champagne bottle is getting more closer now.
God bless you all
—————
E.B.S. WE REITERATE THAT STARLINK IS READY TO SEND THE E.B.S SIGNAL TO ALL CELL PHONES IN THE WORLD. YOU ARE JUST WAITING FOR THE GREEN LIGHT. CERTAIN FINAL EVENTS WILL OCCUR FIRST. BE READY.
The Ministry Of Finance Discusses The Requirements For Implementing The Unified Treasury System
Friday 12, January 2024 21:58 | Economical Number of readings: 720 Baghdad / NINA / Today, Friday, the Minister of Finance, Taif Sami Muhammad, chaired a coordination meeting, at the Ministry’s headquarters, which included the Director General of the Accounting Department, the General Managers of the Rasheed, Al-Rafidain, Industrial, Real Estate, and Agricultural Banks, and the relevant employees therein, to discuss the requirements for implementing the unified treasury system.
The Minister stressed, Bayan Account To the Ministry, it is necessary to prepare a report and have it signed by the Council of Ministers to take the necessary measures to implement the decision and the implicit paragraphs regarding it without waiting for the first paragraph of Recommendations No. 23453, which includes that all banks, represented by the centrally funded spending units, submit the position of zero self-accounts, provided that it is signed by an account committee. The Unified Treasury.
She indicated that the Council of Ministers had been notified of the accounts while adhering to the implementation of the recommendations contained in the Cabinet’s letter without significant obstacles, and the commitment of the relevant accounting and banking department to withdraw the balances after (10) days of each month.
The Minister of Finance added that: “Preparations are being made A timetable for summoning and finding out the departments that are lagging on implementation, the necessity of re-auditing the disbursed amounts again with the statements, and directing the Rafidain and Rasheed Banks to adhere to paragraph one of the recommendations, and prepare an inventory of all accounts that includes the name of the formation and the amounts and deposit them according to the type of account.”
On the other hand, a timetable has been set with the formed subcommittees, mentioning the number of accounts of each bank and mentioning the amounts that are withdrawn from the main account and preparing a table of all self-accounts for more than 5 years in all banks and then submitting it to the Minister to make a recommendation regarding it and deposit it in the main account, and for For less than 3 years, it is necessary to prepare a complete statement of accounts to deposit them in the main account.
The statement explained: “This comes within a series of meetings held to reform the public finance sector through the implementation of the unified treasury account, which represents a qualitative shift in the management of public funds, as the project will allow the possibility of monitoring the movement and safety of funds and implementing the ministerial curriculum prepared by the ministry in order to keep pace with financial and economic progress.” https://ninanews.com/Website/News/Details?key=1100618
For the first time in 45 years, US Treasuries have more of a downturn volatility risk potential than gold. This is why we are moving to Basel 3 compliance in our banking system.
Monetary gold now qualifies as a Tier 1 asset, and it is 100% valued for the purposes of bringing stability to the banking system.
On January the 16th, 2024 we move to the final rule stage of Basel 3 compliance in our banking system. At this time, final guidance will be given on Capital requirements held in the banking system in terms of gold and other assets to support it. The New Tier 1 Asset?
Within A Week... The Iraqi Central Bank’s Sales Exceed One Billion Dollars
Economy News – Baghdad The Central Bank of Iraq's total sales of hard currency in US dollars during the past week recorded more than one billion dollars.
Last week, for the three days in which the auction was opened, the Central Bank sold 1 billion, 90 million, 529,470 dollars, at a daily rate of 218 million, 105 million, and 894 dollars, higher than what it recorded last week, which amounted to 634 million, 373 thousand. And $298.
The highest dollar sales were on Thursday, when sales amounted to 229 million, 063 thousand and 145 dollars, while the lowest sales were on Sunday, when sales amounted to 210 million, 253 thousand and 270 dollars.
As for foreign remittance sales during the past week, they amounted to 998 million, 93 thousand, and 470 dollars, an increase of 90% compared to cash sales, which amounted to 101 million, 690 thousand dollars.
The sales were in the form of cash and transfers abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards reached 1,305 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1,310 dinars per dollar.
Question: "Once the black [market] rate gets close to the official rate of 1320 will the CBI wait for a while to move to 1000 to be sure it's stable or will it quickly make the next move to 1000?"
Our desire is to see another exchange rate movement which would be somewhere between let's say 1,200 or 1,000 to 1. We believe that's what will happen next. But I don't think we'll get to see it because of the speed things are happening right now...
You are involved in this dinar investment. The next step is the most crucial. It's the most dangerous for you...I'm concerned for you...I wish you well. I've already prepared you. I've already told you what to do...
Question: " Is the US government placing a hold on the currency revaluation to keep people from becoming wealthy?"
No, our government has nothing to do with the monetary reform of the Central Bank of Iraq...We did everything possible to make them modern and they are. But can we tell them, Okay go ahead do it now?
Sudanese, The Government Took The Path Of Radical Reforms And Confronting The Waste Of Public Money
The Prime Minister, Muhammad Shiaa Al-Sudani, confirmed that the government had launched its program, which includes a vision for the future of a united, strong, independent Iraq, while indicating that it had followed the path of radical reforms and aimed to confront the waste of public money.
The Prime Minister said, while attending the memorial ceremony on the occasion of the anniversary of the martyrdom of Mr. Muhammad Baqir al-Hakim, “We are determined to follow the path of reconstruction and reform and raise the standard of living and services for citizens throughout Iraq.”
He added, “The government launched its program, which includes a vision for a strong, unified Iraq’s future.” Independent, stable and prosperous, adding: We followed the path of radical reforms that address long-term needs, and we aimed to confront the waste of public money, and we kept in mind the infrastructure, in the economy, services, and financial and banking infrastructure, to move towards development and create opportunities for current and future generations.
Tales from an RV/GCR Road Warrior: My Personal ‘Exchange’ Stories
On January 12, 2024 By Awake-In-3D
I have been a card-carrying member of GCR Land for 13 years as of last month when I purchased my first IQD.
I started out as an avid follower and consumer of the Guru News Network (GNN). Over time, I listened to every RV/GCR conference call, read every internet news site, and joined every online chatroom I could find.
Soon, I found myself realizing that I was a fully addicted GCR Hopium junkie.
The Genesis of an RV/GCR Road Warrior
After a cacophony of daily “It’s happening” and “It’s done” GNN reports peaked around 2013, I took my first steps from being only an RV/GCR observer to becoming a more proactive GCR Land participant.
I started asking a lot of questions.
Believing that asking rational and logical questions (my nature being an experienced Engineer and Entrepreneur) would lead me to meaningful answers about the constant delays of my RV/GCR exchange/redemption, I was deeply disappointed.
Instead of getting answers, I was quickly the subject of ridicule and disdain within the GNN landscape of the time. I was labeled a cabal shill, CIA infiltrator, and worse. Soon I was an outcast and banned from nearly every online community of the day.
Then I found a few private member chat rooms where my probing questions were accepted by like-minded folks who were also questioning the GNN narratives. Yet still no answers came forth.
So, I began to faithfully dig and research all things relevant to how currency exchange rates are determined, the global financial system infrastructure, and fundamental economic principles and my eyes were opened.
Then I started to write about what I was learning under the pseudonym of Awake-In-3D.
As my posts began finding their way into mainstream GCR Land news outlets, people more deeply involved in behind-the-scenes RV/GCR took notice and began to contact me privately and I started getting plausible and realistic answers to many of my initial questions.
And this led to even more questions – so I kept on digging and writing.
Eventually, I found myself invited to private exchanges and redemption opportunities for my growing collection of currencies and bonds. I thought I finally made a breakthrough, but little did I realize at the time that I was only just beginning my RV/GCR journey.
Exchange Stories: Brokers and Bankers and Lawyers Oh My!
I tend to write long-form articles, but I’ll keep this short.
My first exchange scenarios began with different lawyers with “top level connections” to currency and bond (assets) Buyers. Centered in Reno, Los Angeles, and Salt Lake City, I was instructed to send my assets to them under a contract to transact.
The contracts were all in the usual legal language I recognized from my professional business experience even offering insured/bonded transport of my assets. I actually considered doing this. Afterall, everything looked totally legit.
It was only after I offered to personally transport my assets, and meet the parties involved directly, did I run into doubt.
The Reno and Salt Lake City lawyers suddenly had excuses for why my request was not possible. Hmmmm…
But the LA lawyer was open to a private meet so I packed up my car and drove cross-country from Chicago to LA. This was showing progress!
The next day, being only 3 hours from LA, the private meet-and-greet with the Buyer started getting delayed. Hmmmm…
The meeting never took place and it was a wasted trip. I was told the Buyer had to catch a last-minute flight to Hong Kong, but the attorney said I could leave my assets in their office and the transaction would be executed when the Buyer returned. Hmmmm…
No thanks!
Some months later, I was contacted by a broker representing one of the Asian Elder Families and I was invited to participate in and asset exchange to take place in Singapore as part of the initial liquidity injection into the broader GCR funding infrastructure.
Contracts were offered containing terms and asset pricing. Also included were Humanitarian and Economic Project participation stipulations. Now we’re talking! Only this time, I wasn’t going to fly all the way to Singapore just to face another wasted trip.
So, I offered to have a 3rd-party, legal fiduciary, approved my both myself and the Buyer act as a Guarantor and transporter of the assets (similar to an Escrow facility) once the funds for the transaction were verified (proof of funds/POF) by the Fiduciary.
This was deemed acceptable and the process began. I generated a list of serial numbers and Proof of Life (POL) photos of my assets while I was awaiting Proof of Funds documentation from the Buyer and HSBC Bank.
I withheld providing my serial numbers, etc. until I had POF letter from the bank. Day after day went by without the POF letter but was told it would be forthcoming.
Becoming impatient, I informed the broker that I was going to withdraw from the deal if the POF was not provided within the next 5 business days.
Near the end of the 5-day period, I was offered a different contract and a sum of $10,000 cash up front to remain in the deal – since the Buyer needed more time. I said no because I would have lost the Right of Refusal with the Buyer if I signed the new Agreement.
It turned out that the broker was structuring a Flipper Deal on behalf of the Buyer. The Buyer was under the impression that a private RV/GCR exchange would occur on his side within 30 days under which he was waiting for POF from his Buyer’s bank.
The broker never made clear to me up front that this was an asset Flip deal.
I have several additional such stories over the early years, but I need not elaborate further. Suffice it to say, none of them have come to fruition as of today.
All around these transactions, there were bankers involved in deals. Legitimate folks with positions and names I could verify. While a few of the lawyer deals smelled of deception, most were put forth with good faith under lawful circumstances.
Bankers are just the guys in the middle of all of this. Some are very aware of the state-of-play in Our GCR (not the bad guy reset). They want the business.
After all, they’re bankers. Many get excited and tend to get overzealous in their predictions over what is going on in the bigger picture.
Most times, I wish they would just admit that they don’t know as much as they think they do.
I have also come across my share of pure criminals and con artists in my GCR Road Warrior journey thus far. Whenever there’s a lot of cash involved, there are always sharks in the water.
For the bulk of those early experiences, I fully believe the RV/GCR is real, and since those days, I have come to learn a much more and forge a greater sphere of connections in the process – further strengthening my support for the RV/GCR event forthcoming.
I also know that the Bad Guy Reset plan is real.
Additionally, I am highly aware that quite a few of the scenarios, accepted as truths, surrounding Our RV/GCR are exaggerated at best and pure myth in the worst cases.
But this is also to be expected in such a transformational, epic financial event.
Yet the greatest thing I have learned so far is, no one knows when the RV/GCR will actually occur or exactly how it will unfold.
Liberating the dinar from the official rate... Obstacles and solutions
1/13/2024
With the return of fluctuations in the dinar exchange rates, there is renewed talk about the necessity of getting rid of the “official price” with the aim of reducing the difference with the price in the parallel market, by subjecting the local currency to global supply and demand, similar to other countries
But many obstacles stand in the way of this step, among them “ The unilateralism of the Iraqi economy, which relies on oil and government revenues, and the absence of correspondent banks in the dinar currency, according to specialists, also called for taking other possible solutions, such as “deleting the zeros” from the currency, and withdrawing the cash mass from citizens and transferring it to banks.
Mazhar Muhammad Salih, financial advisor to the Prime Minister, says, “The Iraqi dinar’s exchange rate follows a system of fixed exchange rates, and that the process of approving the exchange rate is one of the monetary policy tasks of the Central Bank of Iraq as it is the independent body, especially since Iraq depends primarily on oil sources that provide... Foreign currency, and therefore oil revenues are transferred to the Central Bank of Iraq, and reserves follow the exchange mechanism between the dinar and the dollar, given that the Central Bank is the source of exchange between them.”
The dollar exchange rates in the local market witnessed great fluctuation during the past days, as it suddenly decreased to 148 thousand dinars per 100 dollars, and quickly rose again to 150 thousand dinars, and then continued to fluctuate until it reached 154 thousand dinars per 100 dollars, after its price was approaching... About 157 thousand dinars.
Saleh adds, “The balance and stability of the price in flexible exchange systems requires a financial and banking market, in which interest rates play a major role in the inflows and outflows of foreign currency, and this is something that is not available in Iraq, and the mono-economy is dependent on the inflows of foreign currency.” On government oil revenues, and here the forces of supply and demand are inconsistent with the unilateralism of the economy.”
He continues, "The economy is sometimes exposed to a large deficit in the current account and the balance of payments, and the general budget is also exposed to a deficit. Here loans are resorted to and governments are forced to reduce the national currency until foreign currency becomes expensive. This is called financing from inflation, and despite the fact that This conflicts with the policy of the Central Bank, but is done in consultation with monetary and fiscal policies.”
He points out that “the function of the central bank in general is to maintain the exchange rate and its stability for a long period, but this relates to the nature of the current account and the balance of payments, and whether there is a surplus or a long-term or stable deficit, as well as the nature of the budget, is it expansionary or contractionary, so the The issue is not easy, as all we need in the exchange rate is a circle of consultation and communication between monetary and financial policies to maintain its stability.”
It is noteworthy that since the beginning of the exchange rate crisis more than two years ago, many options have been put forward to control it, including printing new denominations of cash, including 100 thousand dinars, or deleting three zeros to control the rise in the value of numbers in monetary transactions.
Since the 1990s, and during the imposition of the economic blockade on it, Iraq has suffered from significant inflation in the currency, which prompted the previous regime to go to print the currency locally, and after the year 2003, the previous currency was destroyed and new denominations were issued, and its exchange rate against the dollar was fixed, by decree. From the civil governor of Iraq at the time, Paul Bremer, who revealed the shape of the new currency and its exchange rate against the dollar.
For his part, economic expert Nasser Al-Kinani explains, “With regard to the fluctuation of the dinar, the central bank was selling the dinar for 1,118 per dollar, and then it changed since the arrival of former Prime Minister Mustafa Al-Kadhimi to power and the appearance of the white paper, as its price rose and became 1,450 dinars, in addition to This caused the Iraqi dinar to rise until it currently reached 1,530 dinars per dollar in the local market, but despite this, solutions can be developed for this problem.”
He explains that "the solutions revolve around reprinting the currency again and zeroing it, especially if the printing process is accompanied by the process of retrieving the money stored inside homes to the banks. Hence, it is possible to stabilize the Iraqi dinar by giving the banks a percentage for each citizen who owns an account or opens an account within the bank, for example, 10 percent, which would be 10 percent." As a deposit for the citizen inside the bank.”
He continues, "The above steps will lead to solving the import issue that the government is suffering from now, and it is trying to control it to limit the smuggling process. Stabilizing the currency and revitalizing local industry and agriculture will, in general, lead to solving all economic and currency problems."
According to the Central Bank of Iraq website, Iraq includes 80 operating banks, including 62 local banks and 18 banks that are branches of foreign banks.
It is noteworthy that the Iraqi banking sector is neglected by citizens who have lost confidence in it, and according to World Bank figures issued last year, only 23 percent of Iraqi families have an account in a financial institution, which is a percentage among the lowest in the Arab world, especially since the owners of those Accountants are state employees whose salaries are distributed to public banks at the end of each month, but these salaries also do not remain in the accounts for long, as queues quickly form in front of banks from employees who withdraw their salaries in cash and prefer to keep them at home.
For his part, financial and economic expert Mustafa Akram Hantoush explains, “The local Iraqi currency is printed by the state and gives its value in exchange for other currencies or gold, that is, currencies or metals in the global supply and demand market.”
Hantoush points out, “The currencies that are exposed to the supply and demand market are currencies that have countries that have correspondent banks for their currencies, for example the dollar. There are banks that correspond in dollars so that the whole world receives and trades them, and therefore such a currency is considered a flexible currency with variable prices.”
He continues, "The Iraqi dinar had correspondent banks in a global currency that was dealt with in the field of global trade, and here the demand for it will become higher and the value of the dinar will rise. However, Iraq as a country does not currently have correspondent banks, so the national currency it owns is a local currency and is not subject to supply and demand." Global, as it is a currency issued for other currencies, and the process in it is fixed and does not rise to be a global process.”
It is noteworthy that Washington entered into the crisis of dollar smuggling last year, and Iraq was subjected to the global SWIFT system, which created a gap between the parallel and official market, and increased the loss of confidence in Iraqi banks, as dozens were subjected to American and Iraqi sanctions without processing depositors’ funds, in addition to the involvement of... Most banks are currently engaged in smuggling operations, according to what the US Treasury Department confirmed.
