They tell you [Iraqi citizens] there is an imminent change coming to your currency almost every day now. That is very exciting. These are the words we've only dreamed about in the last 5 years.
To see them almost every day is rather shocking but very exciting right now...This is getting crazier and crazier every day with so much excitement and so much information about the monetary reform being sent directly pinpointed to you Iraqi citizens from Sudani.
They're giving them a date of when they're going to stop the auctions, the window. Now they tell them we're lifting three zeros, you're getting purchasing power.
They tell them you're getting the HCL. Then they go a step further and they said our currency is going to be stronger than the Jordanian dinar...It's going to be more than Jordan's currency...I believe they're going to reach the REER through the float at around $4.25...
Central Bank Governor meets Spanish Ambassador to Iraq
His Excellency the Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, met with the Spanish Ambassador to Iraq, Mrs. Alicia Ricoperez del Bulgari, to discuss developing relations between the Iraqi and Spanish financial sectors. The two parties discussed opening channels of communication between the Central Bank of Iraq and the Spanish Bank in a step aimed at enhancing cooperation with the Spanish side in all economic fields, most notably cooperation in the banking sector.
Central Bank of Iraq Media Office September 30, 2024
FRANK26: "MOST BANK SANCTIONS ARE BEING LIFTED NOW FOR THE MR"......F26
Al-Haims expects lifting of "sanctions" on Iraqi banks: No violations proven
9/30/2024
Baghdad
The Chairman of the Securities Commission, Faisal Al-Haims, confirmed that foreign auditing companies have not proven any violations against the sanctioned Iraqi banks, expecting the US sanctions to be lifted, especially after the Prime Minister’s recent visit to New York.
Al-Haims said, in a televised interview, which was viewed by “Al-Eqtisad News”, that “the Iraqi market needs a banking sector with global compliance standards in order to ‘survive’”, stressing that “the commission aims to increase the number of stock traders by 500%.”
He continued: "We were recently granted the authority to open new branches of the Iraq Stock Exchange, and we agreed to open two new branches in the governorates of Erbil and Sulaymaniyah. We are open and seek to expand the market's spread base and we will agree to any request to open a new branch if the legal conditions are met."
The Chairman of the Securities Commission confirmed: “We are working on promotional campaigns to introduce the function and benefits of investing in the Iraqi Stock Exchange, and the investment sectors in it as well, although the current efforts need greater momentum, but we seek to develop an effective strategy to increase the number of investors in the Iraqi Stock Exchange to 5 times their current number of more than 40 thousand investors, during the next two years.”
He pointed out that "foreign auditing companies have not proven any violations against the sanctioned Iraqi banks, and this is sufficient to lift the Federal sanctions, and we hope that the Prime Minister's visit to the United States will contribute in this direction."
He explained that "the Iraqi economy depends entirely on oil revenues and imports to meet local needs, which confirms the difficulty of living without an effective banking sector, and therefore there is no choice but to create a real banking movement that applies international compliance standards."
He explained that "there is a credit problem in private banks, as customers prefer government banks, despite the big difference in the quality and volume of services provided at the level of deposits and borrowing. However, the government banking sector takes over more than 70% of customers."
[via WiserNow] ...we are hearing...coming from Iraq, that they will have their smaller denominations ready to go...
I don't think they have ones, but five – 10’s, 20s, 50s, and 100’s that's their new currency...the three zero notes from Iraq that we have...the 25,000 or 25k notes?
...the 10k, the 5k, the 1k – all of those 3 zero notes have been removed from Iraq...that should be done by the 30th this month, the last day of this month.
The Chairman of the Securities Authority, Faisal Al-Haims, confirmed that foreign auditing companies have not proven any violations on the penalizing Iraqi banks, expecting the lifting of US sanctions, especially after the Prime Minister’s recent visit to New York,
Al-Hims said, in a televised interview, seen by “Economy News”, that “the Iraqi market needs a banking sector with international compliance standards to (live),” stressing that “the authority aims to raise the number of traders in shares by 500%.”
He continued: “We were recently granted the authority to open new branches of the Iraq Stock Exchange, and we agreed to open two new branches in the governorates of Erbil and Sulaymaniyah. We are open and seek to expand the market spread base and we will agree to any request to open a new branch if the legal conditions are met.”
The Chairman of the Securities Authority stressed: “We are working on promotional campaigns to introduce the function and benefits of investing in the Iraq Stock Exchange, and the investment sectors in it as well, although the current efforts need greater momentum, but we seek to develop an effective strategy to raise the number of investors in the Iraqi Stock Exchange to 5 times its current number of more than 40,000 investors, during the next two years.”
He pointed out that “foreign audit companies have not proven any violations against the punishing Iraqi banks, and this is enough to lift the federal sanctions, and we hope that the Prime Minister’s visit to the United States will contribute in this direction.”
He pointed out that “the Iraqi economy depends completely on the financial revenue of oil, and on imports in meeting local need, and it emphasizes the difficulty of living without an effective banking sector, and therefore there is no choice but to create a real banking movement that applies international compliance standards.”
He pointed out that “there is a credit problem in private banks, customers prefer government banks, despite the large difference in the quality and volume of services provided in terms of deposit and borrowing, yet the government banking sector seizes more than 70% of customers.”
Expecting some really positive news about certain countries who have already revalued their currencies in the morning, this from multiple sources, We are almost there folks.
SEPT 02
More positive news from in country tonight continuing to suggest we remain on alert for announcing new rates
SEPT 04
Am waiting on additional confirmation similar to what MarkZ reported on his broadcast earlier tonight, very positive for us. Will share ASAP once received.
I would like to assure the Dinar investor community of a couple of things. There comes a time when common sense and logic must prevail.
There will be NO travel necessary to exchange your Dinar for American dollars (USD). You will not have to go to Jordan, Egypt, or Syria. There will be NO $0.10 revaluation.
It was already at the rate of $3.22 to 1 Dinar when the only resource was oil. Dr. Shabibi, the preeminent expert, stated publicly, that Iraq could sustain an $16 to 1 Dinar rate but let's not get greedy. $4.80 is just about right.
Stay tuned because I will have a mind bender coming for you next time and it will really make you think.
--
Fnu Lnu
Exchange Centers are off premises bank facilities to prevent excess traffic at bank branches. It is illegal to have different rates at different places. Remember the Law of One Price.
Fnu Lnu
I do not buy this "Education Program" nor do I buy the "Adjusting of the Parallel Market". The education is taking too long to be effective and it isn't government's job to adjust black markets. These are stall tactics while they placate the masses. But why?...
When you drag out the "Education" as long as the GOI and CBI has been doing, nothing sticks. If it is not in practice, then it is just words from the mouths of bureaucrats. Iraq has had more than enough of that and they do not pay attention.
They will become educated when it means something to them, like the cost of goods and services, and buying power, and velocity of money. This is all obfuscation and I don't believe a word of it. Logic tells me they are stalling the people.
The $64,000.00 dollar question is why? What's the real plan?
Shafaq News/ US Secretary of State Anthony Blinken revealed on Monday new details regarding the agreement between Baghdad and Washington to end the international coalition’s missions in Iraq, including working on bilateral security arrangements that allow for the preservation of the “security partnership” between all.
“Ten years ago, the United States assembled a global coalition of 87 countries to counter ISIS, and together we have made significant progress,” Blinken said in a speech at the ministerial meeting of the Global Coalition to Defeat ISIS.
The US Secretary of State stressed the need for the coalition to enhance security and stability, including in Iraq and Syria, and prevent extremists such as ISIS from exploiting the conflict in the region to their advantage.
“At today’s meeting, the United States and Iraq — along with our other coalition partners — will discuss our plans for the gradual transition of Operation Inherent Resolve, which will conclude in Iraq by September 2025. During this period, the United States will work with Baghdad on bilateral security arrangements that will allow us to maintain and build our security partnership and cooperation,” he added.
“Our Iraqi partners will take greater responsibility to ensure that ISIS cannot retake territory within the country’s borders, and we are deeply grateful to Iraq and the Iraqi Security Forces for all the sacrifices they have made in this effort, and for their steadfast leadership in the fight against ISIS,” Blinken continued.
As we move into this new phase of cooperation, the US Secretary of State expressed his hope to continue working with partners in the international coalition, including the NATO mission in Iraq, which intends to continue its security relationship with Baghdad.
In another matter, Blinken revealed the United States’ intention to contribute $168 million to the annual stabilization pledge campaign implemented by the international coalition in Iraq and Syria, so that this assistance will enable the implementation of critical mine clearance operations, the restoration of basic services such as water and electricity, investment in education, and the promotion of economic opportunities.
An expert reveals the reason for the fragility of the Iraqi market: Countries want imports to remain
Today, Monday (September 30, 2024), economic expert Nasser Al-Kanani revealed the reason for the fragility of the Iraqi local market and its inability to confront any external problems.
Al-Kanani said in an interview with Baghdad Today, "The Iraqi local market is fragile and cannot face any external problems, as it depends only on foreign imports, and does not depend on local national production, and therefore the market is greatly affected by any external problems, and cannot face any of those problems, and therefore the Iraqi government must work seriously to restore local production so that the local market is strong and not affected by any regional or international problems and crises."
He added, "The Iraqi local market is considered one of the most important markets for many countries in the region and the world, to sell their materials in it, and it is not unlikely that there are countries working to keep the Iraqi market fragile and dependent on imports, instead of national production, and for this reason, throughout the past years, we have not seen any control of local products over the market."
Last March, the Central Bank of Iraq announced that “there is no return to the previous price of the dollar, and the price will not be reduced under any circumstances,” stressing that there is no intention to raise the price above 145,000 for every 100 dollars, which is the official Iraqi exchange rate.
The prices of basic foodstuffs doubled after the government devalued the dinar, and prices increased again, before rising again due to the rise in the price of the dollar .
The prices of some food items in Iraq have increased by between 25 and 75 percent, as the price of one kilogram of sugar rose from 1,000 dinars to 1,300 dinars in retail markets, a bottle of cooking oil from 1,500 to 3,000, and grains from 500-750 to 1,000-1,500 dinars link
Three major takeaways from PM Sudani’s great efforts last week at the UN General Assembly:
1.) He announced the end of the currency auctions this year, not next year,
2.) Israel was waiting for the announcement of the currency auctions. Once they got it, you can see they started striking and are summarily taking out every bad guy in sight. Next up: Iraq/Iran for the grave surrender,
3.) The UN did appoint a new middleman to replace Jeannine, but notice you haven’t seen them at all and you probably won’t, since everything is coming to an end.
Market Forces Committee recommends holding an Iraqi-Turkish forum in Baghdad
The Market Forces Committee, formed by Prime Minister Mohammed Shia al-Sudani, recommended holding a joint Iraqi-Turkish forum in the capital, Baghdad.
The committee said in a press statement received by Shafak News Agency that the Market Forces Committee held its meeting today, and hosted the financial advisor to the Prime Minister, Mazhar Muhammad Salih.
The committee, which was formed by the Prime Minister by a Diwani order, consists of the Association of Private Banks, the Federation of Chambers of Commerce, the Iraqi-Turkish Business Council, and the Iraqi Contractors Union.
The statement added that the committee recommended developing economic relations with Turkey, by holding a joint Iraqi-Turkish forum under the auspices of the Prime Minister in Baghdad on the sidelines of the visit of the Turkish Minister of Trade to Baghdad scheduled for next November.
The committee focused on working to support the establishment of the international development road, which would contribute to achieving a qualitative leap in international transportation, industry, and private sector contribution, and making Iraq a strategic corridor between the countries of Asia and Europe.
The committee pointed out the importance of solving the problems of the Iraqi and Turkish private sectors, which relate to financial transfers, customs, entry visas, and others, in a way that contributes to developing economic relations, stressing the committee’s openness to all forces of the Iraqi and Turkish market. link
