XRP Pair with Iraq Dinar Triggers Speculations of XRP’s Rising Prominence
Wednesday, July 5, 2023
DINAR IRAQ & DONG VIETNAM UPDATE, 5 JULY
Coffee with MarkZ and Andy Schectman 07/05/2023
NEWS OF IRAQ, 5 JULY
An Iraqi Proposal To Deal In Dinars Instead Of Dollars With Iran
Money and business Economy News _ Baghdad The commercial adviser to the Iranian embassy in Iraq, Abd al-Amir Rabihawi, stated that pressure from the US treasury prevents the Iraqi side from using its official currency to transfer money to Iran, forcing it to use the free market currency, which differs by 10% from the official currency and harms Iranian merchants.
According to the Jahan Sanat News website, Rabihawi said, at the meeting of the Iranian-Iraqi Joint Chamber, that "trade with Iraq is traditionally possible so that money is exchanged with this country through exchange offices or cash."
Referring to the number of decision-making centers in Iraq and Iran, he explained: "In Iran, we have Iraqi offices in most ministries that take decisions on their own, and this is what led to a lack of centralization in decision-making in Iran and it has become a peninsula, which causes contradictory steps to be taken."
Rebihawi believes that Iraq is the best country for investment and export of goods in the region, stressing the importance of using this country for re-export, or benefiting from the advantage of transit through Iraqi territory to Europe or North Africa.
The Iranian trade advisor in Iraq stated that the central bank in this country distributes daily no less than 250 million dollars to the country's banks, and said: "The pressures of the American treasury prevent the Iraqi side from using its official currency to transfer funds to Iran, which forces it to use the market currency." The free currency, which differs by 10% from the official currency and harms Iranian merchants.
The Iranian official added, "Iraq suggested that all our financial dealings in Iraq be in dinars, even Turkish shops buy and sell in dinars in this country. Given the sanctions, this issue is in Iran's favor."
And he added, "Accordingly, we offered the Central Bank of Iran that Iranian businessmen and merchants trade in dinars instead of dollars."
Rabihawi confirmed that Iran is using its frozen funds in Iraq to buy 7 commodities that are not subject to sanctions, in addition to industrial equipment, medicines and foodstuffs.
He continued, "Iranian merchants must convince the Iraqis that the goods Iran exports to Iraq are non-sanctioned," declaring that the country exports 4,500 goods to Iraq that cover about 10% of its needs.
He added, "We must be frank with the Iraqis so that they realize that the issue of the price is very important to us regarding commercial exchanges with it, so that they return to us a difference of 10% of the price of the official and free currency."
Rabihawi stated that since the beginning of the arrival of tourists with the aim of treatment to Iran, brokers began to exploit this point and plunder money by increasing the cost of treatment several times, and he said: “It is true that medical tourism has become popular and has a noticeable demand by Iraqis, but it is subject to the control of merchants and brokers in Iraq There is a disagreement between the Ministry of Health and Tourism on the need to solve these problems.
In conclusion, he added that it was decided to establish 5 industrial cities on the Iranian-Iraqi borders.
Last week, the Iranian deputy oil minister for gas affairs said that the Iraqi Ministry of Electricity had paid Iran all gas-related debts.
“The Iraqi Ministry of Electricity has paid all our dues for gas, and the debt is now zero, but sometimes there are problems transferring money from the Iraqi TBI Bank to Iran,” Majid Chengy said.
In his statements, the Iranian official did not mention the amount of frozen funds in Iraqi banks.
For his part, Ahmed Musa, spokesman for the Iraqi Ministry of Electricity, confirmed, on Monday, that his country had paid Iranian gas dues to Tehran and deposited them in the Trade Bank of Iraq.
He said, "The Ministry of Electricity has paid all dues owed by Iraq to Iran, which are dues for importing gas from it."
He added, "The dues were paid to the Iraqi Trade Bank in the Credit Fund, but the bank is finding difficulties in transferring them to the Iranian government because of the US sanctions."
Views 25 07/05/2023 https://economy-news.net/content.php?id=35012
DINARLAND UPDATE, 5 JULY
MarkZ
[via PDK]From Iraq:
“Parliamentary work-no increase in social benefit salaries and 600 thousand families will be included”
What they are meaning is – in their budget they are going to increase the salaries for people on disability etc…so they haven’t increased the salaries yet but have added 600 thousand new families…this math does not work without a value change. We are watching as they are rolling out their new projects in Iraq and they are going to need the new rate.
Everyone I talked to is squarely expecting things to happen on the 5th. We will watch and see if anything happens in the morning…If by any chance we get breaking news today I will let you all know…
I am attempting to stay in close contact with the CBI during this revaluation process. …we still have not see any real news from the CBI (Ali Al-Alaq) itself on the project to delete the zeros. This project is pivotal in the revaluation and then the reinstatement…so why is the CBI staying so quite if they plan to reinstate the dinar anytime soon… I can’t figure out why the reinstatement has not already occurred.
The budget is not officially open to the world just yet…Sudani is working on the inners, is working on the exchange rate…the program rate is not enough gas in the tank to get the $63 trillion worth of projects done. Absolutely not. There’s just no way possible.
Question:
“Will the float go fast or slow?”
IMO it’s going to go at the speed of light. It’s like a man that was in prison for 50 years and he comes out. He’s going to do everything that he couldn’t do in prison at the speed of light.
Iraq made financial headlines when it boosted gold reserves by 2% in one day. To understand why this is major news, let’s compare it to the fastest-growing currency against the US dollar, the Swiss frank. The rapid rise of the Swiss franc, happened in 2015. One single event is responsible for the Swiss franc blowing up. The Swiss National Bank suddenly withdrew the peg of 1.20 franks per euro on January 15, 20215. The central bank stated this was requested since the peg was no longer viable. In the immediate aftermath…the currency surged 30% against the euro and 25% against the US dollar. The decision shook the Forex market and put several foreign currency dealers out of business...
This is how your finances can change in one day…Here are two reason why the Swiss currency is so strong…Switzerland has a long history of low debt and fiscal responsibility. And the nation has hard assets such as gold reserves…What is the bottom line? Low debt and high gold reserves. According to Statista, Iraq has extremely high debt, the national debt is estimated at $210 billion US dollars by 2028. This is why Iraq booting its gold reserves by 2% in one day is breaking news and good news for Iraq…Once Iraq finds a path to reduce debt and increase revenue outside of the oil industry, its currency will increase in value.
JUDY NOTE, 5 JULY
WARNING: There are reports of some asking for you to hand over your foreign currencies and/or Zim Bonds to them saying they will exchange or redeem them for you. DO NOT give in to this scam. Only the purchaser of the currency or bond can legally exchange or redeem that currency or bond at a Redemption Center for the higher rates. The exception is if you have given someone currency or bonds, along with a notarized gift letter saying you have done so. If someone tries to turn in your currency or bonds without your authorization they could be arrested.
Global Currency Revaluation:
- On Fri. June 30 2023 the US Federal Reserve and US Treasury , unable to pay the Global Repository back quadrillions owed, was asked to hand over all their assets.
- On Sat. 1 July International Financial Markets transformed into a digital asset-based economy. The new Quantum Financial System interfaced in computers around the World to coordinate currency transactions through International Payment System ISO 20022.
- After the EID holiday ended on Sat. 1 July the Kingpin of the Global Currency Reset, the new Iraqi Dinar Rate was implemented into the Iraqi Budget.
- Also on Sat. 1 July the fiat US Dollar transferred into a gold/asset-backed US Note.
- On Sun. 2 July about 5 pm EST the Dinar Rate on the Forex went public. A live Foreign Currency Converter showed the new Dinar Rate was slowly climbing upward in value:1,000,000 IQD to USD – Iraqi Dinars to US Dollars Exchange Rate (xe.com)
- Khan Baba: Iraqi Dinar $4.86 International Rate: https://dinardetectives.com/khan-baba-111/
- On Mon. 3 July SOFR, Libor and many nations dumped their US Treasuries.
- On Tues. 4 July the Quantum Financial System was fully integrated worldwide. Tier4b (us, the Internet Group) was expected to be notified to set exchange and redemption appointments according to Bruce.
- Tues. 4 July IQD Value to USD: Dinar Data – Dinar Detectives – Iraqi Dinar Recaps from Dinar Guru and Intel
- Iraqi Dinar $4.85 International Rate: https://dinarchronicles.com/2023/07/04/iraqi-dinar-plus-more-by-david-harkness-7-4-23/
- Tues. 4 July X22 Report Central Banks About to go off Cliff:https://dinarchronicles.com/2023/07/04/x22-report-central-bank-system-about-to-go-off-the-cliff/
Tuesday, July 4, 2023
DINAR IRAQ & DONG VIETNAM UPDATE, 4 JULY
Parliament is moving to launch a “bullet of mercy” for the disputes between Baghdad and Erbil
2023-07-03 06:36
Parliament is moving to launch a bullet of mercy for the disputes between Baghdad and ErbilShafaq News/ A member of the Oil and Gas Committee in the Iraqi parliament, Ali Abdul Sattar al-Mashkoor, suggested, on Monday, the approval of the oil and gas law during the current parliamentary session, considering the passage of this law as a “bullet of mercy” for all financial and oil disputes between Baghdad and Erbil.
The oil and gas law, which has been stalled in the Iraqi parliament since its first session until today, is one of the most prominent points on which a preliminary agreement was reached between the two sides, but there are signs of disagreement that may affect the possibility of passing it.
The oil and gas law in Iraq, which has been awaiting legislation in parliament since 2005, stipulates that the responsibility for managing the country’s oil fields must be entrusted to a national oil company, and it is supervised by a federal council specialized in this matter.
Al-Mashkoor told Shafaq News agency, “The oil and gas law has been returned to the cabinet to amend some of its paragraphs, pending the completion of the amendments and putting it to vote during the current parliamentary session.”
He added, “The law will regulate the oil and financial relationship between the provinces and districts and between the Kurdistan Regional Government and the federal government,” stressing that “the main reason for spinning the wheel of the oil and gas law and its approval after 18 years of deportation and postponement, is to end the eternal dispute between the federal government and the Kurdistan Regional Government.”
A member of the Parliamentary Oil and Gas Committee promised that the approval of the oil and gas law would be a “bullet of mercy” for all financial and oil disputes between Baghdad and Erbil.
Regarding the political differences that may arise in conjunction with passing the paragraphs of the law, Al-Mashkoor believed that “every law is not devoid of existing political differences and tensions, and it is not possible to reach absolute acceptance by all parties of the enacted laws.”
shafaq.com
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