Sunday, May 5, 2024
Al-Hakim To Plasschaert: The Current State Of Stability In Iraq Must Be Exploited, 6 MAY
Al-Hakim To Plasschaert: The Current State Of Stability In Iraq Must Be Exploited
Political | - 05/05/2024 Mawazine News – Baghdad The head of the Al-Hikma Movement, Ammar Al-Hakim, stressed today, Sunday, the necessity of investing in the current state of stability in Iraq, while noting that the country is proposing development projects throughout the region and seeks to engage common interests.
Al-Hakim said in a statement received by Mawazine News, “Today we received the representative of the Secretary-General of the United Nations in Iraq, Jeanine Plasschaert, near the end of her mission in Baghdad, where we praised the efforts of the United Nations organization in the past stage, and made clear that the current state of stability that the country is witnessing must be invested in a manner that "It enhances the interests of Iraq and the interests of its partners in the region."
He added, "The world has begun to change in its approach to the Iraqi issue, and we said that the previous reading was disturbing stability in the region, while the current reading is that the security of the region is the security of Iraq," calling for "reading history and standing at its decisive points."
He stressed, "Iraq proposes development projects for the entire region and seeks to intertwine interests and transform conflict into networking, cooperation and collaboration," pointing out that "the path of development is the best witness to Iraq's development vision for itself and for the region." https://www.mawazin.net/Details.aspx?jimare=247352
"RV UPDATE" BY MARKZ, 6 MAY
MarkZ
[via PDK]
Article: “Kuwaiti Dinar to US Dollar-Top 10 highest valued currencies in the world in 2024”
This article was in the Indian Express. And the Iraqi dinar used to have that number one spot. Comment: I would expect Iraq to be worth more that Kuwait. MarkZ: Absolutely. And when Iraq was the most valuable currency in the world they had not yet developed their natural gas reserves…and were not pumping nearly as much oil as they are now. Every part of Iraq is now in better shape than when they had the most valuable currency in the world.
“National bank of Iraq uses Temenos for core banking and payments”A New Decline In The Exchange Rate.. The Dinar Slaps The Dollar, 6 MAY
A New Decline In The Exchange Rate.. The Dinar Slaps The Dollar
Economy | 05/05/2024 Mawazine News – Baghdad The prices of the US dollar closed lower against the Iraqi dinar, today, Sunday, in Baghdad.
Dollar prices recorded a decline with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 145,250 Iraqi dinars per 100 dollars, while dollar prices this morning recorded 145,650 Iraqi dinars per 100 dollars.
Selling prices in the field of banking in the local markets in Baghdad decreased, as the selling price reached 146,250 Iraqi dinars per 100 dollars, while the purchase price reached 144,250 Iraqi dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=247372
"RV UPDATE" BY FRANK26, 6 MAY
Frank26
When the float starts all heck is going to break loose because the value of your currency will literally climb on a daily basis until the CBI feels they have reached the real effective exchange rate...We believe they will start at $1.30 to $1.50 IMO and the cap it somewhere between $3.86 and $4.25.
Article: "Specialist: Floating the dinar is economic suicide "
Economists are saying to the Iraqi citizens that a flotation is detrimental whereas the CBI Saleh, the advisor, the Financial Ministers, all these people are saying the complete opposite, 'we're about to float...why do you think we have all this stuff set up? Why are we following international laws? Why do you think we're article VIII? Why do you think we're going to be WTO is 7 more days?' Floating the dinar is suicidal? No it's suicidal for you.
Report: Jordanian and Palestinian banks swallow up Iraq dollar, 5 MAY
Mawazine News-Baghdad
Once again, the Central Bank, Jordanian banks, grants licenses to deal in dollars and limit foreign transfers to their hands, which economists see as a “big mistake” that will contribute to losing control of the banking system that will remain in the hands of the United States and Jordanian banks, warning against exploiting this file politically in the future.
A source familiar with the informed, to Mawazine News, reveals that “the Central Bank of Iraq granted during the current period four new licenses to Jordanian banks, namely the Union Banks, Housing, Jordan and the Arab Banks.”
The source adds, “The Jordan Capital Bank and the Bank of Cairo Amman, have strengthened their control over the National Bank of Iraq, by acquiring approximately 72 percent of the bank’s shares, where the share of the first is 61.85 percent, and the other’s share is 9.90 percent,” pointing out that “the Palestinian stake of Arcadia LLC is 5 percent, so that the total number of non-Iraqi shares is about 77 percent, and this is a very big violation of the Iraqi investment law that specified foreign ownership by 49 percent of any Iraqi company.”
He reveals that “the endeavors of the Jordan Housing Bank also recently began to acquire the shares of Al-Mansour Bank of Iraq, which is controlled by the Qatar National Bank by 54 percent,” noting that “Iraq has a bad experience of entering foreign banks, as it previously entered Iranian banks and all of them stopped because of the sanctions, as well as the Lebanese banks that declared bankruptcy and seized Iraqi deposits estimated at 20 billion dollars.”
The National Bank of Iraq accounts for a third of foreign currency sales, which is the main source of the Iraqi economy.
Since the US Treasury imposed sanctions on Iraqi banks, as a result of smuggling the dollar to Iran, foreign banks have dominated the financial arena, as an Arab bank controlled a large percentage of dollar sales in Iraq.
For his part, the expert in banking affairs Ahmed Al-Tamimi believes that “the Central Bank of Iraq made a lot of mistake when it worked on the delivery of Jordanian banks the dollar owned in Iraq, and limited the handling of external transfers through those banks at the beginning of next year in accordance with the directions of the US Treasury.”
Al-Tamimi states, “Dollar transactions by Iraqi banks will be non-existent during the new year, and it will be limited to the Iraqi Bank for Trade and Jordanian banks, and this means that all Iraqi banks will be prevented from any dealing in dollars, which gives Jordanian banks a precedence at the expense of the Iraqi banking system.”
The expert in the banking affairs calls on the Central Bank of Iraq to “negotiate sooner and before the end of the current year, in order to reach an understanding with the US Treasury to grant exceptions to some Iraqi banks, and not to limit dealing in dollars to Jordanian banks, under the pretext of not having accounts in correspondent international banks.”
Al-Tamimi warns that “the Central Bank of Iraq, according to this American decision, will lose control of the banking system, and the system will continue to be managed by the Americans and Jordanian banks, and this file may exploit a political future by the Americans or even Jordanians because foreign transfers will be in their hands exclusively, and Iraq has no income in it, except supervision and follow-up.”
The number of banks in Iraq reached 81 banks, while the branches of foreign banks in Iraq amounted to 21 branches, most of which are from Turkey, Jordan, Iran and the UAE.
The Central Bank of Iraq pumps the dollar to banks through the currency sale window, which it says has several functions, the first of which is to achieve stability at the exchange rate and the second is to meet the requirements of foreign trade, because “the Iraqi commodity sector is unable to provide the requirements of the local market,” according to the bank, which pointed out that “the window meets 87 percent of the requirements of the commodity import of Iraq.”
https://www.mawazin.net/Details.aspx?jimare=247052
"RV UPDATE" BY PATRIOT ROD STEEL, 5 MAY
PATRIOT ROD STEEL
I’m aware of the Plan, but cautioned against exposure, but now that it’s leaking…
#PatriotRodSteel
TEXAS SNAKE
Okie had some positive news earlier today, thought we would hear some indication of the new rate when the Premier returned to his country from his visit to the US, the banker is assisting his hospitalized wife in CA so very little news from him so I guess we wait for FOREX to open, but again sports fans we appear to be very close, so say your prayers tonight.
This may be a little longer post than usual as the powers that be do not wish to get anyone''s hopes up only to be disappointed when the RV does not come in. Well I spent 40 years in the investment banking and financial planning industry which allows for a slight advantage in researching certain areas of the acknowledged resources regarding money and securities. Those areas being the IMF, FOREX, WTO, etc, etc.
The Prime Minister returned to his country on this past Monday, he turned over to the head of the CBI to announce the pending revaluation of his nations currency. The CBI provided the new rate to the IMF who in turn provided this rate to the FOREX which by policy has 72 hours from receipt to post for universal recognition which will be sometime between now and Wednesday 4/24/2024 by 7:00 PM.
Since both the Gazette and the IMF rate schedules are published on Wednesday each week we can assume should there be a revaluation we should receive that news during this window. Don't get excited or make any serious decisions but please stay calm and watch the next few days as we seem to be this close. GOD Bless
Texas Snake, [04/22/2024, 10:25:30 p. m.]:
About 10 more minutes then I need to close
Will try to illistrate that tomorrow
Yes he uses a CBI Debit card to purchase items in Beeville and he discovered the exchange rate on a recent purchase equaled $3.90 US for his Dinar value up substantially from before the in country RV
Well folks will come back with anything new GOD Bless
https://dinarevaluation.blogspot.com/2024/04/rv-update-by-texas-snake-24-april.html
Sunday April 14, 2024
Latest from Rod Steel ~ 2.10.24
My friend spoke to Patriot Rod Steel today, and he confirmed that he's spoken with some bond people and they have received funds.
More details from Rod: "I was told the paperwork was just completed and the Admiral is going to release everything on Monday."
Rod continues: "The Iraq Government will reveal the new ‘lower denomination’ notes this week and then release the new Dinar Rate (4+) to be published in the Government Gazette on Sunday and then go on FOREX this coming Monday, the 12th". ROD
My very close friend vetted this information with two other contacts. One who is very close to the Admiral - as in working alongside him on a daily basis. And the second gentleman is extremely close to those on the Bond side who are clued into the details regularly. They both are in alignment with Rod's news also - so that's extremely encouraging. We also know that Mark is hearing similar stories.
More from Ginger: I cannot give details because I'm sworn to secrecy, but allowed to say that the papers have been signed by people we know AND others have heard happy news from their group leaders on the T3 Bond side. I personally do not know of anyone in T3 who has liquid, spendable funds as of yet, but I'm extremely pleased with all of the news we're getting. I'm grounded and steady - remaining optimistic. 2.10.24
~ Ginger of the Liberty Lounge
https://dinarevaluation.blogspot.com/2024/02/they-have-received-funds-by-rod-steel.html
The Dead Sea hosts the activities of the Economic Forum between Iraq and Jordan, 5 MAY
The Dead Sea hosts the activities of the Economic Forum between Iraq and Jordan
Shafaq News / The activities of the Economic Forum for Financial, Industrial and Commercial Partnerships between Iraq, Jordan and the region, organized by the Iraqi Business Council in partnership with the Jordan and Oman industry chambers, the largest regional Iraqi-Jordanian economic group for business, kick off today, Sunday, at the King Hussein Convention Center in the Dead Sea region.
According to the Vice President of the Iraqi Business Council in Amman and Chairman of the Preparatory Committee for the Forum, Saad Naji, representing the Iraqi President, the President of the Office of the Presidency of the Iraqi Republic Kamel Al-Dulaimi, the Iraqi Minister of Industry and a delegation from the Ministry of Electricity from Iraq, participates in the forum, as well as ministers from Jordan, business owners, investors and Arab and foreign companies, the Board of Commissioners of the Information and Communications Authority, the Anbar Investment Authority, the Erbil Chamber of Industry and Trade and the Baghdad Chamber of Commerce.
The Council organizes the forum in cooperation with the Arab Businessmen Union, the International Investment Guarantee Agency and the International Finance Corporation of the World Bank Group, the Association of Information and Communication Technology Companies (Injaj), the Association of Iraqi Private Banks, the Jordanian Banks Association, and the Jordanian Foundation for the Development of Economic Projects (JEDCO), and the Jordanian Free and Development Zones participate.
The official Jordanian agency “Petra” quoted Naji as saying that the forum will be interspersed with a two-day exhibition that will last from 2 pm to 8 pm, in which major commercial and industrial companies from Jordan, Iraq and Arab countries will participate, in addition to bilateral meetings with decision-makers from the two countries.
He pointed out that the forum’s working sessions revolve around the most prominent investment opportunities in Jordan and Iraq, the prospects of commercial and industrial opportunities in the two countries, the vision of economic modernization, investment in Iraq, investment opportunities in the region, in addition to investment opportunities in the Jordanian free and development zones.
He pointed out that the sessions also revolve around the role of the banking sector in providing financial facilities for the industrial, energy, mining, transport and infrastructure sectors, and the role of international institutions in providing financial financing for investment projects, and presenting success stories to Jordanian and Iraqi investment companies.
Naji, who is also the Secretary of the Council, pointed out that the forum seeks to promote regional integration by building economic interdependence, enhancing cooperation in various sectors, building long-term partnerships, creating sustainable partnerships, deepening mutual understanding between participating countries and building a common vision for the future of economic prosperity and development in the region.
https://shafaq.com/ar/اقتصـاد/البحر-الميت-يحتضن-فعاليات-المنتدى-الاقتصادي-بين-العراق-وال-ردن
"RV UPDATE" BY NADER FROM MID EAST, 5 MAY
NADER FROM MID EAST
The budget have to be approved by the parliament...Sudani cannot make a decision by himself...The budget doesn't have to be approved by parliament...it's not true. They have pass by the parliament and parliament have to vote for it.
Any changes on that budget the parliament have to agree into it and have to vote for it and have to sign it and send it to Sudani and then the president of Iraq...It is active yes but not completely active. Any changes have to be approved by the parliament of Iraq.
People calling me since last Thursday asking me, 'We hearing the exchange rate will change on Monday?'
...I didn't see anything about Monday. I see really good news. I believe with all this going on they should go for it. I think they're ready. I don't know when or why not. Some people saying Monday...before the end of the month...May... July. It's all prediction. I wish it could happen now. Today...Let's watch it...
https://dinarevaluation.blogspot.com/2024/05/rv-update-by-nader-from-mid-east-1-may.html
People calling me since last Thursday asking me, ' We hearing the exchange rate will change on Monday?' ...I didn't see anything about Monday. I see really good news. I believe with all this going on they should go for it. I think they're ready. I don't know when or why not. Some people saying Monday...before the end of the month...May... July. It's all prediction. I wish it could happen now. Today...Let's watch it...
Today I was watching the news. I was watching Sudani in the street and it got me all excited. Got me happy. It's been a while we didn't see a leader who cares about the people, who cares about the country...He was walking in the street at least for 2 hours...It's great to see that. He give confidence. It gives hope. I hope he continues like that...It's amazing what's going on in Iraq. I love it.
This visit to United States it was really good. All this contracts they signed...all these people want to go to Iraq to do business, start businesses. It's great. Now they have the ball in their hands so we see what they're going to do with it. They're going to score or pass on the side again?
Iraq to convert lusivity to electronic payment in mid-2024, 5 MAY
Iraq to convert lusivity to electronic payment in mid-2024
Economy News – Baghdad
The financial adviser to Prime Minister Mazhar Mohammed Saleh confirmed on Sunday that the government’s strategy encouraged citizens to enter the climate of digital payments, while noting that monetary use will witness a gradual closure in favor of digital financial inclusion starting from next year 2025.
Saleh said, to the official agency, and followed by “Economy News”, that “the customs and traditions that have remained prevalent in the practice of monetary demand behavior according to the primitive monetary methods in the settlement of financial and commercial transactions, are not in accordance today with the developments of the modern digital institutional society in our country, especially the change in the settlement of financial transactions and the gradual abandonment of the use of direct cash payment methods in favor of digital payments.”
He added that “the behaviors of payment, delivery, settlement of financial rights and settlement of transactions are being reflected in the cash demand function, which is changing behaviorally in favor of dealing with a modernist pattern imposed by digital payments in the country.”
He added that “since the government launched the electronic payment strategy a few months ago, the public has for the first time in our country has gone by their will to enter (the second phase) in the digital payments climate, by moving from withdrawing receivables in cash through payment cards and dealing with the inherited methods in payments based on the cash payment of transactions, by shifting towards keeping its money inside their bank accounts so that it can use the same payment cards for many times within the framework of high and renewable digital payment in settling various transactions within the daily life of the citizen.”
He pointed out, “The second phase of digital payments constitutes an accelerated development to achieve an advanced digital stage in banking life by the establishment of digital banks, as three issues were helped by the increasing use of mobile phones in the settlement of digital transactions, the second is the development of the numbers of opening bank accounts that support the digital payments activity, and the third is the rapid growth of digital government government leallusivity.”
Saleh stressed that “by the middle of this year, the government luse will almost completely shift to payment through credit cards and other approved digital payment methods, which are witnessing today in all fuel sales stations to end up paying taxes, fees, wages and government transactions to be all through digital payment cards.”
He pointed out that “large joints of institutions and private sector individuals are rapidly settling their payments by feeding each other’s accounts with easy transfer, such as (feeding their digital cards) to settle the rights between them digitally, as well as the use of pos and similar means of assistive technology for payments, which have become widespread and facilitated in our country.”
He continued, “Starting from 2025 upwards, the payment habits within the economic community will shift towards a completely different digital life. Electronic payment cards become one of the modern habits in changing the monetary behavior of society. Monetary use will witness a gradual closure in favor of digital financial inclusion, and then the cash leaks will move in their current form, which still rest outside the banking system to automatically take their natural way into the banking system itself and under the influence of the new environment for digital payments.”
However, “the use of digital payments has added millions of new bank accounts for adults who have not previously dealt with the banking system,” he said, predicting that “in the coming months, bank accounts will cover the adult generation, because electronic payment cards are linked to the bank account itself.”
He pointed out that “cash liquidity will be automatically transferred within the banking system, which will help high levels of certainty and low liquidity risk in the banking system itself, which encourages the levels of cash credit granted to the public for the purposes of economic activity and at the same time helps to ensure the flow of the state’s cash revenues within the developments of the unified treasury account, which at the same time maintains moderate growth rates in the growth of public liquidity to match its growth inversely with the escalation of the growth of the uses of digital payments.”
https://economy-news.net/content.php?id=43161
"CBI Banker in Iraq Contact" BY GOLDILOCKS, 5 MAY
GOLDILOCKS
CBI Banker in Iraq Contact
Dee and I just finished a conversation with our CBI Banker in Iraq with ties to the Foreign Remittance Department.
Iraq is currently increasing the amount of Gold they hold that will support their currency.
Iraq is encouraging people to use a debit (Visa & Master) Card as much as possible, so they can get used to becoming a cashless society.
As far as a rate is concerned, they are looking to move from 1,310 to 1,000 soon.
Many new agreements have been signed with other countries to increase the demand for their currency as of late.
He expressed that they still need more goods to sell to increase their money velocity.
Iraq has not moved to a position of removing the three zeros on their currency just yet.
It was mentioned that they are still working with their Foreign Corresponding Bank to complete their banking reforms this year.
© Goldilocks
"BECAUSE... THE NEW LOWER NOTES ARE READY TO MARCH!!!" BY FRANK26, 5 MAY
KTFA
FRANK26: "BECAUSE... THE NEW LOWER NOTES ARE READY TO MARCH!!!".......F26
Economist reassures: Financial liquidity is available and there are no risks to the Iraqi dinar
5/1/2024 Baghdad,
Economic affairs expert Safwan Qusay confirmed that financial liquidity is available and there are no high risks regarding the existence of the Iraqi dinar.
Qusay said, in a televised interview followed by Mawazine News, that “oil revenues rose during the first three months of this year, and this is thanks to the current government’s policy and with Muhammad Shiaa Al-Sudani personally supervising this success.”
He added, "Iraq currently embraces more than 600 investment projects, including the Baghdad Metro."
He pointed out, "Iraq has completed all its financial needs, and the rest of it needs the price of a barrel of oil to reach only $96 to cover the financial deficit."
He pointed out that "there should be rationalization and advice in local financial consumption." LINK
"ABOUT THE ALTERNATIVE CURRENCY OF THE BRICS GROUP" BY GOLDILOCKS, 5 MAY
GOLDILOCKS
The international group could create an alternative currency based on their national legal tenders, according to Alexey Mozhin FILE PHOTO. © Iliya Pitalev; Ria Novosti
The BRICS group of nations could offer an alternative currency in the event of a collapse of the dollar and the international monetary system, according to Russia’s executive director at the International Monetary Fund, Alexey Mozhin."
Do you ever wonder why the Dollar Act (HR 556) is currently in the legislative books just in case the above does happen? See the link below.
© Goldilocks
https://www.azerbaycan24.com/en/brics-should-be-ready-for-dollar-collapse-russian-imf-rep/#google_vignette
https://www.congress.gov/bill/118th-congress/house-bill/556
KTFA CHAT IRAQ NEWS DISCUSSION: Parliamentary Finance for Al-Furat News: The budget schedules will reach Parliament within 72 hours , 5 MAY
Clare: Parliamentary Finance for Al-Furat News: The budget schedules will reach Parliament within 72 hours
5/4/2024
Vice Chairman of the Proportional Finance Committee, Ahmed Mazhar al-Jubouri, suggested sending the 2024 budget tables to the House of Representatives within the next 72 hours.
Al-Jubouri said {to Al-Furat News} that: “The budget schedules for the year 2024 have not been sent from the government yet, and the committee is fully prepared regarding them.”
He added, “The committee will not take more than 20 days to resolve the discussion of these schedules, but so far they are the corridors of the government.”
Al-Jubouri added, "We believe that the budget schedules will be sent within the next 72 hours, according to communications with the government."
From: Raghad Dahham LINK
DeepWoodz: Well well here we go. Since it feels to all that we are down to the wire. This is one of the latest benchmarks.
Some feel there has been a delay sending these amendments/schedules due to a new rate being involved with them. Since parliament is not in the loop, nor is it friendly to the citizens. They should be the last to know prior to release to the public. The next benchmark circulates around the events of the 9th.
We shall soon see.
BRICS should be ready for dollar collapse – Russian IMF rep, 5 MAY
BRICS should be ready for dollar collapse – Russian IMF rep
4/5/24 – Azərbaycan24
The international group could create an alternative currency based on their national legal tenders, according to Alexey Mozhin.
The BRICS group of nations could offer an alternative currency in the event of a collapse of the dollar and the international monetary system, according to Russia’s executive director at the International Monetary Fund, Alexey Mozhin.
In an interview with RIA Novosti published on Friday, the expert noted that the shortcomings of the current financial system are becoming more apparent and that many publications have started to mention BRICS “in the context of the fact that this association can offer an alternative.”
Mozhin explained that it is possible for the economic bloc’s member countries to create a currency that would be “built on a basket of currencies of the five member countries,” which would include the Chinese yuan, Indian rupee, Russian ruble, Brazilian real, and the South African rand.
“Such a proposal is being discussed. In the event of the collapse of the dollar and the international monetary system, it will be necessary to turn the said BRICS accounting unit into a real currency, backed by exchange goods,” the director told the outlet.
Earlier this year, during a meeting of BRICS finance ministers and heads of central banks, representatives of its member states expressed support for moving away from the dollar and for trading in national currencies instead.
Russia’s Deputy Minister of Finance, Ivan Chebeskov, said at the time that “most countries said that payments in national currencies are what the BRICS countries need. We are already a large BRICS family, consisting of ten countries. Most countries supported the need to build new payment mechanisms and shared their experience developing central bank digital currencies, building new platforms, and participating in pilots of various platforms.”
Chebeskov surmised that the majority of the participants of February’s BRICS forum supported boosting bilateral trade and strengthening economic ties by moving to independent settlement mechanisms in national currencies.
Meanwhile, according to a recent Bloomberg report, economic aides to former US President Donald Trump, who is seeking re-election this year, are currently looking at ways to punish countries that choose to shift away from using the US dollar.
As reported by the outlet, Trump’s team is discussing penalties against both allies and adversaries who seek to divert their trade from the greenback to other currencies, with countermeasures including export controls, currency manipulation changes, and tariffs.
The global trend towards de-dollarization comes after Russia was cut off from the Western financial system following the outbreak of the Ukraine conflict in 2022. Additionally, financial experts have raised concerns that the seizure of Russia’s foreign assets, and Western plans to confiscate these, could further spur the trend. (RT)
Source: Azərbaycan24