Tuesday, March 5, 2024
"RESPONSE TO FRANK'S POST "BY DEEPWOODZ, 6 MARCH
Deepwoodz
[Response to Guru Frank's post below]
The listing USD/IQD = 2.81 would mean $1 = 2.81 dinar. Not the other way around. Even if this is true, definitely an improvement worthy of praise. If you want to see the value of the dinar, simply list it the other direction. i.e….
IQD/USD. Which equals .355. 1 dinar =0.35$
[DINAR GURU NOTE: To see the dinar at different possible rates use the Dinar Guru calculator. You'll find the link in the navigation bar at the top of this page...it's free to use for Dinar Guru community!]
CLARE:Details of Al-Sudani’s discussions with the International Finance Corporation delegation, 6 MARCH
CLARE
Details of Al-Sudani’s discussions with the International Finance Corporation delegation
Haider Hisham
CLARE:Official: The issue of Iraq’s accession to the World Trade Organization is coming soon, 6 MARCH
CLARE
Official: The issue of Iraq’s accession to the World Trade Organization is coming soon
3/5/2024
Undersecretary of the Minister of Commerce, Sattar Al-Jabri, considered on Tuesday that the issue of Iraq’s accession to the World Trade Organization was imminent, while he stressed that the current federal government would achieve self-sufficiency and not depend on the importer.
This came during his hosting of a discussion session on the sidelines of the seventh session of the activities of the third day of the Al-Rafidain Forum 2024 - Baghdad, under the title “Humanizing the Global Economy.”
Al-Jabri said during the hosting that the governmental curriculum developed by the Iraqi government is based on a strategy to keep pace with the development taking place in the global economy, as the government signed bilateral international memorandums of understanding in the field of trade and economics.
He stressed that "Iraq is seeking to enter the World Trade Organization, and the issue is coming soon."
The Iraqi government official spoke about the issue of import and export, saying: There is no trade balance between exported and imported materials, as the monetary mass was going to other countries, and this is what the current government seeks to address by relying on self-sufficiency.
At the beginning of 2024, the Kingdom of Saudi Arabia announced its support for Iraq’s accession to the World Trade Organization, especially after the political obstacles that prevented it were removed.
LINK
"RV UPDATE" BY PIMPY, 6 MARCH
Pimpy
I'm sure you've heard the great news by now, the IQD is on the "private side" of the Forex...This sounds like some great news don't you think? ...
I'm grateful to do all the research for you so you don't have to...There is no "private side" of Forex. None. The Forex is open to all participants who have access to the necessary trading platforms and infrastructure...There is no "private side" of the Forex...
Article: "The Iraqi Central Bank confirms to Shafaq News the provision of five foreign currencies as an alternative to the dollar for merchants"
The crazy thing is this is a new article but all they're doing is talking about the same countries we spoke about several times. You have the Euro, Chinese yuan, Turkish lira, Emirate Durham and Indian rupee and the currencies they're talking about...
Experts: We Are Optimistic About The Country's Financial Situation, 5 MARCH
Experts: We Are Optimistic About The Country's Financial Situation
Iraq 03/05/2024 Baghdad: Huda Al-Azzawi Specialists in financial and economic affairs expressed their optimism about the future outlook for the country’s financial situation, and while they saw that Prime Minister Muhammad Shiaa Al-Sudani’s statement regarding this aspect and the overall economic file is correct and consistent with reality, they called for the continuation of steps to leave the unilateral rentier economy to a productive economy.
Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, said in an interview with “Al-Sabah”: The basis comes from the strength of the foreign asset reserves that Iraq possesses, which exceeded 100 billion dollars, which is the cover of the national currency, which means that there is complete coverage of cash.
The national export in foreign currency, which provides ideal stability for the exchange rate of the Iraqi dinar, in addition to the fact that these foreign reserves embody the commercial efficiency of Iraq, as these reserves cover more than 15 commercial months, while the international standard is only three months.
He added, “We must not forget that the surplus in the current account of the balance of payments relative to the gross domestic product also did not fall below (positive 8 percent), which is a high indicator that reflects the strength of the external sector in the national economy, that is, its stability and growth.”
He pointed out that “the real growth rate in Iraq’s non-oil gross domestic product has touched (6 percent) and it reflects the growth of the activities of important sectors, most notably the reconstruction, construction and housing movement and the development of the transport and digital communications sector, and there is a continuing movement in developing the agricultural sector thanks to government support for crops.” “We expect Iraq’s grain production in the next few months to reach 6 million tons.”
He stressed, “There is a serious trend towards developing the manufacturing sector, whether on the part of the private or public sector itself, in accordance with recent encouraging ministerial decisions in the field of reducing customs tariffs and protecting the national product or in the inputs of the industry itself, especially in providing electricity or fuel for industrial purposes at competitive prices.” Supported.
Saleh stated, “Growth in real non-oil activity has become thriving after many years of failure, in addition to the boom in investments in the oil and energy sector itself, as all sectoral activities indicate that there is a high growth in the country’s economic capabilities with high flexibility and discipline in financial policy.”
In which government spending still constitutes approximately 50 percent of the gross domestic product, which means that the country’s financial strategy is the compass for moving the macroeconomic joints, and it is in a highly stable position, both in the flow of oil revenues and controlling public expenditures.”
For his part, the rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, indicated in an interview with “Al-Sabah” that “what Prime Minister Muhammad Shiaa Al-Sudani stated that the financial situation of Iraq is at its best is correct; If the political, economic and financial situation of Iraq remains as it is.”
He noted that “the financial conditions are stable according to current data, including the stability of the political situation and the possibility of Iraq exporting more than three and a half million barrels per day at a price of more than $70 per barrel, either if these indicators change, whether with regard to the political situation and a decrease in oil prices or a halt.” Export chains for Iraqi oil. Iraq has a cash reserve in the range of 115 or 120 billion dollars that can be used over a period of two years, after which it may be exposed to financial crises.”
He explained, “Despite Sudanese work to bring about some changes, the Iraqi economy is still a unilateral rentier economy that relies on oil as the main financier of the general budget, and non-oil revenues are still very low, and the main sectors of the Iraqi economy are still stalled or slow.”
He concluded by saying: “Therefore, it cannot be relied upon in the event of a decline in oil prices, the inability to export oil, changes, or great stability on the political side. Therefore, according to the current situation, what the Prime Minister stated - as I previously indicated - is correct.” “.
Edited by: Muhammad Al-Ansari https://alsabaah.iq/92892-.html
"RV UPDATE" BY MARKZ, 5 MARCH
MarkZ
[via PDK]
We are seeing rates bounce all over the place based on the trading screens…the only way you will see those is if you know somebody who is a licensed, accredited forex trader.
I am still getting amazing chatter from groups…Things are very positive…But, stay calm this week - it’s going to be a roller coaster... I would not be surprised to see it before we reach the weekend as of right now.I have a lot of sources expecting it to break loose in the next 2 days of this week…hope they are right.
Central Bank: Using the best internationally approved systems and standards in the field of electronic payment, 5 MARCH
Central Bank: Using the best internationally approved systems and standards in the field of electronic payment
The Central Bank of Iraq announced today, Monday, the use of the best internationally approved systems and standards in the field of electronic payment, while indicating that it spends hundreds of millions of dollars annually to develop infrastructure systems to build an important base for the development of electronic payment in Iraq.
The Deputy Governor of the Central Bank, Ammar Khalaf, said in a speech at the first Iraqi Digital Economy Forum, attended by an Earth News correspondent, that “the digital financial transformation in Iraq began with the localization of the salaries of state employees and the opening of bank accounts, the primary purpose of which was to use electronic payment in daily transactions.” Whether inside or outside Iraq.”
Khalaf added, “Iraqi society prefers to rely on cash in daily transactions, but the government’s efforts to support digital transformation, especially in the financial sector and other sectors, gave a strong impetus to the Central Bank over the past year and it continues to encourage and activate electronic payment in Iraq by issuing many Among the laws, controls and instructions that encourage the use of electronic payment in Iraq.”
He pointed out that “some ministries responded quickly to the directives of the Central Bank and the Iraqi government, especially the Ministry of Oil by making collections at gas stations and others via electronic payment, as well as the Passports Directorate, which obligated payment to be electronic, in addition to the General Traffic Directorate and other ministries.” He stressed that “all this support gives a very strong impetus to electronic payment.”
He pointed out that “the Central Bank has been the only influencer for many years, as it has embraced the importance of digital transformation in most of its transactions, and spends hundreds of millions of dollars annually to develop infrastructure systems to build an important base for developing electronic payment in Iraq through the use of the best internationally approved systems and standards in this field.” link
"RV UPDATE" BY FRANK26, 5 MARCH
Frank26
IQD on Forex is on the private side. [Found by Forex Girl]
2. Click Live Charts. This is free but there is a private side. We can at least get a little example.
3. Click EURUSD in the top left of the chart.
4. Delete EURUSD in the top left box and type in USD/IQD. Wow! Oh, my goodness...
The Iraqi dinar is going through a phase where it's being traded internationally on a private side of Forex. It is live. In December it was trading about $2.40 to $2.50. In January it was trading at about $2.60. Last month it was about $2.63 or so. Sunday it was $2.70...IMO this is a trend that is going towards the reinstate phase of the Monetary reform to reach the $3.22 that it was.
Evening News with MarkZ. 03/05/2024
"ANALYSIS OF IRAQ NEWS:THE IRAQI CENTRAL BANK CONFIRMS TO SHAFAQ NEWS THE PROVISION OF FIVE FOREIGN CURRENCIES AS AN ALTERNATIVE TO THE DOLLAR FOR MERCHANTS," BY MNT GOAT, 5 MARCH
MNT GOAT
In Shafaq News the Central Bank of Iraq confirmed, on Saturday and I quote from the article- “that it has provided five alternative currencies to the dollar, for merchants to use in purchasing their goods from other countries using each country’s currency through the bank. This was just the start as deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News Agency, “The Central Bank provided other foreign currencies to Iraqi merchants, which are (the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee)”.
But here is the best part of today’s news, as if it was not very good already these past weeks. I quote from the article – “He added, “These currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay in the Iraqi dinar to the Iraqi bank, and through the bank, the amount will be paid to the Chinese company and factory in the Chinese currency.”
I would like to briefly explain how trade payments work between countries. For example, factory owners in China don’t want anything but the Chinese yuan, just like factories in the US want US dollars. So according to this article today, now China (the first country) will accept the dinar but through trade brokers at the bank that will convert the dinar to yuan for the companies. My main point is this – the dinar is now slowly being rolled out and recognized as a valuable currency to the world and soon to be widely accepted as a global currency by many more countries. Get it? It is slow to roll out but this move by the China and the CBI is a very important one. Just remember now that just over a year ago no one wanted the dinar. China, of all the developed countries, is now willing to trade using the dinar as payment. WOW!
NEWS
THE IRAQI CENTRAL BANK CONFIRMS TO SHAFAQ NEWS THE PROVISION OF FIVE FOREIGN CURRENCIES AS AN ALTERNATIVE TO THE DOLLAR FOR MERCHANTS
2024-03-02
Shafaq News/ The Central Bank of Iraq confirmed, on Saturday, that it has provided five alternative currencies to the dollar, for merchants to use in purchasing their goods from other countries using each country’s currency through the bank.
Deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News Agency, “The Central Bank provided other foreign currencies to Iraqi merchants, which are (the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee).
He added, “These currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay the Iraqi dinar to the Iraqi bank, and through the bank, the amount will be paid to the Chinese company and factory in the Chinese currency.”
Last week, the Central Bank of Iraq’s total sales of hard currency in US dollars amounted to more than one billion dollars.
Shafaq News Agency correspondent stated that the Central Bank sold during the past week, and for a period of five days during which the auction was opened, one billion and 52 million and 796 thousand and 86 dollars, at a daily rate of 210 million and 559 million and 217 dollars, lower than what it recorded the previous week, when it amounted to one billion and 62. One million 587 thousand and 198 dollars.
"STATUS OF THE RV: Status of joining the WTO, (PART2)" BY MNT GOAT, 5 MARCH
Status of joining the WTO:
In the news this period we hear of the World Trade Organization (WTO) assigning the Saudi representative to the organization, Saqr Al-Muqbel, to manage the file of Iraq’s accession, and he came to Baghdad on an important visit and met with the Iraqi negotiating team, and many issues were addressed, the most important of which were the files of goods and services, as well as the legislation. What legislation? Remember there is law that parliament must still first pass to facilitate investors coming into Iraq.
In todays, news also on this WTO topic, Bloomberg revealed the reasons for Iraq’s current inability to join the World Trade Organization. The agency said in a report, “Libya, Lebanon, Sudan, and Iraq are among the countries trying to join the WTO, but due to conflict and fragility, this hinders their accession”. But this article by Bloomberg does not, of course, tell the entire story and we as investors know more details then revealed even in this article about Iraq’s accession in particular.
Just wanted to let everyone know that you don’t have to step on to the daily. Weekly RV roller coaster. There is a better way and that is knowing the TRUTH about the monetary reform process and just where Iraq now is in the process.
The monetary process to revert back to a global economy remains basically the same since Dr Shabibi time period, but the requirements to meet the process have been tightened down so tight during the Obama administration and now still carried out by the Biden administration. Dr. Shabibi understood how he could make it all work in 2011 when the CBI and IMF outlined their plan. This is why he was ready to go in January of 2013. He even had timelines, as we found out in later years by his news media interview, but the Obama era caused a drastic change in the requirements which I believe was to delay and allow for all this corruption we now see playing out, that is a challenge now for the current CBI leadership under Ali Alaq to overcome.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/"STATUS OF THE RV (PART1)" BY MNT GOAT, 5 MARCH
STATUS OF THE RV
Welcome to March and spring is less than a month away. Just to clarify – there never was any plan to reinstate the Iraqi dinar in February. Get it? When you read today’s news you will learn yet more evidence as to why I keep saying this.
Let’s get on with today’s news….
In Shafaq News the Central Bank of Iraq confirmed, on Saturday and I quote from the article- “that it has provided five alternative currencies to the dollar, for merchants to use in purchasing their goods from other countries using each country’s currency through the bank. This was just the start as deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News Agency, “The Central Bank provided other foreign currencies to Iraqi merchants, which are (the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee)”.
But here is the best part of today’s news, as if it was not very good already these past weeks. I quote from the article – “He added, “These currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay in the Iraqi dinar to the Iraqi bank, and through the bank, the amount will be paid to the Chinese company and factory in the Chinese currency.”
So let’s take a step back and remember how far Iraq has come already gone in the monetary reform process. In December of 2022 they completed war reparation payments to Kuwait. This opened up the door to move ahead aggressively with the monetary reform process to get to their ultimate goal, which is the reinstatement of their dinar back to FOREX and other currency exchanges. Just keep your eye on the ultimate goal.
Getting to the ultimate goal was not going to be easy for Iraq. It would require a lot of changes and thinking about how to run their monetary system. Since Dr Shabibi’s time we heard about the desire for electronic banking and Point of Sale (POS) electronic payments. Many did not understand fully why the CBI was pushing this effort even a decade ago, but now we know as article after article tells the story now why this is so integrated in the process of the monetary reform.
Here is a list of just some of the items of importance of electronic transactions that I can list off the top:
- Help to reduce corruption with the dollar
- Will allow the shrinkage of the monetary mass in circulation (Remember if the monetary mass decreases the value of the currency typically increases. The CBI has certain goals in this manner before the Project to Delete the Zeros);
- Help to stabilize the parallel dollar market within the “official CBI rate”
- Puts more money in the banks that then allows capital for the banks to loan the funds for businesses, mortgages, investments, etc. But most importantly the banks now have alternative sources of income other than the spreads from the currency auctions. This will help curve banking corruption.
I would like to briefly explain how trade payments work between countries. For example, factory owners in China don’t want anything but the Chinese yuan, just like factories in the US want US dollars. So according to this article today, now China (the first country) will accept the dinar but through trade brokers at the bank that will convert the dinar to yuan for the companies. My main point is this – the dinar is now slowly being rolled out and recognized as a valuable currency to the world and soon to be widely accepted as a global currency by many more countries. Get it? It is slow to roll out but this move by the China and the CBI is a very important one. Just remember now that just over a year ago no one wanted the dinar. China, of all the developed countries, is now willing to trade using the dinar as payment. WOW!
But remember also the dinar is not widely accepted yet but normally this process once started does not take long and that is why I am excited so much about this article. This move puts pressure to convert the dinar to it’s true value, the TRUE value not the 3120 but what we have been waiting for, finally.
Also we must keep in the back of our minds that the CBI told us (reminded us) just a week ago that the electronic platform (currency auctions) is going to end very soon. The banks will be taking up the responsibility of supplying any needed dollars for trade, but in doing so will use their own monetary banking reserve swaps between banks of other countries to do so.
How can this happen if other currencies weren’t also flowing i to the Iraqi banks? The answer is that they are, as today’s article reinforces this policy again. But it is not a new policy just that I could be used due to the sanctions and auction process.
The most important takeaway I had from this part of the news last week was that, when this does occur, the CBI will no longer be using the CBI reserves in dollars for this effort but instead the banks will use the “normal” banking processes meaning as used globally by all banks. In other words, we can see this entire “sanctioned” way of the monetary process flipping very rapidly now back to the global process, as before the 1991 and the 2003 wars.
I hear so much needless worry about Iraq’s WTO accession. Relax folks, calm down as it is going to happen. Even today in the news Iraq once again gives us this assurance. Does Iraq need to RV for the WTO. There is nothing in writing anywhere stating this is the case. However, a country does need a currency that can be globally traded and we now know that the Iraq IQD is still under OFAC US Treasury sanctions. This is why when the banks look at their screens when researching the IQD rates, they see it, but won’t touch it yet due to the sanctions. We must be patient as these sanctions too will be released soon. I just want to remind everyone of these stories of people now exchanging. Are they really? Are these banks committing a crime? Would you even want to be part of this? Could these exchanges be clawed back someday in the future? Is this what you want?.....WILL CONTINUE
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