Saturday, July 27, 2024

Critical Update: Patreon Dinar Investor

"SUDANI WILL GIVE THE CITIZENS THE MONETARY REFORM WHEN ITS COMPLETED & HE TELLS THEM THAT DIRECTLY, AS HE CALLS OUT THE CORRUPTION THAT STEALS THEIR MONEY!!!" BY FRANK26, 27 JULY

KTFA

FRANK26: "SUDANI WILL GIVE THE CITIZENS THE MONETARY REFORM WHEN ITS COMPLETED & HE TELLS THEM THAT DIRECTLY, AS HE CALLS OUT THE CORRUPTION THAT STEALS THEIR MONEY!!!"............F26

Why is the exchange rate of the Iraqi dinar fluctuating against the US dollar in the parallel market?

7/26/2024

Written by Samir Al-Nusairi

Since 12/19/2020 when the exchange rate was adjusted by the Central Bank under pressure from the previous government until the present time, the exchange rate of the dinar has continued to fluctuate up and down in the parallel market even after it was adjusted again in 2023 despite the efforts made by the monetary authority and the government in taking many measures at the local and external levels.

Citizens, specialists and experts are wondering about the reason behind this?

To be neutral and stay away from the analyses and media statements of specialists and non-specialists, and because we are close to the reality of the real effort made by the Central Bank and the government and the information available to us, we can say from the latter that the stability of the exchange rate in the parallel market will remain in a state of fluctuation until the completion of the measures currently taken to implement the stages of financial and banking reform specified in Axis Twelve and Articles 1 to 7 and the daily efforts made by the Monetary Authority to complete the regulation of foreign trade financing and enhance and reform the government and private banking sector, which focus on compliance with international standards and agreements and ongoing negotiations with the US Treasury and global banks and the completion of the selection of the international auditing company to audit foreign transfers for banks to enhance their balances in foreign currencies that deal in other than the US dollar and the completion of the final agreements with Chinese correspondent banks to start dealing in the Chinese yuan after the temporary suspension of foreign transfers with China, as well as helping private banks to find correspondent banks to deal with them after the Central Bank’s decision to cancel the electronic platform inevitably during this year, and that the information confirms that there will be a breakthrough very soon by completing the above procedures and finding other new correspondent banks to deal in the UAE dirham and the euro as well Efforts are ongoing with the US Treasury and the company tasked with auditing the foreign transfers of the sanctioned banks in order to lift the restrictions on them using the US dollar. What also needs to be completed to reform the private banking sector is the decision to merge the banks that wish to do so, as well as the weak and struggling banks in order to reach the real size of banking activity, which covers the actual need for economic requirements. In addition, there is the urgent need to restructure some departments of the Central Bank to sustain work when the electronic platform is cancelled. The important measure that the government is responsible for is to stop illegal imports and cancel unofficial border crossings.

We must not forget also, clearly and accurately, that there is an organized lobby working against achieving monetary stability, led and implemented by multiple parties linked to speculators and corrupt people who have a special agenda to weaken the national economy and harm it by fabricating short-sighted and paid-for news, statements and economic analyses and transforming them from reassuring news for the market and citizens into news that confuses the market and creates panic among citizens. This is what is actually happening now, which requires clarification.

Here for about ten years, and especially after the financial and security shocks in mid-2014, the culture of relying on the Central Bank to confront economic and financial crises and challenges has taken root. This is done by using its own monetary policy tools and methods to overcome the government's lack of liquidity and its inability to pay salaries and fail to implement its government programs by relying on foreign exchange reserves, which are not in fact the government's reserves, but rather the Central Bank's reserves to control the stability of the exchange rate, according to the target and cover the local currency in circulation and cover imports. Due to these accumulated crises, the Central Bank was previously forced to lend the government about 46 trillion dinars over the past years, which reflected this policy on the national economy being exposed to
complex problems, and the solution is always the Central Bank, and it is also burdened with the problems of other concerned parties, and this is not its primary role, as it is not responsible for the deficit in non-oil revenues, the deficit in the balance of payments, the deficit in the trade balance, and it is not responsible for the rise and fall of global oil prices.
Therefore, foreign exchange reserves rose and fell due to these wrong policies that are not based on clear and specific economic strategies and approaches.

Therefore, the return of stability in the exchange rate to its targeted and balanced rates will be achieved with the support of the relevant authoritiesin the government by activating other productive sectors, reforming the financial and banking sector, and formulating clear financial policies in coordination with the monetary policy, its applications and currently approved tools, and overcoming the challenges of achieving economic stability. This means achieving stability in the financial and monetary system. This is not only the duty of the Central Bank alone, but rather it is a fundamental duty of the financial policy and the government's methodology in managing the economy, activating sources of national income other than oil, supporting, protecting and encouraging local production, and generalizing the activation of dealing in the Iraqi dinar in all internal monetary trading activities and expanding the use of electronic payment methods whenever possible.

My expectations for the exchange rate to return to stability will return after the completion of the reform, regulatory and negotiation procedures, and this does not take a long time.

LINK

Q & A - Exotic currencies exchange BY GINGER, 27 JULY

💢Q & A - Exotic currencies exchange

💢Q: GJ: Hi Ginger, I have Vietnamese Dong . I don’t have any type of humanitarian plan. Will I need an appointment to exchange for dollars?

💢A: Hi there G!!! Let's help you out with that. Okee dokee -- with having just Vietnamese Dong , here's the scoop. Any major bank which handles foreign currency exchanges will certainly be able to accommodate your request for exchange to dollars. You do not need to go to an "official Redemption Center" as that's only needed for Zim (➡️ plus other exotic currencies)... But, depending on HOW MUCH DONG YOU HAVE, yes, sir, you'll need to set up an appointment.

Stay with me ... Let me explain... 😉

Being IF YOU HAVE A LOT OF DONG to exchange, you'll foreseeably be placed in the category of a high net worth individual rather quickly, right? So, you do not want to do this kind of exchange at the typical counter, and the typical bank with a typical teller. Why? Because you absolutely Do NOT want others in the bank (customers in ear shot) observing this transaction. That could be very unsafe for you, sweetheart.

Therefore, the solution will be to create an appointment for your exchange of Dong with the bank - and they will set you up with what's called a Private Client appointment -- this is the kind of experience reserved for high net worth individuals, you see. You will have your session perhaps upstairs in another office, away from the ear shot and watching eyes of other clients and even employees. You will be tucked away, sequestered from all spying eyes. This is a more "cushy experience" too where you might even have the "red carpet treatment", offered a seat and a beverage -- you get the idea. Basically you will be treated like a high net worth individual and kept more safe than just the "lobby experience" that ALL of us have gotten our whole entire lives.

🔰For all who are reading -- this scenario I give is for any who hold ONLY exotic currencies - and this applies to you if you have a project OR Not (doesn't matter). Please be advised, if you have ZIM Bond Notes, you must Redeem your Bonds and exchange all your exotic currencies at the same time at a Redemption Center (which could possibly be a top tier 1 bank that has office space repurposed for this event, especially.) Again, the Private Client experience would apply to you as well. Appointment required. Walk-in absolutely ill-advised.

I hope this helps 🙂✅

~ Ginger of the Liberty Lounge

U.S. To Hold As Much Bitcoin As Gold? Why Marathon Digital Just Bought $...

PARLIAMENT TRIED TO ADD 15 TRILLION DINARS TO THE BUDGET SO THEY CAN STEAL IT... BUT SUDANI STOPPED IT!!!" BY FRANK26, 27 JULY

KTFA

FRANK26:PARLIAMENT TRIED TO ADD 15 TRILLION DINARS TO THE BUDGET SO THEY CAN STEAL IT... BUT SUDANI STOPPED IT!!!"............F26

15 trillion dinars raises controversy in the budget

7/26/2024

The manipulation of the budget has sparked controversy between the government and the House of Representatives.

Economic expert Salah Nouri told {Euphrates News} that: "It is too early to analyze the amount of {15} trillion dinars, as it is now the subject of controversy over falsification of the budget tables between the House of Representatives and the government."
Salah added, "Assuming that there is an increase of this amount in the operating budget, it increases the budget deficit, and increasing the deficit is a step towards a liquidity crisis."

The Parliamentary Finance Committee revealed, yesterday, Wednesday, different budget tables before and after its approval, with a difference of 15 trillion dinars.

Committee member, Moeen Al-Kazemi told {Euphrates News} that the budget tables that arrived from the Council of Ministers and were approved inside the parliament are the same as the government tables; therefore, the letter that we received from the Council of Ministers that the tables that were referred after the vote have a difference and a large difference in some chapters that reach 15 trillion dinars.

He added that the spending budget amounts to 211 trillion dinars; but the tables that were signed by the Parliament Presidency and sent to the Council of Ministers read 226 trillion dinars.
Al-Kazemi explained that the Prime Minister's Office sent the table signed by the Parliament Presidency, which included:
- An increase in the amount of the ration card by 5 trillion dinars.
- Increase in oil revenues by 5 trillion dinars.
- Reduce fees by 5 trillion dinars.
- In addition to financial increases for the Ministry of Electricity and some governorates.

Raghad

DINAR REVALUATION