STATUS OF THE RV BY MNT GOAT, 14.JAN

STATUS OF THE RV 

😊In today’s commentary I have to refer first to some “massive” news. Yes, this news was massive. I am talking about the news in the article titled “ECONOMIST: THE CENTRAL BANK’S POLICY IS MOVING TOWARDS GLOBALIZING IRAQI BANKS”. You can find the article in my Articles Section of the Newsletter today.So, let’s take some time and pick this one apart to find out why this news is so massive. Oh…. there is also other very good news for today and I will review this with you also.  

In this article economic expert “Safwan Qusay confirmed that the Central Bank’s policy is moving towards globalizing Iraqi banks, while stressing that it will contribute to raising the status of these banks globally” also “the process of ending dealings with the electronic platform will contribute to accepting local banks that have the ability to provide guarantees and international compliance conditions with international correspondent banks.” 

Yes, “providing guarantees and international compliance” is all insurance related. Remember our Pillars of Financial Reform? Well… here they are again.  Investors in Iraq need to know that their funds in Iraqi banks will be protected and not subject to being stolen from corruption or in some cases, as from the past the events, “just disappeared!”.These past events of corruption left a nasty stain on the Iraqi banking system, to which they now have to overcome and are overcoming.

Now here is the real juicy part of the article and I quote “He added that these correspondent banks can carry out the process of changing the Iraqi dinar to any global currency immediately, and for more than a million banks around the world.” What did it just tell us? A million banks around the world? What does this mean to us as investors?

We know that from reading the White Paper of 2019 that conditions to get back to FOREX that this insurance part is a pillar of the financial reform. Therefore, it is a reform that needed to take place and is now taking place. 

Also, I want to add that the statement of “changing the Iraqi dinar to any global currency immediately” is an amazing statement. The article goes on to also say and quote “this step will contribute to raising the status of Iraqi banks globally, “meaning that they will succeed in the process of having a name in international financial transfer operations,

 and gradually confidence between banks will be strengthened,”

Could this news get any better at this time? Can this be what is holding up the revaluation and the reinstatement? Just asking….

😊 This next article titled “THE DECLINE IN THE DOLLAR PRICE AGAINST THE IRAQI DINAR IN LOCAL MARKETS: IS THIS THE BEGINNING OF STABILITY?  is amazing too. It conforms exactly what I have told you would happen from my conversations with my CBI contact when dealing with bringing down the parallel market.

It is as if someone is reading my mind again….lol..lol.. So, didn’t I tell my readers months ago and again more recently, that the parallel market, once they institute the banking transfers through the correspondent banks, (starting Jan 1^st 2025) that there would first be a spike in the dollar rate as the initial shortage of dollars in the black market will be a shockwave.

 Then as time pressed on, we will gradually see the rate drop and come closer and closer to the “official” CBI rate, something they need to have in order to begin the project to delete the zeros and move ahead to further steps in the currency reform we are waiting to see.

In the news in this article today, “the Iraqi local markets witnessed a slight decline in the exchange rate of the US dollar against the Iraqi dinar, as the selling price of 100 dollars reached 152,000 Iraqi dinars, while the buying price recorded 150,000 Iraqi dinars. 

This decline comes in light of the efforts of the government and the Central Bank of Iraq to control the exchange market and enhance the value of the dinar.

”Didn’t the CBI and the prime minister tell us this is the goal – to enhance the value of the dinar? To bring it back to its “glory days”? They are doing it and this last step is going to stabilize it by shutting down the parallel market of selling the dollar at absorbent rates.

In the article it further says that “this decline is attributed to a number of factors, most notably the increased injection of (other) foreign currency into the markets(besides just  the dollar),  the imposition of strict controls on exchange operations, and the improvement of financial and economic policies”. 

Then the article goes to say the best juicy part of all and I quote – “All eyes will be on the coming days to see how long this decline will last and how it will impact the Iraqi economy as a whole. Are we on the cusp of a period of monetary stability?” I like the phrase “on the cusp”. WOW! WOW! WOW! So, you see folks just be patient it won’t be much longer.

Could this all be what is holding up the revaluation and the reinstatement? Just asking….I was told it is by my CBI contact. Do you remember?  

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/