Monday, August 5, 2024
Al-Atwani: Exchange rate stability is a central issue for the state, 6 AUGUST
The head of the Finance Committee in the House of Representatives, Atwan Al-Atwani, confirmed on Sunday that the stability of the exchange rate is a central issue for the state, while he pointed out that the housing initiative achieved positive results.
The media office of the head of the Finance Committee in the House of Representatives stated in a statement, which was reviewed by "Al-Eqtisad News", that "Al-Atwani chaired the committee meeting that hosted the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, to discuss the monetary policy file in the country."
He added that "the meeting reviewed a number of issues, most notably the issue of the electronic platform and the procedures related to it in order to facilitate work and economic stability, in addition to the issue of banks and the mechanism for developing the money transfer process."
He continued that "the meeting witnessed important interventions by committee members on banks' initiatives to provide real estate and housing loans, and ways to facilitate procedures and ease conditions for citizens in the process of applying for housing units in complexes."
Al-Atwani stressed, according to the statement, that "the widening gap between the official price of selling the dollar and the parallel market price creates a state of economic and financial instability," stressing that "the stability of the exchange rate is a central issue for the state."
The head of the Finance Commi
ttee noted that "there is a duality in the issue of imposing US sanctions between Iraqi banks and correspondent banks, which requires the Central Bank of Iraq to move effectively and address this crisis, in addition to tightening control over the work of private banks, in a way that ensures the integrity of all their procedures and work."
Al-Atwani added that "the housing initiative has achieved positive results, and therefore we are pushing towards supporting and continuing it in order to expand the list of those covered by housing loans, and contribute to resolving this crisis."
He continued that "the stability of the monetary market has a direct impact on the general financial situation," adding that "the labor market is unstable in terms of selling currency, which casts a shadow over the general monetary situation." link
RV UPDATE BY MARKZ, 6 AUGUST
MarkZ
[via PDK]
Question: What does it mean for us now that the CBI was taken over by the US Treasury?
MarkZ: The CBI was not completely taken over by the US Treasury...Nobody panic. What I was told is the last few Iraqi banks that had “issues” with money being filtered towards Iran…5 banks to be exact are being cleaned up… I was told they are being cleaned up so they can pull the trigger. The world is desperate for this (RV) to happen. I think the UST being there is a good sign. There is a lot of pressure on Iraq to pull that trigger.
MarkZ
[via PDK]
What of the HCL?
We are watching what is going on in the Kurdish region and money is suddenly flowing. And they are saying things are now in Baghdad’s hands …I’m surprised we haven't seen that the HCL was done [last] week.
...this week has been great. There have been a number of key pieces come out of Iraq that made me feel warm and fuzzy.
MarkZ
[via PDK]
“Government Advisor; Budget Implementation Instructions (Procedural Issue)“
They reiterated that the budget tables do not need to be posted in the Gazette. The budget has already been approved for 3 years. It is perfectly legal and they have worked through the implementation thereof. So why are they not posting budget tables in the Gazette?
I think there is an important reason – like a different value on the dinar.
The prevailing rumor is that the Green light was set yesterday …and will go sometime between now and the 5th…
Question: Do you really feel in your heart we are close?
MarkZ: I do…they are still saying between now and the 5th. Nobody knows the timing but it’s what many are looking at.
https://dinarevaluation.blogspot.com/2024/08/rv-update-by-markz-3-august.html
Central Bank Governor: Our foreign exchange reserves are sufficient to create balance in the market, 6 AUGUST
The Governor of the Central Bank, Ali Mohsen Al-Alaq, confirmed today, Sunday, that our foreign currency reserves are sufficient to create balance in the market. The media office of the head of the Finance Committee in the House of Representatives said in a brief statement received by Al-Mutalaa, that "the Governor of the Central Bank, Ali Mohsen Al-Alaq,
provided a full briefing during his hosting of the Finance Committee on the reasons for the fluctuation of the exchange rate, the mechanism of the electronic platform and its role in controlling internal and external trade, the housing initiative file, US sanctions on Iraqi banks, and the status of the cash reserve of hard currencies at the Central Bank of Iraq."
Al-Alaq stated, according to the statement, that "our reserve of hard currency is sufficient to create balance in the market," indicating that "the Central Bank sells more than $ 250 million daily to meet the requirements of foreign trade," indicating that "85 percent of foreign transfers are currently taking place between Iraqi banks and correspondent banks, without going through the US Federal Reserve."
He pointed out that "the housing initiative is of great importance to the bank, and that the volume of loans granted within the real estate initiative amounts to 10 trillion dinars," adding that "the Central Bank is now heading to cover the financing of the construction of 23,000 housing units, and priority will be given to completed residential complexes." link
RV UPDATE BY BREITLING, 5 AUGUST
Breitling
Put on your big-boy pants. The whole point of this is watching so we know where we are at, whether we stay in or move to a different investment...I clearly stated and I'm going to repeat it right now - I've always been pro the dinar revaluing, there are certain things that have to happen. That's never changed. But what's coming up and our policy towards Iraq has put me into neutral zone...Right now I'm not getting out. Let's see what happens that comes on down the road.
United States sanctioned the living hell out of Iran. Iran is using the banks and financial system Iraq has to move around that to get U.S. dollars and we [The United States] are sick and tired of it...We're changing the policy...Al-Sudani discusses with Allawi the government's efforts and serious steps to achieve economic reform, 5 AUGUST
Prime Minister Mohammed Shia Al-Sudani received today, Sunday, former Prime Minister and head of the Iraqi National Accord Party, Iyad Allawi.
The government statement, a copy of which was received by {Euphrates News}, stated: “The meeting witnessed a discussion of the general conditions in the country, and a discussion of the government’s efforts and serious steps to achieve economic reform, which is the basis for developing all vital sectors, and improves the economic and living conditions of citizens in all parts of Iraq.”
He pointed out that "the meeting addressed the situation in the region and the challenges it faces in light of the increasing frequency of bloody attacks by the Zionist occupation authorities against the Palestinian people in Gaza, and the emphasis on Iraq's sovereignty and security, which is a gateway to the region's security and stability." link
LATEST FROM ARIEL, 5 AUGUST
Ariel on X ~ 8.5.24
Iraq has to be watching the markets right now salivating at the mouth knowing what's to come for their country on the other side of this. They are in the final stages and I cannot wait.
---
Ariel 8.5.24 --August Is A Really Hot Month 🔥
So Joe Biden economic advisor steps down. You have five trading platforms shutdown. Multiple brokerages are down. Now mind you the war with Israel and Iran hasn't even started yet.
And almost $2 trillion has been wiped out from the US markets so far just 15 MINUTES since since the opening bell. On top of this news the NASDAQ hits a record, down 1000 points on the day, something that has never been done before.
People do you see what is happening? I know you have many sitting by anticipating the greatest wealth transfer humanity has ever seen.
Tokyo is the city with the most millionaires in the world, London has the most multi millionaires and New york has the most multi billionaires. Will you be one of the new additional groups to live in those areas?
We are living in historic times people. There will never be another time like this. So just know what is on the other side of this. And it will be glorious.
Al-Alaq: The Central Reserve Is Sufficient To Create Market Balance, 5 AUGUST
Time: 08/04/2024 19:17:45 Read: 988 times {Economic: Al-Furat News} Central Bank Governor Ali Mohsen Al-Alaq confirmed today, Sunday, that the dollar’s financial reserve is sufficient to create a balance in the market.
A statement by the media department in the House of Representatives, a copy of which was received by {Al-Furat News} Agency today, stated that
“Iraq’s hard currency reserves are sufficient to create balance in the market,” noting that
“the
Central Bank sells more than 250 million dollars daily to meet the requirements of foreign trade.” The statement indicated that
"the Governor of the Central Bank provided a complete briefing on the reasons for the
fluctuation of the exchange rate, the
mechanism of operation of the electronic platform and
its role in controlling internal and external trade, as well as the file of the
housing initiative
, the
American sanctions on Iraqi banks, and the
status of the bank's cash reserve of hard currencies." "Central"
Al-Alaq pointed out, according to the statement, that “85% of remittances do not pass through the US Federal Reserve.” https://alforatnews.iq/news/العلاق-احتياطي-المركزي-يكفي-لخلق-توازن-السوق
"CBI "claiming" they won't change the rate. I'm taking this as good news" BY GINGER, 5 AUGUST
GINGER
💢 CBI "claiming" they won't change the rate. I'm taking this as good news.
Why? Because Kuwait said the same exact thing before they actually changed their Kuwaiti Dinar rate. Because I also recall China spending 80 Million dollars on ads projecting their future rate change for months away and then, surprisingly, they changed their rate rather quickly, instead.
They have to cloud the timing of this. It's necessary. Do not get discouraged by this announcement from the CBI. It could honestly be an intentional mislead like we saw with Kuwait and China years ago. 8.5.24
~ Ginger of the Liberty Lounge
Central Bank Governor: We Will Not Go To Reduce The Dollar Exchange Rate Now, 5 AUGUST
Time: 08/04/2024 15:22:32 Read: 2,860 times {Economic: Al-Furat News} Member of the Parliamentary Finance Committee, Ikhlas Al-Dulaimi, confirmed that the Governor of the Central Bank, Ali Al-Alaq, confirmed that
“there will no longer be a reduction in the dollar exchange rate.”
Al-Dulaimi said in a press statement that
“the price of the dollar has stabilized somewhat, and may rise and fall within certain limits,” indicating:
“We will not currently go to reduce the price of the dollar, as the Governor of the Central Bank said, given that there are other measures that have not been taken.” She warned that
"the security repercussions that occurred recently and the problems between Iran and America could have repercussions on some banks and the price of the dollar."
She explained that "the Ministry of Finance is demanding financing, and the matter has not yet been resolved, and it is one of the reasons for hosting the Governor of the Central Bank today, as there were answers and he will soon send other answers."
Today, Sunday, the Parliamentary Finance Committee hosted the Governor of the Central Bank to follow up on the
exchange rate file, the
Real Estate Bank initiative, the
auction file, and
financing foreign trade.
It is noteworthy that the exchange rate of the dollar in the parallel market is about 1,490 dinars, while the Central Bank of Iraq sells the dollar at the official price of 1,320 dinars. https://alforatnews.iq/news/محافظ-البنك-المركزي-لن-نذهب-الى-خفض-صرف-الدولار-حالياً
Coffee with MarkZ. 08/05/2024
The US Treasury Imposes Control Over The Central Bank Of Iraq To Combat Money Laundering, 5 AUGUST
August 3, 2024 Al-Independent/- Three informed sources close to political and parliamentary decision-making in Baghdad revealed extremely dangerous information confirming that the US Treasury Department has taken a permanent headquarters in the building of the Central Bank of Iraq.
They believe that this step came as a result of great pressure on the Iraqi banking system with the aim of reducing money laundering and dollar smuggling operations, as the
governor of the Central Bank was forced to allocate an entire floor to the US Treasury departments to monitor money transfer operations and prevent any illegal activities.
Iraqi banking sector is suffering from increasing pressure exerted by the US Treasury to prevent the smuggling of dollars to countries such as Iran, Russia and Syria, which face economic sanctions. One source explained that the Governor of the
Central Bank of Iraq tried to resist these restrictions,
but the American response was strict, as the
Central Bank of Iraq was included among the institutions considered supportive of money laundering operations and non-compliance with sanctions.
In previous reports, it was revealed that the severe sanctions imposed by the US Treasury on several Iraqi banks, on charges of involvement in money laundering and dollar smuggling operations.
The policy of the Central Bank of Iraq is characterized by randomness and the absence of a clear strategic plan to protect Iraqi funds from smuggling, which
prompted the US Treasury Department to impose strict and direct supervision on the Central Bank and Iraqi banks.
Iraqi banks are currently subject to careful evaluations under the supervision of the US Department of the Treasury, which includes monitoring all banking operations and money transfers.
This situation reflects the great challenges facing the Iraqi banking system in light of persistent attempts to reform it and improve its image before the international community.
On the other hand, Prime Minister Muhammad Shiaa Al-Sudani repeatedly sought to ease these measures, trying to reach understandings with the American side.
But there is strong resistance from Washington, which insists on correcting the course of the economic process and reforming the banking system in Iraq.
In a broader context, the current situation reflects the complexity of the relationship between Iraq and the United States in the financial and banking field.
As Iraq seeks to preserve its sovereignty and independence of its banking system, the
United States continues to exert pressure to ensure that the Iraqi banking system is not used to finance illicit activities.
LATEST FROM ARIEL, 5 AUGUST
Ariel
I told my followers that this was coming. This has to happen because everything is based on artificial value in a very inflated market. We are watching a transfer of wealth for the ages. And this will never happen again.
The last crash.
The last election.
The last president.
I’ve been saying this for years. It was a crash that got you into this mess. It is a crash that will get you out.
As of the latest analysis, Bitcoin’s price is experiencing some volatility, with a noted decline of about 4% over the past 24 hours (CoinCodex).
Analysts have projected that Bitcoin could potentially drop to around $51,500 if the downward trend continues, which would represent a further decrease from current levels. This would equate to a possible overall drop of approximately 12% from recent highs.
