The National Security Chancelliery announced on Monday (August 26, 2024) that Qassim Al-Araji will participate in the first cycle of the high-level dialogue with NATO on Tuesday.
“Her president arrived today in the Belgian capital Brussels at the head of a senior official delegation,” the chanceller said in a statement received by “Baghdad today.”
“Araji will participate in the first session of the high-level dialogue with NATO and the meeting of EU officials and the Belgian side, which will be held tomorrow, Tuesday in Brussels,” he added.
Article Quote: "...with the use of electronic payment operations, the environment will be mature and acceptable for the idea of implementing the decision to delete zeros, and the process will be automatic without the citizen feeling it.”
...the CBI wants this event to be almost transparent and smooth to the citizens...the solution is to digitize, then this will enable them to switch out the currency almost seamless to the citizens...
They must implement the digitization program first in ALL banks... Iraq is optimistic in getting the electronic initiative completed sooner than later. They are not talking about years.
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MNT GOAT
When they do liberate the dinar, it will include two main steps in the process. Please go to my blog to read all about these upcoming steps.
They CAN NOT and WILL NOT just jump to reinstate without first following a process of the Project to Delete the Zeros.
I have explained this process many times already to you. You can read it and follow it HERE. But today’s news is also about deciding whether they will peg the Iraqi dinar to a petro-dinar instead of petro-dollar?
Yes, you heard right. Didn’t I talk about this months ago?
Didn’t I tell you my CBI source told me they were considering this? How risky is it? Is this really Dr. Shabibi’s plan? Let’ talk about it in more detail.
Acting Speaker of the Council of Representatives, Mr. Mohsen Al-Mandalawi, confirmed today, Monday, that Iraq is focusing on the economic andinvestment aspect by concluding bilateral international agreements.
Al-Mandlawi's office said in a statement received by the Iraqi News Agency (INA), "Acting Speaker of Parliament Mohsen Al-Mandlawi met, at his residence today, Monday, with the US Deputy Ambassador to Iraq, and the Director of the Political Section at the Embassy, Michelle Siders, and the accompanying delegation, to discuss a number of files of mutual interest, and to discuss the latest developments in the region."
He added that "during the meeting, the future of joint relations was discussed, and ways to develop them to serve the interests of the two friendly peoples, and the emphasis was placed on Iraq's keenness to establish balanced relations with its regional and international surroundings based on cooperation and mutual respect, and contributing to the country's growth and progress and achieving the people's hopes and aspirations."
Al-Mandlawi pointed out that "Iraq is currently looking forward, after the security situation has stabilized and ISIS gangs have been eliminated, to focusing on the economic and investment aspect through solid bilateral agreements and understandings capable of achieving comprehensive economic development in the country link
Aki talks to the CBI and he knows what's going on.
He was very surprised we have not asked him about the pictures that are being shown on [Iraqi] television of the lower notes...
[We] trust Aki very much. Every time Aki shares something...it comes out.
Walkingstick
[Aki Iraqi bank friend who runs a bank in Michigan]
Question: "Have you heard the three zeros will coexist for ten year?"
Yes, we have heard about it but we did not hear the number 10.
We heard that it would be over a long period of time.
Duel pricing in the market would be controlled easier.
Also, it would give the CBI longer time frame to collect the citizens 3 zero notes.
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Walkingstick
[Iraqi Bank friend Aki in Michigan]
The monetary reform is very solid. Things are looking good...What happened with the CBI governor, he's not going anywhere.
The government can't fire Alaq in the same way Maliki fired the governor of the CBI Dr. Shabibi.
Maliki had no authority, he had no right to fire Dr. Shabibi.
Dr. Shabibi went and worked with the US Treasury to make sure the monetary reform plan was completed...
Walkingstick
[Iraqi Bank friend Aki in Michigan]
Question presented to Aki - Concerning the statement that was made by a representative of the WTO
[about Iraq launching a fully convertible currency in October
AKI: I didn't hear anything about October...
WALKINGSTICK: I would call it scuttlebutt because the interpreter was telling me that he says he's not sure about that...but he knows there are rumors out there about when this is going to happen.
AKI: I did hear about the WTO guy. Maybe he's talking about a new currency that would be convertible prior to October but there is no mention at the banks about October being the date. If anything I have heard it is before that.
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RECENT POSTS OF WALKINGSTICK:
IRAQI BANK FRIEND UPDATE : " SUDANI IS CALLING HIS PEOPLE BACK " BY WALKINGSTICK, 2 JULY
Economic expert, Saif Al-Halfi, confirmed that the Iraqi Stock Exchange is currently suffering from a lack of liquidity, due to the weak confidence of foreign investors in the Iraqi market.
Al-Halfi told Al-Eqtisad News that the Iraqi stock market suffers from a lack of liquidity, as trading rates are still relatively low compared to other markets in the region, noting that the daily trading volume may reach 3 billion dinars per day in the best case.
He stressed that the market value of the companies listed on the market exceeds 12 trillion dinars.
Most listed companies are seeing their shares decline as a result of lower demand and the exit of a number of foreign investors from the market.
Al-Halfi pointed out that foreign investors' confidence in the Iraqi market is still low due to unstable political and economic factors, as well as the lack of legal and procedural facilities for opening accounts for foreign investors, in addition to the weakness of the infrastructure in electronic trading.
He pointed out that the lack of technology and modern financial infrastructure, including digital banking services and advanced electronic trading platforms, affects the efficiency of the market and its ability to attract investors, and that the development of the banking system will be positively and directly reflected in the development of the performance of market indicators.
Al-Halfi stressed the government's role in promoting the stock market through economic reforms, supporting small and medium enterprises, and encouraging foreign investments.
Al-Halfi concluded his speech by saying that the Iraqi stock market reflects a complex reality that can be described as a mixture of pain and sadness as a result of the great challenges it faces, with some opportunities for joy and profits if the economic and political conditions improve link
The new lower notes and the new exchange rate will revolutionize the whole Middle East, let alone the whole world...The monetary reform is the linchpin. It's the trigger. It's the button that will be pushed to change financial structures around the world...We investors of the dinar have a backup for a backup in order to survive this global financial change...
Frank26
Article: "Iraq and America to resume negotiations on the banking sector next Monday"
ALAQ'S VISIT IS ON IRAQI BANKS... IRAQI BANKS ONLY CARE ABOUT A NEW EXCHANGE RATE.
Frank26
I don't care about the WTO and HCL because it only waits for one thing, the new exchange rate.
The only mechanism that everyone is waiting for is the new exchange rate.
That is the simple fact. This fact is real because Sudani is constantly reinforcing that idea...by constantly coming out on TV and talking to you [Iraqi citizens] about you're going to get purchasing power.
We found out the 3 zero notes are going to coexist with the lower notes for 10 years.
Do you understand the power behind that?
That means we're going to be able to participate in not only the float but the Real Effective Exchange Rate (REER)
Frank26
The goal is what? Retrieve those [Three zero notes].
How?
As soon as we raise the value, give them purchasing power, as soon as we drop the 3 zeros, they're going to bring in all that 80 something percent [still in Iraqi mattresses]...The monetary reform plan is brilliant...It is moving at a very fast pace.
DINAR REVALUATION
ANALYSIS OF WHAT EDDIE TOLD TO FRANK26:
"Then Saleh talking about oil being sold in dinars instead of dollars."
Economist back on tv saying it’s time to drop the zeros."
---It sounds like there's a couple of interesting economic discussions happening in Iraq right now!
Saleh and Oil Sales in Dinars: Saleh's suggestion to sell oil in dinars instead of dollars could be aimed at strengthening the Iraqi dinar and reducing dependence on the US dollar. This move could potentially stabilize the local economy and improve national financial sovereignty. However, it would also require significant adjustments in international trade agreements and currency exchange systems.
Dropping Zeros from the Dinar: The economist's call to drop zeros from the dinar is a common monetary policy strategy known as "currency redenomination." This involves introducing a new unit of currency that is worth a thousand or more times the old unit. It's often done to simplify transactions and improve the currency’s image after periods of high inflation or economic instability. For Iraq, this could be a step towards stabilizing the currency and restoring confidence in its value.
Both of these measures reflect efforts to address economic challenges and enhance the stability of Iraq's financial system. The success of these strategies will depend on how they are implemented and their impact on the broader economy.
SEEMS THAT WE ARE REALLY CLOSE TO OUR DESIRED RV!!!
Shaaban Forotan, a member of the board of directors of the Iranian-Iraqi Joint Chamber of Commerce, revealed today, Tuesday, that the largest part of trade between Iraq and Iran, in terms of traders and exporters, is carried out through the Iranian riyal.
"Most Iranian exporters now work in riyals in trade with Iraq, and financial transactions between the two countries will continue without using the Iranian riyal, i.e. also in dollars. This does not mean the complete elimination of the dollar, but a large portion of traders conduct their transactions without the dollar," Forotan said in statements to Iranian media.
He explained that "the commitment to trade in dollars does not include all product groups, but the exchange of riyals into dollars cannot be implemented due to the sanctions imposed on banks, and riyal traders earn from selling goods in the Iraqi market through their contacts with the stock exchanges of Iraq and Iran or a third country such as the United Arab Emirates, and they do not have the possibility of direct settlement."
He pointed out that "the supply of Iranian goods faced a problem in the Iraqi market, which is the multiple increase in the prices of goods in Iran during the year, while it is expected that prices will increase only once a year link
[via PDK] I am certainly hearing we are just waiting for the switch to be pulled….and this is going to be an amazing week and we are going to see great things...
Rumors are bouncing all over…even with the groups...but substantial news is a little slim….
From the group leaders there are tons of rumors about the immediacy of this thing. Including the rumors that money is positioned and they will start doing smaller groups as early as today. ...
But until we can substantiate them…right now…it’s all just rumors...We will wait to see what happens before we get to excited. Things are certainly heating up.
Question: wouldn't it be beneficial for Iraq to revalue sooner than later especially since what a 23 24 25 budget has been passed but yet we're nearly into 25 and there's nothing that's benefiting them?
MarkZ: it would be beneficial for them to revalue sooner. I can tell you that they want to.
The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, explained today, Tuesday, the importance of Prime Minister Muhammad Shia al-Sudani's visit to Egypt and Tunisia, stressing that this visit will develop strategic partnerships and will bring economic benefits to Iraq and those two countries, in addition to serving national and regional interests.
Saleh said, in a statement to the media, followed by "Al-Eqtisad News", that "the visit of Prime Minister Mohammed Shia Al-Sudani to Egypt and Tunisia is important, especially since they are the incubator of the Arab League in two different time periods, and they have long historical relations with Iraq."
He added that "the Prime Minister's visit to Egypt and Tunisia is of great importance from several aspects, most notably strengthening bilateral relations and enhancing cooperation in the fields of economy, cultural and educational exchange," noting that "this important visit will open the way for signing economic or technical agreements or memoranda of understanding that serve the common collective interest."
He stressed that "this visit will enhance the follow-up of ways of joint cooperation, especially the development of existing projects in construction and housing undertaken by companies from the two countries, especially Egypt, in addition to enhancing trade and investment with the two sister countries, which will benefit the national economy of Iraq and those two countries, in addition to enhancing positive rapprochement between the peoples and sons of the region. The visit will also provide an opportunity for consultation on international and regional issues of common interest."
Saleh stressed that "the Prime Minister's visit to Egypt and Tunisia will develop strategic partnerships and achieve common goals that serve national and regional interests." link
Article "Iraq is the 9th largest buyer of gold in 2024"
If they clawed back enough money to help buy 100 tons of gold, man, there's been some heavy, heavy corruption. I'm assuming their recent income from non-oil revenues has had something to do with it as well.
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Militia Man
Article quote: "At this time there is no acute problem regarding cash liquidity
"
There's no need to print new currency...They've yet to do anything different.
They spent about $50 million in printing currency and it wasn't triple zero notes. There's no reason for it. You can't spend $50 million while you're burning up money to print new ones, especially if they were perfectly good.
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The United States is going to say we're ready to go.
We're not playing games anymore...we're going to do it our way. Iraq either you're on board or you're not on board...No wonder those guys are barking...because the parallel markets are going to go away and fast.
They know what they need to do. Change the value of their currency and no one's going to want their [black market] USD. They're going to know the Iraqi dinar is going to be powerful just like Sudani said...
The Parliamentary Finance Committee confirmed that it will soon resume its investigation into changes to the general budget law tables that were officially approved by the Council of Representatives, and objected to by the Prime Minister's Office.
Committee member, MP Moeen Al-Kazemi, said in a statement to the National Iraqi News Agency ( NINA ), that "the parliamentary investigation committee assigned by the Finance Committee will resume its work soon, to determine the reasons for the change in the general budget tables officially signed by the Speaker of Parliament and sent to the Council of Ministers." He added, "The government is working with its tables approved by the Council of Representatives, and there is no financial damage to the public treasury," indicating, "The wor
k on the general budget ceiling of 226 trillion dinars has been suspended, and the government is proceeding with implementing its tables that were approved by the Council of Representatives." He explained, "The Parliamentary Finance Committee is following up on the reasons for the difference between the government version of the general budget tables and the paper and electronic version of the Council of Representatives." link
...MORE US BANK STAFFERS ARE REPORTING SIGNING "NDA'S" ARE CLAMMING UP... ANOTHER PROVINCE HAS BEEN REPORTED HAVING "LOWER DENOMS" BEING DISTRIBUTED IN SOME MANNER, AWAITING FURTHER COMPLETE DETAILS, IF ANY....
IF WHAT THEY'RE TELLING ME IS TRUE...SOME OF YOU ARE GONNA GO TO SLEEP WEALTHY $$$$$$...IT'S YOUR SEASON....TO BE BLESSED!!
RayRen98
[via Twitter/X] ...Verified lower denom locations...Province 8 Baghdad, Province 11 Najaf, AND possibly Province 1 Duhok up near Turkey.
RayRen98
[via Twitter/X]
Community Comment: Just informed that lower denoms are being released to the streets right now. ...It’s on the way.
RayRen98
THE WORLD COURT RECEIVES DISPUTES (AND SEEKS RESOLUTION) BETWEEN NATIONS. THE DETAILS ARE INSIGNIFICANT, THE RV IS SLATED TO MOVE FORWARD NOW.
I'M BEING TOLD THE WORLD COURT "CLEARED" A FORMAL COMPLAINT TODAY AND TOMORROW IS A DEFINITE POSSIBILITY.
Al Alaq's Speech on New Currency Rate and Lower Denominations in Iraq (August 2024)
In a recent speech, Ali Al-Alaq, the Governor of the Central Bank of Iraq (CBI), provided assurance to the Iraqi public regarding the future of the country's currency. Addressing concerns over the dinar's value and the introduction of lower denominations, Al-Alaq urged citizens to remain patient, promising that a new rate and lower denominations would be implemented soon.
Al-Alaq emphasized the importance of maintaining the stability of the dinar's exchange rate against the US dollar. He highlighted that this stability is essential for the Iraqi trade system and financial transactions, requiring changes and restructuring within the country's trade and foreign exchange systems.
Commitment to International Standards
The CBI Governor also underscored the need to adhere to international practices and standards, particularly those outlined in the Anti-Money Laundering and Terrorism Financing Law No. 39 of 2018.
This commitment is crucial for protecting Iraq's financial system from risks and ensuring transparency and the safety of financial operations.
The Process of Monetary Stability
Al-Alaq explained that the process of achieving monetary and exchange rate stability is a significant undertaking that necessitates a series of changes and the restructuring of the Iraqi trade system and foreign transfer system. The CBI is actively engaged in this process, working on daily details to reach a proper path that opens new avenues for facilitating and expediting the necessary reforms.
The Road Ahead
While the specifics of the new rate and the introduction of lower denominations have not been disclosed, Al-Alaq's speech signals a clear commitment from the CBI to address the dinar's value and improve the financial landscape in Iraq. The CBI's efforts are expected to contribute to economic stability and strengthen the country's financial credibility on the international stage.
Closing Remarks
Ali Al-Alaq's speech reflects the CBI's proactive approach to managing the dinar's value and ensuring the stability of Iraq's financial system. The introduction of a new currency rate and lower denominations, once implemented, will mark a significant step in Iraq's ongoing financial reforms.