STATUS OF THE RV, PART. 4
An article from the very recent past follows: Why did they print this article then?
AN IMMINENT PROCESS TO CHANGE THE SKIN OF THE IRAQI DINAR.. REMOVING ZEROS WILL REVEAL THE EXTENT OF CURRENCY MANIPULATION
September 24, 2024
(Here we go again. Another article outlining yet another opinion from an economists. Do they even know the entire plan and process to get the reinstatement of the IQD and the necessity of conducting the swap out?)
Government advisor: It must be preceded by political and economic stability.
There has been talk once again about the possibility of removing zeros from the local currency, as the government is studying a bold option of changing the Iraqi dinar to its skin. Although this step carries promises of simplifying financial transactions, it raises concerns about its effects on the economy and citizens, especially in light of the inflation that the markets have been witnessing for a long time .
During the current month, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, revealed new information regarding the project to delete zeros in Iraq, indicating that “the project is undergoing continuous review and study, taking into consideration the existence of an issued currency volume that has exceeded 100 trillion dinars, after it was 6 trillion in 2004. ”
Many countries take the step of removing zeros from their currency to revalue their national currency , and facilitate financial transactions by removing a certain number of zeros from the nominal value of the currency, making it appear less inflationary and more stable .
60 countries experience
“Removing zeros from the local currency is a process that has taken place in more than 60 countries over the past years,” said Mazhar Mohammed Saleh, the Prime Minister’s financial advisor. “This step comes after economic inflation occurs in countries, and therefore they resort to deleting zeros in order to keep up with prices in the markets,” he explained.
In an interview with Al-Jabal, Saleh continued, saying, “The abundance of zeros has doubled the monetary value of the currency now,” adding, “Political and economic stability must be achieved before resorting to deleting zeros.”
(Really, “must be achieved”? Hasn’t Iraq already achieved the necessary stability on all fronts? Parliamentary Finance Committee member MP Jamal Kojer, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, downplayed concerns about the decline in oil prices on the economic reality, stressing that Iraq’s financial and economic conditions are good, and that revenues exceed the size of concerns resulting from the possibility of a decline in global oil prices. Go read the entire article below titled “PARLIAMENTARY FINANCE: IRAQ IS EXPERIENCING GOOD AND STABLE ECONOMIC CONDITIONS”. These economists need to start changing their perception of Iraq’s reality.)
According to Saleh, the process of deleting zeros will facilitate the financial trading process, in addition to facilitating the calculations, and will not affect the value of the currency and all goods in the market, pointing out that this process will also allow the issue of trading small currencies in the markets, which supports the poor class of society .
The Iraqi Council of Ministers (February 7, 2023) approved the decision of the Board of Directors of the Central Bank to adjust the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars per dollar, after it was 1,480 dinars per dollar, which, according to observers, caused a significant decline in the value of the Iraqi dinar in the markets .
What about the value of the dinar?
In this regard, financial expert Mahmoud Dagher told Al-Jabal, “There is a high committee formed within the Central Bank that is continuing discussions and studying the deletion of zeros from the local currency of Iraq,” indicating that “the numbers on the currency have become very large, which is the main reason behind this process.”
(Mnt Goat: I was told this was the committee of my contact in the CBI. She is on this committee. She is a very good source for information.)
Dagher, a candidate for a senior position at the Central Bank, added, “The most prominent positive aspect of removing zeros from the currency is strengthening the psychological aspect of the currency by reducing the volume of transactions,” adding, “Removing zeros does not change the value of the money nor does it affect the volume of demand and the monetary mass.”
” Iraq currently has a currency issue exceeding 100 trillion dinars,” said Dagher, who pointed out that “there is a negative point resulting from this process, which is the large financial costs to cover this process, and therefore the committee needs to study all economic aspects before making the final decision.”
(Mnt Goat: This study is already completed and we were told this years ago it was completed.)
According to Dagher, changing the currency will lead to the Central Bank controlling the amount of cash liquidity outside the banking system and knowing the amount of currency available, stressing that this process will work to uncover manipulation, financial theft, and other things .
According to the circulated data, the foreign reserves of the Central Bank of Iraq cover 83.62% of the broad money supply, which is enough to cover the cost of imports for 15 months, while the global standard rate is 20 %.
EXPECTED EFFECTS
According to the specialists’ view, the process of deleting zeros from the Iraqi local currency has many positives, as well as negatives, which can be summarized as follows :
The positives include:
First: Simplifying calculations, as removing zeros will contribute to simplifying calculations and facilitating dealing with money .
Second: Improving the image of the currency, as deleting zeros may give the impression that the Iraqi currency has become more stable and stronger .
Third: Attracting investments, as this process may encourage investors to invest their money in the Iraqi economy .
As for the negatives:
First: High costs, as implementing this project requires large costs to change banknotes and coins, and update electronic payment systems.
Second: Temporary confusion, as citizens may face some confusion in the first period after implementing the decision.
Third: The reform is not sufficient, as deleting zeros is only one of many measures necessary to achieve economic stability.
(Mnt Goat: Oh wait a second didn’t you just tell us above that and I quote “It must be preceded by political and economic stability”. So which is it? Will it create stability or does it need stability first?)
Steps to strengthen the dinar
In this regard, Drid Al-Shaker Al-Anzi, an economic expert, told Al-Jabal, “The Central Bank’s attempts to improve the reality of the local currency are many, but they always come to no avail.”
The Central Bank owns about $115 billion, 140 tons of gold, in addition to $43 billion in central treasury bonds, and $36 billion accumulated in savings at the Federal Reserve deposited in (JP Morgan), but they “did not and will not affect the strength of the Iraqi currency,” according to the economic expert .
(I have to ask why not? Still 1/6 of a penny? What is going on here?)
Al-Anzi believes that “linking the Iraqi currency’s evaluation completely to the dollar through negotiations with the US Federal Reserve will allow for improving the strength of the Iraqi dinar,” stressing that this step will make the Iraqi dinar “stronger than the Jordanian dinar . ”
Al-Anzi points out that “the step of deleting zeros is not useful in improving the value of the Iraqi dinar compared to the countries of the region,” considering that “it is a step that will only change digital transactions and has no positive value .”
(Al-Anzi forgets that if you revalue the currency and reinstate it, you must redenominate as there is no other choice. He does not understand the entire picture. He is only thinking about inside Iraq and not the entire process.)
End of article
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So now we must discuss this article in the terms as my contact and I discussed yesterday. I have put my comments in the article I pulled from my Mnt Goat personal archives of past articles. I was told to note this part in the article and I quote – ““There is a high committee formed within the Central Bank that is continuing discussions and studying the deletion of zeros from the local currency of Iraq,” indicating that “the numbers on the currency have become very large, which is the main reason behind this process.”
So, you see, she said this referenced committee is real and is her committee and she is part of it working on this effort. But I told her I already knew this. She told me this statement today was not for me but for the people reading my blog. They need to understand that the CBI is working on this subject matter the best we can. They set time tables and expectations. When other events don’t happen or don’t happen on the timetable, they we have a rippling effect. She said she did not want to mislead me about the December Project to Delete the Zeros and was only telling me what the timetable then was. I thanked her for her continued relay of information to me. I told her I understand and want all my blog readers now to also understand what she just told us. Thus I am telling you this part today.
Next she pointed out in the article and I quote “linking the Iraqi currency’s evaluation completely to the dollar through negotiations with the US Federal Reserve will allow for improving the strength of the Iraqi dinar,” stressing that this step will make the Iraqi dinar “stronger than the Jordanian dinar . ” She told me it is the goal of the CBI to get off the sole peg to the US dollar (the de facto sanction peg) of the past and the CBI is working to do this. There is another peg established and is waiting for announcement soon. Do not believe everything you read, she said as these article could be misstating older past policies and not up to date.
I then asked for some sort of timeframe of when we could expect all this to happen. I was told that negotiations with the new incoming U.S. administration are informally taking place now with the new Treasury secretary. She said there is going to be a very high-level meeting with the U.S. in January to review Iraq progress and she is certain of the outcome, it must be the conclusion that Iraq is stable, secure and can advance to the next stage, which is what we look for as investors.
I want everyone to remember that although we seek the FACTS and TRUTH about this reinstatement in my blog we are all still speculators and the CBI frowns upon speculators of the dinar. However, the flip side is they sold us these dinars through the global brokers in a desperate time for Iraq and they know we have them. She said the CBI knows that they must make good for us investors or future investors in the dinar will not come to the market and play.
She also told me the diversification of the Iraqi economy under Al-Sudani is amazing and they are now doing what they planned to do a decade ago and could not due to either funding or the political will to act. We exchanged ideas of the past and present and we agreed on the enormous changes taking place. This reminded me of my past Newsletters from years ago, when I talked about all these changes and projects to increase the non-oil revenues and now, we can see it all happening. She said don’t you realize the magnitude of what is happening in Iraq? She said it is no longer a war-torn country. It will soon be a global tourism destination. There is much progress still to be done in cleaning up many neighborhoods to provide housing and shops. It is all planned out. But first they must secure an economy to provide for all this.
So, this was from the notes of my recent conversation with my CBI contact. I realize I did not get a firm timeframe or window for the Project to Delete the Zeros. I can’t pressure my contact too much as I do not want to lose her. I am certain that when she is notified to go ahead, she will let me know.
Please let’s all just relax and pray. Praying now is the best thing we can do.
Our prophets are telling us and have told us months ago that this period after the U.S. election will be a period of turmoil until it settles down in early summer. The deep state operatives in your countries and in the U.S. corrupt will not just go away. They claim they are all for the “rule of law” but are they really when they orchestrate such events against their own citizens. Just look a the lawlessness. Open borders in total disregard for border security and long-standing immigration laws. Look at the rigged justice system and the handy work of the FBI. This is their version of the Rule of Law?
But when you approach them they ask for proof. Proof, you want proof? All you need to do is watch the explanation by Glenn Beck in his “The Left’s Revolution Playbook EXPOSED”, then the 1986 video of the Russian Defector (I presented this one many times already), then go to the UN site and read their global agenda for humanity in the sinister UN Agenda 2012, 2030 and 2050 using their sucker narratives and crises. Then look no further than your own neighborhood and see the mess they created. You can easily connect the dots of what and how they are doing their covert work.
But to see it you have to do participate. The evening news with CNN, ABC, NBC, etc. is not going to do it. I am trying but how many of you are watching these videos I am bringing to you? Can’t you see by now that politics directly or indirectly are affecting the course of worldly events and our long-awaited RV is just one of them? Get it? This is all interconnected.
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