Well it's about 0530 AM in country and the info I am receiving is that the new rates will appear either when the banks open today or they will wait for the FOREX opening on Wednesday to be able to publish the new rate in the Gazette Paper. Wish I had better intel but most of the UK is asleep now.
Not much reason to open as this is all I have at this time...
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Well folks the information I have rec'ed today indicates a number of the large bondholder paymasters have been invited to Reno to begin exchanging their bond portfolios over the next 24 to 48 hour window.
We are then scheduled to begin receiving notification to begin scheduling appointments.
I have this info from 3 sources and am waiting confirmation from the banker, hopefully tonight or early AM. Will open for a short time so any members who have any news can share.
Thanks for all the members joining us and GOD Bless.
AL-DARRAJI UNVEILS A GIANT INDUSTRIAL PROJECT IN PARTNERSHIP WITH FRANCE
Baghdad – Iraq Today:
Mohammed Sahib Al-Daraji, Technical Advisor to the Prime Minister, announced the signing of the minutes of a meeting of the agreement between the French Export Finance Corporation and the Iraqi Sovereign Guarantees Committee to start financing the construction of factories and irrigation tools in Iraq, with a ceiling of one billion euros within 3 years.
“At the headquarters of the Iraqi embassy in Paris, the minutes of a meeting of the agreement between the French Export Finance Corporation and the Iraqi Sovereign Guarantees Committee were signed to start financing the construction of factories and irrigation tools in Iraq with a ceiling of one billion euros within three years,” al-Daraji said in a post on the X platform. “Another economic success added to the Iraqi government, the international community trusts Iraq,” he said.
💢 Reminder - Gin Gin has been telling you to watch the Gazette official announcement for years... Super important marker. 6.5.24
💢Mark Z: via PDK - Comment: It looks like the Iraqi budget needs to be published in the Gazette before it becomes legal.
If they are waiting on that it may be Wed or Sat …or it becomes legal 15 days from yesterday?
MarkZ: Exactly…At this point we are expecting it to be published in the Gazette [Wednesday] or Saturday… There is a mechanism to RV in the budget.
And I have a ministry contact in Iraq who still thinks we will see a new rate with the budget. Whether that is Wed. or Sat…we will see… This contact works in the government in Iraq.
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💢Q & A - Currency Auctions in Iraq.
Ginger often said it was a significant marker and we need to see them come to a complete stop which is a sign that they are ready to implement their new, international rate change. ⬇️👀⬇️
💢 Member: Miss Gin Gin, have you confirmed that the auctions have stopped?
💢Ginger: The currency auctions seem to "stop and go/resume" -- but Iraq already said they would continue the currency auctions until the end of the year in a news article (read this more than a month ago). I'm not fazed by this at all - because they are going to do their best to cloud the timing and intentionally put out misinformation.
So in other words, if they are setting up camp as if they are ready to go NOW, they will try to put fake news out there giving the impression they are still months away from RI/RV.
💢We found this insight from Jon Dowling very interesting today ⬇️ Kindly note the reference to currency auctions ✅ 6.4.24
"Folks, Iraq has done the work. They just stopped two hundred companies from currency auctions without notice. They are ready to RI.
We’re just waiting on Israel, who is dealing with Syria and other factions. Next their attention will turn to Iran. Be blessed and ignore the haters doubters and deniers. They will be silenced soon! They will eat their words in regret. - Jon Dowling
IRAQ ANNOUNCES THE ARRIVAL OF APPROXIMATELY 24,400 PILGRIMS TO THE HOLY LAND SO FAR
Economy News – Baghdad
Today, Friday, the Supreme Commission for Hajj and Umrah counted Iraqi pilgrims traveling by land and air to the Holy Land, while confirming the existence of coordination with the Central Bank and banks to sell dollars to pilgrims at the official rate.
“The voyage process is continuing, whether by air through Baghdad, Najaf, Basra, Erbil, Sulaymaniyah and Kirkuk airports to Madinah airport – Prince Mohammed bin Abdulaziz airport, directly, as well as the voyage through the Arar border crossing, where pilgrims are escorted by security forces to the Arar border crossing,” said spokesman Hassan Fahd al-Kinani.
Al-Kinani added that “pilgrims pass through the city of pilgrims and Umrah performers, which was established in a record period not exceeding sixty days, and there are all the amenities that the pilgrim needs, and it contains restaurants, a bakery, a factory for the production of crystal ice, and a dream, where breakfast, lunch and dinner are served when the pilgrim stays there, and then at the Arar border crossing, where the procedures are easy and easy.”
“The number of pilgrims traveling by land and air to the Holy Land has reached about 24,400, half of whom are now in Medina and the other half have moved to Mecca after visiting the Holy Prophet (peace be upon him),” he said.
Regarding coordination with the Central Bank to obtain the dollar, Al-Kinani explained that “there is coordination with the Central Bank, Al-Rasheed and Rafidain Banks, and the Hermit Bank, which has been since the beginning of the regiment in the process of exchanging dollars to pilgrims, in addition to the Iraqi Trade Bank and exchange companies, all of which are on the official website of the Commission. Any pilgrim to the Holy Land can access the official website of the Commission through social networking sites or on the official website of the Commission in order to know where to sell dollars at the official rate for for pilgrims of Baghdad and the provinces.”
(Correct me if I am wrong, but I thought Iraq de-dollarized. So why are they exchanging foreign currency to dollars to the pilgrims in Iraq for use for their visit? Why not dinar? Does this seem weird to you? What is the CBI strategy behind this move?)
“All banks were on HIGH, HIGH alert starting Sunday night 2 June through Thursday morning 6 June. They said by Thursday morning definitely, you are going to have people walking in your door, a bunch of brand new customers.
Banks have pending rates and some are saying we are waiting right now to be notified of the release of the 800 numbers. The Federal Reserve said they were called in on Mon. 3 June to be at their desks. They are passing out money in Iraq and activating projects. Everyone I talk to say they are trying to go anytime now. We are there. The rates are good. Everyone is excited. So I hope you guys are ready.”
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TNT UPDATE 6/3/24
Opening monologue notes, I’ll add any additional info, after I finish the entire call.
Tony said it was supposed to go Saturday night, but there was a hiccup. It didn’t go Sunday night, because the Finance Committee didn’t approve the rate. He said everyone is on “high, high alert” now. Initially he was told by Thursday this week, at the very latest. The banks are now waiting to receive the notification, that the 800 #’s have gone out to us. The Treasury is saying by Wednesday, but the Federal Reserve has just called everyone in. It can happen at any time, starting after 4:00pm today.
The budget has passed, the
contracts have started to begin being fulfilled, and the Iraqi people are being paid for June wages. The rate has not been publicly announced to the Iraqi people yet, and there is no sign of the lower denominations. It’s unknown if they are waiting until Wednesday to publish the rate in the Gazette or not.
Rates on the Bolivar are showing at 36.84 and climbing. The range originally anticipated was between 22-55.
That’s it for the opening, let’s see this done, and have an awesome day. 🙏🥳