Wednesday, November 20, 2024
CAN THE POPULATION CENSUS SUCCEED IN DRAWING A NEW ECONOMIC POLICY IN IRAQ? WITH MNT GOAT COMMENTS, 21 NOV
CAN THE POPULATION CENSUS SUCCEED IN DRAWING A NEW ECONOMIC POLICY IN IRAQ?
The Iraqi government is preparing to conduct a general population census on November 20, the first census to include all regions of Iraq in nearly 4 decades.
Iraq witnessed the last general population census that included all its governorates in 1987, and although the country conducted another population census in 1997, the latter did not include the governorates of the Kurdistan Region, because they were semi-independent from Iraq during the era of the former regime.
The population census represents a vital tool for formulating economic policies based on updated facts and data that enhance the government’s ability to achieve comprehensive and balanced economic growth, while addressing economic and social challenges.
On the subject, the financial and banking specialist, Mustafa Hantoush, said in an interview with / Al-Maalouma / Agency that the Iraqi state’s funds are scattered and it does not know where to direct them or where to start the development process, indicating that “The general population census is full of positives and has no negatives.”
He comes added, “There are no higher policies or clear lines to work on, and every country that puts forward its ideas far from the needs of society, and the population census will end this chaos by clarifying a number of important matters.”
He pointed out that “Iraq has clear economic problems in work, housing and diversifying the economy, and the state cannot solve them except by conducting a general population census.”
For his part, economic expert Dhurgham Muhammad confirmed that the results of the general population census will help the government reach a realistic formula and vision during the preparation and amendment of next year’s budget schedules, while he pointed out the necessity of having a real reading of the future of oil prices for next year in order to determine a reasonable price for a barrel of oil that will be adopted by the 2025 budget.
Mohamed Ali said in a statement to Al-Maalouma Agency, “The amendments to the 2025 budget schedules will depend scientifically and realistically on the results of the general population census that will be conducted at the end of this month,” indicating that “the census Results will give the government clarity when conducting transfers and drawing up realistic development plans.”
He added that “the authorities responsible for preparing the budget must re-read it for the future of oil prices and adopt an appropriate and realistic price that is consistent with the expectations of global oil market experts, when preparing the schedules for next year, as Most indicators confirm a decrease in oil prices for security and economic reasons.”
Recently, rumors have spread on social media that the general population census will lead to the cutting of welfare salaries or the imposition of new taxes on citizens.
In this context, MP Aref Al-Hamami said in an interview with Al-Maalouma, “What is being said is inaccurate and we deny it completely and in detail through our close knowledge of the census’s progress and its great benefits in preparing the country’s strategic Plans for decades in terms of economy and development.”
He pointed out that “effective participation with the provision of accurate information will ensure the existence of comprehensive data that gives the government a vision in drawing the foundations of its future plans directly.”
The general population census will be launched on the 20th and 21st of this month in all Iraqi governorates, which will include a curfew. About 120,000 enumerators will participate in the census, while the Ministry of Planning confirmed that this census will contribute to knowing the real numbers of the population and the living conditions that will be invested for development purposes.
(The key wording in this VERY IMPORTANT census is “in all governorates”. This will be an all inclusive census to develop Iraq as an all-inclusive country and not sectarian as past federal governments did.)
TIDBIT FROM MNT GOAT, 21 NOV
Mnt Goat
...the IMF fully intends to repeg the IQD to a basket of currencies once they revalue it and turn it back on FOREX (...this is called a reinstatement...).
It will initially be a FREE FLOAT driven by market fluctuations however it will be monitored and my CBI contact has told me they will cap it at a level to control the initial massive swings, if needed.
Then over a period, the rate is expected to settle down to its nominal rate. I am told this could be about $3.85ish.
The then CBI director in 2011 Dr. Shabibi told his audience in a news media conference on the Iraqi economy that the dinar could sustain a fluctuation as high as $16 USD...
I am told that the IMF will use the cap at about $9 - $11 to prevent wild swings out of control that could potentially hurt the basket.
WILL IRAQ BE THE SAVIOR OF THE COUNTRIES OF THE REGION IF OIL PRICES FALL? WITH MNT GOAT COMMENTARY, 21 NOV
WILL IRAQ BE THE SAVIOR OF THE COUNTRIES OF THE REGION IF OIL PRICES FALL?
(Can’t possibly happen unless Iraq is globally traded on their new basket of currencies. Think about it. How can they under the current monetary conditions?)
Economic expert Safwan Qusay spoke about Iraq’s ability to confront the decline in global oil prices, pointing out that leaving the single economy and focusing on non-oil imports has become a necessity to restore the Iraqi economy.
Qusay said, “If oil prices rise by a hundred dollars, it is possible that the quantities that were voluntarily reduced by OPEC will be re-pumped, noting that “there are no less than two million two hundred thousand barrels that have been voluntarily reduced.”
He added, “It is not in the interest of oil producers to raise oil prices above $100 because that will support investments in shale oil, indicating that the producing countries are trying to control the price between $70 and $100.”
Qusay pointed out that “Iraq will be the greatest savior for the countries of the region because it has dollar reserves and has a strategic reserve in terms of oil production,”indicating that “if the government succeeds in containing the conflict and not being dragged directly into the region’s unrest, the Iraqi economy will be pulled from the war zone to the development zone.”
Qusay explained that “Iraq is able to confront the decline in oil prices, knowing that there is no decline in prices below seventy dollars because OPEC is the one that determines the quantities of production and is determined to remain within the region of 70-100 dollars per barrel.”
He added, “The surplus that accumulated during the previous period of this year, in which Iraq sold at no less than $80 per barrel, enables Iraq to confront price changes.”
He pointed out that “Iraq has begun to diversify its economy by investing in oil derivatives and stopping the burning of associated gas, in addition to stopping the import of materials that could be included in the ration card, noting that “the government has opportunities in the matter of sustainable financing through the reserves of the Central Bank or through the sale of oil shares if revenues fail to reach their goals.”
TIDBIT FROM MILITIAMAN, 21 NOV
Militia Man
If in fact we have a revaluation of the Iraqi dinar a lot of things are going to change and a lot of people need to have at least a plausible deniability...
The central bank...they openly exposed the education system, they talked about the zeros forever, they're talking about the Islamic banking law, they're talking about the Securities Law and they're talking about that with some of the largest money institutions in the world.
Britain is on big one. Same with the United States...It's exciting. I think it's powerful that we're watching this unfold.
THE OIL AND GAS LAW RETURNS TO THE FOREFRONT… WILL AL-SUDANI BE ABLE TO RESOLVE THE DISPUTES OVER IT? WITH COMMENTS BY MNT GOAT, 20 NOV
THE OIL AND GAS LAW RETURNS TO THE FOREFRONT… WILL AL-SUDANI BE ABLE TO RESOLVE THE DISPUTES OVER IT?
(Iraqi is going to play it close on this one. Can the get this passed on time for the early 2025 target for the reinstatement? Will the let the reinstatement go anyhow?)
Talk returns about the oil and gas bill that has been absent for two decades due to political differences, despite the fact that it represents the only solution to all the problems of the center and the region.
MP Ali Al-Mashkoor, a member of the Parliamentary Oil and Gas Committee, attributed the delay in approving the Oil and Gas Law to points of contention behind which the Kurdistan Region of Iraq stands. It is noteworthy that the Oil and Gas Law has undergone 11 amendments and has never reached Parliament.
Al-Mashkoor said in a press statement, “The law has been in place since 2008 and was sent to the House of Representatives to regulate the financial and oil matters of the producing provinces,” explaining that “this law cannot be passed except with political approvals from the blocs within Parliament.”
He added, “The reason for the suspension of this law in the corridors of the House of Representatives is the failure to send its latest updates, as there are clear points of disagreement with the region,” indicating that “the dialogues with the region resulted in reducing these articles from 9 to 7 points.”
He explained that “dialogues are still ongoing between the federal government and the region in order to resolve these points,” noting that “until now we have not reached solutions that can be accepted by both parties.”
Yesterday, Wednesday, Prime Minister Mohammed Al-Sudani visited the Kurdistan Region of Iraq to discuss a number of important files, including the oil and gas law.
Iraq’s oil and gas law, which has been awaiting legislation since 2005, stipulates that responsibility for managing the country’s oil fields should be vested in a national oil company, overseen by a federal council specializing in this matter.
The Kurdistan Oil Law stipulates that the Ministry of Oil in the region or whoever it authorizes shall assume responsibility for organizing and supervising oil operations as well as all activities related to them, including marketing oil, as well as negotiating and concluding agreements and implementing all licenses, including oil contracts concluded by the regional government. The Iraqi government also has the right to participate in the management of fields discovered before 2005, but fields discovered after that are subject to the regional government.
On February 21, the Federal Supreme Court ruled that the federal government would be responsible for paying the salaries of Erbil government civil servants, with the amount paid at source in Baghdad deducted from the regional government’s share, and the KRG must submit monthly accounts detailing each salary paid. This is effectively a stricter reset of the original “budget payments for oil revenues” deal agreed between the KRG and the federal government in November 2014.
There are no government statistics on oil exported from the Kurdistan Region of Iraq, but the Iraqi Ministry of Oil published an analysis in May 2023, saying the regional government had committed “legal and procedural violations” in selling oil that caused significant losses.
The financial returns of the regional government constitute no more than 80 percent on average after deducting the production costs (the cost of producing a barrel of oil), while the financial returns of the first and second licensing rounds (held by Baghdad) constitute from 94.5 percent to 96.5 percent, and the cost of production is equivalent to (4) times the production costs in the licensing rounds of the federal Ministry of Oil, according to the Ministry of Oil.
Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury’s resources.
In August 2023, the government formed a committee to draft the oil and gas law and present it to the government for voting and try to pass it in the House of Representatives. The committee included the Minister of Oil, the Minister of Natural Resources in the Kurdistan Region of Iraq, the Director General of SOMO, and senior staff in the Federal Ministry of Oil, in addition to the producing governorates such as Basra, Dhi Qar, Maysan, and Kirkuk.
For years, the points of contention between Baghdad and Erbil have not been resolved, but Al-Sudani recently revealed that an agreement had been reached with Erbil on these points, in addition to including in his ministerial program the resolution of these items, most notably the enactment of the Oil and Gas Law and the implementation of Article 140 regarding the disputed areas.
In mid-February 2022, the Federal Court issued a decision declaring the oil and gas law in the Kurdistan Region of Iraq unconstitutional, and prevented it from exporting oil for its own benefit, with the export to be through Baghdad exclusively, based on a lawsuit filed by the Federal Ministry of Oil.
MNT GOAT COMMENT:
(As I have said many times when they decide to settle Article 140 issues then also the Oil and Gas law will come into place too. The these two issues are connected. The census we also learn about today is all part of settling these issues. Remember the Iraqi constitution must be fully implemented in order to see the reinstatement of the dinar. These are the last and most important issues still remaining.)
Finishing touches on getting off the currency auction dollar and freeing the IQD by end of the year BY MNT GOAT, 20 NOV
😊Finishing touches on getting off the currency auction dollar and freeing the IQD by end of the year:
“WHAT DID IRAQ ACHIEVE IN ITS MEETINGS WITH THE US TREASURY, AND DID IT SUCCEED IN CONTROLLING THE SALE OF THE DOLLAR?”
“EXCHANGE RATES WILL RISE FURTHER.. WARNING OF AN IMMINENT ECONOMIC CRISIS DUE TO THE “COLDNESS” OF THE CENTRAL BANK” (Note: this opinion is due to only having 4 current banks set up as correspondent exchange banks used in place of the CBI currency window…it’s called fear mongering by economists wanting more knowledge of what the CBI intends to do.)
“AL-ARAJI: IRAQ STANDS ON THE CUSP OF A HISTORIC DIGITAL TRANSFORMATION”< /span>
“THE FUTURE OF INTERNATIONAL TRADE TRANSACTIONS IN US DOLLARS IN IRAQ” (Note: The final blow to the US Dollar controlling Iraqi trade dominance and the dinar rate artificial suppression)
“THE OIL AND GAS LAW RETURNS TO THE FOREFRONT… WILL AL-SUDANI BE ABLE TO RESOLVE THE DISPUTES OVER IT?” (Note: we also read about the resolution of Article 140 in last week’s Newsletter, this also will be needed to reinstate)
WHAT DID IRAQ ACHIEVE IN ITS MEETINGS WITH THE US TREASURY, AND DID IT SUCCEED IN CONTROLLING THE SALE OF THE DOLLAR?, 20 NOV
WHAT DID IRAQ ACHIEVE IN ITS MEETINGS WITH THE US TREASURY, AND DID IT SUCCEED IN CONTROLLING THE SALE OF THE DOLLAR?
The Central Bank of Iraq announced progress in monitoring procedures for foreign transfers and sales operations. Dollar Monetary and providing protection to the banking and financial sector from the risks of money laundering operations, following the ongoing discussions of the Central Bank Iraqi with the Federal Reserve and the US Treasury.
The bank’s governor, Ali Al-Alaq, said in press statements that “the ongoing quarterly meetings with the Federal Reserve and the US Treasury Department, within the framework of organizing operations and coordination between the two sides, which have close relations, led to…The agreement on procedures and formulas that are consistent with best international practices and standards. The latest was the plan to organize foreign transfer operations by rebuilding them according to new standards and methods.”
Al-Alaq stressed that “Iraq has achieved 95% progress in terms of monitoring procedures for foreign transfers and currency sales operations. “Dollar Cash and provide protection to the banking and financial sector from the risks of money laundering operations.
In July 2023, the US Treasury imposed sanctions on 14 banks, and months before that, similar sanctions were imposed on 4 other Iraqi banks after they were accused of money laundering. The Iraqi government continues through the Central Bank Iraqi It has been negotiating for about two years with the US Treasury Department to lift sanctions on these banks, all of which are private banks.
STATUS OF THE RV, PART 3 . BY MNT GOAT, 20 NOV
I am told that the IMF will use the cap at about $9-$11 to prevent wild swings out of control that could potentially hurt the basket. I also want to bring out the very recent article on the Special Drawing Rights (SDR) and how important this article is, however, most readers did not even realize or catch on as to why they were explaining all of this to us.
So, let me bring it to your attention again. Let me bring out the main points of this article since we are talking about this basket today and connect this SDR news to the basket of currencies we are about to see for the new peg.
Here is the article again below:
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IRAQ INCREASES RESERVES AT IMF BY 50%
A meeting of the Iraqi Cabinet this evening approved an increase in Iraq’s quota at the International Monetary Fund (IMF) by 831.9 million Special Drawing Rights (SDR), equivalent to 1.45 trillion Iraqi dinars [$1.1 billion] based on the exchange rate as of October 8, 2024.
This 50-percet increase in Iraq’s previous quota will enhance the country’s voting power within the IMF. The additional allocation will be included in the 2025 budget.
The IMF created SDRs as an international reserve asset to supplement member countries’ official reserves; they are not a currency, but rather a claim on freely usable currencies of IMF member countries. They serve as a potential source of liquidity for IMF member nations.
SDRs represent a weighted basket of major international currencies, and can be held as part of a country’s foreign exchange reserves. Adding SDRs to a country’s international reserves makes it more resilient financially.
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So, do you see it yet? Yes, its WOW! WOW! WOW! news but you have to see it and understand and you do this by connecting the pieces to understand what they are telling us in the news. I am attempting to help you see it. When you do see it, your jaw drops and you say “WOWWWWWWWWWWWWWWWWWWWW!”. 😊
You see, many of these very stupid self-proclaimed gods of intel gurus, want to tell you that the RV is happening every day. But as readers to my Newsletter you know differently. Yes, you know the TRUTH and the truth is still all very positive and good but for the right reasons not fake news.
The REAL news is nothing negative about it. But let’s get off the everyday rollercoaster… okay? We just have to let it all play out and it is playing out.
Will we get the Project to Delete the Zeros in November or December timeframe? I am still hearing from my contact it is planned and they intend to begin the collection process before the end of 2024 in preparation for the next stage.
Did you connect the dots as to what they are slowly telling us in these recent articles one by one as time passes? This above article was from October 17, 2024 is yet another example. The article was in my Newsletter back then explains the government program to bring back Iraq to a “formal economy”. The article was titled “ILO: IRAQI GOVERNMENT HAS DEVELOPED PROGRAM TO HELP FACILITATE TRANSITION TO FORMAL ECONOMY”. Did you read it? If you did you can begin to see that when they do transition back to a “formal economy”, as in developed nations, they will need a viable currency. They will get off the sanctioned currency process of the larger three zeros notes. They are doing it now and the major final blow will be at the end of the year when they finally transition off the currency auctions for the dollar for good. The way to transition and complete the transition off the sanction-like economy fully is then to move on to the currency and economic reforms. Yes, they are now moving mostly pass the Pillars of Financial Reforms and onward to using the results of these reforms to rebuild their economy.
Iraq cannot rebuild the economy and attract investors unless they concentrate on these two measures now: the Economy rebuilding (attracting investors and shipping goods) and rebuilding their viable currency (currency reforms and reinstatement). In today’s news once again it’s all mostly about transitioning to these next two steps.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/Kirkuk's first census in decades: a test of ethnic relations and political stability, 20 NOV
Kirkuk's first census in decades: a test of ethnic relations and political stability
Shafaq News/ Kirkuk, a city defined by its ethnic and sectarian diversity, is facing challenges with its first population and housing census in decades. As the province embarks on this long-awaited process, concerns are growing over its potential to disrupt the delicate demographic balance and communal harmony.
While some see the census as a vital tool for economic development, others worry it could be manipulated to shift population dynamics, reigniting tensions in a city still healing from past conflicts.
Kirkuk's Historical Context
Kirkuk has long been at the heart of Iraq's ethnic and political tensions. The city has experienced dramatic demographic shifts, particularly after the 2003 invasion. Under Saddam Hussein’s regime, the policy of 'Arabization' significantly altered Kirkuk's ethnic composition by relocating Arab families to the region, while pushing out many Kurds and Turkmen. However, following the fall of Saddam, there was a reverse process—Kurds began to return to their ancestral lands, reigniting ethnic and political tensions.
The upcoming census, which has not been conducted since 1997, due to concerns about political manipulation, holds great importance for Kirkuk, as its diverse ethnic groups—Kurds, Arabs, and Turkmen—view the process as a critical moment to solidify their political and demographic standing in the city.
Each group has its aspirations for the census results, with the Kurds aiming to demonstrate their majority status, a claim that could bolster their territorial demands over Kirkuk. On the other hand, Arabs and Turkmen in the region fear that such an outcome could further marginalize their communities, particularly in terms of political power and control over the city’s resources.
In addition to its political importance, Kirkuk’s vast oil reserves add another layer of complexity. The city’s oil wealth remains a central issue, with both the Kurdistan Region and Baghdad competing for control of the province's resources. The results of the census could directly impact the distribution of oil revenues, potentially reshaping the economic landscape of Iraq.
A shift in Kirkuk’s demographic balance might also influence future negotiations over economic shares between the federal government and the Kurdistan Regional Government (KRG).
While the census was expected to reveal the religious or ethnic composition of Iraq, a decision was made not to ask citizens about this information, which has led to opposition in disputed regions.
Calls for Halt
The Arab Coalition in Kirkuk has called to suspend the census process, urging Prime Minister Mohammed Shia Al-Sudani and overseeing authorities to halt the procedures immediately.
In a statement, the coalition stressed that “Kirkuk's sensitive nature means any manipulation of its population balance through illegal means could lead to threatening the city's stability.”
The Iraqi Turkmen Front also expressed concerns, alleging "clear violations" in the census process in Kirkuk. A statement from the group highlighted the entry of numerous families not originally from the province, observing these actions publicly and “under the gaze of both the public and security forces.”
The Front criticized this as “an open attempt to alter the demographic landscape of the province.”
Kurds Call for Participation
The Kurdistan Democratic Party (KDP) bloc, the largest Kurdish party in Iraq led by Masoud Barzani, has called for the participation of all Kurds and other ethnic groups in the disputed areas, including Kirkuk, in the ongoing population census. The bloc described the census as an "important step" for providing a data foundation for economic conditions.
Hassan Majid, head of the KDP bloc in Kirkuk, told Shafaq News that Prime Minister al-Sudani's recent visit to Erbil provided reassurance regarding the disputed areas, which fall under Article 140 of the Iraqi Constitution.
“While the KDP has had reservations about conducting the census in these areas, we emphasized our support for the participation of all ethnic groups.”
He further stated that the KDP views the census as an economic development tool, adding, "Any country lacking a developmental database is like a person walking in the dark without sight."
Authorities Reassure
Since the morning, the province has been experiencing relative calm, with a curfew in place aimed at facilitating the population census process, according to Captain Amer Nouri, spokesperson for Kirkuk Police.
Speaking to Shafaq News, Nouri confirmed that the curfew will remain in effect until midnight on Friday. The comprehensive restrictions include strict limitations on vehicle movement and the closure of external checkpoints. “The primary objective of these measures is to ensure stability and facilitate the work of census teams.”
In addition, the provincial government in Kirkuk has taken steps to ensure the census is conducted fairly, with local officials stressing the importance of transparency. However, the complex political dynamics in the city raise questions about whether the process can remain neutral or if external pressures will influence the outcomes."
Mustafa Akram, Director of Planning and Statistics in Kirkuk, told Shafaq News that approximately 5,652 individuals are working as enumerators and assistants, along with around 1,000 supervisors overseeing the efforts. He highlighted that Kirkuk province has made significant progress in field enumeration and family registration, positioning it among “the most advanced areas in the completion and documentation of the fieldwork.”
Akram explained the revised approach for the census team composition in Kirkuk, noting that the need for mixed ethnic teams of Kurds, Arabs, and Turkmen in one location has been eliminated. “Instead, workers from the same ethnic group are assigned to their respective areas: Kurds in Kurdish areas, Arabs in Arab areas, and Turkmen in Turkmen areas, ensuring smoother operations.”
Riad Saleh, a member of the Kirkuk Provincial Council, further reassured Shafaq News that the Planning and Statistics Directorate in Kirkuk is performing effectively.
Addressing rumors about favoritism, he clarified that the selection process for assistant staff showed equal representation from all three ethnic groups, with 200 Kurds, 200 Arabs, and 200 Turkmen selected.
Saleh stressed the importance of cooperation among all ethnicities to ensure the census's success, pointing out that the process would pave the way for projects and services benefiting the entire province in the near future.
As Kirkuk undergoes this delicate process, the results could either pave the way for greater cooperation or intensify the region's political rifts, depending on how effectively the ethnic groups and authorities manage the complexities of this momentous event.
STATUS OF THE RV, PART. 2 BY MNT GOAT, 20 NOV
Following the generalized floating of the world’s major currencies in 1973, a number of smaller countries began pegging the value of their currencies to an average value, or basket, of selected foreign currencies.
At the end of 1985, 43 member countries of the Fund maintained such basket peg arrangements. Taking into account countries that adopted and then abandoned a basket peg, the total number of countries with such arrangements during 1973-85 was 63
While the ability to maintain a market determined exchange rate is a benefit of free floating shared by all countries, it can be a relatively costly arrangement for small countries, with their smaller volume of foreign exchange transactions, relatively inelastic trade flows, and less developed financial markets.
These countries, therefore, have a greater incentive to choose a fixed over a freely floating exchange rate. In the current environment, however, when most major currencies are floating independently, no small country can maintain a strictly fixed exchange rate system: a decision to peg the currency to any major currency inevitably leads it to float against all other floating currencies.
The choice of a basket depends upon the exchange rate policy objective of the authorities. This objective may be defined in terms of a readily identifiable relative price variable, such as the terms of trade or the real exchange rate, or in terms of a macroeconomic variable such as the balance of trade or, more important, the balance of payments.
Once the objective is defined, the choice of currencies and the weights to be assigned to them in Finance & Development I September 1986 41 ©International Monetary Fund. Not for Redistribution the basket can be made on the basis of the relative importance the authorities attach to exchange rate stability against various currencies in the light of the chosen policy objective. The greater the need for stability vis-a-vis a particular currency, the greater its relative weight in the basket. Determining the exact weights is a complex exercise.
Bottom line is this – the IMF fully intends to repeg the IQD to a basket of currencies once they revalue it and turn it back on FOREX (as you know this is called a reinstatement for all you newbies). It will initially be a FREE FLOAT driven by market fluctuations however it will be monitored and my CBI contact has told me they will cap it at a level to control the initial massive swings, if needed.
Then over a period, the rate is expected to settle down to its nominal rate. I am told this could be about $3.85ish. The then CBI director in 2011 Dr. Shabibi told his audience in a news media conference on the Iraqi economy that the dinar could sustain a fluctuation as high as $16 USD. Many of these very stupid intel gurus have told you many lies about what he really said as they exaggerate this peak amount to much, much more. Don’t believe it.
I am told that the IMF will use the cap at about $9-$11 to prevent wild swings out of control that could potentially hurt the basket. I also want to bring out the very recent article on the Special Drawing Rights (SDR) and how important this article is, however, most readers did not even realize or catch on as to why they were explaining all of this to us. So, let me bring it to your attention again. Let me bring out the main points of this article since we are talking about this basket today and connect this SDR news to the basket of currencies we are about to see for the new peg.