For any Iraqi that lives outside of Iraq they will take advantage and exchange their 3-zero notes for American dollars. The monetary reform is getting louder and louder everyday and very direct. There is no confusion. There's no need to wonder when it's going to happen because they're telling you it's happening. IMO the lower denoms, new exchange rate and the float in the basket is the next phase of your monetary reform...Prime Minister Sudani is bragging about it right now...
Article "The International Monetary Fund welcomes Iraq's accession to a program that supports economic reforms "
All I could say was Holy cow! That's huge. The IMF, remember who they are. They are the one who give Iraq/CBI permission to raise or lower the value of their currency, to print or to destroy currency. Everything they do in their banking structure is governed by the IMF...This is the announcement by the IMF that Iraq is international.
Al-Rafidain launches the third issue of reconstruction bonds… available in two categories, 23 JAN
Baghdad – 964 On Monday, Rafidain Bank announced the issuance of the third issue of reconstruction bonds, while indicating that it will be in the form of two categories, a 500 thousand dinar bond and a million dinar bond.
A statement from the bank, a copy of which was received by the 964 Network: In a step to enhance the investment aspect and in line with the directives of the Ministry of Finance.
Rafidain Bank announces the offering of the third issuance (reconstruction bonds) for sale to citizens until January 30, 2024. With the same mechanism previous to the first and second issues.
It will be available in two categories:
– A bond of 500,000 dinars with an annual interest rate of 6 percent, paid every six months for a period of two years.
– A 1,000,000 dinar bond with an annual interest rate of 8 percent, paid every six months for a period of four years.
The bank confirmed that the person wishing to purchase the bonds must submit a direct request to the bank, accompanied by the original identification documents, explaining that the buyer will be given a receipt by the bank in exchange for the amount he paid to purchase the bond. The buyer will keep this receipt until the bond is prepared, and the buyer will bring the aforementioned receipt to The bank to receive the bond after preparing it.
He stated that the trading of bonds takes place in the stock market, buying and selling, in addition to that, the statute of limitations for the bond is 10 years after maturity, and then it is transferred to the Ministry of Finance, pointing out that the purchase and trading of the bonds offered (Emaar bonds) are exempt from taxes, according to what is stated in the Federal Budget Law No. 13 of 2023.
Article "Parliamentary Finance Committee: A surplus of more than 10 trillion in the 2023 budget”
Quote "The total revenues of the Iraqi state, as of November 2023, amounted to more than 121 trillion dinars, while expenditures amounted to more than 110 trillion dinars, which means there is a surplus of more than 10 trillion dinars, according to the Iraqi Ministry of Finance .
Article "An exciting statement by Al-Sudani: How will Iraq double its non-oil revenues by 200% in just two years?" Quote "For oil revenues to be 80% of total revenues, non-oil revenues must be more than 24 trillion dinars, which means doubling them by about 200% of their current number"
Article "For the first time...the assets of Iraqi banks record an unprecedented number" quote “the volume of assets of Iraqi banks operating in Iraq amounted to more than 202 trillion dinars, which is the first time that it has exceeded the barrier of 200 trillion dinars.”
Information/private.. Member of the House of Representatives, Jassem Al-Atwani, confirmed today, Monday, that the American side is obstructing some agreements that are in the interest of Iraq, while he stressed that the current government is continuing to liberate itself from American hegemony, on the military side.
Al-Atwani said, in an interview with the Maalouma Agency, that “the government proceeded to liberate itself from the agreements that were imposed on Iraq after the Gulf War, including exit from Chapter Seven, and restricting the country in terms of choosing its military fate.”
He added, “The government concluded agreements with countries that were banned from Iraq by America,” stressing that “the American administration always obstructs military agreements that are in the interest of Iraq.”
The member of the House of Representatives explained, “Washington previously obstructed the Russian arms agreement, after it negatively interfered with the deal, and ultimately failed the agreement,” adding, “There is no article in Iraqi law that requires Baghdad not to choose the appropriate weapons to defend the country.”
Earlier, a member of the Parliamentary Security and Defense Committee, Waad Qaddo, confirmed that arming the security forces is not at the required level, indicating that the American side greatly affects the arming of the Iraqi forces, especially with regard to the issue of aviation.
The United States of America continues to dominate and control arms purchase contracts for Iraq amid a major loss of most of the weapons that were imported, in addition to the high price that reaches several times the price of what is available in other countries and with higher efficiency.
I never said it's not going to happen. It absolutely will but it's going to go up in increments IMO. Is Iraq doing what they need to do to get back on track? They are. What are the biggest hurdles? They need to do something about corruption...Unless these things change we're going to have a hard time getting to where we're trying to...change the exchange rate.
[Response to Nader's Iraq's economy is one of the best in the world below] No it's not. Not right now...There are other contributing factors...I agree in the future [they're going to be fine] but I'm talking about now...Anything is possible in the future but in their current position these things are what's wrong that need fixed...
Today, Monday, the Al-Fatah Alliance identified ways to force the American administration to withdraw its forces and leave Iraq, while considering the diplomatic system with the Americans “will not work.”
The leader of the coalition, Ali Hussein, said in an interview with the “Al-Ma’louma” agency, “Iraq has many great experiences with America. It refuses to leave the country, and the diplomatic system will not work for it,” stressing “the necessity of using two systems with the American administration to force it to leave the lands.” “Iraqiya.”
He added, “The first system is resistance, through which the Iraqis succeeded in 2011,” pointing out that “the second system is political action, and they must be together in one vessel to get rid of the American occupation.”
The leader of the Al-Amiri coalition explained, “The experience of 2011 accurately embodied the two regimes, as the former Prime Minister, Nouri al-Maliki, was dealing politically with the American side, while the resistance factions touched the heads of the Americans, until they left Iraq.”
Hussein stated, “The current government must deal with the same political approach with Washington, and prepare the ground for its exit, while the resistance continues its strikes and will not stop at a certain limit, except with the departure of the last combat soldier from Iraq.”
Earlier today, the Islamic Resistance in Iraq claimed responsibility for targeting the “occupied” Ain al-Assad base with drones.
The Iraqi resistance continues to launch attacks against the bases of the American forces since the start of Operations Al-Aqsa Flood in Palestine, in response to the crimes committed by the enemy against the Palestinian people in Gaza.
Iraq is again discussing the change in dinar value openly. This makes more than 4 articles etc…in the last week. They are expecting a major change in the valuation of their currency soon.Also still talking about pegging to a basket of middle eastern currencies in order to compete with the US dollar. Also in the news there seems to be big happenings in the Iraqi currency auctions.
Bringing in much more dinar. They are making all the moves we expect to see just before a revaluation. They are telling us it is coming… it is very clear how close we are.
Comment: Vietnam is sitting really pretty in their economy. They are main processors of silver! And get this, Cinnamon! MarkZ: News from Vietnam: “Vietnam treads the path to becoming an International Financial Hub” There is a lot of pressure from countries around the world for Vietnam to move their currency value up. Great things happening there.
INSTRUCTIONS AND STANDARDS FOR THE CIRCULATION AND EXCHANGE OF BANKNOTES AND COUNTING AND SORTING MECHANISMS♦
Instructions and standards for circulation and exchange of banknotes, and counting and sorting mechanisms. For more, click here
The manual is very long as it is 11. You can click on the link above to see the entire manual, however it is in Arabic and will need translation. I have translated some of it to get a feel for it. But it is not about the RV. It just lends clarity to the citizens as they are turning in old 3 zero banknotes.
Date: 1/15/2024
All licensed banks provide instructions and standards for the circulation and exchange of banknotes and counting and sorting mechanisms
Kind regards…. Later, with our circular No. 2/9/20 dated 1/15/2023 regarding unifying and updating the controls and instructions for the standards for the circulation and replacement of banknotes, we attach to you the principles, standards and instructions that will be adopted in
Counting, sorting, receiving and delivering banknotes, we hope to carry out.
Please review and act accordingly, with appreciation.
Escorts
Instructions and standards for the circulation and exchange of banknotes and counting and sorting mechanisms.
Mr. Dr. Ammar Hamad Khalaf
Page 1
Instructions and standards for circulation and exchange of banknotes and counting and sorting mechanisms
The Central Bank of Iraq, in accordance with its amended Law No. 56 of 2004, is responsible for determining the denominations of Iraqi paper and metal currencies, their standards and shapes, printing paper banknotes, and minting coins. It is responsible for destroying and replacing them and identifying defective ones, and it may refuse to replace those paper or metal currencies or They will be confiscated if the conditions described in these instructions are met and that the Iraqi banknotes are homogeneous in their various denominations, have absolute discharge power and are accepted by the Central Bank of Iraq, its branches, banks, institutions and the public.
Discriminating between their denominations by imposing a specific denomination on the public or refusing to receive a specific denomination is unlawful. It is acceptable and is considered a violation of the law. We ask all banks to adhere to the instructions and standards for trading banknotes And replace them with counting and sorting mechanisms as shown below: see the entire manual by clicking on the link above.
AL-RAFIDAIN LAUNCHES THE PROJECT TO IMPLEMENT THE ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM LAW
Baghdad Today – Baghdad
Rafidain Bank announced on Thursday (January 18, 2024) the launch of the project to implement the Anti-Money Laundering and Combating the Financing of Terrorism Law and the Electronic Reporting System based on the requirements of the Central Bank and the Anti-Money Laundering Office and in compliance with the recommendations of the Financial Action Task Force (FATF).
The bank confirmed in a statement received by “Baghdad Today” that “the work began from today and continues until the achievement of all international and local financial requirements,” explaining that “the goal of this project is to upgrade the banking business to shift towards digital systems in financial transactions in line with the government’s steps to accelerate economic and financial reforms in the country.”
According to the statement, “the bank agreed with Capital B Solutions Ltd., which is contracted to implement the project, funded by the International Smart Card Company, the bank’s strategic partner, and the duration of the completion of the project within 6 months and Continue until achieving international goals and standards to eliminate fraud in money laundering and terrorist financing.”
“The project provides for increasing the effectiveness of the bank’s compliance system and maintaining the conduct of banking operations to be safer and to apply the highest level of compliance standards approved by the Central Bank of Iraq.”
“This system is an integrated software solution developed by the United Nations Office on Drugs and Crime (UNODC), to be used by Financial Intelligence Units ( FIU’s ) (including the Anti-Money Laundering and Combating the Financing of Terrorism Office), for the purpose of data collection, management, analysis, document management, workflow and other statistical needs.”
“This program is designed to receive, process and analyze reports submitted by financial institutions or other entities in accordance with the requirements of local anti-money laundering laws and regulations and international standards,” it is noted.
A scandal of high caliber. UN staff in Iraq took bribes to help businessmen
Baghdad Today - Follow-up
An investigation conducted by the British newspaper The Guardian revealed on Monday (January 22, 2024) that employees working for the United Nations in Iraq are demanding bribes to help businessmen win contracts in post-war reconstruction projects in the country, noting that United Nations employees Required 15% of the value of contracts.
The alleged commissions are one of a number of allegations of corruption and mismanagement revealed by The Guardian at the Stabilization Financing Facility, a $1.5 billion UNDP scheme launched in 2015 from more than 30 donors.
Interviews with more than two dozen current and former UN staff, contractors and Iraqi and Western officials suggest that the UN is nurturing the culture of bribery that has permeated Iraqi society since the overthrow of Saddam Hussein in 2003.
The Guardian found that "UNDP staff demanded bribes of up to 15 per cent of the contract value, according to three staff members and four contractors," and in return, the employee helps the contractor navigate the UNDP's complex bidding system to ensure that the vetting process passes.
The newspaper quoted one of the contractors, saying that "no one can get a contract without paying, and there is nothing in this country that you can get without paying, neither from the government nor from the United Nations Development Program," noting that " UNDP employees contacted them asking for bribes."
One UNDP staff member said the deals were made in person rather than on paper to avoid being discovered, with influential Iraqis sometimes acting as guarantors, noting that "the third party also takes a share of the bribes," adding that contractors "will choose people with connections and power."
Government officials entrusted by UNDP with supervision of construction projects are allegedly also receiving a share.
Contractors and UNDP staff who oversaw the projects explained that officials used that power to "extort" to obtain bribes from companies in exchange for signing projects completed, with two contractors tellingThe Guardianthat they were forced to make such payments.
The interviewees, many of whom spoke on the condition of anonymity for fear of retaliation, said the program had seen unwarranted expansion and extension that mostly preserved the UNDP footprint while relieving the Iraqi government of its own obligations to rebuild the country.
The newspaper also indicates that most of those interviewed described the training and workshops run by the United Nations Development Program within the framework of these initiatives as "trivial" and "lacking strategic coherence."
The Guardian was told that the sessions were attended by government officials and community members mostly to enjoy a free trip and cash in, with one former staff member saying: "UNDP just wants to burn money and show donors that they are doing workshops."
A former staff member described the UNDP Livelihood Initiative to teach displaced women to sew as "unrealistic" because Iraqis tend to buy cheap imported clothes from local markets: "They were trying to create an economy that doesn't exist." "It was like going back to the Middle Ages," they added.
UNDP said initiatives such as skills training were developed based on community needs and in full consultation with local authorities or community leaders.
Donors have appreciated the difficulty of tracking how their funding is and relying on UNDP to carry out monitoring and evaluation through an internal unit that the agency described as "fully independent", even though it is managed by UNDP.
Five interviewees familiar with the UNDP reported they did not reflect the reality on the ground.
One consultant who conducted an external audit of another UNDP program said: "A lot of these documents are mostly for PR purposes, when you actually go to these districts and sit down with the beneficiaries of these funds and actually look at the projects, it's very different from what you imagine by reading these reports."
Isolated behind concrete walls and allowed only limited field visits due to strict security protocol, embassy staff appear to lack the means to challenge the information, with a Western official noting, "Everyone only stays for two years, and when they find out, they leave " " "That's how these programs continue year after year."
Responding to the Guardian's request for comment, an advisor to the Iraqi prime minister, Mohammed Shia al-Sudani, said that if allegations of corruption at the UNDP and the involvement of government agencies were proven to be true, legal action would be taken. .
Farhad Aladdin added, "We will communicate with the highest authorities in the United Nations to discuss the details of these allegations, investigate them and refer those involved in corruption to the competent authorities." We will also review all programs to find out the truth."
MAINTAINING THE EXCHANGE RATE… PARLIAMENTARY FINANCE DETERMINES THE VARIABLES OF THE 2024 BUDGET
Today, Wednesday, the Parliamentary Finance Committee confirmed that the exchange rates of the dollar and a barrel of oil will be maintained in the budget for the current year 2024.
Committee member, MP Hussein Moanis, said in a statement to Al-Maalouma, “The government kept calculating the price of a barrel of oil, the quantity of oil exported, and the dollar exchange rate stipulated in the tripartite budget in the current year’s 2024 Without budget change.”
He added, “The Parliamentary Finance Committee has not yet received the changes that will occur to some tables in the current year’s budget in order to study them and then submit them to a vote in the House of Representatives.”
Muanis pointed out that “the changes that will occur in the current year’s budget will be made in the schedules without any change in their items,” noting that “the change in the schedules relates to added imports as well as spending.”
The House of Representatives approved, on Monday, June 12, 2023, after long deliberations between the government and parliament members that extended for months, the financial budget law for the three years 2023, 2024, and 2025, as the budget approved more expenditures and Investments as a direct result of the increase in oil revenues, which constitute 90% of the country’s revenues.
Note: If any certain podcast is mainly about politics and social opinions or any political –type picture posted on Marks videos I will not do many notes. So if the notes are short or non- existent….…that may be why.
Monday News with MarkZ
Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Can you clarify who has the authority and final say on the RV of the Iraqi Dinar? Is it the IMF, CBI, UST or who?
MZ: It is the US Treasury. But the UST is controlled by the western banking world elites ….That’s who has been stalling it. Iraq and BRICS has been doing everything to force them into a corner where they have no choice but to go. That is what we have been watching. It would have gone years ago if it wasn’t for the western banking world. Here in the US – the western banking elites representatives is the US Treasury.
MZ: MilitiaMan did a good video yesterday…Iraq is again discussing the change in dinar value openly. This makes more than 4 articles ect… in the last week. They are expecting a major change in the valuation of their currency soon. Also still talking about pegging to a basket of middle eastern currencies in order to compete with the US dollar.
MZ: Also in the news there seems to be big happenings in the Iraqi currency auctions. Bringing in much more dinar. They are making all the moves we expect to see just before a revaluation. They are telling us it is coming…
MZ: If we follow all the processed they have done in the last few months- it is very clear how close we are. .
MZ: IMO they are doing everything right to force the US treasuries hand. Iraq told us in Dec. they would totally de-dollarize after Jan 1….
MZ: From Zimbabwe: “ Govt set to announce new measures to stabilize Zimbabwe dollar” The inflation beast has reared its ugly head again. They have been tying more of its currency to gold in the past 2 years….. Look for an announcement in the coming days….possibly this week on the Zimbabwe dollar being gold backed. That is what I was told
MZ: I don’t know timing but can tell you that my bond folks are expecting a whole heck of a lot by the 24th which is in 2 days. Many of them are expecting to get 1% in fiat…..if this occurs we are arguably within days….
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Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.
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Sudani: Victory over ISIS necessitates changing the mission of the international coalition
Information/BaghdadPrime Minister Mohammed Shia al-Sudani stressed on Monday his rejection of any aggression on Iraqi soil or prejudice to its autonomy, while pointing out that the reason for the expansion of the conflict in the region is due to the continuation of the war in Gaza.
The media office of the Prime Minister, in a statement received by the information, that "Sudanese, received today the Dutch Minister of Defense Casey Olonggreen and her accompanying delegation."He added that "during the meeting, they discussed bilateral relations between the two countries, and ways to enhance cooperation in all fields, as well as the joint files that will be discussed during the Prime Minister's visit to the Netherlands, based on the official invitation submitted by the Dutch Prime Minister."
The prime minister praised "the efforts of the Netherlands in helping Iraq during its war against terrorism, within NATO," stressing his rejection of "any aggression on the territory of Iraq or prejudice to its autonomy."He renewed "the government's commitment to providing protection for diplomatic missions and advisors working in Iraq," pointing to "the government's decision to rearrange the relationship with the international coalition and move to another level of bilateral relations and cooperation with the coalition countries."
The Prime Minister stressed that "the reason for the expansion of the conflict in the region is due to the continuation of the war in Gaza and the brutal crimes committed by the occupation authorities against the Palestinian people," calling on "the international community to exert Pressure to stop genocide and policies of killing and starvation, as well as pressure to limit the opening of other fronts that lead to destabilization in the region and the world.
"For her part, Olonggren expressed her thanks "for the efforts of the Prime Minister in maintaining security and stability, and activating the good relations between Iraq and the Netherlands."
January 13th, 2024 – With the return of fluctuations in the exchange rates of the Dinar, the discussion about the necessity of getting rid of the “official rate” is renewed. The aim is to reduce the gap with the rate in the parallel market, by subjecting the local currency to global supply and demand, similar to other countries. However, there are many obstacles to this step, including the “unilateral economy” of Iraq which relies on oil and government revenue, and the absence of correspondent banks in Dinar currency, according to specialists. They also called for other possible solutions, such as “deleting zeros” from the currency, and withdrawing the monetary mass from citizens and transferring it to banks.
Mudhar Mohammed Saleh, the financial advisor to the Prime Minister, says, “The exchange rate of the Iraqi Dinar follows a fixed exchange rate system, and the process of setting the exchange rate is one of the tasks of the monetary policy of the Central Bank of Iraq as it is the independent entity, especially since Iraq primarily depends on oil sources that provide foreign currency. Thus, oil revenues are transferred to the Iraqi Central Bank, and the reserves follow a mechanism of exchange between the Dinar and the Dollar, considering that the Central Bank is the source of exchange between them.”
The exchange rates of the Dollar in the local market witnessed significant fluctuations in the past few days, where it suddenly dropped to 148,000 Dinars for every 100 Dollars, then quickly rose to 150,000 Dinars, and then continued fluctuating until it reached 154,000 Dinars for every 100 Dollars, after it was close to about 157,000 Dinars.
Saleh adds, “The balance and stability of the price in flexible exchange rate systems require a financial and banking market, where interest rates play a major role in the inflows and outflows of foreign currency. This is not available in Iraq, and the economy is unilateral, dependent on governmental oil revenues for foreign currency inflows, where the forces of supply and demand are not homogenous with the unilateral economy.”
He continues, “The economy sometimes faces a large deficit in the current account and in the balance of payments, and the general budget also faces a deficit. Here, governments resort to loans and are forced to reduce the national currency so that the foreign currency becomes expensive. This is what is called financing from inflation, and although this conflicts with the policy of the Central Bank, it 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 depends on the nature of the current account and the balance of payments, whether there is a surplus or there is a long-term or stable deficit, and also the nature of the budget whether it is expansionary or contractionary. So, the issue is not easy, as all we need in the exchange rate is a circle for consultation and communication between monetary and fiscal policies to maintain its stability.”
It is worth mentioning that since the beginning of the exchange rate crisis more than two years ago, many options have been proposed to control it, including printing new currency denominations like 100,000 Dinars, or deleting three zeros to control the rise in the value of numbers in cash transactions.
Iraq has suffered since the 1990s and during the imposition of economic sanctions, from significant inflation in the currency, which led the previous regime to print currency locally. After 2003, the previous currency was destroyed and new denominations were issued, and its exchange rate was fixed against the Dollar by order of the then Civil Administrator of Iraq, Paul Bremer, who revealed the new currency and its exchange rate against the Dollar.
On his part, the economic expert Nasser Al-Kinani, indicates, “Regarding the fluctuation of the Dinar, the Central Bank used to sell the Dinar at 1,118 per Dollar, then it was changed since the arrival of the previous Prime Minister Mustafa Al-Kadhimi to power and the emergence of the white paper, where its price increased and became 1,450 Dinars. In addition to that, the Iraqi Dinar began to rise until it currently reached 1,530 Dinars for every Dollar in the local market, but despite this, solutions can be found for this problem.”
He explains, “The solutions revolve around reprinting the currency anew and zeroing it, especially if the printing process is accompanied by a process of retrieving hoarded money inside homes to the banks. From here, it is possible to fix the Iraqi Dinar by giving banks a percentage for each citizen who owns an account or opens an account inside the bank, for example, 10 percent, to be a deposit for the citizen inside the bank.”
He continues, “The above steps will lead to solving the issue of imports that the government is currently suffering from and trying to control to limit smuggling. The stability of the currency and the activation of local industry and agriculture will overall lead to solving all economic and currency problems.”
Iraq, according to the Central Bank of Iraq’s website, has 80 operating banks, including 62 local and 18 branches of foreign banks.
It is worth noting that the Iraqi banking sector is neglected by citizens who have lost confidence in it. According to World Bank figures released last year, only 23 percent of Iraqi families have an account in a financial institution, which is among the lowest rates in the Arab world, especially since those account holders are state employees whose salaries are distributed to public banks at the end of each month. However, these salaries also do not remain long in the accounts, as queues quickly form in front of banks from employees withdrawing their salaries in cash and preferring to keep it in their homes.
On his part, the financial and economic expert Mustafa Akram Hantoush, points out, “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 notes, “Currencies exposed to supply and demand are currencies that have countries and 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 in it, therefore such a currency is considered a flexible currency with variable prices.”
He continues, “The Iraqi Dinar, used to have correspondent banks with a global currency that is used in international trade, and here its demand would be higher, thus increasing the value of the Dinar. However, Iraq as a country currently does not have correspondent banks, therefore its national currency is a local currency and does not subject to global supply and demand, as it is a currency issued in exchange for other currencies, and the process in it is fixed and does not rise to be a global process.”
It is worth mentioning that Washington intervened in the Dollar smuggling crisis last year, and Iraq was subjected to the global SWIFT system, creating a gap between the parallel and official markets, and increasing the loss of confidence in Iraqi banks. Dozens of banks were subjected to American and Iraqi sanctions without addressing the depositors’ money, in addition to most banks currently being involved in smuggling operations, as confirmed by the U.S. Treasury Department.
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Parliamentary Finance reveals the most prominent amendments that will be made to the 2024 budget, 22 JAN
Today, Monday, the Parliamentary Finance Committee revealed the amendments that will be made by the government to the 2024 budget tables, noting that the variables in the 2024 budget tables will be sent to Parliament next month for approval.
Committee member, Moeen Al-Kadhimi, said in a statement followed by Al-Eqtisad News, that “the Finance Committee met yesterday, Sunday, with the Minister of Finance, in which many topics were discussed related to the changes that will be made in the 2024 budget tables.”
He added, "The most important variables are an increase in the allocations for rations, social care, and allocations for purchasing rice and wheat from farmers, in addition to an increase in allocations related to the electricity sector and the costs of oil production."
Al-Kadhimi indicated that “the amendments to the 2024 budget will be submitted to the House of Representatives next month for approval.” link
Awake-in-3D: What Deleting the 3 Zeros Really means for the Iraqi Dinar
What Deleting the 3 Zeros Really Means for the Iraqi Dinar
On January 20, 2024 By Awake-In-3D
I’ve been closely monitoring the economic and monetary developments in Iraq, and there’s a concerning possibility that could significantly impact us foreign holders of IQD.
My concern is about a potential demonetization move by the Government of Iraq, similar to India’s massive cash currency overhaul in 2016.
A recent article from Al-Alam Al-Jadid Newspaper highlights two significant strategies aimed at strengthening the Iraqi Dinar (IQD): deleting zeros from the currency and motivating Iraqi citizens to move their cash holdings into banks.
These initiatives are seen as pivotal steps towards economic stability and international reinforcement of the Dinar.
The proposals outlined in the Iraqi news article involves redenominating the Dinar by removing zeros from the currency notes. This process simplifies the currency’s face value without affecting its actual worth.
The article also addresses the problem of motivating Iraqi citizens to use bank accounts.
A large portion of the Iraqi population prefers to store their cash IQD at home rather than in banks, limiting the money’s active participation in the economy.
If Iraq follows a demonetization process similar to what India did in 2016, our IQD held outside of Iraq could become worthless overnight.
What Happened with the Indian Rupee?
In 2016, India made a sudden move. The government declared its higher denomination notes – the 500- and 1,000-rupee bills – invalid overnight. This represented a massive 86% of rupee cash supply at the time.
They introduced new notes, but here’s the catch: foreign holders of the old rupee notes found themselves stuck with worthless paper.
India’s demonetization was aimed at curbing black market money (the parallel market) and encouraging the use of citizen bank deposits, but it left foreigners with no option to exchange the old Rupee notes outside of India.
What This Means for Us Foreign Dinar Holders
Now, imagine Iraq taking the same path.
If Baghdad decides to demonetize the Dinar, especially in the context of deleting zeros from their currency, we could face a similar situation.
Our holdings of old Dinar notes might turn into mere collectibles, with no financial value.
This is not just speculation. With the global shift towards digital transactions and Iraq’s ongoing economic reforms, such a move could be on the horizon.
Stay tuned to GCR Real-Time News for the latest updates and insights on this developing story.
Information / Baghdad… Political analyst Saeed Al-Badri said on Sunday that Washington often waves the economic card against Baghdad in order to ensure the implementation of its agendas and the continued presence of its forces in Iraqi territory for as long as possible.
Al-Badri said in a statement to Al-Maalouma, “America is a country that cannot be trusted after the crimes and massacres committed by its forces in Iraq and the support it provided to the terrorist ISIS, in addition to the fact that it is still manipulating the economy, the dollar currency, and Iraq’s funds.”
He added, “America, under the pretext of protecting Iraqi funds, is working to ensure Iraq’s continuation within Chapter Seven, and therefore Iraqi balances will remain hostage to the American administration, and the Federal Bank and the Treasury Department will manipulate and control them.”
He stated, “America always threatens to impose economic sanctions and disrupt the course of the Iraqi government, by manipulating the dollar currency and exchange rates, and preventing the government from contracting for advanced armament that guarantees sovereignty on land, air, and sea.”
“Ok guys this is what it is at the moment. Charlie has been told to remain silent which is a good sign. Mauricio is under NDA. D1 has been released fully. D2 we have not received confirmation if it has been finished yet as it’s huge. Basel III gets finalized on 23rd January and it’s going to be huge.
Hi guys, I heard that no one heard my video. Mmm you might need my hearing aids Ok guys this is what it is at the moment Charlie has been told to remain silent which is a good sign Mauricio is under NDA D1 has been released fully D2 we have not received confirmation if it has been finished yet as it’s huge. Basel 3 gets finalised on 23rd January and it’s going to be huge Nesara I was told on this Sunday.
Things are definitely happening and it’s not BS. Please have faith and stay close to God that this is definitely coming.
Iraq – we heard from our source – in Iraq that not only do we have an Intl and In-country rate but we also have Iraq trading that rate internationally about when markets close tomorrow Friday about 5 – 6 pm and we should see it in the US – if you are able to see the bank screens for trading and we know it’s still really strong and way above the Intl and In-Country and that’s just a benefit we have at the RC – so that is really cool.
Bond Holders they have been waiting just like us and they should receive something Saturday should receive access to funds – so in about 48 hours time so Bond Holders can see what is in their accounts and they’ll be able to get access to 10% so that’s great news for them.
And today from 11am to 2:15 a final CC all the information and protocols that the RC needed to have a call that answered questions from Treasury and WF to RC around the US – so we have over 11,000/12,000 around the US they are everywhere and they said it was the last email and last CC to have and that’s positive. That’s a long call – last minutes updates today.