Iraqi Residents Protest Surge in Dollar Exchange Rate Amidst Banking Concerns, 7 OCT

 Iraqi Residents Protest Surge in Dollar Exchange Rate Amidst Banking Concerns, 7 OCT

Residents of Erbil in Iraq have been gathering outside banking establishments, voicing their concerns over a sharp increase in the exchange rate of the US dollar. In an unprecedented surge, the exchange rate reached 158,750 dinars for 100 dollars in the selling market. However, the buying rate remained stable at 156,000 dinars.

Roots of the Issue

This surge in the exchange rate is attributed to the US blacklisting 14 Iraqi banks on suspicions of money laundering and funneling funds to Iran. The ban, imposed by the US Treasury Department and the Federal Reserve Bank of New York, has led to serious concerns about the Central Bank potentially reducing the cash sale of the dollar through currency auctions in Baghdad.

The Protesters and Their Demands

The protests have been organized by a group called Thuwar Tishreen (October Revolutionaries), which is connected to a movement that started mass protests in Iraq in 2019. Their demand is simple – the government must take action to halt inflation. The central bank chief, Ali al-Allaq, has stated that the rise in the street price of the dollar is due to the reluctance of certain merchants to use the official electronic platform for currency requests.

A Historical Perspective and Future Ramifications

This is not the first time the dinar has experienced a dive in value. Measures taken by the US in late 2022 to combat money laundering and the channeling of dollars to Iran and Syria severely restricted Iraq’s access to hard currency. The Iraqi Prime Minister, Mohammed Shia al Sudani, has met with al-Allaq to discuss measures to stabilize the dinar price against the dollar. If the current crisis isn’t deftly managed, experts fear it may bring about an economic downturn, further impacting the common citizens of Iraq. The ripple effects may be felt across the region, influencing economic and political dynamics.

https://bnn.network/finance-nav/currencies/iraqi-residents-protest-surge-in-dollar-exchange-rate-amidst-banking-concerns/

Iraq’s Central Bank Assures Continuity of Dollar Shipments Amid Economic Strains, 7 OCT

 Iraq’s Central Bank Assures Continuity of Dollar Shipments Amid Economic Strains

In the face of mounting speculations, the Central Bank of Iraq has confirmed the uninterrupted flow of scheduled dollar shipments from the US Federal Bank. This announcement comes as an attempt to dispel rumours regarding any halt or reduction in the dollar shipments to the country. The bank emphasized the importance of obtaining information from approved sources to maintain the integrity of financial news and foster public trust.

Iraq’s Fiscal Challenges: Rising Dollar Demand & Falling Dinar

The Iraqi dinar has recently experienced a significant drop, with its value falling to around 1,750 dinar per dollar on the street, as opposed to the official rate of 1,460 dinar per dollar. This devaluation has sparked public anger and protests across the nation. The decline in the dinar’s value is largely attributed to restrictions imposed by the United States on Iraq’s access to dollars. This move, designed to combat money laundering that benefits Iran and Syria, has inadvertently caused shortages in Iraqi banks and exchange houses, thus spiking the demand for dollars on the black market.

The US has been increasingly wary of the flow of dollars through Iraq’s foreign currency auction, which has allegedly been exploited for illicit activities and to channel funds to sanctioned countries. Despite the Central Bank of Iraq’s efforts to rectify the situation and improve access to currency, the devaluation of the dinar continues, and the government faces mounting pressure to stabilize the currency and address the country’s economic challenges.

Iraq’s Rejected Request: US Cites Security Concerns

The Central Bank’s announcement follows the US Federal Reserve Bank’s rejection of Iraq’s request for a billion-dollar cash withdrawal. The refusal was motivated by concerns about unauthorized cash flows to Iran and the potential involvement of militias and corrupt politicians. Given the tense geopolitical climate and the existing financial sanctions on Iran, this decision underscores the US’s resolve to mitigate risks associated with illicit fund transfers.

Looking Ahead: Economic Stability Amid Geopolitical Tensions

The Central Bank of Iraq’s statement provides a glimmer of hope to an economy grappling with fiscal challenges. While it assures the continuity of dollar shipments, the underlying issues contributing to the devaluation of the dinar and the heightened demand for dollars persist. As the Iraqi government strives to stabilize the currency and bolster its economy, it must also address the larger geopolitical challenges that indirectly affect its financial stability.

https://bnn.network/finance-nav/iraqs-central-bank-assures-continuity-of-dollar-shipments-amid-economic-strains/

"RV UPDATE" BY MNT GOAT & BRUCE, 7 OCT

 Mnt Goat 

  I asked [my CBI contact in Iraq] 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.

Bruce   

[via WiserNow]  They are trading the rates up. Iraq did what they needed to do. They're all good to go. They've already been sending out hydrocarbon law funds on the on the profit sharing, if you will of the oil and gas in Iraq...

maybe we get notified Saturday, maybe it's Monday afternoon, but either way we go we're definitely moving forward this final result for us...

 I don't really talk specifically on rates...But...we've got very strong rates on dinar and Dong well into double digits.

Iraq’s Central Bank Urged to Cease Dollar Sales and Rely on Black Market for Stability, 7 OCT

 Iraq’s Central Bank Urged to Cease Dollar Sales and Rely on Black Market for Stability, 7 OCT

An economic expert in Iraq has urged the Central Bank of Iraq (CBI) to adopt a radical new approach to achieve market stability. The expert recommends that the CBI cease selling dollars in exchange for the national currency, instead suggesting that the bank should leave it to the black market to stabilize the currency. This controversial proposal has sparked significant debate in economic circles.

Counteracting Currency Smuggling

The expert’s recommendation hinges on the belief that currency smuggling is a direct result of the central bank’s current practices. He argues that the dollars injected by the CBI into the market do not benefit Iraqi citizens, leading to the smuggling of currency. By leaving the issue to the black market, the theory is that the exchange rate may stabilize naturally without the need for government intervention. While this approach is unorthodox, it reflects the dire economic conditions in Iraq and the need for innovative solutions.

A Coordinated Effort

The expert indicates that the decision to halt the injection of dollars into the market from the beginning of next year is a coordinated effort with the International Monetary Fund (IMF) and the US Treasury. This action is intended to prevent the US dollar from reaching Iran and Turkey, thereby curbing the influence of these countries in the region. The central bank and other banks will be expected to exchange foreign currencies at the government-set rate to maintain some level of control over the exchange rate.

The Future of Iraq’s Economy

The exchange rate of the US dollar against the Iraqi dinar closed at 158,500 dinars in the Sulaymaniyah stock exchange, a rate that is reflective of Iraq’s struggling economy. If the CBI does adopt the black market approach, it will be a significant shift in the country’s economic policy. The response from the international community and the impact on Iraq’s economy are uncertain, but the proposal is indicative of a growing desire for drastic change to address the economic issues in the country.

https://bnn.network/finance-nav/inflation/iraqs-central-bank-urged-to-cease-dollar-sales-and-rely-on-black-market-for-stability/

Weekend News with MarkZ 10/07/2023

Weekend News with MarkZ 

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

CBD Gurus are for the first 30 minutes…then Mark with the news. 

MZ: Very quiet overnight on the RV side…..but, great expectations for this weekend or the first part of this week. 

MZ: My redemption center folks are on call this weekend. They are not at work….they are “on call” 

MZ: Last week I told you all that I know a number of bankers not involved in the redemption process put on “stand by” for imminent currency value changes. I thought this was huge news.

MZ: No news on CMKX, Prosperity Packages or deliveries. Mr. C has not been paid yet…

MZ: It's inevitable that we are going to see a reset…..But, remember- nobody knows the exact date and time the reset will happen. 

MZ: “ $17,400,000,000 in US Treasuries dumped by BRICS nations China, Brazil and Saudi Arabia in one month”  That’s 17 billion 400 million in US treasuries just dumped.  Andy Scectman told us this would happen. People are dropping them…the money is running back to the US and inflation will keep rising……this is part of the global crisis going on

MZ: “BRICS –Putin calls on alliance to reform global finance” He is reference payments systems to compete with the SWIFT as they work in their own personal currencies. Instead of all using the US currency like they do now…..This is all part of the reset going on. . 

Member: Mar 31, 2023 — Depositors drained another $126 billion from U.S. banks during the week ending March 22, according to new Federal Reserve data.

Member: Traveling back to Puerto Rico tomorrow….See everyone for coffee Monday Morning. 

MZ: My bank crew is sure ramped up and expecting something big this week. 

Mod:   HAVE GREAT WEEKEND AND SEE YOU AT 10:00 AM EST. MONDAY!!

 “THE INFORMATION IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE.” PLEASE CONSIDER EVERYTHING DISCUSSED IS IN MARKZ’S OPINION ONLY

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

MARKZ DAILY LINKS: https://theoriginalmarkz.com/home/

Mod:  MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM

THANK YOU ALL FOR JOINING. HAVE A BLESSED WEEKEND !  SEE YOU ALL MONDAY MORNING FOR COFFEE @ 10:00 AM EST ~ UNLESS BREAKING NEWS HAPPENS!

"RV UPDATE" BY WOLVERINE, 7 OCT

 Bearded_PatriotUSA

Telegram post 
10/6/23

Forwarded From Wolverine:

Been told to keep your eyes on your emails as notifications are coming out this weekend. This all starts out in a few days.

God bless you all.

Wolverine

https://t.me/Bearded_PatriotsUSA/3731

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 7 OCT

 Frank26 (KTFA)

[Iraq boots-on-the-ground report]

FIREFLY: They are saying within two weeks it will be the first step of the electronic transfer formation.

FRANK:  In two weeks they told Iraqi citizens they will be the first step of the electronic transfer formation?  Which started on the 28th of last month?  So what are your intentions in two weeks CBI? What are you sending across your border internationally? 

It [the dinar] will be introduced internationally. I don’t care if it stays at 1132 as long as it’s international.  What is that definition?  Restrictions free…The next step of the Iraqi dinar should be coming out… International equals a new exchange rate.