Friday, May 31, 2024
Hisham Al-Rikabi confirms the government's interest in restoring Iraq's status on the Arab and international levels., 31 MAY
Hisham Al-Rikabi confirms the government's interest in restoring Iraq's status on the Arab and international levels
5/30/2024
Member of the Board of Commissioners of the Media and Communications Commission, Hisham Al-Rikabi, confirmed today, Thursday, the government’s interest in restoring Iraq’s status on the Arab and international levels.
Al-Rikabi said in a blog post on the “X” platform: “The decision to choose Iraq to head the Council of Arab Information Ministers and to host Baghdad for its fifty-fifth session came as a result of the government’s interest in restoring Iraq’s position on the Arab and international levels and the keenness of the Media and Communications Commission to develop this sector and continue consolidating the foundations of freedom of opinion and expression.” In the country." LINK
"STATUS OF THE RV" BY MNT GOAT, 31 MAY
STATUS OF THE RV
Did you listen carefully to the opening audio dialogue of today’s Newsletter? If not, go back and listen to it. The train is moving faster down the tracks now than ever before.
I wanted to share an interesting conversation I had yesterday with my CBI contact this past Wednesday. We talked about our families and then went into information about the Iraqi dinar information. I was told that the committee to work on the Project to Delete the Zeros has sent the CBI prepared articles to the news media for the sake of educating the citizens on the upcoming process. However, they are dated and so they are for the near future and not for current news. Yes, they are getting ready and moving ahead. I asked them about these TV screens broadcasting education about the lower denominations and they told me that this is not yet being broadcast. They asked me who told me this. I told them people in the US are telling investors of this news. Again, they told me it was all nonsense. So, my conclusion was that someone is filling these intel gurus out there with stupid hyped up nonsense. My suggestion is to stay away from people like this and their lies. Next, I was reminded again, as I was in the past, that the CBI is hiding nothing and will hide nothing in regards to raising the value of the dinar. That when it is time to notify the people of Iraq of any event of a revaluation, it will not only be televised but also on news articles all over the Iraq media channels.
I then wanted a verification if the status of the parallel market versus the official rate. I was told this is still a priority and the rates in the parallel market did for a couple days were very close to the official rate but that this could just be temporary. The Central Bank needed a period of time to watch these rates. I was told the effort of the CBI to loosen up on the dollar in certain sectors, where the black market dominated, did help the situation and this only could be accomplished once tightening first took place. I was also told there was a shift occurring in the obtaining of the dollars from the banks away from street vendor exchangers which is a positive sign that the official rate is taking hold, finally. These are all good signs they are showing yet more stability and consistency. I was also told this was all in line with what the CBI wanted to see at this time, as the electronic platform is to end in June.
So, I will add to today’s news that I am a bit sick and tired of these idiots telling us of these BIG screens in Iraq and of the CBI broadcasting news of the lower denominations. Simply put…. NOT HAPPENING! It is all just lies, get it? Think, Think, Think! If there were actual broadcast on Iraq TV of the newer lower denominations, or any education in this matter, then why has someone, anyone, not taken a video with their cell phone of the broadcast? I will tell you why. It is because they can’t do it because IT DID NOT OCCUR not yet. This does not mean it will not occur and sooner than later, but not yet!
Why the rush to tell so many lies!
What else is in the current news?
There was news of an article that stated and I quote – “The budget is not affected by the rise or decline in dollar exchange rates, because Iraq will receive the dollar from the export of oil, and on the contrary, revenues increase as dollar prices increase globally,” from {Euphrat News}.
All I can say is “I told you so”. The rate of the dollar to the dinar will NEVER be in the budget. How many times must I say this to you? Now once again we read an article confirming again what I have been telling you. Please stop all this stupid hype about the new RV rate being published in the 2024 budget. Read my lips – NOT GOING TO HAPPEN! I will tell you why. Continue reading….
The budget is dependent on the price of oil. Do you get it now? Their words not mine. There is no reason to put the rate of the dinar inside the budget. It does not even make any sense. Yes, the price of oil is in the budget as the budget is dependent on the oil revenues, which are in US Dollars.
What else is in the current news?
The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed today, Wednesday, the effort to open more prospects for work with correspondent banks, while indicating that the joint committee with the American side regarding the banking sector will begin its work next week. Folks this is all positive news and exactly what we should expect to see at this point in time. Yes, it is now all about the Banking Reforms. This is what is going to get the dinar to officially pass the dollar. We already know the value is greater and so now we just need to go through the motions to get it recognized to its true value. This part is all political, yes just politics. And so please don’t tell me politics does not play a role in all this. I will say it again in that Biden is not going to let the dinar revalue. I have explained this to you before as to why I feel this way.. Sorry if the TRUTH hurts. Could some miracle happen to take him out of the Whitehouse prior to November? This could happen and I believe it MAY happen, but I have no written proof it that it will. It is just my best intuition as a woman and the knowledge I know about what is going on in Washington DC right now.
The head of the Iraqi Private Banks Association, Al-Handal said, in a statement reported by the official news agency and seen by Al-Iqtisad News, that “the Prime Minister’s recent visit to the United States of America had a great impact on the understanding with the American side,” indicating that “what is important in this understanding is the formation of the committee that will begin… Its first meeting is at the beginning of next June 2024.
We must now buckle down and pray and pray like never before for the success of Al-Sudani and his agreements with Washington are implemented. Pray for the U.S. in that there are strong enough representatives in Congress and the Senate who will stand up and continue to fight to uphold the US Constitution and keep fighting this Washington corruption. Pray that that God’s Hand will intervene and save our great country.
Professor Frank Gunter launches a new white paper on de dollarisation of Iraqi economy., 31 MAY
Professor Frank Gunter launches a new white paper on de dollarisation of Iraqi economy.
29th May 2024
‘Two Cheers for Iraq: The Dinar – Dollar Exchange Rate Challenges’
Professor Frank Gunter publishes a new paper commissioned as part of a series by IBBC’s advisory council on the challenges of de-dollarisation for Iraq.
The Advisory Council members and IBBC members have actively contributed to the paper in the past 4 months. It will be presented online on the 18th June in a webinar and in person at the Spring Conference on 2nd July. The Arabic translation will be published soon.
Professor Gunter provides an analysis of the drivers of impact on the dinar exchange rate and examines how best to deal with the parallel market of dinars to dollars. He outlines the practical policy initiatives that should reduce the gap between the official and parallel exchange rates in the medium-term.
In particular he lauds the Government of Iraq on its commitment to tackle corruption and to modernise the banking system in one fell swoop but warns of the pressure on the dinar exchange rate as budgets are overstretched and the new banking recipients (state banks) receive the liquidity to enable the economy to perform.
He writes ‘All three of these forces – the anti-corruption effort, the banking liberalization, and the lavish 2023-2025 budget – will create challenges for the management of the dinar exchange rate. One could argue that over the last two decades the Government of Iraq (GoI) had little control over its exchange rate; that exchange rate policy was determined by other sectors of the political economy in Iraq. But even if this is true, the level of the exchange rate and changes in that level are believed by many Iraqis and foreigners as providing valuable insight into the quality of economic management in Iraq.
This importance is exemplified by the current efforts to de-dollarize the Iraqi economy while there is excess demand for dollars. This excess demand is shown by a parallel exchange rate of roughly 1500 dinars per dollar compared to the official exchange rate of 1310 dinars per dollar.
An important cause of this exchange rate gap is that the GoI, with the strong encouragement of the U.S. Federal Reserve, is attempting to reduce the use of the U.S. dollar in both Iraq’s internal economy and its external transactions.
Since 2003, the U.S. dollar has facilitated economic growth in Iraq by providing a widely accepted medium of exchange for purchases as well as a reliable store of value for savings. In the long run, whether de-dollarization will have a significant adverse impact on the Iraq economy will depend on how rapidly the GoI can increase both the efficiency of alternative mediums of exchange and the perceived security of alternative stores of value.’
The report is available here to download.
https://iraqbritainbusiness.or.....qi-economy
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