Market Economy News – Baghdad The World Gold Council announced today, Monday, that Iraq has advanced one place in the list of countries with the largest reserves of the precious metal in the world.
According to the latest table published by the Council in July, which was reviewed by Al-Eqtisad News, it advanced to 30th place out of 100 countries listed in the table with the largest gold reserves, after it was ranked 31st globally, and fourth in the Arab world after Saudi Arabia, Lebanon and Libya.
According to the table, Iraq maintained its gold holdings unchanged, reaching 1,457 tons, which represents 10% of its other reserves.
The Council pointed out that "the United States of America tops the list of countries with the largest gold holdings in the world, with 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy with 2,814 thousand tons, while Suriname came in last with 1.2 thousand tons."
The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.
Question: "Is this going to be a capital gain?" A lot of people desperately do not want to pay taxes. I believe they live in this world they create where taxes never exist. I'm sorry, if you honestly think you're going to be able to get involved in this and exchange this currency, that's called a capital gains, without having to pay any taxes you're delusional...Yes you're going to pay taxes, that's why it's important to have a receipt...held for one year you'll probably be in the 20% tax bracket...if you don't have a receipt, you lost it, you'll probably be in the 40%. Biden just said a couple days ago he wants to increase those taxes over 50%...capital gains..
Is the goal of the CBI for the Iraqi dinar exchange rate to go international? Is that the goal of the monetary reform? No. It's to RI...The goal is not to send it to you internationally so you can make money off of their currency. The goal of the monetary reform of the Iraqi dinar is to lift the value of the currency by removing at least three zeros from their exchange rate. In doing so, then their monetary reform will require another reform, which is the denominations...the lower notes.
Economy |Baghdad Today – Baghdad Economic expert, Munir Al-Abidi, revealed today, Tuesday (July 16, 2024), the volume of trade between Iraq and Iran, while indicating that the dollar problem in Iraq is not due to official trade.
Al-Obaidi said in a clarification he published on Facebook, which was followed by "Baghdad Today", "The Iranians say that our trade with Iraq during three months amounts to 3 billion dollars, distributed as 1.2 billion to meet the need for gas, 700 million dollars for electricity, while 200 dollars are for food, and another 200 million for iron trade."
He added, "This means that the value of food and iron during the year amounts to only 1.5 billion dollars annually," indicating that "some say that our trade with Iran amounts to 12 or 14 billion dollars, which is the reason for the dollar crisis."
Al-Obaidi said, "Our official trade for the private sector does not exceed 3 billion dollars with Iran and does not exceed 300 million dollars with Syria," stressing that "the problem with the dollar is not the official trade with Iran and Syria."
He pointed out that "the problem of the demand for dollars in the local market is to cover the needs of other types of informal and illegal trade, most notably drugs," stressing that "all this fuss, crying and wailing in the channels is to reopen the money channels for this trade." LINK
After meetings in Al-Hanana and Baghdad.. Al-Sadr is ready to return politically and electorally
2024-07-14 04:05
After meetings in Al-Hanana and Baghdad.. Al-Sadr is ready to return politically and electorallyShafaq News/ A source close to the leader of the Shiite National Movement, Muqtada al-Sadr, revealed on Sunday that the movement has completed all preparations in preparation for the political and electoral return during the next stage.
The source told Shafaq News Agency, “The political meetings and gatherings between the leadership of the Sadrist movement and those responsible for the political and electoral file have been ongoing for nearly two months, and several meetings were held in Najaf and Baghdad in an unannounced manner.”
The source, who requested anonymity, added that “Al-Sadr and his movement have completed all preparations for the political and electoral return of the Shiite national movement. The return will be gradual, and will be supported at first by (Al-Sadr’s minister) Saleh Mohammed Al-Iraqi, and then the return will be directly supported by Al-Sadr himself,” without revealing further details.
IraqDelete & Add In Its Tables.. The 2024 Budget Will Not Reach The Citizen.
Representatives of the people are manipulating their power illegally. After it was approved by the specialists, and before it was sent to the implementing body, numbers were deleted and added while walking through the corridors of the Iraqi Council of Representatives. This is not within their authority as a legislative body, and their right does not exceed approving it or returning it to the Council of Representatives.
After the legal breach and exceeding the fiscal year by more than 6 months, another breach occurred in the 2024 budget schedules by some members of the Iraqi Council of Representatives before sending it to the Council of Ministers, so the government returned it to the corridors of the Council of Representatives to delete the changes made, as it is a purely governmental task
Speaking about this file, a member of the Finance Committee in the House of Representatives, Moeen Al-Kazemi, accused some members of the House of Representatives of tampering with the budget tables after approving them and then sending them to the Council of Ministers, while he confirmed that investigations are ongoing and those who tampered will be held accountable.
Al-Kadhimi said in a statement to Al-Maalouma Agency, "After reviewing the tables by the Finance Committee and agreeing on them, with the Prime Minister being given powers to transfer 2 trillion dinars to develop the region in the governorates, some numbers were changed before sending them to the Council of Ministers," noting that "the changes occurred within the House of Representatives and before they reached the government."
He added, "The Council of Ministers returned the tables to the House of Representatives for the purpose of correction and cancellation of the additions that occurred," noting that "the Finance Committee is investigating who dared to tamper with the budget tables and how the Acting Speaker of the House of Representatives signed the changes that occurred."
Al-Kadhimi said: “There will be accountability for those who tried to change some numbers in the tables, as they dared to attack the people’s livelihood without the permission of the Finance Committee and the House of Representatives.”
Parliament session resumes back on the 20th/21st of July.
In other words- The 2024 Budget is Unconstitutional & will be returned to Iraq parliament to make amendments to them.
SHIT CANT GET APPROVED UNTIL THE IRAQ DINAR RATE CHANGES…LFG#itshappening
The controversy over foreign banks’ acquisition of the “Iraqi Dollar Auction”.. A comprehensive explanation of the reasons
2024-07-14
The controversy over foreign banks acquisition of the Iraqi Dollar Auction.. A comprehensive explanation of the reasonsAlsumaria News – Economy
The researcher in banking and economic affairs, Mustafa Hantoush, reviewed today, Sunday, the reasons for foreign banks’ acquisition of the largest percentage of shares in some banks inside Iraq and their acquisition of the currency auction as well, as the strengths of these banks are that they are owned by foreign banks capable of opening accounts easily in accordance with the standards of American banks that supply the dollar.
Hantoush told Sumaria News, “Some foreign investors and foreign banks have obtained more than 51% of shares in some banks inside Iraq, despite the fact that the Companies Law prohibits giving the foreign investor more than 49%.”
However, Hantoush reviewed the existence of a “legal loophole” that enabled the Central Bank to grant foreign investors larger percentages than stipulated in the Companies Law, noting that Article 107 of Banking Law 94 of 2004 gives the Central Bank’s Board of Directors the authority to determine the percentage of foreign investor ownership in banks without being bound by general laws.
He considered that this paragraph is not supposed to mean that the percentage should be more than 50%, but rather that it should be less, but the loophole is that the legal article gave absolute authority without addressing that the percentage should be less or more than 49%.
He explained that “there is no granting of a share larger than 50% in the world except in countries where there is a high circulation of funds, considering them bankrupt countries that do not possess wealth that they fear will be controlled by foreign banks.” He explained that
“according to this strategic mistake, foreign banks were given more than 60% of the shares in banks inside Iraq Today, we have begun to observe the fruits of this mistake, when the American side noticed the existence of currency smuggling and trade operations with Iran. Syria and set conditions of compliance, failed Central Bank of Iraq And Iraqi banks by applying the standards or the possibility of opening accounts for Iraqi banks in American banks to achieve control and finance their accounts in dollars.
He pointed out that “when this happened and the arena became empty of Iraqi banks capable of taking on this role, these foreign banks operating in Iraq And through the governors of the central banks of the countries of origin of these banks, they presented themselves as a solution to Washington instead of presenting themselves as a mediator between Iraq And America.”
He stressed that “indeed, American banks relied on these foreign banks operating in Iraq And they opened accounts for them in Citibank And JPMorgan, to their parent banks in other countries, which own the largest part of these banks within Iraq Although these banks are in Iraq Its work does not rise to achieve 5 points in the international standards, but it relied on its parent banks located in other countries.”
Accordingly, Iraq Now I take the dollars he has in the US Federal Reserve, and through them I finance the accounts of these banks that are open in my pocket accounts. Morgan And Citibank From there, the dollar is transferred to the rest of the world for Iraqi traders, and the traders deposit the dinars in Central Bank of Iraq He explained that “Iraqi banks cannot perform this role because they cannot open accounts in Citibank My pocket Morgan “Because it does not have branches in countries that the American banking system trusts, and the Central Bank of Iraq failed to guarantee Iraqi banks against American banks, and succeeded earlier in 5 banks but they only lasted a month and then these banks were punished, and they too were guaranteed by Jordanian banks.”
He stressed that “it is not possible to rely on foreign banks to manage the Iraqi banking system, this model failed in India because of its reliance on the foreign banking system, as the foreign bank gives profits to its parent branches abroad, and does not reinvest the profits here inside Iraq”, calling on the Central Bank to “find a solution to trade with Iran and Syria…and strengthening the Iraqi banking system and guaranteeing it before American banks and opening accounts for Iraqi banks to experiment with American banks.
💢 Member: I recall our funding coincides with that of other tiers? Or when funding rolls out for lower tiers we are in the process of our exchange? It’s been awhile. 🤔
💢 Ginger: A - The answer is both.
Certain levels (groups) of the earlier Tiers must be liquid with their 1% before we go. I talk about these phases during Gintel in Part 11 Chronicles.
Then we go.... (Tier 4B)
And the process for the Tier 3 (groups) - which are still waiting to be paid - will continue even while we are going to our appointments. They cannot and will not be required to fund all Tier 3 before we go... It's not necessary. But 30% to 50% is what we're expecting to need to be liquid before it's our turn.
Please note that it could take months for the remainder of T3 folks to all get paid out - as far as groups go; and we'll be long done with the process, ourselves, by that time, in Tier 4B. 🙂
The stages before each Tier help fund the step after it. Think of it like one well filling up - then to have the restraints pulled back and the water flows into the next well. When that begins to fill up, the restraints are pulled back and the water can then flow to the next well again... Please consider this idea as you picture the greater process of GCR (government required payments being paid out on the front end), all the groups and so on - starting the process - and the wells filling up to overflowing to then reach us, in Tie
r 4B - as they finish up. We'll all be liquid and everyone will get fully drenched at the same time. 😁🙌❣️
I see definite progress being made. 🙂
But all the hype recently regarding Reno & Zurich we've heard from certain persons lately has been just that -- hype. My sources say there's some excitement in the air - and things are still on Alert --- but not on high alert yet as some have said, even insisting that activity in those places are all a frenzy and super active. From my vantage point, as limited as it is, and relying on true people who are there and observing things - this has not been the case. 🧐 But things are happening to keep the process moving along. I'm confident of this. ✅
Does this help? 🙂💓 7.14.24
~ Ginger, Ambassador for God's Abundance with the New Earth Alliance
💢A conversation with a follower about Redemption Centers. Q & A - my response follows:
🔹Q: What redemption centers?
I keep hearing redemption centers but no info on them!!
How are we getting called to make appointments when we don't even know who and where they are!!
This extremely frustrating for your followers!
Please break this down for us!!!
If you can't, then stop discussing it as an option.
(The use of exclamation points is not to be missed, here. 😏) ⬆️
🔹A: First, respectfully, don't take that tone with me. Kapeesh? Just don't.
How long have you been following here?
A few days? A couple of weeks? How regularly do you check the channel?? BECAUSE I TEACH ON THIS STUFF ON THE REGULAR. I have teaching calls recorded for those new here to catch up on as well. I've got plenty of information that people can avail themselves to if you care to look and actually do some work. (Yes, I understand that *scrolling* can be very tedious for some.) Pardon the sarcasm but I just don't take kindly to a pissy tone. Most people don't, ya know - so you might want to keep that in mind. 😏
I've posted how to request notification at least 50+ times 🤦 ::::deep sigh::::
You don't and won't know where they are until after the RV happens when it's time to set up your appointment. You'll be given a phone number to call to a redemption center closest to you.
Some top Tier banks will have a private client office (upstairs) away from prying eyes of other clients / other employees which has been set up as a RC where speculators in this event can redeem Zim and exchange their foreign currency with increased anonymity.
There will also likely, plausibly, be a Redemption Center office area located on some military bases, which is beneficial for heightened security to keep the speculators safe.
These are kept secret for the time being and not to be disclosed (yet), plus there are at least 7000 + RC in just the USA alone - so no, I'm not going to tell my followers the locations, as your comment suggests it's my obligation to do so. Give me a break. 🤦 You can count on major Top Tier 1 & 2 banks having an internal RC private client office area set up for security, and obviously, that will be in every major city, plus other good-sized cities. Those who live in small towns or rural areas may have to drive about 50 to 80 miles to reach a Redemption Center closest to them.
Please, going forward, when asking questions on this channel, please have some decorum and polite civility. I work tirelessly to support the family here, more hours a day then you could even fathom, on top of working my full-time job. Be kind. Show some respect, please. Avail yourself to the gobs of resources and teaching material I've provided. Everything I typed above, I've said before - in teaching posts and in recorded calls that have been archived for easier access.
Article: "Source: Iraq's Central Bank Governor in unannounced visit to US to discuss Yuan ban" Quote: "al-Allaq departed for Washington last Tuesday to meet with officials from the Federal Reserve and the US Treasury Department."
Clare
Article: "For the first time, the Iraqi state's non-oil revenues record an increase of 11%"
Quote: "...for the first time, the non-oil revenues of the Iraqi state recorded 11% of the total revenues, with oil revenues falling below the 90% barrier."
Community Comment: "I don’t understand how the budget can be sent back to Parliament when the President signed and sent it to the Gazette for publishing."
Article: "A representative of the framework: The 2024 budget will be returned to the House of Representatives and the reason is revealed”
THE AMENDMENTS NEVER GOT PUBLISHED IN THE GAZETTE YET.
Article: "Customs revenues amount to nearly one trillion dinars in the first half of 2024"
Article: "Foreign Minister arrives in Washington" Quote: "Foreign Minister Fuad Hussein arrived in Washington today, Wednesday, to participate in the 2024 NATO Summit."
Time: 2024/07/14 {Economic: Al Furat News} Sales of foreign remittances in the Central Bank auction, today, Sunday, increased by 92% over cash sales, reaching more than $255 million.
Today, the Central Bank sold during its auction for buying and selling the US dollar 275 million, 781 thousand, and 251 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.
Most of the dollar sales went to strengthen the balances abroad in the form of transfers and credits, which amounted to 255 million, 431 thousand, and 251 dollars, an increase of 92% over cash sales amounting to 20 million, 350 thousand dollars.
The number of banks that purchased cash dollars was two, while the number of banks that met requests to enhance balances abroad was 15 banks, and the total number of exchange and brokerage companies participating in the auction was 6 companies LINK
Some of you have said that parliament has nothing to do with this [the budget]...It actually does because they unconstitutionally approved the budget and the budget's approval has everything to do with it. That's the piece to the puzzle that is not understood.
Article "Parliamentary law challenges the 2024 budget tables" Parliament can only review and approve laws. It was parliament that did these amendments making their steps or actions of approving the budget unconstitutional. The courts possibly next week around Wednesday/Thursday declaring the budget itself as unconstitutional and overturning its approval...
--
Jeff
Article: "The 2024 budget will be returned to the House of Representatives and the reason is revealed"
Iraq approved their budget on Monday June 3rd. I've known since June 4th Tuesday that the budget was unconstitutional...
I've stayed quiet since to let the news catch up. I knew this immediately was unconstitutional. I knew it was going to get overturned by the court, the whole time. Now you're witnessing it. The news is finally, a month and a half later, catching up...That's how far ahead we are...
Jeff
I told you guys the court would be overturning the budget because it is unconstitutional...I basically predicted the future for you. It's getting close to happening. They're most likely going to do this next week.
Article: "Legal:The Federal Court will vote on the unconstitutionality of the budget table" I told you the budget is unconstitutional. I told you nothing was going to happen to the budget. As you see I'm right.
The budget is getting overturned. It is going to go back to an unapproved state.
The central bank announced their 3rd strategic plan... They'll be increasing gold reserves...they also said they're going to offer...FOR READ MORE:
Economy | 09:00 - 07/14/2024 Baghdad - Mawazine News The US Energy Information Administration announced on Sunday that Iraq's oil exports to the United States increased last week.
The administration stated that "the average US imports of crude oil last week from 9 major countries amounted to 5.635 million barrels per day, up by 235 thousand barrels per day from the previous week, which amounted to 5.400 million barrels per day."
It added that "Iraq's oil exports to America amounted to 217 thousand barrels per day last week, up by 22 thousand barrels per day from the previous week, which amounted to 195 thousand barrels per day."
The administration indicated that "the largest oil revenues to America last week came from Canada at a rate of 3.889 million barrels per day, followed by Mexico at an average of 417 thousand barrels per day, followed by Saudi Arabia at 239 thousand barrels per day, and from Colombia at 226 thousand barrels per day, then Brazil at a rate of 217 thousand barrels per day."
According to the table, "the amount of US imports of crude oil from Nigeria was at a rate of 170 thousand barrels per day, from Ecuador 162 thousand barrels per day, then Libya at a rate of 44 thousand barrels per day." https://www.mawazin.net/Details.aspx?jimare=251283
In talking to my CBI contact ...I was told there is a master plan they are following to get to the reinstatement... The point that was made to me...is that the IQD should already be reinstated if nothing else to what it was prior to 1990, then to let it float and the market will drive it like any other foreign currency that is traded...
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LATEST FROM MNT GOAT
I just want to conclude today by saying that everything is set to move ahead with the process of currency reform. We are just waiting. We know that the next step must be taken to move ahead and that is to revalue in-country only first just slightly over a dollar, then conduct the Project to Delete the Zeros as the currency swap out takes place.
The CBI told us then they plan to monitor for a short time for inflation and then move to reinstate the dinar back to FOREX and when doing so the IMF plans to place the dinar in a new peg as in a basket of currencies and float it. Today we witnessed a confession by former MP Ayoub Al-Rubaie who confirmed on Tuesday that Washington failed in Iraq by stalling this work.
Yes, we still also wait for the Oil and Gas law. In my last Newsletter dated 6/27 I presented an article explaining, once again, the issues preventing this law from moving ahead as quickly as they desire. So, knowing this could this actually be the reason why Biden is stalling.
Is this then Biden’s fault or Iraq? Remember Iraq did agree to “fully” implement their constitution and the US told them they will not reinstate their currency until it is implemented. But remember this was not the only issue and so let’s not now go off half-cocked once again with this foolish mindset that one event will trigger the RV. Just also remember once again all the intel guru lies about the budget and how they tried to convince everyone the new RV rate was in the budget. It was not and never will be. This was out of ignorance. Let’s not go down that road again…..please! 😊
...everything is set to move ahead with the process of currency reform. We are just waiting. We know that the next step must be taken to move ahead and that is to revalue in-country only first just slightly over a dollar, then conduct the Project to Delete the Zeros as the currency swap out takes place.
The CBI told us then they plan to monitor for a short time for inflation and then move to reinstate the dinar back to FOREX and when doing so the IMF plans to place the dinar in a new peg as in a basket of currencies and float it. ...this should have already been accomplished in June and is late. It is failure on the part of the US because the US is still stalling it.
In light of the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level...” Saleh...
financial advisor to the Prime Minister...is telling us...the parallel market versus the official rate are under control and no longer an issue for stability. It also tells me they have their inflation problem under control. This is amazing because my CBI contact told me this one of a few other issues was the reason why the Project to Delete the Zeros was not kicking off...
