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.
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 Thursday Evening….Hope everyone had a good day
Member: I sure hope we get some good news tonight
MZ: There are a lot of people calling for it tonight. From the banking side ( I got this from a couple different sources) So from bankers in different states…..They were told they are officially on “STAND BY” We have not seen that in a very, very long time…and I have never gotten it from multiple states in different areas that are un-related……AND, these are from different top-tier banks. .
MZ: So this is something going out from multiple banks….in multiple states. .
MZ: I have also been to relay a message from a bank…..If you call banking personnel and ask them some of these tough questions…..like Are you ready for the GCR…or the RV? Well, these things are recorded. And it is putting emplyees in a bad spot as they are not supposed know and only supposed to say the “official” line. Many of them want to tell you more….but, if they tell you on that recorded line they may not be able to redeem themselves….so you are putting them in a bad position.
Member: When do you go back to Puerto Rico?
MZ: Sunday….UNLESS bankers get the news……then I will postpone.
MZ: I feel good about where we are at
MZ: “Exclusive : Iraq to end all dollar cash withdrawals by Jan.1, 2024” A lot of folks are wondering “What does that mean?” It means de-dollarization is well underway. In order to do this- they will have to have a real usable currency that is accepted all over the world. This should signal to you that things are imminent.
Member: That absolutely makes sense with Iraq article, because the new Rainbow Dollars will be coming out in Jan 2024 per Charlie Ward.
Member: Another call today said Iraqi’s were told in a mosque today that a New Iraq by Sunday!!!
MZ: There are a lot of people in Iraq that think it’s going by Saturday…..a lot of people. There are a lot of people saying they are announcing it in the mosques…I cannot prove or disprove that.
Member: Many things are coming together for this great and mighty close- a close of what you see, a close to this long, drawn-out movie. The ending is near. . Don't be moved by what you see. Julie Green
Member: Thanks to all…..see you in the AM for coffee tomorrow.
AFTER THE NEWS UPDATE WE WILL TAKE A SHORT BREAK AND JOIN MARK BACK AT 8:00 PM EST FOR WHISKEY & WISDOM
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary,medical opinions or many guests on this stream……just RV/currency related topics.
GUYS YOU CAN FIND ALOT OF INFO AT MARK'S WEBSITE: GO TO: https://theoriginalmarkz.com/home
The Central Bank of Iraq clarified on Thursday that citizens’ deposits in US dollars in Iraqi banks are guaranteed.
The Central Bank issued a statement refuting the inaccurate reporting by Reuters attributed to Mazen Sabah Ahmed, Director General of the Department of Investments and Foreign Transfers.
According to Ahmed, the Central Bank provides a guarantee for dollar deposits. Any Iraqi citizen who deposited their money in US dollars with any local bank, whether past or by 2024, has the right to receive the deposited amount in cash and in US dollars.
During a press interview, he stated that there was no mention of the exchange rate reaching 1,700 and that the Central Bank has
its tools to reduce the difference between the two prices. There are no indications that the exchange rate in the parallel market will rise to this level. On the contrary, measures are being taken to reduce the difference.
“The reforms carried out by the Central Bank of Iraq aim to ensure that the bank and the banking system as a whole comply with international regulations. This will prevent the dollar from falling into the hands of unauthorized parties or being used for speculative purposes.”
In reference to the cessation of cash withdrawals, it was clarified that the declaration of 1/1/2024 as the starting point only pertains to transfers received from outside Iraq under specific arrangements to ensure business continuity. It does not, in any way, affect the balances of citizens held in US dollars.
“Parliamentary Finance” warns of a “dangerous project” between the Iraqi Central Bank and the US Federal Reserve
During a meeting on Thursday, a member of the Parliamentary Finance Committee expressed criticism towards the Central Bank of Iraq’s policies. He pointed out that the Central Bank has lost control of the parallel market and mentioned a project with the Federal Reserve that he deemed “dangerous”.
During a recent meeting, committee member Thamer Dhiban expressed concerns about the lack of a clear economic vision and policy for the central bank to control the parallel market. He pointed out that the parallel market is unofficial and illegal, causing obstacles and lack of facilities for some merchants, contractors and investors. This has prompted them to resort to the parallel market to purchase dollars.
He stated that the government and security services have taken measures to control the market and go after those who dispute currency and monopolize the dollar, but these measures have been ineffective. He also mentioned that the high demand for the dollar is a major factor contributing to the increase in the exchange rate.
During a recent interview, he raised concerns about a project between the Central Bank and the US Federal Bank. He stated that the project could potentially be very dangerous, and if the Central Bank were to proceed with it at the beginning of next year, it could potentially cause financial and economic instability. He emphasized the importance of conducting real financial and economic calculations to prevent market instability and avoid a potential economic crisis in the dollar.
According to his statement, the project between the Central Bank and the US Federal Bank in 2024 will not involve the use of dollars, except for official transactions with specific banks approved by the Central Bank.
I need to address a concern by one of my readers about the process of the RV/Reinstatement I posted in one of my recent Newsletters. Others may be thinking the same but are afraid to speak up and share their concerns.
Question: Gavin
This is exciting WOW news…. Thank you!!!
My concerns are with Points #2 & #3 of the RV process.
Point #2 says, “There will be a deadline to turn them in and then they will be null and void in Iraq afterwards so they citizens must turn them in within the deadline or lose out”
Point #3 says, “where the citizens turn in their 3 zero notes in exchange for the newer lower denominations. This can only be done at special bank windows now being set up for this process in Iraq.”
Sorry if you have to repeat yourself but how can non-Iraqi citizen investors be assured that we won’t be barred from exchanging the currency notes we currently hold? The Iraqi people will be required to exchange their notes for the new lower denomination within a certain period of time or the notes will become worthless. What if this deadline passes and the CBI hasn’t allow us foreign currency holders to exchange our 3 zero notes? Can we be stuck with worthless notes?
Lastly, I’ve read that some citizens have been paid HCL funds. Is this true?
Thank you
Answer Mnt Goat:
Read my lips on #2 of the process….we are not in Iraq are we? I am referring to an official process of the CBI not from some intel guru. Stop the FEAR mongering and relax. About #3 Outside of Iraqi, like for example in the US, we also will have a cutoff date to exchange these 3 zero notes. After this date they will still be legal tender but much harder to find a bank willing to take them. Get it? They will also technically be legal tender in Iraq too after their cutoff date but as I said the Iraqi banks won’t take them either after a cutoff because of one reason. What are they going to do with them if the CBI no longer will buy them from them? Oh.,..they can smuggle them out of the country and exchange them. But like I just told you – how long will this last until the banks stop taking them since the US Treasury will no longer want them either. The key point is banks will no longer want these notes over time (yes, I said “over time”). As I said before bottom line is to get to the banks as soon as you see a rate you like but be careful and don’t wait too long.
Should I hold on the 3 zero notes for the future investment for my kids and their college education or other estate assets:
Obviously as I state in my For the life of me I can not see the logic of some people. Obviously, as I state in my disclaimer, I will not advise you to do anything with these 3 zero notes. But I will tell you what I am going to, if you want to listen. These people thinking this way do not see what this investment really is and the BIG picture. For reasons I will be running to the bank almost as fast as I can once the new rate is on FOREX and when I think it’s a reasonable enough rate.
These reasons are as follows:
1.It is a short-term process to exchange these notes and thus the US Treasury wants to collect them for the CBI and turn them in to get them out of circulation. Get it? Thus the thinking about using these like long-term Bond or a Stock is NOT a good idea as for long-term growth for your kids college fund is not a reasonable thing to do. You should know better by now to even this way. This only shows your lack of understanding this investment. Sorry…I had to say it! 😊
2.Banks will soon not want to exchange these notes in the future after our exchange period has ended as they will be taken out of circulation, get it? It will be harder and harder as time goes on to find a bank wanting to exchange them.
3.I have been waiting so long for this RV and have plans to use the funds to better my life NOW not years down the road. Also, I want to help those less fortunate than I. I think my hubby would kill me (lol..lol..) if I was not thinking this way.
4.Why not instead exchange the dinars and take the cash in US dollars and put it into other more sound, long term investments like perhaps an Annuity for your child’s education, or later marriage or other of life’s events?
Question from carolyncoffen: Good evening, Mtn Goat, Thank you for all your hard and dedicated work in bringing us the most up to date news regarding our RV. So just to make sure I understand the oil contract agreement, we can buy up to 20 million dinar for the contracts and turn around and exchange them for $28.50 per dinar? Am I correct in my thinking. Please do not put me down and try to humiliate me like you have in the past for asking a ‘I don’t understand’ question.
Answer Mnt Goat: How are you Carolyn. I am glad you appreciate all my hard work to get the FACTS and TRUTH out to the dinar investment community. All my answers are with the utmost respect to all who ask them and I am here to clarify. No question is a dumb question. But sometimes I covered the topic over and over again yet people don’t want to read my blog and skip over it, then come back later. Others also get confused since they listen to the nonsense of these numerous intel gurus out there. You have to understand my frustrations too. So, I will affirm to you and others reading this today, once again, that 20 million in dinar is the limit of dinar you will be able to exchange with the banks for the US Treasury program with China oil credits if you so chose to do so. This limit used to be more and but was changed since they wanted more people to share in this $28.50 rate per dinar. It is that simple. I hope I helped you?
__________________________
So, on Wednesday I had a conversation with my CBI contact in Iraq. These calls are made possible by your generous GIFTS, just so you know. I was told there was absolutely NO, citizens in Iraq receiving any kind of government program to distribute oil wealth directly to the people. Like a social payout. I was reminded once again that the Iraqi constitution states the “excess” oil revenues will be distributed to the people and so rebuilding the country of Iraq is within the budget money as part of this distribution. Currently there is no other excess oil revenues being paid out as long as the GOI cannot fund these projects directly and must go the CBI for dollars out of the reserves. They need to transition the Customs and Tarriff projects underway and so this will overlap with the oil revenues SOMEDAY and thus allow a stipend to be paid out to the citizens. But they are not yet there.
I was also told the real reason why the GOI, under prime minister al-Sudani has not directed full funding distribution for all the projects listed in the budget. It was for multiple reasons: 1.to first continue to clean up more of the corruption in the provinces; 2.hold back the dollars in the reserves as long as possible needed to back any reinstatement process and global rating for the dinar.
I also asked about the project to delete the zeros and was told it is coming and is now an active project no longer just a later project. I asked for some target dates and was given that they planned to redenominate sometime prior to the end of the year. To me this is so inline what we are thinking for a January 2024 reinstatement timeframe and other events also lining up.
I was also told not to over-speculate on the RV and the CBI has a plan and is actively working on it. The CBI can not put the cart before the horse and needs the support of the GOI for all the monetary reform. They feel that Al-Sudani is definitely onboard with the details of this effort and “fully” supports the plan and what the CBI is doing in this regards. They also told me the re-education news (program) is about to come out. Stay tuned….
AN IRAQI CITIZEN EXPLODES IN ANGER AT THE REFUSAL TO HAND OVER HIS MONEY DEPOSITED IN DOLLARS IN A PRIVATE BANK LINKED TO JORDAN.
Baghdad Today – Baghdad
A video clip, today, Thursday (October 5, 2023), showed an Iraqi citizen exploding in anger because of the Jordan National Bank’s refusal to hand over his money in US dollars.
According to the video clip obtained by “Baghdad Today,” “The Iraqi citizen wanted to withdraw money from his balance, which he deposited in one of the banks and his account in US dollars, but the National Bank linked to Jordan refused to hand over his money to him except in dinars and at the official rate exclusively.”
(WOW! They are finally really clamping down on the dollar. )
More news….
CENTRAL BANK OF IRAQ
(When the CBI talks, I listen…. 😊)
A senior central bank of Iraq official said the
country will ban cash withdrawals and U.S. dollar transactions from January 1, 2024, in the latest effort to curb the misuse of the country’s hard currency reserves for financial crimes and evade U.S. sanctions on Iran.
Mazen Ahmed, director general of the Investment and Remittances Department at the Central Bank of Iraq, told Reuters the aim of the move is to stop the illegal use of about 50% of the $10 billion in cash imported annually by Iraq from the Federal Reserve Bank in New York.
The move comes as part of a broader campaign to stop the economy’s dependence on the dollar after residents began to prefer the US currency over the dinar. People who deposit dollars in banks before the end of 2023 will be able to withdraw dollars in 2024, Ahmed said. But dollars deposited in 2024 can only be withdrawn in local currency at the official rate of 1,320 dinars to the dollar.
(My question with the article is this. If they have been having a issue with the dollar since January 2023 then why wait until January 2024 (almost 3 more months) to finally cut off all the dollars and to stop the last avenue of the economy’s dependence on the dollar? We hav read article after article on the challenges of cutting off the black market. So why January 2024 if this date was also not connecting with some other event? I think we know what this even may be…hint…hint…hint 😊)
STATUS OF THE RV
I have to say I really get a kick out of these idiot intel gurus who tell you and I quote – “everything is ready to go”. Visting gurus? What the hell is a visiting guru? How in hell do you know this is true? How many times have I heard this nonsense over the decades I have been following
this RV?
Years ago, the so-called, self-proclaimed, egocentric, guru Bruce on his “Big Stupid Call” said that Iraq RV’d in-country at $9. Really? How stupid can anyone get to even say this outloud. Did he verify it before opening his big fat mouth? Where is the lack of knowledge of how the RV process will work and what affect this would have. Where is the common sense even? So its years since his claim. Did Bruce ever apologize to his so-called “millions of listeners” what ever happened to the $9? Oh…don’t blame your sources Bruce! You are stupid enough to listen to them and so you are to blame. Do you get my point here today? I don’t want to bash anyone but they are just all confusing you and not helping you. Later after they are proven to be wrong they blame their own nonsense on their “sources”. They are like parrots and just repeat what they hear – ‘poly want a cracker”? Yet, at the same time, on the same call, they tell you how good their “sources” are and how much they trust them. Really? Do you see how stupid this all is? It is all just gross negligence and over speculation and nothing more. The more of an idiot and stupid they can be they are. Just when you think it can’t get any worst it does….. Some new idiot decides to start a call or a YouTube and it begins all over again..
This is all why I started my Mnt Goat Newsletter many years ago. I had to put some sanity, logic and TRUTH into this process of learning about our investment. I had to take out the RUMORS and OPINIONS and get down to what is really happening in Iraq. I am lucky too that I started early enough in this investment. I witnessed them issuing the 3 zero notes. And so I learned from Dr Shabibi and what he tried to accomplish in Iraq. The ONLY reason why he did not finish this RV and Reinstatement across the finish line is that he got stopped due to the corruption under Nori al-Maliki who was a puppet for the US led CIA operations in Iraq at that time and who didn’t want Iraq to succeed or move ahead at that time. Maybe the US CIA still does not and so what impact does this have? Is it really the CIA holding back the RV? Why won’t these so-called intel gurus talk about this?
Oh..instead they will deny what I am saying and laugh about it over their calls….watch…. Heck.. many of these intel gurus don’t even believe that Joe Biden and his family are corrupt and committed any crimes. They think the republicans are making it all up, yet the evidence is overwhelming…. So how can you even trust them then to know about what is happening in Iraq when they don’t follow their own politics in their own country?
I don’t believe there is a single guru out there today that has been “boots on the ground” in Iraq as I had been during my tours in Iraq as an Intelligence Officer in the US Army. I know the people and I know how they think. This is VERY important to understanding this investment since the news can be at times FAKE news and propaganda. My military training also has moved me to a new level of being able to piece together bits of information and attempt to tie it all together to form a pretty good picture of what is going on. I don’t need bank screens or bank memos that get you nowhere. This too is all just speculation. Get it? Do I have contacts in the banks? Yes, but the most important bank of all is the Central Bank of Iraq (CBI).
Why don’t I listen to the US banks then and pass their nonsense on to you? I will tell you why. It’s because they only listen to these gurus too, just like you do and then pass on the same bullshit to other gurus, like TNT Tony, that calls them for info. Get it? The bullshit just goes around and around and around….. sadly enough!