Wednesday, February 7, 2024
Directing criticism at the Iraqi Central Bank…an economist shows the numbers of banks sanctioned by America, 8 FEB
Directing criticism at the Iraqi Central Bank…an economist shows the numbers of banks sanctioned by America
Information/private..
Today, Wednesday, the economic expert, Dhia Al-Mohsen, counted the number of banks that were affected by the US Treasury Department’s sanctions, while confirming that the Central Bank of Iraq is in one valley, and the sanctions are “in another valley.”
Al-Mohsen said, in an interview with the Maalouma Agency, that “the banking system, managed by the Central Bank, should have directed sanctions on private banks by itself, and not by the USFederal Reserve.”
He added, “The banks that succeeded the Americans, the management of the Central Bank, has information about them, which operates in violation of the system and instructions of the Iraqi Central Bank regarding private transactions with customers, whether inside or outside the country.”
The economic expert explained, “If the central bank has information about these banks, and the sanctions come from abroad, it seems that the bank’s management is not worthy of managing this important file at the internal or external level of the country, given that the banking system has foreign dealings.”
Al-Mohsen stated, “Since the tenth month of 2023, the American sanctions have affected 14 banks, in addition to the 8 new banks,” pointing out that “these banks represent more than 40%, considering the presence of 72 banks, and this is a large percentage.”
The economist stressed, “This percentage gives an indication that the management of the Central Bank is not concerned with what is happening around it, as if it is in one valley, and the sanctions imposed on private banks are in another valley.”
Earlier today, Foreign Minister Fuad Hussein and US Secretary of State Anthony Blinken discussed the sanctions imposed by the US Treasury on Iraqi banks.
The US Treasury Department recently imposed economic sanctions on seven Iraqi banks, which were preceded by sanctions on fourteen Iraqi banks, preventing them from dealing in dollars, as the reasons behind imposing such sanctions were not explained.
almaalomah.me
"RV UPDATE" BY TEXAS SNAKE, 8 FEB
TEXAS SNAKE
Banker has remained on the West Coast due to his wife's health condition but assures me he is in contact with Reno and will advise me as soon as he get his notifications which should occur just before the emails and 800 numbers are posted. Says all remains positive.
While I do not plan on opening the room tonight having spoken now twice to the banker today he is indicating he should hear something tomorrow and the absolute earliest notifications might be released would be Tuesday however he is more leaning to later in this coming week based upon past history. Either way I will post immediately upon hearing. GOD Bless.
Just visited with Okie re what the banker just related he was hearing to me from those above him that sometime late tomorrow or early Wednesday his appointment/exchange techs would be on call to schedule appointments.
He hopes this time it is for real as do all of us waiting.........
https://dinarevaluation.blogspot.com/2024/02/texas-snake-notes-2-feb.html
Well hopefully will get my computer repaired in a few days and can at least share what little is being brought forward.
Just visited with Okie re what the banker just related he was hearing to me from those above him that sometime late tomorrow or early Wednesday his appointment/exchange techs would be on call to schedule appointments.
He hopes this time it is for real as do all of us waiting.....
"RV UPDATE" BY PIMPY, 8 FEB
Pimpy
I already said this about the World Trade Organization - There is no certain exchange rate that you must have to get into the World Trade Organization. What they're looking for is an exchange rate that's very stable. Although...IMO I'm pretty sure they would prefer it if you didn't have so many zeros.
Is it possible the exchange rate of the Iraqi dinar increases and for whatever reason we can't benefit from it over here in the west?
...I want to make money off the Iraqi dinar but not at the expense of the Iraqi people. The thing that's most important is that the people in Iraq prosper from this, they've been suffering a long time... As far as the people in the west not getting a taste of this wealth, the only thing I can think of is the exchange rate changing and for whatever reason Iraq is still on sanctions so we have a hard time finding a place to exchange our Iraqi dinar because a lot of people aren't going to have the money to go fly elsewhere to exchange...That would be a scenario I think that could play out...
https://dinarevaluation.blogspot.com/2024/02/rv-update-by-pimpy-7-feb.html
Iran Downplays The Impact Of Canceling The Operating Licenses Of Three Of Its Banks In Iraq: It Harms Baghdad, 7 FEB
Iran Downplays The Impact Of Canceling The Operating Licenses Of Three Of Its Banks In Iraq: It Harms Baghdad
Economy Iraq Iran breaking Drains Cancellation of license 2024-02-05 Shafaq News/, Monday, Iran reduced the news that talked about stopping dealing with three of its banks in Iraq, and
while it indicated that two of those banks had their operating licenses originally canceled two years ago, one Iranian expert described the commercial situation in Iraq as “without law.” Some tribes have more power than the government.”
The Iranian Eqtisad News website said in a report translated by Shafaq News Agency, that the head of the Joint Iranian-Iraqi Chamber of Commerce, Yahya Ali Ishaq, touched on the issue of canceling Bank Melli’s license in Iraq, saying,
“In Iraq, we had three banks, namely Bank Melli, the Parsian Bank, and the Islamic Cooperative Bank.”".
The report pointed out that “Bank Melli and Parsian Bank have not had any currency transfers and transactions for two years, and therefore such news now would not affect the relations between the two sides and the currency market.”
The head of the Joint Iranian-Iraqi Chamber of Commerce, Al Ishaq, added, "As a result, this issue is not a new matter, and will not affect the financial transactions of businessmen, and there is no need to worry." Al-Ishaq concluded his speech by saying,
“It appears that the news that was published in cyberspace about the cancellation of Bank Melli’s activities in Iraq is nothing but the work of exploiters and brokers to stop the trend of decline in the exchange rate that began at the beginning of this week.”
For his part, an Iranian trade expert confirmed that “canceling the National Bank’s license has no impact on trade between the two countries,” noting that “commercial exchanges between Iran and Iraq take place in different ways.”
Muhammad Ali Nadib said in a statement to the Iranian Bazaar website and translated by Shafaq News Agency, “It cannot be said that canceling the bank’s license could have a special impact on Iran’s trade with this country.”
Pointing out that Iraq does not have a clear commercial law, Nadib said, “The government is not strong in this country and some tribes have greater authority than the government, and for this reason the commercial path of this country is different from other countries,” stressing that
“with this news, there will be no There is a change in trade with this country, and it will not happen, even if there is a problem for one of the two countries in trade, that country will be Iraq, not Iran,” he said.
The Iranian trade expert in Iraq stated that “most of Iran and Iraq’s exports are made through the Emirates,” stressing that “this news did not have a negative impact on the trade of the two countries, and exchanges between the two countries continue as before, and
therefore the exaggeration of this news came to increase the price of the dollar because this The news is baseless and has been exaggerated by beneficial people.” The Iranian expert concluded his speech by saying,
“This news has no special impact on trade or the currency market, but the price of the dollar has been affected by political tensions in the past few months,” pointing out that
“the Iranian government’s handling of the situation and reducing tensions has contributed, since the beginning of the week, to the improvement in the trend.” Towards a decline in exchange rates.
"RV UPDATE" BY CLARE, 7 FEB
Clare
Article: "The Governor of the Central Bank of Iraq receives a delegation from the World Bank" Separate article quote: "The World Bank confirmed on Wednesday that the infrastructure for electronic payment systems in Iraq is the best in the region."
Article: "A government advisor details indicators of the efficiency of foreign reserves: Iraq is in the best financial condition" Quote: "All indicators of the efficiency of foreign reserves mentioned above indicate that Iraq today is in the best condition in its financial history."
Article: "A government advisor details indicators of the efficiency of foreign reserves: Iraq is in the best financial condition" Quote: "...The financial advisor to the Prime Minister, Mazhar Muhammad Salih, detailed indicators of the efficiency of foreign reserves, while confirming that they indicate that Iraq today is better off in its financial history"
Article: "Advisor to the Prime Minister: The financial situation in Iraq is stable and sound"
Quote: "Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Thursday, that the future outlook for the financial situation in Iraq is stable, while indicating that oil market indicators are still more than 10% above the price specified in the budget until now"
Article: "Romanowski regarding the US Treasury’s visit to Iraq: enhancing cooperation between the two countries”
Quote: “The United States and Iraq share the goal of supporting a sound and strong financial system in Iraq, which will attract investment and ultimately benefit the Iraqi people. She added: I am pleased with the visit of US Treasury Undersecretary Ryan Nelson to Iraq, stressing that this visit has strengthened this important cooperation."
Article: " The Credit Bank of Iraq achieves a profit of 17.5 billion dinars during the year 2023”
Quote: "For the year 2023... its assets rose to 507.7 billion dinars, while it was 406.7 billion dinars in the year 2022, a growth rate of 24.8%...The bank's profits grew by 63.5% during the year 2023 compared to the year 2022, which reached 10.7 billion dinars ”
Clare: With the closure...the dollar price decreased
1/20/2024
The main stock exchange in the capital, Baghdad, closed today, Saturday, due to the decline in the exchange rate of the dollar against the Iraqi dinar.
Selling prices in money exchange shops in local markets in Baghdad reached 153,250 Iraqi dinars for 100 dollars, while purchasing prices reached 151,250 dinars for 100 dollars. LINK
https://dinarevaluation.blogspot.com/2024/01/rv-update-by-paulette-27-jan.html
The Governor Of The Central Bank Announces The Imminent Launch Of A Mechanism For Selling The Dollar, 7 FEB
The Governor Of The Central Bank Announces The Imminent Launch Of A Mechanism For Selling The Dollar
06/02/2024 2480 views The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday, that the electronic payment file is a high government priority, and while he indicated a significant decrease in inflation compared to the beginning of 2023, he announced the imminent launch of a special mechanism for selling the dollar to ensure that it reaches real travelers only. Al-Alaq said,
“The Central Bank and the government give high priority to the issue of electronic payment because of its important economic repercussions and raising the level of transactions away from excessive use of cash,” noting that
“the Iraqi economy is a cash economy par excellence and the electronic payment process aims to significantly reduce the degree of economic cash cash.”. He added,
"The Prime Minister is very supportive of the process of converting to electronic payment and holds successive and continuous meetings in order to strengthen the procedures related to this issue.
We have made important progress in arranging electronic payment at the level of collection and payment in state institutions, in addition to that the Council of Ministers approved a number of important packages and decisions." Which facilitates this process and does not burden the citizen with the resulting commissions.”
He stated that “the Central Bank has a broad strategy in the electronic payment file and has developed the infrastructure and covers any type of electronic payment, whether by cards, via mobile phone, or other means,” indicating that “the Central Bank is also working on a strategy of financial inclusion and increasing users of financial services.”.
He continued, "There are direct decisions issued to support the use of electronic payment, including obliging government agencies to make payment and receipt through cards, and
also linking the process of renewing licenses in stores and approving them in buying and selling operations with the incentives granted, especially the government decision to bear 50%, which will make it marginal." At the same time, Al-Alaq stressed that “the Central Bank is working to complete the establishment of Riyada Bank, which will focus on supporting small projects by relying on the use of financial services away from cash dealing.”
He stated that "the indicator of the success of monetary policy in any country is controlling the general level of prices and reducing inflation," explaining that
"inflation has now decreased significantly compared to the beginning of 2023, which indicates, as the US Treasury Assistant stated a few days ago, that
the low level of inflation indicates... Foreign trade is covered by the official rate, and foreign financing operations take place smoothly, and all importers and traders can obtain and control the dollar at the official rate.”
He pointed out, "The Central Bank's adherence to the rules and principles of external transfer in accordance with the conditions and requirements it set and its insistence on implementing them is what prompted many hesitant merchants to enter the platform for selling foreign currency, especially since using it is easy and safe and it provides them with the dollar at the official rate."
Al-Alaq pointed out, “The Central Bank confirms the possibility of meeting all requests for the dollar, whether personal, commercial, or any kind, as long as they are valid and legitimate, and
this is strongly supported by the size of the foreign reserves present at the Central Bank.” He pointed out, “The Central Bank has no problem with offering or selling the dollar, and it does not place restrictions on sales operations at all.
It has never specified for the bank how much it can buy a dollar, nor has it set an upper or lower limit for a merchant, importer, or user of the dollar, or any other limit.”
This gave the impression that there was no problem in responding to demand for the dollar and that speculation was useless because the rules for this speculation were not available and incorrect.” He added,
"Some groups are still trying, from here and there, to stay away from the platform for various reasons, whether to evade taxes, customs, etc., or for the presence of illegal trade, as the drug dealer cannot transfer it through the central bank, or if it is corruption money, it cannot be transferred." Through the Central Bank.
He pointed out that "the Central Bank is in a comfortable position to respond to requests to buy the dollar and we have sufficient reserves.
On the other hand, there are some countries that do not have sufficient reserves to respond to demand, and thus they have a large difference in the price between the parallel and the official price."
Regarding providing the dollar to travelers, Al-Alaq said,
“After the experience we had in how to sell the dollar to travelers and citizens, we found many observations, including that it is difficult for the real traveler to obtain the dollar, and therefore we had a meeting in this regard, and we will finalize a new mechanism after developing its programs related to this.” The subject, according to which only the real traveler will receive the dollar.”
He stated, "One of the things that helped calm and reassure the market is the stability of the exchange rate and the central bank's provision of payment options after currencies such as the euro, the dirham, the Turkish lira, and the Indian rupee, which are expanding." https://www.nrttv.com/ar/detail3/23091
"RV UPDATE" BY RAYREN98, 7 FEB
RayRen98
3 LETTER GUYS ARE INDICATING THAT THE DINAR RATE IS STILL SET FOR $4.81 BUT MAY TEMPORARILY INTRODUCE LOWER...THEY ARE "WATCHING THE CLOCK"
REPORTS ARE COMING IN THAT THE PACE OF THE RATE INCREMENTS HAS INCREASED....LATER THIS WEEK LOOKS EXTREMELY FAVORABLE. EXTREMELY!!!
GOOD NEWS: A TOP SOURCE SAYS THAT THE BOMBINGS WERE "ACCOUNTED FOR" IN THE PLANNED RELEASE OF THE RV. SO, IT APPEARS THAT EVERYTHING IS "ON SCHEDULE" AS WE WERE INFORMED.
3-LETTER GUYS ARE INFORMING THAT THE "ISSUE" STOPPING THE RV HAS BEEN RESOLVED...
[via Babysmom] ..."EFFECTIVE 1/1/24 (BUT STARTED ALREADY) DEALERS (USA) CAN ONLY SELL YOU $1,000 WORTH OF DINAR PER 24 HOUR DAY. THAT'S NOT EVEN 1 MILLION DINAR TODAY."
[via Babysmom] ..."BANKERS CAN SEE RATES..."NOW" EVEN THOUGH THEY HAVE TO WAIT ON FOREX TO OPEN FOR THIS WEEK...WOOOOO HOOOOOO"
US BANKS HAVE THE RATES, SAID THEY WERE WAITING FOR FOREX TO LOAD BEFORE THEY CAN START ...THEY "THOUGHT" IT WOULD BE AT OPENING ON SUNDAY EVENING, BUT NOT YET. FEDERAL RESERVE IS SENDING ALL STAFF IN TOMORROW NIGHT TO OBSERVE THE "TRANSACTION" ... .I DO "BELIEVE" THAT IT HAS BEGUN!! RATES DID CHANGE IN IRAQ LAST WEEK...MAYBE AGAIN OVER THE WEEKEND?
WAITING TO HEAR FROM SOME FOLKS WHO WERE EXCITED LAST NIGHT AND WERE LOOKING TO SEE SOMETHING (BEHIND THE SCENES) THROUGHOUT THE NIGHT...TIME WILL TELL
https://dinarevaluation.blogspot.com/2023/10/rv-update-by-babysmom-rayren98-17-oct.html
Fri. 15 Dec. TNT RayRen98:
The expected RV is now scheduled. Good news. This morning Iraq citizens were told in the next couple days. Sudani told ppl the rate is going to change in the next couple of days. I also go this from Tish she was watching in Iraqi tv. The RV was supposed to occur last night Thurs. 14 Dec.
Sudani was telling ppl this morning in a town hall type of meeting that the rate is going to change in the next couple of days. The last day the rate changed was the 20th of December. If Iraq says today is last day, 4:30 EST is the next day Iraq time ~ a few minutes past midnight. They wanted to do it at 1:00 am eastern. This is how they want it to go down. In Iraq everyone is off Monday and Tuesday so they can go vote and the budget will be released on Tuesday. All the money.
Fri. 8 Dec. TNT: It was supposed to go Thurs. night 7 Dec. Everyone was waiting on the IMF to release it. After a meeting earlier today Fri. 8 Dec, contacts said it will happen by Mon. 11 Dec. Sun. 10 Dec. is Iraq’s Victory Day, so Tony thinks it might happen then.
People that have already contacted their banks are being called in to go over the procedures for the exchange, interest rates they would pay them, debit and credit cards that will be available to them, etc. Banks are acknowledging that it is happening and that they want people to choose them.
https://dinarevaluation.blogspot.com/2023/12/judy-notes-9-dec.html
Monday, February 5, 2024
"RV UPDATE" BY RAYREN98, 5 FEB
RayRen98
GOOD NEWS: A TOP SOURCE SAYS THAT THE BOMBINGS WERE "ACCOUNTED FOR" IN THE PLANNED RELEASE OF THE RV. SO, IT APPEARS THAT EVERYTHING IS "ON SCHEDULE" AS WE WERE INFORMED.
3-LETTER GUYS ARE INFORMING THAT THE "ISSUE" STOPPING THE RV HAS BEEN RESOLVED...
[via Babysmom] ..."EFFECTIVE 1/1/24 (BUT STARTED ALREADY) DEALERS (USA) CAN ONLY SELL YOU $1,000 WORTH OF DINAR PER 24 HOUR DAY. THAT'S NOT EVEN 1 MILLION DINAR TODAY."
[via Babysmom] ..."BANKERS CAN SEE RATES..."NOW" EVEN THOUGH THEY HAVE TO WAIT ON FOREX TO OPEN FOR THIS WEEK...WOOOOO HOOOOOO"
US BANKS HAVE THE RATES, SAID THEY WERE WAITING FOR FOREX TO LOAD BEFORE THEY CAN START ...THEY "THOUGHT" IT WOULD BE AT OPENING ON SUNDAY EVENING, BUT NOT YET. FEDERAL RESERVE IS SENDING ALL STAFF IN TOMORROW NIGHT TO OBSERVE THE "TRANSACTION" ... .I DO "BELIEVE" THAT IT HAS BEGUN!! RATES DID CHANGE IN IRAQ LAST WEEK...MAYBE AGAIN OVER THE WEEKEND?
WAITING TO HEAR FROM SOME FOLKS WHO WERE EXCITED LAST NIGHT AND WERE LOOKING TO SEE SOMETHING (BEHIND THE SCENES) THROUGHOUT THE NIGHT...TIME WILL TELL
https://dinarevaluation.blogspot.com/2023/10/rv-update-by-babysmom-rayren98-17-oct.html
Fri. 15 Dec. TNT RayRen98:
The expected RV is now scheduled. Good news. This morning Iraq citizens were told in the next couple days. Sudani told ppl the rate is going to change in the next couple of days. I also go this from Tish she was watching in Iraqi tv. The RV was supposed to occur last night Thurs. 14 Dec.
Sudani was telling ppl this morning in a town hall type of meeting that the rate is going to change in the next couple of days. The last day the rate changed was the 20th of December. If Iraq says today is last day, 4:30 EST is the next day Iraq time ~ a few minutes past midnight. They wanted to do it at 1:00 am eastern. This is how they want it to go down. In Iraq everyone is off Monday and Tuesday so they can go vote and the budget will be released on Tuesday. All the money.
Fri. 8 Dec. TNT: It was supposed to go Thurs. night 7 Dec. Everyone was waiting on the IMF to release it. After a meeting earlier today Fri. 8 Dec, contacts said it will happen by Mon. 11 Dec. Sun. 10 Dec. is Iraq’s Victory Day, so Tony thinks it might happen then.
People that have already contacted their banks are being called in to go over the procedures for the exchange, interest rates they would pay them, debit and credit cards that will be available to them, etc. Banks are acknowledging that it is happening and that they want people to choose them.
https://dinarevaluation.blogspot.com/2023/12/judy-notes-9-dec.html
Iraq calls on US Treasury to reconsider sanctions on civil banks, 7 FEB
Iraq calls on US Treasury to reconsider sanctions on civil banks
Mawazine News – Baghdad
The Iraqi Foreign Ministry called on the US Treasury to reconsider the decision to impose sanctions on some civil banks.
The Ministry of Foreign Affairs said in a statement received by Mawazine News that "the Deputy Prime Minister and the Minister of Foreign Affairs received a phone call yesterday evening, from US Secretary of State Anthony Blinken, as part of the follow-up of the most prominent developments and regional and international issues of common interest."
The statement added, "The Secretary of State touched on the sanctions imposed by the US Treasury on seven Iraqi banks recently preceded by sanctions on fourteen Iraqi banks, as the reasons behind the imposition of such sanctions have not been stated, and whether Washington's imposition of these sanctions came due to the undiscipline of these banks in implementing banking instructions and compliance rules, or for other political reasons, especially as the US Treasury Department is in constant contact with the Central Bank of Iraq."
He pointed out that "these banks have an important and significant role in financing the expenses of the ration card and providing the food basket for Iraqi families with limited income," he officially called for "a review of the US Treasury decision on the subject."
He pointed out that "Iraq is keen to build partnership and cooperation relations with friendly countries and joint work towards facing economic and security challenges and in a way that supports consolidating stability in the region."
A New Economic Landscape: The Declining Role Of The Petrodollar BY AWKE-IN-3D, 7 FEB
A New Economic Landscape: The Declining Role Of The Petrodollar
On February 6, 2024 By Awake-In-3D
The global economic landscape is on the cusp of a monumental shift as key oil-producing nations, including Russia and Saudi Arabia, are increasingly eyeing the Chinese yuan over the US dollar for oil trades.
This has considerably critical implications for not just for the oil market, but for the broader global economy, particularly impacting the US dollar’s global standing.
The Dollar’s Diminishing Dominance
The US dollar has long been the core currency of the global oil market, a status that has significantly bolstered its strength and stability on the world stage.
Also see: The Global Financial/Economic Landscape Transforming for a RESET – Here’s Why
However, the shift towards the yuan, and other currencies, for oil trades would trigger a decrease in global reliance on the dollar, which would have severe implications.
Dramatic Economic Consequences for the U.S.
Impact on Dollar Exchange Rates: A decrease in the global demand for the US dollar for oil trades could lead to a depreciation in its value. This devaluation could affect everything from the cost of imports and exports to the financial strategies of multinational corporations.
Reduced Demand for US Treasuries : The US dollar’s strength and stability have traditionally made US Treasury bonds a highly attractive investment for foreign governments and investors. A shift away from the dollar in oil trade could reduce this demand, potentially increasing interest rates in the US as the Treasury may have to offer higher yields to attract buyers.
Escalating US Inflation: The decreased demand for the dollar will lead to increased inflation in the US. As the dollar’s value drops, it would become more expensive to import goods, contributing to rising prices domestically.
Challenges in Exporting US Debt: A significant advantage for the US has been its ability to export its debt, borrowing money at relatively low interest rates due to the high demand for its debt instruments globally. A reduced demand for the dollar will disrupt this ability, leading to higher borrowing costs for the US government.
Global Economic Realignments: This shift might not only affect the US but will also lead to broader economic realignments. As countries adapt to new trading currencies, we will see significant changes in global trade partnerships and financial alliances.
Also see: BRICS Initiates Chinese Yuan’s Rise: JP Morgan Says Potential End for the US Dollar
What Does This Mean for the Average Person?
While these developments might seem distant, they will impact everyday life. From changes in gas prices to fluctuations in the stock market, the ripple effects of a shift in the global oil trade currency will reach the pockets of both consumers and investors alike.
While the full extent of these changes remains to be seen, the growing shift away from the US dollar in global oil trade signifies a major economic realignment with far-reaching implications.
Understanding the dynamics at play and their possible impacts is key to navigating this new economic terrain.
See also: Goodbye PetroDollar: Saudi Arabia’s Plan to Decouple from the Dollar
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https://ai3d.blog/a-new-economic-landscape-the-declining-role-of-the-petrodollar/