DINAR REVALUATION: 08/19/24

Monday, August 19, 2024

"USING THE DINAR INSTEAD THE US DOLLAR IN OIL SALES" : SEARCHING CHANGE MONETARY STRATEGIES IN IRAQ AND THE MIDDLE EAST BY DINAR REVALUATION, 20 AUGUST

Government Advisor Discusses Using Dinar Instead of Dollar for Oil Sales

On August 20, 2024, a government advisor has explained the possibility of using the dinar instead of the US dollar in oil sales. 2 The discussion comes within the context of regional monetary policies and the broader implications of global economic shifts.

Regional Monetary Policies

In the Middle East, many countries have traditionally pegged their currencies to the US dollar, including Jordan, which has been doing so since 1995. 3 The decision to peg the Jordanian dinar to the dollar was made in response to political volatility and economic challenges in the region. However, the feasibility of this strategy has been debated, especially considering the impact of a falling dollar on import values and export performance. 3

Global Economic Shifts

Recent economic data from the US has revealed moderating inflation and strong retail spending, shifting the market sentiment from recession concerns to renewed confidence in economic growth. 1 This shift has bolstered expectations for Federal Reserve interest rate cuts, with traders anticipating that the Fed will lower borrowing costs from a 23-year high next month. 1 As central bankers prepare to meet this week, the potential for rate cuts has led to discussions about the implications for currencies pegged to the dollar. 1

Oil Market Dynamics

Despite recent online claims, there is no credible evidence that Saudi Arabia intends to stop using the US dollar for oil sales. 4 Experts have noted that the US dollar remains the preferred currency for oil trading due to its global use and stability. 4

Iraq's Dinar Performance

In Iraq, despite government measures, the dinar has continued to fall against the US dollar. 6 This highlights the complex dynamics at play in the regional currency markets and the challenges of maintaining currency value amidst global economic uncertainties.

Conclusion

The discussion around using the dinar instead of the dollar in oil sales reflects broader debates on regional monetary policies and the impacts of global economic shifts.

While the US dollar remains dominant in oil trading, the potential implications of changing monetary strategies in the Middle East continue to be a topic of significant interest and analysis.

The Central Bank supports the real estate bank’s liquidity in the amount of 2 trillion dinars, 19 AUGUST

Economy News – Baghdad

The Central Bank announced on Monday that the real estate bank’s liquidity support by 2 trillion dinars.

The Central Media Office said in a statement, seen by “Economy News”, that “supporting the real estate bank’s liquidity in the amount of (2) trillion dinars, to meet the applications of citizens applying to purchase units in residential complexes in all governorates, starting with ready-to-house units.”

He added that “300 billion dinars were allocated to meet the requests of citizens to buy a house outside the complexes, which had previously obtained fundamental approvals from the real estate bank.”

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Added 2024/08/19 – 4:43 PM

https://economy-news.net/content.php?id=46492

LATEST BY CLARE, 20 AUGUST

Clare

Article: "Government advisor explains the possibility of using the dinar instead of the dollar in oil sales" Quote: "Will it be a fixed exchange system supported by foreign reserves or will it be a flexible exchange system in which the (petrodinar) changes with the change in oil prices? These are paths that have no answers on the ground and are really very ambiguous"

Clare

Article: "Trade discusses the mechanism for Iraq's accession to the World Trade Points Federation"

Quote: "The Private Sector Development Department discussed with the Departments of Foreign Economic Relations and Administrative and Financial Affairs at the Ministry of Trade, the mechanism for Iraq's accession to the Federal Union of World

Trade Points, the legal procedures for joining, and the benefits that the Iraqi sectors will obtain."

Clare

Article: "Is “floating the currency” a solution to the crisis of the high dollar in Iraq? A representative explains"

Quote: "There are calls to float the exchange rate in Iraq...Floating the currency is a procedure based on liberalizing the exchange rate, leaving it to market factors (supply and demand), to determine its value without any form of intervention by the economic authority...There are two types of floating: the first is absolute floating, and the second type is managed floating, i.e. the type in which the central bank intervenes to direct the exchange rate up or down, as it sees fit to achieve the interests of the national economy."

Clare

Article: "US Treasury places Khamis Al-Khanjar on sanctions list"

Quote: "The US Treasury Department, through the Office of Foreign Assets Control (OFAC), has placed the head of the Sovereignty Party, Khamis Al-Khanjar, on the sanctions list of known individuals and entities with whom dealings are prohibited."

Article: "Central Bank Governor Participates in a Workshop Specialized in Electronic Payment" Quote: "His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in a specialized workshop on accelerating the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development."

RECENT REPORTS OF CLARE:

"RV UPDATE" BY CLARE, 9 AUGUST

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-clare-9-august.html

LATEST FROM CLARE, 6 AUGUST

https://dinarevaluation.blogspot.com/2024/08/latest-from-clare-6-august.html

RV UPDATE BY CLARE, 4 AUGUST

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-clare-4-august.html

Iraq Stays Clear of Grey List: Central Bank Update

THE IMPORTANCE OF THE MEETING OF JUDGE FAIQ ZEIDAN AND THE US EMBASSY BY DINAR REVALUATION, 20 AUGUST

Judge Faiq Zeidan and the US Embassy Judicial Attaché Meeting in August 2024

Judge Faiq Zeidan, a prominent figure in Iraq's legal system, met with the judicial attaché at the US embassy in August 2024 to discuss a series of joint legal files. 1 The meeting underscored the ongoing collaboration between the Iraqi judiciary and the US legal system, highlighting efforts to strengthen bilateral ties and address mutual legal concerns.

Importance of the Meeting

The discussion between Judge Faiq Zeidan and the US embassy's judicial attaché centered on various joint legal files that are crucial for both nations. These files typically encompass a range of issues, including extradition requests, mutual legal assistance in criminal matters, and the handling of cases with cross-border implications.

Strengthening Legal Cooperation

The meeting was part of broader efforts to enhance legal cooperation between Iraq and the United States. By addressing joint legal files, both parties aimed to streamline judicial processes, improve the sharing of information, and ensure that their legal systems remain compatible and responsive to each other's needs.

Impact on Iraq's Legal Landscape

Judge Faiq Zeidan's engagement with the US embassy's judicial attaché also reflected Iraq's commitment to modernizing its legal framework. The Iraqi judiciary has been working to align its practices with international standards, and such meetings are key to achieving these goals.

Challenges and Opportunities

While the meeting underscores the progress made in legal cooperation, it also highlights ongoing challenges. Issues such as the sovereignty of national legal systems, the complexity of international law, and the need for effective communication remain critical to the success of such collaborations.

Conclusion

The August 2024 meeting between Judge Faiq Zeidan and the US embassy's judicial attaché marked a significant step in the ongoing legal dialogue between Iraq and the United States. Through continued engagement and cooperation, both nations aim to address joint legal files effectively, fostering a stronger, more integrated legal relationship.

Judge Faiq Zeidan receives the judicial attaché at the US embassy and discusses with it a number of joint legal files, 20 AUGUST

Mawazine News – BaghdadThe President of the Supreme Judicial Council discussed, on Sunday, with the American judicial attaché Ellen Andrezi, the joint legal files between the two countries.

The Media Center of the Judicial Council, received by Mawazine News, stated that “the Chairman of the Supreme Judicial Council, Judge Faiq Zidan, received today, Sunday, the judicial annex to the US Embassy in Baghdad, Ms. Ellen Andrezi.”
“Judge Zidane discussed with her a number of common legal files,” he added.

https://www.mawazin.net/Details.aspx?jimare=253517

LATEST FROM NADER FROM MID EAST, 19 AUGUST

Nader From The Mid East

The U.S. is not a hold up. You guys can call it like that but the US is not a hold up. They want to really help the economy in Iraq. Because they destroy it, now they want to build it again. They're waiting for the right moment to put it back normal.

Nader From The Mid East

1310...1160...1400 never worked. They just come out with number and give it to us and sometime you wake up and they take 1310 and sometime you can wake up and they tell you 1160 and sometime 1400...Don't tell me it worked because I know in my heart it's not 1310. It never worked for 21 years. It made the people poor. It made the economy bad. If it's going to stay like that the next couple of years it's going to make the economy worse. They're going to have to change it.

[Iraq former government/UN employee friend Imad from Basra update]

Question: "Have they come out with the new notes in Iraq?"

No. They working on it.

[Iraq former government/UN employee friend Imad from Basra update]

Question: "The Untied States, do they have anything to do with the Iraq currency?"

Of course, yes, they control it. They have some interest between the two countries.

https://dinarevaluation.blogspot.com/2024/08/latest-from-nader-from-mid-east-17.html

FRANK26….8-19-24….TEN YEARS

Urgent In numbers.. The Central Bank buys dollars from the Ministry of Finance in an unprecedented move since 2003, 19 AUGUST

Urgent In numbers.. The Central Bank buys dollars from the Ministry of Finance in an unprecedented move since 2003

An economic expert revealed an “unprecedented” figure for the value of the dollars purchased by the Central Bank of Iraq from the Ministry of Finance during the month of July.

The Central Bank of Iraq purchased $9.6 billion from the Ministry of Finance in July 2024, the highest value since the bank began purchasing dollars from the ministry in 2003," Manar Al-Obaidi said in a statement received by {Euphrates News}.
He added, "The purchases did not exceed this value during the past ten years except once in October of last year, at $10 billion."

Al-Obaidi explained, "Thus, the rate of dollar purchases from the Central Bank for the year 2024 has reached $5.9 billion per month, the highest over the past ten years, with an annual growth rate of 10%. The growth rate had previously risen in 2023 to 20%."

He attributed "this increase in purchases to the Ministry of Finance's need for local currency to cover its increasing expenses over the past years, especially with the increase in operating spending and raising the level of spending in the 2023, 2024 and 2025 budgets."

Al-Obaidi expected that "this rate will rise in the coming months with the Central Bank's inability to meet the need for Iraqi dinars, which may force it to increase the issued monetary mass to meet the ministry's expenditure needs." link

"THEY ARE TELLING YOU THEY WILL CHANGE THE RATE " BY MAJEED VIA TWITTER, 19 AUGUST

MAJEED

Iraq

Iraq announced yesterday. They are thinking about selling the oil with dinar instead of dollar

Read both pictures

Basically, they are telling you they will change the rate.

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Government Advisor Explains The Possibility Of Using The Dinar Instead Of The Dollar In Oil Sales

Money and business Economy News – Baghdad The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, clarified today, Sunday, what is being circulated in some media outlets regarding the possibility of using the dinar instead of the dollar in oil sales.

Saleh said in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the adoption of the dinar in the pricing of oil, or what is called (petro dinar), especially when the national currency is not one of the international reserve currencies, requires the availability of foreign reserve currencies or gold, as Russia di..FOR READ MORE: https://dinarevaluation.blogspot.com/2024/08/government-advisor-explains-possibility.html

FRANK26……8-19-24 SING

Iraq: Qusay Shafiq reveals major financial scandals and demands investigation, 19 AUGUST

Iraq: Qusay Shafiq reveals major financial scandals and demands investigation

Public money scandals continue in Iraq

Dr. Qusay Shafiq, a well-known activist on social media, sparked widespread controversy after revealing huge financial scandals related to the management of public funds in Iraq. He accused the government and parliament of manipulating the financial budget tables, wondering about the fate of tens of billions of dollars that were not spent transparently.

Shafiq referred in a tweet on the “X” website to what he described as the “theft of the century,” which the Integrity Commission estimated at $2.5 billion, equivalent to 4 trillion Iraqi dinars. However, he expressed his surprise at the large gap between this figure and the ongoing corruption in manipulating the budgets of recent years, as he revealed that the manipulation of the 2024 budget tables reached about $10 billion.

In a related context, Shafik touched on the Food Security Law, noting that about $20 billion has been allocated to it, but he wondered about the entities that monitored the disbursement of this money, stressing that the Ministry of Finance and the Central Bank have not received any of this money so far. He added, “$10 billion was spent on infrastructure projects, but where did the remaining $10 billion go?”

Shafik discussed the budgets of previous years, including the budgets of 2014, 2020, 2022, and 2023, noting that no funds were disbursed to the governorates from the 2023 budget. This raised questions about how the authorities deal with public funds, especially in light of the Central Bank’s report, which indicated that the cash reserve had not increased despite the significant rise in oil prices due to regional conflicts.

Qusay Shafiq concluded his statements by calling for a comprehensive investigation into previous financial deals, stressing that the people’s money is a trust that must be preserved. These statements come at a time when Iraq is witnessing increasing pressure from citizens and international observers, who are demanding greater transparency and accountability in the management of public funds.

Shafiq's statements are a strong call for regulatory bodies and government authorities to take urgent action to curb corruption and clarify the fate of the allocated funds, as the Iraqi people await answers on how their financial wealth is managed. link

LATEST FROM JON DOWLING, 19 AUGUST

JON DOWLING

Happy Monday everyone! Sudani is meeting with his cabinet, continuing to push the reforms forward. Meanwhile, Iraq pushes to digitize its new economic platform. As they happens, it’s one of the last steps to making the Dinar an international reality.

Get ready over the next few weeks/months for massive life changing events, both personally as well as financially. This includes the cryptos of course. Amazing times straight ahead!

@JonDowling

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JON DOWLING

Happy Thursday folks! We’re awaiting to see all the events unfold between now and September 18th when the rate cuts begin. Don’t be surprised to see everything coalescing at the exact same time. It’s almost like it’s all scripted, lol. Don’t blink, it will be here before you know it and the world and our worlds moreover will look radically different.

@JonDowling

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JON DOWLING

Happy Wednesday folks. Once Kamala is officially announced as the interim “President”, we will see manufactured chaos in America for about three months. But during that time, the currency reset.

Waiting on Ali Allaq to be officially removed as the CBI governor and replaced. This should all occur at the same time. Watch for XRP price to move as well during this time.

#dominoeffect

@JonDowling

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Things continue to heat up! Will Iran take the US offer to remove all the sanctions, or will they go full steam ahead with the attack on Israel? Something has to give soon and it will.

@JonDowling

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DINAR REVALUATION : Petro Dinar: A Game Changer for Oil Pricing?

Parliament falsifies the budget again.. Al-Mandlawi may lose his position! 19 AUGUST

Parliament falsifies the budget again.. Al-Mandlawi may lose his position!

MP Basem Khashan confirmed the possibility of terminating the membership of the acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, if the charges of tampering with the budget tables that were recently revealed by the Prime Minister’s Office are proven, noting that the parliament committed legal violations in amending the budget tables and they were on their way to being published and implemented had it not been for the government’s scrutiny, indicating that many MPs were subjected to deception in this file.

The Council of Ministers had spoken of an increase of 15 trillion dinars in the last tables, and it was not included in the agreement, discussions and voting, requesting a re-audit.

Khashan said, in an interview with the media figure Ahmed Mulla Talal:

The budget tables sent by the Council of Ministers were changed and their allocations were manipulated in the House of Representatives in an illegal manner.

The forged schedules would have been published and implemented had it not been for the Cabinet's scrutiny.

Most of the budget schedules have been changed, and the process has been carried out by ignoring a large number of parliamentarians.

The legal violations committed by the House of Representatives in amending the budget tables are countless and are considered a major crime.

The funding for the ration card basket has been increased to 5 trillion dinars for contracts that include major problems.

Manipulation and alteration operations can be legally classified under the crimes of alteration with the intent to defraud, regardless of the size of the amounts and figures that were manipulated.

The acting Speaker of the House of Representatives is responsible for tampering with the budget tables sent to the Cabinet.

The Federal Court can terminate Mohsen Al-Mandalawi’s membership, if the charges of manipulation are proven. link