Article: "Saleh confirms Iraq's monetary sovereignty and reduces the effects of speculation in the parallel market"
Quote: "Saleh noted that this confirms the monetary sovereignty of our country through the stability of the national currency and dealing in it alone without the participation of foreign currencies in internal economic operations.
Article: "
Iraq is looking forward to joining the World Trade Organization" Quote: "Iraq has today become a major economic player on the world level and needs to harmonize Iraqi laws with international laws."
Article quote: " Parliamentary agreement with the European Union mission: European financial and banking institutions are preparing to invest in Iraq "
Article: "Iraq completes requirements to join WTO” Quote: "The Iraqi Minister of Trade, Atheer Al-Ghurairi, affirmed that Iraq fulfilled the conditions necessary to become a member of the World Trade Organization (WTO) following the completion of economic reforms and the enhancement of the investment climate."
The Central Bank renews its warning against financial fraud
3/7/2024
The Central Bank of Iraq warns the public of the existence of cases of financial fraud carried out by a number of exchange companies (not licensed by this bank) claiming to organize transactions for citizens for the purpose of purchasing cars for them.
The Central Bank of Iraq calls on the honorable public to verify and ensure the work of these companies through the official website of the Central Bank of Iraq through the following link: https://cbi.iq/page/25 , and to verify the financial institutions approved and licensed by the bank in (providing collection services). And electronic collection for the government sector) you can visit the following link: https://cbi.iq/page/94 .
Otherwise, please inform the relevant security authorities if such cases are detected.
Central Bank of Iraq Information Office, March 7, 2024
Shafaq News / The World Gold Council announced on Thursday that five Arab countries, including Iraq, have more than a thousand tons of global gold reserves.
“The first five countries (Saudi Arabia, Lebanon, Algeria, Iraq and Egypt) have 1.47.3 tons, while the rest of the countries (Libya, Kuwait, the UAE, Jordan, Morocco and Bahrain) have 489.5 tons,” the council said in its latest schedule for March, seen by Shafaq News.
He added that “Iraq has maintained its 30th rank globally out of 100 countries listed in the table with the largest gold reserves, as it has not bought gold since May to reach its gold hold poss 142.6 tons, which represents 8.4% of the rest of its other reserves.”
The Council also pointed out that “the United States of America is on the throne of the rest of the countries with the largest possession of gold in the world at 8.133.5 thousand tons, followed by Germany 3.352.6 thousand tons, and then Italy came 2.451.8 thousand tons, while Bosnia and Herzegovina tailed 1.5 thousand tons.”
Based in the United Kingdom, the World Gold Council has extensive experience and deep knowledge of the factors causing the market change, and its members consist of the world’s largest and most advanced gold mining companies.
I got a lot of blowback from me using the word imminent. I didn't use those words, that wasn't me talking. It's not me telling you - They are telling us.
Article: "Iraq announces its imminent accession to the World Trade Organization"
I didn't say it other than reiterating what the quote is... They said that.
Article "The dinar and the dollar"
Remember Al Sudani told everyone that the Iraq dinar will return to its lofty economic value because the dinar is stronger than the dollar.
There are things that are coming back up. This is Muhammad Rasheed, he's talking about the national currency...the dinar. He's stating that the economic world is witnessing a qualitative boom in awareness. A lot of people around the world are figuring this out and very soon it will overthrow the dollar. So the dinar is going to be stronger. Al-Sudani told us that...This guy Muhammad Rasheed is holding his feet to the fire...
IMO......All the articles say they have legislation that needs to be passed and the next meeting is in the "middle of the year......
My understanding is that Frank has also said that the rate doesn't matter but "freedom of movement of capital" is important. That is Article 8 compliance. They cannot be Article 8 compliant if the country is functioning under a MCP. A MCP includes a parallel rate of greater than 2% of the official rate by IMF definition. Saleh said last year that the parallel rate is "REQUIRED" to be 2% or less of the official rate. We were taught here years ago that this 2% or less needs to be maintained for a period of 90 days. The parallel rate is still around 14% difference.
While Iraq appears to be on the way to a full RI, I believe there will be an interim step very soon. If they make the move I anticipate the MCP will be quickly eliminated and they can proceed to a full RI.
A RI is full Article 8 compliance and a return to the rate that reflects the True Value. In 2009, the MOP/MOF stated move to 1.14-1.17USD/IQD and monitor for inflation up to 3 years and then move the rate to reflect the True Value of 3.208USD/IQD. This was the plan of Dr S and it appears they are back on track following that plan. Keep in mind that Ernst & Young stated $1.30 in 2010 and the SIGIR report stated that had the project to Delete the Zeros not been postponed, the IQD would have been brought on par with the USD.
In light of the assessment of the experts of the International Monetary Fund mission of the measures taken by the government and the Central Bank, which contributed to maintaining the transition of the Iraqi economy from a state of fragility to a gradual recovery during the second half of 2023, it turned out that “growth in the non-oil sector increased strongly in 2023 by 6%, of GDP with inflation declined to 4% after it was 7.5% at the beginning of the year.
This comes due to the measures of the Central Bank to control the general level of prices and reduce inflation, which is the most prominent task of monetary policy achieved, which is the lowest inflation rates achieved for 2023 in regional and Arab countries, and achieved because of the efforts made in regulating foreign trade financing and cooperating with the government in securing basic foodstuffs and providing ration card materials at subsidized prices.
The occurrence of these developments, the stability of the foreign exchange market, the safety and transparency of 95% of the external remittances of traders and importers through the electronic platform and at the official price are attributed to the opening of direct dealings with 30 foreign and Arab correspondent banks and the opening of dealing in local currencies of countries with which Iraq has an important trade exchange such as China, Turkey, the UAE and India
.
After some interruptions following the implementation of new anti-money laundering and counter-terrorist financing controls on cross-border payments in November 2022, improved compliance with the new system, and the Central Bank of Iraq’s initiatives to reduce transaction processing times led to a recovery in trade finance in the second half of 2023.
The IMF welcomed “the initial steps taken towards establishing the Single Treasury Account (TSA), which is a critical tool for improving liquidity management.” Reference should be made here to “the efforts made by the central bank aimed at eliminating the surplus liquidity. The central bank increased interest rate on monetary policy instruments, raised mandatory reserve requirements, and began issuing 14-day Treasury bills last summer.
Therefore, the Fund called for supporting the existing efforts by the Central Bank by unifying untapped government deposits in the unified treasury account, refraining from fiscal policy in pro-cyclical trends, reducing dependence on monetary financing, improving public debt management, and from the insight of the International Monetary Fund confirms that the steps taken by the government and the central bank to accelerate the digital transformation of the economy, reduce dependence on money and enhance financial inclusion, which supports trends to launch a financial inclusion strategy.
Official statistics indicate that 558 government agencies published electronic payment tools in 2023, compared to 12 government agencies in 2022, and the number of cards to localize employees’ salaries reached 8653,000 cards, the number of cards issued is 17822310 cards, and the value of using electronic payment tools in 2023 amounted to about 12 million dollars through 32842 movements.
The Iraqi Minister of Trade, Atheer Al-Ghurairi, affirmed that Iraq fulfilled the conditions necessary to become a member of the World Trade Organization (WTO) following the completion of economic reforms and the enhancement of the investment climate.
Al-Ghurairi told the Emirates News Agency (WAM) that Baghdad finalized issues related to goods and services in accordance with the deadlines set for integration into the international trade system.
It’s been crazy quiet overnight …I feel like it’s the calm before the storm.
...JP Morgan (Jaime Dimon) made a statement that “Iraq will be the savior of the world economy ” ...That tells you the importance of what is going on in Iraq right now. There is a tremendous amount of effort and hope around this event.
I feel confident we are extremely close…Maybe today or tomorrow…I’ll take either...or whenever we get it. I am afraid to let myself get to excited.
Last time I checked [Forex]…it [dinar] was about $2.80. You cannot exchange at that yet but it does show things are changing and something is cooking.
Parliamentary Law Requires Consensus Before Legislating The Oil And Gas Law
Information / Baghdad Today, Thursday, the head of the Parliamentary Legal Committee, Mortada Al-Saadi, stipulated consensus between the political blocs before legislating the oil and gas law.
Al-Saadi said in an interview with the Maalouma Agency, “The oil and gas law cannot pass without a political agreement,” noting, “There are many laws that need political agreement, most notably the oil and gas law.”
He added, "The law is a sensitive law that requires deep study and discussion, and cannot be passed without a political agreement." LINK
...We know that the dinar and the other currencies have been coming in on the forex and trading upward...the bank screens reflect that. They reflect the fact that the currencies are trading up and still blinking - on the screen, which means they're not set.
They're not stable, but they're continually moving upward in value . And they're blinking. So...'
What are we waiting on?
I think they're just waiting for the currencies to hit the values that they want them to hit before we get started. And it would appear that they are moving in that direction...So I'm excited about where we are...And I really think that we're in really good shape right now...
There is also a lot of talk again about lower denominations in many Iraqi banks. They are using cut sheets with samples of etc. from LD...
I'm trying to find someone there to send us a photo of these cut sheets... (sample sheets with lower denominations) I would love to see an official CBI sheet.
----
Walkingstick
[Iraqi Bank Friend called #1 Update - He owns 7 banks, 2 in Jordan]
About two weeks ago
we told you IOO the banks of Iraq were going to be receiving sample sheets/specimens.
They were very very precise pictures of the lower notes. It turns out #1 has them. ..They started to practice and use them but they needed more help so they requested.
You will see this request on the CBI website probably within this week where they are requesting help with the security features in the small notes that they are practicing counting, sorting and training right now ..
.The new software will be with them and the banks within this week.
An Analytical View Of The International Monetary Fund Regarding The Government And Central Bank’s Actions To Recover The Iraqi Economy
Samir Al-Nusairi In light of the assessment by the experts of the International Monetary Fund mission of the measures taken by the government and the Central Bank, which contributed to preserving the transition of the Iraqi economy from a state of fragility to a gradual recovery during the second half of 2023, as it became clear that “growth in the non-oil sector rose strongly in the year 2023 by 6%.” % of the gross domestic product, with inflation declining to 4% after it was 7.5% at the beginning of the year.
This comes due to the Central Bank’s measures to control the general level of prices and reduce inflation, which is the most prominent monetary policy task that has been achieved, which is the lowest inflation rates achieved for the year 2023 in regional and Arab countries. It was achieved due to the efforts made in organizing the financing of foreign trade and cooperation with the government in securing basic foodstuffs and providing... Ration card materials at subsidized prices.
The occurrence of these developments is due to the stability of the foreign exchange market and the safety and transparency of 95% of foreign transfers to traders and importers via the electronic platform and at the official rate, in addition to opening direct dealings with up to 30 foreign and Arab correspondent banks and opening dealings in the local currencies of countries with which Iraq has important trade exchanges, such as China, Turkey and the Emirates. And India.
After some interruptions following the implementation of new anti-money laundering and counter-terrorism financing controls on cross-border payments in November 2022, improved compliance with the new system and CBI initiatives to reduce transaction processing times led to a recovery in trade finance in the second half of 2023. .
The IMF welcomed "the initial steps taken towards establishing the Treasury Single Account (TSA), which is a critical tool for improving cash liquidity management." It is necessary to point out here the “efforts made by the Central Bank aimed at getting rid of surplus liquidity. The Central Bank increased the interest rate on monetary policy tools and raised mandatory reserve requirements. It also began issuing treasury bills with a maturity of 14 days last summer.”
Therefore, the Fund called for supporting the existing efforts of the Central Bank by consolidating unused government deposits in the unified treasury account, refraining from pro-cyclical financial policy, reducing dependence on monetary financing, and improving public debt management, and from an insightful view of the International Monetary Fund, it confirms However, the steps taken by the government and the Central Bank to accelerate the digital transformation of the economy, reduce dependence on cash and enhance financial inclusion, which supports the plans to launch a financial inclusion strategy.
Official statistics indicate that 558 government agencies deployed electronic payment tools in 2023, compared to 12 government agencies in 2022. The number of employee salary localization cards reached 8,653,000 cards, the number of issued cards was 17,822,310 cards, and the value of the use of electronic payment tools in 2023 amounted to approximately 12 million dollars through 32,842 transactions. Views 76 03/07/2024 - https://economy-news.net/content.php?id=41207
China is withdrawing from the US Stock Market by way of US dollar to Yuan trades on Forex. The Yuan will no longer be able to buy US Dollars on Forex.
If you look closely, the Depository Trust Company will be closing these trades on March the 8th, 2024.
Are they about to back their currency by gold? If not, will their gold token become more accessible in the world of trade? Either way, you can expect a major shift like this to have a backup plan.
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- 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: Good morning MODS and MarkZ. Let's have a blessed and wonderful day.
Member: Any RV news today???
Member: Hi Mark, wondering if your bond folks are still under NDA, could you please tell us if there’s any news from them?
MZ: I am not getting any news from the bond folks….the ones that still will talk- all they say is they are still waiting to receive their 1%. Then they expect to be under an NDA and quiet.
MZ: It’s been crazy quiet overnight ….I feel like it’s the calm before the storm.
Member: Bond folks waiting on 1 percent , and been waiting , and been waiting !! They must be beyond frustrated by now.
Member: Nadir said that Iraq is limiting withdrawals from accounts
Member: MilitiaMan also had a good video last night.
MZ: MM did a good reminder video about the gold Iraq has in ground …their reserves and deposits and what reserves we have here in the states. Definently worth the watch….be sure to go listen and like and share.
Member: I wouldn’t expect anything good to happen until the USD collapses
MZ: When we talk about moving to an asset backed currency…some say we ccan’t because the USD is not worth anything. But if you look at our in ground resources – Iraqs are plentiful and the US is plentiful. The US has some of the largest oil reserves in the world. Plus gold and rare earth minerals. I am just poining out that we have more abundance then scarcity.
Member: Yes we have great assets…just poor and corrupt management of those resources…..makes me sad.
Member: I heard Iraq joins the WTO in the third week of March. I wonder if we need them to do this before they RV? Any word on the Pengo?
MZ: I have not heard a thing on the Pengo. But there is a lot of chatter inside Iraq and the WTO for the middle to the end of March.
Member: March 24, 1991, Kwait RV, I hope we don't have to wait till the end of the month.
Member: Ramadan 1991 started Mar 17th, kuwait rv was on Mar 24th but prep started earlier
MZ: There is also a lot of chatter again about the lower denominations at many Iraqi banking locations. They are using cut sheets with samples of the LD’s ect….I am trying to find someone over there to send a picture of these cut sheets to us…. (sample sheets with Lower denoms on it) I would love to see an official sheet from the CBI.
MZ: “BRICS revolutionizes the payment system with crypto and blockchain. “ They have already started settling things using blockchain instead of SWIFT. Its more efficiant….more accessible and no one can sanction it.
MZ: Heres another article on this.” Ruble digital ready to launch next year! This is Russia’s Central Bank Plan” They are backing their digital currency with something. Not just a electronid fiat currency like the Fed Reserves is presenting. But the Russian preliminary trial on this has gone extremely well. They want it to be in full use sometime next year.
Member: Vietnam has a really low rate and they are in the WTO. Does Iraq have to change the value to be in it?
MZ: Yes. And Vietnam is under pressure as well to change the value of their currency. The US has considered putting them on the sanction list for manipulating their currency. Iraq has been very up front and they have made it very clear they want to be the most valuable currency in the world again. …like they were in the past.
MZ: Surprisingly Vietnam was one of the most powerful currencies in the world before the Vietnam war…..when the US went in and reduced the value of the VND.
Member: There is a pattern between Iraq and Vietnam…..Both times we invaded and screwed with their resources……no wonder they are close trading partners….They are both victims of the US and IMF…..imo
Member: I wonder -Is there really a private side of forex that the IQD is currently trading on? Lots of people say there is no such thing?????
Member: Mark did you hear Dallas on PPN talk about the crazy high RV rates?
MZ: We continue to hear rumors of much higher rates. I will believe it when I see it.
Member: I keep wondering what is the reset/RV delay…What is holding everything up???
Member: Would make sense to go right before Ramadan. Although, nothing ever pans out. Very frustrating.
Member: The Central Bank of Iraq plays a crucial role in determining the exchange rate and value of the Iraqi Dinar.
Member: Lets hope they actually do it this month……wishing, Hoping and Praying our time is finally here.
Member: Will Iraqi finally just give the middle finger to the USA and revalue for their people?
Member: Iraq going solo will cause a lot of double dipping!
Member: If Iraq does go alone…..I would bet that the rest of the world follows close behind.
Member: Hope everyone has a good day……see you all tonight.
Member: Mark, if there’s nothing going on take the night off and spend it with your family!
Member: The best is yet to come.
“THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES & NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE.” PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY.
Iraqi Central Bank Flags Financial Fraud by Unlicensed Exchange Firms in Car Deals
The Iraqi Central Bank issued a stern warning on Thursday, cautioning the public about financial fraud perpetrated by unlicensed exchange companies. These entities have been deceiving citizens with promises of facilitating car purchases on their behalf, as per a statement from the bank's media office reported by the Iraqi News Agency (INA).
Uncovering the Scam
The Central Bank's alert comes in response to increasing reports of financial scams involving several exchange companies not authorized by the bank. These companies have been exploiting the trust of unsuspecting citizens, offering to manage transactions for the purchase of vehicles. The bank's statement emphasizes the importance of dealing only with licensed entities to avoid falling victim to such fraudulent schemes.
Public Reaction and Response
The announcement has sparked concern among the Iraqi public, many of whom have already been affected by these scams. In light of this, the Central Bank of Iraq is taking steps to inform and educate the public on the risks associated with engaging with unlicensed financial entities. Efforts are underway to enhance the regulatory framework to prevent such fraudulent activities in the future and to ensure the financial safety of the citizens.
Looking Forward
This incident highlights the broader challenges facing Iraq's financial system, including the need for stronger oversight and consumer protection measures. As the Central Bank continues to investigate and take action against these unlicensed exchange companies, it underscores the critical importance of vigilance and due diligence among consumers when conducting financial transactions. This situation serves as a reminder of the ever-present risks in the financial sector and the ongoing efforts required to safeguard the public's interests.
“The IQD is going through a phase where it’s being traded internationally on the Forex private side, live.
In Jan it was trading at $2.60, last month $2.63 or so, Sunday $2.70, this morning $2.79 and 2pm today $2.84 and just before he got on it was at $2.87.
This is a trend that’s going through the reinstatement phase to get to $3.22 (for an expected International Rate).”
“To be clear, yes, the IQD is trading on the private side of Forex, the institutional side, trading in futures. The trading chart has been climbing steadily and closed yesterday at $2.70.
This may or may not be a precursor to what we see on the PUBLIC side. We could see more, we could see less.
We don’t know, but the point is…before we can go to the bank as investors, the IQD must be trading on the public side of Forex. That’s the number the CBI will post on their website when the IQD becomes tradable. Everywhere. The time for that to happen is now upon us, but they have to show it. By all indications, they’re about to!”
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.
