The Iraqi dinar is a currency of a country it's not a lottery ticket. There is no magical RV...Owning dinar is risky, which may strengthen over time, but it's a long-term investment.
Article: "Iraq speeds up steps to join WTO" Those that follow me know that we posted information that stated the Central Bank of Iraq planned to end the currency auctions at the end of this year, joining the WTO sometime next year would also benefit them.
Kaperoni
Seems to be a lot of hype lately that people are getting excited for some Dinar RV. Not how currencies work. Iraq has a lot of work to do...If and when the dinar goes up in value it will be based on the success and growth of Iraq's economy.
Kaperoni
Community Comment: "Does this have a negative, positive or neutral effect on our investment?"
Article: "Mazhar Muhammad Salih: Our cash reserves are the highest and there are no fears of the dollar rising"This is good news.
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Kaperoni
Question: "So the RV tomorrow 3:00? Lol" You need to change your thinking. There is no RV, never will be one. The only way that dinar can go up in value is 'gradually' over time based on the success and growth of Iraq's own economy.
Kaperoni
Article: "Establishment of the Commercial Arbitration Center in Iraq" Article quote: "the importance of commercial communication with various countries around the world and organizing relations in a way that achieves mutual benefit for all parties, especially as Iraq is on the verge of rejoining the World Trade Organization (WTO). He explained
that this project comes as one of the achievements within the file of Iraq's accession to the International Chamber of Commerce (ICC)." WTO requirement. Establishment of the Commercial Arbitration Center in Iraq
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Article quote: "new pipeline project at an amount estimated at approximately 6.5 billion Iraqi dinars ($4.9 billion)" Community Comment
"The mathematical 'mistake' basically equals 1.32. This seems very very coincidental to the deletion of the zeros."Referencing the exchange rate in billions rather than trillions is an easy mistake to make. It happens all the time and everyone thinks there's something to it. Wrong.
Question: "What happens now that the auctions are soon to be over?
What does this mean for the Dinar holders out there Kap?" It means monetary policy is changing after 20 years to reflect the economic changes in Iraq. We'll have to wait and see what happens.
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Floating the currency is the best option but only once they have created a diverse economy that is not dependent solely on oil.
...New currencies coming out in Iraq. Not true, the Iraqi dinar is the currency of Iraq. As far as any new smaller denominations, they will be introduced only as needed if and when the value increases and warrants so. There is no significant RV!
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...The dinar to float at well over a dollar. Unlikely, the dinar when it floats will be whatever the current exchange rate is and could rise gradually accordingly.
Community comment: "Today the cbi says there are no new printing of bills"
That is correct. The Central Bank does not randomly print currency unless it's to replace damaged or worn out notes. There is no need for a new currency unless it is warranted. Moving to digital will eventually reduce physical notes.
Question: ----"They have a very largebudget ,without an increase in rate how do they meet the projects that is lined up?"
External expenses are paid in dollars since their primary revenue is dollars. Dinar is used to pay salaries, etc. in country.
CCommunity Comment: "Hopefully in the next 5 yrs we will see an appreciation of the currency price, based on the last year of progress."I agree! Iraq has an excellent opportunity now to diversify their economy and develop the banking system.
Much of the float articles that we have seen have concerns about speculators that is because they are referencing dealers speculating within the country. That will not happen.
All of these changes that they're talking about pertain to monetary policy. They have nothing to do with the exchange rate. Whether or not the exchange rate goes up or not is directly related to the economic success thereafter.
By the end of the year when the Central Bank of Iraq ends the currency auction, only transfers amongst established Iraqi banks and regional or International banks will occur. In other words, the float of the dinar and transfer of funds will be institutional.
What this means for us is the future of the dinar exchange rate is directly tied to the capital flowing through the CBI, economic growth, and success of Iraq. As Iraq prospers, so will the dinar! Though we may not see the dinar exchange rate improve initially. This is a significant change in monetary policy for the Central Bank of Iraq. Some 20 years in the waiting.
The United States of America still dominates the Iraqi economy through economic agreements concluded by Washington according to what primarily serves its interests, as the American administration seeks to block the way for those trying to rid the country of its control over Iraqi oil sales funds.
The United States of America continues to impose its influence on Iraq in many vital files, including depositing the funds from the sale of Iraqi oil in the US Federal Bank, amid clear blackmail by passing many files, most notably the dollar bill, which puts great pressure on the government.
Iraq seeks to get rid of this dominance by depositing the money in the Federal Bank and sending it directly to the Central Bank.
Speaking about this file, Al-Fatah Alliance member Ali Hussein calls on the government to seek to find alternatives and take the step of liberating the country from the dominance of the dollar and the continuing American sanctions, while stressing that Iraq's move towards lifting the restrictions of the US Federal Bank is a must.
Hussein said in an interview with the Maalouma Agency, “
It will be a bold step, but it will succeed if the atmosphere is created and contracts are made with alternative international banks,” noting that “it is necessary to bring in companies from international countries.” that do not deal in the US dollar.”
He continues, “Entering into the Shanghai system and other global organizations will be the first stage of liberation from the dollar,” adding that “the movement to end the dollar’s hegemony over the world, led by major countries, has greatly succeeded.”
He adds, “Contracting from companies from Eastern countries and bringing them to work inside Iraq will avoid the economic blockade,” pointing out that “the government is required to seek to find alternatives and take the step of liberating the country from the dominance of the dollar and American sanctions." link
FIREFLY:Iran has been using some of Iraq's banks to get around the sanctions and to profit off of the dollar. Now the US Treasury is here and stopping it.
FRANK: Yeah, they are extremely angry because they lost their sugar daddy. They lost the CBI auctions...They will figure out other ways to steal... The power of the corrupt political people in your country is being suffocated. That power is dying.
It is going from those corrupt people back to you Iraqi citizens through a monetary reform that will give you purchasing power...
FIREFLY: They're saying the US Treasury has taken over the Central Bank of Iraq...They have an entire floor at the CBI headquarters. It is reference to the CBI not getting the banks that were supposed to be sanctioned to cease and comply...The US Treasury is here to oversee and stop any money laundering that was preventing us from having our monetary reform...
FRANK: Not the whole building just the second floor...This is ancient history...
August 6, 2024 Last updated: August 6, 2024 Independent/- The Central Bank of Iraq placed the “Zain Iraq Islamic Bank” under guardianship, in a step that reflects the improper practices and unsatisfactory performance of the bank’s management, which threatens the independence and integrity of the Iraqi banking system.
According to an official document obtained by Al-Independent, the decision of the Board of Directors of the Central Bank, No. 165 of 2024, was issued in accordance with the provisions of Article 59 of the Iraqi Banking Law No. 94 of 2004.
Jalal Abdullah Salman was appointed as trustee of the bank, in accordance with the provisions of Article 60 of the same The law, and is granted the powers specified in accordance with this decision. faces The banking reality in Iraq major challenges that negatively affect the stability of the financial system and investor confidence. These challenges include mismanagement of some banks and their lack of transparency and good governance. The recent decision to impose guardianship on
Zain Iraq Islamic Bankreflects the weakness of the supervisory procedures and internal controls in this bank. The Central Bank of Iraq is the body responsible for supervising the banking system and ensuring its stability. However, criticism is growing about the effectiveness of this oversight and its ability to detect and prevent financial abuses in a timely manner. The decision to impose guardianship on the “Zain Iraq Islamic Bank” indicates the delay in supervisory intervention, which raises questions about the feasibility of the preventive measures taken by the Central Bank.
Oversight of banks and the Central Bank must not be limited to them alone, but the
Iraqi Council of Representatives must have an effective role in following up and monitoring financial and banking performance.
However, the House of Representatives' oversight role appears weak and often ineffective, leaving the door open to further violations and improper practices.
The absence of parliamentary oversight contributes to the exacerbation of financial problems and weakens confidence in the Iraqi financial system.
In conclusion, the decision to impose guardianship on “Zain Iraq Islamic Bank” reflects the urgent need for radical reforms in the banking system and strengthening financial oversight by the responsible authorities.
It requires joint cooperation between the Central Bank, banks, and the House of Representatives to ensure the stability and safety of the financial system in Iraq. https://mustaqila.com/مصرف-زين-العراق/
The Governor Of The Central Bank Chairs The Meeting Of The Supervisory Committee On The Restructuring Process Of Rafidain Bank
August 05, 2024 The supervisory committee for the restructuring process of Rafidain Bank met under the chairmanship of His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, and in the presence of the committee members from the Ministry of Finance and the advisors of the Prime Minister and the advanced staff at the Central Bank of Iraq, as well as the presence of the international consulting company (Ernst & Young). Ernst & Young).
The progress of work on the plan adopted by the government was reviewed in coordination with the Central Bank within the framework of the expanded program to reform the banking sector, improve its performance and services, and achieve financial stability.
The attendees discussed the process of organizing the administrative, financial and technical structure of Rafidain Bank, to move towards the best global banking practices.
It is worth noting that the aforementioned committee holds a monthly meeting under the chairmanship of the Prime Minister to provide a presentation on the steps taken and to monitor the progress of the process and provide guidance regarding it.
PARLIAMENT RETURNS THE OIL AND GAS LAW TO THE GOVERNMENT: IT MUST ADD PARAGRAPHS THAT KEEP PACE WITH GLOBAL DEVELOPMENTS
The Parliamentary Oil and Gas Committee has returned the draft oil and gas law to the government and is awaiting its return to the House of Representatives, after amending paragraphs in it and reaching political consensus on it.
Committee member, Dhurgham Al-Maliki, said in a press statement that “the oil and gas law is currently outside the halls of the House of Representatives after it was returned to the government,” noting that “the committee is studying the law in detail to achieve the political agreement.”
He explained that “
the government must work on amending and adding new paragraphs to the law that keep pace with the tremendous development in the global oil field and then send it to the House of Representatives,” explaining that “political differences still exist and that is why it was not voted on.”
(WOW! This is excellent news. This article shows us the Oil and Gas Law is actually farther ahead than the news has been telling us. It actually did reach parliament and the readings were conducted so far. Will they vote on it and pass it once these changes are made and it returns to parliament? Can they get a political consensus finally after 19 years of stalling?)
Economy | Today, 10:00 | Baghdad today – Baghdad Today, Tuesday (August 6, 2024), financial expert Saleh Al-Banker confirmed that Iraq is among the top countries in the Middle East in terms of hoarding money, while he diagnosed a grave error in the Iraqi banking system.
The banker said in an interview with “Baghdad Today” that “the accumulations that have been continuing for many years have led citizens to lose confidence in banks and resort to hoarding money in homes,” noting that “their percentage reaches 70% of financial flows, and these are large numbers that indicate that we are among The countries with the highest amount of money in the Middle East. He added, "Hoarding money in the financial concept is a grave mistake.
It will confuse the financial process and reduce the government's ability to provide cash to pay salaries," explaining that "resorting to electronic payment is a step in the right direction, but the most important thing is withdrawing cash, and there are several ways."
The banker pointed out that “the recent offering of treasury bonds is a correct decision, but the media propaganda to create a culture of safe investment on the street is very weak, and this is what creates low rates for dealing with them, even though the interest rates are attractive.”
He stressed "the necessity of seeking to expand the circle of withdrawing liquidity from homes and creating a movement of money that contributes to increasing the recovery of investment and granting government loans, especially with requests that are five times greater than the amount of funds allocated for loans in any sector, especially housing."
It is noteworthy that the Parliamentary Finance Committee commented on Saturday (July 13, 2024) on the impossibility of lifting US sanctions on some Iraqi banks.
Committee member Moin Al-Kazemi said in an interview with “Baghdad Al-Youm” that “there is no weakness in Iraq’s foreign policy and there is no defect in the Iraqi banking system that makes the United States of America not lift the sanctions on Iraqi banks.”
Al-Kadhimi stated, “There is a clear intention by the United States of America to continue these sanctions despite the clear development in the banking system and the restriction of foreign transactions through the electronic platform in the Central Bank, but Washington is using this file as a political file towards Iraq.”
He added, "The Iraqi government is working with everything it has to lift the sanctions on the banks, especially since those sanctions negatively affected the banking sector and contributed significantly to the dollar crisis."
Here are the headlines of some of the many recent past articles. Folks these are all about banking reforms. They are just not happening as quick to meet the Strategic Plans to move ahead at the pace needed. We all know Iraq is slowwwwwww.
So, what happened. The Feds finally put their foot down and took aggressive actions and sent in the US Treasury to FORCE these reforms now, not months or years from now.
“AMERICA TO CONFINE IRAQI BANKS TO PREVENT CURRENCY SMUGGLING TO IRAN“
“ALIA NASSIF: THE CENTRAL BANK “EXECUTED” IRAQI BANKS WITH NEW PROCEDURES“
“US PRESSURES PUSH THE CENTRAL BANK OF IRAQ TO CLOSE AND MERGE TROUBLED BANKS“
“CORRUPTION AND FAVORITISM WEAKEN THE IRAQI STOCK EXCHANGE: NEGLECTED LAWS AND A BITTER REALITY“
“IRAQI PARLIAMENTARY INTEGRITY COMMITTEE ACCUSES CBI OF LACK OF TRANSPARENCY IN DOLLAR AUCTION“
Folks, what more can I say. I can almost end this Newsletter commentary right here. But I won’t because many of you STILL DON’T GET IT! You won’t get the point of today’s Newsletter.
You have been so brainwashed by all these intel gurus that even when you see PROOF of the holdup of the RV you close your mind to it and still believe this intel from these idiotic, self-proclaimed intel gurus idiots out there. You want the rollercoaster and enjoy the ride. But let’s go on and maybe I can knock some sense into many of you follows of these other brain dead idiots.
Yes, there is great pressure from the prime minister Al-Sudani to work with the CBI in getting the Project to Delete the Zeros underway and to meet the currency reform goals, which we know is ultimately the reinstatement. But there is also political resistance to it too and pressure not to do it. This is a goal of Al-Sudani’s administration, and he will be judged on meeting this goal come election time. I do not believe that any of this pressure from political levels will stop Al-Sudani as he already announced the coming change in the currency to the people. Get it? Even the team at the CBI was already engaged to help roll out the Project to Delete the Zeros as it too already broadcasted one of their educational videos on how the exchange would work. Did you watch the video?
In light of what I just told you I do not believe this delay will be a long delay. Yes, it may take till January 2025 as who can predict. They will have to re-educate the banks on the proper international procedures, then audit them for a time to ensure they are in compliance. In fact, we read in an article today that the Central Bank has contracted with an international company (K2) for the purpose of auditing banks that have restricted access to the dollar in previous periods, so that these banks can learn how to comply with international requirements. So, the process is already underway. You can read the full article in the articles section.
According to my CBI contact, Iraq will have to get the currency auction amount down to the level to support the economy as their gauge of success. They will have to keep this level for a period, which my contact is researching now for me. I hope to get this information in my next call to Iraq.
Folks this is not rocket science. They completed their audits of the banks and they know the culprits. The US Treasury group in the CBI will be there long after the RV for a period of time. Remember that the nature of greedy people, unfortunately, will always be to try to beat the system. The “system” must be set up in a way to control these people and force them to abide by the rules. This is all this recent matter is about. Audits are controls to find those who break the rules.
Next, we must also consider that the democracy of Iraq is at stake too. Since Al-Sudani and his political party’s goals of accomplishing these reforms are at stake in fighting this corruption. Are the going to let the corrupt win and destroy Iraq? This 20 year democracy of this new Republic of Iraq is still young. Can they overcome the corrupt politicians and institute the will of the people? Seems it always comes down to this…doesn’t it?
Now, let’s take a step back to 2023. What was the main goal in 2023?
Of course, we all should remember. It was the DE-DOLLARIZATION of Iraq. Why de-dollarize? Again, I will review that this is part of the first step in the Project to Delete the Zeros. They must get the dollars out of circulation and go back to using the dinar, almost exclusively. They must flush out the stashes of currency both dinar and dollars and get it into the banks for liquidity of the banks. The gauge as to whether this effort is successful or not is the parallel market rate.
Remember also that today the dollars from the currency auction do not actually flow in the physical hands of most merchants anymore to pay their bills. The dollars now flow electronically to only approved sources for goods and to their banks of origin. The other means for obtaining dollars in Iraq is for travel. This too is now isolated to the airports where the goal is to issue the physical dollars then to watch them board the plane. This way the transfer of the dollars illegally for use on the black market can be tracked, controlled and limited. This is what was discovered in the audit process of the banks. There were still ways to slip the money through and the CBI was allowing these measures rather than cranking down on them. The excuse was given that there were ample reserves in the CBI to cover such losses. I find it hard to believe that these kinds of statements would even be openly made. But they were and you read the past articles by Saleh
So, the main problem now stems still in the currency auctions with almost still doubled the dollars sold that are needed to support the economy. Why? Where are all these excess dollars going? These dollars end up in Iran, Syria and Lebanon to circumvent US sanctions but worst yet to support the terrorist efforts, now mostly against Israel. In other words, Iraq is funding these ongoing wars in the middle east. This funding must stop. So now you know why the US Treasury is in the CBI.
Knowing what I just told you, do you actually think that the RV is going to happen tomorrow or should have happened over this past weekend or even happen next weekend? How foolish are you to believe such stupid rumors. Please, please get of the RV roller coaster and come to reality. Do I have to drill a hole in your head and pour in the TRUTH to make you believe it?
I don’t know about you but I have much more common sense than to believe all this rubbish about an RV everyday / any day. I am much smarter than that. I am going to follow the actions of the Feds and the US Treasury in Iraq and see where this takes Iraq. I am hopeful they can clean up this mess sooner than later and move on with the currency reform. I am hopeful this will all happen way before the end of 2024.
I ask everyone to consider a Mountain Goat GIFT to keep this blog going. The cell calls to Iraq are expensive and there are cost to this blog site. Many of my readers demand to know what my contact in Iraq is telling us, yet when I look at the stats I do not see that they decided to gift. Why?
Yes, we all want the news and my goal has always been to bring the TRUTH about this investment and the RV saga. But it takes time to research, translate articles from Arabic to English and then to compose the blog and post it. I do this mostly at night after hours at the Gasthaus work is done. I do all this for YOU not ME. I already know the “Status of the RV.
What can we investors do to help in the RV situation?
We must now buckle down and pray and pray like never before for the success of Al-Sudani and his agreements with Washington are implemented. You do want the RV don’t you? Pray for Iraq and also the U.S. in that there are strong enough representatives in the US Congress and the Senate who will stand up and continue to fight to uphold the US Constitution and keep fighting this Washington corruption. Pray that that God’s Hand will intervene and save our great country. Remember you can say the Rosary daily or use the prayers and links I provided from the Auxilium Christianorum for your prayers. Of course there is also your own form of prayer too. Folks your prayers so far ARE WORKING and God has heard our cries. Just look at all the progress made just since December 2022 when Iraq announced they were finally entirely out of Chapter VII. And now in 2024 the spigot is wide open the final issues preventing the reinstatement are being dealt with one by one. Can you see it too. I am trying my best to help you see it. We don’t’ need this foolishness of this speculative crap or everyday / any day garbage intel confusing us. You think this is all just coincidental? God’s Hand is at work here. He has given Iraq his anointed leader Al-Sundani to help in his work. Even I have to sit back in amazement of what he has accomplished so far. Pray for him and all his success. Let see what August brings us.
US TREASURY TAKES CONTROL OF IRAQ’S CENTRAL BANK TO COMBAT MONEY LAUNDERING
Three informed sources close to the political and parliamentary decision-making process in Baghdad revealed extremely dangerous information confirming that the US Treasury Department has taken a permanent headquarters in the Central Bank of Iraq building.
They considered that this step came as a result of the great pressures on the Iraqi banking system with the aim of limiting money laundering and dollar smuggling, as the governor of the Central Bank was forced to allocate an entire floor for US Treasury departments to monitor money transfers and prevent any illegal activities.
The three sources confirmed that a team of American employees is working permanently at the Central Bank of Iraq,as part of intensive efforts to ensure Iraq’s commitment to international standards for combating money laundering and terrorist financing.
(My CBI source confirmed to me on Saturday that a team of American employees from the US Treasury are working permanently at the Central Bank of Iraq and will be there for a long time to come. The question is how does this effect the timing of the RV? I will explain below in the RV Status. Full article in the articles section.)
On Monday, former member of the Finance Committee, Muhammad Al-Shabki, accused Washington of dominating the oil revenues in the US Federal Bank.
Al-Shabki said in a statement to the “Al-Ma’louma” agency, “There are issues imposed on Iraq and domination of the Iraqi economy by the United States,” noting that “this policy that America placed on Iraq is the reason for the calamity in its economic situation.”
He added, “Iraq does not have autonomy over its money coming from oil exports in the US Federal Bank,” calling on the government to “be freed from this pressure and have a say in reformulating the relationship with the Americans.”
He stated that "Iraq is asking the American side for a lot of money, which represents the proceeds of the amounts in the Federal Bank."
Earlier, a member of the Al-Fatah Alliance, Ali Hussein, warned in a statement to the Al-Ma'louma Agency about the American control over the oil financial revenues in the Federal Bank, accusing Washington of exploiting this control to exert pressure on Iraq. link
Yet, amidst this impending doom, a ray of hope emerges: the RV/GCR.
The supposed global currency reset could be our savior, our lifeboat in this tumultuous financial sea.
A reset of all global currencies, realigning them based on each country’s wealth and resources, could potentially serve as a catalyst to get these nations – and by extension, the world – out of this economic quagmire.
RV/GCR promises a more balanced and fair global economic system.
By aligning currencies with tangible assets like gold and natural resources, this reset aims to eliminate manipulative practices that have distorted markets.
The transition will not be easy, however. It requires meticulous planning, international cooperation, and strong mechanisms to prevent exploitation and ensure transparency.
TRANSLATE IN SPANISH
REDENCION 2020
El rayo de esperanza: RV/GCR
Sin embargo, en medio de esta fatalidad inminente, emerge un rayo de esperanza: el RV/GCR.
El supuesto reinicio global de la moneda podría ser nuestro salvador, nuestro bote salvavidas en este tumultuoso mar financiero.
Un reinicio de todas las monedas globales, realineándolas en función de la riqueza y los recursos de cada país, podría potencialmente servir como catalizador para sacar a estas naciones –y, por extensión, al mundo– de este atolladero económico.
RV/GCR promete un sistema económico global más equilibrado y justo.
Al alinear las monedas con activos tangibles como el oro y los recursos naturales, este reinicio apunta a eliminar las prácticas manipuladoras que han distorsionado los mercados.
Sin embargo, la transición no será fácil. Requiere una planificación meticulosa, cooperación internacional y mecanismos sólidos para prevenir la explotación y garantizar la transparencia.