The Office of the Supreme Reference determines the first day of Dhu al-Hijjah and the first day of Eid al-Adha
Information / Baghdad
The office of the Supreme Reference, Mr. Ali al-Sistani, announced today, Friday, that tomorrow, Saturday, is the first day of the month of Dhu al-Hijjah.
The office set Monday 17/6, the first day of Eid al-Adha
Spec1:
Dhu al-Hijjah is the twelfth and final month in the Islamic calendar. It holds special significance for Muslims worldwide:
Hajj: During this month, Muslim pilgrims from around the world gather in Mecca to perform the Hajj (Pilgrimage). The Hajj rites begin on the eighth day and continue for four or five days. Eid al-Adha: Also known as the “Festival of the Sacrifice,” Eid al-Adha begins on the tenth day of Dhu al-Hijjah and ends on the thirteenth day. It commemorates the willingness of Ibrahim (Abraham) to sacrifice his son Isma’il (Ishmael) for Allah.
Sacred Days: The first nine days of Dhu al-Hijjah are considered sacred. Muslims engage in acts of worship, including extra charity (Sadaqah), better prayers (Salaah), and recitation of the Qur’an.
Remember that Dhu al-Hijjah migrates throughout the seasons due to the lunar calendar. Its significance lies in the Hajj and the observance of Eid al-Adha ------------------ During Dhu al-Hijjah, countries do not typically close down entirely. However, there are specific events and observances associated with this month:
Hajj Pilgrimage: Dhu al-Hijjah is the month when the Hajj pilgrimage takes place in Mecca, Saudi Arabia. Millions of Muslims from around the world participate in this annual pilgrimage. Eid al-Adha: On the 10th day of Dhu al-Hijjah, Muslims celebrate Eid al-Adha (the Festival of Sacrifice).
It’s a significant holiday marked by communal prayers, feasting, and acts of charity. Arafat Day: The ninth day of Dhu al-Hijjah, known as Arafat Day, is a key part of Hajj. Pilgrims gather at Mount Arafat for prayers and reflection. While there are no widespread closures during the entire month, specific religious and cultural activities occur.
Article: "News publishes the text of the third strategic plan of the Central Bank of Iraq" Here's the powerful stuff. Quote: "...ability to issue medium or long-term securities, the transition from the platform to the banks...the increase of gold reserves, the introduction of new issuance of the high quality currency, the automation of monetary process..." This speech that Alaq has done will be one to remember...
He will be likely showing us something very soon...For Allaq to be talking about the issuance of a new high quality currency is awesome! It's huge. Especially when he uses the word 'issuance'. It means it's coming or it's about to be released...It's phenomenal. It's looking very good. It sounds like they're about to issue new money.
Article: "It confirmed its commitment to money laundering standards.. The Iraqi National Bank: We do not deal with companies suspended by the Central Bank" Does this article give anyone the impression that the CBI or the Government would have allowed for over half of the countries money supply to be stolen and or disappear? Think about the insanity that would be at this stage and level of banking the CBI is at today. With having the line up of the most professional Auditors in the world in Iraq's books, let alone the UST, US FED, IMF, WB, UN, etc.. It wouldn't happen.
If all you [Iraqi citizen] own is dollars and they change the value to a real effective exchange rate, back to where it was in the previous era, they say back to 1980...Sudani said the dollar is going to be weaker or he said it in a way that the dinar is going to be stronger than the dollar.
..That's the whole goal. You drop the three zeros from the currency, you're going to add value. That's all there is to it. That's how it works. That's just not my opinion as far as I'm concerned.
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Article: "The delete the Iraqi dinar zeros reoccurring invitation and existing challenges"
That was February 25, 2024. It's sill in the the news this year. July 26, 2023 Al-Alaq said the projectstill existed... Quote: "When this is done correctly we can expect Iraq to become a strong dinar that is considered a store of value and perhaps even stronger than the dinar that was before 1980." That's a pretty big deal...
Article: "Parliamentary Finance resumes its meetings regarding the budget in preparation for voting on the schedules" Quote: "Parliament decided, according to the agenda, to hold its twenty-seventh regular session next Monday..." I am not sure how long voting will take on the paragraph. But, if they are going to vote to do a budget at 1310 that would have a deficit of 64 trillion that would not be good for the people and they want to see another term in office they'll need the 3 zeros to be removed from the exchange rate. If there isn't a removal by Al-alaq they'll be in a pickle be sure.
That vote [scheduled Monday 3:00pm Baghdad time vote on the 2024 budget tables]is prior to markets opening in the United States in New York. Will they vote? Will they do it? We're going to find out.
The House of Representatives will vote next Monday on the budge schedules...We've been waiting for it... Is it important? Is it not important?----
Obviously it's a focus. Article Quote: "Mustafa ... announced the House of Representatives intends to vote on the financial budget tables for the year of 2024...It will be held at 3:00 in the afternoon on Monday."
I don't think anybody's going to be able to prove me wrong, you drop the three zeros, the exchange rate changes from 1 USD to 1.32 just like al-Sudani says. Do the math it comes out to .76, apply the real effective exchange rate and that's where the show starts big time... .76 is $0.76 - it's slightly less than the dollar.
That's value. It's not .0007 something. It's value. That's what they're talking about - Bringing value to the currency. That's what Al-Alaq is there for.
Article quote: "If we assume the Central Bank issues a new currency this will not affect the exchange rate of the Iraqi dinar."
This guy is not wrong...It won't in my view. The exchange rate will affect the new small denominations though...If they change the value of the exchange rate by dropping the three zeros, therefor the new denominations will be affected by it, which will be value. It's pretty simple.
If you raise the value of the currency it's going to have a ripple effect...Instead of being a pebble...or a brick in the pond this might be a boulder. There's going to be some waves. The World Bank, IMF, US Fed, US Treasury...Bank of International Settlements, everybody's going to need to know what you're going to do and when you're going to do it and pretty close.
They're not going to be broadcasting it like everybody thinks, 'What's the date and what's the rate?' That's not how it works. But we study it close enough to where...we can see it can't be far off...
If they're going to have liquidity and they don't have it now it's going to require new small category denominations to be in circulation. Just as al-Alaq's project to delete the zeros would require new denominations. Did they do that in 2018 and have them in storage? I believe they did...
They increased that gold supply by about 40 tons...Their currency reserves are around $110 billion. They have a massive amount of wealth. They have the ability to support their imports for about 16 months they say, which is about 5x what they need. That's important. They don't want to reduce those. They'd like to keep them on hand...Iraq has a good foundation for Alaq to do what he's supposed to do and it'll only get better if he does.
If they change the value of their currency they're going to have more surpluses...The oil price is about $70 in the 2023 budget. That hasn't changed for '24 or '25 because that's a tripartite budget. They got a surplus. Oil is somewhere around $80. It's been as high as $91ish. The expectations of oil is to be somewhere in the neighborhood of $80/$90 and they even talk about $100/barrel...Iraq is going to be sitting pretty good...They have phosphates...sulfur...natural gas...Those non-oil revenue streams...taxes and tariffs are going to come online...Iraq has a good foundation for Alaq to do what he's supposed to do.
Iraq is moving forward. They've got huge reserves...increased their gold, they're going to have the private sector, their stock exchange is going to be one to reckon with. It's an emerging market and a lot of money is going to be start flowing...
If they go on the Forex system it's going to be international. It's going to be fast and furious.
Could they do something within the county prior to that?
Sure, why not, educate the citizens, do what they got to do...
Question: People want to know if they can drag this out until next year?
Militia Man: We don’t know the timing. But, I don’t think we are even close to go that long. There is way too much going on in the world and this is not only about Iraq. Remember all boats rise with the tide...I believe Iraq is ready to go with the rest of the world. Along with other countries like the Vietnamese dong.
Are they going to change the value of their currency...?
I'm pretty sure they are going to need to to pay for all these [reconstruction] objects...rebar, the cement - all that stuff is expensive at 1310. It's not so expensive if it's back at a 'previous era'....If they have the true value, their real effective exchange rate, it's going to be far cheaper...
Minister of Oil: The Azmara unit project will increase the production of improved gasoline and reduce imports
Hayan Abdul Ghani, Minister of Oil and Deputy Prime Minister for Energy Affairs, stated: Today we commend the opening and fruition of the (Azmra Unit) project with a limit of eleven thousand barrels each day. This undertaking is viewed as one of the significant tasks in expanding the development of further developed gas fuel with a limit of 1,000 300 cubic meters each day. That amounts to one million three hundred thousand liters per day, reduces the amount of gasoline imported by one thousand three hundred cubic meters per day, and saves the state approximately 350 million dollars annually.
After the completion of the fourth refining unit project with a capacity of seventy thousand barrels per day, which entered into operation and production a short time ago, Abdel-Aghani mentioned that the project fits within the ministry’s plans to increase refining capacity, improve the specifications of petroleum products, and improve their quality. The fact that these projects were made possible by a national effort is the most important feature that sets them apart. After foreign businesses hesitated to implement it, in the South Refineries Company and its supporting bodies.
“The government and the ministry have paid a great deal of attention to the refining industry sector, with the aim of increasing national production in order to reach self-sufficiency and gradually shifting to exporting its surplus outside of Iraq,” the Minister of Oil continued. The eighteen months time of the public authority’s life has seen the acknowledgment and fruition of various activities in the refining business area.” Including the North Refinery with a daily capacity of one hundred fifty thousand barrels, the Karbala Refinery with a daily capacity of one hundred forty thousand barrels, the Azmara unit in both the Central Refineries Company and the North Refineries Company, and the fourth unit with a daily capacity of seventy thousand barrels that was completed in the South Refineries. Each day.
Abdul Ghani applauded the endeavors of Top state leader Muhammad Shiaa Al-Sudani, saying, “Without your endeavors, we could never have had the option to proceed with the achievement and accomplish the public accomplishment. This is a genuine comment that ought to be made about you. We additionally praise and worth the endeavors of laborers in the oil area overall and in the refining business area and the Southern Processing plants Organization.”
According to Hamid Younis, Undersecretary for Liquidation Affairs, this project is part of the government and ministry’s plans to increase national production and improve its specifications. Younis emphasized that a number of projects in the north, center, and south that increase production capacities and enhance the production plans of the government and ministry will be completed in the coming period. Oil subsidiaries, including the impetus breaking project, which is one of the promising undertakings that changes oil squander into white items with Euro Five details and a refining limit of 55 thousand barrels each day, which is executed by the Japanese organization “JGC.” These ventures address a significant expansion to the business area. Refining.
I have an average at where I think it's going to revalue at, $0.51 or $0.52 cents. I could be wrong. It's not like Abraham Lincoln said that or something. It was an average. That's why I got into the dinar. That's where I seen the value.
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The threat of a lop is still the same as when I got into this investment...The lop question is based on hyper-inflation ...verses policy inflation. The Iraqi dinar is stable. It goes up, it goes down but it's not major like what Zimbabwe and these countries where it was massive inflation. No body could control it. Iraq has complete control of the Iraqi dinar ...
The Iraqi dinar is a completely different ballgame. It's not hyper-inflated because of the markets. Iraq doesn't have a customer problem...production problem. Iraq has a policy issue. The people at the top know what they are doing.
When I did the evaluation [of the dinar] it was against countries and currencies that had lopped. I had the same questions as you guys when I invested. Where is this going? How can this work?
I found out the value was in a policy based inflation, they want to add value to it, they injected US dollars into the economy, devalued the dinar. Thedinar you and I have has nothing to do with hyper-inflation, major market problems or anything like that...Yes, they can add value to currencies that have a lot of zeros behind it. Iraqi dinar is stable. They can and are going to add value to it.
A delegation from Kurdistan will arrive in Baghdad soon to resolve the issue of salaries for security forces in the region
Wafa Muhammad Karim, a forerunner in the Kurdistan Leftist faction, said today, Saturday, that a designation from the Kurdistan locale will show up in Baghdad soon to determine the issue of safety powers’ pay rates.
Karim told , “The district is sitting tight for the compensations of the period of May for its workers, yet there is an issue with the pay rates of the security records, as the locale sends the pay rates through shares and not by the three or four names that the middle requests.”
He added, “A designation from the locale’s Money Board will visit Baghdad to determine this matter. Everything is good to go in regards to the pay rates of customary workers, yet there is an issue in regards to security compensations.”
He called attention to, “The most common way of limiting compensations is slow and pay rates stay consistent month to month and compensations are not quit during the restriction cycle,” anticipating that “there is stalling with respect to the compensations of the security specialists and that there will be political intercessions to determine the matter.”
Awake-in-3D: Central Bank Gold RV Accounts are Real, What are they Planning?
Central Bank Gold RV Accounts Are Real: What Are They Planning?
On June 6, 2024 By Awake-In-3D
Discover the Secret Tool Central Banks Might Use to Avert Financial Collapse. Perhaps Even a Total Money Reset.
The question remains: will a dramatic revaluation of gold really solve the fiat currency debt system death trap? In the case of the United States, a practical scenario would not only require a sky-high revaluation of gold but also utilizing gold to outright back the ever-devaluing dollar.
This hypothetical approach raises several issues.
First, the price of gold would need to soar to unprecedented levels to cover the national debt, as shown by the required valuation of over $133,000 per ounce (as explained below).
Such a leap would fundamentally alter the global economic landscape and could undermine trust in the existing financial system. Additionally, backing the dollar with gold would necessitate a complete overhaul of current monetary policies and financial practices, potentially leading to significant economic upheaval.
This scenario forces us to confront the limitations of relying on fiat currency and question whether a return to a gold standard could truly provide a stable solution or merely shift the nature of economic challenges faced by modern economies.
In This Article:What Are Gold Revaluation Accounts?
How GRAs Work for Central Banks
Using GRAs to Turn Gold Value into Money
How GRAs Can Help Cancel Government Debt
The Impact of U.S. Debt on Gold Prices
Gold Revaluation Accounts (GRAs) might sound complex, but they play an essential role in the financial strategies of central banks. They record the increase in the value of a country’s gold reserves as gold prices go up. This article will explain what GRAs are and how they can help countries like the United States reset their monetary systems and reduce their debt.
What Are Gold Revaluation Accounts?
A Gold Revaluation Account (GRA) is a special account used by central banks to track the increased value of their gold reserves over time.
When the price of gold rises, the GRA records these unrealized gains. For instance, if a central bank bought gold years ago at a lower price and the price of gold increases today, the difference in value is recorded in the GRA.
How GRAs Work for Central Banks
Let’s take the United States as an example. The US Treasury has 261,498,926 troy ounces of gold.
Originally, this gold was valued at $11,041,059,958. However, with today’s gold price at $2,400 per ounce, the value has increased significantly.
To calculate the current value of the US gold reserves:
Current Gold Value: 261,498,926 ounces × $2,400 per ounce = $627,597,422,400
The difference between the original book value and the current value is:Unrealized Gain: $627,597,422,400 (current value) – $11,041,059,958 (original value) = $616,556,362,442
This $616 billion gain is recorded in the GRA, reflecting the increased value of the US gold reserves.
Using GRAs to Turn Gold Value into Money
Central banks can use the unrealized gains in their GRAs to improve their financial situation. They can move some of these gains to their capital accounts, essentially turning this “paper gain” into usable money without selling any gold.
For example, if the US Treasury needed funds, it could transfer part of the $616 billion gain from the GRA to cover expenses or increase its financial buffers.
This process involves adjusting the accounting records, not physically moving any gold.
How GRAs Can Help Cancel Government Debt
GRAs can also help reduce government debt. Central banks can use the gains in the GRA to pay off government bonds. This method reduces the debt without creating new money.
For instance, the US could use the $616 billion gain to cancel some of its outstanding government bonds. By doing this, the government reduces its debt burden, easing financial pressure without increasing the money supply.
The Impact of U.S. Debt on Gold Prices
The U.S. national debt currently stands at approximately $35 trillion. To understand the magnitude of this debt, consider the gold reserves of the U.S. Treasury and what would be required to pay off this debt using those reserves.
Currently, the U.S. has 261,498,926 troy ounces of gold. At the present gold price of $2,400 per ounce, the total value of the U.S. gold reserves is about $627.6 billion. This is a small fraction of the $35 trillion debt.
To pay off the entire $35 trillion debt with gold, the value of gold would need to rise dramatically. Specifically, each ounce of gold would need to be valued at around $133,837. This means that the price of gold would need to increase by over 55 times its current value to cover the national debt with the existing gold reserves.
This enormous required increase in gold prices highlights the severity of the U.S. debt situation. It shows just how far the financial system would need to stretch to resolve the debt through gold revaluation alone. The drastic measures required to achieve this highlight the scale of financial challenges faced by the government.
The Bottom Line
Gold Revaluation Accounts offer a practical way for countries to handle financial challenges. By using the increased value of their gold reserves, central banks can support government budgets and reduce debt.
For the United States, leveraging the $616 billion in unrealized gains from its gold reserves could provide significant financial relief.
However, the requirement for gold to be valued at $133,837 per ounce to cover the national debt highlights the catastrophic level of debt and the drastic measures needed to address it. This approach shows how gold, beyond being a precious metal, plays a vital role in modern financial management.
Iraq's PM: Iraq increases gas utilization, aims for zero gas flaring by 2028
Shafaq News/ Iraqi Prime Minister Mohammed Shia al-Sudani announced on Saturday that Iraq's utilization of associated gas has increased to over 60%, with a goal to achieve zero gas flaring by 2028.
During the inauguration of the associated gas processing project at the Halfaya oil field in Maysan governorate, PM Al-Sudani said the facility has a production capacity of 300 million standard cubic feet per day and aims to halt gas flaring and promote environmental sustainability.
"This landmark project is part of our ongoing efforts to maximize the benefits of our oil and gas resources, a process that began in 2019 and has been closely monitored to ensure its completion," al-Sudani said. "It represents a significant step in our economic reform and optimal investment strategies to stop gas flaring and its associated wastage and environmental impact."
Moreover, the Iraqi prime minister emphasized that the gas produced will directly support power generation and reduce the need for imports, which drain hard currency. Gas production has increased from 2,972 million standard cubic feet per day in 2022 to 3,100 million currently, with 1,800 million standard cubic feet per day being utilized.
"The investment in associated gas has risen from 50% to 61%, with ongoing efforts to utilize all gas produced and achieve zero flaring by 2028."
The project, completed under oil licensing rounds, comprises two units, each with a capacity of 150 million standard cubic feet. It processes and dries the gas, separating its main components to produce dry gas for the national grid, powering the Amara government and Maysan investment power plants, generating over 1,200 megawatts.
Additionally, the project produces liquid gas to meet Maysan's needs, starting with an initial capacity of 1,100 tons per day, which will increase to 2,200 tons per day for household and automotive use. The surplus will be transported to other governorates.
The facility also produces gas condensates at a rate of 20,000 barrels per day, which are blended with crude oil to enhance its quality. Sulfur is also produced as a byproduct, with a production capacity of 20 to 40 tons, and is marketed through the Iraqi Oil Marketing Company (SOMO).
Deputy Prime Minister for Energy and Oil Minister Hayan Abdul Ghani highlighted that the Halfaya gas processing project represents a significant advancement in the oil industry and associated gas utilization, transforming it into beneficial energy that supports Iraq's energy sector.
Abdul Ghani acknowledged the collaborative efforts of PetroChina and Maysan Oil Company, highlighting that the project's design capacity is 300 million standard cubic feet per day, comprising two units, each capable of processing 150 million standard cubic feet per day.
The project aims to refine and dry the gas, then separate its core components to produce:
- Dry gas for the national grid, powering local electricity generation stations.
- Liquid gas for cooking and automotive use, with an initial capacity between 1,100 and 1,200 tons per day.
- Gas condensates, blended with crude oil to improve market quality.
The project also contributes to sulfur production as a byproduct, with a capacity of 20 to 40 tons, marketed by SOMO.
For his part, Deputy Minister for Gas Affairs Izzat Saber underscored that the project aligns with government and ministry commitments to halt gas flaring and support clean energy initiatives.
"The ministry succeed in utilizing 61% of associated gas, with plans to increase this to 78% by year-end, continuing efforts to convert flared gas into useful energy."