Tuesday, August 20, 2024
LATEST FROM MILITIAMAN, 21 AUGUST
Militia Man
Article quote: "Central Bank's inability to meet the needs of Iraq dinars which may force an increase in issued monetary mass."
They didn't say dollars, they said the need for dinar.
Why would they need to have dinar?
Remember...they've been bringing in 25k notes because...they're doing electronic. All that money that comes in gets credited on cards. They've been absorbing cash.
What were they doing in the background?
They were destroying money...They didn't tell you how much money they destroyed...But they're saying they're having a problem with liquidity...a problem...to meet the need for Iraq dinar...They're going to need money to be replaced. Could that be the new small category notes with more value? ...
Why in the world would you go out and destroy a bunch of money... make it into pellets for burning, when you're going to go and create new 25k notes. Does that make any sense to anybody?
Do you think they built that big, huge massive building...to have more inflation and a cheaper exchange rate less that 1310? That's what they would be doing...That doesn't make any sense whatsoever.
Economist identifies weaknesses in banking system: 80% of money supply in citizens’ homes – Urgent, 21 AUGUST
Economist identifies weaknesses in banking system: 80% of money supply in citizens’ homes – Urgent
Financial and economic affairs expert Alaa Jaloub Al-Fahd revealed today, Sunday (August 18, 2024), a weakness in the Iraqi banking system, while confirming the presence of 80% of the cash mass in citizens’ homes.
Al-Fahd told Baghdad Today, "The amount of cash liquidity pumped into the local market is estimated at the size of annual government spending, and this includes salaries, wages, and others. It constitutes a large percentage and is considered the citizen's purchasing power."
He added that "the rise in income levels after 2003, due to the increase in salaries, led to an increase in purchasing power, and this led to an increase in the level of demand for real estate and other things," indicating that "the rise in real estate prices has nothing to do with the issue of the increase in the citizen's cash liquidity or not, because this increase is dependent on the issue of supply and demand."
Al-Fahd explained that "any increase or decrease in the volume of liquidity is estimated by the size of real spending and the size of savings, considering that the citizen's income is divided between consumption and savings, and the higher the savings rate, the more it is supposed to be exploited economically through investment."
He pointed out that "there is a weakness in the banking system's ability to absorb all the cash available to citizens, as most of this cash is inside homes, far from banks," noting that "the amount of cash available to citizens in homes is estimated at more than 80% of the issued cash mass, and this constitutes a weakness in the banking system, in withdrawing that mass and investing it."
It is noteworthy that financial expert Saleh Al-Masrafi confirmed on Tuesday (August 6, 2024) that Iraq is among the highest countries in the Middle East in the file of hoarding money, while he diagnosed a grave error in the Iraqi banking system .
The banker said in an interview with Baghdad Today, "The accumulations that have continued for many years have pushed citizens to lose confidence in banks and resort to hoarding money in their homes," indicating that "its percentage reaches 70% of financial liquidity, and these are large numbers that indicate that we are among the highest countries in the Middle East in hoarding money ."
He added that "hoarding money in the financial concept is a grave mistake that will confuse the financial process and reduce the government's ability to provide liquidity to pay salaries," explaining that "resorting to electronic payment is a step in the right direction, but the most important thing is withdrawing liquidity, and there are several ways ."
The banker pointed out that "the recent issuance of treasury bonds is a correct decision, but the media propaganda to create a culture of safe investment in the street is very weak, and this is what creates low rates of dealing with them, even though the interest rates are attr active ."
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 the presence of requests that exceed by 5 times the amount of money allocated for loans in any sector, especially housing." link
"IRAQ BOOTS ON THE GROUND REPORT UPDATED" BY FIREFLY, 21 AUGUST
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: Saleh on TV talking about the possibility of using the dinar instead of the dollar on oil sales. He's talking about how and why...
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: Saleh...was talking about...raising the value of the currency. He talked about it for 45 minutes.
FRANK: These are the people we want to listen to. They're the ones that Sudani is sending out to them...Everyday seems to be filled with monetary reform education to you Iraqi citizens. Don't you love it because this is what is supposed to be happening right now. They are preparing you for what they're going to give you, what they promised you. You are so close to receiving everything that they were talking to you about...
Government Advisor: Al-Alaq's upcoming visit to New York will support the protection and stability of the banking system, 21 AUGUST
Government Advisor: Al-Alaq's upcoming visit to New York will support the protection and stability of the banking system
The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Saleh, confirmed on Saturday that the upcoming visit of the Governor of the Central Bank, Ali Al-Alaq, to New York will support the protection and stability of the banking system, while he pointed out that the file of the sanctioned banks requires negotiation due to the possibility of an error or exaggeration in issuing the decision to sanction them.
Saleh said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the Central Bank is a strategic institution that works to support the value of the dinar and its stability, and to build balances in the Iraqi balance of payments, regularity of payments, and international reserves that support Iraq's foreign trade."
He added, "Due to the rentier nature of the economy, the Central Bank and its reserves have become the feeder and financier of foreign trade for the private sector."
He pointed out that "Iraqi oil sales are in dollars, and are deposited with the US Federal Reserve through an open account in the name of the Central Bank, which is managed by the bank on behalf of the Iraqi government."
He continued, "The upcoming visit of the Governor of the Central Bank, Ali Al-Alaq, to New York City in the United States of America comes to protect the Iraqi banking system and support its stability."
He explained that "the Central Bank, by virtue of its work and responsibility to maintain the financial system of Iraq, must negotiate with the American side regarding the file of the sanctioned banks to alleviate the severity of the deprivation on the banks, as there may be an error or exaggeration that was previously decided to be sanctioned by the American side," stressing that "there is insistence and communication from the Central Bank of Iraq in a good and positive way to protect the Iraqi banking system."
Earlier, the Governor of the Central Bank, Ali Al-Alaq, confirmed in an interview with the Iraqi News Agency (INA), that "there will be meetings held with the Federal Bank and the US Treasury Department at the end of this August to review aspects related to external transfer operations and discuss sanctions on some banks." link
Trade discusses the mechanism for Iraq's accession to the World Trade Points Federation, 20 AUGUST
Tishwash: This is NOT the WTO
Trade discusses the mechanism for Iraq's accession to the World Trade Points Federation
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.
The Director General of the Department, Ibtihal Hashem, stated in a statement: "The meeting discussed an explanation of the union as an international non-profit organization, which was established under Swiss laws in 2000 and is concerned with managing and developing international trade points in order to activate electronic commerce, in addition to its capabilities to provide small and medium-sized companies with commercial information for member states located in developing and least developed countries."
The meeting also discussed the issue of transforming the electronic trade systems currently operating within the international arena in order to raise the export level of the Iraqi private sector and introduce the outside world to the comparative advantage of Iraqi industries.
The union includes more than 74 countries in its membership, including 6 Arab countries.link
Very important suggestion for speculators in this "Camper Event" BY GINGER, 20 AUGUST
GINGER
Very important suggestion for speculators in this "Camper Event"
💢Scenario:
You've received your notification to set up your appointment. There will be an electronic version of NDA for you to sign so as you do not disclose the time, date, location or purpose of your exchange/redemption appointment. That being said, if you have a family member from out of town who will be joining you (as your confidante) to your appointment, then plan ahead what you will communicate with them because at this point you've not have had the opportunity to submit your addendum to the NDA (who you're telling them you'll need to communicate openly with - such as, regarding project).
So, think ahead how you'll communicate with this person.
💢 What Not to say: I just scheduled my Redemption Appointment for Wednesday. Catch the next plane to meet me here/there (if another town). 😬 [You just blew your electronic NDA] 🥺 See how easy that was?! 😳😮💨
💢 What TO Say: I just got us tickets for the concert for Wednesday. [See how easy that was? No mention of anything relating to RV] ✅ Plan ahead. Communicate. ✅
💢 Come up with your story -- your explanation of your changed lifestyle.
Unfortunately, none of us can hide any bigger purchase such as a new car or new home.
So if wondering minds or curious folks ask you about any lifestyle change, prepare right now what you're going to say without violating your NDA.
(Remember! The paper version will be in greater, specific, detail than the quick electronic one prior to the appt.
And if you want to be able to speak openly with someone - such as a family member who didn't attend the appointment with you, then by all means they will allow you to take a copy home for that person to read and sign - which you'll then send in).
💢 Suggestions:
Them: I see you driving a new car, that's really nice. Where'd $ come from for that? (Yes people can be that nosey and pry by asking inappropriate questions 😜).
You: I made an investment a while back and it turned out well. (Short and simple. No more detail.)
✨ This will be my story. I came up this years ago. Folks will know I'm not going to be working my same FT job, so I have my plan as to what I'm going to say in advance if any questions arise -- as I will be stepping into my role as a humanitarian. 🙏
✨ In case someone asks: "So what are you doing now?"
✨ "My new job is exciting. I've taken the role as a Director and Project Manager for a philanthropic organization. Travel is covered and car allowance is nice, etc. My goal will be to serve others and I will oversee projects that will make the world a better place. 🙂 Short and simple.
💢 This is a smart angle because I will be seen as just a liaison - serving within an organization (leader unnamed for confidentiality) - not as the person holding the purse strings!
💢 You do not want to come out from this event bragging or letting on that you've come into wealth as a high net worth individual. That's a sure way to make your life miserable because it'll put a huge target on your back. Instead, I'll pay for many wonderful things for others, but it'll always appear that the funding is coming from an entity other than me. "I'll let my boss know..." sorta thing. 🙂 No one will know I'm giving funding. Everything will be done under the veil of anonymity for safety. 🙏
💢 Moreover, by choosing an explanation early on, this strategy will also help you avoid breaking a legally binding NDA. The less you tell others, the best! ✅
💢 And, in closing, "Nunya" also works. 😜
"Nunya? What's that? 🤔"
"It's Nunya Business" and walk away. 😏
THIS might work for some of you.
⬇️
YOU do NOT owe anyone an explanation. The less you divulge, the best! ✅
Hope this helps 🙏❤️🙏
~ Ginger
"SUDANI IS IN FULL CONTROL OF HIS COUNTRY!!!" BY FRANK26, 20 AUGUST
KTFA
FRANK26:"SUDANI IS IN FULL CONTROL OF HIS COUNTRY!!!".................F26
Iraq refuses to renew fuel oil sale agreement to Lebanon, plunging all its regions into darkness
8/18/2024
Senior Lebanese sources revealed that Baghdad refused to renew the agreement concluded with Beirut, which stipulates supplying Lebanon with quantities of "fuel" in exchange for services provided by Lebanon to Iraq, according to what was reported by the Leb Economy website.
Lebanon signed an agreement with Iraq in July 2021 to import one million tons of fuel oil to alleviate the country's electricity crisis, and the first ship arrived in Lebanon carrying 31,000 tons of this material on September 16, 2021.
The website quoted those sources as saying that the failure to renew the agreement is due to purely financial reasons, and is directly related to the refusal of the Bank of Lebanon to open a credit to provide services to Iraq worth 700 million new dollars without real guarantees that the state will pay these amounts.
She explained that Lebanese President Najib Mikati went to Baghdad hoping that the Iraqi side would accept the cancellation of the funds owed by Lebanon as a result of this agreement ($700 million), which Lebanon committed to providing in the form of services to the Iraqi side.
Fuel oil is a mixture of oils that remain in the oil refining unit after distillation (heavy fuel) and is burned in a furnace or boiler to generate heat or to generate electrical or kinetic energy.
According to the sources, Prime Minister Mohammed Shia al-Sudani agreed to renew the agreement for an additional $700 million under the same conditions, without canceling the effects of the first agreement. Therefore, the total value owed by Lebanon to Iraq amounted to $1.4 billion.
She also pointed out that the Central Bank of Lebanon rejected the government's request to open a second account for the government worth $700 million to cover the service requirements of the Iraqi government in exchange for Iraqi fuel.
The sources continued by saying that the acting governor of the Central Bank of Lebanon, Wassim Mansouri, insisted on rejecting this issue, considering that the services that will be provided to the Iraqi side by Lebanon will be paid for by the Lebanese parties that will carry them out in cash, either in lira or dollars, and this means arranging expenses worth 700 million dollars for the Central Bank of Lebanon, "and this is absolutely unacceptable, as it violates the Monetary and Credit Law, as well as the Central Bank of Lebanon's decision not to grant any loans to the Lebanese state."
Iraq and Lebanon agreed to exchange energy, under which Iraq will provide Lebanon, which is going through the worst economic crisis in its history, with heavy fuel oil, in exchange for “services and goods” that Iraq will obtain from Lebanon.
In August 2022, the Iraqi Council of Ministers approved the extension of the agreement to sell fuel oil to Lebanon, explaining that this decision comes in response to the difficult circumstances that the Lebanese are going through.
Meanwhile, the website said in a report published today, Sunday, that the electricity was completely cut off in all Lebanese regions after the Electricité du Liban announced yesterday afternoon, Saturday, that “the last remaining production unit of the Zahrani plant on the electricity grid was forced out of service completely due to the plant’s stock of gas oil being completely depleted, which resulted in a complete cessation of the electricity supply to all Lebanese territories, including the basic facilities in Lebanon (airport, port, water pumps, sewage, prisons, etc.).”
"MORE GOOD THINGS HAPPENINGS IN IRAQ: BP Returns to Kirkuk with Profit-Sharing Deal" BY 3AMART VIA TWITTER, 20 AUGUST
@3AMART
Iraq News / Iraq Dinar
More good things happening!
BP Returns to Kirkuk with Profit-Sharing Deal
After a nearly five-year absence, BP is making a comeback in Iraq's Kirkuk oil fields under a new profit-sharing model.
The preliminary agreement, signed earlier this month, marks a shift from low-margin service contracts to more lucrative terms, aiming to boost production and attract Western oil majors back to Iraq.
The Kirkuk field, estimated to hold around 9 billion barrels of recoverable oil, is set to see significant developments, with a final deal expected by the end of the year.
Stay tuned for updates as BP and Iraq finalize this major oil deal!