Floating The Dinar.. Specialist: A Disastrous Step And Monetary Policy Must Be Reconsidered, 5 OCT

 Floating The Dinar.. Specialist: A Disastrous Step And Monetary Policy Must Be Reconsidered

Amid the failure of the Central Bank of Iraq to control the exchange rate of the dinar against the dollar and the continued smuggling of hard currency out of the country, calls are appearing here and there to float the Iraqi dinar.

In this regard, Hammam Al-Shamaa, professor of economics at the University of Baghdad, says, “If the Iraqi dinar is floated, it is possible that the price of one dollar will reach more than 10 thousand dinars, and this price will not serve the Iraqi economy and will burden the citizens.”

Al-Shamaa added in a press interview seen by “Taqaddam” that “Iraq is considered one of the ranks of the Gulf countries as it is an oil country and has great potential for hard currency, and therefore flotation does not serve the Iraqi economy,” indicating that “flotation serves the economies of poor countries.”

Al-Shamaa warned that “taking such a step will lead to the death of the Iraqi people from hunger, especially since Iraq is a country that, despite its enormous natural wealth, is an unproductive country,” pointing out that “the agricultural sector is declining and the industry is backward, as there are no productive sectors that can provide food.” “For the people.”

He pointed out that “the government has begun to take measures that lead to an increase in the dinar’s exchange rate, including a delay in government spending,” calling for “a reconsideration of monetary policy in Iraq and assigning the task to those who lead it efficiently, professionally, and with knowledge, and not by bidding and searching for wealth creation and fundraising.” .

https://takadum-news.com/archives/186352#hathalyoum

Coffee with MarkZ 10/05/2023

Thank you MarkZ for all your time, and encouragement daily….. PDK

MarkZ Thursday Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

Member: Good Morning….Can’t believe we are looking at another weekend of waiting already.

Member: They have always said it will go on a 3 day weekend. Its Columbus day here in the USA…maybe this is the weekend we have been waiting for?

Member:  Canadian Thanksgiving this weekend…. Is this our weekend???

MZ: I know their preference is to have a 3 day weekend…..good to know. 

Member:  All the hype for Oct 3-4 Nothing happened, as usual.

Member: Any news on Iraq and the WTO?

MZ: When I find out – I will tell you. I think this is a big “tell” they are trying to keep from us. If they let this news out before they are ready for us….it would be a mad dash for everyone to buy Iraqi dinar…It would be a clear signal of a changing rate….so my guess is they have already been accepted and are waiting to announce the value…..that is my best guess. 

Member:  Iraq will ban cash withdrawals and transactions in U.S dollars as of Jan. 1 2024.

Member:  article in Reuters today IRAQ is to end all dollar cash withdrawals by January 1, 2024. Does this mean the RV won’t happen until then and then we won’t be able to get any dollars for our exchange?

Member: I sure hope we are not waiting till next year. 

Member: More delays? Iraq has to get off its ass and release thus now! This is unacceptable!

MZ: “Iraq asked for $1 Billion in cash and this time Washington said no”  This is from the WSJ. Iraq is between a rock and a hard spot for foreign currency…..They are not yet fully internationally recognized. There are still some sanctions and controls there. Going fully international  with a rate change would fix their woes. . 

MZ: Iraq has everything at stake for this revaluation.

Member:  didn't the senate vote in March 2023 to end the military authorization (end war, liberate Iraq)? Why are we waiting for the senate to pass this again?

Membr: The house passed it…then it went to the senate…..they have not got around to it yet. 

Member: I hear the US treasury is who is causing all the delays. 

Member: I'm wondering if this QFS transition has any impact on the delays we are seeing????

MZ: “ Commerce sets the date for the start of the first step of electronic transformation” They have been working on this non stop…..this should all be transitioned for electronic transactions over the next 2 weeks.

MZ: WE are getting a lot of chatter from bond folks…..some of them are expecting things as early as today….some have meetings for tomorrow…..most are expecting payouts over the weekend. 

MZ: No update yet on whether redemption center folks plan on working this weekend yet or not. 

Mark - Wolvie says the Tier 1ers are not part of the RV and are paid by St Germaine. Let’s hope St Germaine is fully funded?

Member: Mark, are there any strings attached when you ask for the contract rate?

MZ: I was told the strings are you have to sign an NDA and not tell the amount that you were given. . 

Member: I got a Fifth/Third call center employee to tell me she knows of the QFS and the impending GCR….She is also a currency holder. 

MZ: Doesn’t that feel good when you have those bank employees admit it??? That is so refreshing. 

Member:  everyone here is frustrated but we know this is going to happen so just try to focus on yes its going to happen instead of its not here yet

Member: I feel we are close and this weekend is a 3 day weekend

Member: Praying we see something real happen soon…..not just rumors and chatter. 

Member:  Mark, thanks as always for all the latest updates & news.

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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!

"RV UPDATE" BY MARKZ, 5 OCT

 MarkZ 

  [via PDK]  Some banking sources Think redemptions may start on Monday…they think this…but do not know for sure. Focus on the fact that we are seeing solid progress…and that things are close. To be honest I am hoping for it to happen this weekend.

 Question:  hearing that a currency lockdown has occurred. Have you heard this Mark?   

MarkZ:  No I havn’t…but I am wondering if that is why there is sudden quiet out of Iraqi contacts.

  I reached out yesterday and today and am hitting a brick wall. It would not surprise me if a currency lockdown had started in-country.

 Question:  What is a currency lock-down? 

 MarkZ:   Basically it is where a country locks down borders so people cannot come and go carrying currency…while they handle a “change in value” ….In other words they go dark similar to what Kuwait did for about 10 days. 

 ...I am told we will suddenly see a lot of movement on the removal of sanctions...I expect to see that in the next day or two...

10-4-23 PASTOR THOMAS PRESENTATION AND IQD UPDATE

Gold Price Volatility in Iraq: Stability in Baghdad but a Dip in Erbil, 5 OCT

 Gold Price Volatility in Iraq: Stability in Baghdad but a Dip in Erbil, 5 OCT

Recent trends in the gold market of Iraq reveal a striking divergence between the nation’s capital, Baghdad, and the capital of the Kurdistan region, Erbil. While Baghdad has seen stable gold prices, Erbil has experienced a noticeable decrease.

Gold Prices in Baghdad

Baghdad’s wholesale markets report steady prices for 21-carat gold, whether it’s of Gulf, Turkish, or European origin. The selling price for one mithqal – a unit equivalent to five grams – of this gold stands at 416,000 dinars, with the buying price slightly lower at 412,000 dinars. The price of 21-carat Iraqi gold remains steady as well, with a selling price of 386,000 dinars and a slightly lower buying price of 382,000 dinars.

When it comes to the retail gold prices in Baghdad, for a 21-carat Gulf gold mithqal, they range from 420,000 to 430,000 dinars. In contrast, for the same weight of Iraqi gold, the prices vary between 390,000 and 400,000 dinars. This stability in both the wholesale and retail markets indicates a stable gold market in Baghdad.

Gold Price Fluctuations in Erbil

In contrast to Baghdad, Erbil has seen a decrease in gold prices. The selling price for 24-carat gold is listed at 390,000 dinars, 350,000 dinars for 22-carat gold, 430,000 dinars for 21-carat gold, and 370,000 dinars for 18-carat gold. This dip in prices in Erbil contrasts the stability seen in Baghdad’s gold market, suggesting a difference in market dynamics between the two cities.

Understanding the Market Dynamics

The contrasting trends in gold prices between Baghdad and Erbil shed light on the complexities of local economies. Several factors could contribute to the stability of gold prices in Baghdad and the dip in Erbil, though the specific catalysts remain unconfirmed. However, these trends highlight the significant role local marketplace dynamics play in commodity economics like gold. They offer insights into the intricate relationship between these commodities and their daily exchanges, contributing to a nuanced understanding of the broader economic landscape across different regions.

Economic Implications

The fluctuation in gold prices in Baghdad and Erbil draws attention to the continuously evolving nature of global economics. It triggers vital discourse on the role of commodities like gold within a regional economy and their broader macroeconomic implications. The contrasting conditions in the gold market between Baghdad and Erbil could significantly shape Iraq’s future economic landscape. The ongoing trends invite speculative intrigue and scholarly debate, reflecting on the dynamic nature of economics in these regions.

Iraq’s Central Bank Aims to Stabilize Economy through Exchange Rate Control, 5 OCT

 Iraq’s Central Bank Aims to Stabilize Economy through Exchange Rate Control, 5 OCT

The Central Bank of Iraq (CBI) is taking active steps to control the exchange rate in the parallel market, also known as the black market, which operates outside the realm of formal economic activities. This move is seen as a response to manage the country’s economic conditions and aims to stabilize the economy, control inflation and encourage legitimate trade.

US-Iraq Discussions on Foreign Trade Financing

Recent discussions between Iraq and the United States have centered around plans to provide technical support for financing Iraq’s foreign trade in other currencies apart from the dollar. The Central Bank of Iraq revealed that the aim of these discussions is to ease demand for the greenback in the local market. Assistant Treasury Secretary Elizabeth Rosenberg and the Governor of the Central Bank of Iraq, Ali Al Alaq, held talks on bilateral relations and measures taken by the bank to fight money laundering and terrorist financing.

Technical support in the field of foreign trade financing through reputable banking channels was also discussed. These channels will use mechanisms that enable legitimate foreign trade financing in different currencies, including the Euro, the Chinese Yuan, and the UAE Dirham. The US ambassador to Iraq, Alina Romanowski, emphasized that progress on international anti-money laundering and banking reform will help combat corruption and support international investment in Iraq.

Central Bank Measures to Control the Exchange Rate

One of the key issues in Iraq’s economy is the flow of the dollar through the foreign currency auction run by the Central Bank of Iraq to countries under US sanctions, including Iran, Syria, and Lebanon. Strict measures have been applied by the Federal Reserve Bank of New York on requests for international transactions from Iraq, which has led to an increased demand for the US dollar on the black market in Iraq, causing a decline in the value of the Iraqi dinar against the greenback.

To counter this, the Central Bank of Iraq has introduced a series of measures to make the hard currency available at the official rate to traders and ordinary Iraqis wanting to travel abroad. However, these measures have failed to control the exchange rate and have only exacerbated the crisis. The Central Bank plans to restrict all internal trade to the Iraqi dinar starting next year, a move that aims to help control the black-market exchange rate.

New System for Foreign Transfers

The Central Bank of Iraq has announced a new system focusing on the execution of all foreign remittances and documentary credits via an electronic platform. This platform allows for meticulous pre-audit checks, verification of the final beneficiary, and safeguards all parties from both domestic and international risks. It also facilitates personal remittances abroad for education, healthcare, personal needs, and retiree salaries for residents abroad through international money transfer companies like Western Union and MoneyGram.

Impact on Iraq’s Economy

These steps by the Central Bank of Iraq could potentially lead to a more balanced economic environment in the country and might have implications for the financial stability of Iraq. It is expected that these decisions will help to curb the illegal flow of dollars, encourage legitimate trade, and stabilize the economy. However, the success of these measures will largely depend on their implementation and the adherence of traders and ordinary Iraqis to the new rules.

"RV UPDATE" BY WOLVERINE, 5 OCT

 Bearded_PatriotUSA

Telegram post 
10/4/23

Forwarded from  Wolverine:

TNT call: Everybody is excited again today. Tony was told to expect it any minute. He has been told a 2 hour window but he can’t tell us what it is other than it’s tonight. It won’t be global until the weekend, however, which means Iraq is getting a couple days to make adjustments in their process, although the banks will have the option of which day they want to start.

https://t.me/Bearded_PatriotsUSA/3690